The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
}S&
24 1941
COPYRIGHTED IN 1941 BY WILLIAM B. DANA COMPANY, NEW YORK.
VOL. 152.
issued weekiy^4o oenta a copy
ENTERED AS SECOND-CLASS MATTER JUNE 43, 167$,
AT THE POST OFFICE AT NEW YORK. NEW YORK, UNDER THE ACT OF MARCH 3, 1879.
NO. 3952
NEW YORK, MARCH 22,1941
11
COMPANY
CHASE
THE
BROOKLYN TRUST
BANK
BANK
NATIONAL
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
President
BROOKLYN
NEW YORK
NEW
a
traditional
policy of
the Chase National Bank.
Member Federal Deposit Insurance
Y O IK
Corporation
respondent hank service
is
Broaden your customer
with
service
Chase
cor¬
respondent facilities.
Hallgarten & Co.
Member Federal
Deposit Insurance
Corporation
Established 18 SO
AND
YORK
NEW
Chicago
STATE
London
i
MUNICIPAL
City of
BONDS
Philadelphia
Bonds
PUBLIC UTILITY
INDUSTRIAL
The
RAILROAD
FIRST BOSTON
CORPORATION
MUNICIPAL
Moncure Biddle & Co.
BOSTON
NEW YORK.
PHILADELPHIA
CHICAGO
BONDS
SAN FRANCISCO
PHILADELPHIA
AMD OTHER
PRINCIPAL CITIES
A-CJUXYN^wCOMPANY
INCORPORATED
CHICAGO
New York
Philadelphia
Boston
Milwaukee
Detroit
Omaha
.
pacific northwest
AttI
The
securities
New York Trust
(Drumhdler, Ehrlidiraan
Company
Capital Funds
.
$37,500,000
Company
Seattle
Exchange Bldg
OTIS & CO.
Com. of Pa.
(Incorporated)
Established 1899
New York
IOO
BROADWAY
<
CLEVELAND
Phila. & Read. Term. 1st
Chicago
'68
Turnpike Rev. 3
City of Philadelphia Bonds
3)^s, 1966
Lehigh Coal & Nav. Fdg. 4s, 1948
Ser. Sec. 4s,
1950-1964
Penna.
R. H. JOHNSON & CO.
RR.
MADISON AVENUE
Central
G.
AND 40TH STREET
Connecting Ry. of Phila. 1st 4s, '51
& E.
1st coll.
53^s, '46
Lehigh Val. RR. Annuity 43^s & 6s
INVESTMENT SECURITIES
64
WalUStreet
PHILADELPHIA
BOSTON
Yarnall & Co.
New York
ONE EAST
1528 Walnut Street,
Philadelphia
57TH STREET
Canadian Securities
CarlM.Loeb,Rhoades&Co.
61
BROADWAY
Member
NEW YORK
of the
HART SMITH & CO.
62 William St.
I
London
Geneva
Buenos Aires
Federal Deposit
Insurance Corporation
Montreal
NEW YORK
Toronto
The Commercial & Financial Chronicle
II
March
ANNUAL STATEMENT FOR THE YEAR ENDED DECEMBER 31,
(f|)
TEXAS
THE
22,
1941
1940, OF
CORPORATION
AND SUBSIDIARY COMPANIES
Statement of Consolidated Earned
Statement of Consolidated Income Account
GROSS
OPERATING
EARNED
INCOME:
Surplus Account
DECEM¬
SURPLUS,
BER 31, 1939:
Net sales (Including $9,511,789.86
to
earned
(Including
European subsidiaries not
consolidated)
Miscellaneous...
7,449,717.61
of
surplus
predecessor company)
$342,810,695.37
__
$130,133,899.02
$350,260,412.98
SURPLUS
CREDITS:
of
Adjustment
OPERATING CHARGES:
for
depreciation
prior years (see report to stock¬
holders, page 10)
12,615,610.11
Costs, operating, selling and gen¬
eral
expenses
(exclusive of de¬
$142,749,509.13
preciation and depletion)......$238,238,864.39
♦Taxes
SURPLUS CHARGES:
12,088,856.89
Amortization of
producing
incurred
drilling costs
wells,
dry holes and un-
on
amortized
drilling costs
abandoned
Unamortized balance of bond dis¬
on
;
'
■
.
and
including duplicate inter¬
applicable
est,
during the year (see
report to stockholders, page 4).
22 207,820.72
272,535,542.00
$
77,724,870.98
$60,000,000 •'?;
to
principal amount of 3H% De¬
bentures, due June 15, 1951, refunded
Balance.
premium
expense,
incidental redemption ex¬
pense,
wells
on
and
count
expenditures
in
1940
(see
report
to
stockholders, page 3)
'
$
3,258,514.05
Adjustment of provision for Fed¬
NON-OPERATING INCOME (NET):
eral
income, excess-profits and
undistributed-profits
and
other income, less miscellaneous
Interest,
dividend,
patent
est thereon
2,539,039.81
6,826,863.07
charges of $1,691,445.21
Provision for
Balance..
$
84,551,734.05
reserves
(see notes
authorized
20)
page
Board of Directors for
losses
CHARGES:
INTEREST
and
European
.
by the
possible
in
and
$
debt
Other interest charges
3,170,180.68
(see report to
3,538,638.09
stockholders,
page
•
$
......
not
consolidated
368,457.41
Balance......
sub¬
sidiaries
funded
on
expense
investments
on
on
advances to—
Interest and amortization of discount
of
taxes
prior years, together with inter¬
81,013,095.96
7)
$3,000,000.00
Colombian
Pe¬
troleum Com-
DEDUCT:
.
and
pany
Depreciation
South Ameri¬
other
and
zation
(see
report
holders,
page
10)
amorti¬
to
stock¬
.$ 23,984,876.74
Depletion and leases forfeited
Gulf
can
report
30,234,009.37
6,249,132.63
$
—
to
stockholders,
page
Balance..
Oil
Company (see
9)
16,000,000.00
19,000,000.00
24,797,553.86
50,779,086.59
$117,951,955.27
DEDUCT:
NET
in
YEAR
31,547,662.23
DEDUCT—Dividends declared dur¬
(see
report to stockholders, page 7)$
ing 1940
EARNED
Colombian Pe¬
losses of
21,751,988.00
4,000,000.00
Proportionate share of estimated
net
THE
$149,499,617.50
sub¬
European
sidiaries not consolidated
troleum
FOR
1940 on invest¬
Possible loss in
ments
PROFIT
ENDED DECEMBER 31, 1940.
Provision for —(see notes on page 20)
BER
Company and South
SURPLUS,
31,
1940
DECEM¬
(Including earned
surplus of predecessor company).
$127,747,629.50
.
American Gulf Oil Company
for 1940 (see report to stock¬
holders,
page
Possible loss in
3,700,000.00
9)
1940
ments in other
Statement of Consolidated Capital
invest¬
on
companies operating in foreign
countries
Net
CAPITAL
2,000,000.00
9,700,000.00
profit before provision
for
Federal
income
excess-profits taxes.
BER
SURPLUS,
31,
DECEM¬
1939....J
for
and
....
$
41,079,086.59
Excess of cost of additional shares
of
Federal
a
over
subsidiary
acquired from
excess-profits taxes...
8,335,000.00
of
profit for
year
1940...
$
32,744,086.59
$
acquisition
ity interests in subsidiaries
Net
In addition, state
31,547,662.23
gasoline and federal excise taxes
Reference is made to page 8
$
were
capital stock of The
1940 and held in
BER
12,981.66
value of 145
Corporation reacquired in
CAPITAL
profit carried to earned
surplus account..
*
1,196,424.36
of
shares
Texas
Profit applicable to minor¬
1940
their net book value at date
Excess of cost over par
Net
$ 69,902,160.38
—
DEDUCT:
minority interests during
DEDUCT—Provision
income and
Surplus Account
non-subsidiary
31,
treasury
SURPLUS,
1940
2,088.00
15,069.66
DECEM¬
$
69,887,090.72
paid (or accrued) to taxing authorities in the amount of $102,584,276.66.
of the report to stockholders with respect to earnings of The Bahrein Petroleum Company Limited.
(Concluded
on
following page)
Single Copies $7.00 each
Subscription Price $12.00 per Year
State
and
Municipal Compendium
a glance the financial status of over 20,000 municipalities and taxing districts, listing
outstanding bonds issues and maturities; gross debt and sinking funds; assessed valuations,
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Shows at
For each State gives details of State debt and digest of laws and constitutional provisions
affecting the issuance of securities, and types of investments legal for trust funds and savings
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Includes the history and present status of the debt of the Federal Government and the laws
authorizing the same. Also gives a complete analysis of the municipal bond sales for the
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Carefully compiled from official sources and revised to date of issue.
Connecticut
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Published by
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Debt, &c.
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William B. Dana Company
25
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The Commercial & Financial Chronicle
X
March
22,
1941
Foreign
F. H. PRINCE & CO.
Established
1866
BANKERS
PROVIDENCE, RHODE ISLAND
H. Hentz & Co
THE CANADIAN BANK
'•
OF COMMERCE
INVESTMENTS
HIGH-GRADE
HEAD
OFFICE;
.
Members "
Stock
Exchange
York
Curb
Exchange
York
New
1867
*
New York, Chicago & Boston Stock Exchanges
Members
York
New
TORONTO
Established
1
New
Chicago
Paid-Up Capital..
$30,000,000
Reserve
Board
Winnipeg
20,000,000
Cotton
Exchange
of
Trade
Exchange
Grain
New Orleans Cotton
Exchange
And other Exchanges
This Bank is in close touch with
the
commercial
and
financial
N. Y. Cotton
life
of Canada and is well
serve
FINCH, WILSON & CO.
Members New York Stock
.
•
'
•
'
'
'
.
'
1
:
Exchange
1
.*
'
"A
.
Commi88ionOrder8 Carefully Executed
for Institutions and Individuals
120 BROADWAY, NEW YORK
equipped to
corporations, firms and in¬
dividuals
interested
in
Exchange Bldg,
NEW YORK
Canadian
BOSTON
business.
CHICAGO
TYLER
DETROIT
DALLAS
PITTSBURGH
GENEVA
Branches
in
every
important
city and town in Canada and New¬
foundland, also in Portland, Oregon;
San Francisco;
Seattle; Los An¬
geles; London, England; Havana;
Kingston,
Jamaica;
Bridgetown,
Barbados,
and
Port
of
Spain,
Trinidad.
NEW
Over-the-Counter
YORK AGENCY
Exchange PI. Sc Hanover St.
Securities
Leading Out-of-Town
Investment Bankers & Brokers
LOUIS
ST.
Australia and New Zealand
Kobbe, GearhartcY
Lompany
INCPRPORATED
45 Nassau Street
BANK OF
Tel.
Srjjf
Co.
A
SAINT LOUIS
NEW SOUTH
WALES
Paid-Up Capital
£8,780,000
6,160,000
Reserve
8,780,000
Liability of Proprietors
LAMBORN & CO., INC.
99 Wall Street. N. Y. C.
£23,710,000
Members St. Louis Stock Exchange
SUGAR
Aggregate Assets 30th Sept., 1940. £143,903,000
SIR
ALFRED DAVIDSON,
General
BIRMINGHAM
Head
MARX & CO.
BIRMINGHAM, ALABAMA
Manager
Office: George Street,
DIgby 4-2727
SYDNEY
The Bank of New South Wales is the oldest and
bank In
Australasia.
With
over
870
in
all
States
of
Australia, in New
CORPORATION
branches
Zealand,
Fiji, Papua and New Guinea, and
London, it offers the most complete and efficient
banking service to investors, traders and travellers
BANK OF MONTREAL
OFFICES:
29 Threadneedle
and
BONDS
Foreign
largest
LONDON
MUNICIPALS
Export—Imports—Futures
K.B.E.,
Interested in these countries.
SOUTHERN
Teletype N. Y. 1-676
(ESTABLISHED 1817)
Reserve Fund
509 OLIVE ST.
New York
Rector 2-3600
47
Established l8l7
Street, E. C.
Berkeley Square, W. 1
Agency Arrangements with Banks throughout
the U. S. A.
Head
Montreal
Office
Capital
NATIONAL BANK
-
-
Rest
-
-
'
Royal Bank of Scotland
Head Office Cairo
Incorporated by Royal Charter 1727
....
£3,000,000
200
W. A.
Jackson Dodds
In
Whyte
Canada
In London:
CHIEF
3
SUDAN
G. W. Spinney
FOREIGN
and
47 Threadneedle
9
DEPARTMENT
Bishopsgate, London, England
Capital (fully paid)
Reserve fund
St., E.C. 2;
S.W. 1.
Waterloo Place,
In the United States—New
York, 64 Wall St.;
Chicago: 27 South La Salle St.;
San
£3,780,192
Francisco: Bank of Montreal
(San
£4,126,966
Deposits
Newfoundland—
More than 500 Branches.
Total number of offices, 258
principal Towns in
—
Branches and Agencies
Manager
William
Branches in all the
Bog
OFFICE—Edinburgh
General
King William Street, E. C.
EGYPT and the
$950,000,000
General Managers
£3,000,000
LONDON AGENCY
-
•
Vice-Presidents
Years of CommercialBankin g
HEAD
6 and 7
of
Huntly R. Drummond
Over
RESERVE FUND
$39,000,000
-
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
Commercial Register No. 1 Cairo
.
-
Excess
President '
of EGYPT
FULLY PAID CAPITAL
$36,000,000
-
Total Assets in
Francisco),
333
California
Street.
£69,921,933
Associated Bank,
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
and
Head Office; 26,
Williams Deacon's Bank, Ltd.
NATIONAL BANK OF NEW ZEALAND, Ltd.
Kenya Colony
Established
Uganda
OETROIT
P. R. M. Hanna, General Manager
Branches In
India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital
£4,000,000
Paid-Up Capital
Head Office: 8
PUBLIC
UTILITY
and
Trusteeships
banking
exchange business
and
Members of Detroit Stock
Executorships
undertaken
Charles A. Parceils & Co.
also
PENOBSCOT BUILDING,
Exchange
DETROIT, MICH
£2,000,000
Reserve
^
£6,000,000
Paid up Capital
BONDS
£2,200,000
The Bank conducts every description *>t
Moorgate, London, E. C. 2, Eng.
Subscribed Capital
£2,000,000
Reserve Fund
1872
Chief Office in New Zealand: Wellington
Bishopsgate, London, E. C.
£1,000,000
Fund
Currency Reserve
The
£500,000
Bank conducts every description of
business connected with New Zealand.
banking
Correspondents throughout the World
Secretary & London Manager; J. H. Lawrle
Vol. 152
MARCH 22,
No. 3952
1941
CONTENTS
Editorials
The Financial Situation
Bench-Marks
—
_.
—.
.
_
i
-
4
The Netherlands East Indies in War-Time
_
4;:;
V
44
'
.
•'
4.
'
,■
'(■■■) '
.
■
Comment and Review
.--1814
The Business Man's Bookshelf
Week
the
on
European Stock Exchanges.
—
1800
'
'
-
'
'■
...1800
Foreign Political and Economic Situation
1805 & 1858
Foreign Exchange Rates and Comment
1
;»>-'■
\
-
.
'-f;V'-
j'/i
v.yiV
"■
•
'
,,
"■
<4
'
■
—1813
Course of the Bond Market
-1815
Indications of Business Activity——
Week
on
the New York Stock Exchange
...1798
Week
on
the New York Curb Exchange
-.1857
News
1830
Current Events and Discussions
Bank and Trust
General
1856
Company Items
1902
Corporation and Investment News
Dry Goods Trade
1952
State and
1953
-4'
v:'.:-:":*'/
4.--
4
4
'
Stocks and Bonds
1.
Foreign Stock Exchange Quotations
Bonds Called and
Dividends Declared.
—
Auction Sales..-New York Stock
1858 & 1860
1860
Sinking Fund Notices—
■
.
/-t...
■
Municipal Department—
4
■-
444.4
4
v:
'
Vly""V/-K.
.
;
.•
■".'.'.-'Vi?,'-'..
•',
1858
------
Exchange—Stock Quotations.
1870
'
♦New York Stock
Exchange—Bond Quotations-1870 & 1880
New York Curb Exchange—Stock
•
Quotations....
•New York Curb
Exchange—Bond Quotations.
Other Exchanges—Stock and Bond Quotations--
_
1886
--1890
.44^4'
-1892
Canadian Markets—Stock and Bond Quotations—1896
Over-the-Counter Securities—Stock & Bond Quotations. 1898
K'r-A.;:.;1 V:vy.;UV
.;
■■-
■.4 44:
4- :;
:.;..
;
.
'-'4 4 '
.
.
.4:4..
'M,;-/;
4y... 4-;."*;;
--.
—
-1804
'
Course of Bank Clearings.
1858
...
-1830 & 1867
Federal Reserve Bank Statements
4V "
•
v.'
.•"V
■
WO
.1902
'•
;
.
General Corporation and Investment News—
M'
'
V'
.44
Commodities
."-A
'
-
■
\v.J/
The Commercial Markets and the
Crops
1941
1944
Cotton
Breadstuff s
*
_
1948
incorporated in our tables
on New York Stock Exchange and New York Curb Exchange bond quota¬
tions pertaining to bank eligibility and rating.
Published Every Saturday
Attention
is
directed
to
the
new
column
Morning by the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
Board and Editor; William Dana Seibert, President and Treasurer; William D. Rlggs, Business Manager.
of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone State 0613).
London—
Herbert D. Seibert, Chairman of the
Other offices: Chicago—In charge
8mith, 1 Drapers' Gardens, London, B.C.
Copyright 1941 by William B. Dana Company.
Entered as second-class matter
June 23. 1879, at the post office at New York, N. Y., under the Act of March 3,1879.
Subscriptions in United States and Possessions, $18.00
ner year
$10 00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba $21.50 per year, $11.75 for 6 months: Great Britain, Continental Europe (except Spain), Asia. Australia and Africa, $23.00 per year,
$12 50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request. NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Edwards &
4
...
^. V1-;.'r:v,y;'.v4vf;;'r:;5 -v- sv=-:Vi--^J"
Reports
Foreign Bank Statements
•
;.'.h':;
1
--------1860
.
• •
„
'
■■
'
The Financial Situation
THERE denying longerthe defense
can no that be, and there
any
encountering still
future.
obstacles in the
graver
It is
pointment of
over
the radio, and his later ap¬
is
developing,
obviously, be taken
may,
that he perceives that all is not
Nor Is the state of affairs
about to face us, one
only.
program
now
which
well
work
us, or
banker;
a
or
have
about
of
costs and the other
ments
to
presenting to the President a few days
ago its
"six-year" program of public works
against "need" for it after the defense pro¬
by
no
the
production
now
tanks, ships,
of
duce the output
goods
nary
wise
an
from
a
armament
unit
pended, the
effort have to be
to meet the
mands
of
says
to
ment of
At
we
is
serve
to
ex¬
units of
our
tion of
the
the
the
.
protection
of
morale
are
and
vital
Among
Nation's
from
our
we
these
using at
prepare to
possibilities
cannot
So far
moment
We must
the
American
larger
help wondering, will
be
save
however,
advisers.
indeed
If
it
may
must
"The
be
be
they have fully
our
our
agricul¬
good.
he
later
But
is
a
say¬
people will not
either
or
groups
structed
determination of America must
by
wrar
by
by small,
of individ¬
with
characteristic bluntness
of
able business man, has said
and
Mr. Knudsen,
with
the
realism
publicly that,
con¬
trary to his earlier judgment of the situation, there is
difficulty with labor in the
not
by
unnecessary
workers, by short-sighted management
liberate
be
ob¬
profiteering.
"It must not be obstructed
of
or
strikes
by de¬
sabotage."
Most, if not all, of the strikes which have been epi¬
condemning
in dealing with it.
of
work
to
uals at home.
It
organizations.
forthright
abundance
so
abroad
mies
mo-
and
an
and
frustrated
selfish
recognized the essentials of the problem by which
they are confronted, they show lamentable lack of
now
re¬
ing that "this will of the
defend.
are
sacrifice
saviors?
our
thoroughly and competently diagnosed
Washington, not, at any rate, by the President and
an
he
threats from powerful ene¬
ment has been
courage
act
ture."
the ideals
on
national life.
gravely doubted, whether the real nature of the ail¬
influential
we
subject with
industry and
Congress,
to
recognized that the diffi¬
most
the
upon
"Upon the Nation's will
resources.
we
ex¬
these words:
the
the conservation and development of the
Who,
us
his
final
sacrifices
later
turned to the
understanding of the possibilities
for that future
danger, and that they have
program
public thought
objectives of
seek wider
difficulty and
the
President gave it his blessing,
point the following words:
existence
in
depend
Somewhat
.
submitting
use,
questioned,
The
those
now!"
We must focus
that the authorities
seriously
of
depends the output of
In
heartening to ob¬
the
sacrifices—every
us.
of national defense.
ordinary
centers about labor
of
speed with which
long-term safety, such as the protec¬
our
soil, the safeguarding of national
have at least perceived the
ment
he
point
to
and
or
ma¬
preparation for post-emergency adjustments.
In a broader sense, these
too are measures
and
culty largely at
make
will
itself
program
your
another
tent
resources.
the
in
governmental activities that
health,
over-riding de¬
defense,
of
point
.
of those
get
wants.
It
national
our
one
or
that "we shall have
one
In giving high priorities to the defense un¬
dertakings
we must not lose sight
employed
supply
years.
now as
one
to
At
six-year program is a concrete and prac¬
tical
application
of planning
which
will
change from year to year with the develop¬
therefore the less there is
left
in future
programs
bench,
your
chine."
It
The
re¬
of effort
more
appropriate
Board said:
urgent need
of
and kinds
be
to
profits
taxes will be
your
plow,
your
plans and
war
always, and, besides, the
less
amounts
have
will
longer at
alternative lines of policy for land,
water, energy and transportation and of re¬
gional development as a basis for improved
like¬
are
inconven¬
"You will have to work
suggests
peaceful
which
commerce,
in
to the times and the needs of the Nation.
of the ordi¬
of
which
way
a
many
higher.
agencies from which the Con¬
the Administration
can
select
and
activities
They likewise
viously
six-year program provides a reservoir
long-range projects originated by Federal
gress
are
and
the rest of the needed
cause
from business because ob¬
Resources
construction
guns,
planes
mean
liberties.
content with lower
The
of
confined to
means
material.
completed, the National
Planning Board said in part:
impedi¬
efficiency
is
gram
wage
raising their ugly heads
your
"You
In
interruptions
work, the rising
manufac¬
iences.
Save Us from Our Saviors!
equally sub¬
The
a
this gigantic effort in
will
stantial repercussions else¬
where.
and
You will feel it in
daily lives.
your
or
a
housewife;
or a
storekeeper
a
in¬
time
same
machinist
"You will feel the impact of
Indeed, it could not
point,
one
it [the defense program] will
jury to the defense effort
and not at the
a
sacrifice in behalf of country
On the contrary, it directly affects
substantial
much clearer indication of real
stevedore;
or a
turer—to all of you
the armament
concerns
farmer
a
a
"Whether," said he at
in the armed services; whether you are
are
steel worker
it should be.
as
evidently facing
entire economic organism.
our
well
as
"you
indication
as an
situation, but the careful observer
likely to await
understanding.
ameliorate the critical labor situation that is fast
to
inkling, of the true nature and
some
seriousness of the
"over-all" board to do what it could
an
possible to read into certain of the sentences
of the President
near
The President's impassioned plea late last
week to the Nation
ordinary bickerings of
beyond the
go
trouble-making unions.
countering serious difficulties and that it is in danger
of
which
tion
no longer en¬
is,
is
program
demic in this country for months past are
unnecessary,
no one
is
likely to find fault with the President for
them.
the
In
circumstances,
most
observers probably will likewise forgive his constantly
reiterated references to
they
the
appear to most
situation
in
of
war
us
hand.
profiteering,
to be
It
even
though
wholly irrelevant to
wrould,
however, be
ex¬
plants engaged in defense production, but there is
tremely unfortunate if the President views the situa¬
little evidence that he recognizes elements in the situa-
tion
by which
we are now
confronted merely in terms
Volume
of
strikes,
ment.
The Commercial & Financial Chronicle
152
profiteering,
or
Almost
short-sighted
or
unfortunate
as
would
impression (even if erroneous)
that he
so
views the
current
manage¬
be
it
if the
Disturbing
If he still thinks of
40 hours
"normal" work
a
long, at most, and of the longer
must be worked
as
part of the sacrifice
a
which workmen must make, and be paid ridiculously
high
wages
to grasp
for making, he still fails by a wide margin
the rudiments of
something
more
If he has
difficulties.
our
The Real
The real
Notions
Needs
vs.
long
inclined
been
harbor
about
But it is in that
danger from abroad is concerned.
position
this
at
nonetheless,
moment
the
hour.
These
ideas, of
It may
be that the President himself
certain of his advisers have
realization that
task
armament
is
progress
dangerously
now
people of this country.
limited
or
possible, that most, if not all, of
now
known
as
the
being
That idea is that work is
something to be shunned
is
near
the rank andgfile of the
among
as
severely
as
ills during what
our
"great depression"
sprang
from
production, that economic well being is best
over
served
by limiting productive work and paying very
have
come
still
face
particularly
is
whether
beside
order.
themselves
Labor
unions
wages
long
thought of
organizations designed for the pur¬
as
of relieving the
pose
themselves
have
and
of
of the duty of exerting
men
obtaining the highest possible
The New Deal, to put the case
at all times.
mildly, has done nothing to combat the notion..
very
Indeed it is well
monotonous
recognized that it has with almost
regularity taken the lead in inculcating
precisely such ideas, and has done it so well that this
really tragic fallacy has become
basic part of the
a
These chickens
and
are
there lies the
now
real
coming home to roost—
difficulty.
have been told times out of mind
Workmen who
by Administration
al¬
if they
even
organized labor
That
groups.
be
must
performed,
acknowledged is
or
point, if the defense program is to be
now
ails it.
Thus there must be
wincing
no
or
relenting
or
refraining in making it clear—and in this matter
President has been
the
cisely
ing for
or
to
of
a
outspoken—that it is
reprehensible and economically
as
union to
a
in
engage
impose penalties
jurisdictional strike
a
employers growing out
upon
jurisdictional dispute
pre¬
damag¬
as
it would be for
as
a
steel
company
to refuse to sell to an aeroplane manufac¬
turer any
of its products unless it could furnish all
the
requirements
steel
must be made
unions in
thinking of millions of American citizens.
But
convincing their followers,
bluntly expressed
so
the
the
such realization, they
some
of
somehow
that
cured of what
high wages for what is done, and much more of the
same
task
among
task
a
with the
Deal philosophy,
New
belatedly to
the
saving
a
utterly incompatible with
fundamentals of
long
and which is
to
come
really satisfactory
though there is little to indicate it.
years,
lie athwart
course,
at all times, but the immediate need is that
work, which the New Deal has worshipped for eight
accepted idea
con¬
cordingly, ideas which lie directly athwart the needs
of
very
the
and
sequently in nrgent need of adjusting its ideas ac¬
and
to
It is, of
maximum rate.
a
in that position by its own choice, as far as
course,
of armament.
Difficulty
general state of
finds itself faced by an obvious
necessity to produce at
progress
difficulty lies in the notion which labor
have
unhealth the country
realistic in mind, it is unfortunate
indeed that he did not make his meaning clear.
unions
economic virility is
our
The
of affairs.
uncertainty also clings to the President's words about
as
but
program,
generally given
were
state
difficulty lie much deeper.
longer hours.
hours that
defense
faced at this time.
In these circumstances and in this
roots, of the
week
the
1797
week and
week
demanding
penalty
are
in
of that manufacturer.
It
equally clear and emphatic that the
the
unreasonably short work
an
wages
for
any
overtime above that
category
same
would be
as
monopolistic combination of steel mills which
a
re¬
spokesmen that they are compelled to work over-
fused to
long hours, and are paid too little in wages, can
requiring the operation of higher cost units except
hardly be expected to feel under
pulsion to act
let pass
as
if they
were
what doubtless
particular
any
working too little
appears
com¬
or
to
to them to be an
unexampled opportunity to demand and get higher
wages.
past eight years have
The events of the
naturally tended to bring into positions of leader¬
ship in the unions the
shout loudest the then
about wages
are
and hours.
the innate
the
most
they
and their
are
are
They
more
ideas"
often than not
are
obsessed with
about the
"rights" of
membership if not for themselves.
to
they have been
turn with the active aid of the New
at
pains
to
inculcate
philosophy among their followers.
have from the first been the
They in
Deal managers
this
general
They, moreover,
strongest supporters of
the New Deal—and of New Deal ideas.
It is pre¬
cisely the type of philosophy, the view of life and
of economics which
rendered France impotent.
It
by all odds the biggest danger by which not only
be
bear
that
no one
any
thought
of
a war
or
to
other similar reason—
a
notions.
plant management
order merely because
it
heavier
a
loan
in
relation
to their
only
repeat the glib popular excuse, so often
a
short time
ago
in New Deal circles,
existing law does not prevent a longer work
It merely
wages
liberty
for
disrupt normal routine and oblige the execu¬
week.
of self-reliance,
or
salaries and other emoluments.
part not the kind to take tradi¬
taught by the New Deal itself not to do so.
is
tives
doctrines
American
been
They
the indolence of its members
higher
which refused to take
Let
be little
serve
would
would
It must be made
condobe the conduct
nothing of serving foolish social
say
What
public will not
union which in any way retards production
force wages
heard
can
and the rest too much to heart—and
have
of any
in order to
to
of its members to accept orders
proportionately higher price.
a
question
There
any
evident that the
"out to get theirs"—for their unions
for the most
tional
who would and could
troublemakers, who
"advanced
labor and all the rest.
that
men
popular New Deal doctrines
at
permit
time is
requires the employer to pay higher
for over-time.
The fact is of course that over¬
prohibitively expensive.
Not only that but if
unduly employed during the next year or two will
render avoidance of
ficult.
been
As
heard
to
of that
Administration of
finding the
and
the
inflationary excesses doubly dif¬
employing
men
even
more men,
not much has
from the Wage and Hour
late, for the simple reason that
is becoming
more
and
more
difficult
obviously is destined to become impossible in
not
distant
future
if the amnnment
proceeds according to present schedules.
program
How
many
of
facilities costs
for
existing labor arrangements?
Let us take as
cities may well show a different result, next Monday,
from that of the local institutions. Brokers loans on
security collateral, extended by the New York City
banks, were down $18,000,000 to $336,000,000,
obviously because dealer holdings of United States
Treasury securities declined upon completion of the
March quarter-date borrowing operation,
Gold certificate holdings of the 12 Federal Reserve
banks, combined, increased only $2,000 in the statement week, to $20,103,281,000. Other cash of the
regional banks advanced modestly, and total reserves
example
plant whose workers are on a
a
"normal"
10-hour week (many have a
shorter work week as a
result of union
Let us suppose that it
pressure).
of 75 cents an hour—certainly not unusual.
The average weekly payroll
would be $30' per employee.
Now, we assume, the
pays
average wages
an
plant in order to meet defense demands must utilize
its facilities to the utmost and in order to do so
to increase the work week to 48
finds it necessary
it must
the law
Under
hours.
time and half
pay
over-time, that is in this instance 8 hours
for all
The payroll
week at $1.12% cents per hour.
per
$39
becomes
then
employee,—at
per
of well
crease
over
36 hours
as
8% in hourly
over-all
an
This is
hourly rate of 81*4 cents per hour.
say,
If
wages.
an
we
in-
take,
the existing work week, which is
certainly not unknown, we should upon an increase
to 48 hours have
rate of
increase in the over-all
an
hourly
12%%.
These
minimum
are
fied with
under
They take into account
penalty rates which the unions
tion to those
permissible
figures
existing Federal law.
been
required by law.
may
no
impose in addi-
They rarely
are
satis-
legal minima, and they certainly have not
discouraged in the policy of demanding
Nor do
more.
they take into account the heavier costs of
increasing hours for night shifts where basic rates
Higher over-time rates orgi-
normally higher.
are
nated
penalty rates to discourage long hours of
as
work.
In the
course
viewed
by the
men as a means
of time
they have
grown
to be
of increasing wages,
particularly where associated with excessively short
hours of work.
of often
excess
at times like the
very
expensive full production
present when the demand is
whelming for the utmost in output.
a
over-
They afford
good example of the workings of New Deal notions
at
a
time when it is
show what it
ardently desired that industry
do in the way
can
of volume produc-
tion.
Obviously something
more
the creation of
or
the defense program
drastic than fervid
ap-
boards is required to
new
from New Deal philosophy.
'
^
ederal Reserve Bank Statement
Federal
Reserve notes in actual circulation increased $15,725,000 to $6,063,061,000. Total deposits with the
Federal Reserve banks declined $5,729,000 to $16,374,881,000, with the account variations consisting of
a decrease of member bank reserve balances by
$470,203,000 to $13,740,639,000; an increase of the
Treasury general account by $491,391,000 to $912,814,000; an increase of foreign balances by $11,564,000 to $1,174,707,000, and a decrease oi other
deposits by $38,481,000 to $546,721,000.
The
reserve ratio remained at 91.1%. Discounts by the
12 regional banks were lower by $181,000 at $1,171,000. Industrial advances were up $13,000 to $7,894,000, while commitments to make such advances were
up $727,000 to $7,288,000. Open market holdings of
United States Government securities were unchanged
in total at $2,184,100,000, but the nature of the
holdings changed somewhat owing to the recent
Treasury exchange offering.
Holdings of bonds
increased $50,200,000 to $1,334,800,000, while holdings of notes dropped similarly to $849,300,000.
.
..
0jL
,
,
York Stock Mar e
ALTHOUGH stocks of the general list were dull
throughout the week now ending, on the New
York stock market, some sections reflected activity
and new developments. There was little change in
the situation, as it affects industrial and railroad
securities. But some utility stocks were in keen demand, Thursday, owing to a combination of circumStandard
stances.
peals
save
increased $4,505,000 to $20,446,358,000.
ridiculously short
definitely tend to curtail production in ordi-
times, and make
nary
many
But, however viewed, these increased
rates for work in
hours
weeks, and the statement covering 101
realize what full utilization of
us
under
an
March 22, 1941
The Commercial & Financial Chronicle
1798
Gas & Electric Co. announced
plans for compliance with the integration requirenients of the Public Utility Holding Company Act,
Thursday, and all the preferred stock issues of that
company promptly advanced on a broad scale.
At
the
request of Commonwealth & Southern,
"tenta-
Quarter-date tax payments the the principal tive conclusions" were suggested by the Securities
changes in afford
banking
and Exchange Commission for divestment of varifor
reason
statistics
for
official
the
weekly period ended
March
19.
The
huge income tax payments of March 15 swelled
the
account
of
the
Reserve
banks,
member
bank
accordingly,
000.
lowered
reserve
deposits.
Excess
the
reserves,
reserves.
$15,000,000
establishes
into demand,
on
publication of the suggestions,
Other utility stocks also were in favor,
a
new
a
figure
utility operating
The currency
high for the circulating
few
were
common
equity issues also improved.
company
stocks,
on
Many
the other hand,
quite unaffected.
picture
The stock market was again a dull affair, save for
be noted to the upward
the utility incidents.
Trading on the New York
Stock Exchange hovered around the 500,000-share
accommodation.
Commercial, industrial
New York
City member banks, for the period ended March 19,
to
$2,070,000,000.
The
country-wide trend of such loans has been upward
Wide net gains are to be noted in a
color.
which
$8,826,000,000,
all-time
$5,000,000
some
to
reserves.
On the demand side of the credit
down
it
number of utility preferred stocks for the week, and
and agricultural loans Of
weekly reporting
were
came
Thursday.
But currency in circulation
another interruption is to
of
subsidiary companies of Commonwealth & Southern
here and there, and in the absence of other incidents
tended to lower bank
medium.
These conclu-
far from favorable, but certain issues of
these transactions dominated the market and gave
bank
increased
were
down $370,000,000 to $6,110,000,-
were
$17,000,000 to $22,335,000,000, which tended
to raise
trend
Federal
12
correspondingly
holdings of that major utility.
sions
monetary gold stock of the country in-
The
creased
Treasury with the
and
ous
level, with the average of the five full sessions under
that diminutive figure.
ingly modest
°ne
on
Price changes
were
exceed-
most occasions, with the gains of
session just about offset by the losses of the
next.
Steel, motor- and similar industrial stocks
improved
little when it appeared that a labor
a
mediation board would endeavor to
the
in
adjust
some
Railroad
difficulties.
labor
growing
were
of
stocks
quiet demand, owing to the relatively good
A good deal of nerv-
earnings of leading carriers.
continued to
ousness
prevail, however,
as
European
dispatches told of rapid intensification of the war,
and of
probable Balkan clashes.
Listed bond dealings were
with occasional
road bonds
quiet in most sessions,
buying spurts in speculative rail-
alleviating the dulness. Progress toward
reorganization of rails that long have been unable
to meet all fixed
the
charges provided the occasion for
Good advances
inquiry.
ber of the carrier bonds.
securities
pression
of
slightly better,
were
was
scored in a num-
were
Other speculative issues
United
motionless.
almost
were
States
as
a
Treasury
favorable im-
gained from the terms of $1,000,000,000
financing, intended to refund 1504,000,000
new
notes due next
June, and raise $500,000,000 of
new
Holders of the June notes were offered
choice of new 2%% bonds due in 13 and call-
money.
their
able in 11 years, or
dated March
borrowing
bonds.
%% notes of the recent issue
15, due in two
the
years.
For new money
Treasury offered
only the 2%%
Foreign dollar bonds
little changed,
were
Commodity markets displayed some bright spots,
especially in agricultural items.
Base metals
maintained under the watchful eyes
authorities in
Washington.
were
of price control
Foreign exchanges were'
all but motionless.
On
the
New
Stock
York
Exchange
touched
new
high levels for the
touched
new
low levels.
year
74
stocks
while 84 stocks
On the New York Curb Ex-
change 74 stocks touched new high levels and 65
stocks touched
Call loans
mained
on
new
low levels.
the New York
Stock Exchange re-
unchanged at 1%.
On the New York Stock
Exchange the sales
Saturday were 265,260 shares;
shares;
on
on
on
Monday, 380,050
Tuesday, 406,750 shares;
Wednesday,
on
540,440 shares; on Thursday, 490,440 shares, and
on
Friday, 471,660 shares.
On the New York
Curb Exchange the sales on
Saturday were 74,910 shares; on Monday, 86,330
shares; on Tuesday, 72,885 shares; on Wednesday,
91,485 shares; on Thursday, 99,640 shares, and on
Friday, 96,310 shares.
Trading
est for
a
on
Saturday of last week
was
short session in several weeks.
the broad-
Following
leadership of shipbuilding shares in the first
the
hour, the market gradually moved into higher territory and gains in
point.
one
prominent stocks approximated
Steel, motor and chemical shares
par-
ticipated in the advance and closed at the day's best
:
levels.
President's
The
address
Saturday
night
committing the United States to a policy of all-out
aid to Great Britain and the so-called
democracies,
together with current offerings of large blocks of
account, brought to
American securities for British
the market on
start
Monday
a
spirit of indecision.
At the
prices were firm, though mixed, with steel and
shipbuilding issues better by fractions.
Further
progress sent leading stocks higher, some of them
running above a point, while marked improvement
took
on
place in some preferred utilities. From then
turned easier and drifted narrowly to
the list
close dull and
to stir itself
1799
The Commercial & Financial Chronicle
Volume 152
mixed.
The market
on
Tuesday failed
from its apathy and continued to drift
within a narrow range.
Trading in the initial hour
ruled quiet and values receded from fractions to
more
than a point.
Firmness later developed and
held that way for the balance of the morning.
The
early afternoon trend was narrow, but the list featured by steel, shipbuilding, rubber, paper and rail
shares, moved forward near the close to the session's best prices.
The closing was irregularly
higher. Firmness was reflected in scattered issues
Wednesday as sales turnover exceeded the volume of any session so far this month.
Early
strength in some equities was related to better quotations for commodities. In the latter case prices
have been raised substantially above those prevail-
on
ing since the middle of 1940. A general recession
brought on by late selling in the heavy industries
group left values irregularly lower.
Preferred
shares of public utility companies furnished color
to the market on Thursday with the announcement
of Standard Gas & Electric Co. that it was prepared
to dispose of its properties, with the exception of
the Philadelphia Co. The step contemplated is in
compliance with the Holding Company Act, and supplied the incentive that brought higher values to
equities in this group. Gains ranged up to four
points in senior issues, while shares in other sections of the list varied little, if any, from their previous close. Declines were the order on Friday, in
slower trading. Activity in public utility holding
company shares met sharp contraction, with price
changes for the most part small. On the industrial
front, prices experienced some difficulty holding
their own, and late profit-taking extended earlier
fractional declines into losses running a point or
more.
This belated selling, however, was confined
to a small portion of the list. Closing prices on
Friday of this week dropped below the levels pre-
vailing on Friday one week ago.
General Electric closed yesterday at 32% against
33% on Friday of last week; Consolidated Edison
Co. of N. Y. at 21 against 21%; Columbia Gas &
Electric at 4 against 4; Public Service of N. J. at
25% against 25%; International Harvester at 47
against 48%; Sears, Roebuck & Co. at 72 against
72%; Montgomery Ward & Co. at 36% against 37%;
Wool worth at 30% against 30%, and American Tel.
& Tel. at 161% against 161%.
Western Union closed yesterday at 21% against
21% on Friday of last week; Allied Chemical & Dye
at 153% against 150; E. I. du Pont de Nemours at
147% against 143%; National Cash Register at 13%
against 133,4; National Dairy Products at 13%
against 13%; National Biscuit at 17% against 17%;
Texas Gulf Sulphur at 36 against 35%; Loft, Inc.,
at 18% against 18%; Continental Can at 36%
against 37; Eastman Kodak at 133 against 132;
Westinghouse Elec. & Mfg. at 93% against 95%;
Standard Brands at 6% against 6%; Canada Dry at
11% against 12; Schenley Distillers at 9% against
9%, and National Distillers at 21 against 21%.
In the rubber group, Goodyear Tire & Rubber
closed yesterday at 17% against 18 on Friday of
last week; B. F. Goodrich at 13 against 13%, and
United States Rubber at 22% against 22%.
Railroad stocks are mostly lower this week. Pennsylvania RR. closed yesterday at 23% against 23%
°n Friday of last week; Atchison Topeka & Santa
Ue at 23% against 23%; New York Central at 12%
against 12%; Union Pacific at 77% against 78;
Southern Pacific at 9% against 8%; Southern Rail-
/
The Commercial & Financial Chronicle
1800
at 12% against 12%, and Northern Pacific at
way
!
5% against 6%.
off the present week.
stocks sold
Steel
:
.
States Steel closed
United
yesterday at 56% against 57%
Friday of last week; Crucible
Steel at 40%
against 41%; Bethlehem Steel at 77% against 78%,
and Youngstown Sheet & Tube at 33% against 35%.
on
In the motor group,
General Motors closed yester-
week;
day at 43 against 43% on Friday of last
63% against 66%; Packard at 2%
against 2%; Studebaker at 6% against 6%, and
Hupp Motors at % against %.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 35% against 35 on Friday of last week;
Chrysler at
Shell Union Oil at
11% against 12%, and Atlantic
Refining at 22 against 21%.
Among the copper stocks, Anaconda Copper closed
yesterday at 24% against 24% on Friday of last
Smelting
American
week;
&
Refining
39%
at
against 40, and Phelps Dodge at 28% against 29%.
In the aviation group,
Curtiss-Wright closed
terday at 8% against 9%
yes-
Friday of last week;
on
Boeing Aircraft at 15% against 16%, and Douglas
Aircraft
round improvement, based on expectations of American aid and on the speech made last Saturday by
President Roosevelt. Courtaulds advanced sharply,
following the disclosure that its American subsidiary will be sold through action of the British
Treasury. Gold-mining stocks and diamond shares
were likewise under accumulation. In the mid-week
session, prices receded again at London, owing to
profit-taking, and changes thereafter were minor.
Activity on the Paris Bourse was enlarged, Wednesday, when the quotation of stock prices was resumed. Dealings were restricted, however, to registered stocks and rentes. The Amsterdam Bourse
was quiet in the early half of the week, but advanced
sharply an brisk trading in subsequent sessions.
Gains ranged to 6 and 8 points in single sessions,
with Dutch East Indies issues in greatest favor,
The Berlin Boerse slumped heavily, owing to official
warnings last week concerning ceilings on dividends
and prices. Occasional rallies failed to offset the
general downward trend of price levels at Berlin,
and the cumulative losses are among the heaviest in
recent months.
at'73% against 72%.
Total Victory
Trade and industrial reports reflect the keen de¬
mand for certain
week
program.
ending today
were
and Steel Institute at
new
and
high.
one
last year
by the vast and
DRESIDENT ROOSEVELT supplied last Satur-
Steel operations for the
da^ further indications of the lengths to which
be *s prepared to carry the United States in his program of all-out aid for countries which, like Great
Britain, Greece and China, are victims of aggression,
one
b*s mos^ significant addresses on foreign
Polic^ delivered before the White House Correspondents Association, the President called for national unitJ>to the end that aid to the beleaguered
countries can be increased "until total victory has
been won " The sPeech was noted with the greatest
care throughout the world, since it constituted the
first public declaration by the President after
Pa^age of the lend-lease measure. In London the
occasioned
wares
growing defense
estimated by American Iron
99.4% of capacity, which is
The operating rate last week
month ago
the rate
it
Production of electric
for the week ended March 15
power
Edison
Electric
a
98.8%,
was
94.6%, while at this time
was
62.4%.
was
Institute
at
was
reported by
2,817,893,000
kwh.,
against 2,835,321,000 kwh. in the previous week, and
2,460,317,000 kwh. in the corresponding week of last
Car loadings of
year.
ended March 15
freight in the week
revenue
reported by the Association of
were
American Railroads at
March 22, 1941
758,693
cars, an
increase
over
May oats at Chicago closed yesterday at
36%c. against 36%c. the close on Friday of last
was viewed as a tonic and as a promise of
iresh American aid, which the British admit must
include the convoying of ships to insure delivery of
American supplies in the United Kingdom. The
closely controlled German and Italian newspapers
railed at the ^P^ch, but the official Axis attitude
seems stm to be that the United States is not at
war with the totalitarian States. In France and
kSome of the southeastern European countries the
week.
comments by Mr. Roosevelt
the
previous week of 16,771
lar week of last year
As
cars,
of 139,305
indicating the
course
and
over
the simi-
cars.
of the commodity
mar-
kets, the May option for wheat in Chicago closed
yesterday at 8714c., against 86%c. the close
day of last week.
May
corn
on
Fri-
closed yesterday at
63% c. against 62%c. the close
on
Friday of last
week.
The
spot price for cotton here in New York closed
yesterday at 11.17c.
against 11.10c.
Friday of last week.
closed
In London the
Domestic copper closed yes-
the
close
per ounce
on
silver in New York
close
on
on
Friday of last
week!!
against 23% pence per
Friday of last week, and spot
closed
yesterday at 34%c., the
Friday of last week.
In the matter of
foreign exchanges, cable trans-
fers
on
on London closed
yesterday at $4.03%, the close
Friday of last week.
r
p
*
»»
European Stock Markets
occa-
To meet the dangers that confront
gone
us the United
into action by adoption of the lend-
lease measure, Mr. Roosevelt indicated. The Prussian autocracy of the last World War was bad
enough, according to the President, but the German
Nazism of the present day is even worse. Nazi
forces, Mr. Roosevelt said, openly seek the destruc-
tion-of all elective systems of government on every
continent, including our own. But the "enemies of
democracy"
were
wrong
in their calculations, for
the voice of 130,000,000 people
*
said to have
sione<X satisfaction.
Much of the address by the President was devoted
to American unanimity, and he urged the dictators
of Elll'°pe and Asia not to doubt that unanimity.
States has
price of bar silver closed yesterday
7/16 pence
ounce
on
The spot price for rubber
terday at 12c., the close
at 23
close
yesterday at 22.60c. against 22.75c. the close
Friday of last week.
on
the
are
and it ig
binding
on ug
now
has been heard,
^ gaid ^ pregident
The
DEALINGS were the leading European financial world nois the end left in doubt, he added, for "this
longer is of
exchanges in fairly active this week on stock
decision
attempts at appeasement
any
centers, but price tendencies
London
Stock Exchange
were
irregular.
began the week with
The
all-
in
our
land; the end of urging
us
to get along with
the dictators; the end of compromise with
tyranny
Volume
The Commercial & Financial
152
and the forces of
The firm belief was
oppression."
America's production output is in full swing the democracies of
the world will be able to prove that dictatorships
expressed by Mr. Roosevelt that when
cannot win.
,,
That the United States is
part"
was
going to "play its full
given that the aid
was
no assurance
to Great
Britain, Greece and China would stop short
of
Mr. Roosevelt
war.
spoke of the "bridge of ships"
for the supply of Great Britain, and called
necessary
the Nation to sacrifice and to work in order to
upon
make available
and food "for those who are
arms
Britain" authority conferred on the Executive
formal consideration of the presidential request
a
by
The House began last Monday
for
blanket appropriation of $7,000,000,000 under the
curb or limit
and on
Wednesday the House passed the $7,000,000,000 bill
by a vote of 337 to 55. The Senate is expected to
complete action next week. Another aspect of the
program.
new
All
attempts
to
the appropriation quickly were defeated,'
aid to Great Britain program soon will be in
effect,
by war profiteering,
by unnecessary strikes
ment, he revealed, has asked for American naval
workers, by short-sighted management or by de-
repairs to a number of British warships, and some
of the ships "may" now be on the way toward American waters. Detailed information as to the vessels
America must not be obstructed
and it must not be obstructed
liberate
freedom for either
no
and their Grecian allies need
management
or
The British people
labor," Mr. Roosevelt remarked.
ica
of
"For, unless we win,
sabotage, he said.
there will be
ships, and from Amer-
they will get ships, the President asserted. Food,
airplanes and
war
materials of all sorts are required,
and America will
Britain and
cated.
the
supply them, not only to Great
Greece, but also to China, it was indi-
Proclaiming the rights of small nations and
absurdity of racial differentiations, Mr. Roose-
our
to be repaired was withheld by Mr. Knox,
ous
"for obvi-
reasons," and the Navy Secretary also refused
to disclose information as to types and
numbers of
American naval vessels transferred to Great Britain;
immediately after passage of the lend-lease bill. The
incidents made it emphatically clear, however, that
the United States Government is no longer, in any
sense, a bystander in the great European struggle,
country is going to be what
The advancing integration of British and Amer-
people have proclaimed it must be—the arsenal
ican efforts in the war was pointed in an exchange
He added emphatically that the
of comments in London, Wednesday, between Prime
velt declared that "our
of
Aid to Great Britain
QPEEDY action was the rule in Washington this
O week, under the lend-lease or "aid to Great
according to comments made Wednesday by Secretary of the Navy Frank Knox. The British Govern-
The determination
fight."
fighting the good
of
1801
Congress, March 11.
,,
the recurring theme of the presidential
address, and
Chronicle 1
democracy."
When
Minister Winston Churchill and the new United
dictatorships disintegrate, the United States must
States Ambassador to the Court of St. James's, John
continue
G. Winant. At a gathering of The Pilgrims, in
London, to greet the new envoy, Mr. Churchill de-
United States is
world
to
"going to play its full part."
play its great part in the period of
reconstruction, according to Mr. Roosevelt.
Aspects of the address which pleased the British,
clared that Great Britain and the Empire had
according to London reports, were the comments
gained a "sense of encouragement and of fortifica-
about
shipping aid to Great Britain, and the inof
sistence
the
President
The tone of the
sorts.
that aid
was on
the
upon
speech "told Great Britain
way," the London correspondent
of the New York "Times" said.
of
first
the
London
"A political event
an
effect, "bringing
enormous
press
"authoritative
was
The
apparently reported the
as
is at
force may never again seek its destruction, the Am-
war
main-
press
fiction," the
with the Axis, but the
somewhat
spokesman"
to whether
more
at
cautions.
An
indicated,
Berlin
or
when
a
state of
war
between the United States and the Reich.
exists
For pub-
licity and propaganda purposes the Germans preferred to attach little
From the current sacrifices
citadel of freedom shall be built so strong that
a
Wednesday, that Germany would reserve the decision
the effort for "the common good of the free
on
peoples of the earth."
general discussion of its
that, regardless of "juridical
now
new
The Italian
a
significance developed.
German
"And the day
will come," the Prime Minister added, "when the
British Empire and the United States will share
length, for
United States
share British dangers and secrets.
together the splendid but solemn duties which are
the crown of victory." Mr. Winant, in turn, dilated
German and Italian press
tained
Winant and remarked that the Ambassador will
the comment of the
was
hope and confidence to all who love freedom."
address at
tion of our resolve" from the address made last
by Mr. Roosevelt.
He welcomed Mr.
Saturday
which held that the speech is
magnitude,"
"Times,"
bound to have
speedy aid of all
importance to the lend-lease
bassador added.
Of perhaps greater significance
than these formalities was an incidental statement
by Prime Minister Churchill, to the effect that German
submarines and battle-cruisers have crossed to
what he called the "American side of the Atlantic,"
where ships were sunk as far west as the 42d
Meridian.
Rumors of such developments had circu-
lated in Washington the previous day, and the expectation prevailed in the capital, on the basis of
United
information supplied to the State Department by
States constitutes or does not constitute an act of
the British Ambassador, Lord Halifax, that a Ger-
bill.
"Whether
this
assistance
from
the
submarine might appear in our coastal waters,
war
depends entirely on the value we give to it,
man
and
that is
precisely nothing," the Berlin spokes-
German officials scoffed at the statements,
stated.
In Greece and China the address by
Of considerable importance, in the current situa-
occasioned much comfort, and some
tion, are indications that British authorities not
inspiration also is said to have been drawn from the
only expect aid from the United States, but also
man
the President
speech by the Yugoslavians and the Turks.
The
are
ready to make payment for such aid to the great-
Announcement was made last
Japanese press found nothing meritorious in the
est possible extent.
address, for the United States was referred to as a
Sunday by Sir Edward Peacock, special representa-
"liuge, wealthy, inflated dragon," which is "headed
tive of the British Treasury, that arrangements
straight for war in name as well as in substance."
have been completed for the sale of the American
The Commercial & Financial Chronicle
1802
Viscose
Corp.,
through
a
Ltd.,
subsidiary of Courtaulds,
a
syndicate of investment bankers headed
by Morgan Stanley & Co., Inc., and Dillon, Read &
The British-owned concern is said to be valued
Co.
at
thereabouts, and represents one
Countries were bombed day after day, and immense
fires were reported by the returning airmen. Aerial
losses were modest on both sides, it appears, and the
or
and ad-
admissions of losses were in relation to the claims
payments are to be made from proceeds of
agreed
put forth at London and Berlin of destruction
caused to the respective opposing forces,
The warfare at sea, which reflects the blockade
to
ditional
$40,000,000 immediately,
pay
securities of the company in
the flotation of
our
British direct investments in the United
market.
States
The banking group
States.
the United
in
^ritish fliers endeavored methodically
occasioned,
to hamper industrial activity in the German Rhineland, with ever larger squadrons engaged in the task.
The near-by invasion ports of France and the Low
important of the direct British invest-
$100,000,000,
of the most
ments
March 22, 1941
estimated
are
at
$000,000,000, and it
American
the
that
assumed
Viscose
was
transaction
and counter-blockade strategy, continued to tell
heavily against British and allied shipping.
The
Admiralty report for the weekly period ended
March 9 indicated that 25 ships, aggregating 98,832
last Sunday is said to be the largest rayon manu- ' tons, were sunk by German submarine, surface and
facturer in the United States, and perhaps in the
aerial raiders. Reports of sinkings for the precedworld.
Offerings of securities of American Viscose
ing week were lowered, owing to the late arrival
represented merely a first step toward liquidation.
The company on
which arrangements were disclosed
a ship of 6,724 tons.
But this left the sinkings
in the initial week of all-out German efforts at
141,314 tons, and made the average for the two
of
probably will take some time to develop.
m
c
of w
War
pu
Phase
New
Germany
the between
STEADY intensification of the conflictrule, this weeks 120,073 tons. to Lloyd's, the British, allied
according During the first 18 months of
Great Britain and
was
week, and the conclusion
the
spring offensive of the Reich is in progress,
British fliers continued to
and
"invasion
the
at
great regularity.
modest
of
maneuvers were
All of the German efforts
against shipping facilities of
This
vasion of the United
by the Nazis.
an
American
is
a
Great
to
on
this question,
essence,
Berlin, last Sunday, Chancellor
promised
definitive victory for Ger-
a
"No power and no support com-
part of the world will change the out-
this
battle
in
any
"international finance and
tinuance of the war,
some
con-
and declared that the brunt of
were
not
developed this week
previous
some
by the German forces1.
maneuvers
idle, for Nazi aerial aton a
scale exceeding any
of 1941 and comparable with
of the dreadful attacks of last
year.
of Bristol
end, and
was an
especial target
attempt
no
minimize the
resulted
was
over
the last week-
damage, which the Germans claimed
from
rolling
waves
of attack
destroyed much of Coventry.
Glasgow also were bombed heavily.
returned
engaged in
a
on
ceremony
submarines
recent months
German
on
bombs
fell
city of Plymouth.
bombs both
were
of the destruction
had
operated in
sinkings continued to outstrip
the iosses admitted
by the British Admiralty, and
was
unconfirmed
expressed
in
Berlin,
that recent
rumors
sinkings included the first ship to carry munitions
for
England since passage of the lend-lease legisla-
^ion.
own,
The Germans suffered serious
fire of the
iuxmT liner Bremen, /which was put out
on]y after several days.
as
damage of their
early in the week, in the form of a devastating
to the
cause
of the
No indication was given
conflagration,
metropolis.
on
hail
Balkans, this week, were secondary only to the
main theater of warfare between Great Britain and
Earlier
that British troops were
rumors
being landed in numbers in Greece were confirmed,
and every prospect thus looms of a clash in the
Balkans which
may
determine the entire course of
the conflict in eastern Europe.
Italians and Greeks
on
Fighting between
Albanian soil again favored
the kilted defenders of Greek independence, but this
may
make
more
imminent
a
German assault upon
the frontiers of the small and valiant country.
Ger-
troops were concentrated in ever greater numon
The Nazi
Greece and Turkey.
Hull
was
the south
Incendiary and explosive
by the Nazis, and accounts
are
fragmentary, although it is
numerous
INVENTS in the Mediterranean area and in the
Lj
hers
Thursday night
upon
Mediterranean Strategy
Liverpool
used
admitted in London that
like
raiders
the American side of the Atlantic,
of
claims
for Ambassador Winant that
and
man
London, Wednesday night, and
six-hour attack on the shipping and in-
the east coast, and
German
coast
welcoming
German
similar to
to
dustrial centers of that great
blasted,
The port
made in British circles to
those which
fliers
danger additionally, Tuesday, when he disclosed at
a
Germany.
respects, at least, these boasts by the
German dictator
tacks
mission to the United
designed to increase shipping assistance,
He blamed
plutocracy" for the
battle, borne through the winter by the Italians,
will be assumed
a
respect," lie declared.
"England will fall," Herr Hitler added.
the
Britain
in which time is of the
one
in 1941.
any
aid
large bearing
em-
prjme Minister Winston Churchill underscored the
over
man arms
In
gir Arthur Salter will head
states,
The
shipping position was
announcement, late last week, that
an
Thursday,
Adolf Hitler
soon
phasized by
satisfaction
address at
of
ship losses were 4,962,257 tons.
particular
race
ing from
actual in-
.
doubtless will have
but the
no
neutral
seriousness of the British
Whether the threat to shipping will
Increased
seen.
suggests that
Kingdom currently is planned
war,
ana
bring England to her knees remains to be
suffice to
and
a
Britain, and the Nazi sinkings of ships also
remained sizable.
the
on
London, Bristol, Plymouth and
seemed to be directed
come
ports" of the Channel with
But such
English ports.
Great
pound at German cities
scale, compared to the great German aerial
bombardments
other
In
the
justified that
now seems
casualties
were
the borders of Bulgaria and the States of
Yugoslavia was an apparent
enigma, subject to the strenuous diplomatic exertions of Germany and Italy, on the one hand, and
of Great Britain
on
the other, with a
American influence not lacking.
suggestion of
Turkey is sai/d to
remain faithful to her alliance with Great Britain,
for
a
reply to recent German suggestions was made,
Thursday, and Berlin admitted only that the situation had been "clarified."
Continuing conversations
between British and Turkish officials make it
fairly
Volume 152
The Commercial & Financial Chronicle
— -
evident that plans are
being made for joint action
by the forces of those countries.
The arrival of British
troops in Greek ports
only limited collaboration with the Reich, and even
such limited
.
was a
1803
measures
would involve resignations
from the Belgrade Cabinet.
One of the impending
military development of the highest significance,
Yugoslav concessions, however, was said to be pass-
since it meant not
age
only
by Greece, but also
conflict
that
a
continuance of the struggle
It became known
regarded
over
as
of the Vardar Valley, and military strategists admit
advan-
that this is probably all that the Germans really
the last week-end
100,000 British Empire troops from the
some
Nile Army of General Wavell
Pireaus, the port of Athens.
had been landed at
Fresh landings
reported this week at Volos,
of German troops to the Greek frontier by way
a
British decision to chance
terms that cannot be
on
tageous.
a
were
desire.
Lack of any important British troop land-
ings at Salonika also suggests that British authorities fear moves which might make a German drive
down the Vardar Valley possible,
engineering
Grecian forces, meanwhile, defended with heroic
corps
is said to have been debarked at Salonika,
valor the areas recently captured in Albania from
These
moves
mander
and
an
suggest that the cautious British
desires rather
aid
to
the
Greeks
in
com-
their
fight against Italian forces in Albania than to
the Germans.
gage
But the eventualities
to be made clearer in
coming weeks by further dis-
positions of British troops.
Balkan
capitals that
It is rumored in the
less than 300,000 British
no
troops will be concentrated in Greece.
is
ness
en-
likely
are
Some uneasi-
the Fascist
troops
of Premier Benito Mussolini,
Carrying out the recent threat by Signor Mussolini
of
a
spring offensive, large bodies of Italian troops
were
launched early this week against the Greek de-
fenses.
Athens indicated that all such assaults were
repulsed with heavy casualties to the Italians.
long-continued
moreover,
reverses
by British submarine attacks in the Medi-
occasioned, however, by eye-witness accounts
terranean, which were said in London, Thursday, to
apparent German indifference to such tactics,
have resulted in the sinking of several heavily-laden
of
an
A
dispatch to the Associated Press from
a
corre-
Italian troopships and the probable destruction of
In eastern Africa the Fascists again
spondent aboard a British cruiser stated, Tuesday,
several others.
that the British
retreated under the blows of British forces.
within
pass
troopship
convoy was
that Axis
permitted to
few miles of the Italian Dodecanese
a
airplanes wheeled
over
made known
announced in Cairo, Monday, and strong British
forces continued to pursue the Italians in Ethiopa.
was
British forces engaged this week in a concentrated
attempting to bomb them.
Among the
German
reasons
which might account for the
inacivity, in the face of the British land-
ings in Greece,
are
the uncertainties of Nazi diplo-
matic relations with
attack
on
the Italian town of Cheren, in Italian
Eritrea, and the collapse of the Italian defense was
regarded as a matter of a few days, at the most,
Any German land
There is nothing in the African scene of warfare
attacking Greece would find the Vardar route
to suggest that the Italians will be able to hold on
Yugoslavia.
through Yugoslavia preferable to the Struma route
through Bulgaria.
to more than a small part of their "Empire."
But it also is possible that the
Germans feel
quite complacent about their ability to
administer
stunning defeat to British forces, after
pRENCH food difficulties apparently
concentrations
*
a
British
the
Recap-
ture of Berbera, capital of British Somaliland, was
the ships without
Islands, without attack, and it also
force
The
of Rome were augmented,
The lack of German
or
have
Italian
the British convoys seems
been
completed.
A third
relieved to
a
are to
be
small degree through cooperative
on
action by the British and United States Govern-
con-
ments, which will arrange under suitable guarantees
airplane attacks
suspicious.
ranee
jecture relates to the fact that the British troops in
the delivery of a few food cargoes through the Brit-
Greece will have to be
ish blockade.
which
can
ill be
in the United
are
supplied by British shipping,
spared from services to home ports
Kingdom.
As British forces in Greece
increased, tonnages necessary for the supply of
such troops
available
United
also will rise, and less shipping will be
to
transport food and munitions to the
move
Whether the food supplies will be
terrible suffering in France is not yet clear.
Some
reports indicate that two wheat cargoes will be sent
im-
to France as a test case, to ascertain whether any
of the grain will reach German Nazi hands, with
Possibly several of the
operated jointly to prevent
an
hardly to be denied that the eastern European
situation
that extent.
adequate, and delivered in sufficient time to prevent
by the Reich troops against Greece,
tives indicated
It is
relax their blockade of the European Continent to
mo-
Kingdom itself.
mediate
Suggestions from Washington are re-
ported to have induced the London authorities to
is difficult in the extreme, and quite
now
more
to follow if it turns out that only the French
in unoccupied France are benefited.
Presumably
these arrangements will prevent the French naval
unpredictable.
as
chief, Admiral Francois Darlan, from placing in
swinging toward the British side and toward the
effect his threat to convoy French food ships with
German orbit.
the remaining vessels of the French fleet.
Yugoslavia
was
reported variously, this week,
The simple fact is that Yugoslavia
The
by Axis forces, and is de-
future remains highly uncertain, however, regard-
pendent to a great degree upon trade with the Ger-
less of the outcome of the impending experiment,
Not only is unoccupied France suffering from a
now
is almost surrounded
man
Reich.
that
the
Great
Belgrade dispatches made it evident
people of Yugoslavia favor the
cause
Britain, and the leaders of that Balkan
of
coun-
growing scarcity at this time, but it appears that
crop
prospects for the coming agricultural season
yesterday that the Yugoslavs might
In these circumstances the continuing
conversations between officials of the German and
Yichy Governments may well entail desperate de-
with
expedient to sign some sort of agreement
the Germans before lon^.
Latest reports indi-
tain visited Grenoble, Wednesday, and was received
cate
that
such understanding would embrace
with an enthusiasm that betokens genuine and wide-
try
must
take popular
sentiment into
account,
Military realities are even more pressing, however,
and it seemed
find
it
any
are poor.
cisions by the French.
Marshal Henri Philippe Pe-
The Commercial & Financial Chronicle
1804
spread affection and respect for the aged leader.
panied by
But
which is
M. Petain is bound
even
the situation in
indicated
which
by circumstances, and
France
finds herself is
now
by reports this week of growing economic
collaboration
between
the
unoccupied
and
area
Germany.
Lawrence
Seaway
River seaway
tions of President
imminent
ment
Roosevelt, suddenly loomed
ers' accounts and
as an
exchange of notes
on
ratio
year ago
it
£919,397.
the
Lawrence
and
to
a
the
Minister, dated March 5,
vast
argument
plan
make
to
the
St.
deep-water artery to the Great Lakes,
develop electrical
incidentally.
power
based largely
was
The
"defense require¬
on
ments," although it is evident that the project actu¬
ally
would
divert
achieved in the
the
energies
defense program.
actual
project for
objections to
many
signed at Ottawa
the
and
from
money
various items with
BANK
number of years, but
a
argument might
The
seaway.
day, with all indications pointing to
pertinent objections to
a
turned down years ago,
the
cover
agreement
and
numerous
proposal which the Senate
when it
was
first submitted
by Mr. Roosevelt in the treaty form that would
quire
a
re¬
two-thirds affirmative vote by the Senate.
Under the
"agreement" plan, Congress would merely
supply funds by
a
Circulation
—
Public deposits
Other deposits
Bankers' accountsOther accounts—
Govt, securities
rates of any
at
the
leading centers
are
27.189,996
Dlsct. & advancesSecurities—
Pre¬
Effect
Date
vious
Mar2\
Effective
Rate in
Rate
1936
Argentina..
3 4
Mar.
1
Belgium
2
Jan.
6 1940
Country
Pre¬
Effect
Date
Mar2\
Effective
Rate
Holland
24
3
Aug. 29 1939
2
Hungary
4
Aug. 29 1935
44
3
Nov
28 1935
44
May
18 t936
3.29
Apr.
7 1936
Bulgaria
6
Aug. 15 1935
Mar. 11 1935
7
India......
24
Chile
3
Dec
16 1936
4
Japan
4
July 18 1933
5
Java..
3
Jan.
Lithuania
6
3
Jan.
11936
34
Morocco
64
July 15 1939
May 28 1935
4
Jan
2 1937
5
Norway
Sept
44
May 22 1940
54
Poland
414
44
..
Italy
Czechoslo¬
vakia
Danzig
Denmark
..
£
92,205,813 1G9.142 577
37
.567.747
99,406,164 105.036. 164
33,221,922
6,144,959
81 ,986,129
36.646 985
35,708,192
94 ,549,300
26,730 894
27 ,106,597
25,613,442
3,179.287
6,635. 138
4 ,756.238
26.004.357
22,434.155
20,095 756
22 ,350.359
23,056.000
40.684.174
49,732,703
47,791, 571
44 .032,621
7,217,565
1,323.924 227,144,746 327,276 791 314 ,618,939
1,476,182
reserve
to liabilities
14.2%
...
Bank rate
21.4%
2%
—
Gold val. per fine oz.
29.6%
31.7%
2%
2%
168s.
148s.
168s
New York Money
5d. 84s.
29.90%
2%
114d. 84s.
2%
114d.
Market
CHANGES weremarket, this week in the main¬
lacking all rates
New
York
money
were
as
tained, and little business
was
done.
Bank credit
outstanding tends to rise, but there has been rela¬
tively little increase in bankers' bill and commercial
paper
dealing.
Monday
count
a
loans
The Treasury in Washington sold
for all
were
at
0.117%
average,
annual bank discount basis.
on an
the New York Stock
on
on
further issue of $200,000,000 91-day dis¬
bills, and awards
computed
Call
Exchange held to 1%
transactions, while time loans remained at
datings.
Money Rates
DEALING in detailfrom day toloan rates
with call day, 1%
Stock Exchange
and
continues
vious
Canada
Colombia
1937
21,045,037
-
Proportion of
98.117.877
95,187,080
41,756,070
52,053,214
129,832,838 133.639.068
Reserve notes & coin
Coin and bullion
loans
Rate in
Mar. 24.
1938.
on the
the
was
ruling quotation all through the week for both
shown in the table which follows:
Country
Mar. 23,
22,
1939
Foreign Central Banks
THEREdiscount no changes during the week in
have been
the
of the foreign central
rates
Mar.
1940
New York
Present
years:
COMPARATIVE STATEMENT
Mar. 20,
19,
re¬
furnish the
608,420,000 540.639.750 477,412,043 479.485, 220 470 .5 6,318
27 ,908,416
49,483,813
14,742,000
28.597,050
15.556, 839
147,240,294 139,873.947 127,914,005 145,789. 582 119 ,553.876
Other securities
months'
banks.
we
D/4% for GO to 90 days, and 1%% for four to six
majority vote.
Discount Rates of
Below
comparisons for previous
OF ENGLAND'S
Mar.
the
placed before Congress yester¬
was
and
The discount rate
unchanged at 2%.
No useful aims could be
politicians in Washington obviously have de¬
cided that the "defense"
"discounts
of
consists
1941
10, made much of the advisability of
with
proceeding
ago;
Government security hold¬
latter
The note
reply of the United States Government,
March
The
week
a
£
from the Canadian Prime
and
loss in bank¬
was a
14.2% from 13.0%
21.4%.
The
Department, in which Prime Minister Mackenzie
King apparently reopened the question.
dated
to
rose
was
£14,929,845
£1,938,292 in other accounts.
£773,373, respectively.
mained
made public by the State
was
the total of
advances" and "securities," which increased £146,024
and
this matter.
reserve,
Public deposits increased
ings fell off £16,450,000 while other securities gained
announce¬
agreement between the United
an
States and Canadian Governments
An
no¬
possibility, Wednesday, when
made of
was
one
£23,056,000.
1941
£1,331,000 while other deposits declined £16,868,137.
a
CONSTRUCTIONproject,uneconomicof the pet
of the long
St. Lawrence
drop of £28,000 in
a
now
Of the latter amount,
reserve
St.
March, 22,
34
5
3.66
14 1937
4
up
renewals.
market
for
time
new
money
Rates continued nominal at 13i%
quiet.
to 90 days and
maturities.
The
llA% for four to six months'
The market for prime commercial paper
continued to show moderate improvement this week.
The demand has been brisk and the supply of
prime
7
44
22 1939
Dec. 17 1937
34
11
paper
is slowly increasing.
Ruling rates
are
44
6
3
June 30 1932
34
Portugal
4
Aug.
England
2
Oct. 26 1939
3
Rumania
5 1938
44
44
Oct.
1 1935
6
South Africa
34
34
May
Estonia
May
15 1933
44
Finland
4
Deo.
3 1934
44
Spain
France
2
Jan.
41939
24
Sweden
Germany
3 4
Apr.
6 1940
4
Switzerland
Greece
6
Jan.
4 1937
7
Yugoslavia
for all maturities.
Eire
•
*4
1937
Mar. 29 1939
17 1940
14
Nov. 26 1936
2
Feb.
64
Acceptances
3
5
Bankers'
5
May
34
1 1935
Not officially confirmed.
THE demand for prime bankers' acceptancesbeen
has
been strong this week but business has
light
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
on
on
were
as
Friday of last week, and 1 1-32%@1 1-16% for
three months' bills, as against 1
Friday of last week.
Friday
was
Money
as
few prime bills
rates
Foreign Money Rates
as
reported by the Federal Reserve Bank of
are
coming out.
New York for bills up to and
including 90 days are
J/2% bid and 7-16% asked; for bills running for four
months, 9-16% bid and A% asked; for five and six
1-32%@1 1-16%
on
months, %% bid and 9-16% asked.
call at London
on
rate of the New York Reserve Bank is
on
1%.
Dealers'
The bill-buying
A% for bills
running from 1 to 90 days.
Bank of England Statement
Discount Rates of the Federal Reserve Banks
THE Bank's weekly statement dated March 19 THERE have been of the Federal Reserve banks;
showed
circulation
no changes this week in the
rediscount
unchanged at
notes
in
rates
£608,420,000, compared with £540,639,750
ago.
A loss in gold holdings of £28,381
a
year
was accom-
recent advances
on
in the footnote to
Government obligations
the table.
The
are
shown
following is the
Volume
The Commercial & Financial Chronicle
ISO
schedule of rates
of paper at
now
in effect for the various classes
development of manufacturing during the last hun¬
dred years has made its export position increasingly
the different Reserve banks:
DISCOUNT RATES OF FEDERAL
RESERVE BANKS
;"'a.,
dependent
Mar. 21
Date
natural products obtained from other
upon
parts of the world.
Previous
Established
Rale in Effect
Federal Reserve Banks
1805
Rate
Ever since the start of this
Boston.....
TV;
Sept
1. 1939
1
Aug. 27. 1937
IX
Philadelphia
Cleveland
IX
IX
Sept.
4. 1937
11. 1935
2
Richmond
IX
Aug. 27. 1937
2
war
and for
some
time
14
New York
Atlanta..... %
*
.
.
Chicago.
St. Louis.i
Minneapolis
Kansas City
Dallas.
..
1937
2
2
2
Aug.
Sept.
'
London
of
toward
nations have also been
change,
authorities
have
acquiring dollar exchange.
been
Other
striving to obtain dollar
ex¬
that the dollar has been virtually the
so
2
3. 1937
Sept.
14
efforts
directed
2. 1937
Aug. 24. 1937
Sept.
UW *14
„.............
San FrancI«co
before,
2
Aug. 21, 1937
Aug. 21.
•14
•IX
*IX
IX
♦14
..
.
May
only
2
31, 1937
3. 1037
-V:
currency
in demand.
From the close of the
2
Napoleonic
*
Advances on Government obligations bear a rate of 1%, effective Sept. 1, 1939'
Chicago; Sept. 16. 1939. Atlanta. Kansas City and Dallas; Sept. 21.1939. St. Louis
was
19X4 the pound sterling
the world's premier currency.
It is said in
Course of Sterling Exchange
to July,
wars
j
banking circles that there is
no
foreign
exchange market, that it has literally ceased to exist
FOREIGN limited volume, with price changes ex¬
tremely exchange transactions continue in
during the past two
important and
f™m the standpoint of the fore.gn exchange trader
wh° 18 the market has dealmS ingreatly sums> but
aCCUStomed t0 dwindled lai'Se in volume
though
un-
hardly
day
The steadiness of
varying from
throughout the past three weeks.
day to
prices, not only of the pound but of the remaining
free
units,
exchange
controls
various
cur¬
The
operating
$4.03 and
$4.03% for bankers' sight, compared with
of between $4.03 and $4.03% last week. The
range
for cable transfers
range
$4.04, compared with
$4.03%
a
week
Official rates
tinue
in
for free sterling this week has been between
range
and
the
complete mastery of the situation.
rencies have
a
frequently pointed out, shows that the
as
was
between $4.0334 and
of between $4.0334
a range
ago.
unchanged: New York, 4.0234-4-03%; Canada,
4.43-4.47
official
(Canadian
90.09c.@90.91c.
United States dollar); Australia,
per
3.2150-3.2280; New
Amercian commercial bank
Zealand, 3.2280-3.2442.
rates for
arid 4.04 selling.
Italy,
or any
exchange is not quoted on Germany,
of the invaded European countries.
New York exchange is not
quoted
on
In
the invaded
European countries, but German official marks are
nominally quoted at 40.00 arid registered marks at
Italian lire
14.45.
are
pegged in New York at 5.05,
Despite Great Britain's exceedingly large adverse
trade balance and its dire financial
too evident that it continues to
degree its exports to
many
straits, it is all
maintain to
a
high
parts of the world, espe-
cially to the United States, with respect to which
in many lines, and where
maintained close to pre-war
position of its foreign trade, both
its exports are increasing
not
actually rising
The exact
levels.
of
transactions,
import and export, is no longer obtainable since the
Board of Trade has ceased to publish its
index figures and any other statements
regarding
shipments which might prove of value to
enemy
ports from the United States.
true that there is
does
Britain's strenuous efforts in this market
bear
a
and have the single
The trade course of all
exchange.
overseas
British
countries is all directed to the same end.
The abnormal excess of
Britain's imports
is due in large measure to
over
exports
imports of war supplies of
less extent to a disproportionate
excess of imports of non-essential war goods which
are nevertheless necessary for the sustenance of the
all types
and to
a
people.
of munitions
materials, Britain has at all times had
Omitting from consideration imports
and other
a
and re-exports
of imports as Great Britain
self-sustaining country.
In this respect the
large import balance, for its exports
depend
s
war
not a
upon
this
excess
It is almost literally
market in the world that
of
dollar exchange.
many
Without such
nations.
controls their trade economy would
their
be constantly
trading position seriously
The United States Department of Com¬
hampered.
merce
and
This
and strength to the foreign
power
exchange controls in
in its review of the United States import
and
export position at the end of January shows that
we
had actual imports
from and exports to not less
'
than 57 countries.
In
-
,
'
-.
January, 1940 and 1941 our combined exports to
Germany,
Austria,
gium and
Italy in January,
$500 to each country.
for
markets
and
Czechoslovakia,
January
Poland
Our exports to Bel¬
amounted to less than $500.
1941
were
less than
Our total imports from all
decreased
$229,000,000,
to
against $253,000,000. in December. Exports to
British Empire countries rose to approximately
$224,000,000, a gain of $24,000,000 over December
an(^
$15,000,000 over the average value of shipBritish
ments in the second six months of 1940.
Empire countries in January took 69 % of
United
the largest proportion for any month
Exports to the United Kingdom in
States exports,
of
the
war.
December
month*.
gain in exports to the United Kingdom over
January showed a rise of $15,000,000 over
to
$170,000,000, the largest total of any recent
The
December was accounted for largely by increases in
shipments of heavy iron and
steel and the sale of
aircraft and metal working ma¬
chinery.
foreign exchange regulations
object of obtaining sorely needed
a
stand in need
not
necessity gives
*
close relation to all its
dollar
hardly
merchant vessels,
action.
many
Goods must be paid for in the
country of origin or balanced against essential im¬
are
British
,
trade 3 continues in
foreign
parts of the world.
registered sterling continue at 4.02 buying
In London
,
overbalanced
quoted by the Bank of England con¬
The statement is true
years.
,
Exports to Europe exclusive of
dom
amounted
to
only
the United King¬
$10,000,000
against $106,000,000 the year before.
imports from Europe, excluding
in January,
United States
the United Kingdom,
dropped to ,$10,400,000 in January from $37,800,000
1940. The imports in January were
received largely from Portugal and Spain, which still
in January,
have free access to
the Atlantic.
The dollar pressure
it is to be expected, will be greatly
lessened from now on because of the passage of the
on
Great Britain,
lease-lend law.
Although
our
'-j.;^
imports from foreign
countries have
declined sharply, foreign interests, especially corporations and individuals in
found other ways to
Continental Europe, have
strengthen their dollar holdings.
18 06
The Commercial & Financial Chronicle
For the past several months there has been renewed
dollar
of
1941
Jan. 31, 1940,
Oct.
and
with $5,698,214,612
compares
June
30, 1914 of only $3,459,434,174.
we
have conferred with him.
could get through the year all right so far
on
supply of American dollars
standing just before the outbreak of the World War
on
United
Dr. Clark, the last time I saw him, said that Canada
on
1920, and with the total circulation out-
31,
position in the
Clark, Canadian Deputy Minster of Finance, has
been here twice and
31,
$8,592,832,072, against $7,375,682,061
was
exchange
"All I know/' he said, "is that Dr.:W. C.
States.
be estimated from the fact
may
that United States money in circulation on Jan.
Canada's
about
The extent of this hoarding is not
easily measured, but
1941
22,
from London that the British Treasury is worried
hoarding which is linked to the "freezing"
foreign assets.
March
concerned.
was
/
her
as
That's
enough for me."
very
A. E. Arscott, General Manager of the Canadian
considerable part of the increased circulation is due
Bank of Commerce, announced on March 11 that the
to the rise of
prices, of labor costs and business
pansion here, but hoarding plays
At the present
an
small.
are
bank's index of industrial activity at mid-February
ex-
important role,
juncture the shipments of
being made abroad
now
.
A
registered
In this
corporate and individual foreign interests seeking
are
assets here of nations invaded
extended
that
"freezing" the
by Germany.
Further-
it is believed that "freezing" orders
more,
in
all
to
foreign balances here.
of the hoarders
some
It
may
toward the
end
of
shipped to Cuba by New York
Virtually all bills accounted
~
,
$20
...
as
hoarded
mi
larger denominations.
or
as
are
The extraordinary
increase in money in circulation here
ranged during the week between
mands such
was
reached last August,
and if the present rate of increase is
128
a
as
of March 1,
Montreal funds
discount of 1534%
The amounts of gold imports and exports which
taken from the weekly statement of the
are
United States Department of Commerce and
cover
the week ended March 12, 1941.
gold exports and imports, march
t
^
6 to
12, inclusive
imports
t
Exports
*$999,752
1,116
$78(7o5,98o
Total
$657
77,700,228
Refined bullion and coin
during the past
Christmas and holiday requirements,
as
$8,000,000,000 level
as
discount of 14%%.
a
follow
few years seems to bear no relation to seasonal de-
The
133
commodity index
University
price gives the Canadian number
and
with
The General
from 96 to 100.
Ore and base bullion
v
j
rose
Cornell
and
compared
compared with 120 in May, 1940.
appears
February $1,400,000 of United
States currency was
banks.
be
have chosen to operate
nearby Cuba rather than in the United States,
ol
Motors
as
The percentage of current factory
capacity utilized
connec-
tion, however, it is suspected that the chief hoarders
to avoid the effect of executive orders
(1937=100)
139
at mid-January.
currency
$1,773
Detail of Refined Bullion and Coin Shipments—
~
cumcw
$77,682 550
——-
~ "
venezueia_L_IIIIZIIIIIIZIIIIIIIII__ZII_II.I-I
maintained, the
ZZZIZZ
23,245
Ca£dTivo}'u MeS
$10,000,000,000 mark will be reached before next
$107,472 Venezuela.
Aufrust
Gold held under
at the Federal Reserve banks was increased
during the week ended March 12 by $1(0qif735 to $1,910,379,545.
iiugusb,
for
nnlosq in thp
unless in ine
moflntimp
meantime thp TrP^nrv'q nlnn
tne ireasury s pian
marketing obligations direct to the public draws
some
of the money out
of hoarding.
Pressure on the British financial position was
.
indicated last week by the announcement from Wash-
ington that the Reconstruction Finance Corporation,
acting through its Defense
\e-n
® over
of British investments
payments
war
contracts will
It
now
was
continue to pay as
.$1
n'li °Pay-
400,000,000.
Plant Corporation and
from $300,000 to $350,000
defense plants here or down
orders
on war
Washington.
in
The report that all British
be taken
over
as
the
ones
names
or
gold
The war orders on Jan. 1 totaled
a
About
quarter of these will
be
On March 15 Mr.
ederal Loan Administrator gave out
as
of
denied in
they have dollars
affected by the new
arrangement.
esse
was
explained that the British will
long
the
Referring to day-to-day rates sterling exchange
Saturday last
day the
and
was
to
The purpose of the
arrangement was to make avail-
Purchasing Board dollars with which
it could continue to pay for deliveries until the
passage
of the lease-lend law.
The
spite
London money market continues
easy.
occasional
overnight loans
tightness
are
in
the occasional tightness causes
to
%%.
1
a
firming
3-32%, and six-months bills
at
past
up
discount
on
of %%
with two-
Montreal funds is
was
ers-
sight
was
S4.03M@S4.03M-
were
$4.03
On
Friday the
range was
$4.03@
$4.03^ for bankers' sight and $4.03M@$4.04 for
cab]e transfers.
Closing quotations
on
Friday
were
Umy for demand and UMy for cable transfers.
Commercial
day
are
sight bills finished at $4.00; 60- and 90no
longer quoted.
Continental and Other Foreign Exchange
AS NOTED here last week, President Roosevelt on
* \
March 13 signed an order freezing funds of
Hungary in the United States.
a
to
Hungary has made
payment within the past two months
the
United
States.
Hungarian
on
assets
its debt
in
this
country, according to a Commerce Department esti-
mate,
a
include
$250,000
in
long-term
credits
and
small undetermined amount for short-term invest-
ments.
American investments in Hungary are re-
ported to be
more
than $52,000,000.
Washington authorities have estimated that German
dollar balances here
sum
little
range was
@mmy2 for bankers' sight and S4.03M@S4.04 for
cable transfers.
This
the whole
On Wednesday bank-
On Thursday the
few weeks has
on
On Tues-
$4.03@$4.03M and cable
$4.03@S4.03^; cable transfers
1%%.
although
On
At times
1-32%, four months bills
Canadian exchange for the
shown a softer
undertone,
the
market,
money
Bill rates remain unchanged,
and three-months bills at 1
at
the
freely offered at %%.
De-
$4.o3@$4.03M for bankers' sight
transfers $4.03M@$4.03M-
larger munitions factories which
Corporation, a subsidiary of the
buy from the British Government.
able to the British
range wag
$4.03%@$4.03% for cable transfers.
day banker's sight
the Defense Plant
RFC,
on
$4.03@$4.03% for bankers' sight
and $4.03%@$4.03M for cable transfers. On Monwas
are
around $250,000,000.
represents only openly held balances and
does not take into account large amounts
which
are
changed.
German controlled but nominally owned by neutrals.
Monday Secretary of the Treasury Morgenthau
A large share of these assets, it was said by Wash-
refused at his press conference to comment
on
reports
ington authorities,
was
purchased indirectly with
Volume
the
The Commercial &
152
$500,000,000 in gold which Germany obtained
from central
With this
reserves
of
occupied European nations.
opened in
neutral nations, which are in return exchanged for
drawing power on the neutrals' balances in New York
and
gold official deposit accounts
other
markets'.
money
are
Other gold seized by
Germany has been unwittingly bought by the United
States
New
after
Government
York from
having been shipped
to
neutral countries under ostensible
Among other methods used by
neutral ownership.
Germany to obtain dollar exchange are direct remittances
by
living in the United States to
persons
friends and relatives in Germany.
which must be
were
Such remittances,
exchanged for marks by the recipients,
estimated at $10,000,000 for
France is forced to pay an
1940.
the calendar year
occupation levy of
Some of
for purchase of American securi¬
400,000,000 francs, or $8,000,000 daily.
this is believed to go
ties
on
of United States currency was
received herein February from
arrived here
It was reported that the United States paper currency coming
from Germany has been received by way of South
has
It
America.
the last four months.
been asserted in
banking circles
Germany has been shipping the currency to
that
Italy, whence it is transported to South America by
air.
When the currency reaches the United States,
it is converted into dollar
use
by Ger¬
The presumption is that the currency has
many.
been
deposits for
largely seized in one way or another by Germany
in the
acquired in those countries.
Germany is allowed under present Treasury
tions
to
freely the
use
regula¬
balances it receives from
fixed
Up
to early in March only French public securities had
been exchanged there, but from March 19 the French
Bourse will be opened to French stocks listed before
the exchange was closed following the occupation of
Paris in June, 1940. The Bank of France on March 15
According to Yichy dispatches March 19 was
the date for
reopening of the Paris Bourse.
reduced its discount rate on 30-day advances
a
result
a
and
as
corresponding reduction is expected in
short-term Treasury bonds.
The announcement re¬
garding certified checks published last week after
the meeting of the Ministers' Council it seems was
incomplete.
The text of the law provides an eight-
aside for
meeting the checks will be blocked.
Lack of this
indication gave rise to the belief that the certified
day time limit during which the sum set
bank notes in
of the
that checks cannot remain in
checks would become substitutes for
circulation.
In reality the limited validity
certification
means
circulation and even that
they will in fact be rarely
employed.
Exchange on the invaded
European countries is
no
on
the
Latin
important
American
countries
developments from the
toward industrial self-sufficiency can
a long time their natural surplus
progress
any
counterbalance for
of
materials.
raw
Exports from Argentina for the
first few months of this year were
same
pesos,
period last
valued at 191,-
against 353,808,000 pesos for the
year,
representing a decrease of 46%.
Argentina has shown some improvement in
exports
along certain lines due chiefly to shipments to Great
Britain and the United States. During the past two
months there was a general recession in exports of
grain and frozen meat but increases were shown in
exports of wool and canned meats. Wool exports
for the first two months were valued at 41,058,730
pesos, as compared with 33,982,591 pesos for the
corresponding months last year. Canned meat ship¬
ments amounted to 21,739 tons valued at 12,226,421
pesos,
for
against 6,639 tons worth 3,733,805 pesos
the first two months of 1940.
Brazil is making
industrial
resources
rapid strides in the direction of
independence, although its vast natural
must be its chief economic source of income
decades to
for
come.
In Brazil the operations
of
the molding
compound produced entirely from coffee, is being
a
deposit of the currency.
as
shows
all steady ow~
the respective
capitals. The only exception is the Argentine free
peso, which has been ruling lower as a consequence of
the recent decision by the exchange control and the
National Bank of Argentina to auction off what is
deemed from time to time to be the exchange available for importers. However, viewed as a whole,
the exchange position of the Latin American countries
must be adverse for an indefinite time owing to their
unfavorable foreign trade and the accumulation of
their surplus products. It is not to be expected that
occupied nations, but since it cannot be proved
that the currency was
XCHANGE
past several weeks. These units are
ing to the strict exchange controls in
Germany, increasing to
$540,000 the amount of currency which
from Germany in
E
175,000
Swiss and other neutral markets.
A total of $120,000
1807
Financial Chronicle
pilot plant for making "kaffelite,"
watched carefully.
with the help
It is expected that the industry
of technicians from the United States
can
be built up to a point
can
where the surplus coffee
be absorbed.
The
'
'
.
unofficial or free market peso
23.20, against 23.20.
The Argentine offi¬
Argentine
closed at
cial peso
has long been held at 29.78. Brazilian mil5.15, against 5.15.
Chilean exchange
reis closed at
is
nominally quoted at 5.17, against
nominal at 16.00, against
16.00.
5.17.
Peru is
The Mexico peso
is quoted at 20.75, against 20.75.
XCHANGE
E
no
business
continue
on
the Far Eastern countries shows
development
or
of importance in respect to
sizable price changes.
to
The Chinese units
but these
fluctuate from day to day,
changes in the past week have been
comparatively
The remaining Far Eastern curren¬
cies have for a long time been steady owing to their
close relationship to the pound sterling.
Curtailment of the activities of the International
unimportant.
Silk
Guild,
an
American
organization formed to
quoted in New York. The German official mark
in nominal trading is quoted at 40.00 and registered
marks at 14.45, against the prevailing rate last week of
14.70.
Italian lire are pegged in New York in a
nominal market at 5.05.
Swedish kronor in limited
trading are steady around 23.85, against 23.84}^.
Swiss francs (commercial) are steady at 23.223^,
in this country and sup¬
ported by funds collected from American importers,
announced on Mar. 19, disclosed that a sum in
excess
of $500,000 collected from American im-
Exchange on^Finland closed at 2.05
Government to permit its transfer to this country,
amount represents a self-imposed levy of 2 cents
nn„nH paid by the American raw silk importers nn
a pound nairi hv t.hfi American raw silk imnorters on
silk purchased in Japan. These funds were collected
not
against 23.22.
^
(nominal), against 2.05 (nominal). Greek exchange
IS no longer quoted. Spanish pesetas are nominally
quoted at 9.25, against 9.25.
promote the silk industry
porters on purchases of raw silk in Japan has been
impounded in Japan by the refusal of the Japanese
at the
silk
and turned
source
Japan, wrhich in turn" transferred them in
of
regular lump
Silk
remittances to the International
sum
Cuild.
silk
ceased in
Japan
from
On the basis of 255,816 bales of
July, 1940.
or
continued to be
funds
Though the
their remittance
collected,
June
raw
by the nine Japanese
over
exporting firms to be Central Raw Silk Associa-
tion
March
The Commercial & Financial Chronicle
1808
imported from July 1, 1940 to Mar. 15, 1941,
Coolidge and Hoover, with
Presidents Harding,
Andrew W. Mellon at the head of the Treasury Department.
In 11 years and four months, under
these auspices, the conservation of public resources
permitted extensive reductions in taxation and mitigation of many of its extreme severities, and, in
addition, a diminution of $10,570,614,560.94 in the
of interest
the debt was reduced and
the rate
as
the total annual interest
1940 related
early in
the
1939 imports,
only to
117,932 bales imported in the first six months of
would
1940
the
increase
funds
frozen
about
by
Closing quotations for
23.46, against 23.46
change
checks yesterday
yen
Ex¬
Shanghai
day to day, though
continues
to
the whole both
on
Hongkong closed at 24%,
haye been steadier.
against 24%; Shanghai at 5.70, against 5.70; Manila
at
49.82, against 49.82; Singapore at 47 %,against
47%; Bombay at 30.33, against 30.33; and Calcutta
at
one-half of the former
at
than
$16,026,087,087.07.
economy
Its
^
in
public
management of the credit
of the Government lies in the constant un¬
resource
certainty of the future and the extreme probability
unpredicted and unpredictable emergencies will
that
time
from
arise and
time
to
suddenly require,
or
produce, large expenditures which were unforeseen
and could not have been
of
half
Gold Bullion in European Banks
towards
incentive
finance and conservative
taxation.
30.33, against 30.33.
In consequence,
time after the first World War.
any
chief
A
diminished by more than
aggregate.
31, 1930, the Federal indebtedness was less
Dec.
on
were
Friday of last week.
on
Hongkong and
on
fluctuate from
units
on
total amount was then
$311,930.
Incidentally, moreover,
national debt, or 39.7%.
the
impounded fund would total about $676,000. If
some silk trade sources believe, remittances made
1941
22,
while
happened during the last
Hoover's
President
Administration,
and
Ogden L. Mills, no less cautious and efficient
his
than
provided for in advance by
what
This is
immediate
predecessor,
Secretary of
was
THE following table indicates the amounts of gold
(converted into pounds sterling at the
the
British statutory rate,
fine ounce)
1930, and the retirement of Mr. Hoover, the total of
of respective
Federal indebtedness rose by $4,911,263,876.93, and
bullion
the
in
ll%d.
84s.
principal European banks
dates of most recent statements,
special
cable yesterday
shown for the
per
as
reported to
(Friday);
by
us
comparisons
are
corresponding dates in the previous
four years:
Feb.
on
between
consequence,
Dec. 30,
28, 1933, the date nearest to that of the
first inauguration
for which
total,
,
In
Treasury.
of the President now in office,
Secretary Morgenthau is able to state the
the
aggregate
gross
or
debt
was
$20,937,-
350,964.
Banks of—
1940
1939
£
1941
£
1937
1938
The New Deal
£
England
*746,505
France y
Germany
Spain...
Italy—...
Nat. Belg._
Switzerland
Sweden
Denmark
*669,508
242,674,760
3,385,000
63,667,000
23,400,000
242,451,946
3,879,100
63,667,000
16,602,000
97,714,000
132,857,000
84,758,000
41,994,000
6,505,000
6,667,000
x_
Netherlands
Norway
>.
..
...
Total week.
*130,024,466
295,815,871
£
V
2,521.900
87,323,000
314,618,939
347,628,740
2,432,200
86,187,000
50,872,000
77,868.000
26,299,000
6,542,000
25,635.000
6,555,000
6,667,000
8,222,000
7,442,000
6,603,000
636,485,268
637,859,047
25,232.000
87,323,000
42,575.000
122,150,000
104,314.000
6.550.000
907,432.687 1,075,965,534 1,098.826,879
888,378,963 1,074,734,545 1,098,981,359
war In Europe has made It Impossible to obtain up to-date reports
of the countries shown In this tabulation.
Even before the present
regular reports were not obtainable from Spain and Italy, figures for which
as of April 30. 1938, and Mar. 20, 1940.
respectively.
The last report from
war.
are
France
was
received
June
7; Switzerland, Oct. 25; Belgium
May 24- Nether¬
lands, May 17; Sweden, May 24; Denmark, March 29; Norway, March 1 (all as of
1940), and Germany, as of Mar. 14. 1941.
H.
Woodin, for
the
thau Jr. in that
diture
Pursuant to the Currency and Bank Notes Act, 1939, the Bank of England
for March 1, 1939. and since have carried the gold holdings of the
Bank at the market value current as of the statement date, Instead of the statutory
price which
was formerly the basis or value.
On the market price basis (168s.
fine ounce) the Bank reported holdings of £1,476.182, equivalent, however
£746 505 at the statutory rate (84s. ll)4d per fine ounce), accord
per
to only about
lng 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
brief period,
capacity.
opened
were
in
amateurs
economy
government
were
of the accumulation
was
of Federal
directly
31,
1919,
last
of
attributable
the
the
to
United
enormous
its
on
Feb.
(or 121.9%)
28,1941,
States
having
expenditures
from
The
public debt stood at the
gross
includes all forms of
obligations that have accrued
by temporary,
debt because the latter
issues
March 4,
before the first inauguration
of President Franklin Delano Roosevelt.
The gross
amount of that indebtedness
was
$26,596,701,648.01.
Economy and sound fiscal administration ensued;
beginning under President Wilson, with Carter
Secretaries of the
accentuated
under
carrying interest.
obligations to
were
pay
outstanding
permanently funded
short-term notes
the amount of Federal debt
$46,089,-
interest-bearing debt of the United States is
highest amount which it attained before
and
was
always less than the
1933; that is to
continued
$25,152,318,369.14
presidency, and its total
but that have not been either
and
was
than at the beginning of Mr.
covered
Treasury,
technicality
669.333.14.
participation,
as
more
Despite this fictitious exclusion, the acknowledged
April 6, 1917, to Nov. 11, 1918, in the great trans-
Glass and David F. Houston
actual ele¬
it to be contingent rather than direct.
Atlantic war, the Federal
say,
an
public debt but being excluded from the
Federal debt
Roosevelt's
the
wholly owned by
billions of dollars, becoming
ment of the
more
Aug.
Part
activities, their extensive indebtedness, running to
many
required fiscal statements by the
On
continuously in¬
completely subsidiary in their
that supposes
funded
restraint
debt that resulted
shifted to public corporations
the Government and
The Bank of France gold holdings have been revalued several times In recent
years; on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc), insti¬
tuted March 7, 1940, there are per British statutory pound about 349
francs;
prior to March 7, 1940, there were about 296 francs per pound, and as recently
as September. 1936. as few as 125 francs
were equivalent to the statutory pound,
Bench-Marks
and
dulged for eight long and exhausting years.
English holdings In tne above In statutory pounds.
For details of changes, see footnote to this table In issue of July 20. 1940.
Secretary of
The flood-gates of expen¬
wide,
xGold holdings of the Bank of Germany as reported In 1939 and 1940 Include
"deposits held abroad" and "reserves In foreign currencies."
y
as
forgotten, and the wildest and costliest fancies
were
of
a very
Treasury, and subsequently by Henry Morgen¬
•
statements
policies and of all
administration, although served by the late William
76.630.000
99,590.000
Note—The
from many
the dictator of fiscal and all other
83.522,000
6,511,000
67,174,000
followed, with President Roosevelt
£
327,276,791
293.720,843
3,007,350
63,667,000
25,232,000
117,583,000
111,771,000
112,600,000
33,055,000
85,278,000
697,841,651
697,855,904
Prev. week.
.
or
or
other
The following table shows
upon
which contractual
interest had been assumed and
on
the several dates shown in the
left-hand column, with the annual amount of the
interest thus promised to be paid, that being the
total
yearly cost of the debt service then accruing
against the taxpayers
on
account of Federal indebt-
Volume
The Commercial & Financial
152
1809
Chronicle
edness, and the computed annual rate of such inter¬
in 1893 and caused diminished
est
reduced the
charges:
eral
DEBT
ALL FEDERAL INTEREST-BEARING
revenue,
V'V
;
'
-1''
*
V
Yearly
i
Amount
Yearly
- :
Interest
2.376
23,737,352,080
1,029,917,903
793,423,952
4.339
19,383,770,860
16,519,588,640
588,987,438
3.566
22,157,643,120
742,175,955
3.350
27,645,229,826
750,677,802
35,802,586,915 i*
924,347,089
2.582
39,885,969,732
1,036,937,397
*2.600
42,376,495,928
1,094,619,914
*2,583
a
1940, Sept. 30.
43,479,954,349
1,121,989,746
*2,580
1940, Dec. 30
44,458,486,252
1,140,790,578
*2,566
get, something then wholly without
1941, Jan.
45,320,394,574
1,151,796,977
*2,541
the
1,157,610,751
*2,542
.
.
1926, June 30
1931, June 30..
1933, June 30
1935, June 30.
... .....
.
1937, June 30..........
1939, June 30.
1940, June 30
.
.
..
.....
31...
1941, Feb. 28
*
45,535,287,070
On basis of daily Treasury statements
The total
fiscal year which
full
2.716
and subject to revision.
of the United States
revenues
4.093
during the
ended with June 30, 1860, the last
of the presidency of James Buchanan,
year
amounted
$56,064,608 and the expenditures to
to
$63,130,598.
The Civil War years,
fiscal years
including the war between the States-—
had average
and
other
annual Federal receipts from taxation
sources,
$160,907,000; and
except the loans obtained, of
average
annual expenditures, in¬
cluding the cost of the war, of $683,785,000, produc¬
ing annual deficits for the period averaging $522,-
The total cost of the Civil War charged
878,000.
into the Federal
in Br. Davis R.
accounts of its
period,
stated
as
Dewey's admirable "Financial His¬
$2,713,568,000, and
Federal borrowing during the four years from
July'l, 1861, to June 30, 1865, amounted to $2,621,916,786. During the same four years $356,846,136
was raised by internal revenue taxation, including
income taxes of all kinds, and $310,317,111 by duties
tory of the United States," was
imports.
upon
The low levels of Federal taxation and
sumed after it ended/
ment from the
flict but
There
was
marked retrench¬
highest figures of the period of con¬
permanent changes, including notably in¬
centralization
creased
expendi¬
antedated the Civil War were never re¬
ture that
of
governmental functions
previously left to the States, enlargement of the
exercise of
ence
sovereignty by administrative interfer¬
in industrial and personal conduct,
and altera¬
tions in the power
of the monetary unit to purchase
commodities and to command services, prevented
approximation to the fiscal standards easily
preserved before that great internal struggle. Dur¬
ing the 25 years from July 1,1865, to June 30,1890,
the average ordinary yearly receipts of the general
any
Government
annual
amounted
average
close of
to
average
were
of the Federal Government
the whole
year
$362,933,000,
$291,505,000, and the
annual surplus was $71,428,000.
At the
this period the whole interest-bearing debt
expenditures
was
amount of interest
$711,313,000, and
paid during the last
of the period was $36,099,000.
ensuing 10 years embraced the Spanish War,
The
but before it
and
began there were seven years of peace
Presi¬
Harrison, Cleveland and McKinley, during
only slightly rising expenditure, under
dents
which
the
annual average for
receipts
was
$350,-
045,000 and that for expenditures $362,278,000, the
whole
eight years showing a net deficit, principally
the consequence
of
a
inevitably
were
years
of Federal deficits, making up
precedent under
if the Civil War years,
Constitution of 1787,
immediately followed four years of deficits
which
attributable to the
depression that began with the
Sound finance
great panic of 1857 are excluded.
was
resumed, however, during the first full fiscal
year
following the war, and 1900 showed a balanced
$46,380,000,
interest-bearing debt
stood at $1,023,479,000, it had been reduced during
the year by the sum of $22,570,000, so that the inter¬
est which had to be paid in the year following was
budget, with a comfortable surplus of
although the Federal
198
only $32,343,000.
Sixteen years
of tranquility, with prosperity at
with all the outside world, pros¬
home and peace
perity briefly interrupted by the
financial difficul¬
only slightly troubled as a
responsibilities of imperialism in
ties of 1907 and peace
result of the new
the
Philippines, were mainly years of rising wages
and
prices and partly consequential increases in the
Government, but half of them were years
cost of the
budget surpluses and the deficits of the other
of
much less than these surpluses, so that
period, on June 30, 1916, the
years were
close of the
at the
reduced interest-bearing
debt burdening the coun¬
try's people and industries was but $971,563,000, and
all the interest paid during that year on account of
the Federal debt was
only $22,901,000.
Inevitably, the great adventure of
in the first World War
five
from July 1, 1916, to June 30, 1921, in
expedients of financing that undertaking
which the
are
participation
considerably altered most
aspects of Federal financing, and the
of the
fiscal years,
included, with their immediate aftermath of ad¬
including
justments,
than
more
$11,000,000,000
European governments, produced the then
loaned to
staggering results shown in the table below:
Year End.
Deficit
Expenses
Revenue
with
-■
June 30
•'
\
Surplus
.v.
$1,124,325,000
$1,977,682,000
$853,357,000
3,664,583,000
1917_
12,696,702,000
9,033,254,000
13,370,638,000
5,152,257,000
18,514,880,000
1920
6,694,565,000
6,403,344,000
$212,475_,000
1921
5,624,933,000
5,115,928,000
86,724,000
Total
*
_
_
$22,260,663,000 $44,708,536,000 *$22,958,050,000
Net deficit.
Before this terrific blow to
finance of the
as
high
which
the public and private
Nation, total peace-time expenses of
the Federal Government had
only in one year been
$750,000,000, and in that single year,
the 12 months ending with June 30,1915,
as
was
$760,587,000; since that war-period
their total
was
the former
relatively modest Federal establishment
has
never
cost of
once
artificially exaggerated
year
began
total
price and of the industrial depression that
mili¬
six-years' series of a continuously unbalanced bud¬
vicious statute compelling pur¬
chases of silver bullion at an
cluding the hostilities in Cuba and naval and
tary operations in and near the Philippine Islands,
and in both the Atlantic and the Pacific Oceans,
and,
1861 to 1965—that is, the
risen
The fiscal years 1898 and 1899, in¬
$847,365,000.
$23,084,635
1921, June 30
of deficit
financing, and the interest-bearing debt had
to
$971,562,590
1916, June 30
June 30,1897,
years
Rate of
Interest
Date
successive
four
been
had
there
the duties collected at the custom
At the end of these years, on
houses.
,
importations which
principal source, at that time, of Fed¬
been re-created,
and in 19 years the total
operating the central Government has but
fallen below
$3,500,000,000, and that was in the
1926-27, under President 'Coolidge, when the
was $3,493,584,519.
By quadrennial periods,
1810
The Commercial & Financial Chronicle
March 22,
1941
extensively circulated
nearly coinciding with presidential terms, the Fed-
1934, which
eral
than "La Vie de Cesar," just as synthetically pro-
expenditures have, during this latest period,
and
including all of the 1940-41
are
now
From
available,
To
July 1
run
for which data
year
follows:
as
June 30
President
Harding-Coolidge
1925
1929
Cooiidge
$14,529,101,681
14,570,555,458
RwseveltVJrilllllllllll
1933
1937
1937
1941*
31,465,832,056
f. d. Roosevelt—
34,600,255,197
Total
*
To close of business
on
Expendi-.
tures, Total
1925
more
even
duced in France by the Emperor Napoleon III dur-
But the President's book
ing his autocratic reign.
Federal
•
1921
was
$113,548,003,113
March 14,1941.
be searched from
can
to cover without reveal-
cover
of the remarkable l*OUte
incr "flip rpnirttpst infUpstiOTl
inS tne remotest indication OI tne lemaiKanie IUUIC
European^ and perhaps Asiatic and African ad-
of
venture that the country is now being required to
It told those who
travel.
"for three
been
the road
on
accepted its counsel that
long years the Federal Government has
toward
bankruptcy," because in
'
As of the year
ment
has
total
wealth
people
at
1922, since which
from
emanated
official
any
the United
of
similar state-
no
the
source,
States and
of
all
its
estimated by the Bureau of the Census
was
$320,803,802.
The foregoing figures indicate the
portion of that wealth which must be considered
pledged against the Federal debt, to
the
additional
the
huge fraction
within two
incumbrance
of the
of
debts,
aggregate wealth
and
that,
decades, has passed through the hands
of the Federal Government to
of its
nothing of
say
State
as
liquidate that part
outlays which has actually been liquidated.
Let there be
would add
vastly exceeded.
counting
of
the
to immediate
corresponding
aggregate
$3,065,-
June^30, 1899, the
$444,599,000;
was
July 1,1917, to June 30,1921, it
but for the first half of that
to
was
from
$21,286,606,000,
quadrennium it
was
$17,160,182,000 and for the second, $4,126,424,000;
in the highest
year, 1918-19, it was $11,011,387,000.
All these
are
bench-marks of significance in the
future measurements that will mark the altitudes
hereafter attained in the
has
surpassing adventure that
begun with increasing public interest, stimu-
lated
by the President and certain members of his
Cabinet, in the
and
wars now raging in Europe, Asia
Africa; by the Lend-Lease Act which has been
enacted, and by the recent
for
military and naval
made
asked
or
enormous
appropriations
that
purposes
have
been
for, plus the pending proposal to
pro-
was
tained
an
be found
to
ascertain
whether
or
this
$7,000,-
only the begin-
ning of the cost entailed under the lend-lease
Reporters
ated Press
were
on
that point, the Associ-
Virginia,
a
intended to
Lease
cover
There
ensued,
subservient
Mr.
to
Woodrum, hitherto by
the
executive
no
department,
made
a
highly revelatory answer, both as to the
degree of "consideration" that such an appropria-
tion will
now
receive in the House of
Representa-
tives, where it is constitutionally required that it
must
least
at
uncertainties
that is
now
nominally originate, and
of
the
dominant.
future
under
All he said
the
as
to the
leadership
priated.
Way."
pf
a
so
"we the
people" of America
are
"On Our
Those words constitute the engaging title
book copyrighted by President
And it
many
con-
citizens.
It
the income of the Govern-
a year
this
as
knows,
such balanc-
110
seemed to
assurance
template.
eessive and
uninterrupted deficits has
con-
On the contrary, the number of
to
now
suc-
mounted
11, and the largest of them all is about to
ment, but not to conclude, the record.
way," but whither?
our
We
aug-
"on
are
To military expenditures
accelerating to $30,000,000,000 in the next nine and
one-half
months, Robert L. Mehornay, chief of the
Federal
Contract
last week
ered
Service, told
"a
at
held in Cleveland.
of
ness
annual
On
our
way
to Federal indebted--
property in the country, and carrying
interest
charge
exceeding
an
$3,000,000,000,
Senator Byrd of Virginia, during the de-
suggested
on
audience gath-
perhaps $150,000,000, about half the value
0f ap the
bate
an
speed-armament conference,"
the lend-lease bill.
able that the
It is at least
unquestion-
early future holds unpredictable adprotean financial vicissitudes that
beyond the limits of
are
now
As time reveals the content of that
available.
propretic vision
awe-
any
creating future the bench-marks recorded in this discussion
ence
will
and
be convenient
and
valuable
for
refer-
illuminating for comparisons,
======
T,
»
,
,
j
r
*.
1
J*
Ivetnerlands r*ast Indies
in
^ar"ilTne
Nearly 19 months have elapsed since this war
began, and over 10 months since Holland was occupied. The broad outlines of the military and ecouomic problems with which The Netherlands East
Indies will have to deal for some appreciable time
clearly enough defined. The economic situation, though in some respects not unlike that which
obtained during the last war, has been deeply
affected by the loss of the European markets, and
seem
the closer economic ties with the British Empire.
was:
As the situation looks at
present, this is what they (Secretaries Hull, Stimson and
Knox) think should be appro-
And
which it
23 of the book, and reads:
as everyone
jRg 0£ ^he budget
the entire cost" under the Lend-
be submitted later."
means
pledged
SnfflClent t0 C°Ver th® expenditures of the
was
Act, "or whether additional estimates might
It stated
are
j give you assurance that if this is done there is reason-
leader in the Appropria-
Committee, "whether the $7,000,000,000
cheering to
on page
reports, and inquired of Representative
Woodrum of
tions
curious"
law.
Administration.
Congress and I
in
ac-
economy"; that "additional saving is
able prospect that within
far
now
of
assurance
ventures and
000,000 is intended to be the end
own
lation that Congress promptly enacted.
commodities of the value of $7,000,000,000.
impossible
was
said would achieve the necessary economy, legis-
vide funds for the donation to other
governments of
It is
of his
essential," and recommended legislation
From July 1,
public service amounted
405,000; from July 1, 1897, to
year
that "The members
1860, to June 30,I860, the total outlay for both those
arms
$1,200,000,000 to that aggregate
of accumulation in the first complete
process
registered, also, the bench-marks of
about to be
are
three budget deficits had mounted to a
total of $4,134,000,900, and a fourth deficit which
may
military and naval expenditures of this Government
that
those years
Roosevelt
in
The military problems due to the radical, if only
temporary, changes in the international
political
relations of the mother country, are also
very
ferent from those of the last war.
dif-
The Netherlands had, during 1914-18, succeeded,
under
difficult
circumstances,
in
maintaining
a
Volume
The Commercial <& Financial
152
strictly neutral position with great spirit and sue-
Since
they could in practice have relations only with one
group of the embattled nations, and only to a limited
extent with the endangered mother country, it was
comparatively easy for them to maintain their neutrality. The military effort required to achieve that
result was not likely to be exhaustive, since none of
Her
cess.
dependencies reacted accordingly.
the nations able to reach these colonies threatened
to be
belligerent toward each other.
The invasion of Holland took
1940.
Notified
place on May 10,
the Governor General of
by cable,
TheNetherlands East Indies broadcast the very next
day that
they
part of the Kingdom of The Netherlands
as
were
He added, how-
at war with Germany.
that the status of the colony was otherwise
ever,
unchanged, that his Government was able to guard
the
territory, and that any help from other nations
would be
rejected
These last clauses
unwelcome.
as
generally taken
were
as a response
to the official
Japanese declaration of April 15, which expressed
concera over
any
lands Indies
change in the status of The Nether-
as a
result of the
of The Netherlands in the
This stand appears
possible involvement
European
war.
to have been consistently fol-
since,® by the Government of The NetherIndies, though some islanders believe
time should be lost in cooperating with the
lowed,
ever
lands
East
that
no
defense
plans of the British at Singapore.
rally,
a
military strength sufficient to implement a
neutral
position did not recommend itself as ade-
Natu-
quate for defense, in view not only of the openly
declared
state of war with
view of what has been
Germany, but also in
widely regarded
as
the
un-
friendly attitude of Japan toward these Dutch possessions.
The
declaration
Japanese
obviously,
an
independent
of
April
15
had,
ominous tone to a people as genuinely
as
viewed in the
Hollanders,
the
especially when
light of the disaster which followed
at home within a month.
On Aug. 1, 1940, Prince
Konoye, the Japanese Premier, announced his "New
Order in Greater East Asia"
policy, which
on
the
same
day Mr. Matsuoka, the Japanese Foreign Min-
ister,
so
interpreted
as
to cover the South Sea terri-
tories, stating Japan's "final aim" to be the establishment of a self-sufficient bloc embracing Japa-
nese-occupied China and Manchukuo, together with
Indo-China and the Dutch Indies.
The
following day General Koiso, who had re-
cently been Overseas Minister and was being considered as head of a mission to the Dutch islands,
was
quoted as saying in an interview:
Indies
a
as
exploited.
view of the
the
new
"The East
colony have long been oppressed and
We cannot tolerate such a condition in
principles on which we are establishing
order
in East Asia.
It is necessary
to
emancipate the Oriental races and we are destined
to solve this
problem.
rubber and tin
It
may
produced in the East Indies control
the world markets.
We do not intend to monopo-
lize these natural resources,
make
sure
that they are
but it is necessary to
disposed of impartially."
The fact that the Hollanders
to be
be said that the oil,
deemed these remarks
wholly unjustified by the actualities concerned
did not make them any
the less threatening.
The Tri-Power Accord, signed
and
by Germany, Italy
Japan on Sept. 27 last, provided in
that "Germany
Article 2
and Italy recognize and respect the
leadership of Japan in the establishment of a new
Chronicle
1811
order in Greater East Asia." Mr. Matsuoka has now
gone to Berlin to discuss that situation.
We do
not know what he hopes or intends to attain, or
even from which end the suggestion for the trip
originated. A dispatch in last Sunday's "Herald
Tribune" stated that the Japanese statesman will,
among other things, ask the Germans to renounce
their claims to Indo-China and the Hutch East Indies, in both of which they are known to have strong
interests.
Should Mr. Matsuoka's trip result in no overt
hostilities against the East Indies on the part of
Japan, the situation will, nevertheless, continue to
be decidedly complex. The Indies are at war with
Germany and declare themselves to be, for that purpose, a full ally of Great Britain. Japan, Germany
and Italy have agreed, in the Tri-Power Accord, "to
cooperate" with each other "in their efforts" along
the "lines" of "leadership in the establishment of a
new order in Greater East Asia" by Japan, and similar leaderships by Germany and Italy "in the establishment of a new order in E urope." Thus the Accord provides for a virtual alliance wholly apart
from the provisions of Article 3—commonly believed
to be aimed at us—by which the parties "undertake
to assist one another with all political, economic
and military means when one of the three contracting Powers is attacked by a Power at present not
involved in the European war or in the ChineseJapanese conflict." 'Germany and Italy have hitherto confined their belligerent activities, in pursuit
of the common aim, mainly to Europe, but probably
only because they have not, so far, succeeded in
reaching out elsewhere. Japan is similarly occupied in Asia, and her belligerency, or at least militancy, has already exerted its influence in Indo-
China and Thailand,
Under these circumstances, and in view of the
current world-wide difference of opinion as to what
constitutes belligerency, The Netherlands Indiesr—
being engaged as best they can against Japan's ally,
Germany—may well be preoccupied as to Japan's
next move, after Mr. Matsuoka's return home,
Japan may not be very keen about undertaking new
belligerent operations, after the economic and political strain of close to four years of war in China,
Moreover, eliminating what is known as the "yen
bloc," nearly three-quarters of the Japanese foreign
trade has been with American, British and Dutch
territories. The imports from these areas include
supplies vitally important to Japan in waging war.
However, economic considerations have not had in
recent years a deterring effect, and the art of domestic propaganda is so advanced that in many parts
of the globe little difficulty is experienced in reconciling public opinion to war-like measures,
Whether Japan will commit acts of aggression
against The Netherlands Indies will undoubtedly
depend on factors with which the latter will have
little to do, except that the stronger they are defensively, the less likely they are to be attacked by
nation who has plenty of other things to think
about. The Dutch authorities out there, of course,
realize this. Ever since the invasion of Holland the
a
people in the Indies have been united in their recognition of the importance of developing their defenses. The budget of 1940 allocated £40,000,000 to
defense, and that of 1941 assigned £55,500,000 to the
same purpose. The latter figure accounts for 67%
of the total budget for this year.
The Commercial & Financial Chronicle
1812
The
GO,000.
There
conscription
demand among
about
As
a new measure,
as
the natives
and
are
mating half
In
the
clearly,
(there
are
ish
natives
officers.
army
the Chinese
or
Local
Defense
war
these
a
billion dollars, there thus existed,
effort most effectively,
which
streamlined
products
important
the
widely-scattered islands—extending
from that of Holland.
cruisers,
Foreign exchange has been taken under
than
more
British purchases
thus facilitated and
were
ened by the support of the wealth of the Indies,
20 submarines, and about 70
over
The
distinct
the British world financial position was strength-
1
the fleet includes
eight destroyers,
seven or
British.
a currency
to the English pound sterling.
torpedo boats,
took
these
This fact rendered easier the
of the insular commodities
The bulk of the Royal Dutch
Navy has always been stationed in the East Indies.
of
steps, at once taken, of pegging the Indian guilder
widest, 1,300 miles from north to south—are the
According to recent estimates,
flow
the
to
Indian guilder had always been
3,000 miles from east to west, and, at their
three
in
great opportunity to supplement the Brit-
measures
in the de-
army
a
Navy and Air Force.
40
resources
The government of the islands promptly
partici-
are
vitally
important than the
more
of
Possessing great
primarily economic.
Corps.
over
British
as a
ally, the role of the East Indies was bound to be
which in normal years they export in values approxi-
danger.
pating actively in the militia
fense
Therefore,
latter could not be great.
The
the vital war commodities—oil, rubber and tin—
as
1,250,000 Chinese in the islands)
Even
non-belligerent foe of Great Britain,
as a
the military aid the islanders could afford to the
partial evi-
measures
being trained
mean time
geo-
and because of the exigencies of
solidarity of all elements in this time
dence of the
already
Obviously for
against Germany.
reasons
classified
In May of last
is cited
1941
22,
their position with respect to Japan, which may be
same,
of 18 and 46.
war
graphical
the native population to be included
conscription
of national
in the
introduced for all Dutchmen
was
in the islands between the ages
in the
by
and
240,000 people of European extrac-
tion, mostly Dutch, located there.
year
40,000
amount to about the
reserves
about
officered
troops
numbers between
already
The
are
native
mainly
army,
Dutchmen,
March
govern-
ment control as war-time measure, chiefly in order
flying boats adapted for long-range scouting and
to facilitate the supervision of dollar
bombing operations.
central bank of the islands has been assigned the
The local facilities
are
being
The
reserves.
zealously availed of in order to build the smaller
task of supervising the revenues from exports.
warcraft, and they
declared motivation of these steps
are
adequate to carry out repair
jobs.
of
Mr.
Baldwin, the military expert of the New York
knowing
the
chases of
war
planes, including
motive for such
Dutch
of
some of German origin, but mostly
bombers, pursuit planes, flying boats, &c.,
scattered
are
those
at bases all over the
archipelago,
being trained for the air force, and 20%
In view of the
might
seem
a
tively resist the onslaught of
mined enemy.
a
fee,
However, not all of the Islands
the wealth
worth
an
enemy
while.
an
point out that the
waters which lend themselves to
the first attack
economy
range
where, has been greatly reduced.
countries to
in
even more
Java.
The
heavily mined than those of Batavia
Strait is
a
wide
Owing
On the other hand,
the increased consumption and the desire of certain
war-time has resulted in
to be
has been varied,
to the almost total loss of contact with Continental
The
said last December
war
being essentially colo-
Europe, the demand for certain commodities, which
the accessible markets have always obtained else-
Borneo, in the Dutch
were
Atlantic
Thus 'by typical war-
of products, is of great importance.
the Strait of Macassar between Borneo and Celebes,
approaches of this port
zone.
nial, its export trade, covering normally
protection
and shipping center of Balikpapan, situated in
Portuguese
and
The economic effect of the
part of which is located the great modern oil refinery
Spanish
The archipelago's
against this archipelago
will aim at
and for exports of
position to provide for their defense and cooperate
Military strategists believe that if Japan does
decide to take the offensive
ore,
in the economic field with the British,
ap-
by mines and bombing planes.
fibers, copal, tea, cof-
copra,
time regulatory expedients the Dutch Indies are in
proaches to the most important islands lead through
narrow
Last month there went
nickel and nickel
islands, and the Tangier
are
attack
sugar,
territories,
repositories of
might covet, to make
Dutch
The
as
the
all goods to Continental Europe, French African
force,
powerful and deter-
actually of sufficient importance,
as
than sufficient gold is there
system of permits for all exports of
a
tin, rubber, palm oil,
huge extent of the archipelago; it
at first glance, that so small
pur-
The usual
does not exist,
measures
more
situation is not unfavorable.
with relatively large additions, could not effec-
even
that
say
into effect
with the Dutch.
own
exchange,
to support the Indian currency, and the economic
accepted by the flying school qualify as
pilots—holding their
foreign
material and machinery.
American
are
The
the necessity
especially dollars, available for the essential
"Times," has estimated that possibly 300 to 500 air-
Natives
of
amounts
was
create
stocks
a
of materials
needed
in
large increased demand
for two of the principal exports of the archipelago—
continuously patrolled by
rubber
and
tin—and
a
continued
demand
for
a
gunboats and minelayers, and the safety channel is
third—oil products.
frequently changed.
total value of the exports has been much increased,
miles out to
guns
ate
sea.
Airplanes scout all day 400
The number of the anti-aircraft
and long-range artillery guarding the immedi-
vicinity of the port is said to be constantly inProbably similar measures are being
creasing.
taken in and around other
These defense
resent the
measures
totality of the
lands East Indies.
As
have endeavored to be
an
as
strategical
do not
war
by
effort of The Nether-
ally of Great Britain they
useful
as
However, when analyzed the existence of
erable dislocation is manifest.
by
possible to her
a
comparison
months of the
war
a
consid-
This is brought out
of the figures for the first
12
with those of the 12 months imme-
diately preceding.
areas.
any means rep-
The result has been that the
,,
During the 12 months prior to Sept. 1, 1939, the
Indies exported 319,975 tons of rubber; 23,219 tons
of tin, and 6,511,269 tons of oil products.
first 12 months of the
war
For the
the corresponding figures
Volume
were
The prices—in the
(the New York prices being higher owing to
increased transportation costs)—at the
periods
were
about the
of tin increased about
end of these
except that the price
same
The increased relative
8%.
native
there
months
native
the invasion of
Holland), and to 50% in the subse¬
When oil products
quent four months.
to
these
figures the aggregate percentages for the
periods are, respectively, 52%, 63% and 70%.
same
193480 1934780
The other most
the
Indies
are
important export commodities of
in
copra,
sugar,
tea,
coffee, tobacco,
With the exception of sugar
palm oil, and pepper.
and
added
are
tea, in the exports of which only small declines
volume
were
experienced, the exports for the
this number
was
In 1930 about one and a
occupied in native industries;
increased to two and a half mil¬
Mechanical factories of various
employed 120,000 in 1930, and 260,000 in 1940.
1940.
by
kinds
In 1940 some 36,000 of these
operation.
were
the
for
Altogether, the economy of the archipelago, while
.
seriously dislocated, has come fairly well, so far,
With characteristic self-
through these war-times.
Dutch
the
reliance
preparing to
are
defend
the
archipelago on as independent terms as possible.
They need, however, war materials, specialized ma¬
chinery and tools for the building of war vessels, &c.,
war
declined notably.
Of the exported products,
considerably.
tin, oil,
and palm oil, as well as tobacco,
sugar
except to a very limited extent, are not produced
About 18% of the tea, 49%
by native enterprises.
of the
rubber, 67% of the coffee, 95% of the copra,
109% of the pepper are, on the other hand, the
products of native initiative.
natives
those
Evidently, therefore,
particularly hard hit, especially
were
engaged in producing copra, coffee and pepper.
To relieve the
was
in
suitable
More¬
creased
the
were
millions
lions
handlooms
requirements.
looms
half
The government research labora¬
devised
have
In 1930
weaving looms; in 1940
the prices of tea, copra, coffee and pepper de¬
first 12 months of the
over,
and
6,630.
were
sound foundation.
a
44 mechanical
wTere
29% of the value of all the exports during the 12
on
economy
tories
during the next eight months (prior to
government to the development of
given by the
that the value of the exports
prior to Sept. 1, 1939, but increased to 45%
industries,
weaving industry is also typical of the support
The
there
of the whole
develop
especially handcrafts, on a basis most suitable to
the mode of life and talents of the natives, continues.
importance of tin and rubber is shown by the fact
of these products was
to
effort
Government
The
516,374 tons of rubber; 51,971 tons of tin, and
6,341,260 tons of oil products.
Indies
1813
The Commercial & Financial Chronicle
152
above
and
of
these
obtained
of these
The
years
products—especially
of the foreign trade of The Netherlands East
in
only from the United States.
The greatest
of the demands of thje British and American
cause
their urgent
forces
needs will be overlooked here.
They have been paying cash for the war materials
purchased, and so far have not tried to benefit by
the terms of the Lease-Lend Act.
large mass increase.
(Fig¬
The United
States Treasury sold for cash $500,000,000 of
In addition to this new
1%% notes were given the
2%% bonds, due 1952-54, this week.
financing about $505,000,000 of
option of being refunded into the new bonds or into %%
15,1943. The new 2%% bonds were quoted
at 101 10/32 bid, 101 12/32 asked, on Friday.
The Govern¬
ment bond market as well as the corporate issues have been
notes due March
guilders):
Imports
Exports
321,000,000
639,000,000
1937,
The Course of the Bond Market
copra.
aggregate figures for the last four calendar
are
Most
consequent distress the Government
Indies demonstrate the
ures
need modern airplanes.
of The Netherlands East Indies is that be¬
worry
obliged to buy, and to store, large quantities of
some
all they
requirements, especially the last, can be
454,000,000
298,000,000
470,000,000
306,000,000
quiet but firm this week.
High-grade railroad bonds have continued at recent levels.
875,000,000
444,000,000
Medium-grade rail
During each of these four years the United States
purchased exports to the value of (in millions of
guilders): 225, 177, 153 and 291, respectively, and
contributed imports to the value of (in millions of
guilders): 33, 39, 47 and 103, respectively.
the United States and
In 1940
Japan contributed each some
23% of the imports of the Dutch Indies.
greater part of the imports have since last
The
May taken the form of war materials, manufactured
and unmanufactured.
The Indies are producing
bombs, as well as small warcraft.
shells and
aluminum
An
factory to develop the local bauxite de¬
As far
as concerns
sufficient.
ment's
of the
the sustenance of the 70,000,000
archipelago, it is largely self-
This is in accordance with the Govern¬
plan of devoting as much as possible of the
welfare of the natives is not
being neglected.
The
budget provided for an increase in the sums
education, which were already con¬
siderable, since the Government has maintained
spent on native
about
with
21,000 institutions of learning of all kinds
over
stitutions
2,000,000 pupils. Health measures and in¬
are being multiplied.
In 1940, 14,000
families were transferred
from
for colonization purposes
overcrowded Java to the islands of Sumatra and
Celebes.
In 1941 the number is to
The
trustees
Minneapolis St. Paul & Saulte Ste.
filed a plan of reorganization in a
Court.
The company's bonds were
the news, the 5s, 1938, closing at 12%, up %
of
Marie
the
Ry. Co. have
Minneapolis Federal
quite active on
point.
Holding company debentures have been in particular de¬
mand this week, on the news that complete or partial liqui¬
dation Is being considered in several instances.
Standard
Gas & Electric issues were prominent in the activity, stock¬
having been specifically notified of
of properties.
Debentures of Electric
Light Corp., Cities Service Power & Light Corp.,
holders of that company
for
plans
Power &
disposal
Continental Gas & Electric Corp., and others, also moved up
in
Higher grades have been firm.
bonds have been mixed this week, with few
price.
Industrial
Steels drifted downward, but losses
primarily confined to small fractions, and mixed
fraction1 changes have been observed among the oils.
The
International Mercantile Marine 6s, 1941, lost ground again,
have been
proceeds of the export trade to the development of
the defenses.
However, the social and economic
1941
Among
3%s, 1952, advanced 1% to
64; Atlantic Coast Line 1st 4s, 1952, were 1 higher at 77.
latter, New York Central
the
changes of importance.
posits is being planned.
inhabitants
issues have lost small fractions, while
speculative rails have advanced in active trading.
be 16,000 families.
the decline having
been 3% points to a price of 82%.
Sugar
obligations showed strength, with the Francisco 6s,
1956, gaining 5 points at 52%, while the Manati 4s, 1957,
company
picked up 1% points at 36%.
Obligations of the meat
packers and allied lines have been steady to fractionally
lower.
In the amusement field strength has been shown
by
the
more
speculative
issues.
bond list Canadian issues continued to
attract attention at better prices.
Among Commonwealth
In
the
foreign
Queensland 7s have been firmer.
issues
Danish and Nor¬
have been well maintained, while Belgian
issues met some liquidation and declined one to two points.
wegian
loans
Other European issues
continued uninteresting, with fresh
developing in Italian and German loans.
There
has been some better demand for Chilean bonds and Bra¬
zilian issues have been also fractionally better, while Argen¬
weakness
tine loans
weak
issues
tapered off moderately. Haitian bonds continued
interest deferment, while Mexican
to follow up their recent fractional gains.
because of partial
failed
Japanese loans found some
levels.
support at somewhat improved
The Commercial & Financial Chronicle
1814
MOODY'S BOND
u. s.
1941
Daily
Govt.
rate
R. R.
P. U.
Indus.
112.75
Mar. 21-
112.93
106.56
90.77
96.54
110.15
Corporate by Groups
Corporate by Ratings
Avge.
Corpo¬
Average
Corporate by Groups *
Baa
A
Aa
Aaa
1941
Daily
rate *
1941
(Based on Individual Closing Prices)
Corporate by Ratings *
Avge.
Corpo¬
Bonds
22,
MOODY'S BOND YIELD AVERAGES f
PRICES f
(Based on Average Yields)
Averages
March
3.38
A
Aa
Aaa
Baa
R. R.
P. U.
3.16
3.02
2.80
3.01
3.36
4.36
3.97
Indus.
Mar. 21—
117.85
106.21
117.00
20-
118.05
100.21
117.20
113.12
106.56
90.91
96.69
110.15
112.93
20-
3.38
2.79
3.00
3.36
4.35
3.96
3.16
3.01
19-
118.10
100.39
117.00
113.31
100.56
90.91
96.69
110.15
113.31
19-
3.37
2.77
2.99
3.36
4.35
3.96
3.16
2.99
4.36
3.97
3.16
2.97
106.39
117.80
113.50
106.66
90.77
96.54
110.15
113.70
18-
3.37
2.76
2.98
3.36
17- 117.99
106.39
117.00
113.50
106.56
90.03
96.54
110.34
113.50
17-
3.37
2.77
2.98
3.36
4.37
3.97
3.15
2.98
117.90
100.21
117.00
113.31
106.60
90.48
96.54
110.15
113.31
15-
3.38
2.77
2.99
3.36
4.38
3.97
3.16
2.99
18— 118.01
15-
14— 117.77
100.21
117.40
113.31
106.50
90.48
96.54
109.97
113.31
14-
3.38
2.78
2.99
4.38
3.97
3.17
2.99
13- 117.02
106.21
117.40
113.12
100.56
90.48
90.54
109.97
113.12
13..
3.38
2.78
3.00
3.36
4.38
3.97
3.17
3.00
12-
3.38
2.78
3.00
3.36
4.39
3.98
3.17
3.00
3.17
3.00
3.36
12- 117.22
106.21
96.38
109.97
117.30
106.21
117.40
113.12
100.56
90.34
96.38
109.97
113.12
11-
3.38
2.78
3.00
3.36
4.39
3.98
10- 117.32
106.04
117.20
113.12
100.56
90.34
96.38
109.97
112.93
10-
3.39
2.79
3.00
3.36
4.39
3.98
3.17
117.01
100.04
117.40
113.12
100.56
90.20
90.23
109.97
113.12
8-
3.39
2.78
3.00
3.36
4.40
3.99
3.17
3.00
7- 116.90
106.04
117.40
113.31
106.39
90.20
96.23
109.97
113.12
7..
3.39
2.78
2.99
3.37
4.40
3.99
3.17
3.00
6-.
3.39
2.78
2.99
3.37
4.40
3.99
3.17
3.01
118-
117.40
113.12
106.50
90.34
109.97
3.01
0-
116.91
106.04
113.31
100.39
5-
116.77
105.86
117.40
112.93
106.39
89.92
95.92
109.97
112.93
5-
3.40
2.78
3.01
3.37
4.42
4.01
3.17
4- 116.67
106.04
117.40
113.12
106.39
89.92
95.92
109.97
112.93
4..
3.39
2.78
3.00
3.37
4.42
4.01
3.17
3.01
106.04
117.40
113.12
106.39
89.92
96.07
109.97
112.93
3-
3.39
2.78
3.00
3.37
4.42
4.00
3.17
3.01
3-
116.07
117.40
90.20
96.23
113.12
112.93
1—
116.92
105.86
117.40
112.93
100.21
90.06
95.92
109.97
112.93
Feb. 28-
116.93
105.86
117.20
112.93
100.21
89.78
95.92
109.79
112.75
3.40
28
117.00
112.75
100.04
89.52
96.62
109.60
112.75
3.38
4.41
4.01
3.17
3.01
3.01
3.38
4.43
4.01
3.18
3.02
117.00
113.12
100.21
89.64
95.92
109.60
113.12
14
117.80
113.31
100.39
90.20
95.54
109.79
113.31
3.42
21—
105.80
106.21
7
14-
3.01
2.79
—
—
2.80
3.02
3.39
4.03
3.19
3.02
3.40
2.77
3.00
3.38
4.44
4.01
3.19
3.00
3.38
105.52
110.24
7- 116.52
21- 116.06
2.78
3.40
1-
Feb.
3.01
2.76
2.99
3.37
4.40
3.97
3.18
4.45
2.99
31..
117.14
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.70
3.37
2.75
2.97
3.37
4.38
3.95
3.18
2.97
24-
117.04
100.50
117.00
113.89
106.56
90.77
97.16
109.97
113.50
24
3.36
2.77
2.96
3.36
4.36
3.93
3.17
2.98
17..
118.G6
100.56
118.20
113.89
106.50
90.48
96.09
110.15
113.89
17.
3.36
2.74
2.96
3.36
4.38
3.96
3.16
2.96
10- 118.03
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
10
3.36
2.74
2.94
3- 118.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
3
Jan.
Jan.
31
——
Hlgh 1941 119.05
106.74
118.60
114.85
100.74
91.05
97.31
110.52
114.66
Low 1941
115.89
105.52
117.00
112.75
106.04
89.23
95.62
109.42
112.75
Low 1941
High 1940 119.03
106.74
119.00
115.04
106.74
89.92
96.07
110.88
114.85
High 1940
Low 1940 113.02
99.04
112.19
109.60
99.52
79.37
86.38
105.52
106.56
Low
1
Yr. Ago
Mar 21*40 110.30
3.37
4.43
4.01
3.16
2.93
3.02
3.39
4.47
4.03
3.20
3.02
2.95
2.72
2.91
3.35
4.34
3.92
3.14
2.92
3.36
3.81
3.05
3.19
3.78
5.24
4.68
3.42
3.35
—
1940_—
112.56
101.64
84.94
90.03
107.98
111.02
Mar. 21, 1940...
100.00
113.12
109.06
98.09
83.40
89.37
104.31
107.44
Mar. 21. 1939-—
2
2.93
2.80
2.70
2.90
3.35
4.42
4.00
3.12
2.91
3.58
2.83
3.03
3.65
4.79
4.37
3.28
3.08
3.75
3.00
3.22
3.87
4.91
4.46
3.49
3.31
Year Ago—
116.41
2 Yrs.Ago
*
-
102.80
Mar21'39 114.61
3.16
4.39
2.73
3.35
High 1941
1
3.96
3.36
3.37
3.42
Years
Ago—
These
prices are computed from average yields on the basis of one "typical" bond (3%% coupon, maturing in 25 years) and do not purport to show either the
average level or the average movement of actual price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative
movement of yield averages, the latter being the true picture of the bond market.
t The latest complete Jlst of bonds used in computing these indexes was published in the issue of July 13, 1940, page 160.
The Business Maris Bookshelf
The International Gold Standard
Reinterpreted 1914-1934
By William Adams
Two Vol¬
National
Economic Research, Inc., New
1420
umes.
Bureau
of
Pages.
Brown, Jr.
Price $12.
York
Here, in the opinion of this reviewer, is
and, if there
one
of the sanest,
good reason to hope that its wealth of
material and thoughtful analyses would be read and care¬
fully pondered by any substantial number of publicists who
are
repeatedly writing on this subject, it would be possible
to add, one of the most important books on the subject of
the international gold standard that has appeared for a long
while past.
Indeed, it would not seem to be going too far to
say that it is, and to predict that it will long remain, the
were
authoritative work in its field.
Its merits
are
in bold relief.
many,
but two of
a
general nature stand out
The first is that the author clearly and pene¬
tratingly distinguishes between form and substance in a
where such clearheadedness is altogether too rare.
field
The second is to be found in the fact that the author knows
what the international gold standard was.
To him it was
is the case with so many who undertake to write
about it, some mysterious device invoking magical powers
from the heavens ana independent of its surroundings, but
a set of
practices, partly imbedded in law and partly volun¬
tary, which slowly developed through the years to facilitate
international trade (which, of course, has its own origins
and compelling forces), and, having evolved out of this need,
it was highly adapted to that trade as it then was carried on
and could not be expected to function effectively, if at all,
under radically different trade conditions.
It is certainly not the popular practice to begin the
study
of the international gold standard in trade routes,
commodity
markets and the industrial systems of the sundry countries
of the world, but this is where the study should begin, and
this is where Mr. Brown begins.
It is in this characteristic
that the solid value of the study lies.
It would of course be impossible, in limits of a brief review,
to give adequate treatment of the immense amount of ma¬
terial collated in these two large volumes, or to do justice to
the conclusions of the author or to the
reasoning that has
led him to them.
A general idea of the nature and the
scope
of the book may, however, be given
by quoting a paragraph
or two from the author's introduction.
Speaking of a "fun¬
damental hypothesis" of Carel Jan Smit, formulated in an
earlier work, "that the
relatively successful functioning of
that standard (the pre-war gold standard) before the war
was due to the attainment
by London, of a central clearing
position in the world's international financial system, and
to the manner in which the responsibilities of that
position
were
carried out," the author remarks that "under the
not,
as
economic conditions
prevailing before the war this repre¬
sented a remarkable and appropriate
adaptation of institu¬
tional means to economic ends, the full
implications of
which are by no means apparent at first
sight."
He then
asserts that "the examination of this
hypothesis and the
drawing out of its implications therefore became the first
part of our project."
Turing to more recent years, the author then proceeds to
explain that "it was clearly apparent that in the post-war
world the highly centralized pre-war international credit
system had had to make a series of radical adjustments to
a new economic environment.
These adjustments entailed
the sacrifice of the positive contributions of a single dominat¬
ing center to the successful operation of the international
gold standard.
The problem therefore arose of defining
precisely what had been substituted for the pre-war system,
and forming a judgment as to whether the new international
credit and banking structure was as well adapted as the
older system to the tasks it had to perform.
Under such
circumstances the dual clearing position of New York and
London in international finance after the war provided a
focal point for our post-war discussion and a natural basis
for the contrasts we hoped to establish between the two
periods.
The full implications of the decentralization of
international financial power and the loss of its central clear¬
ing position by London considered historically as a process,
and analytically as a result, were also by no means obvious
upon the surface.
To draw out these implications in their
full scope became, therefore, the central aim of the second
part of our study."
If from so elaborate a study one central conclusion can be
cited without giving a false impression, it would be the fol¬
lowing, taken again from the author's introduction:
"The elaborate studies carried through since 1932 have
confirmed us in the conviction that what was really destroyed
in 1914 was the high degree of centralization of the world's
credit system in London, which, in combination with the
strong international creditor position of Great Britain, made
the pre-world gold standard essentially a sterling exchange
standard system; that that system was not and could not
have been restored at any time after the war; that some genu¬
ine alternative to that system must be found if the pre-war
stability of international financial relations is ever to be
regained; and that among the pre-requisites of such an alter¬
native is the successful attainment of stable domestic credit
conditions
in
Great Britain and the United States,
degree of harmony in the broad lines of
credit policy adopted in these two countries."
But any review of such a book is inadequate.
It must
not only be read but studied.
The more it is studied during
the months to come the more success we are likely to have
after the present war is over in re-establishing order in inter¬
and
a
both
substantial
national financial relations.
Do You Need Some Money?
By Alliston Cragg. Price $2.25. Pages 271.
Harper & Brothers, New York and London
Here is
a
book
by
an
author who believes that
credit is not only a convenience but is
consumer
essential for the suc¬
economic system, that savings and
surplus funds must be used to finance consumption no less
than production, and that consumer credit offers the solu¬
cessful operation of our
tion of
our
national economic
problems.
Volume
Following sharp criticism of laissez-faire philosophy, the
on pages 20 and 21 says:
"Capital credit is speculative finance based upon the profitinspired hope of finding the consumers to sell some ultimate
product to at more than its cost to the capitalist-producer.
The only check on capital credit has been economic crisis,
which automatically curtails or eliminates profits and creates
economically suicidal unemployment.
author
"Consumer credit is based upon present
and future em¬
ployment and is virtually all used for the direct purchase of
goods and services.
There cannot be too much consumer
credit so long as its use is confined to normal needs and the
facilities for the production of such needs remain adequate.
And economic equilibrium and expansion of production facili¬
ties based upon the use of consumer credit would be auto¬
matic, maintaining an even flow of employment and income."
So much for the general philosophy and approach of the
author to his subject, an attitude which naturally colors his
product.
The larger part of the book is, however, devoted
to a description of consumer credit facilities, and govern¬
ment loan and recovery agencies, among which are included
existing institutions for the advancement of cash loans and
retail credit and the various organizations which the New
Deal has established under the Relief Administration, Fed¬
eral
Loan
THE
Federal Security Agency and Federal
Agency,
TRADE—COMMERCIAL
OF
STATE
EPITOME
Friday Night, March 21,1941.
Business
expanded
activity
sharply
during
the week,
led by a record high in steel operations and a marked gain
in bituminous coal production; in fact most industries showed
substantial
the week.
gains for
However, the securities
this increased expansion
of business and industry.
The war in Europe is rapidly
nearing a crucial stage, and this is a constant overshadowing
influence.
The labor situation is also a serious retarding
influence.
It remains to be seen what the new Government
market
little
shows
response
to
set-up will bring.
The tax problem is another consideration
uppermost in the minds of investors.
Consumption of steel is now running well below shipments,
indicating that industrial consumers are now building up
stocks of the metal.
Orders, on the other hand, are still
substantially above 100% of capacity.
Competent observers in the industry estimate consumption
this month will run at about 92% of capacity.
Operations
this week are
scheduled at 99.4%.
Consumption last
month was estimated at 90%.
A slight rise is indicated for
April and May.
-'.V■ . '
Automobile producers are reported to be buying well
ahead in contrast with their usual practice of placing orders
for about three months' requirements.
Partly as a result
buying from this major consumer of steel, one lead¬
ing company reports current business as running at about
130% of capacity.
of heavy
.
After
successive
three
clined slightly
increases,
power
-
production de¬
in the week ended March 15 from the
week, but was 14.5% above the 1940
Electric Institute figures show.
previous
comparative, Edison
Output in the latest week was 2,817,893,000
2,835,321,000 in the period ended March 8 and
a
kwh., against
2,460,317,000
Loading of revenue freight for the week ended March 15th,
totaled 758,693 cars, the highest since Nov. 9th, according
filed by the railroads with the Association of
made public today.
This was an
cars over the preceding week this year,
139,305 more than the corresponding week in 1940 and
167,527 above the same period two years ago.
This total
was 124.89% of average loadings for the corresponding week
of the ten preceding years.
Ward's Reports, today declared automobile production
in "lower ground this week," estimating output for the week
at 124,805 cars and trucks.
It added that "many factories
ran into manufacturing difficulties as a result of a blizzard
early in the week."
Ward's survey of plant activity last
week placed production at 131,140 units.
A year ago this
week assemblies totaled 103,393 units.
Retail sales of new motor vehicles in the United States
during February, the Automobile Manufacturers Association
reported today, numbered 345,551 passenger cars and 74,670
trucks.
In February, 1940, retail sales totaled 236,857
passenger cars, and 47,156 trucks.
Retail sales for the first two months of the year totaled
649,115 passenger cars and 142,824 commercial vehicles.
Low temperatures and gales sweeping over Eastern and
reports
American Railroads and
increase of 16,771
Northern sections
of the country retraded sales
of spring
goods this week, but total retail trade, said Dun & Bradstreet, Inc., today, was slightly above a year ago volume,
which was at the height of the Easter shopping season.
Wholesale trade, reportedly wa,s characterized by a heavy
volume of orders for future delivery and by a further stiffen¬
ing of prices.
Agency.
The Federal Reclamation Program, the
Adjustment programs, and the Tennessee
Valley Authority are likewise included.
As to the appropriateness of including some of these topics,
which at first sight will appear to many as rather extraneous,
the author explains as follows:
"During the past ten years there has been a great expan¬
sion of Federal facilities for the aid of persons in need.
While
only two or three of these agencies represent true consumer
credit, virtually all do in the sense that they are designed
primarily to increase consumer purchasing power and that
Works
Agricultural
the
as
consumers,
taxpayers,
must
ultimately
repay
the
advanced by Federal and State governments.
No
discussion of consumer credit or of the agencies for taking
care of the credit needs of the consumer would be complete
unless it took into consideration this vast source which has
money
made
available
$40,000,000,000
some
since
March
3,
1933."
According to the author, the purpose of the book is to
help "consumers who may have personal financing problems
toward a solution of those problems, and, of greater impor¬
tance in the long view, toward a fuller understanding of
their rights, fundamental importance and proper place in
the economic world—which in a democracy should be a con¬
sumer
/
world."
higher despite some bottlenecks of labor and materials.
In
comparison with the corresponding week last year, total
volume of retail sales was estimated to be up 2 to 5% for the
country as a whole.
Winter gave New York an extremely cold blast before the
advent of spring.
Extremely cold winds prevailed Wednes¬
day, driving the temperature down to 16 degrees, and later
recording a drop of 26 degrees in 19 hours.
The gusts of
wind were so violent that a man unfolding an American flag
on the roof of a 10-story building in Hoboken, N. J., was
lifted over a four-foot parapet and dropped to the street,
125 feet
below.
Government advices
state
that
cold
dominated the weather of the week through¬
portions of the United States.
beginning of the period an extensive "high" had
overspread the northern Plains with a sharp drop in tem¬
perature.
This air mass moved slowly southeastward to the
south Atlantic coast by March 15, attended by abnormally
cold weather for the season; the freezing line extended into
northern Florida.
Temperatures of 10 to 14 degrees below
zero
were reported from
the Northwest, with zero as far
south as Chicago, 15 degrees at Washington, D. C., and
23 degrees at Atlanta, Ga.
Extremely cold weather pre¬
vailed during most of the week in the New York City area,
but Thursday and Friday temperatures rose to more com¬
polar air
masses
out the central and eastern
the
At
fortable levels.
Friday the weather was clear and moderate making for
day. Temperatures ranged from 25 degrees
Thermometer readings tonight are expected
to touch a minimum of 25 degrees in the city and 5 degrees
lower in the suburbs.
Partly cloudy and colder weather
Friday night through Saturday is the forecast, moderating
Saturday night or Sunday. Prevailing winds are moderate
On
ideal Spring
to 41 degrees.
an
and from the northwest.
Overnight at Boston it was 22 to 31 degrees; Pittsburgh,
Portland, Me., 10 to 30; Chicago, 31 to 45; Cin¬
cinnati, 34 to 67; Cleveland, 23 to 39; Detroit, 23 to 39;
Milwaukee, 28 to 37; Charleston, 52 to 69; Savannah, 53
to 66; Kansas City, Mo., 36 to 66; Springfield, 111., 31 to 65;
Oklahoma City, 48 to 64; Salt Lake City, 35 to 50, and
Seattle, 43 to 59.
27 to 48;
year ago.
to
1815
The Commercial & 1 inancial Chronicle
152
Industrial reports indicated that
manufac-
handling the largest volume of business on record.
Production, said the credit agency's review, is gradually going
tureres were
Moody's Commodity Index Higher
Moody's Daily Commodity Index advanced from 180.8 a
week ago to 182.6 this Friday.
The principal individual
changes were the gains in coffee and hog prices.
The movement of the Index was as follows*
(Dec. 31
Mar.
Mar.
Mon.
Mar.
Tues.
Mar.
Wed.
Mar.
Thurs. Mar.
Fri.
Mar.
Fri.
Sat.
Loadings
Car
1931
180.8
181.3
181.2
181.9
182.7
182.1
182.6
14
15
17
18
19
20
21
During
=
100)
Two weeks ago, Mar. 7
Month ago, Feb. 21
-
Year ago, Mar. 21
1940 High—Dec. 31
Low—Aug. 161941 High—Mar.
Low—Feb.
19
171.6
17
Week Ended March
177.4
173.3
157.6
171.8
149.3
182.7
15 22.5%
Above Year Ago
Loading of
revenue
freight for the week ended March 15
totaled 758,693 cars, the Association of American Railroads
announced on March 20.
This was an increase of 139,305
cars or
22.5% above the corresponding week in 1940
and
an
28.3% above the same week in
Loading of revenue freight for the week of March 15
increase of 16,771 cars or 2.3% above the preceding
The Association further reported:
increase of 167,527 cars or
1939.
was
an
week.
Miscellaneous freight loading
totaled 327,610 cars, an increase of 9,657
above the preceding week
and an increase of 74,946 cars above the
cars
corresponding week in 1940.
The Commercial & Financial Chronicle
1816
Loading of merchandise less than carload freight totaled 159,286
an
cars,
increase of 376 cars above the preceding week and an increase of 11,759
cars
22,
the preceding week and 294,441 cars in the seven
March 16, 1940.
1941
days ended
A comparative table follows:
above the corresponding week in 1940.
Coal loading amounted to 162,216 cars, an Increase of 3,280 cars above
the
March
revenue
from connections
freight loaded and received
(Number of Cars)
preceding week and an increase of 35,641 cars above the corresponding
w©ek in 1940#
4
r».,
'.•
"*•<
•
Grain and grain products
cars
.*
.j
.,x.
loading totaled 32,562
Weeks Ended—
products loading for the week of March 15 totaled 19,032
cars, an
cars
above
but a decrease of 450 cars below the corresponding week
in 1940.
In the Western districts alone loading of live stock for the week
of March
15 totaled 7,258 cars, a decrease of 89
week and a decrease of 555 cars below the
Forest
below the preceding
corresponding week in 1940.
products loading totaled 39,444
above the
cars
cars,
increase of 1,069
an
preceding week and an increase of 8,567
above the
cars
13,265
cars,
increase of 663
an
cars
corre¬
above
above the
cars
above the
cars
the
16,225
14,554
9.463
17,931
15,812
14,006
8,730
11,928
Gulf Coast Lines
3,745
International Great Northern RR
1,741
4,100
14,885
3,773
1,824
4,135
14,990
3,156
1,791
3,799
13,089
2,375
3,253
10,679
47,080
45,624
5,867
37,185
4,826
9,132
11,779
1,695
2,434
3,141
10,921
48,233
13,148
Missouri Pacific RR
—
New York Central Lines
1,683
49.055
12,644
1940
23,091
17,727
6,259
6,440
4,266
75,838
55,179
49,692
49,546
37,369
6,389
6.332
5,741
6,812
8,006
29,859
7,949
28,633
25,505
6,489
5,979
5,339
6,583
7,602
11,654
11,376
--
Wabash Ry
5,323
Week of March
1......... ....—
Week of March
634,636
594,424
620,596
588,426
8-.-—————
5,054
5,010
7,089
10,969
8,533
11,046
8,642
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS
.
Mar.
Mar. 16, 1940
8, 1941
2.288,730
758,693
619,388
591,166
7,821,568
6,921,234
Chicago Rock Island A Pacific Ry.
llllnols Central System
St. Louis-San Francisco Ry
26,552
25,689
22,278
36,205
15,257
34,950
14,802
.29,982
12,098
78,014
75,441
64,358
6,345,612
Total
Total
9,972
362,914 354,237 294,441 242,304 239,168 186,233
Mar. 15, 1941
2,282,866
Week of March 15——
9,189
37,905
1939
2,557,735
2,488,879
741,922
—
1,442
2,472
Weeks Ended—
1941
4 weeks of February
9,322
2.158
Pennsylvania RR—,
the corresponding weeks
2,740,095
2,824,188
756,670
—
8,875
7,487
7,252
5,643
22,478
73,714
(Number of Cars)
—
5,280
16,005
9,514
20,757
in 1940 and 1939.
4 weeks of January
20,609
11,134
16,330
Total
districts reported increases compared with
23,307
corresponding
week in 1940.
All
28,743
25,236
15,634
Pittsburgh A Lake Erie RR
Southern Pacific Lines
cars
1940
7,234
19,809
10,226
N. Y. Chicago A St. Louis Ry—
Norfolk A Western Ry
1940.
5,077
7,585
20,810
in
of
17,240
Chicago A North Western Ry
Pere Marquette Ry
Coke loading amounted to 14,121 cars, an increase of 2
17,826
37,307
26,979
...—
preceding week and an increase of 2,780 cars above the corresponding week
preceding week and an increase
8 Mar. 10
1941
Chesapeake A Ohio Ry-_.
Chicago Burlington A Quincy RR.
Chicago Milw. St. Paul A Pac.Ry.
Missoufi-Kansas-Texas RR
sponding week in 1940.
Ore loading amounted to
1941
1940
18,053
38,018
Atchison Topeka A Santa Fe Ry.
Baltimore A Ohio RR
corresponding week in 1940.
the preceding week
1941
1941
increase
of 400 cars above the preceding week and an increase of 529 cars above the
Live stock loading amounted to 10,189 cars, an increase of 275
8 Mar. 16 Mar. 15 Afar.
Mar. 15 Mar.
In the Western districts alone grain and grain
sponding week in 1940.
Received from Connections
Weeks Ended—
Loaded on Own Lines
'
•.
increase of 1,449
cars, an
above the preceding week and an increase of 985 cars above the corre¬
—
In the
The first 18 major
railroads to report for the week ended
a total of 362,914 cars of revenue
lines, compared with 354,237 cars in
March
15, 1941 loaded
freight
on
their
own
revenue freight loaded and received
from connections (number of
cars)—week ended march 8
Total Revenue
Total Loads Received
Freight Loaded
Railroads
from Connections
1941
1940
1939
1941
517
569
574
Boston A Maine
2,057
8,282
1,984
7,022
Chicago Indianapolis A Loulsv.
1,320
1,948
6,939
1,317
Bangor A Aroostook
21
15
1,259
4,841
Delaware Lackawanna A West.
1,298
6,456
9,766
Detroit A Mackinac——......
182
Central Indiana
1941
1,207
197
1,621
177
12,597
2,439
10,798
2,192
Total Loads Received
Freight Loaded
Southern District—(Concl.)
Nashville Chattanooga A St. L.
1940
from Connections
1939
3,045
1,088
1k070
2,643
1,188
383
410
359
Piedmont Northern
Richmond Fred. A Potomac
2,816
480
Norfolk Southern
296
334
9,895
1941
Delaware A Hudson
Detroit Toledo A Ironton
Detroit A Toledo Shore LineErie
Grand Trunk Western
Lehigh A Hudson River.—
Lehigh A New England...
Lehigh Valley
3,389
1,148
2,582
1,590
5,706
6,540'
1,182
5,072
5,207
938
15
63
55
Seaboard Air Line
1,220
2,095
7,622
7,695
20,733
8,671
19,203
18,532
14,599
Tennessee Central
513
402
361
796
9,020
2.432
.9,736
8,291
10,283
24,178
4,502
8,444
625
Winston-Salem
144
153
140
950
238
222
750
102
107
2,481
2,162
416
292
272
99,269
94,032
86,537
69,881
11.162
4,627
10,726
4,303
194
167
156
1,699
9,212
3,482
1,633
1.695
15,812
2,443
20,757
3,662
14,109
12,826
7.717
1,444
3,595
11,435
8,011
1,946
1,240
6,683
113,893
14,219
6,188
2,007
4,264
14,921
2,265
17,544
11,779
3,265
9,132
3,703
9,812
2,749
3,250
2,283
17,707
3.345
788
594
543
218
New York Central Lines
46,829
8,137
2,466
4,331
1,478
37,116
N. Y. N. H. A Hartford
10.917
9,184
....
Monongahela
6,093
Montour
2,206
9,736
2,344
1.433
8,634
3,261
2,573
3,752
2,959
Southern System
Southbound...
Total.
Northwestern District—
Chicago
Chicago
Chicago
Chicago
A North Western
Great Western
Mllw. St. P. A Pacific.
St. P. Minn. A Omaha.
189
1,719
41
32
Duluth South Shore A Atlantic.
674
523
443
440
34,544
47,028
14,338
2,056
13,148
1,900
7,045
378
36,702
Elgin Joliet A Eastern
Ft. Dodge Des Moines A South.
9,099
6,457
6,604
8,930
5,673
New York Ontario A Western.
1,116
1,013
N. Y. Chicago A St. Louis
N. Y. Susquehanna A Western.
5,643
5,026
440
408
496
Pittsburgh A Lake Erie
7,993
Pert Marquette
6,332
5,636
5,804
5,496
4,975
6,812
12,123
1,799
10,458
1,702
4,952
5,163
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia
616
483
371
412
386
354
308
211
780
868
666
Rutland
1,502
595
569
525
5,979
4,383
4,948
3,429
5,106
3,392
2,031
1,157
11,046
3,972
137,790
131,786
195,183
157,048
Duluth Mlssabe A I. R
Wabash
Wheeling A Lake Erie...
Total.
30
21
423
359
394
123
172
9,908
9.346
3,471
2,942
537
447
547
685
616
Green Bay A Western
Lake Superior A Iahpemlng
241
201
173
62
80
1,613
5,043
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
1,654
4,611
9,207
1,518
4,657
7,859
2,128
2,824
3,987
1,919
2,270
3,558
Northern Pacific
9,448
Spokane International
Spokane Portland A Seattle-
97
107
100
278
220
2,328
1,567
1,249
1,855
1,574
83,196
72,803
69,594
52,880
42,548
System.
17,826
3,349
17,256
2,530
18,063
2,696
7,234
2,644
Bingham A Garfield
Chicago Burlington A Quincy..
Chicago A Illinois Midlands
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
5,428
2,163
458
511
329
158
94
16,255
2,765
10,597
2,961
13,728
13,700
9,514
7,751
2,120
1,672
798
658
9,918
2,487
10,388
2,483
10,277
8,727
3,293
2,473
726
715
782
2,486
2,080
2,353
1,573
3,142
1,370
2,627
980
8,849
Total.
Central Western District—
Atch. Top. A Santa Fe
Alleghany District—
Alton
Akron Canton A Youngstown.
Baltimore A Ohio
Bessemer A Lake Erie.......
Buffalo Creek A Gauley
586
422
388
1,053
787
37,307
28,064
26,484
19,809
3,604
2,564
1,606
1,750
15,982
1,456
277
267
363
5
4
Cambria A Indiana
Central RR. of New Jersey...
Cornwall
1,765
1,400
1,630
10
11
7,263
6,325
5,396
14,040
11,927
587
642
612
64
59
Cumberland A Pennsylvania..
321
274
Llgonier Valley
Long Island.....
170
132
162
31
21
731
480
568
2,858
...
....
Penn-Readlng Seashore Lines.
Pennsylvania System
Reading Co
Union (Pittsburgh)
Western Maryland
Total.
232
33
13,747
14,242
3,387
10,001
2,988
2,864
1,741
49,546
21,879
3,874
8,235
167,998
127,911
116,527
124,934
25,236
22,478
4,632
21,689
20,133
17,946
4,073
52,346
43,708
1,317
73,714
16,390
19,993
3,973
1,004
979
54,961
53,289
11,829
29
Norfolk A Western
Virginian
Total.
97,198
15,456
3,937
39,526
18,464
14,101
224
149
199
Peoria A Pekin Union
(Pacifle)
663
2,969
1,197
2,300
464
Total.
Atlanta Birmingham A Coast..
Atlantic Coast Line...
708
547
549
11,383
9,714
3,975
9,988
'
257
774
438
402
397
1,625
1,341
1,099
1,819
1,176
6,686
3,695
1,791
3,042
302
343
304
329
4,474
4,072
1,493
918
5,253
3
1,733
1,135
1,096
1,577
1,185
534
429
935
739
750
1,955
1,584
938
159
124
642
458
457
415
558
6
9
29
0
0
23,529
20,790
19,111
260
283
14,422
13,317
12,617
6,168
1,440
9,101
4,751
337
1,195
7,527
337
330
484
3
4
1,373
1,394
1,115
2,353
1,933
103,940
93,210
92,055
61,489
49,935
Southwestern District—
Gulf Coast Lines
268
841
10
1,140
"
North Western Pacific
Burlington-Rock Island
Southern District—
547
928
1,758
...
Nevada Northern
Western Pacific
Alabama Tennessee A Northern
Columbus A Greenville
Durham 4c Southern
M issouri-Illtnola
Southern Pacific
8,656
4,348
1,097
287
969
City
Toledo Peoria A Western
Union Pacific System
10,226
6,440
1,798
491
1,747
...
Fort Worth A Denver
Illinois Terminal
Utah.......................
Atl. A W. P.—W. RR. of Ala-
Central of Georgia
Charleston A Western Carolina
Cllnchfield
Colorado A Southern
Denver A Rio Grande Western.
Denver A Salt Lake
1,533
38,612
16,204
2,033
6,402
Pocahontas District—
Chesapeake A Ohio
146
10,231
Great Northern
3,104
168,753
...
7,249
3,190
276
9,160
1,326
4.696
....
1940
3,120
Central Vermont--.-.-
Maine Central..
1,538
Total Revenue
Railroads
1940
Eastern District—
Ann Arbor
following we undertake to show also the loadings
for separate roads and systems for the week ended March 8,
1941.
During this period 111 roads showed increases when
compared with the same week last year.
151
152
127
153
300
3,773
1,824
3,243
3,741
1.746
1,566
1,463
2,242
183
218
188
2,369
1,998
1,999
1,557
1,798
1,639
Litchfield A Madison
Midland Valley
349
365
352
1,695
2,434
1,067
2,349
1,725
1,046
648
508
571
209
254
Missouri A Arkansas
136
177
157
357
326
2,652
8,947
International-Great Northern.
Kansas Oklahoma A Gulf
Kansas City Southern
Louisiana A Arkansas
Missouri-Kansas-Texas Lines.
859
1,881
1,572
913
161
147
151
432
3,686
3,141
1,141
1,105
4,135
15,020
3,726
684
Florida East Coast...
Galnsvllle Midland
12,506
1,291
12,035
1,001
10,921
1,038
Quanah Acme A Pacific
34
75
79
30
97
144
32
114
118
129
Georgia
Georgia A Florida
St. Louis-San Francisco
1,078
960
802
1,999
1,621
331
297
264
516
xl,610
3,198
3,261
6,649
3,686
13,398
7;232
10,956
5,312
138
130
176
61
87
Maoon Dublin A Savannah—
18,951
18,558
5,510
3,358
3,829
4,528
24,423
3,328
20,601
19,430
6,523
2,335
6,735
3,880
4,523
2,889
3,771
7,919
2,453
6,978
3,633
6,289
2,120
574
146
14
26
29
139
112
151
23
596
565
Mississippi Central
171
131
137
403
51,796
45,905
44,906
42,639
36,030
Gulf Mobile A Ohio
Illinois Central System
Louisville 4c Nashville
22,508
Note—Previous year's figures revised.
• Previous figures,
x
303
Missouri Pacific
St. Louis Southwestern
Texas A New Orleans
Texas A Pacific
Wichita Falls A Southern
Wetherford M. W. A N. W
Total.
Gulf Mobile A Northern only.
3,071
3,910
The Commercial & Financial Chronicle
Volume 152
Railroads
Had
New/ Freight
39,353
March
on
Class I railroads
cars
on
Cars
Order
on
1
d Includes obligations which mature not more
March
on
New
19.
freight
cars
an¬
order
on
on
March
1, 1940, totaled 28,162.
On Feb. 1 this year there
were 41,600 on order.
New freight cars for which orders
had been placed on March 1, 1941, included 23,139 box,
13,462 coal, 1,372 refrigerator, 995 flat, 350 stock, hnd 35
miscellaneous.
of
which
March
1,
1940,
steam
and
on
132
this year
1
and
steam
were
there
electric
62
March
132
were
and
166
New
locomotives
Diesel.
On
including
70
and
order,
on
order
on
on
Feb.' 1,
1941, totaled 238, of which 120 were 6team and 118 electric and Diesel.
New freight
put in service in
cars
the first two months of 1941 totaled
11,587, compared with 11,595 in the
New locomotives put
81,
of
period
which
21
were
last year
included
New
11
included
in
in
and
United States Departs Further from Program in Behalf
of American Industry with Passage of "Lease-Lend"
Bill, According to Cleveland Trust Co.—Finds
Country Swinging to "War-Time Economy"
45
put
electric
above
electric
and
Diesel.
and
locomotives
new
1941
In
in
totaled
the
service,
same
portation, and trade,"
not
are
It
figures.
is not
be
by
our
munitions
own
and
Steam
Balance
Sheet
Items
of
Class
I
Railways for December
statement showing the aggregate totals
a
of selected income and balance sheet items for Class I steam
railways in the United States for the month of December.
These figures are subject to revision and were compiled
131
from
reports
statement
present
and terminal
representing 136 steam railways.
The
excludes returns for Class A switching
The report is
companies.
as
the
these
follows:
tools
is
shown
and
industry
being
is
model
in
1939
1940
$
$
78,715,666
34,503,941
Other lnoome
$
$
60,981,304 682,043,481 588,829,073
32,376,572 168,929,903 160,866,266
Much
surges
113,219,607
4,862,830
93,357,876 850,973,384 749,695.339
3,671,245 27,664,246 25,052,099
Income avail, for fixed charges... 108,356,777
89,686,631 823,309,138 724,643,240
Mteoeli. deductions from income..
Fixed charges:
129,611
12,786,238 144,945,181 142,099,579
37,555,736 459,700,877 462,145,101
,141,583
1,506,842
1,600,544
...
52,880,401
50,483,556 606,152,900 605,845,224
Income after fixed charges.......
55,476,376
39,203,075 217,156,238 118,798,016
2,474,646 26,106,023 24,052,887
Rent for leased roads &
Interest
equip..
deductions.a
13,226,794
39,523,996
deductions
Other
Total fixed charges
4,397,955
Contingent charges
it
and
Already
progressively
evidence
devote
the
of
large parts
upon
to
mass
production,
of
51,078,421
Depreciation (way and structures
and equipment)
36,728,429 191,050,215
94,745,129
these
well
that the
develop
output of
to
created,
and
17,540,205
4,209,140
in
a
series
of
38,461,604
1,060,998
On preferred stock
the
gone
were
By contrast the building of new facilities
summer.
has gone forward more rapidly
plants are in some instances already
of munitions
production
and these
new
beginning production even before the construction has been entirely com¬
prospects
Present
pleted.
this country
forecasts
that
are
the volume
of
industrial
production
in 1941 will be decidedly larger than most of the year-end
prophesied.
>
■
+
; ■
Commodity Price Indexes of 10 Countries Compiled
by General Motors and Cornell University
/Motors
General
Corp.
Cornell
and
University,
which,
prior to the European war, had collaborated in the publica¬
tion of a world commodity price index, have resumed issu¬
ance
of international price statistics, but on a different
Instead of
basis than before the war.
composite index of
a
prices, these organizations now are publishing
information only as individual country indexes.
for
each
the
40 basic commodities and the list
in so far as possible.
Each
is
18,980,461 135,774,682 106,664,624
639,633 23,463,039
19,154,336
in uwrld production.
The
weekly by General Motors
Operations from sources described as "the most
responsible agencies available in each country, usually a
government department." The commodities involved include
"a comprehensive list of several groups, including grains,
livestock and livestock products, miscellaneous foods (coffee,
cocoa, tea, sugar, &c.), textiles, fuels, metals, and a list of
other miscellaneous materials (rubber, hides, lumber, news¬
2.05
Ratio of Income to fixed charges.f
new
16,690,638 205,859,980 201,851,956
2,852,200 59,650,284 32,962,480
Dividend appropriations:
On common stock
many
skills, and before long the
manifest
construction of new camps and cantonments has
than was contemplated when plans for them
expected,
was
being
is
new
slowly
more
expedite
become
will
in output, and in consumer purchasing power.
the
general
capacity
being trained in
preparations
The index is built upon
Federal ineome taxes
its
to the making of
world
Net Income.b_
new
called against inter-company com¬
may
factory
new
are
being worked out last
in
Total lnoome
called
halt has been
changes,
of workers
of
than
Net railway operating income
be
will be restricted.
cars
increases.
In
1939
will
relatively small percentagewise, but with few exceptions the changes will
forward
1940
other
Probably the national changes in the volume of industrial production,
and in that of retail trade, over the next two or three months, will be
All Class I Railways
For the 12 Months of
undertaking to
nations.
We
also
it is clear that the great automotive
its skill in
and
temporary
petition
passenger
orders.
Moreover,
increasingly
power,
A
results
For the Month of Dec.
is
and
Administration
the
Government
of
manufacturing
thousands
Items
for munitions and ships
it
by the establishment of mandatory priorities for machine
aluminum.
for
upward
Income
but
Britain
permit civilian demands for goods to interfere with
munitions.
be
TOTALS FOR THE UNITED STATES (ALL REGIONS)
Great
for
conditions
new
filing
prompt
trends
The Bureau of Statistics of the Interstate Commerce Com¬
mission has issued
and navy,
army
ships
and
rapidly swinging over to a war-time economy.
are
Under
Income
now becomes by far the biggest cus¬
It is further observed in the "Bulletin":
only greatly increasing its own orders
used
procure
less and less inclined to
Selected
the Cleveland Trust Co. in its
15, in which it is stated'
says
that "our Government
tomer of business."
to
otherwise acquired
or
the
passing of the lend-lease bill we have taken
that was to have;■
maintained business as usual for American industry, trans¬
which
Diesel.
leased
"With
another long step away from the program
"Business Bulletin" dated March
year.
the first two months of
60
and locomotives
cars
the
34
and
period last
same
in
service
steam
the railroads
steam
freight
f For railways in receivership and trusteeship the ratio was as follows:
December,
1940, 1.23; December, 1939, 0.76; 12 months 1940, 0.65; 12 months 1939, 0.49.
locomotives on
new
electric
were
locomotives
new
Diesel.
also had 298
than two years after date of issue.
have been revised, for comparative pur¬
with changes prescribed in the Uniform System of Accounts by
Commission's order of Dec. 6, 1939, effective Jan. 1, 1940.
The Association further announced:
Class I railroads
order,
1939 figures for certain liability items
e
poses, to conform
order, the Association of American Railroads
nounced
c Includes payments of principal of long-term debt (other than long-term debt in
default) which will become due within six months after close of month of report.
March 1,1941, had 39,353 new freight
on
1817
1.78
1.36
1.20
the
same
country,
commodity is weighted uniformly for each country, accord¬
ing to
actual
importance
relative
its
price data are collected
Overseas
Selected Asset and Liability Items
All Class I Railways
Class I Railways Not in
Receivership or Trusteeship
Balance at End of December
Balance at End of December
1940
1939
e
1940
1939
e
print, linseed oil, &c.)."
the different commodity
Selected Asset Items—
Inv. in stocks, bonds, <&c.,
Cash
■—
Demand loans & deposits.
Time drafts and deposits.
Special deposits
Loans and bills receivable.
Traffic & car-service bal¬
ances
Net
623,314,839
483,785,160
542,029,178
livestock and livestock products,
625,614,307
27,939,321
26,846,717
529,488,280
427,448,729
17,425,119
25,524,426
currency
127,418,808
2,825,528
103,665,796
2,789,681
474,194,621
23,762,092
24,435,178
105,873,039
2,389,694
63,180,169
59,704,161
51,051,602
56,368,406
139,085,364
334,671,956
15,578,762
1,395,722
5,143,420
51.714,123
131,616,246
327,230,244
18,704,690
1,342,045
4,199,777
42,440,440
40,282,764
107,460,430
260,553,160
13,057,834
1,024,118
2,838,823
102,068,351
252,156,086
16,281,187
872,224
2,866,639
receivable
21,727,848
27,141,993
Materials and supplies...
Interest & divs.
receivable
receivable...
Other current assets.....
(August, 1939=100)
2,479,262
Aus¬
Can¬
Eng¬
tralia
ada
land
Java
maturing
117,889,937
68,877,503
79.618,811
States
May
120
118
143
116
113
112
131
132
112
118
118
120
144
116
118
114
131
136
109
July
August—
118
118
120
145
115
112
114
132
140
109
111
120
120
144
118
119
120
150
115
September..
116
120
121
145
116
110
122
135
153
111
October
113
123
122
145
117
110
120
139
158
114
113
125
124
146
118
111
118
142
164
118
132
109
113
126
126
149
120
111
119
144
168
118
114
127
126
150
121
111
119
144
171
120
111
rll9
1941—
184,546,685
24,033,203
71,308,947
81,386,224
64,803,500
57.023,530
Feb.
rll5
126
rl50
120
173
121
Feb.
8__
114
126
126
150
121
113
119
145
170
120
224,024,451
59,314,676
53,507,298
12,644,261
221,766,691
68,247,872
48,169,524
11,315,819
169,283,536
Feb.
15—
115
126
rl27
•149
121
113
119
145
.170
120
Feb.
5,360,235
4,102,260
liabilities—
69,090,087
16,886,518
39,135,300
69,899,059
16,506,580
33,880^403
47,248,535
13,620,899
29,253,320
49,039,071
13,720,607
24,248,577
Total current liabilities.
664,621,657
739,821,117
460,886,565
498,338,479
—
Mlsoeli. aocts. payable...
unpaid..
unpaid
Unmatured divs. declared
Interest matured
Divs. matured
accrued—
Unmatured rents accrued.
55,151,808
43,512,272
10,947,871
4,102,260
106,110,520
U. S. Govt, taxes
taxes
1—
126
144
22..
114
125
127
•149
121
114
119
146
170
119
Mar.
1..
,114
125
128
*149
122
114
119
153
rl71
rl21
Mar.
8-
114
124
128
•150
122
115
119
153
*171
121
•Preliminary,
Bureau
of
rRevised.
Labor Statistics'
Index of
Wholesale Com¬
modity Prices Advances 0.4% During Week Ended
liability:
Other than U. S.
1941—
Weeks end.:
170,992,150
47,000,782
46,296,517
12,277,424
5,360,235
payable..
a
Switz¬ United
erland
92,583,652
Audited aocounts <fc wages
Tax
den
92,525,179
payable.d
payable
Other current
Swe¬
June
December..
95,349,405
Traffic & car service bal¬
Unmatured int.
New
Zeal'd
mi-
January-...
ances
ico
November..
within 6 months.c
Loans and bills
Mex¬
Ar gen-
Una
Selected Liability Items—
debt
which are based on prices expressed in the
of each country, were reported March 17 as follows:
85,363,463
1,436,110,030 1,282.800,892 1,117,733,590 1,023,819,852
Total current assets
Funded
The indexes,
receivable from
bal.
agents and conductors.
Mtecell. aocts. receivable.
Rents
Weights assigned in the index to
follows: Grains, 20;
19; vegetable fats and other
foods, 9; textiles, 12; fuel, 11; metals, 11; miscellaneous, 18.
groups are as
563,504,867
73,221,719
except of affiliated cos._
81,449,354
95,060,043
71,812,806
122,331,298
127,987,379
79,198,786
85.572,808
Govt,
Represents accruals, including
the amount in default.
not In receivership or trusteeship the net income was as follows:
1940, $48,434,106; December, 1939, $41,032,957; 12 months 1940,
1261,620,209; 12 months 1939, $194,286,239.
b For railways
December,
March 15
"There
was
a
major
upswing in wholesale commodity
prices during the week ended March
Lubin
of
March 20.
15," Commissioner
Statistics announced on
"This movement began last November and has
the
Bureau
of
Labor
,
The Commercial & Financial Chronicle
1818
been broadening," Mr. Lubin said. "Further sharp gains in
prices for fats and oils, grains and imported commodities
including rubber, burlap, cocoa, coffee, pepper and sugar
largely accounted for the advance of 0.4% in the Bureau's
index of wholesale prices.
The general index of nearly 900
price series rose to the highest level since January, 1938,
80.9% of the 1926 average."
During
week
the
advanced
while
and
19
declined; in the preceding week there were 33
declines; in the second preceding week there were 23
and
18
declines.
advances
only six
Compiled by The National Fertilizer Association.
'
•
chemicals and
0.8%; farm products and
products rose
Textile
metal
and
building
products and
materials,
Latest
Preced¬
ing Week
Mar. 15,
1941
Group
Total Index
Mar. 8,
1941
the other
on
92.3
93.8
80.0
76.6
75.2
76.2
80.2
76.0
71.8
78.4
93.8
94.4
86.3
99.1
97.8
96.2
99.0
86.5
83.3
82.0
93.3
92.4
96.3
80.3
102.1
102.1
101.5
105.9
Miscellaneous commodities..
112.8
112.3
Farm products
Cotton...
Grains
continued to reflect increased shipping difficulties, certain domestic foods
Among these were butter, poultry,
Trices
vegetable oils.
bacon
and lard.
double pre-war
fruits, and
quotations; edible tallow,
possibility that loan values
legislation
and
the
30%
rose
—
14%; cocoa beans,
over
115.0
113.5
103.4
103.4
103.2
101.3
6.1
Building materialsChemicalB and drugs
117.4
116.4
117.7
104.7
104.0
104.0
104.0
100.0
1.3
that
expectation
surplus
supplies
lower prices
as
were
107.2
than
.3
Fertilizer materials
105.8
105.8
105.8
105.6
The
more
.3
Fer til Izers
102.1
102.1
104.0
102.8
.3
Farm
would
be
100.0
Average
reported for cattle,
hogs and lambs.
*
99.8
Base period changed Jan.
Indexes on
99.8
99.7
100.4
101.4
100.4
101.1
98.1
machinery
All groups combined
1926-28 base
were:
4 from 1926-28 average to 1935-39 average as 100.
March 15, 1941, 79.0; March 8, 78.2; March 16,
1940, 76.4
commodity markets prices
were
♦
higher for hides, skins and
■
Cotton textiles, such as drills, osnaburg, print cloth, tire fabric,
leather.
percale, sheeting and damask,
buying by the trade.
continued to advance sharply with
Woolen and worsted
yarn and
suitings,
raw
Aside from the chaotic condition in the scrap markets there was little
activity in metal markets.
Scrap steel in the Chicago market
quotations were also higher
ton and
rose
50 cents
for pig tin, solder and babbitt
metal.
Average prices for farm machinery and small tools advanced slightly.
Weakening prices for most types of yellow pine lumber accounted for
the minor decline in the building materials group index.
Prices
were
higher
Store Sales
February Chain
heavy
silk and
silk yarns also averaged higher.
per
111.3
116.5
Metals
nearly
Cattle feed prices were up 2.6%.
for livestock slumped 1.2%
In industrial
111.3
Textiles...
7.1
grains and cotton would be increased by
on
89.9
8.2
10.8
corn
pork,
to
Britain boosted these prices each about 3%.
shipped to Great
prices
fresh
mutton,
During the week prices of pepper
IVA%\ and lard, nearly §Vi%.
Federal
for beef,
17.3
edible tallow and
eggs,
substantially higher also for flour,
were
and fresh
92.5
90.9
Fuels
23.0
Livestock
sharply.
1941
93.7
Foods
In addition to the marked advances in prices for imported foods which
most
Ago
Mar. 16.
1940
15,
Fats and oils
declined 0.1% and fuel and lighting materials and housefurnishing goods
rose
Year
Ago
Cottonseed oil
25.3
band,
remained unchanged at last week's level.
meal, dried prunes
Month
Feb.
allied products,
0.6%; and hides and leather products and miscellaneous commodities, 0.3%.
Metals
(1935-1939=100*)
Week
Per Cent
•
„
Each Group
advance of 1.2% for foods.
an
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
Bears to the
led by
in the all-commodity index
price series included
49
1941
22,
advances
The Bureau's announcement further said'
The group increases were
March
Reach New High
February business of the chain stores was approximately
14% greater than in the corresponding month of 1940,
according to the "Chain Store Age" index.
Sales
for
February, 1941, compared with
February,
1929-31, taken as 100, reach 130 as against 124 in January
and 114 in February, 1940.
This was a new high.
The February index figures compare as follows:
for maple and oak flooring and for common building brick.
Industrial fats and oils
and
are
than 20%
more
averaged nearly 7 Yi %
higher during the week
above the early January level.
Prices
also
were
higher for fatty acids and for tin tetrachloride.
Quotations
were up
Drug
Apparel
Shoe
136
154
133
149
Grocery
120
January, 1941
for certain petroleum products, particularly gasoline,
cylinder oils and paraffin
Variety
February, 1941
126
154
133
155
116
February, 1940
119
139
119
128
107
wax.
The following tables show (1) index numbers for the principal groups of
commodities for the past three weeks, for Feb. 15, 1941, and for March 16.
1940, and the percentage changes from
year
ago,
(2)
week ago, a month ago, and a
a
percentage changes in subgroup
Inventories
of
Independent
Stores
Increased
8% during 1940 in inventories of indepen¬
in most kinds of business except depart¬
An increase of
(1926=100)
Retail
Year
Last
indexes from March 8 to
March 15, 1941.
dent retail stores,
Percentage Changes to
Commodity Groups
Mar. Mar. Mar.
15,
'
"tl
,
'■
:
1,
8,
1941
Feb.
1941
Mar. Mar. 15,1941 from—
15,
1941
1941
16,
1940
Mar.
Mar.
Feb.
15,
16,
1941
1940
80.9
80.6
80.5
80.5
78.2
+0.4
+0.5
70.5
70.4
70.5
68.0
+0.6
+0.6
+4.3
74.3
73.4
73.1
73.3
70.4
+ 1.2
+ 1.4
+ 5.5
+G.3
+0.9
+0.3
The
+3.5
70.9
102.8 102.5 102.1 101.9 102.5
^
3%
earlier.
products.......fiu........
Foods-
^
_*„
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
77.2
-
...
76.6
76.3
75.6
73.0
+0.8
+2.1
+5.8
72.6
72.6
72.6
72.7
72.6
0
—0.1
0
in
in
kinds
of
stores
which
end
97.8
97.9
98.0
97.9
95.5 —0.1
—0.1
+2.4
99.4
99.5
99.5
99.4
93.2
—0.1
0
79.2
78.7
78.6
78.7
77.0
+0.6
+0.6
+2.9
Housefurnishing goods
90.8
90.8
90.7
90.2
89.8
0
+0.7
+ 1.1
earlier
Miscellaneous commodities--..
77.0
76.8
76.7
76.7
76.9
+0.3
+0.4
+0.1
Raw materials
increase
74.5
74.1
73.9
73.8
71.9
+0.5
+ 0:9
+3.6
+3.9
Semimanufactured articles
82.7
82.2
82.0
81.2
79.6
+0.6
+ 1.8
Manufactured commodities
84.0
83.8
83.7
83.8
81.4
+0.2
+0.2
+3.2
83.1
82.8
82.7
82.7
80.5
+0.4
+0.5
84.8
84.7
84.6
83.0
+0.1
+0.4
+ 2.3
All commodities other than farm
products
1941
15,
Increases
7.4
Fruits nad vegetables
0.8
Grains
3.0
Cereal products.
0.4
0.4
3.0
Leather
Cattle feed
2.6
Other foods.
2.0
Other textile products
Meats..
1.7
Dairy products.0.3
Petroleum products....0.2
Other building materials
0.2
1.5
Other miscellaneous
Woolen and worsted goods
Cotton goods
1.5
Agricultural implements
1.3
Non-ferrous metals.......
Other farm products
Hides and skins
1.2
Brick and tile
1.0
Paint and paint materials..
Fertilizer materials—
year-end
survey
of
sales
.
Silk
......
.....
.
1.2
Dec.
over
of
radio
and
inventories
of
independent retail
31, 1939, and this inventory gain
23% for sales.
and
musical
cafeterias,
Index
lunch
stores,
rooms.
was
packaged
Among
This
larger
than,
accompanied by
the
liquor
other
stores,
similar
a
increases
of
and
9%:
restau¬
trades
reporting the
significant inventory expansions, three—lumber and building materials
dealers, household anpliance dealers and jewelry stores—indicated increases
in
sales
of
10%
or
more.
INVENTORIES
AND
SALES—INDEPENDENT
RETAIL
STORES.
STATES, BY KINDS OF BUSINESS, 1940 VS. 1939
r
0.1
....
34
Total,
Department
Except
Department
0.1
0.1
Stores
Stores
(Inventories
(Inventories
Stores
Number of firms reporting
Lumber
0.6
New
High During Week
Ended March 15, According to National Fertilizer
at
reported
was
Census.
is
stores
Three kinds of business recorded
instrument
Cost)
at
Retail)
16,543
216
133
1238,094,007
221,318,428
549,478,652
48,223,051
5101,809,094
+8
+3
+3
Sli541,845,418
1,392,625,934
5358,995,598
334.478,549
+ 11
+7
5535,202,323
502,473,463
+7
31, 1940
Percent change
98,693,804
Annual sales:
1940.
1939
Association
at
Department
Inventories of merchandise at cost:
Dec. 31. 1939
Price
the
more
Dec.
Commodity
of
0.2
Decreases
Livestock and poultry.
Bureau
same
0.1
........
the
reported by 1,651 wholesalers in 36 lines of trade throughout
It was accompanied by a 7% gain in sales.
The expan¬
0.1
0.9
4% during 1940 in inventories of wholesalers
another
was
direction as, the fluctuation reported for wholesalers.
Motor vehicle dealers reported the
outstanding gain in inventories (27%)
rants,
Oils and fats
Rubber, crude..
sales.
in
in
sion
rise
MARCH
gain in inventories of independent retail
reported for the year 1939 in the survey conducted at the
The 1939 gain in inventories was associated with a 9%
the United States.
All commodities other than farm
products and foods
in
but in the
PERCENTAGE CHANGES IN SUB-GROUP INDEXES FROM MARCH 8 TO
1940
was
An increase of
+3.2
84.9
increase
noted above during 1940 was accompanied by an
11% for these independent retail stores.
Department
were
7% ahead of last year.
The 8% gain for most
business follows the 6%
+6.7
Chemicals and allied products..
Inventories of 349 department stores
1940, compared with a year
Dec. 31,
on
8%
of
of that year.
Building materials-
...
of
sales
sales
store
higher
The Census Bureau's announcement also said:
increase
increase
Farm
was announced March 5 by the Bureau of the
Reports from 16,543 stores in 34 States were in¬
Census.
cluded in this survey.
were
8,
1941
All commodities
ment stores,
Perce ntchange*
Wholesale commodity prices last week reached a new high
for the year, according to the price index
compiled by The
National
Fertilizer
Association.
In
the
week
ended
March 15 this index advanced to 101.4 from 100.4 in the
preceding week.
ago,
based
It
was
101.1
a
"Retail Sales—Independent Stores," due to differences In size and
composition
of sample.
month ago and 98.1 a year
the 1935-39 average
on
on
as
100.
The Association's
February
Price
increases
were
ing.
to
common
week, with five of the principal
most
group
commodity
during
groups
indexes advancing and
were generally higher, as 18 items included in the food
index advanced and only three declined.
Rising prices for cotton,
grains, and livestock caused a moderate increase in the farm product price
group
The textile
most of its
the
index
components.
increase
was
not
again
moved
upward,
Although prices of steel
sufficient
to
change
the
reflecting increases
scrap
metal
in
and tin advanced,
price
index,
which
remained
unchanged.
Higher lumber quotations were responsible for an
upturn in the building material average.
The index representing the prices
of
miscellaneous
of
higher
commodities
quotations
for
feed, and lubricating oil.
rose
hides,
to
a
new
calfskin,
All other
group
high for the
rubber,
year
cottonseed
as
Year
the
declin¬
none
Food prices
average.
Sales
Federal
report, under date of March 17, also added:
a
meal,
Sales
Federal
above
Department
District
Stores
in
Increased
New
10%
York
Above
ago
department
Reserve
stores
District
in
during
the
Second
February
(New York)
increased
10%
a year ago,
it was announced March 17 by the Federal
Reserve Bank of New York.
Stocks of merchandise on hand
in
department stores at the end of February was 4% more
February, 1940.
The apparel stores in the New York Reserve District re¬
ported a gain of 8% in net sales in February as compared
than at the end of
result
with
cattle
end
indexes remained unchanged.
of
of
Reserve
a
of
The
year
ago.
Apparel
stores'
stock
on
hand
at
the month was equal to a year ago.
following is the tabulation issued by the Bank:
the
The Commercial & Financial Chronicle
Volume 152
DEPARTMENT
8T0RE
TRADE
BY
LOCALITIES, FEBRUARY.
1941—SECOND FEDERAL RESERVE DISTRICT
MAJOR
in the Borough
and for
1819
of Manhattan, for apartment houses to cost $2,687,000,
Borough of Queens, for
office building to cost $500,000; in the
an
one-family dwellings to cost approximately $1,269,000, and for apartment
houses to cost in
Percentage Changes from
a
Year Ago
Stock
Net Sales
on
Hand
Jan.
& Feb.
Feb.
End of
Month
+9
+ 19
+ 15
+4
+4
+ 13
+ 11
+ 18
+8
—6
+22
+ 18
+ 11
+ 12
+7
+ 14
Bridgeport
""
ghkeepsie
...
Hudson River Valley
Jbany...^...^....^..
+8
+ 16
Lower Hudson River Valley
a
+4
+ 13
Westchester and Fairfield counties..
I
+7
+.7
Newark
J
to
+ 12
"Hi
+ 13
$575,000; in Jeffersonville, Ind. for warehouses to cost $708,000;
cost
in
Detroit, Mich., for one-family dwellings to cost approximately $2,837,000;
in
Cleveland, Ohio, for apartment houses to cost $900,000; in Columbus,
Ohio,
Department Stores—
New York City (Includes Brooklyn).
Northern New Jersey.
in Philadelphia, Pa., for stores to
of $4,784,000;
excess
$679,000; in Chicago, 111., for one-family dwellings to cost almost
cost over
$1,305,000, and for factories to cost $772,000; in Peoria, 111., for a hospital
for
warehouses
and DNT
to
for
and
Sandusky,
Ohio, for TNT
of $885,000' for apartment houses to cost
excess
municipal
a
in
$9,388,000: in Washington, D. C., for one-
over
family dwellings to cost in
$2,664,000,
$2,607,000;
cost
factory to cost
$2,526,000' in
nearly
cost
to
armory
Miami, Fla., for one-family dwellings to cost almost $634,000' in Baltimore,
Md., for one-family dwellings to cost $608,000; in Austin, Texas, for State
University buildings to cost $515,000; in Corpus
Texas,
Chrsiti,
bay front to cost $500,000; in Houston,
extension of the
for
an
Tex., for one-
+ 19
+ 16
"+9
family dwellings to cost nearly $894,000; in San Antonio, Texas, for a ware¬
+ 23
+ 21
+ 14
house to cost
+ 18
+ 15
+8
Northern New York State
+ 23
+ 21
Southern New York State *........
+ 21
+ 14
Ceatral New York State
Mohawk River Valley
Syracuse
;
..........
$1,589,000; in Albuquerque, N. M., for airport build¬
over
ings to cost $1,187,000;
cost
$3,549,000, and for apartment houses to cost nearly $1,036,000;
Bingham ton
+20
+ 12
Elmira
+ 42
+ 31
+ 12
+ 11
+3
+ 15
+ 15
+2
+4
+ 1
+7
Francisco,
+ 10
+7
+4
Everett, Wash., for
Western New York State
Buffalo
...
Niagara Falls
Rochester
...
in Oakland, Calif., for
in
Calif., for one-family dwellings to
in Burbank,
nearly $646,000; in Los Angeles, Calif., for one-family dwellings to
cost almost
San
one-family dwellings to cost approximately $504,000;
Diego, Calif., for one-family dwellings to cost $1,274,000; in San
Calif., for one-family dwellings to cost nearly $1,318,000; in
and in
cantonment camp to cost nearly $982,000;
a
Seattle, Wash., for one-family dwellings to cost almost $714,000.
All department stores *
+8
Apparel stores
+4
+2
+10
+8
0
Contracts
were
awarded
financed housing projects
*
Subject to possible revision,
d. u.); in
(three Saturdays); 24 shopping
Twenty-three shopping days in February, 1941
days in February, 1940 (four Saturdays).
INDEXES
DEPARTMENT
OF
SALES
STORE
FEDERAL
SECOND
STOCKS,
AND
DISTRICT
RESERVE
111.,
to
during
January
In Cambridge,
Mass., to cost $1,228,000
cost
over
$1,248,000
(399 d.
u.); in Peoria,
111.,
to
cost
almost
$777,000 (240 d. u.); in Sturgis, S. Dak., to cost nearly $129,000 (35 d. u );
in
Sarasota, Fla., to cost approximately $153,000 (60 d. u.), in St. Peters¬
$324,000 (100 d.u.); in Macon, Ga., to cost in
in
Feb.,
Dec.,
Jan.,
Feb.,
1940
1940
1941
1941
excess
High Point, N. C., to cost nearly $1,271,000
of $615,000 (254 d.u.);
(450 d.u.); in Nashville,
Tenn., to cost $1,119,000 (316 d.u.); in Houston, Texas, to cost $618,000
(200 d. u.); in San Antonio, Texas, to cost nearly $1,430,000
unadjusted
(average dally), seasonally adjusted
(500 d.u.);
69
,
184
78
79
in
86
Sales (average dally),
102
99
97
almost $342,000 (100 d.u.), and in Riverside, Calif., to cost approximately
76 r
—
82
73
80
82 r
Stocks, unadjusted
Stocks, seasonally adjusted
(324
Hempstead, N. Y., to cost nearly $750,000 (200 d. u.); in Cairo,
burg, Fla., to cost nearly $470,000 (198 d.u.); in Tallahassee,.Fla., to cost
(1923-25 Average=100)
Sales
publicly
following
the
for
83
81
85
Tuscon, Ariz., to cost $414,000
(135 d. u.); in Boise,
Idaho, to cost
$513,000 (150 d.u.).
PERMIT VALUATION OF BUILDING CONSTRUCTION, TOGETHER WITH
Revised,
r
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW DWELLINGS,
IN 2,227 IDENTICAL CITIES IN NINE- REGIONS OF THE UNITED
STATES, AS SHOWN BY PERMITS ISSUED, JANUARY, 1941
Secretary of Labor Perkins Reports January Building
New Residential Buildings
48% Above Year Ago—All Classes
Permit Valuations
Percentage
of Construction Shared in Increase
Building permit valuations
than 48%
year,
1.
Permit
of
Labor
all
"Although
during January, 1941 were
same month of last
Frances Perkins reported on
classes of construction shared
gain
in
was
new
non-residential
buildings for which permit valuations were 67% ahead of
showed
1940," she said.
increase of
an
Change from—
Provided
Jan., 1941
Dec.,
Jan.,
1940
All divisions
1940
New England
148
more
"New residential construction
than 48%, while permit valua-
tions for additions, alterations
the total for January,
and repairs
were
14% above
560
$4,221,120
21,367,972
East North Central
482
+ 16.0
+4.4
+7.3
+ 2.9 + 167.1
3,885
+ 5.9 + 195.4
26,113
—3.7
990
—23.8
+ 9.4
5,811
+8.3
+ 14.8
West North Central
212
2,558,730
—15.9
+ 156.9
669
—15.1
261
13,294,449
+ 14.8
+ 95.9
4,051
+ 12.1
+ 87.4
83
2,611,610
+67.8 + 163.8
941
+ 32.7
+ 118.3
141
8,112,077
2,803
—19.8
East South Central.
West South Central
—18.4
+ 6.4
January
in
construction
although permit
also 4%
were
for
new
2,336,618
+34.2
+ 32.0
763
+ 41.3
+48.4
230
19,949,729
—19.3
+ 43.2
6,200
—18.8
+ 45.7
Total Building Construction
(Including Alterations
and Repairs)
Buildings
Population
Geographic
Division
residential
below the amount recorded
Percentage
Permit
however, were 9% greater in January than in
The percentage
1940 to January,
for
having
a
population of 1,000
or over:
Constrvction
All Cities
+66.6%
+ 14.3%
—
Additions, alterations and repairs
—
Total
+ 69.5%
1940
+68.8%
All
the
permit valuations of the various classes of building
construction are
indicated in the following table:
Construction
All Cities
The Labor
Permits
Of these,
—6.9%
—60.2%
+8.6%
+3.3%
—34.0%
Total
Excl. New York
—4.0%
—59.2%
Additions, alterations and repairs
—37.3%
—59.2
+66.6 178,212,626
—34.0
+ 48.1 64,688,984
—54.1
+ 71.8
9,149,675
—34.4
+33.4
9,596,436
E. N. Central. 22,722,340
W, N. Central
1,023,909
—58.6
—15.3
+236.6
38,785,275
45,138,993
4,991,892
23,116,214
—22.3
—34.2
-
South
Atlantic
—94.5
—49.6
—60.3
+ 143.9
—28.8
+ 96.0
—17.2
4,231,570
+33.4
+ 77.4
+25.8
15,012,599
4,846,712
32,939,696
—26.0
+ 10.5
W. So. Central
Mountain
2,065.838 + 163.9
+69.3
Pacific
9,822,165
—75.2
+ 73.6
—38.9
5,691,376
+2.6 19,427,850
—21.0 + 155.5 15,335,170
—77.7
+20.4
4,776,257
—20.6
7,381,597
819,584
5,719,003
E. So.CentraL
Car-Makers'
Group
5,881,692
2,195,127
Factory
3.661 were in projects financed from public funds.
This com¬
+36.0
+46.5
3,825,581
1,450,537
6,106,394
Estimates February,
475,500 Units
motor
cars
and
trucks
in
1941,
the
Sales
United
decrease
of
5.1%
over
the
previous month
of January,
according to figures appearing in the March, 1941, issue of
"Automobile Facts," a publication of the Automobile Manu¬
facturers Association.
The
February estimate of 475,500 units is 17.7%
the corresponding month
units.
total
January, 1941 provided 26,113 dwelling units.
with December, 1940 permits in these cities for 27,118 dwelling units,
which 7,628 were in publicly financed projects.
Compared with Janu¬
of
sales
+ 68.2
—51.5
States for February, 1941, were estimated at 475,500 units,
The
a
year ago,
above
which totaled 404,032
previous
of 500,931
corresponding
of 15.9%.
Department's report further said:
issued during
1940
2,904,460
a
Change from Dec., 1940 to Jan., 1941
New non-resldentlal
Jan.,
1940
62,055,332
divisions.
New EnglandMiddle Atlantic
occurring between December, 1940 and January, 1941 in
Class of
Dec.,
$
at
The changes
Jan., 1941
+ 97.5%
+ 16.8%
+48.1%
New non-residential
Excl. New York
+48.3%
New residential
Jan.,
$
Change from Jan., 1940 to Jan., 1941
Class of
Dec.,
1940
Jan., 1941
{Census
of 1940)
Valuation,
Valuation,
December.
changes in permit valuations from January,
1941, by class of construction, are given
below for 2,227 cities
Percentage
Change from—
Permit
Change from—
Indicated expenditures for additions, alterations and repairs,
December.
+ 13.2
110
Pacific
1940, total.
drop of 59% in new non¬
valuations
+ 146.0
Mountain
during January, 1941, however, was 34% below the December,
construction,
+ 50.2
South Atlantic
New Non-Residential
residential
1940
—26.3
18,138,922
for which permits were issued
Primarily responsible for this decrease was a
Jan.,
1940
+48.3
Miss Perkins added:
1940."
The dollar volume of building construction
Dec.,
for
Jan., *41
—4.0
2,227 $92,591,227
Middle Atlantic
in this increase, the greatest
January,
Percentage
Families
Valuation,
Geographic Division
higher than during the
Secretary
March
of
Cities
more
No. of
Change from—
No.
month of January, 1941, showed a
units compared with 432,279 units for the
month
of
January,
1940,
or
an
increase
Figures for the month of January appeared in our issue
of Feb. 22, page 1199.
^
pares
of
of 50% in the total number of dwelling units
Publicly financed projects for which contracts were awarded
provided 2,935 units.
The information collected by the Bureau of Labor Statistics includes
contracts awarded by Federal and State Governments in addition to private
and municipal construction.
For January, 1941, Federal and State con¬
struction in the 2,227 cities totaled $32,564,000; for December, 1940,
ary,
1940, there was an increase
Electric
provided.
during January, 1940,
$130,800,000: and for January, 1940, $15,901,000Permits were issued during January for the following important building
projects
Manchester, N. H., for barracks at the airport to cost $993,000:
City—in the Borough of the Bronx, for apartment houses to
in New York
cost
more
than $2,064,000; in the Borough
dwellings to cost nearly
of Brooklyn, for one-family
$675,000, and for apartment houses to cost $685,000;
Output for Week Ended March 15, 1941, Totals
2,817,893,000 Kwh.
The Edison Electric Institute in its current weekly report
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
March 15,
1941,
was
2,817,893,000 kwh.
The current week's
output is 14.5% above the output of the corresponding week
1940, when the production totaled 2,460,317,000 kwh.
The output for the week ended March 8, 1941, was estimated
of
to
be
like
2,835,321,000 kwh.,
week
a
year
ago.
an
increase
of
15.1%
over
the
The Commercial &
1820
1941
22,
Consumption
Imports of Merchandise for
PREVIOUS YEAR
PERCENTAGE INCREASE FROM
March
Financial Chronicle
(Corrected to March 13, 1941)
Week Ended
Week Ended
1941
Mar. 15.
Regions
Mar. 1, 1941
(Value in Thousands of
Week Ended
Mar. 8, 1941
Dollars—000 Omitted)
Feb. 22. 1941
Week Ended
Major Geographic
17.1
13.3
16.7
Middle Atlantic..—..
10.6
14.5
Crude
Manuf'd
Foodstuff
Food¬
& Bev¬
Man u-
Manu¬
als
stuffs
erages
factures
factures
Geographic Division
11.8
Materi¬
Imports
16.5
12.1
Crude
Total
New England
and
Finished
Semi-
18.5
18.1
16.7
17.4
8.8
9.1
10.7
8.6
Southern States.
17.4
19.6
17.5
14.8
Europe
2,951
6,339
6,974
10.5
12.3
10.7
10.7
Northern North Amer,
35,36(
Pacific Coast--
10.9
12.7
Southern North Amer.
23,09£
1,93£
7.92C
11,208
11.5
3,221
6,947
13,634
8.7
4,85(
5,361
3,95
221
Rocky Mountain
14.5
15.1
14.0
14.9
Asia.-.-..—
Central Industrial.
West Central
-
_
.
--------
Country
21,34(
43,95(
22,003
14.40C
1,417
3,347
5,751
83,335
50,783
3,38£
6,054
14,758
Oceania.
6,331
5,622
12
213
446
39
Africa..
10,19£
5,053
2,131
58
2.857
100
Total-
223,63C
97,633
30,326
20,552
47,131
27,988
10,351
8,486
4,804
44
955
819
87
446
23
2
937
107
South
Total United States.
(THOUSANDS
WEEKS
RECENT
FOR
DATA
KILOWATT-HOURS)
OF
America
—-
930
384
8,353
Percent
Argentina
Change
25
1
8
Jan.
11
18
Jan.
Feb.
Feb.
1940
'
Belgian Congo
2,485
1,619,265
2,592,767
+ 9.3
2,264.125
1,602,482
2,672,117
+ 10.6
2,256,795
1,598,201
1,588,967
1,588,853
1,733,810
1,736,729
1,717,315
2,244,030
+9.4
•
"dm
m
m
mm
«.
600
Brazil-..—-....
591
1
3,287
British India.
45
2,275
147
62
11,771
8,019
Bolivia.
1,542,000
mmmmmm
mm mmm
1
■■•r1':;
8
119
243
104
475
342
129
mmmmmm
2
2
6,104
30,042
1,731
790
28
537
3,019
19,997
6
13
10,013
14
1,659
13,534
10.550
British East Africa...
+ 10.3
2,214,656
2,829,690
+ 11.3
2,201,057
1,728,203
British Malaya...
Canada
34.144
5,177
3,224
2,823,651
2.522,514
+ 11.9
2,199,860
1,578,817
1,726.161
Ceylon.-.
1,933
1,395
528
1
1
2,810,419
2,475,674
+ 13.5
2,211,818
1,545,459
1,718,304
Chile—
4,000
489
35
50
3,419
7
+ 14.9
2,207,285
1.512,158
1,699,2.50
China
1,624
225
216
1,470
1,361
+ 14.0
2,199,967
1,519,679
1,706,719
Colombia
4,897
5,172
+ 15.1
2,212,897
1,538,452
1,702,670
Costa Rica
2,820,161
2,455,285
Mar.
1
2,825,510
Mar,
8
2,835,321
2,479,036
2,463,999
22
Feb.
1,047
2,565,958
2,541,358
16..
Feb.
Belgium
2,473,397
2,704.800
2,834,512
2,843,962
2,829,959
4
Jan.
Jan.
V
•-
5,461
from
'"
Australia.-.-
1929
1932
1937
1941
1940
1941
Week Ended
...
V
7
2
a
42
2,211,052
1,537,747
1,682,229
Mar. 22
2,424,350
2.200,142
1,514,553
1,683,262
2,422,287
2,146.959
1,480,208
1,679,589
4,955
11
469
rnmmmmm
mmmrnmrn.
3
1,233
377
7,510
70
204
1,274
82
Curacao (Netherlands
Mar. 29
173
483
9,394
Cuba
+ 14.5
2,460,317
2,817,893
Mar. 15
7
11362
West Indies)
500
9
""*348
Ecuador.--
441
78
276
Egypt....
442
437
Dominican
Republic
El Salvador
January, 1941—Geographical Distribution
rious Classes of Merchandise
of Va¬
Figures of the foreign trade of the United States for the
of
month
classes and
March
according to
source
tistics of the Bureau of
They
are
VALUE
economic
several
and destination,
were
issued
Foreign and Domestic Commerce.
UNITED
DIVISIONS
THE
AND
STATES
FOREIGN
LEADING
MONTH
TRADE
COUNTRIES
OF JANUARY,
BY
426
3
2
France..
WITH GEOGRAPHIC
ECONOMIC CLASSES.
—
...
United States Merchandise
mm
mm
60
280
325
2
34
391
173
27
2.450
a
365
mmmm
23
120
a
Germany,
Austria,
Czechoslovakia,
Poland..
520
...
7
1
Gold Coast.-...—..
1,824
311
1,507
Greece
1,263
1,088
7
Guatemala--
1,235
201
995
524
3
505
191
15
47
710
385
71
883
725
Honduras
Hongkong
Iran
—
(Persia)
Iraq
m
m
10.236
6,933
42
236
a
127
19
'■mmmmmm
8
68
23
93
370
638
1,930
12
11,658
mm
73
1
113
1,978
425
6
4
9
493
1,121
754
3
9
1,190
14
19
1,234
4
2,086
15.259
Netherlands Indies
15
mmrnm-mrn
74
-
365
78
35
■
mmrnrnm-
4
28
12
3
a
m
31
7,226
16
139
129
1,033
154
Kwantung
6
mmmmmm
30
mmm
167
219
...
Italy
Japan
Netherlands..
Exports of
mmrnrn
61
a
a
444
9
....
m m m mm m
2,513
French Indo-Cnina..
Mexico..
1941
mm, mm mm
805
Ireland
presented in the tabulation below:
OF
FOR
into
by the Division of Foreign Trade Sta¬
1941,
20,
divided
1941,
January,
453
Finland
14
27
■'
Imports and Exports for United States for Month of
13
116
mm mmm m
«
mmm mm
m
mum
2,625
a
.1
V
Newfoundland and
(Corrected to March 13, 1941)
Labrador
(Value in Thousands of Dollars—000 Omitted)
...
New Zealand.
733
601
3
125
4
''
51
Norway
Finished
Crude
Crude
Foodstuffs
and
Total
Materi¬
Food¬
& Bev¬
Manu-
Manu¬
Country
Exports
als
stuffs
erages
factures
factures
Geographic Division
Seml-
Panama Canal Zone..
'm
'
mm m
20
~
43
54
553
9
43
4.702
554
848
316
72
260
695
46
78
78
781
632
33.363
81,515
Spain
1,526
988
8,992
42,808
Sweden
549
431
3,774
4,761
20,138
Switzerland
28,921
845
85
1,140
5
,058
21,792
Thailand
49,143
3,183
206
2,080
11,915
31,758
Trinidad and Tobago.
5,069
544
5
72
1,098
3,350
22,016
255
1
195
2,237
19,328
Africa.
mm mm
1,682
4,613
Oceania
14
1,019
6,103
Asia
1
17
mmmm mm
1.678
60,419
America.--
482
a
47
4
mmrnm'mm
*
7,829
1,391
29,653
South
-
Peru
122,733
2,610
-
Philippine Islands
Southern North Amer.
—i—
m
"ii
34
Northern North Amer.
...
*
510
Portugal
Europe
m
Panama, Republic of.
Manuf'd
212
...
55
18
194
.9
327
1,528
17
346
202
(Siam)
119
451
a
a
1,881
74
69
mrnrnmrnm
38
a
■'
84
6
41
a
Turkey
1,388
1,218
6
a
Union of South Agrica
2,949
2,500
29
3
11
279
14
""29
1,747
2,711
4.250
79
9
3
651
32
163
1
365
52
Union of Soviet Social¬
Total.
ist Republics
317,953
16,093
10.859
67,425
220,689
Argentina
5,258
102
39
1,402
3,709
Australia
4,062
336
35
781
2,909
Venezuela...........
Belgium
a
Bolivia
584
4
9,145
412
...
Brazil
British East Africa...
a
\
"7
38
Belgian Congo
a
"
29
45
84
1,710
...
9,828
526
13
156
355
8,756
352
89
2,025
6,290
British Malaya
Canada
4,820
8
14
226
370
59,865
6,076
1,512
885
8,936
42.455
119
u——_
a
2
53
639
2,152
300
636
3,102
"l22
4,588
545
Colombia..
130
Bank
Debits
for
Week Ended
Above
March
Year
a
12,
1941, 6.3%
Ago
to deposit accounts (except interbank accounts),
reported by banks in leading cities for the week ended
Debits
64
13
5
a
2,926
China
1.026 i
2,166
Less than $500.
4,202
Chile
5,140
6,917
British India
Ceylon
1,091
5,230
3,876 '
452
82
24
1,805
2,110
United Kingdom
Uruguay
2,887
as
March
during
$125,113,000,000,
11% above the total reported for the corresponding period
12,
aggregated
Total debits
$8,914,000,000.
Curacao
West
13
138
400
3,319
583
1
3
100
78
402
7.554
225
87
2,001
1,070
4,171
1,194
5
54
235
101
799
a
582
3
5
72
79
423
573
1
80
52
440
49
357
1,372
8% compared with the corresponding period a
year ago, and at the other reporting centers there was an
increase of 14%.
These figures are as reported on March 17,
4,000
Costa Rica
-
Cuba
the 13 weeks ended March
or
(Netherlands
Indies)
Dominican
-
Republic-
Ecuador
Egypt
104
1,883
El Salvador..
395
1
24
58
1,793
Finland
383
755
73
France
1
French Indo-China
256
1
""45
""49
311
582
a
36
126
year
increase
1941, by
System.
Germany,
Austria,
Czechoslovakia,
Poland.
6,909
Greece...
1,205
38
24
9
2
"59
""214
570
561
8
2
44
126
20
106
393
1,574
8
61
6
31
439
Boston
113
375
New York
223
905
12
Iraq
•.
476
912
"265
11,336
i"596
432
116
8,280
186
21
138
Italy
Mexico
Netherlands
*297
305
258
4'076
3,529
Chicago
1,285
1,129
18,371
16,458
227
3,776
2,077
3,240
3,440
4,380
54
351
986
208
3
35
314
426
1
"l77
103
"1*512
112
413
1,164
3,159
1
Peru
1,726
10
1
54
252
1,410
Philippine Islands
Portugal
Spain
6,758
89
137
865
500
5,165
1,065
199
13
286
566
Sweden
1,071
a
12
395
288
"37
14
322
97
498
35
32
58
231
"86
150
242
222
201
2,050
710
$125,113
$112,219
3,581
47,664
44,179
4,141
67,075
58,950
751
133 Other centers
58,383
3,457
4,706
Total, 274 reporting centers
New York City *
140 Other leading centers *
648
58,914
San Francisco.
3,708
3,175
10,133
660
10,373
9,090
2,834
8,904
1,399
10,222
287
2,214
1,600
32,051
75,310
*
Centers for which bank debit figures are available back to 1919.
700
Union of Soviet Social¬
2,501
112,878
3,346
843
41
2
5
242
553
3,476
16
34
644
230
2,553
571
150
699
47
278
"l04
262
249
234
5
10
18
*
Kansas City..
Dallas
4,007
372
44
31
a
St. Louis
Minneapolis..
"28
5,975
Atlanta
4
i....
7,377
6,235
5
Venezuela.,
52,152
6,666
48,235
399
1,454
1,826
Uruguay
3,859
452
1
'108
4,851
ist Republics
$6,170
3,844
9,025
Panama Canal Zone..
United Kingdom
$7,107
4,848
*1*476
11,811
$484
290
Norway
Panama, Republic of.
Union of South Agrlca
1940
$501
497
103
Turkey
1941
594
"227
786
1940
341
14
764
Mar. 13,
1941
Richmond
"27
Thailand (Slam)
Mar. 12,
Cleveland
28
Switzerland
Mar. 13,
119
"l94
Trinidad and Tobago.
Mar, 12,
3,624
6,305
706
13 Weeks Ended
Week Ended
Federal Reserve District
Philadelphia..
550
New Zealand
RESERVE DISTRICTS
5*992
Newfoundland and
Labrador
Federal Reserve
197
"124
1
Netherlands Indies
an
was
6,846
"
Kwantung
there
824
2,316
Japan
FEDERAL
380
(Persia)
Ireland
City
York
Board of Governors of the
1,205
Iran
Hongkong....:
New
in
(In Millions of Dollars)
853
...
the
a
Gold Coast
Honduras
banks
of
SUMMARY BY
a
Guatemala
At
ago.
12 amounted to
California
Business
High Levels,
Francisco)
in
February Advanced to
Reports
Wells
Fargo
Record
Bank
(San
During February, California business activity advanced to
according to the current "Business Out-
record high levels,
Volume
The Commercial &
152
1821
Financial Chronicle
look," published by the Wells Fargo Bank & Union Trust
Co., of San Francisco. The Wells Fargo index of California
business (in which 1935-39 equals 100) rose to 141.7 last
month from 138.7 in January.
In February, 1940, the index
rftood at 111.5.
Comparing February with the preceding
month, three of the index factors (department store sales,
carloadings, and industrial production) registered increases,
while the fourth (bank debits) was slightly lower.
:#<v;v
.v.), v.-;.
business indexes
(1935-1939 average=100 for industrial production;
1923-1925 average=100 for all other series)
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
Jan.,
1941
Feb.,
1941
Feb.,
Feb.,
Jan.,
Feb.,
1940
1941
1941
1940
133
113
116
Manufactures, total. ... ...... .... pl45
pi 73
Durable
......
........
Non-durable.... .............. pl'22
of Governors of
Federal Reserve System-
Increase in Industrial Activity and
Further
March 19 that industrial activity and em¬
half
of
wholesale
consumers
commoditv
vanced.
The
Board
The
March.
by producers and
also
noted
that buying
continued in large volume and
imports, ad¬
*^*ices, particularly of
follows*
summu
Production
In February volume of industrial output, on a
more
to
110
pll8
118
114
V 88
p79
p9 6
103
63
84
.56
117
68
......
daily average basis, rose
adjusted index advanced from 1939
than seasonally, and the Board's
All other..
Factory payrolls, total.
Durable goods. . ^
goods
where
industries
and
a
Many orders have been placed for delivery in the
unusually high
levels.-''
non-durable goods, activity continued at
levels reached in the latter part of 1940.
There were further
In industries manufacturing
industries and activity
increases in the cotton textile, rubber, and chemical
increased, following a temporary reduction in
In most other lines activity was maintained at
p
and
the
Statistics.
January.
Adjusted for
seasonally in February but increased con¬
Copper
zinc production
and
increased in
Output of crude petroleum
that had prevailed during the three preceding
Value of construction contract awards in February declined
somewhat
reflecting decreases in both public and private work,
Awards for public con¬
struction, although sharply reduced from the high level reached in the latter
half of 1940, were somewhat above those of a year ago, and awards for
private construction were nearly half again as large as in February of last
according to reports of the F. W. Dodge Corp.
year.
were
the largest on record,
and department store
consumers
increased more than seasonally
Prices of a number of basic imports rose
170
136
176
177
173
117
pl72
170
120
pl82
pl 97
173
123
pl81
168
123
188
138
V197
186
139
pl56
149
129
p 157
151
130
181
142
pl81
176
139
134
131
pl39
133
130
155
150
135
158
153
138
p218
146
212
145
p209
200
139
142
149
149
125
pl37
137
122
114
116
101
pl37
139
114
pl54
138
154
113
pl21
pll3
pi 09
110
83
137
112
131
144
106
pl34
pl43
137
...........
Non-ferrous metals and
products
Copper smelting
Zlno smelting
...
—
—
Copper deliveries
-
Zinc shipments..................
Lumber and products...
——————
products
Stone, clay and glass
Polished plate glass—
-
134
96
113
-
115
134
108
142
138
116
152
144
123
pl46
Textiles and products
Cotton consumption.
Rayon deliveries
154
143
pl43
p67
150
141
pl49
pll7
136
102
104
106
103
104
116
111
69
64
pl36
134
93
pl08
1 107
98
p66
Silk deliveries
Leather and products
85
72
102
96
115
100
88
86
80
T93
80
96
109
99
pl21
105
107
115
113
plOl
103
99
105
98
100
104
99
pll8
Cane sugar meltings
.........
pi24
Meat packing.... ———.
124
95
103
93
114
129
pll5
pll9
133
124
128
114
127
116
134
138
112
132
115
110
108
105
103
100
*
121
116
*
117
115
117
112
leather tanning
Cattle hide leathers
*
Calf and kip leathers
Goat and kid
3llOCS
«v mi
9
'
m
leathers......
m"m mm'mm
mm mm m
«» — m>
Wheat flour.———————
Paper and products.......
Paperboard....................Printing and publishing
Newsprint consumption.
Petroleum and coal products.------Petroleum refining.
Gasoline....
4
pin
pll6
Manufactured food products
—
—.—
*
♦
r92
87
♦
138
*
99
109
108
98
99
120
115
115
113
*
113
109
*
123
*
108
122
*
126
121
367
120
104
*
120
120
119
112
124
;V--
120
120
p298
314
r:
123
111
121
pl49
152
138
119
pl47
142
117
140
120
149
144
117
pll4
pll4
114
112
pll9
117
116
Bituminous coal......
117
104
121
pl02
98
78
pl33
pll2
130
Anthracite.
pl 15
pl44
114
118
pll4
111
143
130
p92
91
Fuel oil............———
Lubricating olL—*-—
Kerosene.............—.....
Rubber
- ...
-———- - -
■:
89
p402
■
.........
*
—' * ——
.
products
- - - -
-
Rubber consumption
Minerals
Fuels.;......——————————
seasonal amount.
Crude
...—--------.
........—-—
111
Iron ore
Copper.
sharply from the early part of
—
——
182
117
89
142
pl50
148
140
116
*
fy *
Silver.
estimated,
'
116
.
116
137
142
132
r Revised.
112
109
118
•
120
123
* Data hot yet available.
coal and miscellaneous indexes to
Chart Book, multiply coal by 0.210
Note—To convert
in Federal Reserve
*■
118
.
142
'
*
; p Preliminary or
145
pl53
130
120
119
140
116
135
*
...........
—
Gold
of some other domestic commodities, including
185
...————
Lead...
fats.
86
114
'
Zinc.—..
further increases in this period and there were
lead, wheat, cotton, and oils and
......
petroleum
Metals..
Cotton yarns and gray goods and non-
February to the middle of March.
in prices
121
pl72
186
pl41
-
Automobiles.
Wholesale Commodity Prices
advances
118
178
p 167
Sales at variety stores and by mail-order houses
of manufactured
products, showed an increase while loadings of forest products rose less
than seasonally and grain shipments declined.
ferrous metal scrap showed
174
1941
pl84
Machinery
Transportation equipment
making allowance for usual seasonal changes,
Freight-car loadings increased by about the usual
Shipments of miscellaneous freight, consisting mostly
also
pl68
Pig iron—.....................
Steel Ingots. —————————
Chemicals
sales were also at a high level.
-
1940
Feb.,
1940
Jan.,
Feb.,
1941
Feb.,
1941
Manufacture
Iron and steel.
Beehive coke..... -
Distribution
from January to February.
Jan.,
1941
:
Distribution of commodities to
Without
Seasonal Adjustment
Feb.,
the high levels of other recent
months.
than seasonally,
f
Seasonal Variation
plemented by imports from South America.
more
68
(1935-1939 average=100)
February and recently domestic supplies of copper have begun to be sup¬
continued at about the rate
71
'
•
Wool textiles
union.
miners'
79
p81
71
68
64
90
78
79
71
* 'V
73
* Data not yet available.
Preliminary.
by Bureau of Labor
April 1 at the expiration of the present contract between the mine oper¬
ators
101.0
.v
Note—Production, carloadings, and department store sales indexes based on daily
averages.
To convert durable manufactures, non-durable manufactures, and
minerals indexes to points in total index, shown in Federal Reserve Chart Book,
multiply durable by 0.379, non-durable by 0.469, and minerals by 0.152.
Construction contract Indexes based on three-month moving averages, centered
at second month, of F. W. Dodge data.for 37 Eastern States.
To convert indexes
to value figures, shown in Federal Reserve Chart Book, multiply total by $410,269,000, residential by $184,137,000, and all other by $226,132,000.
Employment index, without seasonal adjustment, and payrolls index compiled
v
siderably in the first half of March when, according to trade reports, there
was some inventory accumulation in anticipation of a possible shutdown
on
97.8
108.0
101
pl02
Department store stocks, value......
1
Coal production rose less than
99.3
131.9
86
Department store sales, value—....
Lumber.
months.
110.6
120.7
.
N on-durable goods....
Freight-car loadings
second
of heavy consumption and some
Retail sales of new and used cars advanced to
dlso
99.2
112.7
*
*
New orders for
availability of sup¬
plies.
Output of pig iron, coke, and non-ferrous metals was likewise at
near capacity rates in February and unfilled orders for these products, too,
were at
exceptionally high levels.
Demand for lumber continued large
owing to a high rate of construction activity and output was sustained in
large volume for this time of year.
Automobile production increased in
February and the first half of March to about the peak rate attained last
the record
118.3
*
high rate of output, unfilled orders
uncertainty on the part of steel users regarding future
at woolen mills
58
105.0
115.5
♦
around 96% of capacity in January
99% in the first half of March.
half of this year, reflecting the prospect
November.
111.1
60
95
\
■;
. ....
recent months, were largest in the
proportion of defense program
steel continued large and, despite the
increased further.
54
70
.....—.
Activity continued to rise sharply at machinery
rose to
112
84
large
Steel production fluctuated
February and
113
? A'* '
plants, aircraft factories, shipyards, and in the railroad equipment in¬
dustries.
108
100.2
115.6
121
117
INDUSTRIAL PRODUCTION
Increases in February, as in other
orders have been placed.
105.8
161
p71
p8l
121.1
total
114 '
137
p77
118.3
*
Durable goods—.u—.—j..
Non-durable goods
141% of the 1935-39 average.
durable
total..
Residential.;:.—:
Factory employment,
ployment increased further in February and the first half of
March.
This was pointed out in the Board's regular monthly
summary of general business and financial conditions in the
United States, based upon statistics for February and the
first
121
-.
Construction contracts, value,
The Board of Governors of the Federal Reserve System
on
124
Minerals
Em¬
ployment in February
announced
116
170
total
Industrial production,
Summary of Business Conditions in United States by
Board
143
pl38
pl42
pl68
pl21
pll5
139
pl41
points in total index, shown
and miscellaneous by 0.477.
FREIGHT-CAR LOADINGS
Bank Credit
(1923-25 Average=100)
Commercial loans continued to Increase at
cities in February and the first
chased additional Treasury notes
defense program.
member banks in 101 leading
half of March and these banks also pur¬
As a result of the increase in
bank deposits showed a further
United
Prices of Government
States
loans and investments,
Government
Security
about 314
Without
Seasonal Adjustment
securities increased after Feb. 15, following a sharp
10 weeks.
Feb.,
1940
1941
Jan.,
1941
75
75
68
89
86
80
89
96
65
119
113
1 88
71
76
75
65
68
*
38
36
40
31
35
56
60
44
54
53
f 33
f 43
138
149
107
33
33
126
104
Prices
points above their price on
Coal.....
—
Coke ... —- ii
Grain
—
Livestock
Forest
.. •—
—
——
—
products
Ore
102
83
89
87
• 71
61
62
60
*59
—
Miscellaneous
65
Merchandise, l.c.L...
63
miscellaneous indexes to points in total index,
Federal Reserve Chart Book, multiply coal by 0.210 and miscellaneous by
Note—To convert coal and
in
Monthly
Indexes of Board of Governors of
Reserve System for February
Federal
of the Federal Reserve System
issued on March 18 its monthly indexes of industrial pro¬
duction, factory employment, &c.
In another item in
these columns of today we give the Board's customary
summary of business conditions.
The indexes for February
with comparisons for a month and a year ago follow:
The Board of Governors
Feb.,
Jan.,
1941
Feb.,
1941
Feb.,
marked advance.
The 1960-65 bonds on March 15 were
Feb. 15 and about 114 points below
the all-time peak of Dec. 10.
The yield on this issue, which increased
from 2.03% at the peak in prices on Dec. 10 to 2.30% on Feb. 15, had
declined to 2.14% on March 15.
decline in the preceding
Adjusted for
Seasonal Variation
and bills issued in connection with the
:,V V'-W.+
»-•
:,'/?$
1940
69
shown
0.477
;••••.
Unemployment Rose 729,000
Employment, However, Far
Conference Board Reports
in
January—Total
Year Ago
Above
Total
unemployment
in
the'United
States
rose
6,935,000 in December to 7,664,000 in January, an
of 729,000, according to preliminary estimates for
from
increase
January
The Commercial & Financial Chronicle
1822
prepared by the Division of Industrial Economics of the
employment,
Total
Board.
Conference
however,
"
\
usually increases in January, and that the effect of a
larger-than-usual increase in the number of trade, dis¬
tribution and finance personnel during the Christmas holi¬
ment
day season resulted in a greater-than-usual post-holiday
reaction, which released 576,000 persons from these lines of
activity.
Under date of March 7 the Conference Board
further reported:
101,000; in transportation, 26,000, and in public utili¬
the same time agricultural employment increased by
manufacturing,
21,000.
ties,
At
192,000, and the service industries employed
The
since
There
still
A net gain for the year was also found for
employed 12 months earlier.
workers
in manufacturing,
decreases
losses
were
small,
very
of
amounting to only 3,000 and 2,000, respectively.
514,000 persons to their payrolls over the
period, with much of this increase caused by
the number of employees
undergoing
men
year's military training.
the addition
of
expands from
normally
192,000 workers in
December to January,
the latter month contrasts with
loss of 589,000 in December, and with a gain of 62,000 over
Total
a
January, 1940.
employment amounted to 47,757,000 in January, 1941,
in
January,
below
March,
48,261,000 in November, and with 45,606,000
The total for January of this year was only 168,000
1940.
the
for
average
1929,
11,873,000
stood
and
above
the
low
of
1933.
Work
Conference
in
Board
employment total estimates,
increased
were
by 41,000 for January, but were 418,000 below the January, 1940, level.
UNEMPLOYMENT AND
EMPLOYMENT
of
Cost
Unemployment total
Jan.
Nov.
*Dec.
*Jan.
1933
1940
1940
1940
1941
429
+ 13.3
+22.3
+4.6
+ 28.6
+47.8
+4.6
+ 16.8
+26.7
+2.2
+30.2
+ 3.1
+ 9.0
+43.0
+ 14.0
+ 1.6
+4.0
+ 15.8
Slightly
February,
in
Indicates
Board
Conference
earners' families in the United
third consecutive month,
according to the survey conducted by the Division of Indus¬
trial Economics of the Conference Board.
Living costs in
The cost of living of wage
February for the
in
rose
February were 0.1% higher than they had been in January,
result of rises in the cost of food, housing and clothing.
as a
They
1.2% higher than during February of last year,
were
above the April, 1933, depression low, and 13.6%
below the February, 1929, level.
Under date of March 10
the Board further reported:
20.1%
Food prices, which
above
advanced 0.1% from January to February, were 1.3%
of February,
those
29.0% higher than the March, 1933, low
1929, level.
February had risen 0.1% since the previous month; 1.3% over
period; 39.9% from the depression low, January, 1934, and were
1940 ;
point, and 24.6% below the February,
Rents in
the year
4.6%
below February,
1929.
Clothing prices increased 0.1% between January and February, and were
They
20.4% above the low point of the depression.
than
lower
February,
during
however, 0.1%
were,
below
26.9%
and
1940,
February,
1929,
prices.
prices during February were 0.1% higher than in January;
1.3%
above those of February,
The
1940, and 7.3% below the February, 1929, level.
sundries has remained unchanged since August, 1940.
The
Of
cost
1.2% higher than in the
was
above the'June, 1933, cost, and
March
+ 58.2
+4.0
Advanced
Living
The purchasing value
Avge.
1929
.
m «•«»
February cost
(IN THOUSANDS)
.
Binghamton-Endicot+Johnson City—
Coal
Projects Administration and Civilian Conservation Corps rolls, not
included
Iiocii^'Btcr
v -----. ... .
-
„
+ 24.4
+ 0.6
Syracuse
Buffalo.tr
empl.
+ 7.3
+2.7
+2.7
+ 1.4
-
A1 bany-Schnectady-Troy
Payrolls
+4.7
+ 3.5
+ 3.3
New York City
as compared
with 48,439,060 in December,
Payrolls
Empl.
Utlca
constant rise in
a
in Government service, including
Agricultural employment
and
mining
added
industries
service
12-month
those
were
Transportation added
In fact, the only employment classes to
and public utilities, in which the
workers during the year.
94,000
their
and amounted to 756,000.
Percentage Change
Feb., 1940 to Feb., 1941
Percentage Change
Jan. to Feb., 1941
States
1940, although this kind of work generally slackens every
remained 573,000 more construction workers than were
February,
The
workers.
more
drop in the number of construction workers was the first to occur
fall.
show
109,000
1
1941
22,
City
employment occurred in construction, 224,000 workers;
Other decline# in
'
,
was
2,151,000 greater in January than it was in January, 1940,
and stood at 47,757,000.
The Board states that unemploy¬
in
March
with
116.3c.
in
-n
116.1c. in February
was
8.8%
compared
as
117.5c. in February, 1940; 100.3c. in February,
January;
1929, and 100c.
month of 1940;
same
2.4% below that of February, 1929.
of the dollar
1923.
14,762
35,884
9,163
7,066
47,925
45,e08
48,261
6,935
48,439
47,757
10,539
9,961
10,462
10,921
10,332
10,524
267
136
203
221
214
210
Family
February,
January,
Jan., 1941, to
19,097
10,966
16,374
18,036
18,172
17,792
Budget
1941
1941
Feb., 1941
+0 1
.
Employment total
7,664
...
Forestry and fishing
Total Industry
..
Extraction of minerals
Relative
Indexes of the Cost of
Importance
Agriculture
Living—1923=100
Percent of
Inc. (+) or
in
item
Dec.
(—) from
1,067
T ransportatlon
645
760
768
764
757
Food.a
33
78.8
78.7
11,059
3,340
6,966
10,771
11,474
Housing
20
87.7
87.6
+0.1
2,772
2,567
Clothing
12
73.1
73.0
+ 0.1
1,549
1,994
1,912
2,067
11,628
2,791
2.032
11,527
941
2,465
Manufacturing
Construction
2,006
Men's
80.4
80.2
937
+ 0.2
955
956
935
....
Public utilities
1,167
865
Trade, distribution and finance..
8,007
6,407
7,420
7,654
8,090
Service industries
9.003
7,711
10,194
10,418
10,599
7,514
10,708
Mlscell. Industries and services..
1,012
703
952
1.012
1.033
1,009
Women's.
______
_
65.7
—
5
Fuel and light
65.7
0.0
86.4
86.4
0.0
Coal
86.7
86.6
+ 0.1
Gas and electrlcity.b
85.9
85.9
0.0
J
30
98.1
98.1
0.0
Weighted avge., all Items.
Purchasing value of dollar..
*
100
86.1
86.0
+0.1
116.1
116.3
—0.2
Sundries
Preliminary.
New
York
Factories
State
Continued
Expand
to
in
February
According to
State
statement issued
a
Industrial
Commissioner
on
March 11 by New York
seasonal
gains
in
at
clothing and millinery shops, usual in
February, other factors that were instrumental in raising
the
14, 1941, and the Conference Board preliminary composite index of food in
56 cities, Feb. 14, 1941.
b Based upon retail price of 35 kwh. of electricity, 1,000
cubic feet of natural gas, or 2,000 cubic feet of manufactured gas.
Frieda
S. Miller, gains of
payrolls were reported by
New York State factories from January to February.
The
gains this February were much better than the average
January to February gains of 1.5% in employment and of
1.4% in payrolls over the past 26 years.
Besides the large
2.8% in forces and of 3.9%
Based on food price index of the United States Bureau of Labor Statistics for
a
Jan.
employment and payroll levels this February
the
were
Retail Food Costs Advanced Slightly Further Between
Jan.
14
and
Feb.
18, According to Bureau of
were
went
The
New
York
based
point
reached
112.4,
Department
1925-27
since
earnings
March,
previously
this
recorded.
Preliminary
throughout
State,
$30.49,
with
the
during
the
middle
week
of
factory
106.3,
the
basis
reports
for
the
February.
index,
at
Average
figure
any
there
were 16.7%
29.2% higher.
was
from
2,279
statements
on
The
highest
1920.
than
1940,
payroll that
a
employ¬
the
payroll
higher
were
February,
on
covering
form
of
to
corresponding
These firms employed 499,704 workers
report.
index
rose
month since October,
February
tabulations,
the
100,
as
The
any
at
Compared
workers employed this
more
1924.
month,
Labor's
of
average
higher than that for
was
weekly
State
the
on
factories
made
in
this
payroll of $15,234,574
a
Division
of
Statistics
and
Information, under the direction of Dr.
E. B. Patton, is responsible
monthly collection, tabulation and analysis of these data.
the
Employment and Payroll Increases in All Industrial
All
machinery
gains
the
major
factor
for
the
increases
in
the
districts.
York
With
a
few
notable
exceptions,
the separate up-State districts
at
factory
the
firearms
were
plants
and
almost
all
the
reported increases.
the
settlement of
important industries
In
the
Albany-Schenectady-Troy
and
cuse
manufacturers
further
seasonal
of
area
losses
at
were
brush
caused
by
factories
in
strike
a
at
The
a
strike at
and
furniture
only declines
a
breweries.
textile
reported
Syra¬
have been
area
this
very
hired
month
by these factories.
were
reported
by
shoes, men's furnishings and clothing.
City area, shoe firms maintained their
photographic supply and clothing
The major gains
firms
in
the
Rochester
making
instruments, furniture,
In the Binghamton-Endicott-Johnson
recent
concerns
gains, while business machine,
expanded.
All
areas.
these
fresh vegetables
some
season
in winter vegetable
advances
in
the
bill
grocery
than
in
February, 1940, because of higher meat prices
(about 14%), and slight advances in prices of dairy prod¬
ucts.
Decreases ranged from 1% to 3%% for all other
groups of foods except eggs, which averaged 13% lower than
a
year
Commissioner's
The
ago.
says:
further
announcement
V",'"';; :'-\Vv
■
.
The
principal changes in retail food prices during the month and from
last February were as follows:
Change. February,
Pet. Change, February,
1941, Compared tcith
1941, Compared with
Item
Item
v:
January,
February,
1941
1940
February,
January,
1941
1940
Potatoes
+ 2.7
—23.9
White bread
0.0
—3.7
Roasting chickens
Pork chops
Sugar
+ 2.6
+ 13.9
Round steak
—0.5
+ 13.6
+ 1.4
+26.6
Milk, fresh (av.)_
+ 0.7
—3.2
Butter
Coffee
+0.5
—5.0
Rib roast
Oranges
In
+ 0.4
the
declines
butter,
again
and
typewriters,
steel, industrial chemicals, shoes and
good gains from January to February.
Reporting
firms in the Buffalo area added about
1,700 more workers to their mount¬
ing payrolls during the month.
During the past year almost 17,000 work¬
furniture
in
more
almost entirely offset by the large (12^%) seasonal
cut in egg prices and by lower prices for beef and fisb.
Retail costs of food were 1.3% higher on Feb. 18, 1941,
Utica further expan¬
the outstanding developments this month.
mill
ers
producing
Pet.
City the largest gains were due to the seasonal revival at
clothing and millinery shops.
The only sizable reductions in the city were
reported by manufacturers of fur goods, building supplies and
paper goods.
in
because of the rainy
up
Districts
up-State
slightly
was
were
major industrial districts of the State reported gains in both
and payrolls from
January to February.
The metals and
industries reported further gains in all districts, and these
were
New
sion
moderately higher, and prices of
seven
employment
In
for
budget
Statistics reported on March 12.
Pork prices in retail stores
again went up sharply, staples like coffee, sugar and lard
tories.
ment,
Index
February than in January, and about 2% more than last
November, Commissioner Lubin of the Bureau of Labor
continued expansion at plants with defense orders and the
settlement of strikes beginning in January at several fac¬
Miss Miller's statement continued:
Statistics'
Labor
The cost of the family food
in
prices
some
reported
of
pork and
reductions
for
the
beef,
in
from
reports
still
flour
lower
and
staples—coffee,
of
fresh
vegetables
rose
mid-February because of
Market
temporary
interfered with
—13.3
18
cities
quotations
milk.
The
indicate
and
for eggs
higher
prices
are
lard and sugar—and for chickens
producing
reduction
in
supplies
areas
from
Florida
to
seasonally.
is higher this year than
fruits
4*£%
than
weather
between
conditions
mid-January
in
resulting
from
growing
which
harvesting and marketing operations in the winter vegetable
acreage
fresh
more
unfavorable
prices of cabbage, green beans, and spinach advanced with
vanced
of
—12.7
Eggs
preliminary
—0.8
+ 10.4
oranges.
areas.
the
+ 2.2
weeks
two
and
Costs
and
past
0.0
—0.8
—1.6
—1.9
.
and
Retail
of
prices
canned
California.
of
last.
and
Prices
of
rains
potatoes
also
ad¬
and
carrots
There
dried
heavy
lettuce
was
little change in prices
fruits
and
declined,
vegetables.
since
The
The Commercial & Financial Chronicle
Volume 152
family
budget for fruits and vegetables costs
4%
less than
year
a
ago,
largely because potatoes,
green beans, and spinach were selling from 13%
24% lower due to larger supplies.
Apple prices continued to be high
to
because of
last
short crop
this
at
year
bage,
the
time,
mid-January.
fall.
sweet
carrots and lettuce 1%
Average meat prices
in
last
to 5%
costs
of
pork,
offset
pork
marketings.
since
a
Prices
August,
year
than
1940.
month,
canned
pink
last
Meat prices
chickens
pork advanced lJ/&%
bog
in
first
time
substantially higher than they
year ago;
18.
in
drop
the
for
The
of
of
cost
in
milk
dairy
larger
supplies this
in
a
Los
and about the
year ago
declined
1.6% for butter and
Buffalo and in
delivered
and
for
the
corresponding week of
than
in
same
Angeles.
February
of
coffee
as
a
Bread
Softwoods
was
still
lower
Hardwoods
1941 Week
Softwoods and Hardwoods
...
1941,
In
spite
5%
of
these
lower than
a
lower
advances
recent
ago,
year
the
(0.5%),
price
average
1%
lard was
lower,
and
INDEX NUMBERS OF RETAIL CO.0""! OF FOOD BY COMMODITY GROUPS
Five-Year
1935-39=100
.age
Mills-...
393
Productlon
All foods
Previous
Week
473
475
10,276
100%
239,915
201,615
234,654
9,904
262,210
12,951
230,872
283,393
209,457
118%
96%
126%
222,175
257,759
97
220,968
270,442
Orders...
473
100%
96%
229,639
We give herewith latest figures
National Paperboard Association,
received by us from the
Chicago, 111,, in relation
to activity in the paperboard industry.
The members of this Association represent 83% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also a figure which indicates the activity of the mill based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
STATISTICAL
*Feb. 18 1941 Jan.
Commodity Group
Week
Weekly Statistics of Paperboard Industry
4%
to
last year.
than
1940
Week
(Revised)
lc.
from 3%
selling
was
quota agreement and higher shipping costs; lard (3.2%),
new
(0.7%).
3%
sugar
for the previous week
follows, in thousand board
In Minneapolis the average price
moderate increases in prices of certain staples; coffee
were
sugar
ago
reduction of 1% per quart
February, 1940, and flour 7.4% lower.
There
and
year
"'..V'
feet:
Shipments
slightly in
a
one-quart deliveries advanced
slightly this month.
reflecting the
March 8, 1941,
a
14
Average prices of white bread remained unchanged, and prices of flour
declined
a
milder weather
due to
year
„
again
1941,
Softwoods and Hardwoods
than in any February in the
1939.
products
reduction of
a
for milk
March 8,
on
37% greater than
were
13% less.
were
Record for the current week ended
higher, although pork prices
e£g prices amounted to 12.7% between Jan.
in
Because of
February, 1938 and
result of
34%
was
1941
than last year, prices were 13% lower than
as
stocks
Unfilled orders
1941 Week
February, and cured pork 15%
seasonal
Feb.
orders to gross
stocks
gross
previous six years.
The
12% above production and ship¬
9% above production.
Fresh pork was selling 27% higher
in general were lower both this
year and last
and
was
were
salmon
are
1823
business
new
The ratio of unfilled
and
advanced
date
to
compared with 22% a year ago.
families as
were largely
decrease
1941
Supply and Demand Comparisons
higher than
cab¬
seasonal
the
of
ments were
oranges,
earners'
wage
Fresh
with
the rise averaging 12.5%.
ago,
in
of
the
bananas,
lamb and
by lower prices for beef and fish.
during
and
higher than in February, 1940.
cured
6%
selling 13%
are
19%,
slightly higher for
were
Higher
Apples
potatoes
weeks
14
13
1940 Feb.
17
1941 Dec.
REPORTS—ORDERS,
MILL
PRODUCTION,
ACTIVITY
1940
97.9
97.8
97.3
a94.9
94.8
97.8
Meats
102.5
101.1
97.4
90.0
Dairy products..
104.4
105.1
107.4
103.9
Eggs
85.0
97.4
117.7
98.0
Fruits and vegetables
Fresh
95.6
93.3
90.4
99.5
96.3
93.4
89.5
101.1
Canned
91.9
91.4
91.3
92.7
Dried
99.6
99.6
99.6
101.1
Beverages..
91.5
90.9
90.4
94.5
Fats and oils..
81.1
80.3
80.1
84.0
Sugar
96.0
95.3
94.7
"Unfilled
96.6
95.0
99.2
Orders
Production
Orders
Received
Period
Cereals & bakery products.
Tons
Remaining
Tons
1940—Month
Percent of Activity
Cumulative
Current
Tons
of—
Preliminary,
a
70
71
449,221
129,466
69
70
April
429,334
520,907
456,942
193,411
70
70
May
682,490
624,184
76
72
June
508,005
509,781
247,644
236,693
79
73
July
644,221
587,339
72
73
August
452,613
September
468,870
487,127
470,228
196,037
162,653
163,769.
72
73
October
670,473
648,611
184,002
79
73
November.
*
71
453,518
167,240
137.631
72
420,639
488,990
464,537
509,945
161,985
77
73
479,099
151,729
71
73
January
673,446
629,863
202,417
75
February.
608,521
548,579
261 650
81
100,798
101,099
153,111
59
mm
137,150
138,863
147,634
130,847
134,135
130.750
161,994
77
69
168,364
78
72
185,003
78
74
149,001
150,012
133,032
133.091
202,417
79
75
March
Revised.
December
Factory Employment, Payrolls and Working Time in
Pennsylvania Increased in "February—Report on
Delaware Conditions
ceived
by the Federal Reserve Bank of Philadelphia from
2,429 manufacturing establishments.
These gains were
larger than seasonal, and were due primarily to expanding
defense production.
The volume of employment and the
amount of wages paid last month were the largest since
Under
said
date of
March 20 the Reserve Bank further
:
in
Activity
nearly
including
industries,
major
all
the
highest level
plants
At
ago.
maintained
at an
those
on
approximated
lines
producing
steel, and non-ferrous iftetal products,
to
or
transportation
where
wage
records back to 1928,
producing
seasonal
exceeded
building
and
equipment,
iron
and
38% above a year
had been
were
where activity
materials,
about in line with expectations.
In consumers'
goods industries, such as textiles and leather manufactures, wage payments
showed seasonal gains; the increase from January was 6% and from a
Earnings of factory workers in Pennsylvania increased to a new
February, averaging about 74^c. an hour, as against 74c.
71c.
a
hours
high in
in January and
Working time also expanded from an average of 39 to 40
week, and approximated the 3 l/2-year peak reached last December.
year ago.
a
increased nearly a dollar in February to $29.64,
back to 1923. A year ago earnings averaged
Average
weekly income
and
the largest on records
was
only $25.74 a week, and at the previous peak in
The
Bank's
announcement
1929
were
less than $28.00.
Delaware
February,
to
a
factories employment decreased about
but was 15% above a year ago.
32% larger than in February
volume
number
of
18
Jan.
25
Feb.
1
employee-hours
worked
reporting lines except metal and
Feb.
8
79
138,549
234,260
81
76
148,723
155,262
135,763
80
77
141,176
247,271
261,650
154.001
138,165
168,701
143,748
Mar. 1
Mar.
8.
Mar.
15
Lumber production
were
1% from January to
Wage payments expanded 7%
Payrolls and the total
1940.
larger
than
in
January
in
all
77
277,115
80
78
300,378
82
78
production, do
equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other Items made necessary adjust¬
Note—Unfilled orders of the prior week plus orders received, less
ments of unfilled orders.
Canada to Lower Wheat Acreage—Limits
Announcement
2% greater than in the previous week; shipments were
12% less; new business 10% greater, according to reports
to the National Lumber Manufacturers Association from
regional associations covering the operations of representa¬
tive hardwood and softwood mills.
Shipments were 4%
production; new orders 18% above production. Com¬
pared with the corresponding week of 1940, production was
19% greater, shipments 10% greater, and new business 28%
greater.
The industry stood at 135% of the average of pro¬
duction in the corresponding week of 1935-39 and 121% of
below
1935-39 shipments in the same week.
The Associa¬
tion further reported:
Year-to-Date
Comparisons
for the 10 weeks of 1941 to date was 18% above
corresponding weeks of 1940 ; shipments were 22% above the shipments,
and new orders were 20% above the orders of the 1940 period.
For the 10
made in the Canadian House of Com¬
was
at Ottawa,
mons,
12, of a new wheat program
March
on
placing a limit on wheat deliveries in the crop year begin¬
ning Aug. 1 at 230,000,000 bushels, and calling for a reduc¬
tion of about 35% in wheat acreage under a year ago.
The
it is explained, applies to Western Canada and is
designed to encourage the growing of other commodities in
The salient points
that section.
follows
as
of the program were given
advices
from
Ottawa,
Press
Canadian
in
March 12:
A
limit
of
bushels
230,000,000
wheat
on
deliveries
in
the crop year
starting Aug. 1 next, whether to the Wheat Board, on the open
market, or
otherwise.
Payments of $4
fallow
grains,
coarse
The
65%
1940
No
to farmers who put reduced wheat acreage into
acre
$2
an
grass,
wheat
initial
William,
in
an
and
rye,
or
those who put reduced acreage into
clover.
inaugurated last fall to continue, based on
acreage.
payment
Vancouver,
will
to
acre
or
delivery quota system
of
The
Week Ended Mar. 8, 1941
during the week ended March 8, 1941,
Deliveries to
230,000,000 Bushels in Crop Year Beginning Aug. 1
Farmers
was
82
not necessarily
summer
lumber products.
Report of Lumber Movement,
Reported production
75
219,026
154,524
Feb. 22
be
of
70c.
a
bushel, basis
No.
Northern at Fort
1
will continue for deliveries permitted.
paid
storage
rates
for
undelivered
portions
of their
of the 230,000,000-bushel total.
quotas
average
•
...
Feb. 15
the following to say re¬
had
garding conditions in Delaware factories;
In
4..
11
Jan.
program,
about 9%.
ago
year
•
1941—
Jan.
Jan.
payments increased 5%
unusually high rate for several months, .the change from
January to February was
of—
Particularly large gains occurred in the heavy
February.
in
expectations
1941—Month
73
74
Week Ended—
Factory employment in Pennsylvania increased 2% in
February to approximately 1,020,000 workers, wage dis¬
bursements expanded 6% to nearly $28,000,000 a week, and
total working time increased 5%, according to reports re¬
1929.
579,739
528,155
January
February
change
Canada
showed
in
the
processing
tax
for domestic consumption.
collections
of
this
of
15c.
per
bushel
on
wheat milled
A return tabled in the House today
processing
tax
to
Sept.
3,
1940,
totaled
$2,995,741.)
In
special advices from Ottawa on March 12 to the New
Agriculture, was
York "Times" James Gardiner, Minister of
quoted as stating in the House of Commons:
It is not our intention to pay farmers for not growing wheat or to
It is our intention to pay them to do
compel them to reduce acreage.
something other than grow wheat, which we believe will in the long run
improve Western agriculture.
We intend to make payments of certain
sums per acre on all
wheat acreage reductions in 1941 as compared with
1940, provided the farmer does certain specified things with his land.
Deliveries
January
1
The Sugar
ministration
of
Sugar
Totaled
524,378
Tons,
Reports AAA Sugar Division
Division of the Agricultural Adjustment Ad¬
March 6 issued its monthly statistical state-
on
The Commercial & Financial Chronicle
1824
March
1941
22,
January, 1941, consolidating reports obtained from
refiners, beet sugar processors, importers, and
others.
Total deliveries of sugar during January, 1941,
amounted to 524,378 short tons, raw value, compared with
375,317 tons during January last year.
The AAA announce¬
cluding the full-duty countries, during January and February,
amounted to 859,646 short tons, raw value, as compared
with 501,201 tons in the corresponding period of 1940.
The
ment continues:
for entry before March
ment for
cane
sugar
AAA announcement goes on to say:
entries
in short tons, raw value, was as follows:
(table 1)
.
Beet sugar processors (table 2)
........
Importers of direct consumption sugar (table 3)
Mainland cane mills for direct consumption (table 4)
—
of sugar
distribution
The
Hawaii for January,
for
local
consumption
In
the
the
the first two months of the year and the
Territory
the continental sugar beet area during January this year.
quota for
available for February.
Data for these two areas are not yet
charged against the quotas for the offshore areas during
The quantities
balances remaining are as follows:
(Short Tons—96 Degree Equivalent)
of
1941
Quantity
Charged
Balance
Sugar Quota
Against Quota
Remaining
V-:,
Stocks of sugar on
hand Jan, 31, in short
raw
,.j
/;.■£
1941
.
326,010
306,165
1,549,870
37,827
.
Refiners'refined...
Beet sugar factories..
1940
460,414
367,570
47,146
Mainland cane factories...............
data
obtained
were
in
the
administration
of
the
of January
224.454
782,477
797,982
159,522
638,460
938,037
61,615
876,422
25,826
9,788
16,038
4,646,752
859,646
3,787,106
_
Hawaii
-
Total
8,916
8,916
Virgin Islands
Foreign countries other than Cuba.
The statement of charges against the 1941 sugar quotas during the
month
404,267
1,006,931
Puerto Rico
Sugar Act of
1937.
1,464.793
1,869,060
.
Philippines.
2,410,065
sugar,
Total
Cuba
1,346,339
88,985
146,757
* 2,267,018
Importers'direct-consumption
Area—
tons, raw value, were as follows:*
!
These
and 145,735 short tons, raw value, against
quota for the mainland cane area
1941, was 1,489 tons and in Puerto Rico 3,254 tons
(table 5).
Refiners'
value, charged against the
33.970 short tons of sugar, raw
were
534
353,796
145,735
18,039
6,274
524,378
_
Reglned sugar by refiners (table 2, less exports).
Total....
polarization weight and polarization data for all
available.
are
There
The figures are subject to change after
1, 1941.
final outturn weight and
Distribution of sugar in continental United States during January, 1941,
Raw sugar by refiners
from all areas recorded as entered or certified
The report Includes sugar
made
was
public
on
Feb.
10.
(This statement
*
Direct-consumption
TABLE
1—RAW
AND
■■■.:
DELIVERIES
1941
,
SUG^R:
REFINERS*
FOR
STOCKS,
DIRECT
and 61,456 short tons,
CONSUMPTION
charged
the above amounts
in
(Short Tons—96 Degree Equivalent)
MELTINGS'
RECEIPTS,
FOR
Quantity Charged Against Quota
JANUARY*
..i::!
'
(Short Tons, Raw Value)
■
included
is
sugar
against the various quotas.
Not including raws for processing held by importers other than refiners, which
amounted to 46,863 short tons, commercial value, in 1941
commercial value, In 1940.
SUGAR
CONSUMPTION
DIRECT
was
given in our issue of Feb. 22. page 1203.—Ed.)
'
■
Sugar
Sugar
■
1941
Jan. 1,
Source of Supply
Deliveries
Receivts
Meltings
1941
Lost
Stocks
for Direct
on
by Fire,
Jan.
Polarizing
Polarizing
Total
Balance
Quota
Area—
Slocks
99.8 Degrees
and Above
Less Than
Charge
Remaining
on
99.8 Degrees
31,
Consumption
Ac.
1941
Cuba.
Hawaii
29,616
Philippines-
375.000
87,288
184,814
150,048
98
0
al21,956
Hawaii
38,569
50,956
143
0
25,687
Puerto Rico
88,889
0
0
0
85,876
47,243
203
0
0
0
80,214
13,379
0
0
b4,732
6J68
"184
~6~952
73,262
610,863
0
36,859
25,179
63,804
5,186
68,990
541,873
1C0,854
33,517
0
1,811
3,191
338,141
21,988
54,242
79,670
48,223
67,180
75,414
90
Philippines
38,217
32,623
81,620
32,740
35,048
126,033
-----
Puerto Rico.
Cuba
Continental
Total--
29,616
"
0
0
12,437
5,674
0
112
112
355,076
375,800
404,332
Virgin Islands
Other countries
Misc. (sweepi ngs, Ac)
Total
%
0
(In Pounds)
0
0
534
QUOTAS FOR FULL-DUTY COUNTRIES
326,010
1941
table
2—stocks,
Production,
Quantity
Charged Against
Balance
Quota
Quota a
Remaining
Area—
Compiled in the Sugar Division, from reports submitted by sugar refineries on
y-': !v
a Includes 26,021 tons In customs' custody,
b Includes 3,209 tons in customs'
custody.
Form 88-15 a.
297,995
Dominican Republic
Haiti
6,897,182
953,222
100,997
953,222
Mexico--
JANUARY, 1941
6,238,746
11,495,270
25,269,585
500,000
Unallotted
reserve
6~,i~37~749
19,575,113
25.826
Quotas not used to date.b
11,495,270
51.652,000
Peru
(Short Tons, Raw Value)
169,553
128,442
6,897,182
China & Hongkong
and deliveries of cane and
BEET SUGAR BY united states refiners and processors,
9,788
25,269", 586
.
500,000
Domestic Beet
Total
Factories
Tons
Initial stocks of refined, Jan. 1, 1941.
Production
272,478
395,677
b361,990
Deliveries
1,601,756
93,849
cl45,735
306,165
...
1,549,870
Final stocks of refined, Jan. 31, 1941...
sugar
c
Dutch West Indies, 6; France, 181; Germany, 121; Guatemala, 346.388; Honduras,
3,550,291; Italy, 1,811; Japan, 4,147; Netherlands, 225,337; Nicaragua, 10.571,544;
Salvador, 8,490,062; United Kingdom, 362,694; Venezuela, 299,948.
Twenty-four pounds have been imported from Brazil, but under the provisions
of Sec. 212 of the Sugar Act, referred to in footnote 1, this importation has not been
value, during the month of January, 1941.
Larger than actual deliveries by
a small
charged against the quota.
amount, representing
losses
In re¬
,
: ■'-
Farm
TABLE
3—STOCKS,
RECEIPTS,
AND
DELIVERIES
OF
DIRECTCONSUMPTION SUGAR FROM SPECIFIED AREAS, JANUARY, 1941
Product
Prices
The index of farm
Slocks on
Source of Supply
Jan.
Deliveries
1,
Receipts
1941
31,
the
1941
Usage
Agricultural
25,454
Hawaii.—
9,437
10,423
0
..
;
Other foreign areas
0
0
241
3,684
3,845
80
3,486
3,140
13,278
303
—
Philippines
329
631
1
0
38,930
16,936
18,039
Includes
165 tons In customs'
CANE MILLS'
STOCKS, PRODUCTION,
DELIVERIES, JANUARY, 1941
index
in
a
Consumer
purchasing
workers,
Stocks
Production
TABLE
For Direct
For Further
Consumption
61,826
the
on
Processing
20,379
6,274
5—DISTRIBUTION
be
OF
28,785
SUGAR
FOR
LOCAL
Jan. 31, 1941
i
past
47,146
for
123%
THE TERRITORY OF HAWAII AND PUERTO RICO
JANUARY, 1941
paid,
but
was
including
pre-war
(Short Tons, Raw Value)
j 439
..III.IIIII'IIIIIII
3,254
one
month
ago
The
point
Two
Months
of
1941
the
per
The Sugar Division of the Agricultural
Adjustment Ad¬
on March 8 its second
monthly report
on
the status of the 1941
sugar quotas for the various
ministration issued
off-shore
market.
sugar-producing
The
sum
areas
supplying the United States
of the off-shore and continental
quotas
represents the quantity of sugar estimated, under the Sugar
Act of 1937, to be required to meet consumers' needs
during
the current year.
The report shows that the quantity of
sugar charged against the quotas for all off-shore areas, in¬
month
tlian
a
to
90%
the
mid-February
in
from
the pre-war
month
a
ago.
exchange value of agricultural
unit
products.
and many
The index of prices
unchanged at 128% of the
year
was
commodities
level, compared with
81%
a
10-point drop during
of eggs led the decline with a
of
the
which
level,
1910-14
was
eight
points
Prices received by farmers for eggs averaged
the
than
the
Total
egg
production
of
the
pre-war
a
month
date
Grain
and
principal dairy products
level, the
ago.
was
prices
same
Milk
about
dropped
as
lower
16.8e,
8%
above
three
offset
the
10%
increase
on
in
all-time record
earlier, but three points lower
Feb.
1
at a
new
high for
pre-war,
and
were
was
earlier.
81% of
year
a
points
to
average.
in
an
in mid-February stood at 118%
year
a
production
points below the February, 1940,
together with smaller downturns
than
January set
\
in
month.
Prices
of
farm
seasonally during
cotton
dozen in mid-February, compared with 19.7c. in January and 20.2c. in
February, 1949.
for
corn,
in mid-February a year ago.
earlier.
year
wheat,
a
also
taxes,
80% of
Local market prices
859,646 Tons of Sugar Entered Against Quotas for First
and
per
to
and 79
unchanged
point higher than
one
for
demand
increased
have
of
improvement
this
the index of prices paid by farmere
average,
was
and
abnormally high level.
an
1910-14
bought
stocks
industrial
income of
the
month,
domestic
products
and
remain at
the
during
increased
an
by
measured
as
poultry
interest
level.
dropped
in
and
however,
the
of
commodities
earlier,
CONSUMPTION IN
dairy
power,
improve
to
reflected
month,
other staple crops
At
Territory of Hawaii.
Puerto Rico
to
Supplies of
Deliveries
Jan. 1, 1941
continued
tends
on
two points above the
was
year ago,
in the matter further said:
AND
(Short Tons, Raw Value)
Stocks
mid-February
largely because of sharply higher meat
animal prices.
Local market prices of other commodity
groups, except fruit, were lower.
The announcement issued
custody.
4—MAINLAND
the
level of
37,827
Compiled in the Sugar Division from reports and information submitted by
Importers and distributors of direct-consumption sugar on Forms SS-15B and SS-3.
*
States Depart¬
United
Service
enough to offset gains in prices of fruits and truck crops.
But
Total!
Marketing
Agriculture, reported on Feb. 28.
Seasonal de¬
clines in prices received by farmers for eggs and dairy
products, together with lower grain prices, were more than
*24,468
12,932
------
Puerto Rico
product prices declined one point dur¬
of
ment
Cuba
Slightly in Mid-February,
Marketing Service
ing the month ended Feb. 15 to 103% of the 1910-14 average,
Stocks on
Dec.
or
Down
Agricultural
Says
(Short Tons, Raw Value)
TABLE
15,077; Australia,
Argentina,
211; Belgium. 304,402; Brazil, 1,238; British Malaya, 27; Canada. 583,555; Colombia,
Costa Rica. 21,303; Czechoslovakia, 272,332; Dutch East Indies, 218,634;
276;
"
processing, &c.
value, imported from any foreign country other than Cuba have not
raw
been charged against the quota for that country.
b This total includes the following (in pounds):
b Deliveries include sugar delivered against sales for export.
The Department
of Commerce reports that exports of refined sugar amounted to 8,194 short tons,
raw
10 short tons of
In accordance with Sec. 212 ol tne Sugar Act of 1937, the first
a
Compiled by the Sugar Division, from reports submitted on Forms SS-16 A and
SS-11 C by the sugar refineries and beet sugar factories.
a The refineries figures are converted to raw value
by using the factor 1.063030
which Is the ratio of meltings of raw sugar to refined sugar produced during the years
1939 and 1940.
-
32,076,887
16,038
prices of
rice
10
A 7% decline in wheat prices,
prices.
oats,
barley and
rye
more
Volume
The index of cotton and cottonseed
five
points
half
of
lower
the
than
current
a
year
prices held steady at 80%, but was
Exports of raw cotton for the first
since 1868, though domestic
ago.
the smallest
were
season
consumption continues at
high level.
a
from
month
a
earlier, but
slightly
prices of veal
Beef
cattle
With
prices
at
local
the
lambs
higher than a month earlier.
were
change.
of
prices
lower,
bushels,
were
sheep and
little
market
unchanged
29 points above a year ago.
Hog prices
increase from December to January, but
30%
the
calves,
showed
somewhat
12.8
year
after
the
unchanged
hog-corn
is
ratio
•
'
corn
feeding
decidedly
in
mid-February and hog
but
ratio dropped a little;
favorable to
more
feeders than a
;v.:r
ago.
Fruit prices advanced
for several
nomics, United States Department of Agriculture, reported
on Feb. 24.
Income from crops in January was slightly less
than
that
of
a
because
largely
earlier,
year
of
smaller
going under loan and lower prices of pota¬
amounts of corn
Prices of meat animals, at 130% of the 1910-14 average, were
reacted
1825
The Commercial & Financial Chronicle
152
but materially higher income from ail livestock and
nroducts than in January last year more than
toes,
livestock
offset
decline
the
from
income
in
and
crops
the
smaller
The Bureau likewise reports that
Government payments in January totaled $87,000,000 com¬
pared with $126,000,000 in January last year and $70,000,000'
Government
payments.
December.
in
announcement
Bureau's
The
also
had
the
following to say:
month, and prices received
two points during the
leading vegetables advanced 39 points.
farm
from
Income
$46,000,000
marketings
in
than
more
January amounted
in
January,
Income
1940.
to
from
$663,000,000,.
of $229,-
crops
000,000 was 4% less than that of a year earlier, with decreases in income
AAA Sugar Division Issues Data on "Invisible"
Stocks for Fourth Quarter
The
Sugar
of
Division
Adninistration issued
March 13 its summary of data
on
on
"invisible" supplies of sugar in the United States
fourth quarter of 1940, together with a record of
for the
receipts
and deliveries.
The last quarterly report of the Sugar
Division was issued Dec. 12, 1940, and covered the third
quarter of 1940; this report appeared in our issue of Dec. 21,
The data for the fourth quarter report were
obtained from schedules received from 1,295 manufacturers,
wholesalers and retailers.
The following table summari3661.
page
the data:
'
TOGETHER WITH RE¬
CEIPTS AND DELIVERIES OF SUGAR FOURTH QUARTER 1940 (a)
DATES,
SPECIFIED
ON
RETAILERS
cattle
were
the
Total
4th Quarter
1939
1938
in
85.5%
seasonal
5%
Cash
average,
the
offsetting
crops
with
a
increase
The marked decline
after
products,
allowance
for
than usual from December
more
livestock and
from
income
1941
of
were
more
than
After allowing for seasonal changes,
income remained
only partially offset by increases
these
about
January
marketings from December to January
amount.
farm
1924-29
adjustment.
was
from
the
of
from
income
in
from meat animals.
farm
from
seasonal
the index number of cash
at
hogs
in
income
in
income
about the usual
is expected
unchanged from December
the index of
livestock after
in prices of dairy products and
in marketings, and cash income
seasonal adjustment, was down
to January.
slight decline in
in income
livestock products
from
during the next few
to continue to show substantial
increases over
corresponding months of last year, but income from crops may not be as
large
the early months of 1940.
From January to April last year
grains was increased substantially by the redemption of
in
as
income
4th Quarter
increase
marked
The decline
was
of
prices, and both marketings and prices of
higher than in January last year, which largely accounted for
by the sharp increase
/.
Comparable Data for—
marketings
offset
the
•
Smaller
animals.
meat
months
(Short Toms)
15% higher than the $379,0^0,000 received
was
January, 1940, with most of the increase occurring in the income from
in
eggs
STOCKS OF SUGAR HELD BY 1,295 MANUFACTURERS, WHOLESALERS
AND
grains and vegetables more than offsetting increases in income from
and fruite.
Income from livestock and livestock products during
from
cotton
January of $434,000,000
Adjustment
Agricultural
the
Sugar
from
and
wheat
the
Unless wheat
placed under loan.
volume of corn
large
prices advance somewhat from present levels, the amount of wheat redeemed
1,295
1,391
1,387
372,320
348.454
241,231
726,815
635,979
730,873
708,650
666,493
674,716
b390,485
C317.940
297,388
Number of firms reporting..
Stocks Sept.
30, 1940
1-Dec. 31,1940.^.
Deliveries or use, Oct. 1-Dec. 31, 1940
Receipts Oct
Stocks Dec.
....... ....
31, 1940
The 4th quarter receipts by the
a
were
firms reporting for this period on Form SS-33
approximately 43.8% of the total deliveries of sugar by refiners, processors
period Oct. 1 to Dec. 31, 1940.
The 1940 receipts of sugar by
and importers for the
the reporting firms were
approximately 3,042,000 short tons
or
47 0% of the total
1940 deliveries of sugar.
in transit amounting to 34,227 tons on Dec. 31. 1940.
This Is the first time complete data on such sugar are being reported.
The Dec. 31,
b Does not include sugar
1939, stocks of the 1,295 firms were 307,291 tons, excluding any sugar in transit
likely to be small.
The volume
will be substantially less than in the corre¬
placed under
loan from the 1940 crop is expected to be less than from the 1939 crop,
and fanners have a longer period for placing their corn under loan than
any time this year.
Returns from vegetables may not differ greatly from
those in 1940, as prospective increases in income from truck crops may
be about offset by the lower income from potatoes.
Income from fruits
is expected to continue larger than in 1940 during the next few months,
but income from tobacco will probably be less since the tobacco crop
that date there was
an
a
unusual transaction,
in transit between, the Pacific and
Atlantic seaboards to
has
to
moved
and
it
similar
a
is
not
-I
■
much
posed Wheat Quota Referendum on May 31
regular monthly analysis covering the features of
and prospective
agricultural situation, the
Bureau of Agricultural Economics, United States Depart¬
the
of prices to farmers, and larger total farm income.
average
higher than at this time last year—both
Prices
prices received by farmers and the prices farmers pay for
commodities used in production.
Farmers are paying higher
this season than last and employing more
Bureau's announcement goes on to state:
wages
Bureau officials
of
export
help.
The
point out that the problem now is how the producers
products—cotton,
tobacco, wheat and
fruits—may share in the
farm prices and income.
A supplemental adjust¬
ment program has been announced for cotton by the United States Depart¬
ment of Agriculture, and tentative plans for a marketing quota referendum
on
wheat.
Tobacco acreage may be about the same this year as last.
But no indications are available as yet as to the acreages of feed grains.
general improvement in
New
mills
high
records of consumption have been established by the cotton
but export demand continues small, and total world
winter,
this
this year than last. . . .
is that tentative plans for holding
among growers on May 31 have
Secretary of Agriculture.
This is predicated on
consumption of American cotton will be smaller
Important wheat news of the moment
a
marketing quota
national
been
approved
by
that
indications
the
the
referendum
1941-42
supply
1,200,000,000 bushels—will be in
of
excess
of
wheat—totaling
a
approximately
normal year's domestic con¬
than 35%.
1
The supply of flue-cured tobacco is the largest on Government record,
and far in excess of average domestic disappearance in recent years.
The
flue-cured marketing quota has been set at 618,000,000 pounds, not includ¬
sumption and exports by more
for small farms.
After adjustment, conversion
of this marketing quota to an acreage basis will result in a total of about
770,000 acres.
This acreage is slightly larger than that harvested in
1940, but only 60% of the area planted to flue-cured in 1939.
The Bureau reports plenty of feed for the number of animals on farms,
ing adjustment allowances
the quantity of corn carried over may be 50,000,000 to
bushels larger next Oct. 1 than last.
Prices of corn are
being supported by Government loans.
The hog-corn price ratio now is
favorable to hog producers, the relation of beef cattle prices to corn prices
and of butterfat to feed prices is about average, but the feed-egg price
ratio has been unfavorable to poultry producers this winter.
and
says
that
100,000,000
Farmers* Cash Income in January
Totaled $750,000,000,
According to Bureau of Agricultural Economics—
Was Above Year Ago but Below December
marketings and Government pay$750,000,000 compared with
1^743,000,000 in January last year and the revised total of
£842,000,000 in December, the Bureau of Agricultural Eco¬
Cash income from farm
nents in
January amounted to
that
1940
in
1941 will
Government
line
as
this year.
in
January,
half of 1941.
However,
this period will be down
when they were 31% less than in
payments
be higher than
Its
and
Control
in
of
in the same period of 1940.
Seeks
Federal
Senate Kills Pipe¬
Products—NRB
Industry—Georgia
Legislation—Illinois Plans Conservation Board
Crude Prices Sought by IPA Head—
—Higher
March 3 predicted a better domestic
products this year than last, a higher
farm
for
demand
usual
expected during the first
is
Income
Petroleum
on
average
in
first half of
its
Agriculture,
than
payments declined sharply from January to June last year,
trend
It appears probable that the decline in Government pay¬
from crops will only partly offset the prospective
returns from livestock products, and that cash income in the
and
increase
current
ment of
market earlier
from
ments
In
loan
1940.
as
Agricultural Economics Bureau Predicts Better Domes¬
tic Demand for Farm Products, Higher Average
Prices to Farmers and Larger Income—Notes Pro¬
under
likely
January,
these firms.
the next few months is
placed
Government
in transit to these firms on Dec. 31, 1939.
As of
known quantity of approximately 40,000 tons, representing
Does not include any sugar
c
corn
sponding months of 1940, since the total amount of corn to be
these firms.
o
in
farmers
by
of
Crude
Production
Gains—Mexico
to
Limit
Alien
Oil Interests
;
""The drive to place the petroleum industry under Federal
control gained momentum this week with a special report
of the National Resources Planning Board to President
Roosevelt recommending such control through the creation
of a national oil conservation group to administer the interests
of the United States as a whole in oil and gas and to cooperate
with the States to protect against waste.
V
-~i
The report, pointing out that petroleum products are
absolutely essential to the national defense, declared that
"immediate steps are necessary to establish emergency powers
adequate to control the allocation of production and refining
among the various districts and to control the prices of
petroleum*and its products in relation to other fuels.
Such
emergency powers should be framed after reappraising the
powers and forms of organization of the existing regulatory
agencies, including those dealing with production, transporta¬
^
tion and
marketing."
purposes, the report recommended there
up-to-date estimates of requirements for fuel and
oil, these estimates to be used in controlling the development
and extraction of reserves that are suitable for products of
For
emergency
should be
special military significance.
"Attention should be given
the desirability of expanding military reserves and to their
protection from commercial exploitation," the report con¬
tinued.
"Expansion of commercial production to meet
emergency needs should be carefully planned to avoid waste
and to minimize post-emergency disturbances."
The Board also recommended a favorable
policy with
regards to imports, particularly for grades of crude oil not
readily available in the domestic market.
In the longer
view and in designing emergency measures as parts of a
long-range plan," it was stressed, "the peculiar dependence
of
transportation motive power on petroleum products
should be clearly recognized.
These mobile uses are com¬
pelling reasons for more efficient production and use of oil."
Overproduction and waste of oil should be studied in rela¬
tion to its distribution and to its consumption for less essen¬
tial purposes, the report continued.
Those uses of petroleum
for which available substitutes are relatively costly—notably
lubricants
and
gasoline—should be protected.
Use of oil
The Commercial & Financial Chronicle
1826
and
natural
should be discouraged wherever heat or
is suitable and economic and where
the factor of convenience is not important, it was stated.
Despite a telegram from President Roosevelt to Governor
Talmadge, wnich was read on the floor, the Georgia Senate
late Wednesday night killed legislation' to permit construc¬
tion of gasoline pipelines when it voted down a bill which
would have given private companies the right of eminent
domain for pipeline construction if the President, the Secre¬
tary of War or Navy proclaimed the project vital to defense.
However, the Senate also adopted a resolution expressing
willingness to reconvene in special session sometime after
adjournment Saturday night to enact legislation permitting
I>o wer
sources
Government
Federal
the
gas
from other
to
construct
This
in line.
lines
would deny this right to private companies.
President Roosevelt in his telegram to Governor Talmadge
and also stated that the fleet of oil tankers
in
service between the Gulf Coast and Atlantic ports are barely
adequate to meet peace-time needs and that the tankers
would
suffice
not
of
time
in
The
war.
Stocks of finished,
unfinished and aviation gasoline were
1,801,000 barrels during the March 15 to a total of 98,979,000 barrels.
Of this total, however, aviation fuel
inventories totaled 6,547,000 barrels against only 4,261,000
barrels a year ago, so the motor gasoline position is almost
5,000,000 under that for the comparable period in 1940.
Stocks of gas and fuel oils were off 1,497,000 barrels.
Re¬
finery operations spurted 1.2 points to 82.1% of capacity,
with daily average runs of crude oil to stills rising 45,000
barrels to 3,550,000 barrels.
Standard of Indiana issued a blanket denial of charges
that it discriminated in selling gasoline at lower prices to four
Detroit jobbers as a Federal Trade Commission hearing
opened in that city this week.
added that he had received letters from the
Socon 7-Vac.
commission.
Representative Harris,
committee
the
on
a
was
of
natural
Under
resources.
a
Assembly calling for taxes
the production of oil and
in the State and the importation of oil and gas
on
natural gas
into the State.
Restoration of the
I North Texas
price cuts posted in the crude oil market
urged by Frank Buttram, President
of the Independent Petroleum Association of America, in a
statement this week declaring that "the independent producer
is today facing a serious situation, the correction of which
requires sound thinking and positive action."
Pointing out
that the reasons given for the cuts in 1938 was the over¬
production in Illinois, Mr. Buttram pointed out that this
condition no longer existed and that demand is expanding.
Daily average production of crude oil during the week
ended March 15 was up 29,000 barrels to 3,662.450 barrels,
the
American
Petroleum
Institute
reported.
This was
7,000 barrels under the estimated demand for the month set
monthly market demand forecast.
California showed the sharpest gain, with Kansas, Texas
and Louisiana also showing higher production totals.
Okla¬
homa and Illinois reported lower production averages for the
N. Y. (Harbor)—
| New Orleans C
$1.00-1.25 Phlla., Bunker C
$1.25
Gas Oil. F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
7 plus
New York....
•
Brooklyn.....
•
The
American
daily
oil
March 15, 1941, was 3,662,450 barrels.
current
week's
figures
total of
be the
to
$2.30
Eldorado, Ark., 40
Rusk, Texas, 40 and
....
1.05
1.03
.90
.125
,73
....
1.10
...
.73
Michigan crude
.70-1.03
Sunburst, Mont
Huntington, Cal f., 30 and over...
Kettleman Hills, 39 and over......
PRODUCTS—RECORD
STRUCTURE—MOTOR
OPERATIONS
$1.03
over
UP
DEMAND
FUEL
BOLSTERS
INVENTORIES
average produc¬
15, 1941, is estimated
3,639,450 barrels. The daily average output for the week
March 16, 1940, totaled 3,890,050 barrels.
Further
details as reported by the Institute follow:
ended
Imports of petroleum for domestic
United
States ports
daily
a
for
weeks
four
separation
There
were
ended
March
8,
These
domestic
for
or
March
15.
use,
with
and
daily
a
of
average
barrels
281,821
figures
include all
daily
oil
im¬
but it is impossible to make
weekly statistics.
in
no
and receipts in bond at principal
compared
barrels,
week
ended
whether bonded
ported,
the
210,714
the
for
barrels
the
use
for the week ended March 15 totaled 1,475,000 barrels,
of
average
325,000
,
receipts of California oil at either Atlantic
or
Gulf Coast
ports during the week ended March 15.
Reports received from refining companies owning 86.2% of the 4,535,000barrel
estimated
indicate that
the
potential
daily
industry
as
of
the
end of
The
a
refining
whole
ran
capacity
of
to stills,
on
the
a
United
States
Bureau of Mines
crude oil daily during the week, and that all
in storage at
bulk terminals,
refineries,
98,979,000
the week
total
in
transit and in
barrels of finsihed and
of gasoline produced by all
amount
com¬
panies is estimated to have been 12,197,000 barrels during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
;
>
(Figures In Barrels)
Actual Production
Four
B.ofM.
Week
Change
Weeks
Week
Ended
from
Ended
Ended
Calcu¬
lated
State
Require¬
Allow¬
ments
ables
Mar.
15,
1941
Previous
Week
Mar.
15, Mar.
1941
16,
1940
(March)
3,200
b393,850
—8,900
404,100
407,850
+ 14,900
201,900
176,750
68,250
437,400
194,200
Kansas
198,200 b206,450
b4,350
—4,550
71,200
80,300
102,100
Oklahoma.
Nebraska.,
+800
101,400
108,200
30,250
33,500
400,000
Panhandle Texas....
North Texas..
4,000
30,300
240,050
+3~250
237,100
269,250
76,600
+4,150
73,700
374,550
+ 100
374,600
89,350
397,000
212,150
+6,200
207,050
260.100
256,150
+ 800
256,050
251,750
East Central Texas..
East Texas
...
Southwest Texas
Coastal Texas
Total Texas
1,327,400 C1352.489 1,360,150
+ 10,750 1,351,250 1,489,450
1.35
GAS
North Louisiana
69,900
Total Louisiana
+ 150
69,850
67,600
229,050
Coastal Louisiana...
+2,700
225,050
212,350
279,950
291,300
306,190
298,950
+2,850
294,900
69,700
69,569
70,800
+ 100
70,650
20,300
335,200
bl9,150
—1,450
19,550
8,800
325,650
—900
326,250
456,800
22,600
bl9,150
19,900
11,050
96.500
91,600
+ 5.300
89,600
97,900
47,700
38,000
—1,800
39,350
83,900
81,250
—3,900
82,800
64,650
70,400
20,000
+ 1,750
3,500
—200
DENY
Arkana.*s
CHARGES
f Record-breaking demand for motor fuel during the first
quarter of 1941 has offset the rising trend in inventories of
motor fuel to the point where the Spring season, now
only
two weeks off, finds the market in a fairly good statistical
position to react immediately in the form of higher prices
when the stimulus of increased consumption becomes a
major
factor, as it will in the immediate future.
Domestic demand for gasoline
Daily
.90
1,18
GAIN-
SHARPLY—OIL UNITS
imposed by the various
at
West Texas
Darst Creek
Western Kentucky
Mld-Cont't, Okla.. 40 and above..
FTC
restrictions
the
West Central Texas..
I. degrees are not shown)
1.02
The
barrels
3,655,500
the
tion for the four weeks ended March
of the
(All gravities where A. P
below
were
oil-producing States during March.
15 that the Mexican Administration had revised the petro¬
leum law modifications now pending before a committee
Prices of Typical Crude per Barrel at Weill
gain of
was a
calculated by the United States Department of the Interior
barrels, the Bureau of Mines reported.
Domestic stocks
up 738,000 barrels, with foreign crude oil stocks gain¬
ing 87,000 barrels.
Heavy crude oil stocks in California,
not included in the "refinable" crude stocks, totaled 12,242,000 barrels, up 43,000 barrels from the previous week.
The United Press reported from Mexico City on March
Deputy of Chambers by eliminating a clause permit¬
ting foreign companies to participate in the petroleum
industry in the future.
The Administration's action was
taken without explanation but foreign oil interests here
believed that it followed pressure by leftist political interests.
There were no crude oil price changes.
This
ended
week
the
the
that
estimates
for
production
29,000 barrels from the output of the previous week.
gasoline.
were
Institute
Petroleum
crude
average
as
REFINERY
.17
Daily Average Crude Oil Production for Week Ended
March 15, 1941, Gains 29,000 Barrels
unfinished
PRICE
.1851 Chicago............
.171 Boston.............
pipe lines
over
$.17
$.1601 Buffalo
$.171 Newark
Not Including 2% city sales tax.
companies had
REFINED
1.02J*-.03
ITulsa
$.0531
| Chicago—
28.30 D
$.041
basis, 3,550,000 barrels of
Smackover, Ark., 24 and
$1.00
I
1.75
Diesel
Inventories of domestic and foreign crude oil were up 825,000 barrels during the initial week of March to 264,001,000
I Rodessa, Ark., 40 and above
-.04)*
California 24 plus D
Bunker C...
week.
Illinois
04
Fuel Oil, F.O.B. Refinery or Terminal
in the Bureau of Mines
....
$.041 New Orleans.$.05)*-.05)4
.03051 Tulsa
$.0551 Los Angeles.
were
Bradford, Pa
Corning, Pa
.05)4
04 J*-.05 H
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
(Bayonoe)
three-man oil
measure,
introduced by
under consideration by the house
conservation
schedules in 1938
.06H-.07
Tulsa
New York—
a
Assembly
number of sweeping powers would
be given the conservation commission, including the power
to prorate production at a rate of not less than 20 barrels
per day for each well.
Four bills already are pending in
the
porta...
The
was
proposed legislation,
Orleans.
Gulf
Gasoline, Service Station, Tax Included
President Roosevelt said in the wire.
As the week ended, the Illinois General
conservation
$.04J<-.05H
New
RlehOlKCal) .08X-.08H
Warm r-Qu. .07X-.08
struction of
considering legislation which would create
.00
-.06 X
.08K-.08H
T.Wat. Oil.
Chicago
$.07K-.08
Gulf
08H-.08 H
Shell East'n .07 X-.08
Texas
-.06)4
of
War, Navy and Interior "respectfully recommending" con¬
pipelines from Gulf ports to Atlantic seaboard
cities and intermediate points where defense projects are
located.
"I feel fully justified in advising you that this
pipeline is essential to our national defense program,"
Other Cilia—
New York—
St. OHN. J.$.06
wire
Secretaries
Car Lota, F.O.B. Refinery
U. S. Gasoline (Above 65 Octane), Tank
New York—
now
President's
1941
22,
up
said that existing pipelines could not handle more than 4%
of the petroleum products needed for industry or defense
purposes
March
during January ran 12%
period last year, with February
doing almost as well despite the fact that there was one less
day in the month this year.
March, on the basis of current
estimates, is now running about 7% ahead of the like period
a
year earlier and private estimates place demand for the
first three months about 10% ahead of last year.
Mississippi
Illinois..
...
Indiana
69.750
Eastern (not Incl. Illi¬
nois and Indiana)..
Michigan
Wyoming
Montana
21,900
Colorado
3,900
New Mexico
103,900
596,400
17,050
3,650
4,000
113,750
104,200
d571,500
3,037,050
625,400
+ 18,500 3,030,900 3,268,150
+ 10,500
608,550
621,900
3,662,450
+29,000 3,639,450 3,890,050
Total East of Calif. 3,059,100
California
18,900
104,100
110,000
better than the comparable
3,655,500
a
These
are
Bureau of Mines' calculations of the requirements of domestic crude
oil based upon certain
March.
duction,
premises outlined in its detailed forecast for the month of
As requirements may be supplied either from stocks, or from new pro¬
contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to
to be produced
determine the amount of
:
■
new crude
,
Vtluae
The Commercial & Financial
152
March 12.
a. m.
just
week
Oklahoma. Kansas. Nebraska, Mississippi, and Indiana figures are for
b
ended 7
Committe of California Oil Producers.
of any oil which
in
stocks, about
1
■
oil
1940.
in this report was
83%, compared with 82%
represented by the data
capacity
December and 81% in January, 1940.
in
SUPPLY AND DEMAND OF ALL OILS
Stocks
Crude Runs
Gasoline
Stocks
to Stills
Produc'n
Fin¬
of
ished <fc
Gas
of Re¬
Avia¬
Unfin¬
Oil
sidual
tion
at
District
Po¬
P. C.
port¬
balls
Rate
ing
Aver.
542
643 100.0
Oper¬ Natural
1,506
84.3
a
and
Fuel
OH
tillates
467
3,077
156
91.0
117
82.4
428
3,220
743
90.2
584
87.2
2,276
19,353
2,573
76.9
279
86.4
e948
8,790
1,291
1,937
280
59.6
126
75.4
623
2,452
333
1,405
768
1,071
89.2
889
93.1
2,838
15,353
5,170
164
97.6
134
83.8
334
3,425
955
2,325
101
51.5
39
75.0
130
548
289
Benzol,
541
a
-
Calif.
121
56.0
44
64.7
219
1,678
165
470
836
87.3
458
62.7
1,430
16,522
10,044
69,173
3,212
82.1
10,732
91,979
31,103
94,991
1,465
540
1,670
.
250
'
4,535
3,505
81
96,661
6,647
97,372
6,539
Estimated Bureau of Mines* basis,
a
At refineries,
4,261
23,938 103,031
dll,175 101,289
bulk terminals, in transit
pipe lines,
b Included in finished and unfinished gasoline total,
c March,
1940, dally average,
d This Is a week's production based on the U. S. Bureau of
Mines, March, 1940, dally average,
e 12%
reporting capacity did not report
1,373
1,441
1,321
122,395
110,946
3,948
3,579
311
3,585
124,397
4,013
4,823
2,870
4,324
1,062
126,752
4,089
127,267
4,105
126,719
4,088
112,008
3,613
1,687
e5,531
2,074
4,917
4,202
..........
4,480
8,477
Motor fuel... .......... ...............
45,344
46,413
7,769
20,998
33,338
19,702
40,370
7,642
22,462
32,473
2,054
new
..........
supply, all oils
Decrease in stocks, all
oils
1,048
589
-
Total demand—————————
Dally average..———————
Exports b:
>:
■
,
Crude petroleum
Refined products....
6,726
Domestic demand;
.......—...............
Distillate fuel oil...—
...—
Residual fuel oil...
January Natural Gasoline Production
205,128,000 Gallons
495
1,664
c882
For domestic use
7,295,000 bbl,
f Finished 91.684,000 bbl., unfinished
286
4,673
d2,410
121,929
3,933
In bond
and
gasoline production,
60
2,712
- ....
Kerosene..
31,643
♦U.S.B.ofM.
c3,551
3,734
'i■
Demand—
Feb. 15, *40
3,796
3,466
For domestic use
Total
32,429
12,197 f98,979
11,495 97,178
3,550
4,535
107,441
3,737
Dally average
41
117,683
Refined products:
•Est. tot.U.S.
8, *41
190
115,768
3,318
V
In bond........................
:,
..
6,297
7,000
272
Dally average
1,589
86.2
4,382
298
Imports b:
Crude petroleum:
California
102.869
3,650
4,271
....
........
Total production
6,947 G. C.st
3,254
Rocky Mtn..
113,140
4,950
115,844
- -
110,520
3,565
313
Dally average....................
Natural gasoline
420
338
Jan.,
1939
110,647
3,569
4,884
Crude petroleum.————.———.-—
686
Inter'r
Reported....
Est. unreptd.
1940
New Supply■—
9,909
Ind., 111., Ky_
Okla., K&ns.,
Louisiana Gulf
No. La. A Ark
Jan.,
1940
Domestic production;
8,649 E. C'st
20,638
Appalachian,.
Missouri
Dec.,
1941
line
line
Jan.,
Gaso¬
Dis¬
374
Inland Texas.
Texas Gulf...
(Thousand of Barrels)
Stocks b Stocks
Gaso¬
Blended
ated
a
ished
Incl.
P. C.
tial
East Coast
Re¬
fineries
Re¬
ten¬
*
This is about 600,000 barrels
31.
Jan.
on
and, excluding aviation gasoline
\
January,
crude
The
Each)
Daily Refin¬
Mar.
year ago
4,325,000 barrels, hence the operating ratio was
ing Capacity
Mar. 15,
51.7
and
1941
(Figures In Thousands of Barrels of 42 Gallons
a
1
January was reflected in the
distillate fuel demand, which was 7% lower than a year ago.
On the
other hand, the residual fuel demand was 3% higher.
The domestic demand
for lubricating oil recorded a marked increase, being 15% above a year ago.
According to the Bureau of Labor Statistics, the price index for petroleum
products in January, 1941, was 50.0, compared with 49.5 in December
CRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE AND STOCKS OF
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
WEEK ENDED MARCH 15,
hand
comparatively mild weather of this
The
East Texas March shut-down
days totaling nine; Panhandle, five, and rest of State, with minor exception, 10 days,
d Recommendation of Conservation
on
3,250,000 less.
In the number of shutdown days in various districts,
Note—The figures Indicated above do not Include any estimate
might have been surreptitiously produced.
90,000,000 barrels
over
less than
.
This Is the calculated net basic 31-day allowable as of March 1.
It is based
upon the 1,318,873-barrel figure effective as of Feb. 1 for two months and gives
consideration to accretions due to new wells completed during February, and changes
c
1827
Chronicle
Totals
2,367
Lubricating oil
5,980
16,518
28,632
1,609
74
135
Asphalt............................—
113
125
703
689
530
1,136
Coke............—
1,313
821
1,167
125
169
132
173
5,349
5,672
5,522
5,281
242
219
240
173
1,754
2,334
3,261
825
119,534
3,856
120,276
115,791
3,735
99,051
263,251
11,839
264,079
272,931
Road oil
Still gas——————————
Miscellaneous
-
-.
Losses----- ... ---------------- -
- -—- - -
Total domestic demand-
Dally average......------...... —
and in Louisiana.
33,955
1,875
38,089
977
Wax..................................
The production of natural gasoline declined materially in
January, 1941, according to a report prepared by the Bureau
of Mines for Secretary of the Interior, Harold L. Ickes.
The daily average in January was 6,617,000 gallons, com¬
pared with 6,706,000 gallons in December, 1940. The chief
decreases occurred in the Texas Gulf, and Panhandle districts,
7,808
3,880
3,195
Slocks—
hand at the end of the
gallons, compared with 239,568,000
gallons in storage Dec. 31,1940 and 187,992,000 a year ago.
Stocks again decreased, the total on
Crude petroleum:
5,490
Heavy In California
-
239,794
13,385
4,476
282,265
262,791
16,356
4,647
272,707
559,131
563,954
520,446
566,641
137
137
127
157
Natural gasoline
Refined products
PRODUCTION AND STOCKS OF NATURAL GASOLINE
Total, all oils-.........—..............
/
(In Thousands of Gallons)
11,906
5,704
278,551
Reflnable in United States—
month being 230,580,000
Days' supply
From Coal Economics
a
Stocks
Production
■
.
;
)
;
b Imports of crude as reported to
Division,
Bureau
o*
Mines; all other imports and exports from Bureau of Foreign and Domestic Commerce,
Exclusive of 120,000 barrels imported Into non-contiguous territories,
d Ex¬
c
Jan. 31, 1941
Jan.,
Dec.,
1941
1940
Dec. 31, 1940
At
At
Jan.,
1940
At
Plants
At
Refin¬
<fe Ter¬
Refin¬
eries
minals
Plants
eries
<t
Ter¬
clusive of 73,000 barrels
imported into non-contlguous territories,
PRODUCTION OF CRUDE
minals
AND
9",291
Appalachian
111., Mich., Ky
8,676
9~066
168
5*882
5~485
252
4,854
4,907
2,260
3,150
798
3,150
31,908
31,347
2,100
20,579
6,037
126
21,472
705
2,352
6,303
126
i
_
»
83,773
86,174
63,655
5,418
77,589
6,342
86,045
10,001
9,171
168
2,616
84
2,456
336
326
630
4,326
99,624
2,198
Arkansas............
1,983
California—Kettleman Hills—
7,876
7,807
1,547
6,776
3,738
1,862
48,786
49,207
49,523
96,894
1,814
2,906
...
Rocky Mountain
California.
....
.
.
.
.....
2,917
205,128 207,900 179,382 117,516 113,064 119,238 120,330
Total
6,706
6,617
Dally average
5,786
January, 1941
Jan.,
Total
4,884
4,950
158
4,271
160
2,798
2,692
2,839
2,865
—
Illinois—----
——
For
the
successive
second
month
crude
in
November,
states the Bureau of Mines,
3.9
93
332.0
10,354
334.0
11,500
18.5
193
Comparatively
few
occurred in January.
Oklahoma,
Illinois
important
changes
in
the output
of the States
California, Kansas and New Mexico had small gains;
and Louisiana, small decreases.
The daily average
Texas was off about 12,000 barrels from December, all
attributable to the Panhandle, where production was off about 20%.
A further decline in exports of crude (the total of 1,687,000 barrels was
the lowest since November, 1932), was outweighed by increased runs to
production
declined materially.
The net effect of these
changes in supply and demand was to reverse the trend of crude oil
stocks, and in place of a sizable increase in December, a reduction of about
800,000 barrels occurred in January.
stills.
Imports of crude oil
617
19.9
197.0
5,932
191.3
421
13.6
221.1
6,862
221.4
6,340
15.5
503
16.2
646
Refined Products
yield of gasoline continued its decline in favor of distillate fuel oil,
that for gasoline falling from 43.1% in December to 42.8% in January,
and the distillate yield increasing from 15.1% to 15.4%.
The domestic demand for motor fuel in January exceeded expectations
,
59
4,938
536
-
5,875
875
1,635
52.7
1,607
51.8
1,430
1,370
289.3
8,972
289.4
8,416
8,120
1,252
40.4
1,300
41.9
2,048
1,731
541
17.5
516
16.6
117
19.3
584
18.8
532
434
3,458
3,073
458
101.1
3,111
100.4
424
13.7
397
12.8
....
402
263
8.5
279
9.0
207
252
3,033
3,133
6,758
12,924
97.8
3,022
97.5
3,209
3,627
6,306
13,142
3,258
—
—
10,284
331.7
6,616
213.4
10,998
1,882
474
Seminole
——
Total Oklahoma
3,183
102.7
3,643
7,121
14,022
6,761
218.1
416.9
418.3
354.8
12,966
1,444
10,262
6,513
11,060
60.7
2,371
15.3
477
15.4
732
913
303.9
300.9
8,680
8,775
39,674
1,279.8
9,328
40,011
1,290.7
42,438
40,757
1,416
Pennsylvania
Texas—Gulf Coast
West Texas
East Texas.—
Panhandle—
Rodessa
101.1
218.0
9,420
Rest of State
45.7
46.6
331.0
210.1
356.8
76.5
1,522
10,930
7,174
12,571
2,351
1,346
10,396
6,525
12,184
1,964
-
Rest of State
Total Texas
—
279
281
14.6
446
14.4
445
466
1,593
2,038
1,009
1,475
2.035
Total Wyoming
65.6
80.2
1,874
2,320
60.4
2,487
Rest of State
86
2.8
85
2.7
8
6
110,647 3,569.3 110,520 3,565.2
113,140
102,869
Other.a—.......—.......
Total United States
Includes Missouri
234
9.1
9.2
452
286
Virginia
Wyoming—Salt Creek
a
103
4,469
383
480
19,274
5,295
13.7
3,134
Ohio.———————
Oklahoma—Oklahoma City
West
604.3
6,109
New York
Pi
442.8
1,811
1,626
2,600
13,337
597
New Mexico
in
446.5
80.8
572
Montana
1940, and with 3,649,700 barrels a year ago.
reported:
81.5
8,970
—
Michigan-..——————
Mississippi.—.-————
The Bureau further
1,495
1,428
2,599
13,438
18,960
41.8
6,855
Total Louisiana
oil production
1,593
2,098
38.9
120
......... ........
Rest of State
United
States Department of the Interior.
The daily average out¬
put in January, 1941, was 3,569,300 barrels, compared with
3,565,200 barrels in December, 1940, with 3,563,500 barrels
showed little change,
Rodessa.
68.5
3.6
39.3
41.8
424
Louisiana—Gulf Coast
Products,
1939
609.1
Kentucky
and Petroleum
January, 1941
69.6
Jan.,
1940
Average
2,121
1,207
1,295
2,506
13,726
18,734
2,158
1,218
1,295
2,526
13,842
18,881
-
-
Kansas-.——.———-
Petroleum
Daily
Total
10,293
——
Long Beach
Wilmington..
Rest of State
Indiana
138
Average
111
..
Total California
rels)..
Daily average
December, 1940
Daily
Colorado
Total (thousands of bar¬
Crude
,
256
__
Arkansas
FIELDS
659
Kansas
Louisiana,
PETROLEUM BY STATES
PRINCIPAL
669
31,516
9,275
———
Exclusive of
(Thousands of Barrels)
6,851
Oklahoma
Texas
2,352
5,418
East Coast
e
territories; inclusive of 746,000 barrel
and, inclusive of less than 500 barrels
13,000 barrels exported from non-contiguous
shipped from United States to territories,
withdrawn from bond for export.
(3), Nebraska (81), Tennessee
74.8
(1), and Utah (1) In Jan., 1941.
The
45,344,000 barrels, or 12% above a year ago. Exports of
barrels were also larger than anticipated, but
somewhat under last year's total.
Stocks of finished and unfinished gaso¬
line increased, nearly 6,000,000 barrels during the month to a total of
and amounted to
motor
fuel
of
2,045,000
Weekly Coal Production Statistics
The current coal report
United
States
of the Bituminous Coal
Department
Division,
of the Interior, revealed that
production of soft coal in the week ended March 8 continued
attained in the preceding week. The total
at the high rate
The Commercial & Financial Chronicle
1828
output is estimated at 10,800,000 net tons.
This is in com.
parison with 8,173,000 tons in the first week of March last
PRODUCTION,
SHIPMENTS,
CEMENT,
AND
BY DISTRICTS,
STOCKS
IN
22,
FINISHED PORTLAND
1940 AND 1941
OF
FEBRUARY.
Cumulative production
stands 6.8% above that in 1940.
Anthracite production
1941 to date is approximately 6.5% higher than in 1940.
mated at
1,119,000 tons,
increase of 29,000 tons over the
Compared with the corresponding week of
preceding week.
1940 there
an
District
Production
•'/.
805
Pa., N. J. & Md
Mar. 1
1941
4,486
485
230
471
1.886
2,053
603
717
330
524
3.610
2,904
Michigan..
242
357
206
295
2,222
2,288
2,977
578
925
370
600
Va., Tenn., Ala., Ga., La. & Fla.
622
1,421
740
1,254
1,699
1,735
East. Mo., Ia., Minn. & 8. Dak.
248
376
255
303
3.088
3,194
97
358
291
441
2,009
2.062
637
477
......
628
533
2,993
850
773
89
127
102
153
607
584
California
Cat. Year to Dale b
827
1,098
739
1,120
1,438
1,611
185
221
206
193
628
626
Mar. 9,
1941
33
34
27
32
7
7
5,041
8,368
4,907
7,472
25,894
25.316
Puerto Rico
1940
1941c
1940
1929
-
a—
Total, including mine fuel
Daily average.
10.800
10,790
1.800
1,798
_
8,173 101,044
1,362
1,713
94.622 115.915
1.604
SHIPMENTS, AND STOCKS OF FINISHED
CEMENT, BY MONTHS, IN 1940 AND 1941
PRODUCTION,
1,951
"X.
Includes for purposes of historical comparison and statistical convenience the
production of lignite, b Sum of 10 full weeks ended March 8,1941, and corresponding
a
periods In other years,
c
OF PENNSYLVANIA
BEEHIVE COKE
ANTHRACITE
Month
AND
Production
1940
January
Week Ended
Mar.
February.
Calendar Year to Date
__
1940
1941
3,893
7,986
25,759
24,420
4,907
8,368
7,472
25,894
25,316
26,118
7,716
10,829
10,043
12,633
May.....
1941
1940
9,025
7,918
April..
Mar. 9,
1940
1,
Stocks at End of
Month
Shipments
1941
6,205
5,041
March
Mar. 8,
1941
PORTLAND
(In Thousands of Barrels)
Subject to current adjustment.
PRODUCTION
(In Net Tons)
25,348
1929c
24,758
13,206
13,223
13,442
22,855
12,712
14,018
21,549
September
131(105
October
13,935
15,776
18,008
November
1940c
12,290
August
1941
12,490
July
1941
12,725
10,372
20,353
December
11,195
8,192
23,381
130,292
130,315
June
Anthracite
Total, inch colliery
1,119,000 1.090,000 1,034,000 10,566X00 9,860.000 14,777,000
982,000 10,039,000 9,367,000 13,713,000
a
Com'l production b 1,063,000 1,036,000
Beehive Coke—
United States total
Daily
1941
4,873
235
-
Total
j-
1,458
Oregon and Washington
Mar. 8
fuel
878
1,612
Colo., Mont., Utah, Wyo. & Ida-
Penna.
1940
Ohio, western Pa. & W. Va
New York and Maine.
Texas..
Week Ended
ESTIMATED
of Month
1941
1940
Wis., 111., Ind. & Ky
(about 8%).
UNITED STATES PRODUCTION OF SOFT COAL
(In Thousands of Net Tons)
Bituminous Coal
1941
1940
Eastern
Shipments
W. Mo., Neb., Kan., Okla. & Ark
increase of 85,000 tons
was an
ESTIMATED
Stocks at End
in
The United States Bureau of Mines reported that Penn¬
sylvania anthracite for the week ended March 8 was esti¬
1941
(In Thousands of Barrels)
and exceeds that in the corresponding week of 1929.
of soft coal in 1941 to date now
year
March
137,600
120,800
31,400
1,168,000
418,800
1,1.50,200
22,933
20,133
5,233
20,138
7,221
...
24,010
■— —
19,921
14,741
------
——
19,831
average
Total
..._2
Includes washery and dredge coal, and coal shipped by truck from authorized
operations,
b Excludes colliery fuel,
c Adjusted to comparable periods In the
three years.
a
ESTIMATED WEEKLY PRODUCTION
OF
Prices for Major Non-Ferrous
COAL, BY STATES
Metals^Unchanged—Tin
Quicksilver Higher
and
(The current weekly estimates are based on railroad carloadlngs and river ship¬
subject to revision on receipt of monthly tonnage reports from district
ments and are
"Metal and Mineral Markets" in its issue of March 20
and State sources or of final annual returns from the
operators.)
(In Thousands of Net Tons)
Week Ended—
Stale
Mar.,
Mar. 1, Feb. 22, Mar. 2, Mar. 4, Mar. 2,
1941
1941
1940
1939
1929
Alaska
4
4
3
2
367
347
3C4
287
396
91
72
70
56
144
158
159
118
167
256
1
1
1
1,280
1,236
1,123
518
509
421
67
61
60
Kansas and Missouri
196
175
Kentucky—Eastern
871
Avoe.
1923e
Alabama...
Arkansas and Oklahoma
.
Col or ado
Georgia and North Carolina
(f)
*
(f)
423
77
195
(f)
<f)
1,178
1,436
1,684
451
445
575
84
112
142
170
186
144
852
776
730
969
560
247
244
173
204
356
215
Maryland..
Michigan
39
36
38
34
62
52
12
12
16
9
24
32
Montana
73
65
57
59
84
68
25
25
23
28
54
53
69
60
56
47
reported that though the movement of non-ferrous metals
into consumption continues at the highest rate on. record,
buyers' demands moderated and a fairly orderly market
prevailed during the last week.
Export copper was a little
higher, with the domestic product about unchanged.
Lead
quotations appeared to be quite firm in all directions.
Tin
prices were firmer on improved buying and uncertainty
about the shipping developments.
A regulated market
for zinc scrap is expected.
Quicksilver advanced on light
offerings of spot and nearby metal.
The publication further
reported:
Illinois
Indiana
Iowa
Western..
...
.........
New Mexico....
.....
North and South Dakota
Ohio
122
f48
f34
586
581
450
448
440
740
2,690
Pennsylvania butuminous
2,.503
2,107
1,893
2,837
120
buyers last week
so
148
141
128
far to 46,126 tons.
Valley.
118
Tennessee
Sales in the domestic market during
were more reserved.
the period mentioned involved 11,933 tons,
3,249
117
Copper
With the outlook for increased supplies of copper held to be encouraging,
as
Some
bringing the total for the month
Large mine operators maintained the price at 12c.,
consumers not
directly engaged in defense work paid
12He. to custom smelters, mostly
as
high
forward metal.
on
The export price situation is anything but satisfactory.
Producers who
Texas
10
8
16
15
25
19
have sold the bulk of their output to the Government look upon 10c. as the
Utah
73
92
57
81
145
68
price.
Virginia
339
340
281
255
279
230
35
33
36
62
74
diminished, and buyers who want such copper against export business in fab¬
1,937
1,682
1,557
2,029
1,172
ricated products with drawback privileges, have been forced to raise their
773
a
715
564
555
696
717
bids.
114
149
136
f4
f7
10Hc. to lie., f.a.s., depending
Northern b
I.
Wyoming
117
Other Western States.c
120
95
*
1
*
*
as
Total bituminous coal
10.790
10,330
8,794
8,577
11,358
1,090
948
866
927
1,437
10,764
2,040
11, 880
11,278
9,660
9,504
12,795
12,804
Pennsylvania anthracite.d
Total, all coal
Includes operations
Quotations
high
on
published records of the Bureau of Mines,
supplies.
The Portland cement industry in
February, 1941, produced
8,368,000 barrels, shipped 7,472,000 barrels from the mills,
and had in stock at the end of the month
Bureau
Portland
of
cement
Mines.
in
25,316,000 barrels,
Production
February,
1941,
and
ship¬
showed
in¬
Of 66.0% and 62.3%,
respectively, as compared with
February, 1940.
lower than
a
Portland cement stocks at mills
year
were
facturing plants except
one,
for which
an
This action
that
if
output
estimated
manu¬
estimate has been
of finished
of
production
cement
capacity of 156 plants
at
is
to
compared
the
close
of
February, 1941, and of 159 plants at the close of Febru¬
1940:
'
O*
was
taken
manufacturers
of
to conserve
zinc
brass
this
adopt
will become available for national
year
-Vv.y?
Lead
■:
Following several weeks of good business in lead, demand
somewhat during the last week,
moderated
with sales for the period involving 9,532
tons, against 10,359 tons in the previous week and 13,440 tons two weeks
With domestic consumption estimated around 65,000 tons per month
with
the lull
The
April requirements
as
about
two-thirds
covered,
the trade
views
only temporary.
quotation
continued firm
at
5.75c.,
the contract settling basis of American
New
York,
Smelting &
which
was
also
Refining Co., and at
5-60c., St. Louis.
The trade
was
interested
in
the
annual report
of Simon Guggenheim,
President of A. S. & R., to stockholedrs, in which he said: "Lead so far has
been allowed its market price, but probably will not be permitted to exceed
the price of 5Hc. a pound
increase, depending
on
by
over
He. and
may not
be allowed that much
circumstances."
Zinc
on
the secondary-
zinc situation, and imposition of ceiling prices is likely soon.
situation
ary,
RATIO
all
a
o-
has discontinued
of
in
available
primary metal underwent
supplies.
Quotations
Louis, for Prime Western.
no
Sales of the
The market
change, with demand in excess
continued
on
common
the
basis
of 7Hc.,
St.
grades for the week ended
March 15 totaled 1,577 tons, which compares with 3,405 tons in the week
following statement of relation
capacity the total
the
estimated
2.2%
included in lieu of actual returns.
with
is
.
Washington centered its attention during the last week
February received by the Bureau of Mines, from all
the
It
:
announced last week that it
..
ago.
The statistics given below are
compiled from reports for
In
V.'>7y
Brass Co.
yy
ago.
of
paid.
On non-competitive business
position.
on
defense.
and
Portland Cement Statistics for Month of
February, 1941
creases
was
The American
e
Average weekly rate for entire month,
f Alaska, Georgia, North
Carolina, and South Dakota included with "other western
States."
* Less than 1,000 tons.
the
12c.
for May forward delivery ranged from
copper
production of "67 brass pipe."
Arizona,
d Data for Pennsylvania anthracite from
California, Idaho, Nevada and Oregon,
to
as
foreign
on
policy about 4,000 tons of zinc
the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G,.
and on the B, & O. in Kanawha, Mason and
Clay counties, b Rest of State, including
the Panhandle District and Grant, Mineral and
Tucker counties, c Includes
ments
the other hand, have
41
West Virginia—Southern
according
on
1,994
Washington
a
Offerings of free metal of foreign origin,
PRODUCTION TO
previous.
Shipments by the Prime Western division during the last week
totaled 5,124 tons.
Consumers'
The backlog was reduced to 99,392 tons.
stocks
of slab
zinc
tons, against 78,194 tons a month
at
the
end
of January
totaled 71,119
previous, the Bureau of Mines reports.
Galvanizers, die casters, and rolling mills and oxide plants showed moderate
reductions in their holdings, compared with a month previous,
but brass
mills indicated that inventories dropped 24%.
CAPACITY
Tin
Feb.,
1940 Feb.,
1941 Dec.,
1940 Nov.,
1940
A fair demand for tin
in small lots for spot delivery, with supplies for
that position in firm hands, resulted in a
The month
24.8%
The 12 months ended
47.8%
1941 Jan.,
43.5%
54.4%
42.4%
53.1%
51.2%
50.6%
60.1%
49.9%
the last week.
were
higher price for Straits tin during
Transactions involving good tonnages for nearby delivery
put through at 52c. on March 18.
■
-
Volume
The Commercial & Financial Chronicle
151
1829
-
Actual consumption of primary tin in the United States during January
was 6,590
long tons, according to an estimate by the American Bureau of
Metal Statistics.
This compares with
6,680 tons in January a year ago.
averaged 6,171 tons
a
Greece and Turkey.
Iron and
steel scrap will
Price differentials
For all of 1940, domestic consumption
All of these countries and
was as
'
follows:
'
April
May
June
"■
steel
to
cern
March
week
a
Defense Commission.
.
13
51.875
51.750
51.500
51.000
14
51.875
51.750
51.500
by the Price Stabilization Division, National
Meanwhile the scrap supply situation is giving con¬
companies,
will resort to
March
control.
districts will probably
which
Using the
into stock piles.
eating
are
emergency powers of the Army and Navy, the Price Stabilization Division
,
March
be placed under stricter Government
various grades and for various
on
be announced within
month.
Straits tin for future arrival
others will obtain the
some
benefit of mandatory priorities.
6,210 tons used in December and
requisitioning of
if it is found that it is being withheld
scrap
51.000
March 15
March 17
52.000
March
19
51.500
51.625
51.250
52.000
51.750
51.375
52.250
52.125
52.000
51.500
Chinese tin. 99%, spot,
March
14, 51 375c.;
was
March
nominally
Formal
and
follows: March 13, 51.375c.;
'
at
conferences
between
Pittsburgh
on
Thursday of this week.
April 1, the discussions
THE
Dom..Refy. Exp., Refy.
Tin
New York
Lead
"IRON
AGE"
COMPOSITE
New York
One week ago
St
St. Louis
[Based
2.261c.]
._
PRICES
Steel
Finished
Zinc
If agreement is not reached by
be extended by mutual consent.
may
("E. A M. J." QUOTATIONS)
Straits
Organizing Committee
and other issues will be begun
over wages
March 18, 1941, 2.261c. a Lb.
Electrolytic Copper
Workers
Steel
the
Carnegie-Illinois Steel Corp.
■
METALS
PRICES OF
as
The pig iron
composite has risen to $23.61.
15. 51.375c.; March 17, 51.500c.; March 18,
51.625c.; March 19. 51.750c.
DAILY
The "Iron Age" scrap composite is unchanged at $20.33.
51.125
51.875
52.125
....
51.875
52.000
...
March 18..____.
from the market.
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets, and hot
One month ago
'jouis
2.201c.I
rolled strips.
One year ago
2.261c. I
85% of the United States output.
These products represent
11.875
10.550
52.000
5.75
5.60
7.25
1940
High
2.261c.
Jan.
2.211c.
Apr.
10
March 14...
11.825
10.550
52.000
5.75
5.60
7,25
1939
2.286c.
Jan.
3
2 230c.
Marco
15
11.825
10.550
52.115
5.75
5.60
7.25
1938
2.512c.
May 17
2 211c.
May
Oct.
18
March
17
11.775
10.600
52.125
5.75
5.60
7.25
1937
2.512c.
Mar.
2 249c
Jan.
4
March
13
.
March 18...
11.875
10.600
52.250
5.75
5.60
7.25
1936
....2.249c.
March 19...
11.800
10.600
52.375
5.75
5.60
7.25
1935
2.062c.
1934
Average..
11.829
10.575
52.146
5.75
5.60
7.25
1933
1932
Average prices for calendar week ended March 15
f.o.b.
tin,
refinery,
f.o.b
11.813c.; export copper,
51.958c.: New York lead, 5.750c.;
are:
Domestic copper
refinery,
10.508c.; Straits
based on sale* reported
M. s" appraisal of the major United States
by producers and agencies
They are reduced to
the basis of cash, New York or St.
Louis, as noted.
All prices are In cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the 'rade. domestic copper prices are quoted on a delivered basis; that is,
delivered
consumers'
at
As
plants
the fluures shown above are net
delivery
charges
prices at refineries on
with the destination,
the Atlantic seaboard.
De¬
vary
livered prices In New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
On foreign business, owing to the
European War, mast sellers are
restricting offerings to f.a.s transactions, do lar basis.
Quotations, tor the present
reflect this change In method of doing business.
A total of .05 cents is deducted
from f.a,s
basis (lighterage. Ac.) to arrive at the f.o.b. refinery quotation
Jan.
8
Apr.
24
1.945c.
Jan.
2
Oct.
3
1.792c.
May
Sent.
0
1.870c.
Mar. 15
Jan.
13
2.192c.
Jan.
7
2.236c.
1930
1929
Mar. 10
2.056c.
1.981c.
.
2.016c.
1
1.915c.
1931
Dec. 28
Oct.
1.953c.
May 28
Pig
the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: March, 13, spot, £269,
three months, £267; March 14, spot, £269\i, three months,
£267 Yi\ March 17, spot, £272, three months, £269%; March
18, spot, £271 %, three months, £269; and March 19, spot,
£272, three months, £270%,
23.451
22.61 [
One month ago
One year ago
Steel—Mandatory Priorities Applied to Alloy Steels,
Armor Plate and List of Machinery
The "Iron Age" in its issue of March 20 reported that
industry will quickly be placed on a wartime basis was as¬
sured by President Roosevelt's promise of "all out" aid for
the democracies of the world, OPM Director Knudsen's
statement that industrial production must be accelerated
60%, and by Director of Priorities Stettinius^ first adminis¬
trative order which puts into immediate effect a broader,
faster application of mandatory priorities.
The "Iron Age"
further states:
The first administrative order of the
Division of Priorities validates the
preference ratings that have been issued by the Army and Navy Munitions
of mandatory priorities, and adds
list of
a
These include
■critical items for which mandatory priorities will be issued.
Philadelphia,
523.61
1941....
alloy steels and armor plate and a long list of machinery.
war gives
logical assumption that an intensified program of curtailment
Jan
20 61
Sept
1938......
23.25
June 21
19 61
July
1937..
23.25
Mar.
9
20,25
Feb.
6
10
1936
19.73
Nov. 24
18 73
Aug.
11
1935
18.84
Nov.
5
17 83
May
14
1934
17 90
May
1
16 90
Jan
27
1933
16.90
Dec.
5
13 56
Jan.
14.81
Dec.
Jan.
5
13 56
15.90
Jan.
6
14.79
Jan.
7
15 90
Deo.
18.71
1930
-
May
14
18 21
Dec.
1929.
Steel
March 18, 1941,
$20.33
1938
1935
1934
—
1933
principal raw material is illustrated by the accelerated rate of automobile
In the past six months, ending with this month, the auto¬
will have produced about 600,000 more cars and trucks
production.
mobile industry
than in the
steel
corresponding period a year ago, a gain of 25%.
plan to go through the usually dull summer
purchases indicate a
months
with no more interruption
not less than
than may be caused by material and
Some steel companies have been obliged to curtail their
labor shortages.
allotments to
Its current
the automobile industry,
which is estimated to be getting
15% and perhaps as much as 18% of current steel shipments.
Production of steel this week has hit an all-time high.
While the
per¬
H was exceeded in 1929, capacity then was much less than
The Chicago district,
half points, is now at 101
The Pittsburgh district has
centage rate of 99
that actual output is exceeding all records.
now, so
up two
and a
At St. Louis a gain of hYg, points brings the rate
gained a point to 101%.
there to 111%.
A survey
just completed indicates that steel is being produced at a rate
faster than
it is being consumed, which means that inventories are still
being accumulated by many users.
While concrete results have not yet flowed from the enlarged industrial
program
authorized by the lease-lend bill, there is every indication that an
expansion of steel orders will come soon
have
been
tentative
legislated.
plan
A
new
after the necessary appropriations
shipbuilding program is a certainty.
A
hundred additional
involves the construction of several
require not less than 1,000,000 tons of steel, but work on
not be started before late this year.
British and Canadian
expected to expand soon, and there have been inquiries from
ships which will
these
may
-orders are
"""V
Dec. 10
Mar. 13
10.33
9 50
Apr. 29
8ept.25
3
8
0 75
Jan,
12
6.43
July
5
8 50
Deo
29
Feb.
6
18
11.25
Dec.
9
Jan.
29
14.08
Dec.
3
Aug.
Steel Institute
and
9
on
March 17
an¬
that
capacity for the week beginning March 17, compared with
98.8%
week ago, 94.6% one month ago, and 62.4% one
This represents an increase of 0.6 point, or 0.6%,
week.
Weekly indicated rates of steel
one
year ago.
the preceding
operations since Feb. 5, 1940, follow:
May 27
June
3
June
10
84.6% Sept. 23
4
64.6%
June
17
87.7% Sept. 30
20
May
Mar
July
July
Aug.
Aug.
6
65.8%
Aug.
70'.0%
28
88.2%
29.....90.4%
5
90.6%
12
.89.5%
19
89.7%
20
91.3%
July
May 13
Aug.
May
21
86.8% Oct.
8
15
22
July
Nov.
4
Nov. 11
Nov. 18
Nov. 25
Dec.
0
97.2%
13
98.5%
20.....90.5%
Jan. 27
97 1%
Feb.
3
96.9%
Feb. 10
97.1%
Jan.
Jan.
Feb.
17
Feb.
24
94.0%
96.3%
3
97.5%
Mar,
96.9% Mar. 10.....98.8%
90.0% Mar. 17
99.4%
2
Dec.
90.8%
80.8%
95.9%
92.0% Jan.
94.2%
94.4%
94.9%
95.7%
96 0%
90.1%
90.0%
96.6%
7
14
80.5%
1
July
Oct.
74.2% Oct.
86.4% Oct.
June 24
64.7%
18
62.4%
25
60.7%
1
..61.7%
8
61.3%
15
00.9%
22.....60.0%
29
01.8%
Apr.
82.5% Dec. 10
91.9% Dec. 23
92.9% Dec. 30
1941—
92.5%
73.0% Sept. 2
76.9% Sept. 9
80.3% Sept. 18
26
71.7%
68.8%
67.1%
05.9%
Mar. 11
Apr.
1 Q4.lt—
1940—
1940—
1940—
Apr.
This
June
telegraphic reports which it had received
indicated that operating rate of steel companies having 96%
of the steel capacity of the industry will be 99.4% of
the present system of allocation, which
have normally used even in their best years.
Iron
American
The
nounced
Mar.
particularly true in consumer goods lines.
What is happening in many manufactured articles in which steel is the
Nov. 10
12 67
17.58
Apr.
is
7
12.92
Dec. 21
1929
Apr.
the amount of steel they
June
15.00
all that the steel companies
three times
10
11.00
1930
other than defense contractors are not getting
or
9
May
Jan.
Jan.
by means of a questionnaire returnable this week.
seeking two
Ai-r.
14 08
8 50
11.33
KlMany steel
users are
Feb.
10 04
1931..
1932...
Mar
Some steel
$20.00
Dec.
Oct.
21.92
17.75
13 42
13.00
12.25
1937......
11
7
30
3
Nov. 22
Mar. 30
Jan.
21 83
22 50
15.00
-
Feb.
purchases.
Low
High
1939
stee1
melting
heavy
and Chicago.
$22.00
-
capacity and supply situation in certain products, particularly shapes,
is based on past
1
No.
quotations at Pittsburgh. Philadelphia,
20.081
16.541
One year ago
on
(Based
.....$20.33]
One month ago
Dec.
Scrap
Gross Ton
a
One week ago
phase which would suggest the immediate imposition of mandatory priorities,
contend they are entitled to under
2
12
18.21
-
1931
19
all the steel they want, but they are getting
2
Jan.
22.61
Feb.
plates, sheets and strip and stainless steel is being canvassed by the OPM
823.45
Mar. 20
23
5
critical
and
Low
Dec.
12.
a
Valley,
Sept. 19
..
Feb.
have not reached
Buffalo,
22.61
1939....
Feb
rationing of civilian supplies is inevitable.
While conditions in steel, other than alloys,
■
9
29
23.45
1940
from
H Pressure for speed and greater production of implements of
consumers
Dec.
Oct.
Southern iron at Cincinnati
1930
the
1.962c.
2.192c.
.
High
1941
and
2
29
Dec.
Iron
1940...
rise to the
883c.
1
[Based on average for basic Iron at Valley
523.45]
furnace and foundry iron at Chicago.
One week ago
1932
Due to the European war
Board, giving them the force
10
March 18, 1941, 523.61 a Gross Ton
The above quotations are "M. & M.
markets
9
2.118c.
St. Louis lead, 5.600c.; St. Louis
zinc, 7 250c.; and silver, 34.750c.
Low
2
9
"Steel" of Cleveland, in its summary of the iron and
steel
markets, on March 17 stated:
Passage of the lend-lease bill
forms,
such
Britain
in
ships,
as
tanks,
that armament in highly finished
means
airplanes,
continuously larger volume.
now
will
supplied
be
to
equipment must be intensified as rapidly as possible; more and more
metals
other
and
demand
overall
view of this
In
that
deliveries
be
will
in
A
are
more
eight.
outlook, there is considerable encouragement in the fact
are
hot slipping behind at the recent rapid rate.
now
Instead of the former steady flow of orders,
of
survey
off days.
the current
reveals that with
five
steel
to
steel
required in this direction, with no easement in
Sales volume is more spotty.
there
Great
Hence, production of such military
steel
delivery situation
by principal products
companies which turn out about 85% of the Nation's
22
is
six months
the
most
common
delivery
now
available.
The
months in the case of one
company.
Plates, right now one of the tightest products, range from three
months for one company to seven months in the case of two other makers.
Under the new nickel priorities system, current indications are that
greatest
is
extreme
nickel
and
work.
In
nickel
business
Consumers
the
sheets,
10
will be shipped only to companies
consumers
are
the
doing defense
able to get along by using substitutes
In many, as in the case of restaurant and
manufacturers,
serious
galvanized
alloys
many cases
for nickel steels.
ment
in
hospital equip¬
problem of substituting for stainless steels is
a
worry.
are
forced
country in order
in
many
to pick
up
cases
a
to
certain
inquire extensively throughout
gage
here,
a
certain analysis
The Commercial & Financial Chronicle
E1830
A Cleveland consumer, for
there.
in
example, after inquiring from warehouses
Frequently oversize
by the consumer to the required
cities, located three-inch carbon bars in Chicago.
16
bars
be
must
diameter,
thus
turned
and
purchased
Unable to get alloy steel wire for the
increasing costs.
manufacture of
welding rods, one consumer last week was forced to draw
rounds down to 3/32-inch wire, involving 17 passes, on his own
Resulting cost of the /welding rods was about three times
%-inch
drawblocks.
what it would be
normally.
materials are traveling longer distances.
Under current conditions
Thus
by bringing material north from out of
the way areas, as the Texas oil fields.
^
/i./
j
/ - V./"
There is a growing sentiment against naming steel prices by quarters, a
system customary in normal times.
Since in the present era there has
been no limiting of sales on the basis of the calendar, it is reasoned that
prices should be named subject to change without notice and omitting
shortage of scrap is to be remedied
of
mention
On
quarters.
for steel, using their prestige and influence to get materials
needed for defense work.
seasonal demands in tin-plate, line pipe and agricultural steel are
shop around
delivered where they are
Usual
in
present
as
131,620 units,
week
ocean
March
15
Steel is estimated at 99%,
U. S.
against 96% in the week before and
Leading independents are credited with 99%,
unchanged from the preceding week and compared with 98% two weeks
two weeks
ago.
ago.
gives a comparison of the percentage of production
The following table
with the nearest
corresponding week of previous years, together with the
approximate changes, in points from the
week immediately preceding:
u. s. Steel
Induslrv
was
1941---
1940...
64
+3
99
%
—
57%
—5
69%
+4
+2
56%
—1
+3
33%
56
+
%
1938---
33
+ 2%
32
1937-.-
89
1936---
50%
program.
moving west¬
build ordnance and defense plants
the policy to
line with
Fabricators have to turn down
jobs because of lack of supplemental plates.
bombing range as possible.
from
Production
On
a
reached
standpoint
tonnage
a
all-time
an
+2
94
+ 1
—9
57
—6
45
—1%
42
1935---
46%
47
—1
1933..-
14
—
—
47
14
%
26
55%
gome
high
percentage basis one point was added, making 98%%.
last
Gains
Week
with
the
Federal
Reserve
57%
decreased
25
57
1930-..
74
80
94%
97
reserves arose
from increases of $492,000,000 in Treas¬
deposits with Federal Reserve banks, $15,000,000 in
in circulation, and $12,000,000 in Treasury cash, and
a decrease of $2,000,000 in Treasury currency, offset in part
by increases of $17,000,000 in gold stock and $15,000,000 in
Reserve Bank credit, and a decrease of $18,000,000 in nonmember
deposits and other Federal Reserve accounts.
ury
money
Excess
to be
reserves
of member banks
on
March 19
were
estimated
approximately $6,110,000,000, a decrease of $370,000,-
1928---
85
1927..-
92
+
principal change in holdings of bills and securities was
an
increase of $50,000,000 in holdings of United States
Government bonds and a decrease of $50,000,000 in United
found
on pages 1868 and 1869.
Changes in member bank reserve balances and related
items during the week and yeai ended March 19, 1941,
follow:
(+)
S
Bills discounted
(—)
Mar. 20, 1940
$
f
—1,000,000
2,184,000,000
—291,000,000
direct
advances
(not
Including
$7,000,000 commitments, Mar. 19)
Other Reserve bank credit
Total Reserve bank credit
—2,000,000
8,000,000
+14,000,000
65,000,000
-
+ 33,000,000
2,259,000,000 a+ 15,000,000
-—261,000,000
22,335,000,000 |+17,000,000 +3,975,000,000
Gold stock
Treasury currency
3,104,000,000
...
1941
1940
$
S
S
S
guaranteed
by
*
the
1,563
1,451
6,532
Balances with domestic banks..
81
124
Other assets—net.............
327
3,919
594
3,963
592
Cash In vault.................
—2,000,000
U. 8. Government deposits
Foreign baDks..............
+115,000,000
....
310
276
16
14
15
1,489
264
266
249
of Member Banks of the
Returns
Reserve
in
New
York^City
Chicago—Brokers' Loans
and
______
Below is the statement of the Board of Governors of the
Reserve
System for the New York City member
banks and also for the Chicago member banks for the cur¬
rent week, issued in advance of full statements of the mem¬
ber banks, which will not be available until the coming
Monday:
MEMBER BANKS
ASSETS AND LIABILITIES OF WEEKLY REPORTING
IN CENTRAL RESERVE CITIES
and
Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
explained above, the statements of the New York
As
cannot be
compiled.
will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
close of business March 12:
The condition statement of weekly reporting member banks in 101 lead¬
the
shows
cities
and
following
of
Increases
12:
principal
$87,000,000 in
$69,000,000
in
changes
holdings
New York City
decrease of $74,000,000 in holdings of
of $66,000,000 in reserve balances with
$125,000,000 in demand deposits—adjusted.
industrial and agricultural loans
$
1941
$
New York City,
1940
J
1941
1941
1940
S
$
$
member banks.
States Treasury bills
reporting
Holdings of United
York
10,908
10,892
3,204
3,223
9,036
2,970
2,706
731
2,698
726
2,273
554
2,070
2,075
1,684
528
522
380
115
22
63
101
336
Open market paper
Loans to brokers and dealers..
'
96
354
485
32
22
35
district.
165
166
159
55
54
$74,000,000 at all reporting member banks.
deposits—adjusted increased $41,000,000 in the San Francisco
$38,000,000
in
the Chicago district,
York
City.
Treasury bills
Treasury notes
United States bonds
banks increased $16,000,000 in New York
City, $10,000,000 in the Chicago district, and $29,000,000 at all reporting
member banks.
Deposits credited to foreign banks increased $5,000,000.
A
113
summary
of the principal assets and
Increase
for the week
(+)
or
Decrease
(—)
Since
Mar. 12, 1941
5
26,744,000 000
9,689,000,000
Commercial, Industrial and agri¬
cultural loans
5,374,000,000
20
20
14
Assets—
29
45
392
369
74
73
49
Loans—total
270
211
185
514
1,429
2,991
1,522
2,903
830
2,505
137
785
517
145
779
354
156
725
111
liabilities of re¬
porting member banks, together with changes
and the year ended March 12, 1941, follows:
28
111
,
$31,000,000 in New York
City, $22,000,000 in the Dallas district, and $125,000,000 at all reporting
member banks, and decreased $93,000,000 in the New York district outside
393
Real estate loans
Loans to banks
Other loans
increased $64,000,000 in New
City and
Demand
district,
Other loans for purchasing or
carrying securities
increased $53,000,000 in
$87,000,000 at all
$16,000,000 in the St. Louis district, and $69,000,000 at all
member banks, and decreased $22,000,000 in the Minneapolis
Holdings of "other securities" decreased $66,000,000 in New
18
30
and
Treasury
City,
reporting
York
States
"other securities", and
Federal Reserve banks
$16,000,000 in the Chicago district, and
Deposits credited to domestic
Chicago
Mar. 19 Mar. 12 Mar. 20 Mar. 19 Mar. 12 Mar. 20
1941
United
of
loans,
a
increases
week ended
for the
commercial, industrial and agri¬
cultural
New
(In Millions of Dollars)
Commercial, Industrial
agricultural loans...
Federal
System for the Preceding Week
Chicago member banks are given out on
and
Banks
Assets—
-—
„
1,506
Commercial,
Loans and Investments—total..
....
85
936
7
1,505
bills;
+ 963,000,000
♦
Loans—total
1,063
7
1,655
502
314
Capital accounts..............
March
Federal
1,068
7
.
Domestic banks......-..---
ing
Member
2,047
508
96
85
351
Inter-bank deposits:
+1,485,000,000
of
96
139
345
884
26
222
46
Liabilities—
Demand
Time
+1,342,000,000
—166,000,000
+206,000,000
...
Returns
1,997
507
-—
14
banks
Reserve with Fed. Res.
126
405
952
36
271
44
3,568
686
11,038
753
14
Other securities...i
126
413
889
31
289
40
9,908
700
44
85
101
343
deposits—adjusted.... 10,880
deposits..746
1,236
1,310
6,124
75
1,583
1,450
6,755
balances.....13,741,000,000 —470,000,000
reserve
1941
$
Obligations
Money In circulation
8,826,000,000
+15,000,000
Treasury cash
2,208,000,000
+12,000,000
Treasury deposits with F. R. banks.
913,000,000 +492,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
2,010,000,000 —18,000,000
Member bank
1940
In the following
and guaranteed
Industrial
or Decrease
Since
1,000,000
.
U. S. Government securities,
Chicago
1941
Assets—
The statement in full for the week ended March 19 will be
Increase
—1%
1941
Complete
States notes.
i
+ 1
86%
—1%
98%
%
79
+ 1
90
41
—
Other liabilities
The
19, 1941 Mar.C12, 1941
%
92%
Borrowings
000 for the week.
Mar.
%
+
68
+
United States Government
bank
—
1932...
Mar. 19 Mar. 12 Mar. 20 Mar. 19 Mar. 12 Mar. 20
Reductions in member
$470,000,000.
%
—
1931...
Banks
During the week ended March 19 member bank reserve
balances
—2
:
24
%
—
%
;
14
%
%
—
New York City
The
—2
50
%
1929-.-
far
as
+2
83
43
+1
—7%
—1%
1934-.-
.•
Independents
99
+1
99
1939...
in
The "Journal"
previous week and 973^% two weeks ago.
further states:
The steel consisted of 69,705 tons of plates, 14,699
structural shapes, 13,387 tons of sheets, the remainder being bars
of
week.
Steel ingot production for the week ended March 17, is
placed at 99% of capacity according to the "Wall Street
Journal" of March 20.
This compares with 98% in the
1941 high, a gain of 5,705 for the week, comparing
strip.
from
unchanged at $56.60.
delivery to East
navy
to 100%%,
points to 90,
93.
point to
one
for increases.
ended
Structural fabricators note that the crest of construction is
ward
by
Friday, the first steel purchase connected with the two-
yard?
1941
Three areas dropped, Chicago by one
point to 99, Buffalo by 2% points to 90%, and Cincinnati by six points
to 89.
Unchanged were the following: Wheeling at 88, Birmingham at 90,
New England at 92, St. Louis at 93, and Youngstown at 97%.
Two of "Steel's" composite price groups advanced, steelworks scrap by
12c. to $20.08, and iron and steel by 3c. to $38.29.
Finishel steel was
Detroit
and
55
West
and
new
the
Navy Department bought 105,000 tons of steel for
The
tons
a
for
production
105,720 in the like week of 1940.
with
and
had lain greatest potentialities
herein
automobile
Scheduled
Tin-plate demand has gained most briskly in
volume.
large
weeks
recent
place in four districts, Pittsburgh rising 2% points
Pennsylvania by one point to 96, Cleveland by 4%
took
eastern
96%%
banks,
increasing scale do defense bodies, such as Federal Reserve
an
March 22,
Loans and
investments—total
Open market paper
—
332,000,000
Mar. 5. 1941
S
Mar. 13. 1940
$
+76,000,000
+ 3,307,000,000
+ 97,000,000
+1,073,000,000
+ 87,000,000
+1,007,000,000
i.
—1,000,000
+ 9,000,000
Volume
The Commercial & Financial Chronicle
152
Increase
(+)
Decrease
or
Since
Mar. 12. 1941
Assets—
Mar. 5, 1941
$
$
■'
■
v
(—)
is engaged
498.000.000
—161,000,000
+3.000,000
—18,000,000
1,229,000,000
39,000,000
1.759,000,000
909,000,000
2,545,000,000
Other loans
Treasury bills
Treasury notes
—4,000,000
458,000,000
or
Real estate loans
Loans to banks
j._
United States bonds
+46,000,000
—9,000,000
—209,000.000
+236,000,000
+ 765,000,000
+ 2,000,000
+69,000,000
—9,000,000
7,065,000,000
+1,000,000
+ 575,000,000
2,766,000,000
—8,000,000
—74,000,000
+379,000,000
+279,000,000
Reserve with Fed. Reserve banks..11,970,000,000
Cash in vault
527,000.000
+ 66,000,000
+1,499,000,000
+18,000,000
Balances with domestic banks
+45,000,000
+ 51,000,000
+291,000,000
Obligations guaranteed by United
States Government
Other securities
allies
as
3,770,000,000
3,472,000,000
23,487,000.000
Time deposits
U. S. Government deposits
+125,000,000
+ 3,980,000,000
5,462,000,000
—8,000,000
+119,000,000
352,000,000
lnter-bank deposits:
Domestic banks
—5.000,000
—221,000,000
9,351,000,000
+ 29,000,000
+1,083,000,000
649,000,000
+ 5,000,000
States
Lakes-St.
the Government of the United States be considered from the standpoint of
their relationship to these supreme objectives.
The
Government
....
........
Canada Sign
and
Lawrence
Agreement on Great
Waterway and Power
River
foremost
national
United
the
at the earliest
objectives
States
of this
regards
the
Great
Lakes-St.
with the accomplishment of the
It believes that
Government.
the
matter of vital
a
as
It regards the construction of this project
possible moment.
necessity.
You refer to the engineering
investigation now being conducted in the
international section of the St. Lawrence River.
only because of
purpose
I need hardly say that I
agreement
for
between the United States and Canada
the
development
of
the
Great
Lakes-St.
Lawrence River seaway and power project was signed at
on March 19.
The agreement was made public on
March 21, when it was submitted "for the information of
the Congress" by President Roosevelt, with a brief accom¬
panying message which said he would "request introduction,
in due course, of legislation designed to make this agreement
effective." The President explained that the agreement pro¬
vides "for the construction of dams and power works in the
international rapids section of the St. Lawrence River and
providing for completion of the essential links in the Great
Lakes-St. Lawrence deep waterway when the Governments
of the United States and Canada agree that circumstances
require it."
According to the report of the joint engineering investi¬
gating committee, the estimated cost of the project would be
$266,170,000, of which $38,578,000 would be tor works solely
for navigation, $96,804,000 for works primarily for power,
and $130^788,000 for works common to navigation and
power.
The agreement was signed on behalf of the United States
by J. Pierpont Moffat, American Minister to Canada; A. A.
Berle Jr., Assistant Secretary of State, and by Leland Olds,
Chairman of the Federal Power Commission, and on behalf
of Canada by W. L. Mackenzie King, Prime Minister of
Canada; Clarence D. Howe, Minister of Munitions and
Supply, and John Road, legal advisor to the Department of
External Affairs.
conviction that the completion of this project
agreement in treaty form
rejected by the Senate
required; this action was
referred to in our issue of March 17, 1934, page 1832.
At
his press conference on March 18 the President pointed out
that the new agreement would not be in the form of a treaty
and hence would require only a majority vote in Congress
The State Department made public on March 19 the texts
of the notes recently exchanged between the two govern¬
ments.
In his note dated March 5, Prime Minister King
requested the United States to review the whole question to
decide whether the project should be proceeded with in view
of the "growing intensity of current war operations and the
apprehension that still more perils will have to be faced in
the very near future."
In replying to the note President
in 1934 when
a
Roosevelt said
two-tnirds vote
on
was
was
March 10 that the United States believes
that the
project "should be proceeded with and that con¬
struction should commence at the earliest possible moment"
since it is "a matter of vital necessity." Mr. Roosevelt also
said that "the completion of the project by 1945 might prove
of vital importance to our defense effort." He concluded by
saying that it is his belief that the
"funds and manpower
required for the earliest possible completion of the St.
Lawrence project could not be better spent for our joint
defense effort, including aid to Great Britain."
The text of the President's personal reply to the questions
raised by Prime Minister King was transmitted through
Moffat.
of construction this
I
am sure
you
spring.
will agree with me that, while our countries must put forth
the maximum immediate defense
that
whether, in the existing circumstances, this project
also prepare for the possi¬
The combina¬
undertake it immediately.
we
the St. Lawrence project as a part of our
defense program is not exceptional,
since we
are
today appropriating
lor construction of vessels of war which will not
money
be ready for service until
the completion of the St. Lawrence undertaking.
I
am
convinced of the urgent need for the large increment in
electric power which the St. Lawrence project will provide.
demand for power is running ahead of expectations.
most serious handicaps to the
low cost
Already the
In fact, one of the
rapid expansion of airplane production is the
difficulty of finding the large supplies of high-load factor power required
for aluminum production.
for this purpose as
We
of course, expanding our electric facilities
are,
fast as practicable, but by the time the St. Lawrence
Is available other sources of cheap power will have been largely
power
allocated.
The St. Lawrence project offers by far the soundest and most economical
provision for the power requirements of certain portions of our long-range
defense
program,
industries.
available
more
particularly for certain high-xoad factor defense
the manufacturing facilities and skilled labor
Furthermore,
for
the
of steam
construction
turbines and electric
equipment
will be needed to meet the requirements of the vast areas of our continent
where water power is not so
I
economically available.
also convinced that the opening of the St. Lawrence deep waterway
am
to afford
an
outlet for naval and cargo ships constructed in Great Lakes
shipyards, far from representing a diversion of funds and resources from the
effect.
defense effort, would have the opposite
to meet the
Our shipbuilding program,
requirements of defense, will call for a great expansion of ship¬
yards with their associated machine shops and adequate supplies of skilled
The extent to which intensified submarine and air attacks on con¬
labor.
voys may
war
necessitate an expansion of the program is still unknown.
is protracted, however,
of
present industrial arrangements, many of
our
If the
it seems certain that the number of shipyards
required will have to be several times those at present available.
In terms
these can be made most
readily and economically available in the Great Lakes area.
If the full burden of our expanding
board shipyards, the time
ship construction must fall on sea¬
required to complete the vessels themselves must,
instances, be increased by the period necessary to construct new
With this in mind it is apparent that the deep
shipyards and facilities.
waterway could be completed
in time to provide an outlet to the sea for
of the new vessels included in the present program.
many
of these facts, it is my belief that the funds and manpower
In the light
required for the earliest possible completion of the St. Lawrence project
could not be better spent for our joint defense
It is my feeling
Britain.
of this project would be
effort
,
including aid to Great
that failure to take advantage of the posssibilities
shortsighted, in no way contributing to an increase
while limiting our defense program in the
in our immediate defense effort,
difficult years which
lie ahead.
+
Congress Urged by Merchants Association of New York
to Hold Public Hearings on St. Lawrence Development
Plan
JA';
may be made to rush through
Congress legislation carrying out the President's plans for
the development of the St. Lawrence seaway-power project
as a defense measure,
The Merchants' Association of New
York on March 20, through John Lowry, its President, sent
a letter to all the New York members of Congress urging them
to use their influence to see that the legislation should take
a normal course with adequate opportunity for public hear¬
ings.
The Association is already on record as opposing the
current plans to develop the St. Lawrence, having collected
evidence showing that not only would the project be wasteful
but that the additional power proposed could not be ob¬
Fearful
that
attempts
tained in time to be of use in the present emergency.
Ship Losses for 18 Months 4,962,257 Tons—
Lloyd's Reports Figure Exceeds First 2L£ Years of
World War—Losses of German and Axis Shipping
Allied
careful consideration to your recent request that in view of
theUnited States review the St. Lawrence project and give you an indica¬
we must
constantly expanding demands.
tion of advantages offered by the St. Lawrence project makes it imperative
Placed
growing intensity of current war operations and the apprehension over
of
effort,
protracted emergency which will call upon the industries on both
a
sides of the border to meet
It follows*
perils which may have to be faced in the near future, the Government
It is grati¬
fying that there has been sufficient progress to make possible the initiation
in many
Before the agreement becomes effective it will be necessary
that both houses of Congress approve it by a majority vote
and that the Canadian Parliament also vote favorably on it.
I have given
my
by 1945 might prove of vital importance to our defense effort.
In terms of the time factor,
Ottawa
the
of
Lawrence project as directly associated
Project
Mr.
foe from menacing the security of this
It is indispensable that all public projects contemplated by
hemisphere.
bility of
A similar
defenses are being strengthened to
our own
the extent necessary to prevent any
—81.000.000
1,000,000
Foreign banks
Borrowings..
providing
Simultaneously,
directed the release of $1,000,000 from the special defense funds for this
Demand deposits—adjusted
An
of the Commonwealth, and their
be necessary to enable them to bring the war to a successful
may
project should be proceeded with and that construction should commence
Liabilities—
United
It is determined to supply such aid
great defense program.
in material to Great Britain, the members
termination.
securities
loans for purchasing
carrying securities
a
-
Mar. 13, 1940
$
Loans to brokers and dealers In
Other
in
1831
at
2,028,140 Tons
The world's authority on
on
shipping, Lloyd's of London, said
March 17 that British, allied and neutral losses
of mer¬
1936 and 1938 should
ships in the first 18 months of the European war were
one-seventh greater than the similar losses in the first 30
months of the World War, according to Associated Press
I am aware of Canada's increasing war
effort and I readily agree that it must have first call upon your country's
resources and man power.
I also agree that in view of the existing situation
the most careful examination of any proposed expenditure is necessary from
the point of view of the public need and in the light of defense requirements .
With these considerations in mind, the Government of the United States
dispatches from London, which further said:
Confirming with figures the reports that Germany's destruction of ship¬
ping was running ahead of the World War rate, the publication "Lloyd's
List & Shipping Gazette," said the British, allied and neutral ships sunk
totaled 4,962,257 tons, or more than <300,000 tons above the figure for the
tion of its views as to
as
outlined in the State Department's proposals of
now
be proceeded with.
May I say at the outset that
the St. Lawrence project. We have wel¬
project because of the fact that our
own defense program renders it desirable that all public expenditures in the
United States be weighed in the light of considerations similar to those
set forth in your communication.
The Government of the United States
has, as you requested, reviewed
comed
this occasion to review this
chant
first
2% years of the World War.
the
On
were
other
side,
German,
Italian and Axis-controlled1
shipping losses
placed at 2,028,140 tons.
losses represented for the British, their allies and neutrals, 1,245
The
ships;
for the Axis,
422 ships.
The Commercial &
1832
British
The
today showed, have lost
the Lloyd's breakdown
themselves,
3,171,273 tons in the preesnt conflict; allied nations, 193
ships totaling 875,202 tons, and neutrals, 295 ships of 915.782 tons.
Included for the first time were the losses in the Dunkerque retreat last
757
ships of
when
summer,
allies
heroic
ships
small
numerous
roles
169,348 tons.
totaling
fishing
pleasure and
occasion.
that
on
known
losses
German
tons and their
These figures did not include
craft credited with having played
British lost 72 ships bringing 280,556
the
39
lost
by
Lloyd's said, were 60 ships of 268,542
name,
captured and 77 ships of 420,947 tons sunk since the outbreak of the
In addition, Lloyd's concluded that 129 German ships of 645,000 tons
tons
war.
had
sunk.
been
sunk.
the
An
and
names
toll
Iditidnal
a
entry
Italy's
Italian
63
of
the
into
tonnages unknown,
exact
neutral
formerly
listed.
was
and
Grain
Commodity
Economic
War-Time
later
control,
German
came
Cabinet" to Stabilize
and to Control
"Economic
Establishes
China
which
ships
Prices
Problems
The following description of the new Economic Conference
iv
set
by the
emphasized the increasing need for Government controls over
months have
food prices, the
commodity and
which
China,
her
in
fourth
of hoarding, and other difficulties
menace
resistance
of
year
is
Japan,
against
now
beginning to feel.
The
Conference
Economic
functions
is
conference
decisions
the
the
waging
the
of
moment
administrative
the
economic
regular meetings of the Executive
executive
the
Coupons
State
of
Bonds
of
,l'
.
Chase National Bank
personnel,
political
and
functions
merely
a
are
also
as
more
those of
the
Moreover, the conference
'it is composed of the heads of
and
military
as
related
affairs.
economic
to
by
and
measures
the
guiding
at
It
is
of
activities
meets
once
is assisted by
week and
every
Secretary General and two Deputy Secretary Generals.
Under
there are nine divisions whese duty it is to correlate various
a
carried
activities
divisions
deal
out
the
by
respectively with
transportation,
wages,
finance,
appropriate
Government
food,
relating to
matters
headed
who
at
the
their capacities
as
members of the secretariat,
by
organ.
In
officers
are
whole
Besides
committees
nine
whose
committees
point
divisions
function
of
view.
able
are
not
details of their actual
who
with
concerned
same
the
compose
the
it
is
to
to
the
Conference
study
in
another
as
plans
Government
however, these
they
has
economic
close
and
Each division
This action is in conformity with an agreement between
but
several
also
the
to
special
from
the
and
work
the
out
Assisted by experts and administrators
Economic
Conference
is
the
made in other
no
doubt keep pace with
fields and strengthen
the progress that has already been
the economic
will eventually become the decisive factor in
arm
will
be made,
of
of Kingdom
1926
1941
Coupons
J.
Henry Schroder Banking Corp., American fiscal agent,
is notifying holders of Kingdom of Bulgaria 7% Settlement
Loan of 1926, that, in accordance with a decision of the
trustees, it will make a partial payment on or after Mar. 21
of 28% on coupons due Jan. 1, 1941, amounting to $9.80 on
each $35 coupon and $4.90 on each $17.50 coupon, upon
presentation of such coupons for stamping. This action was
explained as follows:
On
Jan.
24,
confronted with the problem of
the maintenance and continuity of rural production, as that was
consuming power of the rural population, and
would have its effect
on
the League
had
Loans Committee
been
1941,
transfer
no
in sterling
made
of bonds held inside of
have
therefore
will
exhaust
The
in
make
to
payment
a
balance
the
of
the
Stock
York
essential
any
the cities.
impair¬
Therefore
fully disposing of the country's
Exchange Ticker Tape to Permit
and Asked Quotations During
than Formerly
Bid
of
to
Congress.
plan of economic reorganization which had been
He expressed full
confidence
in
Argentina's banking
background and emphasized that the banking system had large reserves not
yet drawn upon.
Asserting that the government
was
studying and planning
various expedients, the Minister instanced the recent government purchase
of grain
crops
without immediate
recourse
to legislative
sanction.
demand
March 18 that, in order to meet a growing
on
constructive
for
periods of inactivity,
which,
March 24,
beginning
the
17 trading poets
each of the
be given,
It
is
impossible to
dispatched
of
advance how many quotations can
determine in
the number
limit
Floor
the
from
printed
quotations
the market
can
more
or
con¬
quotations by permitting them to be
of about 30 seconds.
Depending
of
intervals
at
to arrange two
the number
schedules—one to be used when
exceptionally inactive and when a greater number of quota¬
is
be
tions
what
will
It is, therefore, contemplated at the
experience, it may be possible at a later date to increase
printed, and the other to be used when the market is some¬
and
active
when
only
a
smaller number of quotations can be
printed.
In
any
print the quotations of all stocks, although over a period of
It
should
between
on
the
the
Floor
be
will
the quotation
Beginning
between
at
the
will
have equal
on
vary
a
time which must necessarily elapse
quotation from the Floor and its appearance
because of
many
factors,
and that in the interval
the Floor may change.
the
next
12:00
opportunities.
borne in mind that the
dispatching of
tape
dividend
day,
time every
event, it will not be possible on one cycle, or on any one
section of the
holders of State of Rio
[but not Post 30]
minutes within which to arrange
limited number of quotations to the ticker plant.
such quotations will cease at 15 minutes before the close.
The printing of
States which would help to facilitate the purchase of necessary merchandise
pay
during
capable of handling more
the Floor
on
in rotation, a period of seven
for the dispatching of a
from that country.
special agent with which to
tape
stock tape will be made
When the market is inactive and the ticker is
traffic,
to
The Chase National Bank, New York, has received funds
ticker
the
has been developed under
of bid and asked quotations to a
greater degree than formerly.
This policy was explained
as follows in a letter sent by John C. Korn, Acting Secretary
of the Exchange:
Minister said that the government had obtained credits from the United
Funds Received for Payment of 14% of Dec. 1, 1937 and
June 1, 1938 Coupons of State of Rio de Grande
do Sul (Brazil) 7% Gold Bonds Due 1967
of
use
system
a
available for the printing
The
«.
informed its members and
The New York Stock Exchange
upon
large exportable surpluses.
sent
against
Inactive Periods to Greater Degree
beginning to
a
The Trustees
of 28%
League Loans Committee announcement was noted
1, page 748.
national solidarity, but also on the grounds of sound economic expediency.
Oria referred to
account
This payment on account
issue of Feb.
our
veniently be handled in this manner.
Dr.
on
fund.
reserve
the basic rural industries must be supported at all costs, not only because of
The other problem concerned the difficulty of
1, 1941, but the coupons
Bulgaria had been paid in leva at 40%.
decided
of the bonds held outside of Bulgaria.
coupons
(London) announced
by the Bulgarian
dollars
or
Government in provision for the coupon due Jan.
New
Argentina's economic plans were discussed on March 10
by the ecting Minister of Finance, Dr. Salvador Oria, at a
conference
with
representatives of the leading private
banks, manufacturing industries and trade organizations at
Buenos Aires. The delegation promised the Government the
fullest support in helping to deal with economic and financial
problems, according to Word received by the Argentine
Information Bureau, New York.
The Bureau's announce¬
ment regarding the meeting added:
power
of Bulgaria 7% Settlement Loan
Partial Payment on Jan. 1,
Receive
to
member firms
purchasing
The bank
of the Nation which
the present conflict.
Costs
ment of that
they mature, at The National City Bank of New
as
♦
Holders
Argentine Economic and Financial Problems Discussed
at Meeting of Leading
Representatives—Dr. Oria
Says Rural Industries Must Be Supported at All
to the continued
Bondholders
notice.
is fiscal agent for the loans.
Printing
The Minister said that the country was
the Haitian and
the Foreign
York, at the rate of $20 per $30 coupon and $10 per $15 coupon.
country's
highest policy-formulating and coordinating body with regard to economic
affairs and will
with
accord
in
taken
Payment of two-thirds of the face amount of the two coupons on these
bonds
that
divisions
problems
concert
Governments,
Protective Council, according to the
related
are
individual problems.
than with
make
application.
secretariat
questions
Economic
Working
only
heads
time
economic
policy of the Government
the
theoretical
man
a
more
organs.
resources,
and military
inspection
investigation,
political matters having relevance to the national economy.
the
v
American
such
the secretariat
These
quote:
not
secretariat
a
Republic of Haiti customs and general revenue
bonds, 6% series A due
Oct. 1, 1953, are being
notified by Fernand Dennis, the Republic's Secretary of
State for Finance, that payment of one-third of the face
amount bf the coupons due April 1 and Oct.
1, 1941, is
postponed. From the announcement in the matter we also
concerned with economic matters.
are
Conference
economic
Holders of
external 30-year sinking fund gold
Oct. 1, 1952, and 6% series C due
boards
commissions and
ministries,
of
less
or
The
enemy.
as
Payment of One-Third of April 1 and Oct. 1 Coupons
of Republic of Haiti 6% Series A and C Bonds
Postponed
coordinating body which aims at harmonizing the Government's
a
organizations
headed
and
organs
the
force
conference which lays down the economic policy of the Government
economic
The
new
military
whose
but
with
organ
commodity
but the Conference itself is not
carried out by the ministries and
is
as
'
•
that it has received
announces
special agent funds with which to pay holders of State of
Parana
(Brazil) 7% external sinking fund consolidated
gold bonds due March 15, 1958, 13% of the face amount of
coupons due Sept. 15, 1938.
The payment, it is announced,
amounts to $4.55 for each $35 coupon and $2.27K for each
$17.50 coupon and is in full payment of all interest claims.
Payment of the interest may be obtained at the coupon
paying division of the bank, 11 Broad St., New York.
Yuan,
in the Government.
an
the
of
arms
and
grain
same
commissions already existing
not
military
The main objects of the
of
against
warfare
hare
Its resolutions are
organ.
and
stabilization
conference
economic
One of its special
organ.
economic cabinet.
an
are
of
policy-forming
a
the
It is in short
at
and
prices
is
coordinate
to
Government.
to
of 13% of Sept. 15, 1938
Parana (Brazil; 7% Gold
Funds Available for Payment
by the Chinese Government was recently made avail¬
by the Chinese International Broadcasting Station in
Chungking, and was reported on March 14 by the TransPacific News Service, New York City :
A special economic "cabinet," called the Economic Conference, has been
recently set up in Chungking, China's war-time capital, to cope with the
growing economic problems of the country.
Reports within the last few
is
be obtained at the coupon paying
Broad St., New Y'ork.
may
coupons,
division of the special agent, 11
up
able
an
14% of the
due Dec. 1, 1937 and June 1, 1938 on
their bonds, amounting to $4.90 per $35 coupon and $2.45
per $17.50 coupon.
The payment, which, it is indicated,
is to be in full satisfaction of all claims for interest represented
face value of coupons
totaling 315,000 tons, with
under
Lloyd's said, 34, totaling 61,000 tons, had been lost.
Of
consolidated municipal loan 40-year
Grande do Sul (Brazil)
war,
ships
1941
22,
7% sinking fund gold bonds due June 1, 1967,
June 10, 1940, were
placed at 88 ships of 179,619 tons captured and 21 ships of 137,932 tons
since
losses
Italian
March
Financial Chronicle
same
date
business
noon
approximately 11
a
a.
m.
list
of
any
stocks which
m.
on
are
to sell
ex-
the tape some time
full business days, and on Saturdays
day will be published
and 1:30 p.
This publication will,
on
however, be omitted if
Volume
the
tape
The Commercial & Financial Chronicle
152
is reported
late.
The
publication of the
information after
same
TOTAL
BERS *
STOCK
AND
CHANGE
the close will be continued without change.
1833
STOCK
ROUND-LOT
SALES
ON
NEW*YORK CURB EX¬
THE
TRANSACTIONS
ACCOUNT OF
FOR
MEM¬
(SHARES)
Week Ended March 8, 1941
Reports of Possible Merger of New York Stock and New
York Curb Exchanges Denied by Presidents Martin
and Rea—Newspaper Articles Indicating Consoli¬
Total for
Short sales
reference
the
to
recent
publication
of
Total sales
newspaper
articles indicating the possibility of a merger between the
New York Stock Exchange and the New York Curb Ex¬
change, William McC. Martin, President of the Stock Ex¬
change and George P. Rea, President of the Curb Exchange,
following a meeting on March 19 stated that "these articles
have been entirely without basis of fact."
The statement
Cent
a
2,720
369,910
.......
Other sales.b
dation "Without Basis of Fact"
With
Per
Week
Total round-lot sales:
A.
372,630
.....
B. Round-lot transactions for the account of members:
1.
Transactions of specialists In stocks In which they are
35,900
registered—Total purchases
2,045
Short sales
:
r
48,210
Other sales.b
50,255
Total sales
11.56
adds:
2. Other transactions Initiated
No merger plan has been
proposed
or
discussed
them
well
include
exploration
the
ever
economies in
of such
project, and if such
a
both Exchanges will
be made
3. Other transactions Initiated off the floor—Total purchases
21,075
375
Short sales
8,875
Other sales.b
also
the
meeting were Charles B. Harding,
Chairman of the Board of Governors of the Stock Exchange
at
2.28
9,935
Total sales
gladly examine
respecive memberships.
Present
9,935
Other sales.b
the securities in¬
carefully and study them from the point of view of the best interests
of their
0
Short sales
Any engineering survey looking toward
dustry might
7,050
the floor—Total purchases
is any such program
nor
being considered at the present time.
recommendations should
on
Total sales...
and
Fred C. Moffatt, Chairman of the Board of Governors
of the Curb Exchange.
4.
4.07
9,250
....
Total—Total purchases
64,025
Short sales
2,420
67,020
Other sales.b
Member
Trading on New York Stock and New York
Curb Exchanges During Week Ended March 8
The
Securities
and
Exchange Commission made public
yesterday (March 21) figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all mem¬
bers of these exchanges in the week ended March 8, continu¬
ing a series of current figures being published weekly oy the
Commission.
Short sales are shown separately from other
sales in these figures.
Trading on the Stock Exchange for the account of mem¬
bers during the week ended March 8 (in round-lot trans¬
actions) totaled 401,610 shares, which amount was 20.56%
of total transactions on the Exchange of 2,005,400 shares.
This
compares
trading during the previous
with member
week ended March 1 of 405,920 shares or
17.91
69,440
Odd-lot transactions for the account of specialists:
Customers'short sales
50
.............
30,049
Customers'other sales.c
Total purchases
30,099
15,189
Total sales...................................
*
"members" includes all Exchange members, their firms and their
The term
partners, Including special partners.
a
Shares in members' transactions
In calculating these
per cent of
as
twice total round-lot volume
the total of members' traasactions Is compared
percentages,
with twice the total round-lot volume on the Exchange for the reason that the total
members'
of
transactions includes
both
purchases and sales, while the Exchange
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
Deluded with "other sales."
19.67% of total
trading of 2,057,440 shares.
On the New York Curb Ex¬
change member trading during the week ended March 8
amounted to 69,440 shares, or 17.91% of the total volume
on that Exchange of 372,630 shares; during the preceding
week trading for the account of Curb members of 69,900
shares was 17.95% of total trading of 416,720 shares.
The Commission made available the following data for
the week ended March 8:
Odd-Lot Trading on New York Stock Exchange During
Week Ended March 15
The
Securities
and
Exchange Commission yesterday
(March 21) made public a summary for the week ended
March 15, 1941, of complete figures showing the daily volume
of stock transactions for the odd-lot account of all odd-lot
dealers and
The data published are based upon
York Stock Exchange and the New
tive members.
Total sales
C
weekly reports filed with the New
York Curb Exchange by their respec¬
follows:
These reports are classified as
New York
New York
Curb i
Stock
.
Exchange
Exchange
1,065
185
1.
Reports showing transactions as specialists.
2.
STOCK
TRANSACTIONS
FOR
THE
ODD-LOT ACCOUNT
OF
39
'
"A
Reports showing other transactions Initiated on the
Reports showing no transactions
Week Ended March
Reports showing other transactions Initiated off the
4
;
Total
for Week
floor
3.
ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
799
100
169
Total number of reports received
specialists who handle odd lots on the New York
continuing a series of current figures being
published by the Commission.
The figures are based upon
reports filed with the Commission by the odd-lot dealers and
specialists.
Stock Exchange,
174
Odd-lot sales by dealers (customers' purchases):
60
626
floor
15, 1941
612
Number of orders
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
13,649
Number of shares
358,811
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
other round-lot trades.
On the New York Stock Exchange, on the
hand, all but a fraction of the odd-lot transactions are effected by dealers
Dollar value..
...
13,412,460
specialists'
other
As a result, the round-lot transactions of
engaged solely In the odd-lot business.
Odd-lot purchases by dealers (customers' sales):
Number of orders:
specialists in stocks in which they are registered are not directly comparable on the
Customers' short sales..
two exchanges.
Customers'other sales .a
The
than
number
of reports
in
the
various
TOTAL
more
than
one
total
more
classification.
SALES
STOCK
ROUND-LOT
may
MEMBERS *
-
13,367
Customers' total sales
Number of shares:
ON THE NEW
YORK
STOCK
6,422
326,095
Customers' short sales........—..........
EX-
Customers' other sales.a
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF
267
13,100
...—;.........
-
because a single report may carry
the number of reports received
entries in
classifications
(SHARES)
332,517
Customers'total sales
Week Ended March 8, 1941
Total for
Week
A.
'
Cera
Number of shares:
Short sales
Round-lot purchases
100,450
220,250
....
a
;
191,550
Total sales..
the floor—Total purchases
Sales marked "short exempt" are
b Sales to offset
41,140
150,410
Short sales
2. Other transactions initiated on
by dealers:
Number of shares
Transactions of specialists in stocks in which they are
Other sales.b
83,310
Total sales
Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
registered—Total purchases
New York Curb
It
Exchange Appoints Special Committee
Consider Retirement of Regular
was
announced
on
the floor-Total purchases
Short sales
-
Other sales.b
4.
Total—Total purchases
_■
Other sales.b..
-
*
Total sales
70,880
5,400
82,370
of the Finance Committee to review and
-
3.96
61,270
340,340
401,610
memberships,"
sisting of the Committee on Admissions and the Chairman
explore the subject
422,710
.....
Short sales
further."
In
the
notice to
addressed to
of the
member express
Special meetings of the Com¬
held at the Exchange on March 17, 18, 20 and 21
and is extremely anxious that every regular
20.56
members
Exchange by James S. Kenny, Secretary to the Special Com¬
mittee on Regular Membership Retirement it is stated that
"the Committee feels that the matter is of great importance
his
views
for
mittee were
I
given the retirement of regular
the Board of Governors of the New York
Curb Exchange "has appointed a Special Committee con¬
87,770
-
6.33
Memberships
March 14 that "because of requests
that further consideration be
122,290
Total sales
position
sales."
10.27
131,580
to
Other sales.b.
reported with "other sales."
customers' odd-lot orders, and sales to liquidate a long
which Is less than a round lot are reported with "other
14,730
107,560
Short sales
3. Other transactions initiated off
300
83,010
...
....
Other sales.b
4 2,005,400
Total sales..
Total sales
10,389,636
Round-lot sales by dealers:
91,720
1,913,680
Other sales-b
1.
—
-
a
Total round-lot sales:
Short sales
B.
Dollar value
Per
the
record."
permit members to set forth their opinions on the sub¬
ject.
In the case of those unable to attend the meetings
to
questionnaires were sent in order that their news
as
might be
certained.
Changes in Amount of Their Own
by Companies Listed on New
New York Curb Exchanges
Stock Reacquired
York Stock and
issued
The New York Stock Exchange
on
March 14 the
stock.
A
previous list appeared in our issue of Feb. 22,
1209.
The following is the list
Exchange on March 14:
page
made available by the
Company and Class of Stock—
—-
American Chicle Co. common
American Snuff Co. 6% preferred
Associates Investment Co. 5% preferred
—
.....
Atlas Corp. common
i
preferred
6%
Davega Stores Corp. common
5% cum. conv. preferred
Detroit Edison Co. (The) common..
Devoe &
,
Firestone Tire & Rubber Co. common.
Florsheim Shoo Co. (The) common
...
Gaylord Container Corp. 514% cum. conv. preferred.
General Telephone Corp. common:,
General Realty & Utilities Corp. $6 preferred
General Shoe Corp. common.
General Time Instruments Corp. 6% cum.
Gimbel Brothers. Inc., 86 cum.
Glidden Co. (The) common
—
preferred-.
preferred
Goodyear Tire & Rubber Co. 85 conv. preferred
Greyhound Corp. (The) 5 Vi % conv. preferred
Hecker Products Corp. common
Household Finance Corp. common
International Silver Co. 7% preferred
Jewel Tea Co., Inc., common
Kaufmann Department Stores,
Inc., 5% cum. pref...
Kayser (Julius) & Co. common
Lehman Corp. (The) common
—
Macy (R. H.) & Co., Inc., common
Mead Corp. (The) common-..
National Department Stores Corp.
National Lead Co. common
6% preferred
8,562
—
1.388
8,500
309,687
None
None
198,362
300
2,964
None
7,736
18,670
7,388
4,505
39,100
1,837
8,072
4,893
5,231
100,220
36,004
1,332
5,819
46,602
90
6,350
1,000
2,616
8,323
bl,213
9,200
309,702
cNone
dNone
200,649
700
3,045
69
7,936
19,770
10.253
4,506
39,600
1,862
9,212
4,503
e3,731
100,820
57,513
f4,485
gl93
47,502
Governors
j3,716
78,650
922,300
kNtwie
6,000
136
None
18,200
5,011
77
18.700
b Adjustment of records,
c Reacquired and
d Reacquired and canceled 1,200 shares,
e 1,500
f Reacquired 4,100 shares and dis¬
shares and disposed of 8,126 shares,
h Acquired 900 shares in January and 1,800 shares in February,
i Re¬
acquired 7,817 shares and retired 10,320 shares,
j Reacquired 605 shares
and sold 98 shares,
k Acquired and canceled 22,198 shares.
Notes—a Initial report,
disposed of 49 shares,
shares canceled through sinking fund,
posed of 947 shares,
g Acquired 2,500
Shares
offer their suggestions
that
communications be addressed to the
Per Latest
Reported
None
preferred
_
Detroit Gasket & Mfg. Co. 6% preferred
Driver-Harris Co. preferred
Electrographic Corp. common
Equity Corp. 83 conv. preferred-.Fanny Farmer Candy Shops, Inc., common..
_
common
Interstate Hosiery Mills, Inc., capital
Kleinert (I. B.) Rubber Co. common
Merritt-Chapman & Scott Corp. 6H% A pref..
Midland Oil Corp. $2 conv. preferred..
New York Merchandise Co., Inc., common
Niagara Share Corp. of Maryland A preferred
B common—
North American Rayon Corp. 6% prior preferred
Oilstocks, Ltd., capital
Sterchi Bros. Stores. Inc., 5% 2d pref
Sterling, Inc., common
Universal Cooler Corp. conv. participating A
Utility Equities Corp. $5.50 div. pref. stock
27,170
5,867
509
None
Dayton Rubber Manufacturing Co. class A....
Dejay Stores, Inc., common
Dennison Manufacturing Co. debenture stock
318,036
24,447
5,857
506
Crown Central Petroleum Corp., common
Fruehauf Trailer Co.
1,670
1,790
4,081
316,112
Blue Ridge Corp. S3 conv. preferred
Carman & Co., Inc., class A
Prior preferred
"A" common..
Report
727
860
1,550
3,931
1936
....
Committee, which was appointed on March 12 (as
our March 15 issue, page 1G88), is composed
of
The
in
noted
Shields and
V.
Governors of the Exchange, and
Jr., present President
Chairman, and William McC. Martin,
SEC
Market
Reports
Sales
Securities
February
of
Value
National Exchanges Decreased 35% from
on
January and 28% from February,
The market value of total sales on all
1940
registered securities
exchanges for February 1941 amounted to $494,820,307, a
decrease of 35.0% from the market value of total sales for
January, and a decrease of 28.0% from February, 1940, it
was announced on March 21 by the Securities and Exchange
Commission.
Stock sales, excluding rights and warrants,
it is stated had a market value of $403,250,573, a decrease of
34.2% from January.
Bond sales were valued at $91,476,036, a decrease of 38.0% from January.
The market value
of right and warrant sales in February totaled $93,698.
The
Commission's announcement further said:
excluding rights and warrants, was 18,168,693
The volume of stock sales,
shares,
of 46.3% trom February.
New York exchanges accounted tor 92 7% of the market
The two leading
value of all sales,
Total principal amount
total.
decrease of 29.4% from January's
a
of bonds sold was $148,218,785, a decrease
91.1% of the market value ot stock sales, and 99.8%
of
all registered securities exchanges.
the market value of bond sales on
exchanges for February 1941
The market value of total sales on all exempt
amounted to $850,611, an increase
of 9.4% over January.
200
3,897
708
4,397
840
1,352
7,363
10,075
40
1,136
39,713
35,598
2,235
2,343
25,850
930
4,450
13,730
3,006
80,181
800
5,214
150
26,200
100
6,390
935
3,461
9.850
30
1,036
39,588
34,948
3.600
1,993
25,885
880
4,150
13,630
2,956
79,381
120
5,114
None
21,200
None
6,265
New York Stock Exchange
Membership Urged to Make
President and for Further
Development of Government of Exchange
Procedure for New
Corporations—Reduces Subscrip¬
York Stock Exchange Speeds
New
by
Financing
tion Period for Stockholders to 10 Days
announced March 14 that
by corporations in cases
where stockholders are offered an opportunity to subscribe
to the securities to be offered, the Committee on Stock List
has determined that, as a temporary measure, it will inter¬
The New York Stock Exchange
in order to facilitate new financing
objection to a program which provides a minimum
period of 10 days for subscription by stockholders, provided
arrangements are made for sufficient advance dissemina¬
tion of certain information and for the prompt receipt by
pose no
The previous
stockholders of the warrants for subscription.
This action
subscription period was 14 days.
was
explained
by the Exchange as follows:
The
procedure contemplates that the corporation will «et up facili¬
new
whereby stockholders will receive their warrants on the day following
This will eliminate the usual hiatus of from two to five days
the offering.
between
the
offering
and
date
the
date
of
the
of
receipt
warrants
by
stockholders.
addition, the Exchange will set up facilities whereby the record date
In
and date of effective
registration
the period of approximatly
feels
committee
The
same
This will eliminate
day.
that
if
ex-rights procedure.
the
appended
procedure
the
listed
followed
is
the agreement made by most corporations having stock
of
purpose
be the
may
three days usually required by the Exchange in
order to accommodate its normal
on
this Exchange,
to
exercise
their
i.e., to afford stockholders
be
reduced
by
a
period within which
proper
Moreover, the underwriter's firm
rights, will be served.
will
commitment
week, and it is expected that listed
one
corporations will find it easier to obtain adequate financing.
The Exchange
further indicated
follows the procedure
as
proposed:
1.
Promptly
following the
event at least 10
of
stockholders
notice
to
date;
(b)
action
by
taken
the
directors,
and
in
any
days in advance of the record date for the determination
entitled
to
subscribe,
the
the title of
the
security
shall
company
holders, advising them of
security
a
written
(a) the fixing of such record
be offered;
to
send
(c)
the ratio of sub¬
(d) the date of expiration of the right to subscribe;
scriptions;
(e). the
expected date of offering to stockholders, together with the date on which
the
to
warrants
security
fixed
with
2.
if
or,
3.
evidencing the
holders,
not,
and
the
right to subscribe
(f)
the
company
are
subscription
shall
publish
expected to be mailed
price
the
if
same,
it has then been
contemporaneously
filing of the price with the Securities and Exchange Commission.
The record date and date of effective registration under the
Act of 1933
of the
Warrants
security
will
for
Roswell Magill, the two public
Charles B. Harding, present
and
Calder
E.
Curtis
are
holders
to be offered may
securities
evidencing
normal course, on
Suggestions
John A. Coleman, Russell E. Gardner, Jr.,
Robert L. Stott.
Ex-officio members
Robert P. Boylan,
Paul
Shares
Previously
"A" optional dividend series
Meanwhile, may we request
Special Committee, in care of the
in this manner.
may
ties
York" CurlT'Exchange made public on March 12
the following list of issuers of fully-listed securities which
have reported changes in their holdings of reacquired stock:
The New
Name and Class of Stock—
desired, in writing, as
7,638
10,982
87,600
h6,254
1130
328
14,702
1,663
90,900
4,000
Air Investors, Inc., conv. preferred
American Cities Power & Light Corp.—
after the annual election in May, but
will be constituted
it
as
suggestions of members and their partners are
the
b3,013
3,209
Vadsco Sales Corp. 7% Preferred-i._
Vick Chemical Co. capital
#
recommendations are to be submitted to the Board of
Committee's
promptly as convenient.
The Committee expects, also, to arrange for per¬
sonal appearances in order that members and partners who prefer to do so
None
19,300
6
78,657
918.900
None
(W. A.) Pen Co., common
Swift & Co. capital
Transamerica Corp. capital..
U. S. & Foreign Securities Corp. $6 cum. 1st pref
United States Rubber Co. common—
Universal Pictures Co., Inc., 8% 1st preferred-.
ConvA optional dividend series
American General Corp. $2 div. series
Common...
Committee.
to this
20,528
2,668
10,482
84,300
3,554
2,633
327
14,701
1,655
90,000
Plymouth Oil Co. common
Republic Steel Corp. 6% cum. conv. preferred-.
Rustless Iron & Steel Corp. common—
Safeway Stores, Inc., common
5% cum. preferred
Shattuck (Frank G.) Co. common
Sheaffer
a257
762,492
13,764
3,210
capital
preferred..
capital
Norwich Pharmacal Co. (The)
Paramount Pictures, Inc., 1st
Petroleum Corp. of America,
plishment of this task."
The letter goes on to say:
The Special Committee, fully mindful of its responsibility, needs and
will greatly appreciate the assistance and cooperation of the Exchange
community.
The community has the obligation to express itself frankly
and specifically with respect to the assignment which has been entrusted
b39,632
720
Raynolds Co., Inc., class A common
Brothers Stores, Inc. common
Federated Department Stores, Inc., 4\i% conv. pref.
Edison
1,900
1,239
400
80
2,259
6,000
2
5,650
900
2,361
—
(The) 87 preferred
Curtis Publishing Co.
999,075
1,947
1,800
1,939
None
717,168
1,102
7,762
Century Ribbon Mills, Inc., 7% preferred
Collins & Aikman Corp. 5% cum. con v. preferred
Consolidated Oil Corp. common
"the future
the successful accom¬
welfare of the Exchange depends upon
Shares
Per Latest
Report
1,012,075
2,447
37,332
Barnsdall Oil Co. common
Belding Hemlnway Co. common
Carriers & General Corp. common
1941
Secretary of the Exchange.
Shares
Previously
Reported
Adams Express Co., common
Allied Stores Corp. 5% preferred
17, the Committee states that
sent out on March
The
monthly compilation of companies listed on the Exchange
reporting changes in the reacquired holdings of their own
March 22,
Chronicle
The Commercial & Financial
1834
entitled
the
right
thereto
so
to
be the
same
subscribe shall
that
they
will
be
be
Securities
day.
distributed to
received,
in
the
This
require the establishment of distribution points in the United States
the next business day following the date of record.
for this purpose.
4.
New
that
Satisfactory
the
assurances
contemplated
from the
schedule
can
company
be
and from the transfer agent
met
will
be
required
by
the
Exchange.
The
Special Committee of the New York Stock Exchange
recently appointed to make recommendations looking to the
election of a new President and to the further development
of the government of the Exchange has urged the member¬
ship to make suggestions on these two topics.
In a letter
5.
to
It
will
be necessary
accept subscriptions
for the
from
company
foreign holders
and the underwriters to
agree
who mail their subscriptions
prior to the expiration date, provided such subscribers have indicated their
wishes
tion
to
the corporation
will also agree to
on
take
or
care
before the expiration
of all unusual
cases
date.
that
are
The
corpora¬
meritorious.
Volume
The Commercial & Financial Chronicle
152
BACKERS
The Exchange's announcement further explained:
It
it
is
found
the warrants
in
in
certain
be
to
cases
the hands of stockholders
impossibility
to
complete
have
the
delivery of
substantially the
by the number of additional days
the
will
period for the exercise of their privilege as is
same
Federal Reserve District
$26,511,000
$25,771,000
New York
3
Philadelphia
143,243,000
11,553,000
2,896,000
1,426,000
2,403,COO
4,255,000
442,000
757,000
145,211,000
11,837,000
2,881,000
1,421,000
2,131,000
4,639.000
4
Cleveland
ficial
stock
at
It
was
stockholders'meeting.
Exercise of
Chicago
8
St. Louis
9
Minneapolis
Kansas City
11
Dallas
"238",000
""112",000
"130", 000
12
San Francisco
18,141,000
17,499,000
20,310,000
$211,865,000
$212,777,000
$233,015,000
advance of the
further stated:
discretionary authority by
Grand total..
firms under the rule is
member
Decrease for month, $912,000.
permitted only after the beneficial owners have been afforded an opportunity
to
give
voting
instructions,
and
provided
there
is
in
contest
no
solicitation of proxies, and that the action to be taken
affect stockholders' rights.
Opinion
ACCORDING TO
Carried
for
Account
Opinion Bearing
The
Securities
published
Defining
Securities
Customers—Also
Issues
Exchange
on
Counsel, relative to Rules X-8C-1 and X-15C2-1 under the
Securities Exchange Act of 1934.
questions raised by the National Association of
Securities Dealers, Inc., as to the meaning of the terms
"appropriated by such member, broker or dealer to a cus¬
tomer"
in
(2)
(b)
paragraph
for
the
(ii)
the
of
of
account
rules
customers.
The
principal
(ii)
effect of the
securities
deliver the securities
either
directly
which
"securities
the
to
carried
customer
for
the
is that under
customer
under
paragraph
instructions
agent
under
or
a
eight
draft
account
other form of
physically
tion"
or
the
to
of
to
the
identification
customer,
of particular
as
PRIME
Dealers'
17,
ACCEPTANCES
BANKERS
1941
Dealers'
Dealers'
Buying Rates Selling Rates
Days—
Dealers'
Buying Rrate Selling Rates
120
7-16
150
%
9-16
7-16
180
H
9-16
X
The
to
or
meaning of the rules.
securities
ON
7-16
earmarking the securities for the particular customer, either
by bookkeeping entry, would generally amount to "appropria¬
the
RATES
MARCH
Days—
After any such
the securities of the buying cus¬
of
the
close of each month since
1938—
Sept. 30, 1938:
$
Oct.
269,561.958
Aug. 31...
Sept. 30...
Nov. 30...
31
-
-
273,327,135
269,605,451
1939—
Jan.
31
Feb.
28---
Mar. 31...
Apr. 29
May 31...
1940—
..
July
31...
236,010,060
May 31...
..
235,034,177
June 29.
215,881,724
221,115,945
July 31...
1939—
$
261,430,941
June 30
H
following table, compiled by us, furnishes a record
volume of bankers' acceptances outstanding at the
Sept. 30
Dec.
9-16
31...
Oct.
31...
..
-
*
-
255,402,175
Dec. 30...
..
31...
Feb.
29..
mm
246,574,727
Mar. 30...
mm
244,530,440
Apr.
m
Oct.
229,230.000
...
...
...
30...
m
Dee. 31...
233.015,000
m
...
and
customer
pledge
any
of
such
securities
be subject to
would
public
opinion in
its Accounting Series Releases regarding the independence
of certifying accountants who have been indemnified, by the
an
whose statements are certified, against all losses,
damages arising out of such certification other
company
claims and
result of their willful misstatements
than
as a
The
opinion
was
prepared by William W.
or
omissions.
Werntz, Chief
Accountant.
r;.;AV;.I:
Commercial
to
Paper Outstanding on Feb. 28 Increased
$240,700,000, Reports New York Federal Reserve
Bank
The
Federal Reserve Bank of New York announced
March
that reports
18
received by the Bank from
on
com¬
mercial paper
market paper
dealers show a total of $240,700,000 of open
outstanding on Feb. 28, 1941.
This was an
increase of 3.5% over January, when the amount outstanding
amounted to $232,400,000, and an increase of 6.3% over the
229,705,000
223,305,000
mm
Jan.
31
more
than two
years
1939—
28....
240,700,000
Mar. 30_.
233,100,000
Apr. 30..
31
.
.
232,400,000
Feb.
29..
Mar. 31..
Jan.
31..
226,400,000
219,400,000
940—
250,700,000
Oct.
3i
*244,700,000
T
31
e
29
232,400,000
224,100,000
234,200,000
238,600.000
r.
30
31
.
:.
y
31
30
.
Dec.
30..
28..
191,900,000
191,200,000
195,300,000
Jan.
Nov. 30
t. 30
31
$
Feb.
1939—
217,900,000
231,800,000
252,400,000
s.
31..
195,200,000
1938—
209,900,000
214,400,000 Dec. 31..
205,300,000 Nov. 30..
209,300,000 Oct. 31..
201,100,000 Sept. 30..
194,200,000 Aug. 31..
180,700,000 July 31..
188,500,000 June 30..
31..
Sept. 30..
Aug. 31..
July 31..
June 30..
May 31..
196,683,000
208,659,000
m
212,777,000
m
mm
211,865,000
Debit
Balances
for
New
York
Stock
Exchange
Firms Decreased $27,000,000 and Firms' Borrowings
Decreased $24,000,000
Member firms of the New York Stock Exchange carrying
margin accounts for customers reported for February, 1941,
a decrease of $27,000,000 in their customers' debit balances
and a decrease of $24,000,000 in money borrowed by the
reporting firms, the Board of Governors of the Federal
Reserve System announced on March 20.
During the year
ended Feb. 28, 1941, the Board says customers' debit bal¬
ances
decreased by $259,000,000 and money borrowed by
$241,000,000. The advices from the Board also state:
A summary
of the customers' debit balances and principal related items
of the member firms of the New York Stock
Exchange that
carry
margin
accounts, together with changes for the month and year ended Feb. 28,
1941, follows:
Increase
or
Decrease Since
Feb. 28.
1941
Jan.
31,
1941
Feb. 29,
1940
Debit balances:
1940—
941—
186,789,000
m
mm
m
Feb. 28...
181,813,000
176,614,000
Board of Governors of Federal Reserve System Report
on
Brokers'
Balances for February—Customers'
$226,400,000 outstanding on Feb. 29, 1940.
In the following table we give a compilation of the monthly
figures for
188,350,000
mm
the
rules.
On March 14 the Commission made
^
213,685,000
206,149,000
1941—
31...
Nov. 30
Jan.
m
232,644,000
m
Aug. 31...
Sept. 30...
1940—
248,095,184
245,016,075
237,831,575
-'«
m
222,599,000
..
Nov.30...
»
$
mm
__
tomer, the securities sold would be securities "carried for the account of"
the
$163,963,000
3,666,000
_
MARKET
90
The opinion states that under these
securities
customer within
identification
Total
CURRENT
60
ordinarily would not be "appropriated" to the
the
$99,219,000
64,744,000
30
the
delivery
prompt
27,333,000
BANKS
to
meaning of the rule until delivery occurs.
On the
other hand, where the sale by a dealer is not accompanied by instructions
for
ACCEPTING
(b)
would not, generally speaking, become
of any customer" until their delivery
his agent.
or
the securities
within
customer
a
his
or
attached,
are
buying customer
circumstances
interpretation
dealer to
a
26,207,000
25,932,000
BY
HELD
Decrease for month.
promptly against full payment of the purchase price
the securities
to the
by
sold
43,025,000
14,788,000
Own bills
re¬
spect to the opinion, the Commission's announcement said:
(2)
6,835,000
Bills ol others
defining
With
$95,017,000
44,438,000
8,414,000
16,392,000
10,000,000
34,233,000
10,683,000
on
BILLS
The opinion was given in
response to
securities carried
Dollar exchange
17
March
interpretation by Chester T. Lane, its General
an
Domestic warehouse credits
Feb. 29, 1940
$115,262,000
10,740,000
31,408,000
goods stored In or shipped
between foreign countries......
Commission
Jan. 31, 1941
$118,567,000
18,383,000
Domestic shipments
Based
Accountants
on
and
of
1,347,000
NATURE OF CREDIT
Feb. 28, 1941
Imports
Rules
on
539.000
910,000
the
Exports.
Issues
365.000
Decrease for year, $21,150,000.
does not materially
+.
SEC
704,000
1,348,000
5,098,000
10
25 days in
least
Richmond
Atlanta
been sent to bene¬
soliciting material has
of
owners
5
$22,168,000
169,040,000
9,522,000
2,809,000
period,
The Stock Exchange announced March 15 that this rule
has been supplemented with a provision for a 15-day
provided proxy
Feb. 29, 1940
Jan. 31,1941
Feb. 28, 1941
Boston
6
procedure.
new
STATES
^
1
7
contemplated by the
OUTSTANDING—UNITED
RESERVE DISTRICTS
FEDERAL
2
necessary
that stockholders
order
in
warrants
ACCEPTANCES
to
date, it will be necessary to extend the time between the date of effective
registration and the date of expiration of the rights.
The necessary exten¬
sion of time will be determined
DOLLAR
—BY
have
by the day following the record
physical
a
1835
186,900,000
vestment and trading accounts
Cash on hand and in banks
89,000,000
199,000,000
—
+ 5,000,000
—8,000,000
+ 1,000,000
+4,000,000
Credit balances:
375,000,000 —24,000,000 —241,000,000
Money borrowed
Customers' credit balances:
267,000,000
53,000,000
Free
206,300,000
213,100,000
212,300,000
209,400,000
210,700,000
225,300,000
634,000,000 —27,000,000 —259,000,000
Customers' debit balances
Debit balances In firm and partners' in¬
Other
—8,000,000
—1,000,000
—21,000,000
—1,000,000
—2,000,000
—34,000,000
+ 14,000,000
Credit balances in firm and partners' In¬
vestment and trading accounts
.
Credit balances in capital accounts
28,000,000
237,000,b00
Revised.
Tenders of
Decrease
ances
of $912,000 in Outstanding
Bankers Accept¬
During February—Total Feb. 28 $211,865,000
The
volume
Feb.
the
of
bankers'
dollar
acceptances
outstanding
28, 1941, amounted to $211,865,000, as compared with
Jan.
31
figure
of
$212,777,000,
March 17 by the Acceptance Analysis
Reserve Bank of New
York.
it
was
announced
Unit of the Federal
As compared with last year,
acceptances outstanding amounted to $233,015,000,
the Feb. 28 total represents a decrease of $21,150,000.
when the
According to the nature of credit imports, exports and
28 were about Jan. 31, whereas
year-to-year comparison only imports were above
domestic shipments on Feb.
in
the
Feb. 29,
of
Total applied for,
The following
is the report for Feb. 28 as issued by the
on
March 17:
the
$442,380,000.
Range of accepted bids:
High
Low
1940.
Reserve Bank
Treasury Morgenthau announced on
offering last week of $200,000,000, or thereabouts, of 91-day Treasury bills totaled
$442,380,000, of which $200,167,000 was accepted at an
average price of 0.117%.
The Treasury bills are dated
March 19 and will mature on June 18, 1941.
Reference to
the offering appeared in our issue of March 15, page 1673.
The following regarding the accepted bids of the offering
is from Mr. Morgenthau's announcement of March 17:
Secretary
March 17 that the tenders to the
—$21,150,000 Below Year Ago
on
$442,380,000 Received to Offering of $200,-
000,000
of
91-Day
Treasury
Bills—$200,167,000
Accepted at Average Price of 0.117%
Average price..
Total accepted, $200,167,000
.
100.
—99.966 Equivalent rate approximately 0.135%
,
99.971 Equivalent rate approximately 0.117%
(86% of the amount bid for at the low price was accepted).
The Commercial & Financial Chronicle
1836
for their
Treasury Offers $600,000,000 of 2]/2% Bonds of 1962-54
—Also Offers Holders of $504,000,000 of 1%% Notes
Maturing June 15 Option of Exchanging for New
Bonds
or
for
%% Notes of 1943—Subscription
offering in April
on
The Secretary of the
Treasury reserves the right to reject any sub¬
of bonds applied
subscriptions at any time without
Cash
subscriptions for amounts up to and including $5,000 where the subscribers
specify that delivery be made in registered bonds 90 days after the issue
date will be given preferred allotment.
In each such case a subscriber may
not enter any other cash subscription, and
payment must be made as
provided in Section IV of this circular.
Subject to these reservations, sub¬
scriptions in payment of which Treasury Notes of Series B-1941 are tendered
scription, in whole or in part, to allot less than the amount
for, and to close the books as to any or all
in these respects shall be final.
notice: and any action he may take
Allotment notices will be sent out promptly upon
will be allotted in full.
The texts
bonds and
IV.
Payment
Payment at par and accrued interest, if any, for bonds allotted to the
1.
public
cash subscriptions hereunder must be made or
on
before March 31,
1941,
or on
of the Treasury
OF
qualified depositary will be permitted to make payment by credit for bonds
TREASURY
notified by the Federal
be qualified in excess of existing deposits, when so
Treasury Notes of Series B-1941, maturing
Reserve Bank of its district.
June 15, 1941, attached, will be accepted
June 15, 1941, with coupon dated
in payment for any bonds subscribed for and allotted, and
at par
March 31, 1941
the
15, 1952.
BONDS
OF
fiscal
of the
agents
authorized and requested to
General Provisions
United
Reserve Banks are
Federal
States,
receive subscriptions, to make allotments on
the basis and up to the amounts
indicated by the Secretary of the Treasury
Federal Reserve Banks of the respective districts, to issue allotment
to the
notices, to receive payment for bonds allotted, to make delivery of bonds on
full-paid subscriptions allotted, and they may issue interim receipts pending
delivery of the definitive bonds.
The Secretary of the Treasury may at any
2.
prescribe supplemental
offering,
behalf of
which
will
or
time,
or
from time to time
amendatory rules and regulations governing the
be communicated
promptly to the Federal
Reserve
Banks.
Henry Morgenthau, Jr.,
Secretary of the
STATES
UNITED
1952-54
OF
Treasury.
AMERICA
TREASURY NOTES OF SERIES D-1943
Due March 15, 1954.
Additional Issue
Department Circular No. 651
Office of the
Treasury Department,
1941
Office of the
Department Circular No. 652
Fiscal Service, Bureau of the Public Debt
Treasury Department,
Fiscal Service, Bureau of the Public Debt
Due March 15, 1943.
Interest payable March 15 and Sept. 15.
Interest payable March 15 and Sept. 15.
1941
I.
to
AMERICA
Dated and bearing interest from March 31, 1941.
and after March
should
1940
...
V.
As
15,
($4.00412 per $1,000), will be paid following acceptance of
notes.
1.
Dec.
interest from
Accrued
subscription.
the
accompany
Redeemable at the option of the United States at par and accrued interest
on
it shall
allotted to it for itself and its customers up to any amount for which
Dated and bearing interest from March 15, 1941.
2H%
Any
in his discretion, be forfeited to the United States.
%%
STATES
or
applied for shall, upon declaration made by the Secretary
amount of bonds
follow:
UNITED
completed on
In every case where pay¬
later allotment.
completed, the payment with application up to 10% of the
ment is not so
Corporation, the Treasury will
capital market until May 1.
of the Treasury's circulars describing the new
notes
announced.
allotment, and the basis of the allotment will be publicly
the Reconstruction Finance
be out of the
Cash subscriptions
applied for.
of bonds
of the Treasury Morgenthau announced on
March 19 an offering of $500,000,000, or thereabouts, of
2K% Treasury Bonds of 1952-54, with the right reserved
to increase the offering by an amount sufficient to accept
all subscriptions for which Treasury notes maturing June 15
are tendered in payment and accepted.
In addition to the
amount offered for public subscription, Mr. Morgenthau
said, $50,000,000, or thereabouts, of these bonds may be
allotted to Government investment accounts against cash
payment.
The holders of the maturing 1 %% Treasury notes, out¬
standing in amount of $503,877,500 were at the same time
accorded the option of exchanging their securities for the
new bonds or for an additional issue of the % % Treasury
notes of series D-1943, dated March 15, 1941.
These %%
notes were offered on Feb. 25 together with 2% Treasury
bonds of 1948-50 to the holders of 3%% bonds of 1941-43,
called for redemption March 15, 1941, and llA% notes of
series A-1941, maturing March J 5, 1941.
The results of this
refunding operation were noted in these columns March 8,
page 1514.
The books for the receipt of cash subscriptions to the
bond offering were closed at the close of business the same
day they were offered (March 19), except for the receipt
of subscriptions for amounts up to and including $5,000
where the subscribers specify that delivery be made
in
registered bonds 90 days after the issue date.
The sub¬
scription books for these preferred allotments, designed to
benefit small investors, were closed at the close of business
on March 20, at which
time the books for the receipt of
exchange subscriptions were also closed.
Plans for this cash and refunding financing were referred
to in our issue of March 15, page 1674.
Mr. Morgenthau revealed on March 17 that, after this
an
without deposit but will be restricted
be accompanied by payment of 10% of the amount
from all others must
2.
1941
22,
exceeding one-half of the combined capital
of the subscribing bank or trust company.
and surplus
Secretary
operation and except for
account will be received
in each case to an amount not
Closed
Books
own
March
Secretary,
I.
Washington, March 19, 1941.
1.
Offering of Bonds
The Secretary
Secretary,
Washington, March 19, 1941.
Offering of Notes
of the Treasury, pursuant to the authority of the Second
Liberty Bond Act,
amended, invites subscriptions, at par and accrued
as
Treasury, pursuant to the authority of the Second
interest, from the people of the United States for %% notes of the United
Liberty Bond Act, as amended, invites subscriptions, at par and accrued
States, designated Treasury Notes of Series D-1943, in payment of which
The Secretary of the
1.
interest, from the people of the United States for 2M, %
States, designated Treasury Bonds of 1952-54.
offering is $500,000,000, or thereabouts,
only Treasury Notes of Series B-1941, maturing June 15, 1941, may be
bonds of the United
The amount of the offering under ths circular will be limited to
tendered.
The amount of the public
the amount of
with the right reserved to the
Treasury Notes of Series B-1941 tendered and accepted.
Secretary of the Treasury to increase the offering by an amount sufficient
to
accept
all
subscriptions for which
Treasury Notes of
Series
maturing June 15, 1941, are tendered in payment and accepted.
II.
B-1941,
1.
In ad¬
The notes
therewith,
against cash payment.
The bonds will be dated March 31, 1941, and will bear interest from
2)4%
per annum,
payable
on a
until the principal amount becomes payable.
The notes will be dated March
ner
as
the
In
case
?;ift or other excise taxes, whether Federal or State, butor interest exempt
shall be thereof
all taxation
hereafter imposed on the principal
be prescribed by the Secretary of the Treasury.
may
of redemption
designated in any such notice, interest
on
ny any State, or any of the possessions of the United States, or by any local
taxing authority.
3. The notes will be accepted at par during such time and under such rules
and regulations as shall be prescribed or approved by the Secretary of the
Treasury in payment of income and profits taxes payable at tne maturity
From the date
the bonds called for
of the notes.
redemption shall cease.
2.
taxes, now or
acceptable to secure deposits of public moneys, but
privilege.
will be issued in denomina¬
tions of $100, $500, $1,000, $5,000, $10,000 and $100,000.
The notes
will not be issued in registered form.
6. The notes will be subject to the general regulations of the Treasury
Department, now or hereafter prescribed, governing United States notes.
hereafter imposed.
Federal
will not bear the circulation
5.
taxation
now or
hereafter imposed
on
the principal
or
interest thereof by any State, or any of the possessions of the United States,
by any local taxing authority.
The bonds will be acceptable to
or
3.
III.
the
Reserve Banks and
Federal
registered bonds, under rules and regulations
and for the transfer of
Banking in¬
generally may submit subscriptions for account
of customers,
the
at
as
scriptions at
any
respects
hereafter prescribed, governing United States bonds.
shall
allotted
in
or
au¬
right to reject any sub¬
in part, and to close the books as to any or all sub¬
time without notice; and any action he may take in these
be final.
full.
Department are
official agencies.
Secretary of the Treasury reserves the
The
2.
by the Secretary of the Treasury.
Department,
Treasury
only the Federal Reserve Banks and the Treasury
scription, in whole
pre¬
The bonds will be subject to the general regulations of the Treasury
or
Washington.
thorized to act
Provision will be made for the in¬
terchange of different denominations and of coupon and registered bonds,
Department, now
at
and
but
principal and interest, will be issued in denominations of $50, $100, $500,
$1,000, $5,000, $10,000 and $100,000.
5.
Subscription and Allotment
be received
Branches
Bearer bonds with interest coupons attached, and bonds registered as
scribed
will
stitutions
ilege of conversion.
to
Subscriptions
deposits of public moneys,
secure
but will not bear the circulation privilege and will not be entitled to any priv¬
4.
Bearer notes with interest coupons attached
1.
The bonds shall be subject to estate,
inheritance, gift or other excise taxes, whether Federal or State, but shall
be exempt from all
The notes will be
4.
The income derived from the bonds shall be subject to all
now or
rom
man¬
of partial
redemption the bonds to be redeemed will be determined by such method
as
Sept. 15,
payable.
They will mature March 15, 1943, and will not
be subject to call for redemption prior to maturity.
2. The income derived from the notes shall be subject to all Federal taxes,
now or hereafter imposed.
The notes shall be subject to estate, inheritance,
on any
days, on 4 months' notice of redemption given in such
Secretary of the Treasury shall prescribe.
15, 1941. and will bear interest from
amount becomes
year
They will mature March 15,
15, 1952, in whole or in part, at par and accrued interest,
interest day or
identical in all respects therewith, and are described in the
1941, and thereafter on March 15andSept. 15in each year until the principal
1954, but may be redeemed at the option of the United States on and after
March
are
that date at the rate of h % per annum, payable semi-annually on
semiannual basis
Sept. 15, 1941, and thereafter on March 15 and Sept. 15 in each
on
i.y
Notes of Series D-1943 issued pursuant to Depart¬
following quotation from Department Circular No. 650:
Description of Bonds
1.
1.
that date at the rate of
:'\y:
Circular No. 650, dated Feb. 25, 1941, will be freely interchangeable
ment
abouts, of these bonds may bo allotted to Government investment accounts
Description of Notes
offered will be an addition to and will form a part of the
series of % % Treasury
dition to the amount offered for public subscription, $50,000,000, or there¬
II.
now
Subject
Allotment
to
notices
these reservations,
will
be
sent
all subscriptions
promptly
out
upon
allotment.
III.
Subscription and Allotment
;
1.
Subscriptions
Branches
and
at
must agree not to
for
account
Treasury
Federal
Reserve
Washington.
Banks
are
own account.
but
only
the Federal
authorized to act
as
Reserve Banks and the
official agencies.
IV. Payment
:
;
and
Subscribers
be allotted thereon, prior to the closing of the sub¬
Treasury Department
their
the
Banking institutions generally may submit subscriptions
of customers,
than banking institutions
or
at
Department,
sell or otherwise dispose of their subscriptions, or of the
securities which may
scription books.
be received
will
the
Others
will not be permitted to enter subscriptions except
Cash subscriptions from banks and trust companies
1.
Payment at par and accrued interest for notes allotted
hereunder must
before March 31, 1941, or on later allotment,
be made
or
and may
be made only in Treasury notes of Series B-1941, maturing June 15,
completed
on or
1941, which will be accepted at par .and should accompany
Coupons dated June 15,
1941, should be attached,
from Dec. 15,1940 to March 31,
notes
the subscription.
and accrued interest
1941 ($4.00412 per $1,000) on the maturing
will be credited, and accrued interest from
March 15 to March 31,
1941 ($0.32609 per $1,000) on the new notes will be
charged, to subscribers.
Volume
The Commercial & Financial Chronicle
152
The difference
($3.67803
per
the notes.
V. General Provisions
.
.
1.
$1,000) will be paid following acceptance of
;'"v
V
:
As fiscal agents of the United States, Federal Reserve Banks are au¬
thorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury to
the Federal
Reserve Banks of the respective districts, to issue allotment
notices, to receive payment for notes allotted, to make delivery of notes on
full-paid subscriptions allotted, and they may issue interim receipts pending
delivery of the definitive notes.
The Secretary of the Treasury may at any time, or from time to time,
2.
prescribe supplemental
offering, which
will
amendatory rules and regulations govering the
or
be communicated promptly
Federal Reserve
to the
1837
Federal Reserve District;
the tabulation, which we re¬
below, also shows separately the amounts of each
of the new issues exchanged for the 3%% bonds of 1—41-43,
called March 15 and the 13^% notes of series A-1946,
maturing that date.
\ ■
■"1
The offering was made entirely on an exchange basis for
to
produce
no cash subscriptions were accepted.
previously referred to in our issues of
March 1, page 1354 and March 8, page 1514.
'
Subscriptions and allotments were divided among the
several Federal Reserve districts and the Treasury as
these two issues and
The
offering
follows:
was
,
,
Banks.
Henry Morgenthau, Jr.,
•
Called Bonds
Secretary of the Treasury
'
Total
Notes
Maturing
Exchanged
District
Exchange
Exchanged
Exchanges for % % Treasury Notes
Treasury Decreases Weekly Offering of 91-Day Bills to
$100,000,000—New Issue Will Be Dated March 26,
"
1941
of
a
new
$100,000,000,
announcement to this effect
mentioned in these columns
was
March 1, page 1353.
In the future, the weekly offering will
be used solely to retire maturing bills.
Tenders to the cur¬
bill offering will be received/ at the Federal Reserve
banks and the branches thereof up to 2 p. m. (EST) March
rent
24, but will not be received at the Treasury Department,
Washington.
The Treasury bills will be dated March 26
and will mature on June 25, 1941, when the face amount of
the bills will be
payable without interest.
There is a ma¬
turity of a previous issue of Treasury bills on March 26 in
amount of $100,424,000.
Mr. Morgenthau in his announce¬
ment of the offering further said:
They (the bills) will be issued in bearer form only and in denominations
of $1,000, $5,000, $10,000, $100,000, $500,000 and $1,000,000 (maturity
Each tender must be for
an even
multiple of $1,000 and the price
offered must be expressed on the basis of 100,
decimals,
99.925-
e. g.,
with not
more
from
Tenders
others
be
must
accompanied
by, payment of
by
an
Immediately after the closing hour, tenders will be opened at the Federal
banks
and
branches,
serves
of the Treasury of the amount and price range
The Secretary of the Treasury expressly re¬
rejection thereof.
the right to accept or
tenders
at
reject any
or
aU tenders, in whole or in part,
Payment of accepted
in any such respect shall be final.
his action
and
will
public announcement
following which
Those submitting tenders will be advised of the accep¬
of accepted bids.
or
785,500
284,700
974,100
102,000
367,000
San Francisco
68,000
72,000
Treasury
10,000
5,000
15,000
4,852,200
27,570,300
32,422,500
58,361,700
769,065,250
25,137,900
the prices offered must be made or completed at the
Reserve bank in cash or other immediately available funds on
Federal
March 26,
the sale or other disposition of the bills, shall not
such, and loss from
or
the sale
or
gain from
have any exemption, as
other disposition of Treasury bills shall
such, under Federal tax Acts now or
The bills shall be subject to estate, inheritance, gift,
have any special treatment, as
hereafter enacted.
from
other excise taxes, whether Federal or State, but shall be exempt
all taxation now or hereafter imposed on the
principal or interest thereof
local
by any State, or any of the possessions of the United States, or by any
For purposes of taxation the amount of discount at
taxing authority.
bills
which Treasury
are
-
originally sold by the United States shall be con¬
sidered to be interest.
Treasury Department Circular No. 418, as amended, and this
prescribe the terms of the Treasury bills and govern the conditions
_
_
_
-
-..i;
--------
Dallas
—
Total
notes
of 1948-50—
42,944,000
M:;'
V
Securities Purchased
Treasury During February
of
Government
Market transactions in Government
accounts
investment
in
February,
by
Securities for Treasury
1941, resulted in net
purchases of $11,950,000, Secretary Morgenthau announced
on March
17.
This compares with net purchases of $2,785,000 during January.
The following tabulation shows the
in Government
Treasury's transactions
securities for the last two years:
1940—
1939—
April
May-June
July
-
August
September
October-
$37,064,700 sold
40,367,200 sold
1,114,100 purchased
3.000,000 purchased
3,295,760 purchased
71,904,950 purchased
—-
November--
-
December..-----
1,201,000 sold
2,844,350 sold
3,157,000 sold
1,636,100 sold
387,200 purchased
April
May
934,000 purchased
June
No sales or purchases
No sales or purchases
300,000 sold
July
August-.
September.-October
November
—
4,400,000 sold
284,000 sold
1,139,000 sold
December
1940—
January--------February.-------
March--.-------
$9,475,000sold
20,801,000sold
$5,700,000sold
1941—
January---
---
February---
$2,785,000 purchased
2%
Treasury
Offer of
Bonds According to
Reserve Dis¬
tricts
of the Treasury Henry Morgenthau Jr., has
announced the complete results of the offering of Feb. 25,
showing subscriptioas to the new %% Treasury notes of
series D-1943 and 2% Treasury bonds of 1948-50 according
Secretary
9,117,000
8,900,900
867,800
1,516,500
1,115,868,600
661,532,600
1,148,291,100
11,817,400
57,473,800
6,610,200
-
-
Minneapolis-————— -
- -
5,095.300
-
4,346,450
6,648,300
7,453,850
11,555,100
3,526,750
5,567,350
St. Louis
Kansas .City
Dallas
633,962,300
486.758,500
Chicago
29,307,600
47,983,900
10,633,850
95,966,400
11,705,500
10,993,750
19,008,950
9,905,250
25,414,250
2,384,300
481,906,300
Richmond
19,846,900
i* i&i'- —
San Francisco
Treasury
Total 2% bonds
.
Total exchanges.
6,376,500
Bonds and Stamps
Announced by Secretary
New Issues of United States Savings
Aid Defense Financing
to
Morgenthau—Three New Bonds Priced from $25
to $10,000 to Go on Sale May 1—New Series of
Postal Savings Stamps Ranging from 10c. to $5
JJg Will Also Be Sold
the
Treasury 'Morgenthau
the
of
Secretary
announced
and Stamps, to go on
on
bonds
issues of United States Savings
new
sale May 1, which have been developed
help in financing the National Defense program.
"In
meeting the cost of this tremendous effort," the Secretary
said, "the Government must do more than find billions of
dollars.
It must find these dollars in a way that will best
to
safeguard the Nation against the evils of inflation, and will
give all American citizens a sense of taking a direct part in
the defense of the country."
new
kinds of United States Savings bonds will
be
called the Defense Savings Bond, will
be almost identical with the present United States Sayings
Bond or "baby bond," which has become the most widely
held single security in the country.
More than $5,000,000,000 worth, at maturity values, have been bought by
more
than 2,000,000 men, women and children.
The
following description of the new bonds and also the postal
sold.
The first kind,
savings stamps, which will be put on sale,
Treasury's announcement issued March 21:
is from the
Defense Savings Bond
maturity value,
in May
will be redeemable in May, 1951, for $25.
This is an
The Defense Savings
1941, for $18.75
increase of 33
Bond will be offered for 75% of its
Thus, a Defense Savings Bond bought
1-3%, equal to an interest return of
2.9% per annum, com¬
This bond is not transferable, will not fluctuate
time before maturity at values
printed on its face.
Intended chiefly for people of small income, ownership
is restricted to individuals in their own right, with a limit upon holdings of
$5,000 maturity value of bonds issued in any one calendar year.
Denomina^tions are $25, $50, $100, $500 and $1,000.
The Defense Savings Bond will
replace the present "baby* bond" series and will be available to all sub¬
scribers under the Regular Purchase Plan familiar to many thousands of
small investors.
* j;
pounded semi-annually.
in
value,
and may be redeemed at any
Series F Savings Bond
'
•
investors, for trustees,
and for reserve funds, is offered for 74% of its maturity value, with ma¬
turity of 12 years. It can be held not only by individuals, but by trustees,
associations, pension funds, and corporations, with a limit of $50,000 cost
price issued in any one calendar year, alone or in combination with Series G.
If held to maturity, the yield approximates 2.53% a year.
The Series F
Bond is not transferable, and may be redeemed on 30 days' notice after
six months from date of issue in accordance with a table of redemption values
printed on its face.
Denominations are $100, $500, $1,000, $5,000 and
The new Series F
Savings Bond, intended for larger
••
$10,000.
11,950,000 purchased
Treasury Notes and
38,992,900
1,516,850
38,492,600
Cleveland
Atlanta
■
Series G Savings Bond
To meet demand
Results of Exchange
439,681,100
8,991,000
Philadelphia
15,417,700
329,384,150
16,231,000
17,490,200
New York
with maturity of 10 years.
$11,950,000
469,000
140,000
Exchanges for 2 % Treasury Bonds
Boston
notice,
of their
issue.
-
-------
Three
The income derived from Treasury bills, whether interest or
■4,';' 326,000
14,100
Kansas City
1941.
not
-—- -
March 21
be made by the Secretary
tance
188,600
37,200
Minneapolis
incorporated
trust company.
Reserve
768,100
226.500
85,000
—
St. Louis
Fractions may not be used.
accompanied by an express guaranty of payment
or
500,700
58,200
Chicago
than three
10% of the face amount of Treasury bills applied for, unless the tenders
bank
2,036,100
267,400
22,360,300
—
Atlanta.---
and from responsible and recognized dealers in investment
trust companies
are
1,770,400
...
Richmond.---
be received without deposit from incorporated banks and
Tenders will
securities.
350,000
170,900
265,700
543,000
1,816.000
1,530,000
J
Cleveland,
offering of 91-day Treasury bills to the
or thereabouts, to be sold on a
discount basis under competitive bidding, were invited on
March 21 by Secretary of the Treasury Morgenthau.
This
represents a decrease of $100,000,000 in the bill offering,
which for the past three weeks has amounted to $200,000,000.
Since the first week in March the Treasury had been offer¬
ing $200,000,000 in bills, using half the proceeds from the
sale to pay off similar piaturing securities and the other
$100,000,000 represented "new money."
Mr. Morgenthau's
value).
369,000
669,0000
24,176,300
1,615,000
363,200
372,100
539,900
126,000
New York
Philadelphia.
Tenders to
amount
of Series D-1943—
Boston
for a current income bond, the new
Bond, to be issued at par,
Series G Savings
bears interest during its 12-year term
at 2^%,
paid semi-annually by Treasury check.
Intended for both small and large
investors, the Series G Bond is not transferable, and can be registered like
Series F in the name
with
Series F.
Series
corporations, up to a
combination
and $10,000.
days' notice
date of issue at fixed redemption values printed on
of individuals, associations, and
price issued in any one year, alone or in
Denominations are $100, $500, $1,000, $5,000
G bonds will be redeemable before maturity on 30
total of $50,000 cost
after six months
from
The Commercial & Financial Chronicle
1838
their face.
In fixing these
their bonds until final
vlauew, inducement is given to holders to retain
Offices,
Agencies
Series F and G Savings bonds may be
Reserve
banks
the
to
or
Treasury.
1941,
the United
at
obtained
16,000 Post
at
States
Treasury.
application to Federal
on
Arrangements
being made
now
are
through which it is expected that orders for bonds of all three series will be
accepted at commercial and savings banks generally.
Great emphasis is
\
Stamps
made
profit of $22,000,000 from its operations since it
1934.
The President, it is said, revealed
his press conference on March 14, at which time he
a
seated in
was
this at
also commented
the importance of
upon
America and all others to whom payment of $18.75 at
for the smallest Defense Savings Bond
is
Defense
albums in which to mount them.
Savings Bond which in
for mounting
for
10
be given
An album containing
After the stabilization fund
that Congressmen and
would be depleted and would lose
Furthermore, he said, a lot of people tried to get their fingers on
money.
it for various purposes which they considered worth
whlie.
But, he added, the Government has been able to keep it intact from
depredations, and he said that was a pretty good illustration of the
are
$50 and $100 bonds.
from profits ob¬
1934,
columnists year after year had produced all kinds
of bedtime stories about how the fund
any
There
the 50c., $1 and $5 stamps, exchangeable
established in
was
tained from devaluation of the dollar, the President told a press conference
be exchanged for a
can
will be worth $25.
years
of special
Purchasers will
75 of the 25c. stamps has a cash value of $18.75 and
similar albums
time
not convenient.
10c., 25c., 50c., $1 and $5.
attractive pocket
among
one
The Postmaster General has approved a new series of stamps,
design, priced at
those who had criticized the fund from
on
With regard to his remarks Associated Press
Washington advices of March 14 said:
laid by Secretary Morgenthau
Savings Stamps as a means of encouraging steady savings
the youth of
Treasury's Stabilization Fund
that
time to time.
Postal Savings
Postal
1941
President Roosevelt is reported as stating on March 14
the Treasury's $2,000,000,000 stabilization fund had
■/.
sale May 1,
on
Reserve banks and
Federal
22,
Has Made Profit of $22,000,000
be
Savings bonds will
at
President Roosevelt Says
maturity.
Sales
Defense
March
fact
that
American
the
Government
wholly amateurish in the
not
was
financial part it plays in the country.
The $22,000,000 has been gained, he said, through various transactions.
and child in America will be given
plan, and easy
ways to take part in it," Secretary Morgenthau said.
A new
division of the Treasury Department, called the Defense
Savings Staff, has been created under the supervision of
Harold N. Graves, Assistant to the Secretary.
It includes
Eugene W. Sloan, Administrative Director; Gale F. Johns¬
ton, Field Director, and Harford Powel, Director of In¬
"Every
man, woman
full details of this National Defense savings
formation.
The Treasury's announcement also contained the follow¬
ing table regarding redemption values of the new bonds:
REDEMPTION VALUES OF NEW SERIES OF UNITED STATES SAVINGS
BONDS (PER $100 OF MATURITY VALUE)
The
of the fund
use
Defense
First
)4
)4
and would remain
He said there
conditions.
President
years
70.00
74.50
2 )4
to
years
76.50
74.90
96.20
years
77.00
75.40
95.60
years
78.00
76.00
95.10
3)4
4
5
4 years
to
to
79.00
98.80
76.70
94.80
years
80.00
77.60
"All-Out
Nation
Effort"
Must
Sacrifices
Aid
to
Be
Democracies—
Roosevelt
81.00
78.60
94.70
6)4
years
82.00
79.70
94.90
to 6
years
83.00
80.90
95.20
warned
sacrifices
that
will
American
the
people
be made "in
have to
on
behalf
country and your liberties" in the all-out effort to aid
the
at
94.70
years
to
15
the countries
4)4
5)4
March
of
to 6
4)4
President
96.90
to
Tells
Roosevelt
in
Pledges Increasing Help Until Total Victory Is
Won—Says Profiteering and Needless Strikes Must
Not Obstruct Country's Will
97.80
2
—
1674, it was indicated
had advised Congress that the
practically inactive due to war
Not redeem*
74.00
74.20
to
2)4
3
Not redeem'le
75.00
75.50
to 3
3 )4
1H
2
$75.00
year
1)4
possibility that the fund would be used to finance
no
In these columns of March 15, page
bonds
years..
to
of it otherwise.
part until Congress decides to dispose
a
was
that Secretary Morgenthau
fund at the present time is
Savings
bonds
Roosevelt asserted, in
defense.
Series G
Savings
bonds
year
1
to
1
Series F
Savings
After Issue Date—
lot of good, Mr.
a
The President added that the $22,000,000 has been added to the fund
Made
Period
has done
stabilizing all kinds of trade, both prior and subsequent to the war abroad.
Speaking in Washington
House Correspondents
said that the "all-out aid" for
resisting aggression.
annual
dinner
of
White
the
Association, the President
"Britain, Greece, China and for all the governments in exile
homelands
82.20
95.50
whose
86.00
83.50
95.80
will from now
7)4 years
7)4 to 8 years
8 to 8)4 years
88.00
84.80
96.10
86.10
96.40
until total victory has been
92.00
87.40
96.70
form
8)4
years..
94.00
88.70
97.00
years
96.00
90.00
97.30
98.00
91.40
97.60
for the sacrifice of
92.90
97.90
of
94.50
98.20
6
to
6 Yj,
7
6)4
years
84.00
...
7 years
to
—
to
9
to 9
9)4
to
9)4
10 years
to
10
90.00
to
10)4 years
10)4 to 11 years...
11 to 11)4 years...*..............
11)4
*
96.20
100.00
fare;
Available 10 years after Issue date for the Defense Savings bonds and 12 years
after Issue date for the Series F and G Savings bonds.
kind
for
It was announced by the Internal Revenue Bureau of the
Treasury
profits
Department
tax
March
on
Form 1121
return,
8
that
(revised
revised
a
excess
March, 1941), has
been prepared for use
by corporations required to file excess
profits tax returns. This revised form was made necessary
by the enactment of the Excess Profits Tax Amendments
of
1941, approved by President Roosevelt on March 7.
Bureau's announcement also had the following to say:
Assistant
who have
payers
are
Secretary
required
form
previously
excess
profits
execute
for
not
do
to
the
their
filed
on
taxpayer
did
filed
yet
Form
use
them.
return
revised
Treasury
should
furnished
district.
returns
the
as
so,
tax
would result in
of
1121
in
L.
revised
who
previous
file
the
it
case
tax
Form
Taxpayers
and
Sullivan
profits
excess
the
the
on
However,
an
John
Form
said
that
return,
1121
have
he
tax¬
but who
instead
already
1121,
The
of
A
half-hearted
time
job.
said,
an
immediately with the collector
of
taxpayers who have already
Form 1121, if the execution of the revised form
change other than a disclaimer of the credit which the
not
elect
in
the
the
and
revised
sworn
the
form.
to,
will
The
so
executed
be affixed to the original
appropriate collector.
Those
form,
,
Form
and
1121
properly signed
when
filed
returns
the
appropriate
Such
extension
Collector
will
be
of
Internal
granted
in
Revenue
all
for
an
extension
reasonable cases,
if
of
time.
the
taxpayer
pays 25% of the tax shown upon the tentative
However, those taxpayers who have already filed an excess profits
tax return on the
original Form 1121 need not apply for an extension of
time, but should file the revised Form 1121 within 30
days after March 15,
files
tentative return and
a
return.
1941, Internal Revenue officials said.
The
principal changes between Form 1121,
Form
In
1121,
lieu
are
of
as
the
follows:
election
revised, and the previous
as
>
between
the
income
method
and
the
capital
The
on
the task
effort
life
ruthless
now
"business
is
will
national
common
most
part will
our
concepts of
until
lead to failure.
usual"
as
finished.
protection and wel¬
brutality
This
history;
in
for
violently menaced.
so
is
and
This is
"normalcy"
all-out
an
part-
no
must be
effort—nothing
win.
hour
and
to
put
aside
all
differences
personal
until
victory is won."
Mr.
Roosevelt
also
declared
"the
that
determination of
America must not be obstructed by war profiteering,
by unnecessary strikes or workers, by short-sighted manage¬
ment, or by deliberate sabotage."
He listed the following
upon which the Nation's will to secrifice is dependent:
.
.
Upon the Nation's will to sacrifice and
our
industry and
Upon
that
ocean—the
depends
bridge of
Upon
that
determine
Upon
in
depends the output of
agriculture.
our
will
work
to
.
the
survival
ships which
of
the
arms
the
carry
vital
and
bridge
food
the
across
those who
for
fighting the good fight.
are
will
that
will
which
nations
depends
offer
to
strike hack in
an
ability
our
to
aid
other
nations
which- may
resistance.
depend
may
have
been
practical
assistance
should
overrun,
they
to
people
living
now
find the opportunity to
effort to regain their liberties.
invested
The President, in his closing remarks, said that "when
dictatorships disintegrate—and pray God that will be sooner
than any of us now dares to hope—then our country must
continue to play its great part in the
period of world recon¬
struction."
Earlier
his
talk,
broadcast
wTas
transmitted
We believe firmly that when
democracies
not
nationally
by
throughout the world
of
the
world
But,
production output is in full swing the
be
able
now,
ments
possible only
the
time
element
is
of
other instrument of
every
will
send
The
overseas.
of
We
to
prove
that
dictatorships
from
the
war,
is
old and
the
assembly
which
new,
common-sense
day,
importance.
supreme
can¬
Every
can
we
plane,
spare
now,
upon
us
we
strategy.
deep duty
lines
of
speed and effectiveness if
we
which
rests
factories
our
to
the
is
to
battle
democracy—now.
can
do
beaten
That
task of this
great
products
move
We
our
will
win.
it
recently adopted.
which
by short-wave, the President stated:
lines
Jan.
,
in
the major networks and
method contained in the old form, a taxpayer in
existence prior
1, 1940
must complete the computations
under both
methods
specifically disclaims one method.
The taxpaver is permitted to
state whether it elects in the return to
capitalize expenditures for advertis¬
ing or promotion of goodwill.
The taxpayer, if an acquiring
corporation
of a
qualified component corporation and if
actually in existence before
Jan. 1, 1940. is required to state whether it elects
to compute its average
base period net income under the method
prescribed in Section 742 in lieu
of the method prescribed in Section 713.
In addition, several other
changes are made consistent with the amend¬
to
unless
the
the
with
t
Taxpayers who find it impossible to complete their excess profits
by March 15, 1941, Mr. Sullivan pointed out, should apply to
tax
against
effort
all-out
of
this
our
return
revised
for
now know or have even known
before," Mr. Roosevelt ap¬
pealed to the people "to consider the needs of our Nation at
the old
no
is
Stating that we are now dedicated "to a constantly in¬
creasing tempo of production—a production greater than we
should
already filed, the taxpayer may
perfect the original return by merely filling in only the
specific disclaimer
in
short
the
filed
cacrifice
defense
our
forgotten
Revised Excess Profits Tax Return Issued by
Treasury
Department in Accordance With Amended Law
of
ultimate victory of a way of
the
»
privileges but not for the sacrifice
the President continued:
some
fundamental rights,"
That
99.20
100.00
100.00
..
won."
He pledged help in the
food, tanks, guns, ammunition and
Saying that "the Nation is calling
of
ships, planes,
supplies of all kinds.
98.60
98.00
12 years
to
Maturity value.
temporarily occupied by aggressors"
are
"be increased—and yet again increased—
on
have
not
have
and
never
by threats and
among
will
misled
free
men
by
have
the
maintain
false
propaganda.
and
women
who
our
unity
Ours
of
is
a
recognize
existing unity.
a
people
brow¬
unity which
the
truth,
is
and
face
The text of the revised
in
our
excess
profits tax bill
issue of March 15, page 1649.
was
given
reality with intelligence and courage.
Today, at last, ours is not a partial effort.
It
that is the only way to
guarantee ultimate safety.
is
a
total
effort, and
Volume
The following is President
This
dinner
It is the first
It
differs
White
the
me
Association is unique.
Correspondents
have made
speech in all these eight years.
a
conferences that
press
and I hold twice a week.
you
word-for-
questions; and everything I have to say is
any
Here
Roosevelt's address in full:
House
at which I
one
from
You cannot ask
word
the
of
the record.
on
other. I have been
trying to keep you informed of the news of Washington, and of the Nation,
and of the world, from the point of view of the presidency.
You, more
than you realize it, have been giving me a great deal of information about
For
eight years you and I have been helping each
what
the
people of this country are thinking.
In
our
press
representing
them it
ours
is
in
tonight, we include reporters
at this dinner
as
agencies of many other lands.
To most of
constant amazement that press conferences such as
of
purposes
democracy and the characteristics of our
our
exist—where
country and
days
Government received solemn assurances
the people of America
at any price than for the
preservation of ideals and freedom; that there would even be riots and
revolutions
in the United
States if this Nation ever asserted its own
representatives in the United States that
from their
disunited; that they cared more for peace
were
Europe and Asia doubt our
Let not dictators of
about the future than many
worried
on
enough.
Do not let us waste time review¬
ing the past, or fixing or dodging the blame for it.
History cannot be
rewritten by wishful thinking.
We, the American people, are writing new
history today.
_V.-,;'
The big news story of this week is this:
The world has been told that
we, as a united Nation, realize the danger which confronts us—and that
to meet that danger our democracy has gone into action.
We know that although Prussian autocracy was bad enough, Nazi-ism is
That, however, is water over the dam.
far
worse.
Nazi
forces
minor
in colonial maps or in
the destruction of all
seeking mere modifications
not
are
They
boundaries.
European
seek
openly
government on every continent—including our own;
they seek to establish systems of government based on the regimentation
of all human beings by a handful of individual rulers who have seized
elective
of
systems
These
and their
men
hypnotized followers call this a new order.
It is
For order among nations presupposes something
under which individuals, over a long
period of time, are willing to live.
Humanity will never permanently
accept a system imposed by conquest and based on slavery.
These modern tyrants find it nece6Bary to their plane to eliminate all
democracies—eliminate them one by one.
The nations of Europe, and
indeed we ourselves, did not appreciate that purpose.
We do now. The
justice
of
system
enduring—some
of the elimination of the European
process
plan through 1939 and 1940, until
unbeatable defenders of Britain.
The
nations proceeded according to
the schedule was shot to pieces by
the
their calculations for a very
democracy were wrong in
of
enemies
because they believed that democracy
could not adjust itself to the terrible reality of a world at war.
They believed that democracy, because of its profound respect for the
rights of men, would never arm itself to fight.
They believed that democracy, because of its will to live at peace with
its neighbors, could not mobilize its energies even in its own defense.
They know now that democracy can still remain democracy and speak
and reach conclusions and arm itself adequately for defense.
From the bureaus of propaganda of the Axis Powers came the confident
simple
They
reason.
wrong
were
job"—a
by dis¬
moral disintegration from within.
that the conquest of our country would be "an inside
job accomplished not by overpowering invasion from without, but
prophecy
rupting confusion and disunion and
Those who believed that knew little of our history.
America is not a
country which can be confounded by the appeasers, the defeatists,
stairs manufacturers of panic.
It is a country which talks out its
just now engaged in a great
We have
of
Halls
It
Congress.
argued
was
in
the voice of
with
world is
no
the end of
debate.
It was not limited to the
newspaper,
every
every
on
We
wave
is
the
world
will
be able
to
prove
The
task of
great
products
move
of
lines
from
democracy
We can
Every plane, every
old and new, which we can spare now we
will
this day, the deep duty which rests upon us is to
the assembly lines of our factories to the battle
effectiveness if we maintain our existing unity.
unity of a people browbeaten
and never will have the false
misled by propaganda. Ours is a unity which is possible
free men and women who recognize the truth and face reality
by threats and
only among
with intelligence
and courage.
last, ours is not a partial effort.
It
the only way to guarantee ultimate safety.
Today,
at
Beginning a year ago, we
Then, at the moment of
is a total effort; and
started the erection of hundreds of plants and
started the training of millions
we
of men.
the aid-to-democracies bill was passed, we were
$7,000,000,000 appropriation on the basis of
recommend the
capacity production as now planned.
ready
The
of
to
articles themselves cover
the whole range of munitions of war
facilities for transporting them.
The aid-to-democracies bill was agreed to
the
last
Tuesday
new
and
i
by both Houses of .the Congress
I signed it one-half hour later.
Five minutes
list of articles for immediate shipment.
Many of them
On Wednesday I recommended an appropriation for
material to the extent of $7,000,000,000; and the Congress is making
later I
are
afternoon.
on
approved
their
a
way.
patriotic speed in making
your
the appropriation available.
plow or your
but not for
willingly.
that
do
the sacrifice of fundamental rights.
Most of us
That kind of sacrifice is for the common national
protection and welfare; for our defense
in
for the sacrifice of some
against the most ruthless brutality
a way of life now so violently
ultimate victory of
for the
history;
menaced.
half-hearted effort
A
This is no part-
"business as usual" and "normalcy" must be
until the task is finished.
This is an all-out effort—nothing
will win.
of all-out effort
We
part will lead to failure.
our
on
The concepts of
job.
short
.
dedicated from here on to a constantly
now
are
increasing tempo of
production—a production greater than we now know or have ever
before—a production that does not stop and should not pause.
And
and to the mind of every
within our borders who love liberty.
I aBk you to
Nation at this hour and to £ut aside all personal
tonight I am appealing to the heart
so
and every
man
known
woman
consider the needs of cur
until
differences
is won.
victory
our
be kept burning.
To the perpetuation of
The single effort of one individual
may seem very small.
But there are *130,000,000 individuals over here.
There are many more millions in Britain and elsewhere bravely shielding
the great flame of democracy from the black-out of barbarism.
It is not
enough for us merely to trim the wick or polish the glass.
The time has
come
when we must provide the fuel in ever-increasing amounts to keep
light of democracy must
The
light each must do his own share.
this
flame
the
alight.
There will
be
A few weeks ago
from
freedoms—freedom of speech and expres¬
superseded
is
democracy
they
by slavery—then those four freedoms, or even
become forbidden things.
Centuries will pass
will
them,
of
mention
ideals
those
toward
before
attainable throughout the world but humanity does
through democratic processes.
If we fail—if
immediately
be
move
the
I spoke of four
be revived.
can
By winning now, we strengthen their meaning, we
mankind and the dignity of human life.
of
nationality or
have a stake in the
freedom of every person to worship God in his own way, freedom
want, freedom from fear.
They are the ultimate stake.
They may
sion,
not
divisions of party or section or race or
no
There is not one among us who does not
of the effort in which we are now engaged.
outcome
increase the stature
word "loyalty" and the word
and enforced in a dictatorship
it can be obtained by a failure on
the part of government to tell the truth to its citizens.
Loyalty is different.
It springs from the mind that is given the facts,
that retains ancient ideals and proceeds without coercion to give support
is
There
between the
difference
vast
a
Obedience
"obeuience."
be obtained
can
by the use of threat and extortion or
government.
in England and in Greece and in China and in
its own
to
That
States
is
true
for the return of a
praying
are
the United
millions of men and women
day when they can give that kind of
And in many other countries
today.
loyalty.
Dollars alone will not win this war.
Loyalty cannot be bought.
ourselves
delude
not
aB
to
Let us
that.
American citizens are hard at work
the determination of these men of
and Navy are worthy of the highest traditions of our country.
men ever served under
Washington, or John Paul Jones, or
Lee, or Pershing.
That is a boast, I admit, but it is not an
Today, nearly a million and a half
in our armed forces;
The spirit and
our
Army
better
Grant, or
idle
one.
sacrifice and to work depends the output
Upon the national will to
of
industry and our agriculture.
survival of the vital bridge across the ocean;
for those who are
Upon that will depends the
the
which carry the arms and food
of ships
bridge
fighting the good fight.
depends our ability to aid
will
that
other nations which may
determine to offer resistance.
Upon that will may depend practical assistance to people now living
which have been overrun should they find the opportunity
powerful
in
to
to regain their liberties.
This will of the American
from
either by threats
selfish groups or individuals
people will not be frustrated
enemies abroad or by small,
home.
obstructed by war profiteering.
workers, by short¬
sighted management, or by deliberate sabotage.
For, unless we win, there will be no freedom for either management or
The determination
must
It
not
be
of America must not be
obstructed by unnecessary strikes of
labor.
and wise business managers
Wise labor leaders
now.
have speed and
We do not have
that is
will
full swing the
That is common-sense strategy.
send overseas.
or
■
strike back in an effort
that dictatorships can¬
element is of supreme importance.
war,
bench,
nations
win.
of
your
make it clear that the Nation is calling
me
privileges,
at
instrument
to
taxes will be higher.
to work longer at
have
machine.
the dictators, the end of compromise
is now.
believe firmly that when our production output is in
of
have
your
will
You
Upon
at appeasement in our land,
and the forces of oppression.
But now the time
other
will
You
doubt.
the end of any attempts
You will feel it in a way which will cause many
'•
:
;
be content with lower profits from business because
daily lives.
inconveniences.
our
urgency
democracies
not
effort in your
settled and
But when
with the voice of any one man
It is binding on all of us.
And the
urging us to get along with
with tyranny
The
130,000,000.
longer left in
decision
This
problems
is made it is proclaimed not
that decision
your
No
length, over every cracker barrel in the land.
It was finally
decided by the American people themselves.
The decisions of our democracy may be slowly arrived at.
but
the back¬
where any man can hear them.
the open,
in
you—to
It is not order.
not new.
The final extent of
Whether you are
religion.
by force.
power
of us.
the speed with which we act now.
tonight in plain language what this undertaking means
daily life.
in the armed services; whether you are a steel worker
or a stevedore, a machinist, or a housewife,
a farmer or a banker, a store¬
keeper or a manufacturer—to all of you it will mean sacrifice in behalf
of country and your liberties.
You will feel the impact of this gigantic
to
forgotten
unanimity now.
Sept. 1, 1939, I was more worried
people—most people.
The record shows I was
broke out
the present war
Before
will depend upon
tell you
must
time
interests.
not
We shall have to make sacrifices—every one
I
Let
I remember that in the early
Such misunderstandings are not new.
of the first World War the German
thinking in terms of speed, and speed now.
find its way into every home in
are
we
that that watchword will
Nation.
these sacrifices
people have been seriously distorted.
our
Washington
hope
obviously
nation in the world.
any
in
I
the
news
especially true in those lands where freedoms do not
That is
of
and
matter of
a
exist
can
the
conferences,
papers
And
1839
Chronicle
The Commercial & Financial
152
their
to
is
it
existence
own
to
make common
will realize how necessary
sacrifice for this great
cause.
common
is
There
no
longer
the slightest
question or doubt that the American
seriousness of the present situation. That is
demanded, and got, a policy of unqualified, immediate,
all-out aid for Britain, Greece, China, and for all the governments in exile
whose homelands are temporarily occupied by the aggressors.
From now on that aid will be increased—and yet again increased—until
people recognize the extreme
why
total
they
victory has been won.
The
British
enabled
has
of
have
the
and
are
them
stronger
to
than
endure all
ever in the magnificent morale which
the dark days and the shattered nights
past 10 months.
They have the full support and
other Dominions, of the rest of their Empire,
the
people throughout the world who still
The British people are braced for
help of Canada,
and non-British
think in terms of the great freedoms.
invasion whenever the attempt may
come—tomorrow—next week—next month.
In this historic crisis, Britain is blessed with a brilliant and a gTeat
leader in Winston Churchill.
But, no one knows better than Mr. Churchill
himself, that it is not alone his stirring words and valiant deeds which
give the British their superb morale.
The essence of that morale is in the
The Commercial & Financial Chronicle
1840
of
masses
plain people who
essential
one
fact—that
And
completely clear in their minds about the
rather die as free men than live as
are
ship
would
into
they
they
are so
slaves.
These plain people—civilians as well as soldiers and sailors and airmen—
and
women
of
girls
well as
as
civilization, and they
and
on
island of the
every
The
British
and boys—are fighting in
men
holding that line with
are
forever be the pride and the
inspiration of all free
a
the front line
are
paintings
who
and
guns
ammunition
they will get tanks and
and
shall
ing
the arsenal
and ammunition and supplies
guns
Our
help.
our
our
when
than any
dictatorships disintegrate—and
of
dares to hope—then
us now
We believe
been,
The world
of
God that will be
pray
sooner
small,
has
the
believe
We
size,
other
or
no
world
inherent
the
living;
believe
and
men
processes
by protecting the
healthful
any
of
race
people fit to
which,
because of size
because
or
that
common
provide
of
such
of
peace,
Never
our
all
in
history
our
May it be said of
children's
children
President
Art
have
for
and
the
serve
improve the standards of
manufacture
Americans
in the
us
rise up
Roosevelt
and
for
agriculture.
faced
days to
and call
come
a
job
that
well
so
our
worth
children
and
blessed,
us
Dedicates
National
Gallery
of
Washington—In Accepting Gift of Late
Says Work of Art Are Symbols of
the
Human
Spirit—Private Collection also Pre¬
sented by S. H. Kress
In
Mellon
speech
a
dedicating the National Gallery of Art in
Washington,
on
March 17, President Roosevelt | declared
that it is "the measure of the earnestness of our intention
that the freedom of the human
spirit shall go on."
In his
address the President observed that "whatever these
paint¬
may have been to men who looked at them a generation
ings
back—today they are not only works of art.
Today," he
continued, "they are the symbols of the human spirit, and
of the world the freedom of the human
spirit made—a world
against which armies now are raised."
To accept
the
$15,000,000 marble museum, which is the gift of the late
Andrew
behalf
W.
of
"is
said,
Mellon, former Secretary of the Treasury,
the
to
people of
States, the President
the people of America
the
assert
accept
work
"is
to
the
assert
belief
of
the
people of this
Nation in a human spirit which now is
everywhere endan¬
gered, and which, in many countries where it first found
form and meaning, has been rooted out
and broken and
destroyed."
Saying that it was only within the last few
that
the people discovered that they have
the inheritance of art, Mr. Roosevelt said
years
of
a
part in
they know now
that "art is not
something just to be owned, but something
to be made: that it is the act of
making, and not the act of
owning, which is art," adding that "art is not a treasure
in the past or an
importation from another country, but
part of the present life of all the living and
creating
peoples."
gallery and the Mellon collection were presented to
Government on March 17 by Paul
Mellon, son of the
donor, on behalf of the A. W. Mellon Educational and
Charitable Trust.
Another famous private collection was
presented by Samuel H. Kress, New
York, chain-store oper¬
ator.
A speaker at the
dedicatory ceremonies was Chief
Justice Charles Evans
Hughes, Chairman of the Board of
Trustees of the gallery.
i
The text of the President's remarks
follows, according to
the Associated Press:
It
of
is
the
with
a
United
very
real
States
sense
and
collections it contains.
on
of satisfaction
their
behalf
The giver of the
of his gift with the
be known not
And
those
that
this
I
accept for the
National
people
Gallery and
building has matched
collectors
their
to
memorial to
themselves but
a
monument
to the art
these
Bullard
collections
and
three
we
now
ananymous
gratefully
donors
add
gift
of
Miss
But
which
have
been,
in
famous works of art to
the
past;
many
gifts
the American people.
of
great
paintings
and
of
Most of the wealthy men of
satisfaction, the masterpieces
of European
collections, ended by presenting their purchases to their cities
the
or
last
to
century
their
who bought,
towns.
for
their
own
country
and
paint
the
old
Russell
John
beauty,
the conception
combine
Pope,
the
of
a
classicism
of
for
thankful
few
in that inheritance for them¬
a part
themselves
are
because
not
the
for
this
gift.
gallery is
They
accept
come
to
they have
years,
given
it
for
understand
that, like other inheritors of other things
duty toward it.
a
when
the
people
inheritance of art
to
guard
often
it.
country
to
generations
them
would
have
not
that
or
the
ago
they
people
had
of
this
taught
by their writers and by their critics and by
that art was something foreign to America and
believe
to
this
of
belonged
few
A
recently, within the last few
years, yes, in our lifetime, they have
They have seen in their own towns, in
villages, in school houses, in post offices, in the back rooms of
that
own
they have
part.
a
shops and stores, pictures painted by their sons, pictures painted by their
neighbors—people they h^j^'known and lived beside and talked to.
They have seen, across these last few years, rooms full of painting by
Americans,
good,
walls
covered
with
the paintings of Americans—some of it
but all of it native, human, eager and alive—
by their own kind in their own country and painted about
of it not good,
some
things they know and look at often and have touched and loved.
The people of this country know now, whatever
they were taught or
thought they knew before, that art is not something just to be owned, but
something to be made;
owning which is art.
the
in
treasure
past
that
it
is
the act of
making
and
not
the
And knowing this they know also that art
of
act
is not
a
importation from another country, but part of
the present life of all the
living and creating peoples—all who make and
build; and, most of all, the young and vigorous peoples who have made
and
built
It
of
is
these
or
an
present wide country.
our
for
this
that
reason
ancient
arts.
the
people of America accept the
inheritance
Whatever
these paintings may have been to men
generation back—today they are hot only works of
art.
Today they are the symbols of the human spirit and of the world
the freedom of the human spirit made—a world
against which armies now
who looked at them
raised
are
and
a
countries
and
overrun
men
imprisoned
destroyed.
To
and
of
-
accept,
Durer,
today,
and
of
the
work
Italians
of
of
German
painters
this
like
democratic
Nation
their
work
y\'.
such
Holbein
as
like
in
a
Van
Nation
human
is
to
spirit which
the
assert
now
belief
broken
and
To
and
this
accept
of
the
people of
is everywhere endangered
in many countries where it first found form and
out
and
r.
Botticelli and Raphael, and of
painters
Dyck and Rembrandt, and of famous French¬
famous Spaniards—to accept this work today on behalf of the
people
the low countries
thig
and which,
meaning, has been rooted
destroyed.
work
today
is
to
assert
the
of the people of
America that the freedom of the human
spirit and human mind—which has
produced the woxld's great art and all its science—shall not be
utterly
purpose
destroyed.
Seventy-eight
and
men
gathered
Capitol
completed
It
been
had
labor
from
criticize.
an
and
the
expensive
bronze
and
the prosecution of
There
were
door for the central
But
in the third year of the War Between the States,
here in Washington to see the dome above the
years ago,
women
of Liberty set upon the
business, diverting money
a
sign
We intend it shall
on.
the
human
spirit
and
found much
to
pillars in the Senate wing and a bronze
portal and other such expenditures and embellishments.
it is
on,
top.
marble
new
we
We may borrow the words for
go
Goddess
laborious
the war, and certain citizens
Lincoln, when he heard the criticisms, answered:
Capitol going
which
go
intend the
our
on,
created
"If
people
see
the
Union shall go on."
We too intend the Union
own.
shall
carrying with it the great tradition of
it.
The
more
dedication of this
gallery to a living past, and to a greater and
richly living future, is the measure of the earnestness of our intention
that the freedom
The
of
showing
the human
on
spirit shall
March
17
go
on.
by invitation, and these
were sent to 6,000
diplomats, Government dignitaries, heads
of art museums, noted
artists, distinguished art scholars,
critics and collectors,
according to the Associated Press,
was
which also stated:
The Mellon
collection, which covers the principal European schools from
about 1200 to the early nineteenth
century and includes a number of early
American portraits, consists of 126
paintings and 26 pieces of
sculpture.
During
the
chain
the
the
Galleries
store
dedication
Board
of
ceremonies
Trustees,
Chief
Justice
introduced
magnate, the first of Mr.
Samuel
Mellon's
Hughes,
H.
Chairman
Kress,
of
78-year-old
fellow art collectors to heed
gallery founder's wish and present his private collection.
Mr.
Kress
finest
of
additional
has
donated
his
collection
of
Italian
art,
described
its
kind
in
private hands, and also is placing
paintings and 22 additional pieces of sculpture.
on
as
loan
the
43
Mr. Mellon offered the Federal Government his
art collec¬
tion and
Ellen
this
of
these halls of
in the past
time
a
were
discovered
that they love and the
the
marks the beginning of the
gallery's collection of prints; and also the loan collection of
early Amer¬
ican paintings from Chester
Dale.
There
was
teachers
their
country to which they belong.
To
people
themselves—something imported from another continent, something from
age which was not theirs—something * they had no part in, save to go
see it in some guarded room on
holidays or Sundays.
an
of
paintings and of scripture who have
already joined, or who propose to join, their works of art to Mr. Mellon's—
Mr. Kress and Mr. Wiciener—have
felt the same desire to establish not
a
it
they
value, they have
responsibilities
the
the richness
modesty of his spirit, stipulating that the gallery shall
by his name but by the Nation's.
other
They accept
There
The
the
relation here made visible in
new
whole
accepting this building and the paintings and other art if contains,
thought that the
men,
on
United
the
purpose of
that the freedom of the human spirit and human mind
which
has produced the world's great art and all its science
shall
not be utterly destroyed."
He likewise said that to
this
the
Nation and contain¬
arts.
architect,
all of it painted
in
W.
A.
public gifts of art in the past,
that the inheritance is theirs and
what
matter
no
themselves
serve
great
and
own,
the convenience of today.
themselves because,
to
nations,
man's security;
markets
how
matter
no
nationhood.
own
women
nationality,
any
Through that kind of peaceful service every nation can increase its happi¬
ness, banish the terrors of war, and abandon man's inhumanity to man.
while.
of
collectors
but only
gather
people of the United States accept
country
nation
any
be
has
never
men.
right to its
the
that
will
There
nonsense.
the
of
them—though
a
the right to goose step to world power over other
We
races.
stuff and
never
fellow
for
use
asserts
through
can,
their
over
has
be pure
to
our
the
shall remember that
we
the past with
the
relation—a
a
tradition
American
great
to
of the dictators, their boasting about
cry
and there
now,
military might,
nations
rallying
prove
isn't
masters
as
the
will
race,
there
serve
that
And
selves.
country must continue to play
its great part in the period of world reconstruction.
master
it signifies
im stone—between
In
people have proclaimed it must be—
democracy.
country is going to play its full part.
And
The true
this—the
truly
never
considerable part of the most important work brought to this country
Europe, has necessarily a new significance.
I think—
a
and
V-
is going to be what
of
can
men
have lovingly
for their presence.
narrow
understand
who
they
though there have been
think
the
expresses
have
Our country
that
they
many
I
kinds.
magnificent will of millions of plain
people to resist the dismemberment of their nation.
China, through the
generalissimo, Chiang Kai-shek, asks our help.
America has said that
China
feel
where
But
inherited
likewise
collectors
the
houses
love them—
but of all
owners
from the continent of
supplies of all
of all kinds.
China
and
rooms
all who
to
gift of this National Gallery, dedicated to the entire
They heed food.
1941
for all who love them, the treasures they have found.
From America,
From America they will get planes.
From America they will get food.
They need tanks and
22,
preserve
sea.
people and their Grecian allies need ships.
They need planes.
America
obviously
so
hung in the cast become in time too
collectors
continent
every
belong
They
use.
clearly the property not of their single
everywhere—that the private
they will get ships.
From
public
fortitude which will
men on
March
great works of art have a way of breaking out of private owner¬
so
these
a
gallery to house it in January, 1937; reported in
Jan. 16. 1937, page 385.
On Feb. 1, 1937,
columns
President
Roosevelt
sent
a
special
message
to
Congress
urging acceptance of the gift; this was mentioned in our
issue of Feb. 6, page 865.
Congressional approval and presi¬
dential signing of the
was
of
taken
March
in
March
27,
1937,
legislation authorizing the acceptance
same year
(noted in our issue
page 2047).
An item relating to the
of the
progress in the construction of the
gallery appeared in these
Volume
columns July 16, 1938, page 365.
Mellon's death, on Aug. 26, 1937,
Aug. 28, 1937, page 1355.
1
Board's suggestions was re¬
The following indicating the
An item relative to Mr.
appeared in our issue of
1841
Chronicle
The Commercial & Financial
152
ported in Associated Press Washington
Continued
,•
effort
to
advices of March 17:
of 6-year budgets by Federal,
the preparation
secure
and other agencies for construction activity.
authorization by Congress for aid to State and local govern¬
State and local governments
Advance
President
Leaves
Roosevelt
Cruise—Rough
from
parture
10-Day
Delays
De¬
Washington for
Weather,
Florida on
However,
Yacht
as
well
as
Federal projects.
Appropriations for advance purchase of sites.
public works construction with other
Co-ordination of
President Roosevelt left Washington on Mar. 19 by train
for a 10-day fisning trip off the coast of Florida. The Presi¬
dent arrived in Port Everglades, Fla., on Mar. 20 but im¬
mediate
non-federal
for
ments
public policies af¬
fecting business activity and employment.
President's recent remarks on such a
The
program were
public works
given in our issue of Feb. 15, page
1062.
departure of the yacht Potomac, on which the
President will make the cruise, was delayed due to high
winds and heavy seas. Up to yesterday afternoon (Mar. 21)
the yacht still remained at anchor in the horbar.
When the Potomac puts to sea it will be followed
emergency
any
President
by the
that might
arise.
President Roosevelt has given orders that at no time
should the yacht be more than eight hours* run from a
United States port.
While enroute to Port Everglades, President Roosevelt
made a brief stop at Jacksonville, Fla., on Mar. 20 and
inspected the Navy's air station there.
destroyer Benson prepared for
President Roosevelt Praises National Refugee Service
for Work in Resettlement of Immigrants
Roosevelt,
in
praising
the
National Refugee
Service, said on March 8 that this organization's work in
facilitating the adjustment of refugees "has been most con¬
structive."
In a letter to William Rosenwald, head of the
Service, Mr. Roosevelt said the policy of resettling newcom¬
away from the large cities on the Eastern Seaboard is
ers
"especially significant"
"is of value not only to the
The President
and
immigrant himself but to the Nation also."
wrote
follows:
as
Every American must be proud that throughout these
President
Roosevelt
Occasion
of
Work
Praises
29th
of
Anniversary
Girl
Scouts
on
founding
President
Roosevelt nas sent a message of greeting to Mrs. Harvey S.
Mudd, National President of tiie Scouts, it is learned from
the New York "Times" of Mar. 16, which
quoted the
President as saying that "Girl Scouts can best aid national
defense by helping make democracy work in their homes."
The paper further summarized the President's remarks*
This they
do also, the President continued, "in their troops, at
can
"Demoracy's strength lies in
citizen's understanding his
every
should like to
Girl Scouting made available to moi e
see
Young people who
participating in it.
or
her
For that reason I
Government.
girls than are now
learning, as you are learning
are
troubled years our
fast to its tradition of providing a haven of refuge for
flee from other lands.
It is necessary today, more than
of asylum be maintained.
who come to our shores to share our freedom
and our democracy cannot end with the issuance of a visa.
It is, therefore,
fortunate that many agencies have assumed the responsibility of helping
before,
ever
that
this tradition
Our responsibility to those
these
.
Americans to become good Americans.
new
The work which the National Refugee Service, Inc.,
has been doing to
tbe refugees who have come to the United
States has been most constructive.
Its resettlement program, which seeks
the
facilitate
distribute
to
adjustment of
these
newcomers
the
the
of
a
immigrant
from tbe large cities on the Eastern
away
Seaboard, is especially significant.
to
school, and their relations with family and friends."
responsibility and taking part in this
had to
those who
of_ Founding
On the occasion of the 29th anniversary of the
of the Girl Scout movement in the United States,
country has held
himself, but to
Such resettlement is of value not only
the Nation also.
It may well be that
experience which you have had in providing for an orderly
adjustment
in recent years may provide
constructive absorption of immigrants Into our economic and
refugees who have come to our shores
the
model
of
social life.
through Scouting, to think for themselves, to be self-reliant, resourceful,
active participants in their own community, are the
continuance
of
democracy that we
best assurance of the
have."mMMUMM
can
Mm* ■
Senate Votes $3,446,000,000
m*t
Congressional Action
Works Program
President Roosevelt to Recommend
Program
Security
w.
to
Expansionjof Social
Include
More
Persons
and
Larger Benefits
President
Roosevelt revealed
at
his press conference
on
March 14 that some definite recommendations for
expand¬
ing the social security program would probably be made
this spring.
The plan, he said, would involve increasing the
number of persons covered by the program and greater bene¬
fits.
The following relating to his remarks is taken from
Associated Press Washington advices of March 14:
Answering questions, the Chief Executive said that coverage as regards
number of human beings affected and the greater equalization
of
the
benefits for old people was something
He said
each
year
it
age
would
In
five
try to obtain
benefits ought
be
not
richer
times
we
wanted to go ahead with.
gradually
much
so
to
be increased over a
dependence
period of years
than in poorer States.
At
the
old
benefits
age
are
three to
A formula is being prepared,
The extra load, he
the Federal Government.
on
time,
same
there
which would base Federal grants more nearly on
capita wealth of inhabitants of any given State.
said, would fall
so
State grants.
on
the President declared,
States,
greater
the Chief Executive said,
per
Millions of
Utopia at one time.
a
within the scope of Social Security should be, he said, and
old people not
old
that
better to increase coverage and raise standards
was
rather than
Mr.
Roosevelt
asserted,
each
State would
have to
provide a fair share of the Social Security costs from its own taxes, based
its relative wealth.
on
President
Roosevelt
National
Sends
to
Congress
Report
"develop¬
ment of resources and the stabilization of employment in
the United States."
This report contains "a 6-year program
public construction jjtnd a statement of related future
policies and plans of the Federal Government."
In his
message to Congress, which accompanied
the report, the
President described its recommendations as "within the
frame-work of a long-range policy of intelligent planning
for the future."
The President said in part:
of
•National defense is more than a mobilization of a nation's
armed strength,
Equally we must focus public thought on the ideals and objectives of our
life.
We must 6eek wider understanding of the possibilities for
national
future
we
prepare
ment
of
the large
use,
recommended the creation of a revolving fund
President for the immediate in¬
auguration of surveys investigations and
engineering plans
projects can be prepared in advance of need. As
to this proposal, the President said:
The planning revolving fund, suggested in the Board's report, would
make available a shelf of useful projects without in any way committing
so
that the
the Government to
the immediate construction of such works.
current national
the
emergency,
a
pace
Because of
projects not needed for defense have been
As a result, we are now in the process
reservoir of non-defense public work which can be loosed
of rearmament slackens.
temporarily deferred.
up
House
of storing
when the
Authorizes Appropriation ofTAdditional
$150,000,000 for Defense Housing
passed and sent to the Senate a
appropriation of an additional $150,-
The House on March 13
authorizing
the
000,000 for defense housing.
This amount was requested
by President Roosevelt on Feb. 17, as was reported in our
issue of Feb. 22, page 1213.
Congress last October appro¬
priated $150,000,000 to provide for 33,000 family-type homes
2,445 units for single persons engaged in the national
and
(mentioned in our Oct. 12 issue, page 2121),
from $150,000,000 to $300,000,000
the money to be spent on defense housing.
The additional
amount is to be used to build upward of 44,000 additional
family units, 1,400 single units, and about 9,500 units for
enlisted personnel of the Army and Navy.
defense program
but tbe latest bill increases
Federal
the conservation and develop¬
to be administered by the
15
♦
Inspection of Coal Mines Authorized in
Approved by House
The House on
the Nation's resources.
The Board
passed last week; this is mentioned in our March
tion bill
item.
to defend.
Among these possibilities are
ap¬
Samoa, while the other bill covers $100,502,883 of work at
naval shore establishments.
Senate approval of these bills on
March 10 was noted in these columns March 15, page 1677.
Most of the funds for this naval construction program were
included in the $1,533,000,000 Army and Navy appropria¬
bill
President Roosevelt sent to Congress on March 17 a report
appropriating
legislation by the House on March 14 was mentioned in our
1677.
(March 20) the Senate completed
Congressional action on two bills authorizing a $342,876,383
naval public works program when it adopted conference re¬
ports, which had been approved by the House on March 19.
These authorization measures now go to the White House.
One of them, aggregating $242,373,500, is for work on the
naval and air bases at the eight sites leased from Great
Britain and also for work on the Pacific islands of Guam and
Develop
of the National Resources Planning Board on the
March 20 passed the bill
issue of March 15, page
Earlier the same day
of
and Stabilize Employment
Resources
on
$343,000,000 Naval Public
Complete^
proximately $3,446,000,000 for the Navy Department in the
fiscal year 1942. This amount, which is the largest in peace¬
time history, includes $1,515,000,000 for the shipbuilding
program in pursuance of the "two-ocean navy policy, ana
$434,550,000 for aircraft.
The bill now goes back to the
House for action on Senate amendments.
Passage of the
Resources Planning Board—Program In¬
volves Six-Year Public Works Program to
that
The Senate
Naval Appropriation Bill—
on
March 13 passed a bill
Bill
providing for the
inspection and investigation of coal mines for the purpose
of obtaining information relating to health and safety con¬
ditions, accidents, and occupational diseases therein.
Spon¬
sored by Representative Flannery of Pennsylvania, Chair¬
man of the Committee on Mines and Mining, the measure
provides for the annual inspection
direction of the Bureau of Mines
of coal mines under the
for the purpose of ascer¬
taining the causes of accidents involving injury or
life and the causes of occupational diseases.
The
loss of
Bureau
is directed to prepare studies and statistics of these con¬
ditions and to report to the Congress and to the Bureau
of
the
Census.
The
legislation further provides that
the
The Commercial & Financial Chronicle
1842
Bureau
shall
cooperate with jState agencies and shall use
services and shall furnish them with their materials
their
and reports.
It was said by Representative Sabath of Illi¬
Chairman of the House Rules Committee, that the
nois,
inspection which is provided for in this bill will eliminate
from 1,500 to 3,000 deaths in mines in the United States,
and will afford
protection to thousands of others from
aging diseases.
rav¬
Started
Senate
in
Congressional contest incident to the proposals to in¬
crease the farm parity
payments in the pending Agriculture
Department approoriation bill appeared certain on March 17
when Senator Russell, Democrat of Georgia, introduced an
amendment to raise the amount to $450,000,000.
As ap¬
proved by the House on March 6 the total provided for
parity payments was $212,000,000 which included $50,000,000 in cash and $162,(XX),000 in contract authorizations.
The introduction of this amendment followed a conference
farm problems at the White House on March 15.
Con¬
gressional farm leaders who attended this meeting reported
on
President Roosevelt is not convinced of the need for
"full parity," which the delegation wanted.
The group was
headed by Secretary of Agriculture Wickard, and included
Senator Russell, Senator Bankhead, Democrat of
that
Regarding
advices
of
March 15 said:
as
was
unwilling to stand for the
compared with the present law aimed
%.
"We had a frank and
friendly discussion, but there
of opinion and no definite conclusions
"The President did not
reporters.
under prices as much
as
were
seem
was
quite
a
difference
reached." Mr, Bankhead told
to
be
inclined
the delegation wanted.
to
raise the floor
We wanted full parity."
The Senator said four plans were discussed, all
designed to establish full
One was his own plan providing for price-pegging loans.
Another
proposal by Representative Fulmer to issue certificates to processors.
parity.
was a
This has been described
plan and
a
as
an
indirect processing tax.
larger appropriation
were other
A direct price-fixing
proposals discussed.
House passage of the Agriculture bill
issue of March 8, page 1516.
outfitting
repairing of friendly
and
By Representative Francis Case (Rep., S. Dak.), to limit the life of the
The vote
121 to 83.
was
funds to build manufacturing facilities outside of the
United States.
replace from the appropriation equipment from present stocks transferred
The vote
our
(Rep., Ohio), to require adequate
collateral from nations receiving aid.
Thrown out on a point of order.
By Representative James E. Van Zant (Rep., Pa.), to prohibit payment
of funds
to
but American citizens or persons who have declared
anyone
their intention to become citizens.
Rejected by voice vote.
By Representative Howard W. Smith
to
(Dem., Va.), banning payments
companies maintaining a closed union shop, except where closed shops
The vote
exist.
now
125 to 70.
was
1
By Mr. Smith, to prohibit payments to persons engaging in jurisdictional
Defeated by voice vote.
strikes.
The
specific details of the bill were set forth in the Presi¬
dent's request of March 12, the full text of which appeared
in our issue of March 15, page 1676.
United States Supreme Court Denies Petition of A. E.
Morgan for Review of Circuit Court Decision Dis¬
missing
Suit
for
Reinstatement
as
Chairman
TVA
of
The United States
Supreme Court on March 17 denied the
petition of Arthur E. Morgan for a review of the Circuit
Court of Appeals decision dismissing his suit for his rein¬
statement, with back pay, as Chairman of the Tennessee
Valley Authority.
Mr. Morgan's removal as TVA Chair¬
man by President Roosevelt was referred to in these columns
March 26, 1938, page 1975.
In July of that year suit was
brought by Mr. Morgan challenging the right of the Presi¬
dent to remove him, and mention of this was made in our
issue of July 16, 1938, page 357.
Associated Press accounts
from Washington, March 17, stated:
Counsel
for
Dr.
Morgan told the
Supreme Court that the
Passes
$7,000,000,000
President to dismiss
the
the selection of
The Circuit
Appropriation
Bill
to
Great Britain Under "Lease-Lend"
to
Reduce Total
Rejected—Senate
to
Act—Efforts
Sub-Group Also Approves Measure
The House of Representatives on March
vote of 336 to 55 the $7,000,(XX),000
passed by a
appropriation bill for
carrying out the objectives of the lease-lend Act, the text
of which was given in our issue of March
15, page 1648.
The appropriation following House action was sent to the
Senate where it is generally expected that
approval will be
given early next week. House passage of this supplemental
defense appropriation bill,
providing aid to any government
whose defense the
the
United
States,
recommitted
President deems vital to the defense of
came after a motioa to have the bill
defeated
was
amendment
by a vote of 258
by Representative
to
132.
This
was
offered
Lambertson,
Republican of Kansas, who asked that the measure be sent
back to the House Appropriations Committee in order to
have written in a prohibition against
expenditure of any
part of the funds outside the boundaries of the United States
and a requirement that collateral, if
available, be transferred
to
the
United
States
to
guarantee reimbursement
by the
countries
obtaining aid.
measure was approved in the form in
which it
The
sent
was
the floor of the House by its
appropriations com¬
March 18.
In favorably
to
mittee
on
reporting the bill, the
House group said:
director
a
only for playing "politics" in
employees.
Court held that the TVA
of
arm
the
executive
"predominantly
was
department"
that
and
the
means
what it said in "An Act to Promote the
"The directors of the
suit
Morgan
was
and then
sought
(Pa.)
countries and their people who
are
looking in this direction for the
sunshine that will illumine the dark
We
either give an
halfway
measures can
This report
pathway they
all-out assistance
or
we
fall
are
ray
of
Cullen
Under
Ganey
the
the
law,
Administrator
ruling
on
the
job.
No
be countenanced at this critical stage.
prepared after a sub-committee of the
Committee had heard Secretary of State
was
Committee
March 20 and yesterday
(March 21) heard
Knudsen, Director of the Office of Production
Management.
This sub-group also approved the bill yes¬
terday and action by the full Appropriations Committee is
expected today (March 22).
The following regarding amendments
rejected by the
House, before passing the bill on March 19, was reported in
United Pressl Washington advices:
on
S.
By Representative Lambertson, to cut the fund
vote was
to
$5,000,000,000.
The
162 to 63.
By Representative John M. Robsion (Rep., Ky.), to cut the $629,000,000
appropriation earmarked for ships and accessories to $300,000,000.
The
vote was 96 to 42.
a
an
subpoena must be
either by
signed
the regional directors to whom he has
or
The Philadelphia regional director
is Frank J.
Vi;
Vv4
judge admitted the documents called for
that such re-delegation
were
to the
in¬
in another
in¬
necessary
of power might
oppression."
'v'-X.'.
v;;:
Judge Ganey disagreed, however, with the publishers' contention that the
Wage and Hour Division
lacked jurisdiction
in
the
only the Attorney General
The
case.
may
publishers
bring action, at the
request of the Division.
was
simply
an
"alternative method" which
the Division need not necessarily follow.
The
Appropriations
Hull, Secretary of War Stimson, Secretary of' the Navy
Knox, and various defense officials testify in secret session
in support of the appropriation.
The same witnesses ap¬
peared before a sub-committee of the Senate Appropriations
William
held,
Philip B. Fleming,
delegated such authority.
The
dismissed
Judge Ganey ruled that that
treading.
down
Against Easton
Action
Brought
Philadelphia on March 19
action by the Wageand-Ilour Division against the publishers of two Easton
(Pa.) daily newspapers.
While, according to the Philadel¬
phia "Inquirer" the Divisions jurisdiction in the case was
upheld, the judge upheld the publishers' contention that the
subpoena issued last June calling on them to produce their
records was invalid
because it was not signed by the
Regional Director, but by Robert M. Anderson, an attorney
in the regional office at Philadelphia.
The "Inquirer" also said:
Judge
held the law states that
we
or
The
Issued
become
defenses,
TVA.
the
In tlie Federal District Court at
heartedly, enthusiastically, and expeditiously to become the arsenal and
storehouse of defense articles for aid to the
beleaguered democracies whom
we have avowed
to assist in order to
promote our own
have held out to those brave
from
salary
by Wage-and-Hour Di¬
vision—Contention
Upheld That Subpoenas to
Produce Records Were Invalid Because Improperly
"work
we
$4,583
of
Dismisses
Publishers
but asserted
the promises
appointed by the President and it
in
are
by the Eastern Tennessee Federal District Court
Philadelphia Judge
quiry,
on
were
functions."
by the Circuit Court.
stance
faltering welcher
authority
payment
dismissed first
Defense of the United States"—the Lend-Lease Act—
and goes in whole¬
a
adminis¬
an
directors
This decision was supported in a Justice Department brief which said:
Dorsey.
Either the United States
was
is well settled that the power to appoint includes the power to remove
the absence of statutory restriction."
Dr.
19
TVA
"an independent corporation created by Congress" and that the Act per¬
mitted
mentioned in
was
106 to 75.
was
Representative John M. Vorys
By
"civil officers performing purely executive or administrative
Further Aid
The
vote was 145 to 103.
trative
House
foreign
107 to 62.
By Representative Bartel J. Jonkman (Rep., Mich.), to prohibit use of
Alabama,
and Representative Fulmer of South Carolina.
the
meeting Associated Press
Washington
at 7 5
for
was
appropriation to two years.
Farm
A
The group reported the Chief Executive
1941
By Representative Robert F. Jones (Rep., Ohio), to require the President
Parity Pay¬
ments—President Roosevelt Reported Opposed to
"Full Parity"
100% parity, which they advocated,
The vote
abroad.
Double
to
$200,000,000
warships.
to
Drive
22,
By Representative Karl Mundt (Rep., S. Dak.), to restrict use of the
projected
"J1
.
March
case
American
the
Publishing Co.
the Wage and
but Vernon
press,
no
here
on
Oct.
9,
Elisha
Hanson,
counsel
for
the
Newspaper Publishers Association, appearing for the respondents,
Easton
argued
had
argued
was
wish to be
Question
of
and
Hour
Plain
law violated
Stoneman,
a
the
for
the
Dealer
the
Publishing Co.
Constitutional
administration,
Hanson
right of
said the
free
Government
"censor."
Right
Federal Government to Tax
and Municipal Securities In¬
volved in Test Procedure Against Holders of Bonds
of New York Port Authority—Objections Voiced
by American Bar Association
Income
From
of
State
What is termed
prove
power
a "test action" in which it is sought to
that the Federal Government has the constitutional
to tax income from State and Municipal securities,
has been brought in the case of the Port of New York Auth¬
ority—a formal claim having been made by the Bureau of
Internal Revenue against seven of its bondholders for Federal
income tax is on interest paid to them on their holdings. The
Federal action was begun on March 13.
Volume
The Commercial & Financial Chronicle
152
The first step
to the
in the test action
to send tax
deficiencyCullman,
Vice-Chairman of the Authority; Alexander J. Shamberg,
a
Commissioner of the Authority; D. M. Bell, Maurice
Bouvier, Henrietta J. Bouvier, Willis S. Kilmer and Martin
notices
was
bondholders—Howard
seven
S.
S. Paine.
1843
Defense to combat the imposition of such taxes.
said:
V
This added support from the organized Bar of the country flatly rejects
the view of the Treasury.
The leading constitutional lawyers of the country
deny that there has been any change in the basic law
billions of dollars of State and municipal
Specifically the
Internal
Revenue
the bondholders of their failure
to,
Bureau
has
notified
include in their tax returns
filed March 15, 1938 the interest on their bonds.
In announcing the Internal Revenue Bureau's action
March 14, the Treasury Department stated:
divisions,"
It is
the
States, territories
"political sub¬
or
bonds
Treasury's contention that public corporations like
the
Port of New York Authority are neither States nor territories nor
"political subdivisions", and that therefore the interest from their securities
were
the faith of which
on
bonds have been sold.
These
sold upon the representation that they were tax immune.
If
the law is to be changed at all it should be done by proper presentation and
consideration of
The
on
The Internal Revenue Code provides that the Federal Government
may
not tax the interest on the securities of
Mr. Tobin
-
a
constitutional amendment.
decision of
the
Supreme Court upholding taxes
on
salaries of employees of the Port of New York Authority was
referred to in our issue of May 28, 1938, page 3430.
A
petition for
a rehearing of the decision
Supreme Court on Oct. 10 of that year,
our Oct. 15, 1938
issue, page 2325.
denied by the
indicated in
was
as was
Is not exempt from Federal income tax under the law.
If
the courts agree with the
Treasury on this point, they will be faced
squarely with the broader constitutional question of the immunity of State
and municipal securities from Federal
taxation, Treasury attorneys said.
The present action represents no
change in the Administration's policy
of seeking to tax
only the future issues of State and municipal securities.
Secretary
Morgenthau
has
consistently
which would subject the interest
ties to Federal taxes.
Congress
on
voiced
opposition
proposals
to
Treasury officials feel, however, that the silence of
similar
public
corporations
has
left
the
Department
no
alternative but to proceed in the present case.
To avoid
putting
large class of taxpayers to unnecessary expense, the
a
Bureau of Internal Revenue will proceed
only against a few Port of New
York Authority bondholders.
It Is assumed that the Port Authority will undertake the
legal defense
of these bondholders,
especially since it defended Port Authority employees
In previous tax litigation with the Federal Government.
.
The history of the present
.
.
action goes back to the
Supreme Court's
decision
in the Port of New York Authority
salary case (Helvering vs.
Gerhardt, 1938. 304 U. 8. 405; rehearing denied, 1938, 305 U. 8. 669).
The defendant in that
court held that his
Shortly
after
case
was
employee Of the Port Authority.
an
salary from the Port Authority
this
Roosevelt's attention
decision,
Secretary
to the urgent
was
need of legislation to
as
remove
the
uncer¬
no
choice but to apply the Court's decisions
retroactively.
The Administration hoped that Congress would eliminate the
hardships
and inequalities which
Port
to
Authority
would flow from the retroactive application of the
On Jan.
case.
19,
have
would
enactment
19
March
given
mission
to
interest
of
National defense.
to
consider
any
The
of
the
defeated
companies
Georgia in
a
per¬
the
Senate
voted, however,
that would allow the Federal
legislation
Government to construct the lines.
President Roosevelt, in
telegram to Governor Eugene Talmadge of Georgia, urged
that private companies be given the right to build the lines.
The President's message was transmitted to the Assembly
a
by
Governor.
the
As
the
to
of
message
the
President,
United Press advices from Atlanta, Ga., March 19, had the
following to say:
Roosevelt said that
Mr.
existing pipelines cannot
petroleumn products needed for industry
President stated
The
Gulf
and
that
the
The
Atlantic
of
of
telegram
War,
Navy
tankers
more
than 1%
purposes.
in service between
now
time of
he
war.
received
had
letters
from
the
"respectfully recommending" con¬
ports to Atlantic seaboard cities and
Interior
Gulf
where defense projects
located.
are
fully justified in advising you that this pipeline is essential to
national defense
our
and
in
that
said
from
pipe-lines
intermediate points
feel
handle
defense
or
the fleet of oil
ports are barely adequate to meet peace-time needs and
President's
struction
"I
that
tankers would not suffice
Secretaries
1939, President Roosevelt transmitted
Congress a message recommending that Congress correct the situation...
Congress partially followed this recommendation by abating back taxes
urged
on
private
construct gasoline pipelines in
President
The Supreme Court
President Roosevelt
Georgia Senate
the
which
measure
of
called
it had always been, with the result that the
Bureau of Internal Revenue had
legislation,
The
taxable.
Morgenthau
tainties created by the Supreme Court's final
ruling.
purported to declare the law
Although
outstanding State and municipal securi¬
on
the income tax status of obligations of the Port of New York
Authority and
Georgia Senate Defeats Bill Urged by President Roose¬
velt
for
Private
Construction
of
Pipelines in
State—Urged in Interest of National Defense—
Votes
to
Consider
Legislation for Government
Building of Gasoline Lines
program."
«
.
public employees through the enactment of the Public Salary Tax Act
on
of 1939, but has not yet taken
any
action to relieve from tax liability the
holders of outstanding securities of public corporations.
If the
Supreme Court
now
upholds the Treasury's position, the Treasury
will promptly renew its recommendation to
ment
Congress (1)
to
Assuming that Congress carries out these recommendations,
Port
Authority and similar obligations have
imposition of taxes
on
obligations
now
any
reason
no
to
holders
fear
outstanding, Treasury attorneys said.
Georgia Senate on March 19
by the State House,
The
Senate action
on
the bill
is from
Atlanta, Associated Press, advices of March 19:
The Senate,
to
21
its debate interrupted by the President's message, voted 27
against
right of
legislation
eminent
Secretary of War
The
the
On March 17 the American Bar Association
regarding the
following
abate the pay¬
of back taxes
(2) to exempt outstanding issues from taxation, and
(3) to begin the taxation of future issues.
of
The measure defeated by the
had previously been voted down
in
Senate
which
domain
or
for
would have given
private
pipeline construction
the
companies
if the President, the
Navy proclaimed the project vital to defense.
a
resolution expressing willingness to reconvene
time after adjournment Saturday night, to enact
adopted
special session
some
legislation remitting the Federal Goverrment to construct lines in Georgia.
unanimouslyadopted a resolution declaring against the attempt of the
Treasury Department to subject the income of State and
Municipal bonds to Federal tax, by enactment of a simple
porations the right to traverse private and public property in laying the
statute, without
petroleum tubes.
a
constitutional amendment.
ment of the action
was
of
on
the
Conference
made
State
Announce¬
as
Defense.
The
resolution
was
follows:
"RESOLVED, That if the existing immunity from taxation by the Federal
Government
now
applying to public securities issued by the States and local
subdivisions and State and local authorities is to be abolished, either
interest
or
The
as to
principal, in the opinion of this Association the question of such
properly drawn amendment to the Constitution of the United States to};
accomplish that
ICC
purpose."
offering the resolution Mr. Chandler said in part:
The action of the Federal Government in attacking Port
was
in its attempt to tax local securities.
in
this fight.
The taxpayers of the City of New York would be
the
cor¬
Upholding
of
Are Not
Pay
to
previous decision by its Division 4, the full
under Section 77 of the Bank¬
instances the debtor corporation,
both
In
as
such, is without funds to
Protective committee for the stockholders have
levied assessments sufficient to cover the appeal
now
costs
never
and with such
se¬
removed from the New York Stock Exchange and practically
ment.
Appeals from the plan of reorganization have been filed but only
the expectation the costs
on
of
previous constitutional decisions."
wo'rid be paid from the debtor's estate.
Attorneys representing the debtor corporations in each instance and the
stockholders*
committees as well are now searching for some
legal
means
carrying forward the appeal without footing the bill from their
In
its
own
The costs involved are substantial and in the Chicago & North
any attorneys
all
a
prosecute the appeal.
involve the effect of the tax upon the very structure of our Government,
questions of legality.
Reorganization
of Appeals
The ruling applied directly to the Chicago & North
Western, which already has docketed an appeal. It is also
considered applicable to the Chicago, Milwaukee, St. Paul &
Pacific, on which an appeal is pending.
particularly the balance of powers between the States and the Federal
Government.
I am riot one who believes that the present court is ready to
mere
in
ruptcy Act is not to defray the costs and expenses of an
appeal, at least until such appeal has proven successful and
of benefit to the estate.
Western
above
Rails
railroad in reorganization
a
pockets.
overrule
co-operate
Interstate Commerce Commission has ruled that the estate
They
questions involved rise
to
Costs
The Port Authority does not stand
heavily burdened by any Federal tax on the city's borrowings.
The
wanted
Senate
worthless there is but little hope of raising money by subscription or assess¬
Authority bonds
only resorted to after the Treasury had been defeated in the Congress
alone
the
that
wiht
Rules
curities
In
said
fully in national defense but did not want to give private
President
abolition should be first submitted to the several States for the approval of
a
deny the right to private concerns.
resolution
by Austin J. Tobin, Secretary
adopted at the annual mid-winter meeting of the House of
Delegates of the Association at its meeting in Chicago
The resolution expressing the opinion of the American
Bar Association that the Treasury's
proposal is beyond the
constitutional powers of the
Federal Government, was
offered on behalf of the Municipal Law Section by the
Corporation Counsel of the City of New York, William C.
Chandler and is
This would
case
the printing bill alone
would
fees.
run
...
decision, from which
and Aildredge dissented, the
about $15,000, exclusive of
vf;/:'
Commissioners Eastman, Porter, Atchison
Commission held that if Section 77 had required
appellate decisions as a part of the reorganization process it would be permis¬
Among those expressing their support of the resolution
were former Mayor Murray Seasongood of Cincinnati and
Charles A. Beardsley of California, former President of the
It is
pointed out by the Conference on State Defense that
Sept. 19, 1940 the United States Senate voted on an
amendment to the excess profits bill which would have
removed the immunity of State and municipal securities.
At that time the move was decisively defeated, 57 Senators
on
recording their opposition to the tax while only 36 favored it.
General of
fiscal
made to the Attorneys
40 States, and the many State and municipal
Tobin's announcement
some
officers,
was
who have formed the Conference on State
of such
a
In the absence
requirement the Commission found that to permit appeals free of
cost to the
the
American Bar Association.
Mr.
sible for the Commission to make an allowance for the costs.
appellant would not be likely to decrease litigation nor expedite
reorganization of bankrupt railroads.
"A party in interest may
course
proper
of the proceeding,
appeal any appealable question arising in the
but whether the expense of such an appeal is a
charge against the estate and the extent to which such a charge
should be borne by the estate can only be determined when we are able to
determine the value of the litigation to the estate," the Commission held.
In upholding the
previous order by Division 4 of the Commission, which
also had refused to a fix a maximum of fees that might
to
be paid by the estate
defray the appeal costs, the Commission held that such order was without
prejudice to the renewal of such petition at such time as the debtor is
pre¬
pared to show actual expenses incurred and the resulting benefits to the
estate.
The Commercial & Financial Chronicle
1844
Commission held that its
In his dissent Chairman Joseph Eastman of the
action in refusing to fix maximum
limits of compensation for the appeal
precludes the District Court Judge from making any allowance even if he
who
of the
Mr.
Eastman proposed that the Commission
should set some kind of a
Court Judge to
maximum limit and then leave the matters to the District
finally decide within such limits, inasmuch as prescribing no limit estopped
the District Court from
The other three
making any allowance.
question of allowing the
dissenters proposed that the
appeal costs from the estate was a matter of law to be judicially determined
in
has already
The issue of whether the estate should pay the appeal costs
before Federal Judge John P. Barnes, in the U. S. District
"♦
Effective
New
Reporting
increase the
Our
by
M.
R.
Evans
AAA to
of
Stricter Controls Over Wheat and
of
farm
Answer
Farmers'
to
income
course
Corn
Exercise
Result
as
than
before
ever
to
keep the supplies of wheat and corn, for example, within
Let
tell
add up what I have been
me
what I think
you
There
1.
we
too many
are
Mr. Evans (continued:
costs because the farmer gets such
in retail
also
would
But parity
decided
mean
♦
Mortgage Financing Activity Declined from
December, but Was Above Year ago, According
FHLBB
to
Activity in the mortgage-financing field slowed down gen¬
erally throughout the country in January, in line with the
usual experience of lending institutions during the midwin¬
ter months, it was stated on March 5 by Corwin A. Fergus,
Director
Statistics of the
of Research and
Division
of the
His "Mortgage Recording
Federal Home Loan Bank Board.
Low construction
that
home
for
lending volumes from November through February reveal
building
the winter,
activity still remains at
relatively low ebb during
a
despite the development of new building techniques which pro¬
methods
inexpensive
of
by
damage
preventing
Largely as
result of deep-rooted traditions, standard spring and autumn
a
moving dates still prevail in most sections of the country, and all phases
residential
of
and
financing still
and old homes
new
loans
more
tend
revolve about these
to
bought,
are
refinanced
are
will
disappeared
back
come
full
in
result of the
as a
January, 1940
%
%Chge.
%
%Chge.
of
from
of
from
(000)
Total
Dec.
they
and it is doubtful if they
the
after
is
war
war,
Volume
than
4.
In
and
absence
the
other countries
avoid
of
production
having
are
control,
acute
"These
factors," said Mr.
that
for
to decide in
in Canada,
farmers
surplus troubles that
Evans,
"add
first time farmers
the
The
main
the
is
reason
result of the war,
are
we
to
up
this
year
and
vanishing
foreign market for
He went
Supplies
exports.
to say:
on
piling
are
150,000,000,000
230,000,000
the
foreign
In this
corn
markets
about
pork
of
almost
for
20,000,000
and
lard.
are
corn
the
It
levels.
The
before amount to
year
the
of
at
vote
corn
area
For
the
supplies of
After
both
wheat
have
loans and
accordance
the acreage of
before.
fanners who
wheat
and
a
wheat crop and the
billion bushels of wheat.
than
more
and
3,000,000,000
will
corn
exceed
the
is
announced,
corn-hog producers
had
to
were
with
wheat
the
in
prices protected and
control
best
the
crops
cannot
we
their
payments and a
soil-depleting
But
and
cut
4.0
+23
+ 12
18.3
15.6
+ 17
26.9
+27
3.5
+ 58
19.6
+ 19
15.2
+26
231.517 100.0
+7
262,683 100.0
26.5
62,265
8,164
45,322
35,082
+ 33
+ 47
8.3
+ 43
their
nation-wide adjustment
production
conservation
corn
we
care
of
the
could reduce
to lower levels than
drastically
so
take
practices,
like wheat and
acreage
and
incomes
program.
as
to squeeze
out
those
effective
farmers
to
all
farmers
to
do
their
means
who at
available
present
is
to set
limits
on
the
marketings
not
cooperating in the Agricultural
Program.
Marketing quotas are the farmers' answer to the
problems brought about by world forces which none of us created.
my
are
duty to be
frank with
very
you
about the choice before
us,
and I
am
going to talk straight from the shoulder.
if marketing quotas fail to be approved
by a two-thirds vote, wheat and
corn
loans are
automatically eliminated by law.
That might mean 30c.
35c.
a
But
wheat and 20c.
crisis just about
that's not all.
feed
cattle and
$327,000,000
3%
hand,
1940
life
for
of
the
of
last
more
of
dairy
as
bad
When
cows.
dairy producers.
25c.
or
it
to
corn.
as
corn
in
is
Wheat
and corn-hog
farmers would
1932.
too
.
.
Marketing quotas and high penalties for non-participation will make it
°
selfish minority to chisel on the overwhelming majority
impossible for
the
in
volume
of
mortgages
decreases ranged from 13% for mutual savings
Individual
companies.
than
mortgages
more
in
lending classes experienced
lenders,
the closing
the
on
month
of
than
in
activity
greater
year.
—^
Federal
Savings and Loan Associations in New York
Home
Loan
District
Had
11% More Assets at
Close of 1940 Than 1939—Resources Dec. 31, 1940,
$187,119,351
Tlie
Federal
70
savings
associations
loan
and
Second Federal Home Loan Bank District had
in
the
resources
of
$187,119,351 at Dec. 31, 1940, an increase of more than 11%
over assets of $167,597,968 held by 66 such associations at
preceding
year,
according to
a
report trans¬
mitted March 18 to the Federal Home Loan Bank Board by
Robert G.
Clarkson, Vice-President and acting bead of the
$180,897,136,
Bank's
The
located in New York, and six, with re¬
$6,222,215, were located in New Jersey.
concerning the
report
also
were
totaling
sources
announcement
stated:
At
the
Second
end
balances
the
to
1940
were
totaled
amounting
loans,
of
District
70
the
a
savings
204,744
$163,745,328,
as
compared
whose
investors
with
194,394
in
the
savings
savings accounts
previous.
year
Bank
are under the supervision of the
Board, and invest their funds in first mortgage
in Government bonds.
At the end of 1940
homes, and
on
and loan associations
first mortgage loans
the
in
sum
with $134,029,117 in first mortgages on
institutions
These
associations
loan
and
individual
savings and loan associations
Federal savings
39,456
Federal
serving
$144,797,367
Home Loan
chiefly
advanced
of
the Second District held
in
$151,609,056,
which compares
33,871 properties 12 months earlier.
$33,654,168
during
1940
7,756
on
mortgage loans, according to Mr. Clarkson's report, which represents
first
9%
a
decrease in mortgage loan activity, when compared to the year 1939, when
these
institutions
made
7,746
mortgage
Practically all of such mortgage loans
plan
that
calls
for
Net
earnings
are
of
70
the
loans
are
amounting
written
Federal
savings
and
*
The
bulwark
thrift
and
over
was
added
to
reserves
and
$36,902,236.
a
period
associations,
reviewed in the report, amounted to $5,424,248
remainder
for
Federal
to
the direct reduction
loan
of which $3,588,256 was distributed in dividends to
tions.
on
in monthly instalments
'..V
repayment
years.
activities
cheap and too plentiful, farmers
number of hogs and also beef
an
increasing
Eventually, that means danger ahead for livestock
.
$308,000,000
to
insurance
4%
financed
Each
Federal
un
Adjustment
is
to
Other
Federal
now
part in keeping abundant supplies from running into waste¬
surpluses," he further said:
most
from
lending institutions participated in the December-to-January
Federal Home Loan Bank of New York and regional agent
ful
and
+ 19
for the Board in the supervision of such institutions in the
Second District.
Sixty-four associations, with resources of
are
Asserting: that "it is
will
25.3
61,376
19,308
growers
supplies in line with existing demand.
face
+26
commercial
having a hard enough time trying to live on small plots
ground.
Farmers cooperating in the adjustment programs have gone
about as far as they can under present conditions to
keep1 corn and wheat
or
—6
recorded of $20,000 or less;
more
of wheat
of
The
decline
and
the fall.
farmers
only objectives
in
referendum
a
summer,
will vote in
years
our
quotas.
early this
increased by
It
—10
the end of the
if
as
marketing
will
of
14.3
All types of
have
we
supplies
our
1940-41
over
wheat
of
present
the
do not
corn.
looks
ever
+4
average
we
levels that Congress has determined to be necessary to call for a referendum
If
17.5
Others
formerly exported.
markets,
and carryover last fall amount to
crop
bushels of
close to record
now
bushels
Thus
nine-tenths
because of shrinking foreign
carryover from
land
—13
+20
8.4
980,000,000 pounds of
ending June 30,
three-fourths of the pork and lard that we
Primarily
on
4.2
Individuals
Januarv
fiscal year,
thifn
more
pounds
a
products.
farm
our
bushels of wheat and about
to ship abroad
expect
about
The
—5
Mut. sav. bks.
banks
as
up
also feeling the effects of long-time shrinkage
we are
pork and lard annually.
and
able to
tlie propo¬
will have
During the 20 years before the present war we exported on
about
than
Argentina
referendum whether they will adopt market¬
a
ing quotas for both wheat and corn."
lost
25.7
cos_.
28.4
66.342
10,520
48,026
41,095
—3
44,154
Bk. & tr.
S
74,711
21,989
—9
9.0
from
through the National Farm Program.
sition
in
29.3
Ins. cos
% Chae.
of
Total Jan.' 41
(000)
%
89,996
27,691
78,977
12,931
53,891
8.&L. Assns..
foreign trade
country have suffered worse losses in
producers in other countries of this hemisphere.
%
Volume
Total Jan.' 41
(000)
$
over.
this
in
made,
January, 1939
January, 1941
Lender
307,640 100.0
Farmers
3.
that
so
are
Type of
to supply
-
exports of farm products have fallen away for many years;
have almost
dates,
repairs and alterations
more
during these periods.
Volume
Our
con¬
it.
markets.
2.
freezing
projects.
people in agriculture wearing themselves out and
wearing out their land by raising crops which are not needed
our
small
a
would mean a great deal to the
gains for labof, business and
January
more
saying about the farm crisis today and
do about
can
the consumer. When
remember a few simple
will
you
farm products like wheat, corn and cotton should mean
on
increase
and
farmer
vanishing exports," and he asserted that
the limits of available markets."
hope
I
Letter" for January continues:
Problems
controls
complaint,
industry.
struction
"we have to exercise stricter
again that parity
argument over and over
the
share of the consumer's dollar.
clared that "farmers in the United States are facing a grave
result of
deficiency
We are not going to rest until that
full.
in
up
hear
...
little
very
vide
as a
We have just about doubled farm
but agriculture as a whole is still about
years,
made
will
that
hear
Speaking before a meeting in St. Paul, Minn., of farmers
and Agricultural Adjustment Administration committeemen,
on March 14, It, M. Evans, Administrator of the AAA, de¬
crisis
wheat and corn.
from
return
eight
is
we
Parity prices
Vanishing Exports—Declares Marketing Quotas
Are
the past
in
figures.
Department of Agriculture announced March 15 that
the effective date of the daily reporting requirements under
the Commodity Exchange Act, applicable to large individual
traders in cottonseed oil, soybean oil, lard, tallow, cotton¬
seed meal and soybean meal has been postponed from March
17 to April 15.
The daily reporting requirements applicable
to the clearing members of contract markets for these com¬
modities, and to futures commission merchants, will become
effective March 17, as announced on March 8 and noted
in these columns of March 15, page 1678.
Urged
farmers cash
is parity for the farmer.
goal
$2,000,000,000 below parity.
in
you
Individual Traders
Requirements for
as
perils for dairy and livestock producers.
grave
prices for the farmer would mean undue hardship for
—
of
Date
The
Farmers
as
Of
Defers
surpluses and ruinous prices for wheat and corn,
mean
The adoption of
quotas would mean cooperation by practically all commercial wheat and
com
producers to keep supplies under control, to support prices, and to
well
Court, at Chicago.
CEA
would
quotas
income
Court might allow the costs.
been placed
everyone
farmers who
suggested that a maximum of $18,000 be fixed, within which the District
and
Marketing quotas
Farm Program.
National
the
in
1941
22,
alike, big or little.
In particular, tbey protect the small
plant within their allotments year after year.
I hope I have made it clear what you will be deciding if you take part
a
wheat or corn referendum this year.
Failure to approve marketing
treat
opinion that the expenses are a proper charge against the estate.
were
cooperating
are
March
savers
of
whose
for the year,
in these institu¬
undivided
profits
as
a
possible future losses.
savings
and
loan
home-financing
associations
institutions,
Federal Home Loan Bank Board.
are
locally
chartered
and
All such institutions
managed,
supervised
are
mutual'
by
the
members of the
Volume
Federal
of the
The Commercial &
152
Home
Bank
Loan
System,
savings of each investor
and
Loan Insurance Corporation, Washington,
According
and
the associations
loan
A
increase of
net
the
the year, and one of
associations resulted.
there
number,
In
This small recession brought the
(1934—100) from 29.4 for December to 28.5.
foreclosure index
2.
the
December
Loan Bank Advances
Again Above Year ago
Home
In February, for the
February
in
less than the usual decrease,
IStli successive month, loans at the
of
month
same
the
previous
reported on
loan
the Bank
year,
Illinois and Wisconsin savings, building and
received
associations
$544,500 from
totaling
advances
the
Chicago Bank last month, which was 72% more money than
they took
in
making the busiest February the Bank
according to A. It. Gardner, Presi¬
a year ago,
has
seen
four years,
half uptrend in money used by the local home financing
tied up with the recovery in general busi¬
The year and a
the two States is
institutions in
but
ness,
Illinois
those
and
particularly with that in home building, Mr. Gardner said.
more
this
associations
lent
Wisconsin
in
associations
these
in
This
$443,000.
States
two
44%
was
home
for
lent
January.
new
than
more
the
building
homes,
the
previous
.y
For the first time in several years the
tions
$1,746,000 to build
past January lent
Bank's loans to Wisconsin associa¬
Mr. Gard¬
greater last month than those to Illinois institutions,
were
January the two had come closer together in the amount
borrowed, but February saw three times as much money from this reserve
supply going into Wisconsin as into Illinois.
The advances last month
brought outstanding loans to $7,166,911.07 for Wisconsin as compared with
4.
3.5
The January foreclosure rate for
Bank districts having a rate
Mortgage Lending Institutions Should Curb Unsound
Construction
J.
to
H.
of Residential Dwellings,
According
Fahey, Chairman of FHLBB
5.
an
of the Federal Home Loan Bank Board.
Mr. Fahey at
time said that home mortgage lending institutions,
same
Superseding the index of foreclosures in
at
Due to
agencies.
totals, which tend
real recurrence anywhere of
residential dwellings.
Chairman
shoddy construction of
Fahey also declared:
The prospective
than
the
home buyer must be protected
that construction
houses
there
times
is
brought
has already
program
always
than
more
unpleasant situation
In many communi¬
about so great
a
demand
activity is approaching boom proportions.
a
builders to
for unscrupulous
temptation
cheaper grades of material and workmanship.
now,
or an
the boom days of the twenties will result.
defense
boom
use
It is
therefore,
necessary,
before, to guard against the evils of jerry building.
ever
fake construc¬
tion in this country—the home-building industry rode the rising tide, but
too often sacrificed permanent values for quick and easy profits.
Many
of the dwellings built during that period deteriorated so fast as to cause
thousands of families to lose the savings they had invested in their homes.
the boom
During
I
there
of the Twenties
days
was
much
sincerely hope that mortgage lenders will hot allow the building indus¬
The experience of the Home Owners'
million home mortgages, showed conclusively
try to make the same mistake again.
Loan Corporation,
that
with over a
the
flimsy building of the twenties was a large factor in the fore¬
closure wave of the thirties.
In the interest both of the home owner and
of the
lending institution, such construction must be eliminated.
FHLBB Reports Home Construction
Increase
to
in
Costs Continued
January
force
of
the
upward surge diminished somewhat
economists of the Federal Home Loan
Bank Board reported on March 8.
The increase from De¬
cember to January was 1.1% as compared with a rise of
the
month,
during the
between November and December.; Most of the in¬
in January was attributed to higher labor costs.
crease
The
In
Board's announcement added:
the
building
labor
months
12
a
costs
from
January,
1940,
to
January,
1941,
the cost of
standard house in this country jumped 6.8%, with the rise in
being double that of building materials.
Labor costs increased
10.1% in the 12 months and materials 5.1%, the net change being 6.8%.
month of the 1935-39 period used as a base of 100,
Board's Division of Research and Statistics announced that total con¬
With
the
the
struction
costs
January this
in
index
following
ratings
Labor—January,
1940,
104.
1940.
year
had
an
index rating of 109.3 as com¬
evolved:
114.5; in December,
(43.4%) for 1926.
average
Agricultural Farm Credit Available
Commercial Banks, According
Thompson—Speaks at Farm Credit School
Volume of
Large
New York State
to
O. A.
to
and
1941.
January,
1940,
1940,
112.5
;
in
January,
December,
101.4.
Board's economists mnke a monthly survey of the price of
materials
and wages of labor in
building
all parts of the Nation, and then prepare
figures showing the increase or decrease in the cost of constructing a
theoretical
standard house.
index
FHLBB
Speakers
Ithaca—Other
volume of agricultural farm credit is available to
the commercial banks in New York State if they will "show
A large
understanding way how to bor¬
money," Otis A. Thompson, President,
National
Bank & Trust
Co., Norwich, N. Y., said on
March 10 in an address at the Farm Credit School conducted
at the New York State College of Agriculture, Ithaca, N. Y.,
under the auspices of the New York State Bankers Associa¬
tion,
About 200 bankers and representatives of farm credit
their farm customers in an
to
money
save
agencies attended the two-day
school session, which was
Guild, Chairman of the
Agriculture and President of
the First National Bank & Trust Co., Walton, and Dean
C. E. Ladd of the New York State Colleges of Agriculture
W.
Committee
Randolph
Burgess,
lined the chief purpose
bankers
State
with
and A. G. Brown,
B.
on
welcomed the visiting bankers.
Home Economics,
and
E.
11.
March
on
Dr.
President of the Association, out¬
of the sch(*>l, which is to acquaint
the
fundamentals
of farm
financing,
Deputy Manager, Agricultural Credit De¬
partment, American Bankers Association, introduced the
speakers.
In developing his subject, "The Place of the Commercial
Bank in the Farm Credit Picture," Mr. Thompson, who is a
director of the Federal Reserve Bank of New York, said
that the aggregate amount
of short-term farm credit in this
$125,000,000 a year.
He con¬
State is estimated at around
tinued
if
:
we
credit
subtract
loans
of
bank
commercial
$0,600,000 from
loans
of
$31,300,000
and
000,000 obtained on open book account and from other sources.
of this is not bankable credit, it is fair to assume that a large
is
no
sound
need
for
short-term
to the
$87,-
While all
portion is.
agricultural credit which char¬
banking is unable to meet if it will direct its energies
tered
v";
production
this total, we have approximately
and resources
problem.
are
six important factors affecting incomes
of New
Ban B. Hart, Extension Professor of
Farm Management at the college, told the bankers.
They
are:
size of business, production per animal, crop yields,
labor efficiency, balance of business and land class.
The
York
Dr.
farmers,
who loans money to a farmer needs to know some¬
each of these things, together with a state¬
and what he owes, Dr. Hart
said.
Merchants and bankers serving agricultural areas
must "assume responsibility for developing a finance sys¬
tem which will cost the farmer in proportion to his risk,"
person
thing
about
ment of what the farmer owns
Chairman of the Wyoming County Land Use
Committee,
Harold L. Peet,
Committee and a member of the State Land Use
Reports
Non-Farm Real Estate
3% in January
Foreclosures
Declined
A decline of
3% in non-farm real estate foreclosures oc¬
curred throughout the United States during the months of
January, it was announced on Feb. 28 by Corwin A. Fergus,
Director of the Division of Research & Statistics of the
Federal Home Loan Bank Board.
Compared with the
customary
seasonal December to January decline of 7%,
is somewhat unfavorable.
However
the
decrease
5,474 cases estimated for January
stated in his address.
C.
It. Bowman, Assistant
Chief, Credit Department, Fed¬
farm
eral Reserve Bank of New York, told the bankers and
representatives that the Federal Reserve Bank "fol¬
the collective fortunes of all the farmers in the
district and is fully aware and sympathetic to their prob¬
credit
lows closely
were
Materials had these ratings—January, 1941, 106.6 ;
105.9.
this
the
than one point above the annual
average
pared with 108.1 in December and 102.3 in January, 1940.
Breaking down
the total
construction cost index figures into labor and materials, the
The
4% from 42.2 for Decem¬
Compared with the same month a year ago,
January index decrease 16% and is less
There
Home construction costs continued to increase in January
1.7%
obtain unand other
the marked seasonal variations apparent in the estimated
to obscure essential trends, this index as presented has
This non-farm real estate foreclosure index rose
There
but
This base period has been adopted
various indexes compiled by government
ber to 44.0 in January.
Association's
new
metropolitan communities,
1935-1939= 100) is
(average month
of this report.
normal seasonal changes.
been adjusted for
it in their power to prevent a
In
J
the
among
concluded
for
States were the
of the Central Statistical Board in an effort to
the request
formity
which today are aware of the dangers of poor building, have
worse
in excess of that for the United
index of all non-farm foreclosures
row
A warning that evidences of the apparent renewal of
jerry building of homes, such as occurred in the boom days
of 1922-29, have been seen again in some sections of the
country, was issued on March 8 by John II. Fahey, Chair¬
ties
The only Federal Home Loan
Boston, New York, and Pittsburgh Districts.
at
the
basis was
the country on an annual
for each. 1,000 non farm dwellings.
cases
$17,762,328.83 in Illinois.
man
■
In
said
ner
17%.
districts, 5 repotted increases for
(Little Rock and Topeka) showed in¬
creases in every State and accounted for 9 of the 25 States (including the
District of Columbia) showing rises.
The 16 remaining States showing
increases in foreclosure activity were scattered geographically.
Two of these districts
introduced on Table
The'Bank's announcement further said:
dent.
its 6-year average decrease of
Of the 12 Federal Home Loan Bank
January.
Federal Home Loan Bank of Chicago surpassed those of the
March 12.
3.
Groups No. 1 and No. 4
In Group No. 2, the decline from
while Group No. 3 reported a
6-year average change.
was
rise of 7 % counter to
Chicago
December.
Among the four groups by size of community,
exceeded
foreclosure
165 fewer non-farm real estate
were
in
January than
in
cases
with another Federal savings and
four
estimated for the same month a year earlier.
also further reported:
6,483
Mr. Fergus
1.
Federal savings
issued to
were
District during
Second
absorbed by merger
was
association.
the
in
and
D. C.
five charters
the report,
to
associations
loan
required to insure the safety
are
to $5,000 with the Federal Savings
up
1845
Financial Chronicle
stood substantially below
lems."
On
the
same
day
Dr.
W.
I.
Myers, head of the
Department of Agricultural Economics and Farm Manage¬
ment at the college, spoke on the agricultural situation in
the State.
Among the other shakers on March 10 were:
E. H. Thomson, President Federal Land Bank, Springfield,
Mass.; H. B. Munger, President Production Credit Corpora¬
tion, Springfield, who spoke on the place of the Farm
Credit
Administration in the agricultural financing
situation, and
R. Tyler Space, Acting New York State Director of the
Farm Security Administration, who said that the FCA was
not in competition with any other public or private credit
agencies.
At the final
session,
on
March 11. A. G. Brown, Deputy
of the Agricultural Credit Department of the
American Bankers Association, stated that by far the larg¬
Manager
est
the
majority of all commercial banks in this State and in
country are
small country banks,
and they constitute
the
and
greatest
bulwark
strongest
against the threat of
He also said:
nationalization of agricultural financing.
This
Credit
School
is
thing of great significance.
a
being closely watched all
States share the
flow
men
of
the
over
problem
same
agricultural
who
credit
country.
The other great agricultural
do in this State—that of facilitating the
we
the
from
Its proceedings are
money
centers of the country
to
the
3.
should
be
will
issued.
be
Credit
Bank
of
Springfield (Mass.); Lester D.
Hays, Cashier of the First National Bank, Sydney, N. Y.;
G. F. Britt, Secretary-Treasurer of the Batavia Production
Credit Association, and Nicholas Jamba, manager of the
agricultural department of the National Bank & Trust Co.,
Norwich, N. Y.
An item bearing on the sessions appeared
in our issue of March 8, page 1530.
Available Wool
Supplies Placed at 1,000,000,000 Pounds
by Senator D. W. Clark of Idaho—Gives Source as
Domestic
Clip,
South
American
Stocks,
and
Australian
Reserves
The
dicated
follows to the New York "Journal of Commerce"
March 16 from its Washington bureau :
In
,
as
addition
domestic production,
to
draw upon an annual
in
available
so
American
of
"A
from
which
south of
manufacturers
we
able to
are
of
for them.
with
us
buying large quantities of these wools,
are
going into American Army uniforms.
the 233,000,000 pounds we imported in 1940
American neighbors.
We are continuing to make
are
part
South
our
Senator Clark said,
over
and
wool
large
purchases
wool clip of
450,000,000 pounds of apparel wool
Uruguay, while in Australasia there are vast supplies
long as the ocean lanes remain open.
Argentina
some
The wool
market for
a
return, it provides us with
the
on
also
mechanism
which
we
buy provides
of their most
one
indispensable essential in
an
our
now
our
priorities
this
In
national defense
"Today, the need for wool
more
acute.
of wool
sources
civilians
They
in
on
Axis
the
Axis countries
pictured
was
less
the
Axis and conquered countries is daily
off by the British blockade from their
they must depend.
The clothing ration
are cut
which
and
conquered
countries
rigidly limited, and
are
even
the rags from worn-out clothing, blankets
become most precious assets," the Senator said.
and
other
in
articles
have
President Roosevelt signed on March 15 two proclamations
designed to tighten and broaden the export control system
on
necessary
defense materials,
it was announced
on
March 17 by Stephen T. Early, White House
Secretary. Re¬
garding these orders, a Washington dispatch, March 17, to
the New York "Journal of Commerce" said:
proclamation, all models, designs and specifications of defense
materials, with particular reference to new inventions and
and
proposed
patents,
Early
explained
vessels
and
under
materials
war
the
export
such
licensing
order.
than
the weapons
It
second
involves
information
these
materials,
rather
themselves, he said.
order
broadened
the
powers of General Russell L. Maxwell,
Control, to bring all commodities containing matetrials which have hitherto been placed under the
export licensing system
under equal restrictions with the materials
themselves.
this
order
all
manufactured
commodities
containing
antimony, iron and 6teel, or any other material now
list, would also be subject to the licensing system.
on
aluminum,
the export
control
Previous extension of the licensing
system was referred
our issue of March
8, page 1519.
to in
Priorities Director Stettinius
Items—Also
Edward R.
of Production
Issues List of "Critical"
Reorganizes Priority System
Stettinius, Director of Priorities of the Office
Management, made public on March 18 a list
on which the
Army and Navy may auto¬
of "critical" items
matically
issues
issued
assign
orders
priority ratings
therefor.
At
the
whenever
same
either
time
Mr.
service
Stettinius
administrative
an
ization for the
orfler providing the formal author¬
handling of priorities by the Army and Navy
Munitions Board for items on the "critical"
list and validat¬
ing previous priority actions and orders.
Regarding this
order, Washington advices, March 18, to the New York
"Journal
as
of
Commerce"
summarized the
new
follows:
1.
The
contracts
Canada,
2.
to
order
of
and
Navy Munitions
certain
provision
foreign
has
Board
governments,
been
made
for
will
assign
including
extension
Great
of
The Priorities Division will be
assigned the task of
defense needs at all times, and has the
important
arrangement
civilian
projects
orders.
as
well
as
ratings
to
prime
Britain
these
Division
of
the
OMP,
however,
also issue blanket ratings or
can
accomplish
to
22,
may
the
not
or
desired
objectives.
industry-wide
blanket order
A
of
March 12.
on
1220.
page
Drive
jobs, and
to
Register
every
Unemployed
to
with
person
is not being used in
which
Workers
register
training in de¬
or
urgently needed skill
an
his present job.
issued
was
Arthur
by
The appeal to
J. Aitmeyer,
of
ratings
and
to
balancing civilians
authority to give priority aid
to military projects or
foreign
Social
the
Security Board, at the request of
The registration pro¬
be conducted by the United States Employment
Service of the Board and its affiliated State
employment
services, according to the announcement issued by the
will
gram
Social Security Board, from which
McNutt
workers
for
is
stated
that
this
being undertaken
defense
workers
to
expected
prepare
within
also quote as follows:
we
intensive
effort
for the
the
to
few
next
locate
all
available
greatly increased demand
months,
well
as
as
to
growing shortages of skilled labor in certain occupations in the air¬
shipbuilding,
Skilled
asked
and
to
In
and
machine
experienced
register at
workers
once
provided they
in
the
and
machine
following
the nearest office of
at
are
shops
not
tool
industries.
occupations
their
State
being
are
employment
using these skills in their present jobs:
aircraft
manufacturing—airplane sheet metal workers, airplane wood¬
workers, inspectors, and aeronautical engineers.
In
shipbuilding—ship
carpenters,
loftsmen,
boatbuilders,
shipfitters,
caulkers, and marine machinists.
In machine shops and machinery
manufacturing—machinists, tool makers,
lathe operators, die makers, and tool designers.
Mr.
Employment Service does not
skills
to
McNutt
are
ployment
in
an
not
being
asked
to
service
that
so
leave
they
their
the
be
may
present
jobs.
office
nearest
called
upon
They
of
their
when
and
merely
are
State
if
em¬
needed
important defense
able
are
may
of
encourage or desire workers who are
of the above industries to register.
explained that these employed workers with vital defense
any
register their qualifications with
have
to work
a
are
industry.
All unemployed men and women who
also being asked to register so that defense officials
complete picture of the labor
availability
for
anticipated
job
resources
openings
of the country in
for
or
training
is
terms
defense
occupations.
Factory Owners Urged by OPM Director Knudsen
to
Advise Defense Contract Service Division of
Ability
to
Perform
Defense
Work—Prime
Contractors
Should Subcontract Work
In order
to
bring
to
Speed Deliveries
avilable manufacturing facility
William S. Knudsen, Director of
every
into the defense program,
the Office of Production Management,
urged in a statement
issued March 17 that factory owners make use of the Defense
Contract Service, which has been set
in cooperation with
up
the Federal Reserve banks, to serve as a
clearing house of
information for manufacturers seeking prime or subcontracts.
Saying "it ^imperative that prime contractors subcontract
of their work" to hasten
deliveries, Mr. Knudsen
requested manufacturers with suitable machinerv to inform
their regional office of the Defense Contract Service about
such equipment.
He added that "spreading the defense job
into every available plant is the best
possible way to speed
up urgently needed deliveries now, and to increase total
production."
more
The text of his statement follows:
Nothing short of the practical limit of
for the defense job we have
now
our
available capacity is sufficient
undertaken.
It is imperative that prime contractors subcontract
wherever
more
of their work
such
procedure will hasten deliveries.
Every manufacturer,
large and small, who has suitable machinery that Is now idle, or that can
be made available, must be enlisted in defense
production.
In his budget measure to
Roosevelt estimated that
Whatever
increased
Army and
subcontracts.
with
Priorities
country who may be available for work
fense
Mr.
system.
Administrator of Exnort
Under
The
To speed production of essential defense goods, Federal
Security Administrator Paul Y. McNutt announced on
March 14 the opening of a nation-wide registration of work¬
ers at State employment
offices, beginning March 15.
An
appeal is being issued to every unemployed worker in the
as
concerning
principal
be applied
at State Employment Offices—Increased
Demand for Defense Workers Prompts Action
planes, machine guns, war
machinery designed to produce such products are involved in
this
The
placed
were
that
the
may
Begins
The
President Roosevelt Further Tightens Export Control
of Defense Materials
In the fir«t
be
to
certificates
—:—♦
employed in
machine*
continue
These
certificates for individual contracts, whether
Nation-wide
service,
Jjere.
in
actually
are
The previous priority arrangement was discussed in these
Mr.
much
as
for
and zinc.
craft,
in
to
as
advance
goods as cameras, boilers, cotton linters, blasting machines,
motorcycles, optical instruments, radio apparatus, search¬
lights, certain types of steels, tin, service types of watches
meet
supply situation
in
According to the Associated Press the "critical" list in¬
cludes, in addition to outright weapons of war, such other
reserve.
order will account for the consumption of another 175,000,000 pounds by August, 1941.
wool
plan
the Office of Production Management.
on
favorable than that prevailing
will
OMP.
type was issued to nine crane builders
equipment
foreign
the
Chairman
"During the 12 months ended Dec. 31, uniform equipment for the United
now
to
the critical list.
on
are
The Priorities Division
5.
States Army required 248,000,000 pounds of wool, or more than
60% of the
total 1940 American wool clip," Senator Clark stated.
Additional uniform
becoming
certificate
of
came
any shortage of wool due to unforeseen cir¬
being stored in warehouses throughout the United
strategic
manu¬
dealers
if preference ratings
necessary
large
friends to the
important commodities.
States 250,000,000 pounds of Australian wool as a
of
list.
critical
issue specific
items
workers
Finally, to prevent
program.
cumstances, there is
The
rating
preference
Worth
available to meet fully all civilian and military requirements
during the present year.
The Senator's remarks were in¬
on
be
and
preference certificate
a
automatically to Army and Navy orders by the Munitions Board for items
columns Feb.
Washington, March 16, Senator
Clark, Democrat of Idaho, revealed that 1,000,000,000 pounds of wool from the domestic clip, South Ameri¬
can
supplies, and in Australian reserves are immediately
D.
subcontractors
enable subcontractors
will
radio address from
a
inform
to
issued.
administrative
mediate
This
1941
22,
preference certificates will be binding,
encouraged
priority ratings might be established if
readjustments which might
operating the farm businesses.
are
Although only official
facturers
what sort of
4.
Other speakers at the concluding session of the school in¬
cluded:
G. H. Btebbins, Treasurer of the Federal Inter¬
In
March
The Commercial & Financial Chronicle
1846
sum
the
assistance
Congress at the beginning of this
we
had
a
Congress appropriates
to
those
year
President
$28,000,000,000 defense program.
nations
whose
to
carry
defense
out
is
the
policy of
essential
to
the
defense of this country will be in addition to that.
The magnitude of the job is hard for
anyone to grasp.
It is indicated,
however, by comparison, for instance, with the estimated wholesale value
of all passenger cars and trucks turned out
by the automobile industry last
year—$3,184,959,808.
Of
necessity, initial orders had to be placed with companies having
readily available facilities together with managerial and engineering staffs
and the experience necessary to translate contracts of such size into
ment, man-power and materials.
equip¬
-
,
Volume
The Commercial & Financial Chronicle
152
That every available plant may now be brought into the program swiftly
and
systematically, I would like to make this suggestion to
who
owner
contract:
at
the
believes he is equipped
write
go to the
or
Federal
You
Reserve Bank
branch
The
or
Defense
branch bank which
or
bank
own
or
sub¬
2.
assist
the
It will
prime
Service
has
been
established
and
for
who need to subcontract
of
the
district
ment and labor must cooperate
within
defense
procurement officers
many years,
of plants that have usuable
locally in the organization of training.
That (a) the general responsibility for training within each industrial
5.
some one
individual in the organization; (b) the
primary defense contractor with broad training experience has
a
definite
whom the Army
responsibility to assist the smaller, less experienced plants in setting up
and for prime contractors
in-plant training, particularly in the plants of subcontractors; (c) the primary
of their work to speed up deliveries.
more
training program
supervisory
That the basic premise for all training within Indus'ry is that manage¬
4.
the Office of
by
available manufacturing
clearing house of information for manufacturers seeking
subcontracts,
ansion
plant to be delegated to
Navy have had in the field for
The
every
program
serve as a
or
ex
industries.
Army and Navy in bringing
facility Into the
An
3.
bank.
Contract
Apprenticeship.
on
An expansion of the upgrading program and training of needed pro¬
inherent factor in upgrading.
an
Production Management, in cooperation with the Federal Reserve System,
to
in accordance with the standards of
duction specialists, with standards for promotion from one job to another
the region in
serves
tell you the location of this Federal
can
1847
An extension of apprenticeship
the Federal Committee
factory
every
defense contract
a
regional office of the Defense Contract Service
Reserve Bank
which you live.
handle
to
1.
contractor assistance can be
implemented through the medium of the district
basic machine tools and other
organization of the training-within-industry section of the Office of Pro¬
equipment should tell their regional office of the Defense Contract Service
duction Management and through organized methods of group training of
about them.
executives,
owners
These regional offices will put together and expand the many
plant facility
already undertaken
surveys
by National,
valuable
State and
Navy want to buy; whether the plant facilities available
subcontracts;
or
contractors
where
prime
contractors
find
can
can
7
handle
The
needed
Contract
contracting
i
trai
8.
Service
offices
financial
and
and
they
setting
are
give consideration to the greater in
ation of the
eg
labor supply
and
g.
That there be established in each national defense production unit a
definite
already have staffs available to
problems,
train ng program.
functions of the seven government agencies engaged in
sub¬
and where potential subcontractors can find prime contractors
Defense
on
instructors in the smaller defense
That the labor supply and training section of the Office of Production
Management should
with work which they could do.
advise
and
and prior to formulation and institution of any
They will tell prospective contractors and subcontractors what the Army
prime
coordinators
That there should be determination of probable labor needs in advance
6.
organizations.
and
training
plants.
local
policy
of
from
promotion
within
train
to
effectively
through
up-grading.
up
technical staffs to aid contractors and prospective contractors on engineer¬
ing
problems.
Manufacturers
fullest possible
will
the
serve
country and
Spreading the defense job into
speed
to
way
up
themselves
by making the
New York
Last
available plant is the best possible
every
urgently needed deliveries
and
now,
increase
to
The
Urges Training of Workers to
Impending 60% Increase in Defense Work—
Meet
Addresses
8-Point
Conference
Metal
of
Program Pledging
Industry Adopted
Within
Emphasizing
the
need
for
Trades
Extension
Training
.p
whose nomination
speed-up
a
Leaders—
of
in
production,
Management, declared
March
on
17 that
the number of man-hours in defense industries
will be required by the aid-to-Britain program and American
additions to the present program. Mr. Knudsen spoke before
a conference in Washington of
leading industrial and labor
a
man
that has never
even
"on
people who still thought in terms of
shipbuilding industry
•v'
place
more
ships.
industry
we
If
we
as an
example of the
have to spread the number of skilled workmen
might not do
event it would be better not to
"To the
do your
shipbuilding
as
well
as
change what
man we say,
'See if
welding, fitting and other jobs.
we
are
now
we are now
you
can
3,500
doing.
In that
doing.
train
bus
people to
man
men—lies
the
efforts
mediation
professor
of law at
to cut
as
they
are up to
$1,000,000
arbitrator's' solution.
brought
peace
.
.
outgo
Some¬
for the
.
after direct negotiation and
had failed, consisted of Noel
Columbia University,
more
T.
DowIing.Nash
acting chairman;
Thomas
E.
Murray, receiver for the Inter borough Rapid Transit System before that
line
taken
was
over
by the city, and William S. Menden, former president
Brooklyn Manhattan Transit System, which was also acquired by
of the
the city.
Professor
more
Give every skilled
things
The fact-finding board, which
earlier
"We've got a lot of ships on the ways now," he said, "and we will have
in this
where in between—from
no
problem of providing adequate skilled labor.
yielded their proposals
by $167,000, and the union still seeks a wage increase of $1,000,000.
unem¬
ployment, but that the conditions which resulted in such thinking were
longer true.
Knudsen referred to the
settled that the only argument is on how much the union
now
As matters stand, the companies have
been approached before."
were many
1.
is to get.
regard specifically to the training of workers, Mr. Knudsen said
that last June there
Mar. 21.
By the signed agreement of the bus companies and the Transport Workers'
scale in America
a
on
contract
new
Union, it is
hours of industrial production.
"We've got to go into production," he asserted,
announced
let
contracts
from the beginning of the emergency program last June to date called for
18,000.000,000
was
the
The arbitrator's terms also will go into
ending April 30, 1942.
Members of the
Transport Workers Union ratified the agreement at a
meeting on Mar. 21.
A previous reference to the strike appeared in our issue
of Mar. 15, 1941, page 1682.
The following is taken from an account of the agreement
which appeared in the New York Herald Tribune of Mar. 21:
active to Mar.
representatives of the metal trades, which had been called
to consider the problem of training additional skilled workers.
The following concerning his remarks was reported in an
Associated Press Washington dispatch of March 17*
to
Corp. and
dispute stipulates that the
any changes made in wages, hours
working conditions, and that any award will be retro¬
and
increase in
Opening the meeting. Mr. Knudsen reported that defense
arbitrator
agreement ending
arbitrator shall determine
60%
a
as
The
William S. Knudsen, Director General of the Office of Pro¬
Mr.
Issue
York City Omnibus
New
10, was settled on Mar. 20 after an all-day session at City
Hall, N. Y. C. of Mayor LaGuardia's three-man fact¬
finding board, both sides agreeing to submit unsettled issues
to an arbitrator's decision.
Shop employes returned to work
on Mar. 21, and bus drivers are to go back today (Mar. 22).
The signed agreement of the bus companies and the
Transport Workers' Union, it was reported, settled all issues
but one, that is the wage scale of the Fifth Avenue Coach
Company. This issue will be decided by William H. Davis
OPM Director Knudsen
With
the
the Fifth Avenue Coach Company, which was called on Mar.
appointment of several district coordinators of the
was reported in our issue of March
8, page 1519.
duction
of
stnke
The
total
production.
Service
City Bus Strike Settled—Agree to Arbitrate
of this service.
use
Dowling read the following statement on
behalf of Mayor
LaGuardia:
three
"The
helpers to learn the work.' "
fact-finding board reports as follows: As the Mayor has repeatedly
stated:
Other
speakers at the conference on March 17 included
Sidney Hillman, Associate Director of the OPM, and Secre¬
tary of Labor Perkins.
Concerning Mr. Hillman's remarks,
the New York "Herald Tribune" in its Washington advices
of March
17 said*
a
speed-up in production,
emergency,
be faced
urging
Knudsen, also emphasized the need
that
the
problems of
the
present
not
now.
There is no issue on sick leave, that is practically agreed to at this
moment.
That, too, has been settled.
Both
sick leave and holiday pay have been taken out of the arbitration.
That
has
There is no issue on holidays.
been agreed to.
There has been no reduction of vacations.
"4.
That has been withdrawn
by the company."
we
here all find
a way
then," Mr. Hillman said, "but at this time
to take care of the problems
we must
give ourselves
fullyf
Professor
Dowling added that the only issue was whether arbitration
should begin with the existing wage
without any reservations, to the task that is right now before us, and that
or
is to make sure that
and the company
we
really produce at
expectations of the best of
our
a pace
that will
even
exceed the
friends."
Mr. Hillman thanked the representatives of the metals
industry who had
been working with the Government for their splendid cooperation, and for
what they had done
toward formulating
a program
for in-plant training.
"We here, under our democratic institution, can do the job much better
in the long run than it can be
totalitarian governments are
done through the processes of coercion where
in power," Mr. Hillman said.
"I
saw
it last
scales of both companies
According to the
same source,
between the company
and union
the terms of the agreement
were as follows:
The dispute between the parties arising out of the aforementioned
"1.
demand made by the Transport Workers
of the first part
Union of America
only to determine what improvements, if any, shall be made in wages,
of the employees of the parties of the first
part over and above the wages, hours and working
is a
supply to keep in step with the program."
The
meeting
on
March 18 heard Robert P.
in the agreement
Patterson,
the cost of which
improvements shall not in any event exceed the sum of
$750,000 a year commencing as of the first day of March, 1941.
arbitrators shall be effective as of Mar.
said it "will result in
The parties
cations to
into
conditions provided for
between the parties hereto which expired of Feb. 28, 1941,
Under Secretary of War warned against the possible practice
of taking skilled workers from other industries when they
are needed.
If such a procedure is persisted in, Mr. Patterson
a spiraling of wages and serious dislo¬
production without solving the basic problem of
developing additional skilled workmen."
The two-day conference adjourned on March 18 after
adopting an 8-point program to stimulate training of defense
workers.
This was described as follows in a Washington
dispatch of March 18 to the New York "Times".
upon the parties
shall be submitted to an arbitrator, who shall have power
hours and working conditions
program
the basis
demands of wage cuts or other methods of reducing costs
Saturday night when the President made his great address to the American
The major part of the
as
whether it should consider both the union proposals for wage increases
people, calling for an all-out effort.
labor
The present
Repeating it does
change the situation.
"2.
very
rather than those of possible post-war developments, should
"Yes, and I hope
I made that clear yesterday.
personnel is to continue.
"3.
Mr. Hillman, who spoke after Mr.
for
There is no reduction of the employees' force at issue.
"1.
Any improvements which may be awarded to the employees by the
"2.
1, 1941.
The award of the arbitrator shall be binding on all parties hereto.
"3.
a
shall immediately upon the promulgation of said award enter
contract for the term commencing as of the first day of
written
March, 1941, and terminating on the thirtieth day of April,
contract shall contain all the
expired on Feb. 28,
1942.
Such
provisions contained in the agreement which
1941, except such provisions, if any, as may be im¬
proved by the award of the arbitrator and as to the latter provisions the
same
shall be superseded by the provisions contained in the award of the
arbitrator.
The Commercial & Financial Chronicle
1848
"4.
It is agreed that full bus operations shall be resumed promptly after
ratification of this agreement by the employees of the parties of the
Unless
part.
this
shall
agreement
be ratified
fundamental to
Nation's purpose as the production of planes and tanks
stupendous program like this, the Government must do
In financing a
It must find them in such
than find billions of dollars.
parties of the first part and written notice thereof given to the parties of
more
the first part, at or before noon of the
safeguard this country against the dangers of inflation.
twenty-second day of March, 1941,
draw upon
this agreement shall be of no further force and effect."
The above agreement applies to the New York
tion.
A
$750,000,
American citizens will have
For unless
country.
sense
a
of participation in the defense of
in
Chevrolet
the
Assembly Shop and
Fisher
Industrial Organization United Auto
Workers Union struck, on March IS, at the Fisher Body
Works and Chevrolet Motor Co. passenger car assembly
plant of the General Motors at Oakland, Calif., forcing im¬
mediate suspension of operations.
The strike was ordered after negotiations over union
grievances became deadlocked and Federal conciliators failed
to break the impasse.
The plants closed by the U. A. W.
action employ about 1,750 men.
Workers
J.
in
The Nation's banks are well organized
to assist the
Treasury in the Government's defense financing plans, Mr.
#
of
Congress
L.
Thompson
Co.
Chain
Restaurant
Houston
asserted.
National
Defense
employees, in 11 cafeterias of the John L.
Thompson Co., members of the Cafeteria Employees Union,
Local 302, A. F. of L. went on strike for higher wages on
March 17.
The
strikers
claimed a 100% walkout and
stoppage of operations in the restaurants, which are scattered
over four boroughs of New York City.
In reporting the strike the New York "Herald Tribune" of
March 19, 1941, saidNegotiations
over a new contract
expired March
strikers.
1
were
to replace a
begun more than
a
brought
no
definite word
Union leaders said they had asked for wage increases averaging just over
Samuel S. Allan,
attorney for the company, said the company's officials had been unable to
agree with
the union leaders despite "weeks of negotiations."
that the union's demands totaled $36,000 a year.
He added
"It is utterly impossible
for the company to meet these demands," he said.
The company, which has executive offices at 1129 Sixth Ave., has eight
in
restaurants
Bronx.
The
Manhattan
union
disturbance and
and
claimed
one
the
that at least
immediately and the others
each
walkout
seven
soon
in
Brooklyn,
took
after.
Queens
place with
of the cafeterias
Pickets
a
were
and
the
minimum of
closed
immediately
almost
began to
demonstrate before the closed restaurants.
Walkout at the Crucible Steel Co.'s Plant Settled
The strike at the Labelle plant
of the Crucible Steel Co.,
March 11, was settled upon the
recommendations
of
government
conciliators
and
the
national office of the Steel Workers Organizing Committee
(C. I. O.) on March 15, and operations were resumed at the
plant on March 17.
The strike which was called by the S. W. O. C. because of
grievances over wage rates involved about 900 workers and
halted production at the plant.
Pittsburgh, Pa., called
on
Association's
organized
sub¬
make
our
banking institutions a vital and effective part of the
of the Treasury, assuring him in the
Today I
name of the
15,000 banks through the Nationa, that the banks of America
are
ready
and eager to do their part.
Aid of Facilities of Investment Bankers Association in
Sale
National Defense Stamps and
of
Pledged to
Connely
Emmett F.
week, but
from the company the strike was called.
$2 per week, along with other contract improvements.
can
have wired the Secretary
month ago, according to the
a
has
machinery for the distribution of these securities to the public.
three-year contract that
They said the union had extended the old contract
when further negotiations on the wage increase
Committee
Loans
throughout every Federal Reserve District and
in every State," he declared. "This nation-wide organization
now includes 500 active bankers who have done
outstanding
work in assisting banks in the process of financing the pro¬
duction of goods for the Army and Navy.
They will do as
much to forward the new program for mobilizing the Nation's
financial strength. The program will have our wholehearted
support. Mr. Houston added*
We
250
Bankers
American
"The
committees
Strike
About
in this national effort, it will
forward with the unity necessary to make it succeed.
not go
Body Works at Oakland, Calif., Strike
The
our
people have that sense of participation, unless they
our
feel that they have a direct and personal part
Workers
must
It must also find the dollars, in such a way that millions upon millions of
for
signed for the Fifth Avenue Coach Company.
was
a way as to
To do this, it
the real and actually accumulated savings of the people and
spread the financing into every nook and cranny of the Nation.
City Omnibus Corpora¬
similar document, substituting only the figures of $250,000
1941 2
and guns.
first
the employees of the
by
our
March
Certificates
by
President
Connely, of Detroit, President of the Invest¬
Bankers
ment
Morgenthau
Secretary
Association
of
America,
made
known
in
Chicago on March 20 that he had pledged to Secretary of the
Treasury Morgenthau the aid of the Association's member¬
ship in the sale of National Defense stamps and certificates
to the public.
It is understood that the public offering of
these Government obligations to help fniance the defense
program will start about May 1.
:'
Speaking at a meeting of the Central States Group of the
Association, held at the Palmer House, in Chicago, Mr.
Connely told the membership that with the formal approval
of the Board of Governors he had advised Mr. Morgenthau
that the facilities of the membership in some 200 cities would
be available for the cooperative effort, which will also include
the commercial banks of the country. It is pointed out that
in recent weeks Mr. Connely had been in conference in
Washington with officials of the Treasury and other Govern¬
ment departments in connection with the problems of both
government and private financing of defense expansion. In
a letter to
Secretary Morgenthau, Mr. Conn3Iy said*
The Board of Governors of the I. B. A. of America has authorized
offer you the
facilities of its members for the sale of
me
to
savings certificates
war
The members of the Association have approximately 1,400
offices in about 200 cities.
Should the Treasury Department decide to use
and stamps.
these offices
as
place where the public might purchase the defense obli¬
a
gations of the Government, supplementing the primary sale through the
post offices, the details can be worked out with your staff.
Strike
at
the
General
Instrument Corp.'s
Elizabeth, N. J., Settled
Plant
in
In
The strike of 1,500
employees of the General Instrument
Corp.'s plant at Elizabeth, N. J., was settled on March 20
under a compromise agreement on wage increases and the
plant will resume production on March 24.
The strike was
called
on
March 12, after a demand for
10-cent
a
an
during
negotiations for renewal of a contract which expired Feb. 28.
The strikers, represented by Local B-921 of the Inter¬
national Brotherhood of Electrical Workers, A. F. of L.
accepted increases of 5, 6, 7 and 8 cents according to work
classifications.
They will receive a two-year contract
embodying these and other terms that had been agreed upon
prior to the settlement on March 20.
Previously the management had granted a union shop,
time and
a
half for overtime
on weekdays and
Saturdays,
5% increase for the two night
shifts, a week's vacation with pay and other benefits.
A previous reference to the strike
appeared in our issue of
March 15, 1941, page 1681.
Sundays,
There
dent Houston of A. B. A.
the
answers as we
industrial expansion is equally as important as solving the complexities
Government's
Government's financing plans. Speaking
regional conference of the Association, Mr. Houston
asserted that the banks are placing their services at the dis¬
posal of the Treasury to give all possible aid in mobilizing
the Nation's financial
strength and in distributing the
Treasury's new defense savings bonds. Mr. Houston said*
a
an
opportunity to be of great service to the
country in the coming financial effort.
marshall
our resources
for National Defense.
Fianancing
of production.
The
Government
will
be
offering
additional
securities
to
the
public,
probably in increasing quantities.
Many industries also will be seeking
capital
new
and
it
is
important
that except in emergency situations this field be left to the field of private
investment
savings
the
as
backbone
of the
In the latter field we must place particular
local industries to obtain the capital
Both
types
of
investment
call
private
emphasis
enterprise
upon
system.
helping small
they need.
for reaching
millions
of thrifty
savers
who have money to invest and who seek both to help provide the sinews
of defense and to make
I
have
I. B. A.
had
as an
no
a
reasonable return upon their investment.
hesitancy
in
informing Washington
officials
that
the
organization and its membership as individuals have enlisted
for the duration of the emergency to serve
Members
Loan
actively in both fields.
of
York
State
Associations
New
Offer
League of
Savings
Assistance
in
and
Defense
Program
League
of Savings
and Loan Associations, which qualify to act as
fiscal agents for the Treasury Department, have offered
public of
any bonds or securities which may be issued to help
finance the Nation's defense program.
The text of a letter
on March 12 to
Secretary of the Treasury Morgenthau
by E. Clinton Wolcott, President of the League, volunteer¬
ing this assistance, reads as follows:
sent
nouncement of the
The Nation's bankers have
on
Nation must find
their services to the Federal Government in the sale to the
weight of their
plans for National
Defense financing, it was declared on March
21, by P. D.
Houston, President of the American Bankers Association,
shortly after Secretary of the Treasury Morgenthau's an¬
before
a
The member associations of the New York State
Support of Nation's Banks to Be Accorded Treas¬
ury's Defense Savings Bonds According to Presi¬
support behind
as
a
The Nation's 15,000 banks will throw the
full
we
the
+
Full
co-related problems to which
two
are
our
hour
increase in wages and payment of daily overtime for more
than eight hours work were refused by the company
double time for
addressing the Association's Central States Group
Connely had the following to say-
March 20, President
This will be
a
nation-wide job as
The member associations of the New York State
Loan
as
League of Savings and
Associations, which qualify under the rules and regulations to act
fiscal agents of the Treasury
give the Government
other
securities
issued
every
Department, stand ready and willing to
assistance in selling to the public bonds or
by the
United
States
Treasury
for financing the
defense program.
On
behalf of these
urge you
that
Associations,
to make every
we may
have
use
a part
I
as
President of our
State League,
of the services of these institutions to the end
in the defense program of our country.
Volume
The Commercial & Financial Chronicle
152
Membership of New York State Bankers Association
Ready to Assist in Marketing of National Defense
Bonds, President Burgess Advises Secretary of
Treasury Morgenthau
Dr.
W.
Randolph Burgess, President of the New York
State Bankers Association, ad\dsed Secretary of the Treasury
Morgenthau on March 21 that the members of the Associa¬
tion stand ready to give "all out" aid in the marketing of
National defense bonds.
Federal
the institutions
members of the Association have actively aided the defense
defense lending.
effort.
The banks have made substantial loans for defense,
and have conferred with both large and small business men throughout the
State in efforts to prepare them and ourselves for defense tasks.
are
ready to do their full part in the
The banks
financing program.
new
3.
The
Board
Reports
Sources in 1940 Was
taxes are,
we
Income from
Government
ing
to
preliminary
a
Board
March 13.
The
1940
estimate
from
already
by
issued
constituted
the total realized national income than in
from
Government
compared
income
in
in
in
has
a
slightly smaller percentage of
1939.
20.1%
and
In
individual income
1940
1938,
in
when
the largest percentage of
increased
1930 it constituted
1913
1939
history of the country.
sources
compete
subsidy for the
competition.
particularly
fields where
have—which
definition
themselves
avail
of
lower
the
they can successfully operate.
costs
Chain store
with
rest
particular
severity
the
upon
many
poorer
survey
presented
based
were
before
the
the trade barrier
on
National Eco¬
by Frank Bane, director of the Council of
Governments, who said:
State
A
in
trade barrier
international
is
a
counterpart,
trade.
modities
Temporary
It
the national scene, of
on
restricting
products
to the advantage of
usually tends to protect
by
tariff
a
war
statute, regulation or practice which oper¬
a
to the disadvantage of persons,
coming from sister States,
competition
market
is
It
ates, or tends to operate,
the
imports,
domestic
and
by
com¬
residents
local
market
from
doing
so
or
or
out-of-
restricts
the
for export.
in
the total national
The extent to which
recent years
as
from
income
from
income
is evident from the fact
9.8% of the total realized national income, and
only 5.5%.
Association
of Manufacturers Proposes SixProgram to Reduce Defense Strikes—Calls
for Employer as Well as Employee Penalties and
Point
Conference
the
only 18.4% of the total national income,
was
constituted
sources
the
in
Government
that
18.6%
with
Government
sources
cannot
a
nomic Committee
govern¬
The 1940 total,
nevertheless
total
providing
classes.
high record in 1940, accord¬
new
a
individuals
by
estimated on the basis
of salaries and wages of Government employees, interest on
Government bonds, pensions, compensation for injuries, re¬
lief and other payments to individuals by Federal, State
and local governments amounted tp $13,200,000,000, as com¬
pared with $12,700,000,000 in 1939 and $1,800,000,000 in 1913.
Further explaining its estimate, the Board says:
on
classes
organization
are
18% of Total Realized National
received
mental sources reached
local
therefore, only another type of taxation—in addition to th6
National
income
total
If
organization.
inefficient
poorer
industries.
Income
The
retail
of
/
legitimate form of competition with the older
a
its merits, chain stove taxes
on
of chain stores—in
State
Conference
local
maintenance
The Association has sponsored many public addresses and panel discussions
on
of
successfully
1849
provide
Questions in tlie
Reserve System, asked for the cooperation of the banks,
are
types
He said:
Since last November when the Defense Commission, through the
which
Chain stores
2.
Provides
for
Industrial
40-Day Waiting Period
disputes,
which
have
already
"seriously
production," will show an increase of
82% in loss of man-days during 1941 "if the recent rate of
strikes continue," a National Association of Manufacturers
threatened
defense
committee
with
revealed
regard
March
on
17
while
recommendations
to
stating its position
for
establishment
of
a
Federal labor mediation policy.
In a six-point program, the
Defense Labor Problems Subcommittee of the N. A. M. Em¬
ployment Relations Committee called for employer as well
as
employee penalties to prevent or reduce industrial dis¬
putes
in
national
defense
period before strikes
fered
major
next
basis
tlie
as
points
of
meeting
industries.
lockouts
or
for
the plan
of the N.
A.
A
40-day
be initiated
can
conciliation
new
waiting
prof¬
was
machinery.
The
which will be submitted to the
M. Board of Directors are, in
brief:
Retail
Trade
Sales
1940
in
Was
Largest Since
According to Study by Conference Board
A.
1930,
Defense
B.
According to
study made by the Conference Board, total
to have amounted to about $45,500,000,000 in 1940, as compared with $42,000,000,000 in 1939.
retail sales
a
1940 total,
The
the largest since 1930.
was
It
was
The Board's announcement, issued March 17, fur¬
reached.
view
than
in
1929,
the
been
been
last
close
a
national
of
about
to
the
Over
is
apparent
1929.
number
amounted
circumstances,
it
than in
greater
by
the
of
that
5,300,000
as
the
in
prices
volume
case
retail
to
between
the
trade
was
further indicated
which
in
4,300,000
Conference
Board,
changes in
year-to-year
lower
were
retail
is
stores,
compared with about
according
years,
correspondence
than
physical
reported
income and retail trade,
wider
in
that retail
That this is actually the
employees
12
moreover,
1940
in
1929.
there
the
has
realized
fluctuations
the
in
income.
national
goods sold at retail, particularly consumers' durable goods
automobiles, furniture, household equipment and jewelry, usually
as
show
far wider fluctuations.
Apart
from
these
In
60.8
in
Term
D.
fluctuations,
however,
an
the
study
shows
a
long-term
increasing percentage of the national
1940, for example, the percentage
President
E.
was
63.3,
as
compared with
Held
Trade Barriers in Nation-
as
wide
I
bring
to
about
changes
in
lockout notice to other party
"national
defense
contract"
War
or
impartial
include
to
mediation
and
contx-act affecting
any
committee
conciliation
by
Navy Departments.
or
Legislative
remedy if voluntary methods fail provides:
That em¬
ployer be "guilty of unfair labor practice under National Labor Relations
out
that
employees
violating
defense
on
work;
that
legislative Act
new
being entitled to reinstatement
ment
or
be
dismissed
with¬
back pay and termination of employ¬
organizations
violating
Act
benefits
denied
under NLRB.
V
F.
Further
workers
legislative
that
prevail;
of
courts
disputes
provisions:
Government
States
United
dictional
to
between
unions
secret .vote
strikes
be
of
majority
of
appropriate actions
maintain
such
prevent
rival
That
"may
in
lockouts";
or
outlawed
While Defense Activities Creates
that juris¬
defense contracts.
on
Jobs, H. H. Heimann
Finds Artificial Basis Threat to Future Stability—
Discusses Farm Policies
Although the United States is mustering out its army of
unemployed, with an armament program, Henry II. Hei¬
mann, Executive Manager of the National Association of
Credit
Store Taxes
used
Also
1929.
Chain
be
not
give 40 days'
production.
Appointment of
'
tendency for retail trade to absorb
income.
must
although fluctuations in retail trade have
corresponding
Certain kinds of
such
contractor
dispute; employees must give similar notice.
C.
Board" ;
ther said:
In
Defense
defense
like the 1940 total of realized national in¬
only 6% lower
than the total for 1929, when the all-time high record was
come,
to
estimated
are
should
emergency
bargaining relationships.
Survey—87% of Experts Queried by Economics
Statistics, Inc., Regard Such Levies Costly to
Men,
declares
his
in
"Monthly
Review,"
Business
released March 18, that the present industrial activity will
not build sound prosperity.
He declares that "the artificial
base of the business upturn
pense
lies in the fact that production
major part upon armaments."
"Arma¬
ments," he cautions, "may protect the Nation but they do
not improve its standard of living."
In analyzing the position of agriculture and the effect of
gory
the
Consumer
Chain store taxes hamper interstate commerce at the ex¬
of the consuming public and belong in the same cate¬
with such trade barriers as truck license restrictions,
taxes on out-of-State
purchases, food and livestock inspection
requirements, or any other familiar restraint, according to a
survey completed on March 12 by Economics Statistics, Inc.,
New York City.
This belief was expressed by 87% of the
prominent marketing, finance and economics professors and
State and tax organization officials queried for opinions.
Of
the direct replies received, 13% believed such levies do not
is
concentrated
European
in
the American fanner, Mr. Heimann
farming industry embraces so large a
portion of our population that it must share fully in any
prosperity if the Nation is to be truly and progressively
declares
war upon
"the
that
prosperous."
In
In part, he continued:
series
recent
a
heard
considerable
of
consequences
of
speaking engagements
throughout the mid-West
discussion, particularly in the farming
the
present
armament
and
program
the prices of farm products.
am to judge from the contacts I
made,
of
1
about the
areas,
world
conditions
Replies pointed out that trade
imposed by chain store taxes adversely affect
agricultural and industrial producers as well as consumers,
Lyman S. Logan, Vice-President of the research organiza¬
tion, said.
In manufacturing, R. S. Alexander, of Columbia
University's School of Business, declared the chains to be a
potent force in promoting uniformity of nation-wide retail¬
upon
ing.
"Chain store taxes tend to prevent such uniformity,"
Such levies are an impediment to national defense,
according to Harold M. Haas, Assistant Professor of Mar¬
be
he said.
operating costs due to taxes, and meet rising prices for commodities they
now
act
as
trade barriers.
keting at Indiana University, who declared that "with in¬
creased expenditures for defense and the threat of
rising
prices, even without inflation, every effort must be made
to lower the cost of production and distribution.
Mr.
Logan cited the statement of Herbert D.
Professor of Finance at Northwestern
cellent summary of the opinions
son
1.
as
an
ex¬
Professor Simp¬
said:
Chain
middleman.
it
for
are
store
If
seems
taxes
have
some
prevent the extension
been
form
talking
of
years
about
the
high
merchandising organization
inconsistent to set
for
of economic methods
up
artificial
barriers
can
to
costs
of
dis¬
of
the
reduce
prevent
these
it.
largely opposed
reasons
many
patriotism cannot be questioned.
ourselves
world
for
any
conditions
They do not
prices
for
farm
need
the
on
While
they did
as
will
products.
to pay
can
there
the
They
be
consume
little
see
also
is
a
even
for
distinct
toll
any
less
farm
the
the
that
would
that
farmer.
increased
they
will
machinery, have increased
in the home.
that farm
question
prices
will not skyrocket
quarter century ago, it is difficult to see—despite
surpluses—how farm prices can long remain at the present levels.
It
Their
prepare
feeling
from
materially
doubt
farmers
war.
thoroughly
us
a
heavy
benefit of
have
middle western
entry into
our
exacitng
get
increased prices
farm and
there
again
once
they
to
our
They want to
But
emergency.
are
feel
compelled
a
our
large
that
some increase
in the price of farm products could
naturally be expected and that such increase will lift the present agricul¬
income beyond that which the farmers have received in the past
seem
tural
few
years.
With
ever
We
tribution.
costs,
University,
expressed.
Simpson,
I
If
restrictions
not
so
many men
supplies
nations
are
Under
addition
as
our
may
have built
they normally would.
living under
these
to
engaged in the battle abroad, and irrespective of what¬
combatant countries
producing
a
rationing system
circumstances
aid abroad
it
with
would
war
And,
of
as are
up,
these countries
course,
their
the
only be natural to expect
material,
we
are
subjugated
conquerors.
that
will extend help in
in
the
The Commercial & Financial Chronicle
1850
subjugated but non-belligerent lands.
being advocated.
It will be limited by the
amount
of
shipping available to make delivery.
If adopted, it will
somewhat relieve our farm surpluses.
And thus, indirectly, the farm price
structure should
benefit, although farm prices will still fall short of
Jorm of our surplus farm products to
Such
a
now
products.
industrial
with
parity
is
program
possibility that a condition of prices and wages pursuing each
other may develop.
Since it is generally realized, however, that inflation
is one of the worst economic evils that can befall a Nation, one may
i3
the
in
when peace finally ensues, for a temporary
asfsumn
in
agriculturists may not anticipate a "feast," even for a tempo¬
normal
the
that
setting
prices.
While the
period of time, under present world conditions, it is equally unlikely
rary
given
temporary
a
world
industry.
.
minds
given
have
but
will
''•'
farm relief
our
facing
be
Many
payments.
the farm problem.
of thought to
This is
the present method of trying to bring parity
should
it
be
of the rigid and
study
research
imposed
continuing
great deal
a
section,
farming
unbiased
are
to be critical of
not intended
the
we
that
readjustment
post-war
.
.
meantime
the
the
for
and
trade
In
"famine" immediately following the war.
They may be
deferment from entry into the economic battle for
face
they will
to
unlikely that,
not
pointed out
that
thorough,
a
in the right direction.
difficulty of securing this type
The
of
methods
taxation
of
effect
in
relief
because
comes
because
and
of
the
of
the
various
Our States rely on the real estate tax as a basis for stability
taxing bodies.
However, the solution, it appears, lies in reasonable extension
of
income.
of
take
time
in
v-.'.1
v
\
in the United
of inflation
States
lies in the possibility that a
spiral between wages and com¬
modity prices may develop, according to a bulletin entitled
"The Danger of Inflation in the United States and War-
commodities
which
in
scarcity
a
March 17 by Dean John T. Madden, Director of the
of International Finance of New York University.
entire
the
on
population will
the
with
the Nation
If
heavier.
be
In
of
sufferings
and
privations
countries of the
If,
population
the
of
balances,
reserve
excess
the
constantly
rising
deposits,
bank
and the
growing deficits of the Government have laid the monetary basis
of inflation.
In all belligerent and in German-conquered or dominated
countries, the public debt as well as the means of payment have shown a
substantial
that
from
this
In
increase.
differ
which
existed
respect
in
the
present
does
emergency
previous periods.
There
not
however,
are,
disparities which should be taken into consideration before any con¬
many
clusions
as
United
between
differences
the last
the
States
is
concerned,
there
are
several
the present situation and the conditions
important
prevailing in
":V.;
war.
These differences were listed in the bulletin as follows:
Whereas
1.
during
the World War there
was
a
demand
the
there
prices,
by the Government,
supply of agricultural commodities
large
are
huge supply of these products.
Hence, during the present emergency an
increase in prices of agricultural commodities comparable to that of the
is
war
highly improbable.
In fact, in the 1941-42 budget, submitted
Congress in January, 1941, the President asked for over $1,000,000,000
to
of
appropriations as aid to agriculture.
There is no general shortage of basic raw materials in the United
States or in the Western Hemisphere.
During the last war the world was
2.
America.
At
present this demand is lacking, while the output has been substantially
increased.
The United States, therefore, has at its disposal a source of
competitively
bidding
for
the
mineral
products
of
Latin
supplies of commodities which was not available during the last war.
3. The productive capacity of the country is today greater than ever
before
its
in
history.
The rearmament program was
4.
initiated at
a
time when
a
be
can
very
of
plant capacity was idle and when there was a
While, in view of the urgent demand for
war implements by
Great Britain and by the expanding military forces
in the United States, there exists a deficiency of plants producing war
materials and a shortage of skilled labor in certain industries may develop,
large number of unemployed.
yet
the whole there is no shortage of consumer-goods producing industries
on
labor.
of
or
'
summarized
as
before the emergency became acute methods had been devised
and measures taken by the Government to prevent too rapid an increase
in commodity prices. /
differences,
therefore,
between
the
present
ditions and those in existence in the previous
marked
what
3.
Restriction
4.
Freezing real estate rents.
5.
Higher income tax rates and lower exemptions.
In
past experience is not a valid indication of
take place in the future," the bulletin says,
the European
belligerent countries
measures
to curb
commodity prices have already been taken.
controls
the
are
a
sharp upward
so
labor,
wages,
production,
the utilization of
consumption of practically all commodities.
drastic
prices
measures
by
were
instituted,
and
prices
51% and retail prices by 26%.
raw
materials,
In Great Britain
have
advanced;
The increase
in
no
and
such
wholesale
commodity
prices in Great Britain, however, has been due primarily to the deprecia¬
tion
of
the pound,
the increased cost of shipping and insurance, and the
by aerial warfare.
destruction of productive capacity caused
)
of
goods.
instalment credit.
6.
Increased
Restraint
on
'
savings.
7.
8.
the
part
because
prices
raising
increased
of
of manufacturers, wholesalers,
growing
demand
and retailers in
commodities
for
An announcement regarding the bulletin likewise stated:
prevention of an inflationary price movement in the European bellig¬
erent countries will depend mainly on the ability of the respective govern¬
The
by
fostered
employment.
Encouragement of imports of strategic commodities by lowering tariff
rates.
Restriction
9.
10.
11.
Rigid
Price
or
elimination of all non-essential
governmental
and
wage
capital expenditures.
economy.
fixing.
Study of Non-Military Federal Expenditures for 1942
Fiscal
Year
Shows
Growth
of
$3,665,197,000 Over
193? Civil Expenses—National Association of Man¬
ufacturers Says Defense Demands Make Imperative
an Examination of Those Fields Where "Sacrifices"
Be
Made
One hundred and fourteen separate categories of Federal
spending
in
non-defense
fields
which
show
of
growth
a
$3,665,197,000 during the past decade are listed in a factual
study appearing in the current issue of the National Asso¬
ciation
of
Manufacturers'
"News Letter",
reaching the
N. A. M. membership on March 17.
While not specifically
advocating that spending in one or another of the 114 cate¬
gories be curtailed or eliminated, the study points out that
make
imperative
soon
realistic and impartial examination of
those fields of non-defense spending in which 'sacrifices'
could conceivably be made.
It will be increasingly apparent
the
a
rearmament
United
States
effort
attains
full
volume
that
the
find
it impossible to have its defense
bread while eating the cake of unlimited special Government
services at the same time."
The full "News Letter" com¬
may
ment follows:
A
factual study of
the
decade
past
the growth of non-military Federal expenditures over
that the amounts budgeted under 114 separate
shows
for the fiscal year 1942, beginning next July 1, represent
aggregate growth of $3,665,197,000 over civil expenditures in 1932.
categories
When
grouped by major departments, these 114 categories
following picture of increases during the last decade:
Executive Office and lndeP pendent
e8tabllshments.$l,542,132,000
Department of Agriculture 1,053,180,000
Interest on the public debt
625,277,000
General public works....
223,549.000
Treasury Department....
116,635,000
Department of Commerce.
42,102,000
As
far
as
possible 1932 data
were
Department of Interior...
Department of Labor
Department of Justice.,..
Legislative establishment.
Department of State.....
present
an
the
22,403.000
21,854,000
12,736,000
3.587.000
1,742,000
Total Increase 1932-42—13,665,197,000
reclassified
in
order
to
achieve
uni¬
formity with the grouping of Federal activities in the last official budget.
This analysis is not in any way to be interpreted as a listing of items
be reduced
to
eliminated.
But it is certainly a fact that the cost of
defense, the end of which is not in sight, must
soon make imperative a realistic and
impartial examination of those fields
of non-defense spending in which "sacrifices" could
conceivably be made.
or
the program of national
be
will
volume
bread
the
increasingly
evident
as
the
rearmament
effort
reaches
full
that the
while
same
United States may find it impossible to have its defense
eating the cake of unlimited special Government services at
time.
Secretary of Navy Knox Dedicates Navy Air Training
Base at Corpus Christie, Texas—Army's New Pow¬
der Plant at Radford, Va., also Dedicated—Each
Project Built at Cost of $44,000,000
With construction ahead of schedule, the Navy's new
In Germany these
complete that prices have shown only a slight increase
since the outbreak of the war.
This is due to the fact that the Government
measures
priorities.
so
adding:
movement in
of
con¬
are
wars
that
may
raw
follows:
Excise taxes of durable consumers'
It
5. Long
"Tbe
and
measures
Institution
■
considerable
of the country's
portion
all
which, applied in time
effective in preventing inflation.
number
a
2.
as
for American
agricultural commodities from all over the world, with the exception of
the blockaded Central Powers, at present there is no foreign outlet for the
last
practically
heavy present and projected defense demands "must
drawn.
are
far
As
in
globe, the danger of inflation will be eliminated.
spite of
in
Could
of inflation are already in existence in practically
the United States the large amount of gold, the huge
In
countries.
whole is
a
discussing possible measures toward preventing infla¬
modity
The monetary elements
volume
as
,
materials, the rearmament effort should cause a too rapid increase in com¬
letin also states.:
all
strong
"In the
bulletin
the
a
tion the bulletin states:
Institute
stated, "every war has brought in its
wake a sharp rise in commodity prices.
It is, therefore,
not surprising to find that many persons in this country
and abroad believe that the present war on three conti¬
nents and the huge national defense program in the United
States will result in commodity price inflation."
The bul¬
past,"
There is
develop.
may
willing to make these sacrifices, which would seem trivial when compared
in Germany and Great Britain," issued
Time Price Control
a
possibility that after all employable labor has been absorbed by industry
the hours of work per week will have to be increased and the tax burden
These steps were
real danger
only
upon
life, and sacrifices will have to be made
peace-time standard of
1.
The
the
prevent
however, cannot be superimposed
huge rearmament effort,
tliose
income taxes.
Danger of Inflation in United States Lies in Possibility
of Wages and Commodity Prices Pursuing Each
Other, According to Dean Madden of Institute of
International
Finance—Bulletin
also
Analyzes
Price Controls in Germany and Great Britain
to
measures
between wages and commodity
vicious spiral
the
of
by the entire Nation.
This will entail foregoing luxury and semi-luxury
durable consumers' goods and perhaps a reduction in the consumption of
step, at least,
traditional
will
Government
motion
v
The
burdensome real estate taxation
farmers might suggest a type of relief that would be a short
on
The danger of inflation in this country
be visualized.
modity prices can
period of time our agricultural communities will have an advantage over
the industrial sections.
With peace in Europe our production of arma¬
ments and instruments of war for Europe will cease rather abruptly.
...
also
It is
1941
22,
price control measures.
In the United States,
view of demand and supply, no sharp increase in com¬
the point of
from
March
drastic
enforce
to
ments
air training base at Corpus Christie, Texas, and the
Army's
new smokeless powder plant at Radford, Va., were dedicated
a
week ago.
The
new
air training base, described
as
the
nation's largest, was dedicated on March 12 by Secretary
of the Navy Frank Knox who declared that "the United
States has never engaged in an
aggressive
cate this station to the preservation
war,
and I dedi¬
of peace."
The base,
$44,000,000 project, is 70% complete, with construction
being two months ahead of schedule.
The Army's new powder plant, also being constructed at
a cost of
about $44,000,000, was dedicated on March 14
a
Volume
John E. Wise, President of the
by a group of Government officials headed by UnderSecretary of War Robert P. Patterson.
Construction on
the powder plant is three months ahead of the 10-month
schedule.
In describing the dedication of the plant, United
Press advices from Radford, March 14, said:
is
security."
He regretted
Virginia countryside into
hope that the work
"No
than
think,
it
but said there is widespread
may
A
lot of it
a
that we keep our powder dry
hand."
on
,
Congressmen, industrialists
of Senators,
group
"It may be nearer
be," he said.
live and think and act in the present, and
must
we
the safety of all that is dear to us demands
and have
quiet
to turn this
necessary
powder center,
a
how distant that
but
right now is more than money—
was
be turned to pursuits of peace.
can
one can say
we
that
attended the dedicatory
18,000 workers who rushed
;;;
and defense leaders
:'ob to completion, when Mr. Patterson
the
and not with figures of speech.
that
we
We
are
as
that the time has come
for us
well as for those
as
sible for loans.
but I
Secretary of War Henry L. Stimson sent a message complimenting the
workers and they heard
ceremony
ing station
near
Christie, March 12,
incident to the dedication of the
banker
the future custodians of American air
trainees.
Vr"'.^•':'l
-
Secretary Knox, who made the dedicatory speech
in front of the adminis¬
\
It
was
racy is
not
,
■
,
built, he asserted, "in an aggressive spirit," because "a
never
democ¬
I dedicate this station not to war, but to the
of justice and righteousness." . . .
aggressive.
reservation of peace—a particular peace
Captain Bernhard read his orders, the flag was hoisted, the watch was
set and the station was
declared in commission.
Secretary Knox departed for Washington after a hasty meal of
fare in
enlisted men's hall.
an
He
was
typical
flying in his private naval plane.
Distinguished guests Included Governor W. Lee O'Daniel and a group
of Congressmen, some of whom were
in part
members of the House Naval Affairs
the space of eight
months, the Navy and private contractors have
Ultimately the plant will have more than 481 buildings which the present
Approximately 2,500 cadets will be in training when the station rolls
into high gear,
A
total
run over
of
probably next January.
17,000
men
will be on the reservation and the payroll will
Others
^
Organized co-operation
means
was
recommended
as
the best
banks have at their command to improve their in¬
dividual
operating techniques and at the same time assure
independent banking against the contingencies of the future,
by Ed. L. Weathers, President of the Kentucky Bankers As¬
sociation, in an address before the regional conference of the
American Bankers Association at Louisville, Ky. on March 20
Mr. Weathers, who is President of the First-City Bank and
Trust Co., Hopkinsville, Ky., asserted that "modern life and
business are so complex and so interwoven with other lives
and interests that today individual effort counts for little
except as it contributes to the perfection of organized mechan¬
ism as a whole.
"Organization is not merely the surest and
safest vehicle for the advancement of the interest of any given
calling, business or profession; it is absolutely and impera¬
tively necessary in every walk of life that hopes for survival,"
Mr. Weathers continued.
Stating that "the failure to adopt
reasonably uniform methods and practices as determined by
research and general experience and opinion, results not only
in confusion, but oftentimes in bringing about senseless,
competition and bewilderment whih may result in
to the customer and the business alike."
Mr.
Weathers added:
ruinous
disaster
Cooperation presupposses, of course,
State Association, as
well
as
membership in
our
National and
affiliation with other principal business and civic
including bankers forums or
exist in our own districts. It not
only contemplates membership in those bodies, but that we will be active in
their work, giving a good part of our time and talent to help accomplish those
objectives which these organizations have in view lor our mutual benefit
organizations in our respective communities,
clearing-house associations where such
and
The
who
men
Z"'- Zv ///■'''-/- ;.'Z/-../'//^Z
successful in banking today got ahead by thinking,
are
establish and maintain friendly relations with others
business, and even cordial relations, if possible,
with our competitors,/ to the end that it will always be possible for us to
come together in friendly and frank discussion of our common problems and
make plans for our mutual benefit and profit.
engaged in the same line of
only scratched the surface of the possibilities ot financial service.
who go deeper
Those
will not only benefit materially, but will have the greater
satisfaction that comes from the realization of havng contributed something
the happiness and progress
to
of their fellow men."
Initiative of effort,
Country banks were urged at the Conference on March 20
develop accurate systems of cost accounting and adequate
credit files by W. A. Codings, President of the First National
Bank of Crawfordsville, Ind.
Speaking on the subject,
to
"An Inside Program
urged on March 20 to adopt an "out¬
side program" designed to increase the volume of their farm
loans, improve and extend their services to their communities,
and increase banking knowledge of farming procedure, by
for Country Banks," Mr. Codings de¬
clared that country banks should accumulate records of fi¬
nancial information concerning their farmer-borrowers in
order that the credit status of these borrowers can
readily
Mr. Codings urged close inspection of costs
be ascertained.
on the ground that service charges can be accurately and
equitably determined through cost analysis.
He stated:
Various forms of setting up cost systems
vinced that the "uniform analysis" system
satisfaction than any other that has
The most important and
of service
have been tried, but I
avoids
more
of the
am con¬
causes
of dis¬
been contrived thus far.
also the most difficult part in installing a system
charges in banks is the matter of educating staff members of banks
value to the bank and also to Its fairness to the customer.
to its
It is necessary to
educate and convince your employees in these matters
because the discussion will rise most
tellers, and officers have very little
the only
is
want
frequently between the customers and
opportunity to participate.
After all,
thing banks have to sell their communities is service, and all they
a
fair remuneration for the services which they render.
portant thing is that the customer
Ths im¬
should likewise be convinced.
♦
Death
of Former Representative H. G. Teigan,
Minnesota—Served from 1936 to 1938
of
Henry G. Teigan, who served as Representative in Con¬
for Minnesota from 1936 to 1938, died on Mar. 12 at
in Minnesota, following a heart attack.
Mr.
Teigan, who was 59 years old, was a member of the FarmerLabor party. The following regarding him is from the New
gress
his
home
York "Times" of Mar. 13:
During his term in Congress Mr. Teigan was a member of a non-partisan
group
of Representatives
who assured President Roosevelt of their co¬
of the Supreme Court. He
operation with possible plans to alter the power
urged that the arms embargo in effect
He
was
against Spain in 1937 be extended
Italy and Germany.
State Senator from 1933 to 1935 and edited
Advocate from
President
The Farmer-Labor
1923 to 1933.
Roosevelt
Creates
Special
Board
to
Study
Transportation
Country banks were
Up to today, the banking instituitons have
hustling, and having faith.
to include
protection.
Let us endeavor to
Today those things still need to be done aod in
whole new field of science, chemistry,
X
asserted, is essential in this.
$2,500,000 monthly.
Organized Co-Operation Among Banks Urged by E. L.
Weathers at Regional Conference of A. B. A. at
Louisville, Ky.—Remarks of John E. Wise and
/
and research.
three and one-half years.
contract calls for.
banking, initiative of effort,
addition the doors are opening on a
station is 70% complete.
.
In
development of good bankers
said:
down, and the land to till.
Although the ceremony represented the transformation of the plant from
achieved what ordinarily would consume two to
friends where they live.
Yesterday we had mountains to peel, mines to excavate, forests to cut
Committee.
the construction to the operation stage, actually the
Our program is more
It involves going out into the hay fields or wheat
integrity of character, and regard for cooperation, it was as¬
serted by Dr. Fred C. Wiegman, President of Midland Col¬
lege, Fremont, Neb., in an address before the Regional Con¬
ference on March 20.
Dr. Wiegman outlined the importance
of banking in the development of American institutions and
stressed the significance of present-day events as they are
bringing about changes in the banking business.
He visua¬
lized a future for American enterprise, based upon technologi¬
cal advancement, in which banks would have ample op¬
portunities for providing additional financial services, and
school would instruct young men "in the new art
of war."
study program.
a
respect for the institution of
are
■■
tration building said the
Frankly, I believe that the informed rural
give, and is now giving better service to the farmer than any other
can
Four elements essential to the
prob¬
would be accepted March 20 in the initial group of
Dallas,
and where farmers borrow their money, and of
important.
fields, in the dairy barns, and meeting our farmer
will shuttle in and out of the giant reservation.
Capt. Alva D. Bernhard, Commandant, said only about 50 men,
are
type of financial institution or government agency.
than
At the rate of 300 every month,
ably from
•/:
competition,
o*"
months.
power
his community, and nothing should be done for mere
The study of credit needs
will be taught a complete combat course in seven
young naval cadets who
the farmer and
to
advertising.
pronounced ready to receive the first batch
was
Above everything else, he must
really being a friend and of gaining the respect and
confidence of his community.
Whatever you do, you must be of real value
consuming exactly 17 minutes the $44,000,000 air train¬
here
banker knows enough about agricultural
problems of his own community to be able to give good
have the happy faculty of
Associated Press advices from Corpus
a
I realize that it is impossible to be an expert in many lines,
that the average rural
and
advice and sound counsel to his customers.
Powder Co., which will operate the plant.
In
am sure
conditions
praise from C. A. Higgins, President of the Hercules
had the following to say
air training station there:
which the banker must meet, we can also see
when the banker and the fsmer together are respon¬
With the present competition
do."
we
soil, fertility, live-stock, machinery, and
rural social life.
not be flattered tomorrow.
may
be someone who is interested in rural life and
rural life; something concerning
arming ourselves today precisely
"The quicker we do the job, the better it will be
who think and live
to say:
More than that, he most known something of the practical side of
people.
his own side stressing the im¬
"The enemy does the flattering
portance of his job," Mr. Patterson said.
on
The person you select must
emphasized the importance of skilled craftsmen in the rearmament program.
"No longer is he flattered by speakers on
In
He went
Cheers and applause came from the
ceremonies.
Willard United Bank, Willard,
addressing the Conference, Mr. Wise declared
that present-day bankers "recognize a radical change in our
rural population, a change in ways of thinking and methods
of farming, a change in attitudes involvng competition never
thought of 20 years ago.
Either we are entering upon, or are
already engaged in a new-era program, involving new prac¬
tices, new ideas, and new methods, but we still retain the old
fundamental ideas pertaining to good banking.
"Before at¬
tempting an outside program," Mr. Wise counseled the ban¬
kers, "it is well to spend some time in self-analysis to see if
you are the proper person, or if there is someone in your
organization who is now, or whom you feel can be trained, to
become the proper person to take charge of your rural work."
Ohio.
Praising workers who completed the construction three months ahead
of schedule, Mr. Patterson said that "time
it
1851
The Commercial & Financial Chronicle
152
on March 11 created the special threetransportation investigation and research as
President Roosevelt
member board of
provided under the Transportation Act of 1940.
The Commercial & Financial Chronicle
1852
Nominated for membership on the board were:
Wayne
Coy, Indiana, chairman; Charles West, Ohio, and Nelson
Smith, New Hampshire.
This board is to make a broad study of all phases of the
transportation problem and recommend further legislation
to carry out the new transport policy set out by Congress in
thorough
22,
1941
of this situation and making recommendations with regard
of dealing with the problems which have arisen
canvass
methods
best
the
to
March
therein.
"
■'
'■
■'
,
be
would
It
would
the committee
if
appreciated
to
arrange
meet
in
Washington at an early date, at which time I will be glad to put at its
disposal such information
the subject as may be available.
on
Very sincerely yours,
the 1940 Act.
FRANKLIN
D.
ROOSEVELT.
Specific matters which the Act directs the board to give
attention to
are:
President
1. The relative economy and fitness of carriers by rail¬
roads, motor and water for transportation service, with a
view of determining the service for which each type of carrier,
is especially fitted, so that there may be developed a co¬
carriers have
been subsidized by the Government; and
3. The extent to which taxes are imposed
by governmental agencies.
The board is
to
creating
such
upon
year,
United
States
by
Private
Relief
in
United
the
States
of North
by private relief activities.
of
Activities
~
Dr. Frederick P. Keppel,
New York City. The nam¬
to preserve
tain
balance between the facilities and resources available
a
for foreign war relief with
ing of
defense
measures."
The
of
letter
national
with
Secretary
Hull
to
the
My dear Mr. President:
At the
they have in the past,
this
It
country.
been
300
likely that these efforts will be increased
for
military training.
organizations,
registered
with
the
their
also
are
of
most
Department
and collect contributions.
continuing
efforts
Here
and
that
informed
them
of
by
and
the
finest
be
may
1
under
the
frustrated
without
In
out
Selective
human
the field of
full
Greece,
foreign relief
the
or
undertakings,
they
are
now
rely
solicit
may
are
public
on
planning
of
is
these
without
are
danger
regard
launch
to
camps
efforts
growing
support.
terials
to
that
one
To
many
agencies
are
now
aid
sides
investigate
is
make
effective
relief
public
To
this
of
issue
their relation
to
the
the
well
would
informed
be
maintain
activities
entire
taken
a
war
in
particularly in
on
that
problem
to
and
matters of
balance
between
relief with
connection
make
local
preserve
the
and
appoint
you
relation
a
to
our
committee
loca'l welfare,
essential
facilities
and
welfare
as
to
with
national
of
and foreign
defense
what
services,
resources
particular regard to the financing of
steps
and
available
new
to
for
welfare
I
am
enclosing
with
a
regard
copy of
to
a
certain
letter I have received from the
Secretary of
problems existing in the field of
foreign
relief.^ I would be grateful if
you would be good enough to serve
committee of three I would like to
appoint for the purpose of
by the
agreement
an
when requested by both
and
make
activities
findings
Labor
Relations
connection
with
labor
recommendations,
whenever
interests of industrial peace
the National
in
and
in
the
and
judgment
require."
so
Board
to
expedite
the
deter¬
controversies
in
where
on
making
"a
a
it
is
essential
in
the
in
production
defense shall
Mediation
Defense
Board
present emergency that employers and
transportation
or
exert every
of materials necessary
possible effort to
asure
that all work
for national defense shall proceed without interruption and with
possible speed:
all
NOW, THEREFORE, by virtue of the authority vested in
stitution
the statutes,
and
1.
(a)
as
the
the National Defense
as
Board).
the
public,
chairman of the Board
(b)
Each
member
and each
is not
addition
Board
(hereinafter
be
shall
four
of
thereto
$25.00
of
the
make
or
burden
the
of
his
traveling
service
on
ex¬
said
States shall receive in
expense
on
such
Within the limits of such funds
days
as
may
as
be
allocated to it by the President, through the
experts,
Secretary
of
Lalx>r
Management shall
furnish
officers, and employees, and
assistants,
facilities, and services.
certifies
dispute has arisen between
any
to
the
Board
employer
(or
that
any
of
em¬
group
employees (or organization of employees) which threatens
obstruct
essential
the
necessary
diem for subsistence
or
necessary
any
or
materials
receive
for the necessary supplies,
Whenever
controversy
shall
during the period
employee of the United
per
per¬
employees
of
The President shall designate
Budget, the Office of Production
provision
ployers) and
who,
Board duties.
with
Board
Board
the
or
appropriated by Congress
representatives
of the members representing the public.
one
member
officer
an
he is performing
to
Mediation
The Board shall be composed of eleven members
and four shall be representatives of employers.
2.
follows:
as
appointed by the President, of whom three shall be disinterested
representing
the
declared by the
as
There is hereby created in the Office for Emergency Management,
board to be known
sona
national emergency
Sept. 3, 1939, it is hereby ordered
on
by the Con¬
Emergency Management of the Executive Office
of the President with respect to the
President to exist
me
and in order to define further certain functions
and duties of the Office for
within
measures.
The President addressed identic
letters to Messrs. Davies
and
Taft, and to Dr. Keppel,
asking them to serve as
members of the committee.
In his letter to them the
Presi¬
dent said:
State
negotiation of
necessary
This committee
might very well
recommendations
practices
testimony,
findings and recommendaions
engaged
national
Bureau
therefore,
relief, and the needs for national defense.
the
program
official status and bears definite
responsibilities
and
in
arises.
employees
Board,
an
with
appropriate collective bargaining units
WHEREAS
penses,
be
es¬
EXECUTIVE ORDER
of
armed forces.
examine
of
According to the
assisting
by
arbitration,
Establishment of National
Cross, which, as you indicated in your statement of
1939, holds both under the laws of the United States and under
foreign relief,
foreign
impracticable at
Red
are
the Board is
The text of the President's executive order follows:
it is advisable that the efforts of all
in
its
request
mination
as
international agreements
both in domestic and
might
operation
time.
In relief, both at home and
abroad,
the relief organizations be considered
who
Ching of
transportation
or
disputes
voluntary
issues,
take
of the Board "the
to be
men
Cyrus
impartial arbitrator.
as
controversies;
make
referred to
three
Post;
which may arise later.
To
to
particularly important that funds should not be solicited for categories
requested, or approved, or for which shipping
is not available.
Moreover, in other countries of Europe economic
and military controls as well as limitations
upon transportation and com¬
suggestion,
production
to adjust
for
means
parties, to act
space
12,
the
effort
every
afford
of relief which have not been
Oct.
California,
To assist in
establishing, when desired by both parties, methods for
settling future controversies, and to deal with matters of interest to both
of
of
American
Washington
parties to abide by the decisions arrived at, and,
raising funds with¬
already at hand, the needs which
resources
make
a
the
of
equipment and which could not be adjusted
they
is
facilities
Lapham
Secretary of Labor certified
controversy had arisen which threatened to "bur¬
obstruct"
or
it is
present
D.
Roger
Steamship Co.; Eugene Meyer of the
agreements.
another
is
munication
Jersey;
Hawaiian
by the Labor Department's conciliators.
/
particularly apparent in British relief where the
obtaining shipping space for the transportation of relief ma¬
already serious and requires discriminating knowledge as to the
needs existing and as to the most effective method of
meeting them.
Here
problem
den
estab¬
Red Cross and also through other organizations.
greater coordination exists with regard to all of these
for
New
of
Publisher of the
inspired
being extended to Great Britain, China,
Spain and many other countries affected by the conflict
it
Co.
American
sential defense,
American
the need
Oil
the
Columbia,
that any
men
the shipping available for the transportation
American
Finland,
through
While
All
there
conducted
knowledge of the relief
materials.
Act.
by the
young
nature,
that
adjacent to military
areas
coordination.
actually require relief,
relief
of
of
The President's executive order states that
private welfare agencies are
to
people
our
but
are
order
continue
of
some
Service
they
temporary
a
in
home local
at
instincts,
if
proper
as
the field of foreign relief
In
of
States
must
campaigns to finance activities in
lished
time needs at home have continued,
same
people to provide in every way for the
our
called
Committee;
authorized to act whenever the
To
inspire similar efforts to relieve human need in
to
seems
of
concern
have
about
We
together
you,
suffering which has been caused by the conflicts raging in
portions of the world has called forth the humanitarian efforts of
natural
Organizing
Pennsylvania, Director of the United States Rubber Corp.
aid in their solution.
may
who
before
human
the American people.
Standard
District
Problems have arisen with regard to the raising
of funds for private relief activities which I should lay
with a suggestion for procedure which
The
Workers'
Steel
Associated Press, the Board duties include authority:
President follows:
other
Railway and Steamship Clerks; Philip Mur¬
Chairman,
Representing Employers: Walter C. Teagle of Connecticut, former Presi¬
particular regard to the financ¬
welfare activities in connection
new
Patent
Kennedy of Pennsylvania, Secretary-Treasurer United Mine Workers
President
the group "might very
and make recommendations
well examine the entire problem
as to what steps might be taken
local and essential welfare services, and to main¬
Davis of New York,
America.
dent
ing of this committee was briefly referred to in our issue
of March 15, page 1G89.
In his letter to the President suggesting the appointment of such a committee, Secretary Hull
V^aid
"disinterested persons representing the
are:
Perissylvania,
of
and
President of the
Carolina.
of
ray
Thomas
Washington,
Dykstra, Director
as
In addition to Mr. Dykstra, who
President of the Brotherhood of
which was named at the
suggestion of Secretary of State Hull, are Charles P. Taft,
Coordinator, Health, Welfare and Related Defense
in
leave
on
Representing Employees: George Meany of New York, General Secretary
the American Federation of Labor; George M. Harrison of Ohio, Grand
Assistant
President of the Carnegie Corp.,
shall
Attorney; Frank P. Graham of North Carolina, President of the University
three, headed by former Ambassador Joseph E. Davies,
to study and recommend methods of dealing with the raising
funds
executive order
an
national defense
Representing the Public: William Hammatt
of
of
for
necessary
Service, who is
of the three
one
members
The other members of the group,
of
Made
public, the Board is made up of four representatives of em¬
ployees and four representatives of employers.
The other
13 appointed a committee
March
on
work
University of Wisconsin.
is
Activities
President Roosevelt
all
Selective
of
President Roosevelt Names Three-Man Group to Study
and Recommend Methods of Dealing with Raising
in
March 19 issued
on
The Board will be headed by Clarence A.
may
+.
Funds
Dykstra
proceed without interruption and with all possible speed."
be extended by the
of
A.
Repre¬
Behalf
in
11-man National Defense Mediation Board "to
an
that
assure
^
Its life, covering an initial period of one
President for another year.
year.
Employers—C.
and
President Roosevelt
to Congress initially within one
report
Named
Chairman
ordinated national transport system;
2. The extent to which the several classes of
earners
Employees
Each
Four
and
National
Board—Three Members
Mediation
Public
sent
Eleven-Man
Establishes
Roosevelt
Defense
purview
the
production
national
to
of
the
or
defense
Railway
transportation
(excluding
Labor
Act
as
of
any
equinment
dispute
amended)
or
coming
and
which
cannot be
adjusted by the commisisoners of conciliation of the Department
of
the
Labor,
Board
(a) To make
every
troversy
or
for that
is
hereby authorized—
reasonable effort to adjust and settle
any
such
con¬
purpose;
(b) To
the
dispute by assisting the parties thereto to negotiate agreements
afford
means
for
voluntary
arbitration
with
parties thereto to abide by the decision arrived at
an
upon
agreement
to act
as
impartial arbitrator
or
by
such arbitra¬
tion, and, when requested by both parties, to designate a person
arbitrators of such controversy
or
or
persons
dispute;
(c) To assist in establishing, when desired by the parties, methods for
resoiving future controversies
with matters of interest
take
mendations
parties which may thereafter arise;
make
testimony,
the
for
findings
settlement
of
practices
such controversy or dispute; conduct
of
such
any
and
fact,
controversy
fromulate recom¬
or dispute, and
in the judgment
make public such findings and recommendations whenever
of
the
(e)
or
of
interests
industrial
peace
designated
for
or
appropriate representatives to
possible the determination of the appropriate unit or appropriate repre¬
of the workers.
sentatives
3.
Whenever
with
ance
scribed
by
members
controversy or dispute is certified to
a
section
Board,
the
he
as
the
2,
deems
Chairman,
shall
accordance
in
the Board, in accord¬
with
regulations
pre¬
division of the Board such
to take action with respect to such con¬
designate
necessary
a
as
of the
duties enumerated in section
2; provided (a) that no less than three
members shall be assigned to any such division, and (b) that each of the
troversy
three
and
dispute,
or
represented
groups
the
on
connection therewith
in
perform
to
shall
Board
be represented
any
on
any
such
division.
4.
in
Whenever
accordance
shall
refer
It
is
gaged
or
dispute which has not been certified to it
section
is
the
matter
to
exert
Department of
be
to
of
materials
ment
the
of
any
and
(c)
the
to
desired
office of Production
change in
(b) full information
conditions;
settlement
essential
en¬
national
to
production
such
of
as
Management
as
(a)
wages,
notice in
or
any
controversies
so
to
as
of this
these columns March 15, page
avoid
strikes,
stoppages,
Board
were
or
ROOSEVELT.
mentioned
in
1675.
represented
Argentina
the
at
International Labor Conference in
11th
Geneva.
of Minister of Foreign Affairs, vacant owing to
resignation of Julio A. Roca, will be filled by Jacinto
Ruiz Guinazu, who was National Deputy for the Province of
the
Buenos Aires from 1932 to 1938.
to
Make
Transportation Facilities—Senate
firmation of Members Required
Con¬
Study of
President Roosevelt
hoard vto investigate
on
March 20, nominated
a
three-man
the availability and
adequacy of .existing rail, water and motor transportation
facilities td;earry the expanding commerce of the Nation.„
Named to the Board, creation of which is authorized by the
Transportation Act of 1940, are Wayne Coy, of Delphi, Ind.,
assistant to Paul V. McNutt, Federal Security Administrator;
Charles West, of Granville, Ohio, former Democratic House
member from Ohio, and Nelson Lee Smith, of Hopkinton,
N. H., Cnairman of the Public Service Commission of New
Hampshire.
Senate confirmation of the membership is neccessary
before the Board can begin functioning.
The
Board members will receive an annual salary of $10,000 each.
Under the terms of the Transportation Act, the Board is
required to make a preliminary report by May 1.
The Board
will remain in existence until September, 1943, but the Presi¬
dent has the right to extend its life for another two years.
Reference to the signing of the Act by President Roosevelt
on Sept. 18, last, was made in our issue of Sept. 21, page 1653.
At that time we gave a summary of the Act by the Association
of American Railroads, which had the following to say regarding tne creation of the three-man Board *
and
report
on
The Act contains a very important provision, Title III, establishing
a*Board of investigation and research, to be composed of three persons
}
who shall be appointed
by the President, for the purpose of investigating
three matters, these being:
addition to these three specific matters,
investigate any other matter which may
Col. W. J. Donovan Returns to
Report
on
the Board is authorized to
relate to transportation.
United States Following
Near East—Submits
Trip to President/ Roosevelt
Europe,
Africa and
"
14-week trip, covering some 25,000 miles, Col.
returned to the United States on
March 18 and on Marcn 19 submitted a report to President
Roosevelt on his observations.
Col. Donovan's trip took
him to England, Eire, Spain and through most of the coun¬
tries of northern Africa and the Near East.
He returned to
the United States aboard the Yankee Clipper arriving from
Lisbon, Portugal.
The following bearing on his return is
from the New York "Herald Tribune" of March 19:
Following
J.
a
Donovan
subjected to a more than aver¬
questions, the net result of which was that he was
sorry, but he would have to present his findings to the American Govern¬
ment first.
He did, however, dictate the following statement:
"I've been a good many miles—about 25,000—on the sea, in the air, on
the land and in the desert, and I've seen the interplay of these various forces
of economics and military activities and politics, as well as morals.
"I've seen a lot of modern warfare.
I've seen, too, how important the
administrative and maintenance side of warfare is.
From all that I have
learned, I hope that I'll be able to give information of value to our own
country in preparation for its defense."
The only reference that Col. Donovan would make to the status of his
trip was in answer to the comment of a reporter that Col. Frank Knox,
For nearly
half
an
hour Col. Donovan was
barrage of interview
United
from
of Export-Import Bank,
States for Tour of South
America
of
President
Pierson,
Lee
Warren
the
Export-Import
Bank, sailed from New York on March 14 aboard the steamer
Argentina bound for Rio de Janeiro, Brazil, in furtherance of
a tour of several South American countries.
Mr. Pierson
left Washington on
York.
In reporting
on
March 13 to board the steamer in New
his departure from Washington, advices
March 13, by the United Press
said:
handle details in connection with the
steel business, Mr. Pierson said.
The bank recently loaned the Brazilian
Steel Syndicate, headed by Quilberme, Guinle, $20,000,000 to supplement
capital raised by Brazilian business men.
Purchases of machine tooks and
equipment are being made in Cleveland, Ohio, for shipment to Rio De
Janeiro, where the steel mill will be set up to refine ores from the interior
Principal object of the visit is to
State of Minas
Geraes.
granted other important
Bank of Brazil;
a $4,340,000 credit to the Sorocabana Railway for equipment to be used in
connection with its electrification program; $1,312,500 to the Baldwin
Locomotive Works to finance export of locomotives and railway equipment;
$1,060,000 to the Pullman-Standard Car Export Corporation to finance
shipments of railway cars and equipment; a credit of $1,575,000 to the Rio
Grande Do Sul Railway for steel rails in the United States, and other
The Export-Import
Bank in recent months has
$25,000,000 operation with the
credits to Brazil, including a
Wheat Expert, Arrives in London—
England on Wheat Problems
Campbell,
D.
T.
exporters.
credits to various American
smaller
Assist
To
Campbell of Montana, wheat expert, arrived
England, on March 11, where he will confer
with officials in an endeavor to assist Great Britain with
her
wheat problems.
Mr. Campbell departed from the
United States on March 6 after having held several confer¬
Thomas D.
in
London,
President Roosevelt.
with
ences
London
Mr.
March 13, in reporting
advices,
cablegram
Campbell's arrival there on March 11 seaid:
Thomas D. Campbell arrived in London Tuesday, hoping to present to
Prime
Minister
Winston Churchill his plan for the mechanization of
English farms and a plan to supply Spain with at least 25,000,000 bushels
surplus
America's
of
wheat.
Campbell said he was ready to give
ernment
Great
for
a
ties
and
make
German
infiltration
sending
from
the
American
H.
O.
Gov¬
suggestions.
the belief that the
In
his services to the British
if necessary.
direct certain types of
With letters of introduction from President Roose¬
Mr. Campbell has come over to look over possibili¬
Churchill,
Mr.
to
more
or
has been trying to find experts to
farming.
mechanized
velt
year
Britain
they
if
able to withstand
Campbell1 is also interested in
people of Spain would be better
,
_.
to
President
Pierson,
Departs
Mr.
(a) The relative economy and fitness of carriers by railroad, motor and
water for transportation service, with a view of determining the service
for which each type of carrier is especially fitted, so that there may be
developed a national transportation system in the United States:
(b) The extent to which the several classes of carriers have been sub¬
sidized by the Government, and
(c) The extent to which taxes are imposed upon such carriers by govern¬
mental agencies. :-C-V
;
i
Visit
L.
W.
from there
President Roosevelt Names Three-Man Board
age
Finance
of Finance in 1937-38.
Vice-President of the Banco de la Nacion
and a director of the Argentine Central Bank.
Since 1938 he has been
President of the Buenos Aires Transport Corp.
In 1928 the new Minister
threatened interruptions to
FRANKLIN D.
William
Argentine government
associated with
He served as Under-Secretary of the
years.
He has occupied the positions of
to all developments in labor disputes;
will permit exploration of all avenues of possible
Plans for the creation
In
many
closely
been
has
Acevedo
was
Department in 1932 and held the position of Minister
working
lockouts.
4.
which
In the interest of national
existing agreements,
such sufficient advance notice of
continuous
Dr.
finance for
been appointed
has
Acevedo
Alberto
parties should give to the Conciliation Service of the Depart¬
Labor and
writing of
employees
possible effort to settle all their disputes without
interruption in production or transportation.
defense
Argentine
rendered vacant by
the resignation of Federico Pinedo in January.
In the
interim, Salvador Oria has been Acting Minister.
This
announcement was made
by the Argentine Information
Bureau, New York City, on March 14, which further said:
Carlos
Minister of Finance, a post
The post
Labor.
duty of employers and
the
transportation
or
every
2
the
to
declared
production
n
Appointed Argentine Minister of Finance
Affairs Minister
C. A. Acevedo
brought to the attention of the Board, it
with
hereby
defense
any
controversy
a
Donovan, smiling.
trip as an
occasions that he was making the
—J. R. Guinazu Made Foreign
in any controversy
bargaining, to expedite as much
of collective
purposes
need corroboration," said Col.
"The Secretary does not
It had been reported on various
unofficial observer for Col. Knox.
require;
so
Labor Relations Board,
dispute relating to the appropriate unit
be
as
the
Board
To request the National
Foreign Relations Committee
Donovan was "a private in¬
hearing in Washington (on Feb. 1), that Mr.
dividual, traveling at his own expense."
and activities thereof, with respect to
hearings,
Secretary of the Navy, had said at a Senate
disputes between the parties; and to deal
or
both
to
To investigate issues between employers and employees, and
(d)
1853
The Commercial & Financial Chronicle
152
Volume
had food,
the United States to
Mr.
Spain at least 25,000,000 bushels of
wheat crop.
surplus
Named
Hunter
WPA
by
President
Roosevelt
as
Administrator
10 sent to the Senate the
Illinois to be Adminis¬
trator of the Work Projects Administration, succeeding the
late Colonel Francis C. Harrington.
Mr. Hunter has been
acting head of the WPA since the death of Colonel Harring¬
ton on Sept. 28 last, which was referred to in our issue of
Oct. 5, page 1986.
President Roosevelt on March
nomination of Howard O. Hunter of
WPA Authorizes 48-Hour
Week
Defense
Howard
O.
Hunter,
Acting
on
Certified National
Projects
Commissioner
of the Work
Projects Administration, on March 10 authorized a 48-hour
week for WPA workers on "certified national defense proj¬
ects."
This order is expected to affect an
estimated 200,000
employed on a 30- to 40-hour week,
according to the United Press, which states that straight
time wili be paid for the extra hours.
Commissioner Hunter
informed all State WPA administrators of this action in the
workers who have been
following telegram:
In
order
defense
to
expedite
projects,
you
work and move up completion dates
are
on
certified
authorized to employ all workers on
all con-
The Commercial & Financial Chronicle
1854
itruction
projects
partments
schedule,
This
effective
order
"certified
General
Letter
to
supersedes
the
Secretaries of the War and
only
applicable
defense
48-hour
a
on
revised
as
certified
the
construction
to
defense projects"
318
emphasize
all
on
by the
Navy De¬
and
in
necessity
airport and
projects
Accordance
with
designated
as
for
this
putting
authorization
road projects.
access
to
into
on
B. M. Edwards Made Assistant to
Secretary of Treasury
Morgenthau—Will
Be
Liaison
Officer
Between
Treasury and Banks in Defense Financing Program
The
appointment of R. M. Edwards, President of the
Bank of Charleston, with head¬
quarters offices at Columbia, S. C., as an Assistant to the
Secretary of the Treasury was announced by Secretary
Morgenthau on March 19.
Mr. Edwards, who is also a
Carolina National
Director of the Charlotte branch of the Richmond Federal
of
Mr. Edwards is
a
member of the Reconstruc¬
Corporation's advisory board at Charlotte, and
the South Carolina Council for Defense.
Banking Business Might Pass to Washington
Central control of
the banking business is in danger of
passing to Washington, Carlton K. Matson, New York pub¬
lic relations expert, warned members of the New York
Financial Advertisers at a luncheon meeting held on March
19 at the Lawyers' Club in New York City.
That danger,
he said, is due to the failure of banking officials to conceive
of public relations as a central organic function of the bank¬
ing institution, which is essentially a public utility.
If the
business is to survive as it now is, Mr. Matson continued,
banking officials must get across the value of the private
banking institution to the public.
His further remarks
are
Reserve
Bank, will serve as liaison officer between' the
Treasury and the Nation's banks in connection with the
defense financing program.
His assignment will cover
various phases of the effort to sell savings stamps and bonds
of small denominations, as well as securities of
larger de¬
Urged by C. K. Matson to Acquaint Public as
Value of Banking Institutions—Tells New York
Advertisers Otherwise Central Control
Financial
authorization
This
4.
tion Finance
summarized below:
The type of thinking done by financial
be figured in just as are the elements of
Circuit
Has Been
Court
of
Chairman of SEC—Nomination of R. C.
Wakefield to be Member bf FCC Also
down through the insulation set up by those
influence the attitude of every
with the public,
bank of making
a
every
The
Senate
March
on
Jerome N. Frank to be
20
confirmed
nomination
the
Circuit Court of Appeals in New York. Mr. Frank, wno has
been Chairman of the Securities and Exchange Commission
since May, 1939, succeeds Robert P. Patterson, who has
become
Under-Secretary of War. The appointment of Mr.
Frank to the judgeship by President Roosevelt on Feb. 12
was noted in these colums Feb.
15, page 107o.
The nomination of Ray C. Wakefield to be a member of
the Federal Communications Commission has also received
the approval of the Senate, action on this nomination
having
been taken
March 17.
on
Mr. Wakefield
was
made in
our
issue of March 8, page 1530.
Macauley
Successor
as
On March 20 President Roosevelt sent to the Senate the
nomination of Edward C.
member
of the
Macauley, U. S. N., retired, to be
United
States Maritime Commission, to
Truitt, who has resigned effective
April 1.
President Roosevelt accepted the resignation of
Mr. Truitt on March 13 and at the same time expressed his
appreciation of Mr. Truitt's services.
In tendering his
resignation, Mr. Truitt sent the following communication
a
Max
succeed
the
to
became
later, at
created
It
President:
On April
the
of
6, 1935, at the invitation of Jesse Jones,
Finance Corporation.
Two years
Reconstruction
the request of Joseph P.
Maritime
the
Commission,
I
Kennedy, then Chairman of the newlybecame
its
General
1938 pursuant to your appointments,
been
part
a
a
privilege
rare
of your
that I
regret
now
as
three great
tender
well
as
and ask
on
consideration
and
attention.
could, in these trying times,
concern
in
the
future,
I
can
be
pleasure
and
as
since
member
a
helpful to
it
is
thus
to
with
of
have
genuine
employee who meets the public,
matters
me
in
you
of
take
to
With
any
best
wishes
for your continued
real
personal
way
please
do call
O'RELL
Max:
member
of
I
the
have
received
I
have
United
States
much
Maritime
regret
on
in Cleveland.
Regular Quarterly Meeting of Association of Customers'
Brokers to Be Held
The
of
no
resignation
your
Commission,
Yours
want you
alternative but to accept the
resignation,
1941.
tendered
in
as
a
your
effective,
as
requested,
1,
has been
a
varied
as
well
as
a
most valuable
public service, and I
to know of my deep appreciation of all the good work
you have
'
done in the past six years.
I wish you all
happiness and
success
in
your
return
Very sincerely
to
private pursuits.
yours,
FRANKLIN
D.
following bearing on Mr. Macauley is from Washing¬
advices, March 20, to the New York "Journal of Com¬
merce" of March 21:
A wide
Brokers
surveyor.
as a
naval architect, marine
He has been employed in the past
on
hull,
machinery and engineering work in many investigations of marine
admiralty
cases, and in 1934 was President of the National
Longshoremen's Board.
In 1940 Mr.
Macauley
was a member of the Civil Works Administration
for
California during the entire CWA
program and later
will
be
held
on
afternoon
the
of
Governing Committee Room of the New
York Stock Exchange.
The speaker scheduled to aadress
this meeting is Glenn G. Munn, economist of Paine, Webber
& Co., who will discuss the subject: "Are the Organized Ex¬
changes Indispensable to the Securities Markets?"
At
this meeting there will be selected the nine members of the
1941 Nominating Committee from the slate of 21 suggested
from the Association's membership by the 1940 Nominating
Committee.
There will also be chosen at this meeting three
inspectors and officers for the annual election which will be
held in June.
♦
1941
"National Foreign Trade
Week" to Be Observed
During Week of May 18-24
Plans for the 1941 "National Foreign
Trade Week," to be
inclusive, are
being worked out, it is announced by E. L. Bacher,
Manager of the Foreign Commerce Department of the
United States Chamber of Commerce.
According to Mr.
Bacher, this year's Foreign Trade Week will be devoted to
a
preparedDess program for American foreign trade.
He
observed during the week of May 18 to 24,
now
said:
altered
set
of
Problems confronting
will give a more
circumstances,
internationally,
faces
us
this year.
foreign trade, in the present and for the years ahead,
serious tone to this year's speeches and conferences.
We believe that much of the 1941 observance will have
a
"preparedness"
angle to it—preparedness to safeguard America's foreign trade against the
untoward factors in the world situation, both present and future;
and also
National
Foreign Trade Convention to Be Held
was
City Oct. 6-8
The National
Foreign Trade Council announces that its
28th National Foreign Trade Convention will meet this year
in New York on Oct. 6, 7, 8, with headquarters in the Penn¬
sylvania Hotel.
Over 1,000 delegates from all sections of
the country are expected to attend, it is pointed out, and
special plans are being made by the Council to prepare a
program for the three days' sessions which will concentrate
attention on the difficult international trade problems arising
out of the
war.
Foreign Trade Council, of which James A.
Chairman, and Eugene P. Thomas, President,
has held four of these annual meetings of foreign traders in
New York City over a period that includes two great wars,
according to the Council's announcement, which adds:
Farrell
background in marine and naval affairs, Mr.
Macauley was for
six years engaged in business in San Francisco
March 28
The National
ROOSEVELT.
The
engineer and marine
on
regular quarterly business meeting of the Association
Customers'
28th
March 12.
Since you base your action on
family responsibilities
imperative demand for time in which to attend to personal affairs,
April
ton
will be held in Cleveland, Ohio at the Hotel
Sept. 8, 9, 10 and 11, 1941, it was announced on
March 8.
It was pointed out that the dates were set by the
Board of Directors at the Mid-Year Meeting held recently
Statler,
in New York
with
letter of
on
Association
defense program.
TRUITT.
reply the President said:
Dear
9-11
f
v
MAX
an
Convention in Cleveland, Sept.
preparedness to make every contribution that foreign trade can to America'®
good health, I beg to remain,
Faithfully,
and
things.
The 26th annual convention of the Financial Advertisers
this action.
me.
In
of the bank's general policy, but that general policy should begin
those
Financial Advertisers Association to Hold 26th Annual
An
1.
affairs demand
personal
my
should be worked into a personnel
publicity and promotion be integral
United
the
be accepted effective April
Only
cause
and
Commissioner
as
that it
My family responsibilities have increased and
immediate
real
a
Administrations,
resignation
my
States Maritime Commission
If,
Counsel,
liave served
Commission.
has
been
O'Rell
Solicitor
February,
of
parts
President:
Dear Mr.
I
method
March 28 at the
President Roosevelt Accepts Resignation of Max O'Rell
Truitt as Member of Maritime Commission—Names
E. C.
some
the bank's public relations policies understood
Not only should advertising,
relations.
named to the
Commission by President Roosevelt on March 5 to succeed
the late Thaddeus H. Brown.
Reference to the nomination
was
There ought to be
♦
of
Judge of the Second United States
a
official department heads who
and woman in the bank in contact
man
according to Mr. Matson.
policy of sympathetic understanding of the institution's problems of public
with
Approved
be driven
profit and overhead.
A bank's policy, the speaker concluded,
Judge of Second United
Appeals in New York—
men must
Every modern bank should have a sales manager with the power to cut
within
as
advertising
back to the officers who formulate bank policies, and they must be made to
realize that the public is an element of the banking business which has to
sympathetically by
Senate Confirms J. N. Frank
States
San Mateo,
Bankers
the provisions of
previous exemptions granted with respect to hours of work
nominations.
at
Calif.
supplemented.
projects affected.
South
His home is
ber of the California State Council for Defense.
week work
per
1941 2
immediately.
is
national
wish
I
effect
certified
important for national
as
March
appointed
a mem¬
is
The invitation to hold this year's convention in New
York was sent to
the Council by The Merchants' Association of New York,
with the promise
of the active cooperation of the New York Convention and Visitors
of
the
Association.
The
invitation
was
accompanied
by
Bureau
letters
Governor Lehman, Mayor LaGuardia, the Chamber of Commerce
State of New York, the Chairman of the Board oi' Trade of New
Port of New York
from
of the
York, the
Authority, the Fifth Avenue Association, Inc., Central
Volume
The Commercial &
152
Merchants Asso¬
Mercantile Association, 42nd Street Property Owners and
ciation, Inc., Broadway Association, Inc., Thirty-Fourth
Streec-Midtown
Studied
Accident
Defense
of
Phases
Accidents
New York Safety Convention
at
to
Be
April 22-25
vital factor in national economy
defense will be studied by safety engineers,
prevention
and in national
as a
and military men in the 12th Annual
Safety Convention and Exposition at the Hotel Pennsyl¬
vania, New York City, April 22-25.
The convention,
sponsored by the Greater New York Safety Council, has for
insurance
experts
"Safety-Defense-Liberty."
There will
affair, 200 speakers are on the
program and the exhibits of more than 100 manufacturers
of safety equipment will be on display in the exposition area.
About 6,000 are expected to attend.
its
theme
central
be 52 sessions in the four-day
C. F. Cunneen Outlines Work of United
States Chamber
Meet-
Insurance Field—Addresses
of Commerce in
in* of Insurance Men in Worcester,
Mass.
of the Chamber of Commerce of the United
insurance field, and its conservation activities,
The program
States in the
of insurance men by Terence F.
Cunneen, Executive Assistant for Insurance, at a luncheon
held at Worcester, Mass., under the auspices of the Worcester
Chamber of Commerce.
The Chairman of the meeting was
outlined to
were
a
group
June 2-6
Francisco
San
Fifteen
and
of Banking
Be Held in
1,500 Members of American Institute
Expected at Annual Convention to
Association, Twenty-Third Street Association, Inc.
Economic
1855
Financial Chronicle
hundred
of
members
Institute of
the American
of the American Bankers Asso¬
ciation, are expected to attend the Institute's 39th annual
convention to be held in San Francisco, Calif., June 2-6, it
Banking, educational
arm
national President of the
by J. LeBoy Dart,
is announced
B., who is Vice-President of the Florida National
Jacksonville, Fla. The program for the convention is
A. I.
Bank,
being
arranged by a special committee under the chairmanship
of George T. Newell, Vice-President of the Institute, who
is Vice-President of the Manufacturers Trust Co., New York
The five-day meeting will give the Institute's mem¬
attend the convention an opportunity to hear
City.
bers
who
P. D. Houston, President
of the American Bankers Associa¬
Dr. Robert G. Sproul, President of the
tion;
University of
Dr. Harold Stonier, Executive Manager of the
American Bankers Association, and Dr. William A. Irwin,
National Educational Director of the A. I. B., all of whom
California;
addition, Robert
Georgia, Atlanta,
Ga., will speak at the convention's final business session.
The following further regarding the meeting is from the
will
the
address
In
session.
opening
Strickland, President of the Trust Co. of
Association's announcement:
forensic
Two
the other its
contests,
Winners of the
the annual A. P. Giannini cash prizes,
public speaking event will receive
and
the
ship
debating match and
Institute's annual
the
one
public speaking contect, will be held.
annual
will be awarded the Institute's champion¬
cup.
winning debate
team
President of the State Mutual Life In¬
surance Co., who said that the meeting was one of the few
occasions upon which representatives of all lines of insurance
had gathered in that city.
Mr. Cunneen's remarks before
the meeting were summarized as follows in an announcement
issued by the United States Chamber of Commerce:
be held throughout the
departmental conferences
include bank
operations,
credits, savings banking, trust business, bank
management, business development and advertising, and investments and
investment
banking.
Panel discussions will be held on each of these
subjects.
■/ 'y
"'.u
in
than 1,100 legis¬
lative committees—an average of more than two
in each congressional
district—have been organized by chambers of commerce and trade associa¬
education,
Chandler Bullock,
Mr. Cunneen said that business men can
-
or
their
.
sightseeing trip of San Francisco, a "wild west"
a
which
at
annual
ball,
proceedings.
of Mutual
Savings
directory annually compiled by the National
Mutual Savings Banks is now available at
contains the names of all
their various offices,
the names of officers, the amount of deposits,
surplus,
assets, number of depositors, and particulars concerning
methods of paying interest.
The figures presented show the
$1.00
The
copy.
a
directory
institutions, the addresses of
Jan. 1, 1941, when they
$10,500,000,000 of deposits distributed among
15,500,000 accounts, the largest accumulation of thrift capi¬
tal ever assembled in one class of banking institutions.
The
condition of mutual institutions on
held
more
than
regular
average
account,
excepting
Christmas
Club
will
Theme of Mutual
Be Held in Phila¬
Bank
Savings
Conference
to
delphia May 7-9
The 1941 conference of
mutual savings bank officials and
which will mark the 125th anniversary of these
banks, will be held in the Bellevue-Stratford Hotel, Phila¬
trustees,
delphia,/ May 7-8-9. The first subject of discussion, accord¬
ing to an announcement of the National Association of Mu¬
tual Savings Banks, will be the financing of national defese measures.
It is expected that Myron F. Converse,
President of the Association, will sum up the place of sav¬
under way, while
viewpoint will be presented by Daniel W.
the Govern¬
Bell, UnderAt the first session there will
ings in the new economy now
ment
Secretary of the Treasury.
also be a discussion of the
use
the meeting were contained in the announce¬
Association:
vices regarding
ment by the
In the afternoon
of the same day Henry Bruere, President of The Bowery
York, will review the progress of rail capital readjust¬
ments, in which mutual savings banks have largely participated.
Several
of these readjustments now are in a notably satisfactory state.
Joseph B.
Eastman, Chairman of the Interstate Commerce Commission, is to be a
Savings Bank, New
speaker
and
a
out
of
this
at
nounced.
session.
Professor
C.
L.
A representative of the railroads will be an¬
Raper, Vice-Chancellor of Syracuse University
specialist in transportation,
extensive research.
Public
utilities are to be
will present his conclusions developing
brought before the morning session of May 8,
Staples, President of the Bell Telephone Co. of Pennsyl¬
describe the place of the communication service in the defense
program.
Other speakers also will be announced for this session and for
the banquet in the evening of the same day.
Mortgage problems and the general realty outlook lead the agenda of the
Friday session, May 9.
At that time Abner H. Ferguson, Administrator
of the Federal Housing Administration, will speak.
The expert viewpoint
is to be presented
by Philip W. Kniskern, President of the National
Association of Real Estate Boards.
when
Philip C.
vania, is to
the Institute's
Activities Could
Raise National
$100,000,000,000-Mark, According to
Hoyt of Chicago Plan Commission
to
possible for housing activities to furnish the driving
raising our national income to $100,000,000,000 a
in terms of present purchasing power,
year
Homer Hoyt,
Commission, told
the North Central Conference of the United States Savings
and Loan League, in Chicago, on March 14.
He said that
it could be accomplished entirely by private initiative, if
certain restrictions are removed, or that it could be done
Director of Research for the Chicago P»an
by
paternalistic Government rebuilding the
a
Nation on the
completely mobilized basis it uses for defense.
The
following concerning his remarks is taken from an announce¬
ment issued by the League:
same
Dr.
Hoyt
which
said that it may
are
construction
of
be a corollary of national defense to take
action to reverse the direction of uncontrolled economic
breaking down the urban structure.
He foresaw higher
positive
normal
activity
downward
turn
forces
levels
levels in the next few years, but a
in the building cycle after that, accelerated pos¬
and
rent
people reaching marriageable
the country to the city or from
Europe to America such as was the case in 1919-23.
"We
have
almost unlimited quantities of sand,
coal, iron ore, and
lumber in this country," said Dr. Hoyt.
"The railroads to ship them,
the factories and mills that fabricate them into building materials, and a
vast
reservoir of labor can, after the defense emergency,
be turned to
construction
activity.
If we remove certain bottlenecks of high costs,
in certain cities, it is possible to inaugurate a great construction boom
that would supply 1,000,000 new homes annually.
This amount of con¬
struction would not have to depend upon the growth of population, but
it is needed to replace existing obsolete structures and to rehouse slum
age
and the lack of flow of people from
dwellers."
':
Home Builders' Institute
To
Better
Create
•/
Begins Program of Activities
Conditions for New Home Pro¬
duction
of consumer credit under
present conditions by William Trufant Foster, Director of
the Pollak Foundation for Economic Research.
Further ad¬
rodeo and dinner-
and
of the convention's closing day.
sibly by the decline in the number of young
Financing of National Defense to Be
be host,
force for
and
special purpose accounts, stood at $848.03. The total
of all mutual accounts was something more than one-sixth
of total American bank deposits.
Copies may be obtained at
the Association's office, GO East 42d Street, New York City.
other
city
Housing
Homer
It is
of
Gate
Golden
the
to be held the evening
Banks
mutual
banking
include
Directory Shows 1941 Status
1911
on
dance
Income
The
addresses
relations,
public
Greater
Association
individual
feature
their community
legislative committees, he said,
particularly the Monopoly Committee's
New
will
conferences
Institute
The
speak to their Congressmen as
strictly local in character and operation.
reviewed recent insurance developments in Washington,
Cunneen
Institute conferences will
to be considered in the
The advantage of these
with
industry.
lies in the fact that they are
Mr.
Subjects
knowledge of how legislation affects
Members of these committees can
constituents,
Convention.
public speaking, debating, chapter adminis¬
tration, and chapter publicity, and there will be a special women's con¬
ference.
Caucuses for the annual election of officers and executive council
members of the Institute will be held Thursday evening, June 5.
The entertainment features that have been arranged for the convention
He explained that already more
the lawmaking process.
tions.
become a more potent force
and
Departmental
of activities of the Home Builders Institute
professional branch of the National Asso¬
ciation of Real Estate Boards, was outlined on March 1 in a
The program
of America, new
statement by David D.
Bohannon, President, which indicates
relationship which this new body may be expected
have to the immediate future of home production.
E.
the
to
L.
Institute for the South Central
appointed to head the Institute's special
committee on proposed adjustments in regard to Federal
Housing Administration mortgage
insurance for homes.
The Institute seeks adjustments that would more flexibly
take account of fluctuating building costs and market con¬
ditions, according to President Bohannon.
The announce¬
Grain, Vice-President of the
region, has been
ment, in part, goes on to say:
Committees of the Association will shortly be appointed initiating these
projected activities:
1.
To
building
of
cooperate
and
loan
with
fiduciary
institutions,
insurance
associations in order to obtain greater
companies, and
adaptability of
of the home buyer.
2. To study the possibility of cooperative arrangements for the purchase
supplies, locally or nationally, where such arrangements would seem to
home
financing methods to the needs
be economically sound and
advantageous.
The Commercial & Financial Chronicle
1856
3.
look
To
into
the
possibility there
be for mutual
may
cooperative
or
arrangements with respect to liability and other types of insurance.
Tlw Institute will be ready to confer with officials and with civic and
business groups looking to the development of fair building codes in the
various
cities
Active
eliminate
to
as
so
provisions.
make-work,
monopolistic,
is
cooperation
interested
proposed
with
research
agencies
subjects which affect home building.
on
the merchandising of homes is
planned for the service of Institute members.
Plans
already under way for
early in May.
are
be held
to
foundations
and
in
handbook
A
obsolete
or
v:
Creation of the Institute
a
national
one
of
meeting
the
of
projects
home
now
builders
Loans
by Savings, Building and Loan Associa¬
January Showed Large Gain Over Year
ago—New Money Invested also Increased Sharply
For
in
the
home
third
loans
consecutive
the
January
volume of
savings, building and loan associations for
by
United
the
States
year
whole
showed substantial margin
United States Savings and Loan
League reported on March 8.
This year's $80,440,000 of
loans represented a record high for any
January since the
figures began to be compiled.
It was almost double the
the
over
volume
preceding
of
as
a
year, the
loans
by these institutions five years ago and
20.1% greater than January, 1940, according to Paul Endicott, President of the League.
The announcement
to say:
Even in this non-seasonal
for
33.15%
the
of
new
home building,
Mr.
on
was
the pro¬
Endicott pointed
winter month construction
disbursed,
money
approximating the
loans accounted
35%
which
was
allotted
for this purpose by savings and loans during the last half of 1940.
January
a year ago
The momentum
before
only 29.11% of their volume
of
loan
volume
increases
over
was
the
construction
same
month
lending.
the year
picked
up in January, after tapering off the latter part of
1940,
President indicated.
After achieving a 20.8% margin over
1939 in
the third quarter, loans by these institutions were
only 10%
greater than the year before in the last quarter.
With January came a
doubling of-their rate of increase.
the
League
The January loans by savings,
building and loan associations, according
purpose, follows:
|
to purpose and the percentage of volume for each
the
Estimated Loans*
Construction
;
Percent of Total
526,662,000
Repair and modernization
Home purchase
Savings Bank, and Walter R. Bonn of the
Savings Bank.
Meetings will be held on the
second Wednesday of every month and will be addressed
by well-known speakers on insurance topics.
At the first
meeting following organization James E. Baum, Secretary
Itiver
of the Insurance and Protective Committee of the American
Bankers Association, conducted an intensive discussion of
S. Sloan Colt, President of Bankers Trust Co., New York
City, announced on March 19 that the Board of Directors
of the bank, at its meeting on March 18, had elected two
senior
new
II.
J.
Other purposes
and
years
on
Fifth
Avenue
made
in
duties
new
April 1.
by all associations In the
League
month
of
associations
into
of
these
14.8%
ITEMS
also
the
last
as
savings
local
over
reported
10
thrift
years
on
in
United
15
the amount
of
and
home
new
money
was
the
record
placed in these
Approximately $19G,138,000 went
financing institutions, which is a gain
January, 1940, the record month
ABOUT
January
investments.
or
BANKS,
TRUST
up
until
now.
COMPANIES,
&c.
Arrangements were made March 18 for the transfer of a
New York Stock Exchange
membership at $26,000. The pre¬
vious transaction was at
$28,000, on March 10.
♦
'
Feb.
15,
•
The Personal Trust Round Table
Group of the New York
Chapter, American Institute of Banking, met yesterday
(March 21) at Chapter Headquarters in the Woolworth
Building, New York City, to review the current status of
trust
investments and the effect of the National defense
effort upon them.
In announcing on March 20 that the
meeting would be held the following day, Edgar B. Landis,
trust officer of the Chemical Bank & Trust
Co., New York,
Group, further said:
Alfred H. Hauser, Investment Trust Officer
of the Chemical Bank and
Trust Co., and Alfred A. Fraser
III, Assistant Vice-President of the Trenton
Banking Co., will speak.
Otis T. Bradley of Davis, Polk, War dwell,
Gardiner, and Reed will discuss the legal aspects of the
safeguards with
which trustees must surround their
investment programs.
The Round Table's Investment
Committee, under the Chairmanship of
James J. Lynch of the Standard
Statistics Co., will present their findings on
items of current interest in trust
investments.
The committee members
will discuss their
assigned subjects as follows:
Robert
Borsig—utilities; John
Erles—industrials;
and Hugh M.
James
J.
F.
A. James Ghersen—railroads;
Childs—telephone companies;
Lynch—money
market
and
Herbert
governments;
Gaston—general policy.
Edgar R. Shumway, Secretary of the Group, also
nounced
Mr.
Rue
Bank.
the
formerly
was
Because
of
his
Vice-President
a
familiarity
his services have been
«
An Insurance Forum of the
Savings Banks of Group IV,
comprising savings banks in Manhattan, the Bronx and
to
provide a means for
insurance executives of these banks to
gather and exchange
experiences and information, it was announced this week
by John O. Dornbusch, Chairman of the Forum and Assis¬
tant
City.
been
Vice-President of Central Savings
Mrs. Hazel Ahern of the Dollar
appointed Secretary of the Forum.
The following
with
the
Philadelphia
conditions
requested by Thomas
Service
of
the
Office
of
Production
(Philadelphia) Federal Reserve District.
until
group
he will
of
of
business
June
30 to assist
his
assume
for
from
Princeton
Navy
during the
National
last
Rue, who
years.
Bank
He
in
many
class
the
World
from
setting
duties with
new
late Levi L.
the
Bank
in
its
up
Bankers
will
for
be
Defense
the
loaned
Third
to
that
organization, after which
Trust Co.
Mr.
Rue is
a
son
President of the Philadelphia National
born in Philadelphia in 1896, graduated
was
was
of
1918,
War.
1919
Rue
the
of
Management
Mr.
National
in
Pennsyl¬
Gates, President of
S.
University of Pennsylvania and District Coordinator
Contract
He
to
and
served
in
associated
was
1939,
serving
the
with
United
the
States
Philadelphia
Vice-President
as
for
the
10 years.
Mr.
Riddle, who has been selected for the
with the rank of
Trust
Co.
and
and
the
a
for
with
senior
the
States
the Agent
Berlin,
new
post of Economic Adviser
officer, has previously been Economist for Bankers
Association
of
Reserve
City Bankers.
He
came
to
1934 after service with the Federal Reserve Bank of New York
United
Treasury
1930
and
1933
to
banking
and chain
Department.
General for Reparations,
Statistician
as
From
Economic
as
he
directed
for the
a
Mr.
Riddle
the late S.
Adviser
to
spent
three
Parker Gilbert,
the
Transfer
Com¬
comprehensive study of branch,
Federal
Reserve
System.
M.
Williams Jr., has been nominated to
of the Bank of New York, which is the
oldest bank in New York, having been founded in 1784
become
trustee
a
by
Alexander
Hamilton.
Mr.
Williams
is
President
and
director of the Freeport Sulphur Co., and also President and
director of the Cuban-American Manganese Corp. and the
Virginia Central Ry.
His other directorships include the
Sulphur Export Co., the B. F. Goodrich Co. and the United
States Guarantee Co.
He is also
member of the Executive
a
Committee of the National Industrial Conference Board.
Bank, New York
Savings Bank has
The
members
Announcement
of a retirement plan for the benefit of
employees of the National City Bank of New
York and certain of its subsidiary
corporations was made
on
March 17 by Gordon S.
Rentschler, Chairman of the
officers
and
Board of Directors.
April
on
meeting
based
1,
of
was
Jan.
oil
The plan,
approved
14
and
which will become effective
by
shareholders
will
provide
the
annual
retirement
income
at
service with
the bank both before and after that
Mention of the stockholders' approval was made on
pages 356-357 of our issue of Jan. 18, in referring to the
on
date.
annual report of Mr.
the
plan
Rentschler.
officers
are
Eligible to participate in
employees in the home service
foreign service who have been
and
of the bank—and those in the
designated by the Board of Directors
eligible—who
as
are
25 and under 65 years of age and who have
completed
12 months of continuous service.
The number of
those eligible is placed at 5,018, making the
over
at
least
plan
largest
of
its
nouncement
ler
The
ment
to
kind
in
financial
regarding the plan,
institutions.
one
In
of the
his
an¬
March 17, Mr. Rentsch¬
on
said:
management of the bnnw believes
that
the
plan for its qfficers and employees represents
their welfare.
The
plan is
adoption of this retire¬
a
genuine contribution
designed that its combined benefits will
so
make it possible for each
participant to have a retirement income in keeping
with his salary.
The directors and officers feel that the plan offers to
participants
an¬
March 20 that leaders for the discussions at the
two final
meetings of the year will be Prof. Gilbert T.
Stephenson, director of the trust research division of the
American Bankers Association and Earl S.
MacNeill, trust
officer of the Continental Bank &
Trust Co.
on
Westchester, lias been organized
1075.
page
senior officers of the Bankers Trust
Co. is from President Colt's announcement of March 19:
new
..
The sale of two New York Coffee &
Sugar Exchange mem¬
berships, one at $1,750—and the other at $1,850 was trans¬
acted March 14th.
and leader of the
the bank since 1927, who
President of the Fifth Avenue
Mr. Downey was elected President of the
on Feb.
11, and reference thereto was
these columns
Langbourne
that
post.
*
States.
March
newly-created
a
of
as
$80,440,000
Made
Vice-President and
as
Bank
regarding the two
group
10.61
Rue
Adviser,
Vice-President
a
Bank
mittee.
16.96
Economic
as
will assume his
iii
4.70
34.57
officers—Francis J.
Riddle
The Board also adopted a resolution of regret at the retire¬
ment of John I. Downey, a member of the Board for 36
years
33.15
3,784,000
27,809,000
13,645,000
8,540,000
Refinancing
The
Livingston, Third
Bowery
North
the bank in
Purpose
*
1941
22,
Vice-President of the Union Dime Savings Bank; Mrs. Jane
Eule of the Dry Dock Savings Bank; William F. Owens of
vania,
In any January of the past decade
portion of the money loaned for
out.
goes
:J- /,>
More conspicuous than
Edmund P.
are
surety bonds.
V.-
tions
Committee
reported in these columns
was
Feb. 8, page 926.
Home
the Executive
March
to
the
and
surest
safest
retirement
income
which
is
it
possible
obtain.
The subsidiaries of the National
whose
officers
and
employees
City Bank of New York
eligible under the plan
Banking Corp., National City Safe Deposit
Co., National City Realty Corp., and the City Company of
New York, Inc. (in dissolution).
A similar plan has been
adopted for officers and employees of the City Bank Farm¬
are
ers
Trust
are
International
Co.
The following concerning
the plan is from
the bank's announcement:
Payment of retirement income based
made
wholly
by
the
bank—without
ployees—to
participants
benefit
be
plied
will
by
between
benefit
the
his
over
in
the
plan.
on
service
contributions
The
before
by
amount
2% of the participant's monthly salary
number
30th
of
years
of
continuous
service,
April
officers
of
this
on
not
1 will be
and
em¬
past-service
April 1 multi¬
exceeding
birthday and that date.
The excess of
$5,000 will be reduced by one-half of the excess.
30,
past-service
Volume
The
bank
The Commercial &
152
will
and
employees
and
in
also
and
active
continue
wlil
service
Retirement income based
a
the
service
on
those
to
April
on
officers
qualified
of pensions to retired
payment
bank
over
age
if
65
1.
1 will be provided under
after April
annuity contract between the National City Bank and the Equitable
group
Life Assurance
in
pant
the
pensions
pay
with
the
annuities
Society of the United States.
insured
from
the
Participants
of
part
the
Equitable
will
plan
on
contribute
2%
from
to
5%
of
$3,000
purchase
of
...
salaries,
their
of
percentage in each instance depending upon salary.
salaries
partici¬
each
The bank and
contribute to the
will
percentage basis.
a
the
For those with annual
larger percentage of
salary than the participants, and will match the contributions of partici¬
whose
pants
The
annual
normal
employees
less the
or
salaries
retirement
only
long
so
of
one
him,
in
the
as
several
wife, in the
the
leave
receive
at
certain
and
officers
but
65,
instances
those
for
his
he
retired officer
forms
loses
employee lives,
or
retirement
of
but
allowance
he
select
may
which
under
his
death.
with
his
deferred
for
past-service allowance but the full amount of
interest
contributions
paid-up
a
in
past-service benefits, and any beneficiary named by
of future-service benefits, may receive a part of his
case
contributions,
may
is
participant leaves the service of the bank before the date set
a
his retirement,
his
plan
of
retirement income after his
If
the
60—in
age
<'aV'.
$3,000.
under
age
a
Normally the retirement income will be continued
optional
case
exceed
after
retire
may
foreign service at 55.
bank will contribute
thereon,
and
life
will
credits
interest
annuity
be
with
refunded
the
with
income
him,
to
or
he
Equitable and
beginning
payments
65.
age
«
Guaranty Trust Co. of New York
ment of Robert
announces
the appoint¬
W. Stephens as an Assistant Treasurer.
♦
At
the
elected
was
Davis
an
of New York,
Assistant
Assistant
an
Trust
on
March 17, William Haas
and Edward P.
Vice-President
Officer.
*—-
The East River Savings Bank of New York announces the
designation of Edward
F.
and
as
Lester
Barrett
is
Van
the
he has been
1920 and
a
Brunt
President
Barrett
as
Executive
of the
First
Vice-President
Vice-President.
Mr.
Long Island Lighting Co.;
trustee of the East River Savings Bank since
Mr. Van Brunt joined
organization in 1914; he wa§ elected Secretary in
trustee in 1921, and a Vice-President in 1928.
a
Vice-President since 1937.
the bank
1917,
a
At
of St.
Louis
same
num
meeting of the Board of Trustees of the Brooklyn
Co., Brooklyn, N. Y., held March 20. Earl A. Drew
was appointed Comptroller of the company and Frederick
G. Westerman was appointed Auditor.
Mr. Drew joined
the staff of the Brooklyn Trust in 1923 as a clerk in the
accounting department.
Prior to that he had been in the
employ of the Federal Reserve Bank of New York for five
years and with the old Chatham-Phenix National Bank one
year.
In 1933 he was placed in charge of the accounting de¬
partment, and on Jan. 19, 1939 was appointed an Assistant
Secretary of the company. Mr. Westerman entered the em¬
ploy of the Brooklyn Trust Co. in 1930 as a member of the
Auditing Staff, and since 1933 has performed supervisory
duties in that department.
Prior to his connection with the
Brooklyn Trust he had been employed by the Bank of the
Manhattan Co. for several years in various capacities.
a
Trust
Assistant Secretary of the Brook¬
lyn Trust Co. of Brooklyn N. Y., who had been in charge
of the company's Bay Ridge office, Fifth Avenue at 75th
Street, Brooklyn, for more than 19 years, died
on March 14
Mr. Hodges, whose entire busi¬
ness
career had
been spent with the Brooklyn Trust Co.,
recently completed 48 years' continuous service with that
institution.
Born in Brooklyn on Oct. 12, 1875, he joined
the staff of the Brooklyn Trust Co. in October, 1892, at
after
the
protracted illness.
a
of 17.
For many years he was employed in the
department at the company's main office, and when
age
trust
Bay Ridge office was opened,
the
on
July 5, 1921, he was
placed in charge of it.
He was appointed an Assistant Sec¬
retary on Aug. 16, 1923.
The
Citizens'
Trust
Co.
of
Schenectady,
Schenectady,
has joined the Federal Reserve System, effective
March 17, it is announced by the Federal Reserve Bank of
New York.
It is the sixteenth bank in the Second (New
N.
Y.,
York)
District to join the System thus far this year, and
twenty-fourth since the present increase in membership
the
began last September.
It is pointed out that all commercial
banks in
Schenectady County are now members of the
The Citizens' Trust Co., which had assets
last, of $8,800,000, is the largest institution to
Reserve System.
on
Dec. 31,
join
the System since September.
James W. Yelverton is
Chairman of the Board of the company, Allan P.
President,
McKain is
Marhlon G. Snell, Vice-President, and Arthur S.
Barber, Secretary-Treasurer.
Another
Second District which recently became
institution
a
member
in
the
of the
is the Bank of Worcester, Worcester, N. Y.,
which joined effective March 14.
Reserve System
THE
outstanding
CURB
MARKET
with
narrow
characteristics
of the
Moderate advances
number of
stocks and industrial specialties were in
during the brief period of trading on
Saturday, and while the gains were not particularly note¬
worthy, there were about two dozen of the more active
issues that moved forward a point or more.
The transfers
totaled approximately 75,000 shares against 29,000 during
the preceding short session.
Among the advances in the
public utility section were Cities Service Power & Light $7
pref., which climbed up 7lA points to a new peak at 104 and
the $6 pref. which broke into new high ground with a gain
of 9 points to 101.
Royal Typewriter advanced 2 points to
54 and Merritt-Chapman & Scott pref. A, worked up to a
new top with a gain of 334 points to 85
Aircraft issues
were unsettled Solar Aircraft and Fairchild Engine & Airutility
moderate
demand
plance closing on the side of the advance, while Beech,
Bellanca, Vultee and Republic were unchanged.
Paper and
cardboard shares were irregular and the shipbuilding stocks
represented on the side of the advance by New York
Shipbuilding (founders shares) which worked up to a new
peak for 1941 with a gain of % point to 29.
Curb stocks were higher on Monday but the changes were
narrow and only a comparatively few issues recorded advances
of a point or more. Shipbuilding issues were in demand with
Todd Shipyards leading the advance with a gain of 2 points
to a new high level of 92 and New York Shipbuilding (found¬
ers shares) again raised its top with a gain of 3^ point at its
high for the day but subsequently slipped back % point to
293^8 at the close.
Other advances were Colt's Patent Fire
Arms, 2 points to 78; General Gas & Electric, $6 pref. B,
33^ points to 833^ and Standard Power & Light, $7 pref.,
which broke into new high ground for 1941 with a gain of 5
price changes
were
were
the
Curb Market trading
Aircraft issues were generally irregular, oil
paper and cardboard shares were
quiet and
lower.
'
Advancing prices were apparent during most of the trading
on
Tuesday, and while the volume of transfers tumbled
sharply downward, the tone of the market was stronger and
there was a fairly large list of gains ranging up to a point or
more.
Todd Shipyards was again a star performer as it
forged ahead 3 points to 95 and establishing a new peak for
the current recovery,
General Gas & Electric, $6 pref.
B,
surged upward 63^ points to a new high level for 1941 at 90;
and Scranton-Spring Brook Water Service, $6 pref., climbed
up
to 89 with a gain
of 3 points.
Industrial specialties con¬
with Brill pref. advancing 5 points to 45 and
Patchogue Plymouth Mills working upward 23^ points to
33.
Aircraft stocks were quiet and moved within a narrow
tinued strong
range
and
paper
and
fractionally
cardboard shares were
7v'
■
r,;J'
The market continued its
higher.
'
#
,
upward swing on Wednesday,
and while the volume of transfers increased to 91,910 shares
pronounced,
on Tuesday, the gains were less
number of the trading favorites in the general
against 73,485
a
list closing
In the public utility preferred
section New York Water Service Corp., pref., moved up
on
an
were a
shares have been unsettled.
Public
stocks
building, 14 Wall Street.
Henry W. Hodges,
There
exceptions, particularly among the preferred stocks of the
public utility group with occasional bright spots in the
industrial
specialties section.
Shipbuilding shares have
registered some substantial gains and a number of new tops
for 1941, and the advances and declines in the paper and
cardboard group have been about equally divided.
Oil
stocks, as a rule, held to a fractional range, aircraft issues
moved up and down within a narrow channel and the alumi¬
an¬
the removal of its New York office to larger quar¬
in the
ters
during much of thejpresent week.
points to 24.
♦
Mercantile-Commerce Bank & Trust Co.
nounces
1857
were
meeting-of the Board of Directors of Manufac¬
turers Trust Co.
inancial Chronicle
the side of the decline.
2% points to 36; North American Light & Power, pref.,
33^ points to 81; and Jersey Central Power & Light, 53^
pref., improved 1 Ys points to 95. Industrials were moderately
stronger with Merritt-Chapman & Scott, pref., leading the
advance and climbing upward 3 points to a new peak for
1941 at 88.
Aircraft issues moved within a narrow range,
paper and cardboard shares were slightly higher while ship¬
building stocks were inclined to move downward.
Price changes, largely on the side of the advance, featured
the Curb Market trading on Thursday.
There were no
spectacular movements and except for a selected list of public
utility pref erred stocks, the gains and losses were mostly
The transfers totaled approximately 100,040;
shares with 280 issues traded in.
Of the latter 119 closed on
the side of the advance, 79 declined and 82 were unchanged
as the session ended.
Electric Bond & Share $5 pref. was
one of the strong stocks and reached a new top for 1941 at
59M with a gain of 43€ points. The $6 pref. was also higher
as it advanced 3 Yl points to 67^.
Pennsylvania Power &
Light $6 pref. improved and closed 3 points higher at 112.
Other gains were Indiana Service Corp. 7% pref., 2% points
to 22 and Standard Power & Light pref., 33^ points to 27.
Oil stocks were moderately active but profit taking appeared
in this group and prices fell off.
Shipbuilding shares weak¬
ened and both Todd Shipyards and New York Shipbuilding
fractional.
(founders'shares)
declined.
Paper and cardboard issues
sagged and the aircraft stocks moved within a narrow range.
Lower prices iirevailed during a goodly part of the session
on Friday.
The transfers were slightly below the volume of
the preceding day and the changes were generally small and
due largely to week-end prof it-taking.
Scattered through
the list were a number of the less active stocks that moved
against the trend but the changes were not particularly note¬
worthy and had no effect on the market.
Aircraft shares
were lower all along the line and oil issues were quiet and un-
The Commercial dr
1858
March
Financial Chronicle
FOREIGN
changed. St. Regis Paper pref. was unusually active as it
worked against the trend and closed at 84 with a gain of
4 points.
Public utility shares were unsettled and the in¬
dustrial specialties moved within a narrow range.
As com¬
pared with Friday of last week prices were fractionally
lower, American Cyanamid B closing last night at 33 against
33% on Friday a week ago; American Gas & Electric at 27%
against 27 %; Babcock & Wilcox at 27% against 28%; Bell
Aircraft at 20% against 21; Carrier Corp. at 8% against 8%;
Creole Petroleum at 13 against 13%; Glen Alden Coal at 8%
22,
1941
EXCHANGE RATES
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
Pursuant to the
give below a record for the
week just passed
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANK TO TREASURY UNDER TARIFF ACT OF 1930
FOREIGN
1941, TO MARCH 21,
MARCH 15,
against 8%; Gulf Oil Corp. at 30% against 32; Niagara
Hudson Power, 2% against 2% and Standard Oil of Ken¬
1941, INCLUSIVE
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
New York
unti
Mar. 17
Mar. 15
tucky at 18% against 18%.
Mar. 19
Mar. 20
Mar. 21
$
Mar. 18
$
S
March 21, 1941
Shares)
Domestic
Government
$019,000
Saturday
74,910
Monday
80,330
909,000
3,000
8,000
980,000
Tuesday
72,885
1,498,000
8.000
6,000
1,512.000
Wednesday
91,485
1,110.000
1,000
14,000
1,125,000
99,640
90,310
1,729,000
3,000
7.000
1.739,000
1,995,000
2,000
8,000
2,005,000
Thursday....
Friday
...
a
s
a
a
a
a
a
a
a
a
a
a
a
a
a
a
r
$
a
4.035000
4.035000
4.035000
4.035000
4.035000
4.031250
4.031562
4.031875
4.032500
4.032187
.020100
.020100
.020100
.020100
.020100
.020100
Finland, Markka—.
Germany, relchsmark
.399700*
.399700*
.399700*
Greece, drachma
a
a
Hungary, pengo
a
a
a
Italy, lira
Netherlands, guilder.
.399500*
Jan. 1 to March 21
Week Ended March 21
Sales at
.050414*
a
a
a
a
a
a
a
a
a
a
a
a
a
a
.040033
.040025
.040000
.040012
.040025
a
a
a
a
Rumania, leu
a
a
a
.040000
a
$7,914,000
$3,817,000
$60,525,000
$80,930,000
17,000
Domestic
41.000
403.000
648,000
Foreign government...
49,000
189,000
694,000
$4,047,000
$01,022,000
.091300*
.091300*
.091300*
.091300*
.238306
.238200
.238256
.238237
.238185
.238228
.232050
.232075
.232100
.232075
.232092
.232092
b
b
b
b
b
b
Asia—
China—
1,536,000
$7,980,000
$83,114,000
Foreign corporate
.091300*
Yugoslavia, dinar...
Bonds
.091300*
Switzerland, franc...
9,012,042
6,062,185
698,730
521,560
Stocks—No. of shares.
Chefoo (yuan) dol'r
Hankow (yuan)
Total
FINANCIAL MARKET—PER CABLE
ENGLISH
Mon.,
Tues.,
Wed.,
Thttrs.,
Mar. 18
Mar. 19
Mar. 20
23 m.
23Hd.
23 Hd.
168s.
168s.
168s.
168s.
£104}*
£104»h
£104«I.
£104^.
£114H
£114}*
£114 X
a
a
.243906
.244093
.244062
.243906
.244250
.244375
.301400
.301400
.301400
.301400
.301400
.234387
.234387
.234387
.234387
.234387
.471066
.471066
.471066
.471066
.471066
3.228000
3.228000
3.228000
3.228000
3.228000
3.228000
3.212708
3.212708
3.212708
3.212708
3.213541
3.213541
3.225208
3.225208
3.225208
3.226041
3.226041
3.980000
3.980000
3.980000
3.980000
3.980000
Africa—
South Africa, pound. 3.980000
North America—
Canada, dollar—
£114}*
.909090
.909090
.909090
.909090
.909090
.847265
.846953
.849140
.848593
.849687
.850000
.205250*
.205650*
.205350*
.205350*
.205350*
.205350*
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.844843
.844687
.846718
.846250
.847343
.847656
Argentina, peso
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Brazil, mllrels—
Official
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
.050600*
.050600*
.050600*
.050600*
.050600*
.050600*
Official
.051660*
.051660*
.051660*
.051660*
.051660*
.051660*
Export
.040000*
.909090
Official
Mexico, peso
The
price of silver per ounce (in cents) in the United
States on the same days has been:
34}*
34}*
71.11
34}*
34 %
71.11
71.11
Newfoundl'd,
dollar-
South America—
34}*
34}*
71.11
71.11
U. S, Treasury
(newly rained) 71.11
Free
BERLIN
THE
a
a
Free
BarN.Y. (for.)
a
a
a
a
.053875*
.471066
Free
£104 X
£114
M
a
.053625*
New Zealand, pound- 3.225208
£77 yi
Closed
a
,
a
.301400
4%
1960-90
•
.053575*
.234387
Australia, pound—
Official
1688.
Closed
War Loan—
a
.053625*
Australasia—
23 7-16d.
£77 Yi
£77 X
£77 M
£77%
a
V;
a
dol
Straits Settlem'ts,
Mar. 21
23 Hd.
Closed
Gold p. fine oz.
168s.
Consols,2H%. Closed
British 3H%
Silver, peroz..
ft
.053468*
India (British) rupee.
Frl.,
Mar. 17
.,'Kp
a
.053750*
Japan, yen.........
^
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The daily
Sat.,
Mar. 15
.
dol
Shanghai (yuan) dol
Tientsin (yuan) dol
Hongkong, dollar.
British
a
Spain, peseta
Sweden, krona......
1910
1941
1940
1941
Exchange
as
a
.050483*
a
Portugal, escudo
New York Curb
a
a
.050483*
Norway, krone
$7,980,000
$49,000
$17,000
$7,914,000
.399600*
a
a
.050483*
.050471*
.050471*
.399500*
a
a
a
a
a
a
a
a
France, franc
Poland, zloty
521.500
Total
a
Engl'd, pound sterl'g
4.035000
Official
4.031875
Free
Total
$6,000
$013,000
a
a
Denmark, krone
Foreign
Corporate
Foreign
of
a
a
CzechoslQV'ia. kornua
(,Number
Week Ended
a
a
Europe—
Bonds (Par Value)
Stocks
a
Bulgaria, lev
CURB EXCHANGE
AT THE NEW YORK
TRANSACTIONS
$
Belgium, belga
DAILY
$:V
Chile, peso—
STOCK EXCHANGE
Closing prices of representative stocks
each day of the past week:
as
received by cable
Mar,
15
Mar.
Mar.
18
Mar.
19
17
Mar.
Mar.
.040000*
.040000*
.040000*
.040000*
.040000*
Colombia, peso
.569850*
.569850*
.569850*
.569850*
.569850*
.569850*
Uruguay, peso—
Controlled
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
.395500*
.395600*
.395600*
.395600*
.395600*
.390100*
Non-controlled
21
20
■Per Cent of Par
Commerz Bank (0%)
Dresdner Bank
(0%)..........
(8%)..
Relchsbank (new shares)
81emens & Halske (8%)
Farbenlndustrle I. Q
NATIONAL
159
160
201
150
148
148
148
144
146
145
187
185
184
126
127
127
120
270
271
260
259
144
146
147
146
147
COURSE
a
BANKS
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department
ISSUED
Capital
$100,000
March 12—Rock Hill National Bank, Rock Hill, S. C
Capital stock consists of $100,000, all common stock. President,
W John A. Black. Cashier, D. J. Reece. Primary organization.
Amt.
National
Bank,
Baltimore,
Calif.
First
Bank
of
Bellflower,
Week Ending Mar. 22
of Inc.
Bellflower,
From $50,000 to $100,000
$50,000
NATIONAL BANK
NOTES
$2,557,313,996
+43.5
320,771,094
255.243,618
+25.7
439,000,000
Boston
248,721,181
100,380,782
108,000,000
162,637,000
162,734,880
155,579,326
293,000.000
200,338,283
84.517,304
84,100,000
131,423.000
City
San Francisco
The followiug shows the amount of National bank notes
afloat (all of which are secured by legal tender deposits)
at the
beginning of February and March, and the amount
of the decrease in notes afloat during the month of February
for the years 1941 and 1940:
~
National Bank Notes—All Legal Tender Notes—
Amount afloat Feb.
Net decrease
$157,505,797
1940
$174,967,437
1,243,787
Pittsburgh
Detroit
during February
Note—$2,203,796.50
Federal
Reserve
$156,202,010
bank
AUCTION
The
notes
agaiast $2,218,619.50
following securities
were
on
outstanding March
1,
1941
March 1, 1940.
SALES
sold at auction
on
Wednesday
By R. L. Day & Co., Boston
Stocks
4 Home National Bank, Milford. par $100
6 Nashua & Lowell RR., par $100
1 Boston Athenaeum, par $300
f (Blair Corp., Inc., par $1
$ per $hare
.
50}*
IIIIIIIII
103
""""
200
I-"""III""" "I"" 77c
1 f American Rolling Mill Co. common, par $25; 3,300 Bonanza Gold Mines
Corp., par $1; 30 Consolidated Potteries, Inc., preferred, par $10; 30 Con¬
solidated Potteries, Inc.. common, 90 Navajo Petroleum Corp., par $10..$198 lot
+23.8
94,397,005
+72.4
99.144,063
+ 56.9
123,999,613
90,671,700
+36.8
Baltimore
86,515,695
53,134.520
+62.8
$5,578,434,308
$3,943,283,489
+41.5
938,887,130
787.097,430
+ 19.3
$6,517,321,438
1,103,464,288
$4,730,380,919
+37.8
700.871,159
+ 57.4
$7,620,785,726
$5,431,252,078
+ 40.3
Eleven cities, five days
Other cities, five days
Total all cities, five days
All cities, one day
$173,467,182
of the current week
Shares
+ 18.8
+28.4
Cleveland
Total all cities for week
Amount of bank notes afloat March 1..
secured by lawful money,
+49.8
+24.2
1 500 255
1941
1
Cent
$3,670,094,737
St. Louig
IN
1940
Philadelphia
New York
Kansas
CHANGES
Per
1941
Chicago
$150,000
National
year ago.
From
Md.
$600,000 to $750.000
March 11—The
BANK CLEARINGS
this week show
Clearings—Returns by Telegraph
I COMMON CAPITAL STOCK INCREASED
March 8—Baltimore
OF
an increase compared with
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 22)
clearings from all cities of the United States from which it is
possible to obtain weekly clearings will be 40.3% above those
for the corresponding week last year.
Our preliminary
total stands at $7,620,785,726, against $5,431,252,078 for
the same week in 1940.
At this center there is a gain for
the week ended Friday of 43.5%.
Our comparative sum¬
mary for the week follows:
;
f
Bank clearings
The
CHARTER
b Temporarily omitted.
144
187
No rates available,
150
147
a
200
150
265
146
Verelnlgte Stahlwerke (0%)
160
203
149
158
200
148
146
..151
146
141
190
128
270
Deutsche Bank (6%)
161
202
141
185
126
Allegemelne E1ektrlzItaets-Oesellschaft(6%)162
Berliner Kraft u. Llcht (8%)
200
•Nominal rate,
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
by the
cannot
today
(Saturday) and the Saturday figures will not be available
noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
able to give final and complete
previous—the week ended March 15.
For that week there was an increase of 6.4%, the aggregate
of clearings for the whole country having amounted to
$6,433,020,356, against $6,043,515,981 in the same week in
1940.
Outside of this city there was an increase of 15.5%,
present further below, we are
results for the week
Volume
The Commercial & Financial Chronicle
152
1859
the bank
1.0%.
serve
clearings at this center having recorded a loss of
We group the cities according to the Federal Re¬
districts in which they are located, and from this it
Week Ended March 15
CHpnrinns nf
vtcui
i/lyo
■
ut>
Inc. or
1941
(including
1.5%, but in the
Boston Reserve District the totals show
and in the
increase of 11.1 %
an
Philadelphia Reserve District of 14.1%.
In the
Cleveland Reserve District the totals are larger by 24.2%,
in the
Richmond Reserve District by 19.7% and in the
Atlanta Reserve District by 15.5%.
In the Chicago Re¬
District there is an improvement of 26.9%, in the
St. Louis Reserve District of 11.5% and in the Minneapolis
Reserve District of 7.9%.
In the Kansas City Reserve
serve
District the totals register a gain of 12.8%, in the Dallas
Reserve District of 2.5% and in the San Francisco Reserve
District of 12.2%.
In the
following
we
furnish
by Federal Reserve
a summary
CLEARINGS
1939
%
$
—
1938
$
Chi cago—
+ 96.7
388,234
+ 47.2
100,988,628
2,627,067
316,698
89,804,446
2,398,639
1,435,063
828,617
17,144,000
1,182,352
159,513,264
387,574
108,378,197
3,946,616
3,244,029
+21.7
831,203
—44.6
2,240,386
1,500.354
1,650,819
24,902,000
21,814,000
+ 14.2
2,688,235
+ 21.9
+ 0.1
1,832,738
1,564,945
2,205,154
6,537,976
21,914,766
1,238,917
9,113,645
3,475,008
361,534
316,486,002
1,095,437
4,116,558
1,296,240
1,525,795
+ 2.6
1,165,199
1,166,780
280,233,440
822,716
3,805,379
1,065,673
1,158,787
642,651,777
506,342,005
+ 26.9
480,544,402
437,097,300
762,466
Detroit
Grand
Rapids.
Lanslng
Ind.—Ft.
Wayne
Indianapolis
South Bend
Terre Haute
6.541,689
Wis.—Milwaukee
25,341,603
1,289,966
9,612,339
la.—Ced. Rapids
Des Moines
Sioux City
3,859,287
354,974
391,767,731
111.—Bloomington
Chicago
1,277,770
4,324,565
Peoria
Rock ford
Springfield
SUMMARY OF BANK
Dec.
$
Seventh Feder al Reserve D istrict
Mich .-Ann Arbor
Decatur
districts:
1940
$
appears that in the New York Reserve District
this city) the totals show a decrease of
Total (18 cities)
"
1,667,528
920,570
+ 35.7
18,852,000
1,478,501
5,292,439
22,044,671
+ 15.6
+ 4.1
1,078,184
8,284,361 ;j
+ 5.5
+ 11.1
—1.8
+23.8
+ 16.6
+ 5.1
3,223,634
364,789
306,316,759
839,592
3,845,466
+ 41.4
4,609,662
20,128,031
902,679
7,987,570
2,983,260
290,288
Inc.or
Week End. Mar. 15, 1941
1941
1940
Dec.
8
%
1938
1939
%
S
Eighth Federa 1
Federal
Reserve
Dists.
lati Boston
4th
Cleveland>_
7
S
106,200,000
3,661 143 645
Ky.—Louisville..
Tenn.—Memphis
50,462,472
24,779,493
451,175,817
389,663,711
111.—Jacksonville
298,483,223
300,446,666
+11.1
268,986,262
246.882,097
4,086,694.444
288.840.741
3,443,524,305
—1.5
483.423.742
423.749i779
401,046,002
"
322,962,655
Reserve Dls trlct—St. Lo uis—
Mo.—St. Louis—
260,019,282
3,393,051,477
12 cities
2d i New York.. 13
"
3d 5 PhlladelphlalO
M
+14.1
+24.2
6th
Richmond
t
"
176,194,959
147,237,287
6th
Atlanta
10
"
222,112,594
192,314,918
+19.7
+ 15.5
175,293,163
164,122,631
7th
Chicago
18
M
642,651,777
506,342,005
+26.9
480,544,402
St. Louis
4
"
182,045,965
163,326,180
162,873,081
"
118,194,154
*'
102,219,369
"
82,718,275
73,542,676
78,763,275
12thSan Fran...10
"
290,518,301
+ 12.2
251,086,101
255,327,499
103,100,000
39,774,617
97,200,000
35,609,465
+ 12.6
19,423,464
20,703,732
X
X
X
X
604,000
586,000
+ 3.1
575,000
584,000
182,045,965
163,326.180
+ 11.5
162.873,081
154,097,197
2,628,113
60,191,273
Qulncy—
154,097,197
Minneapolis 7
10th Kansas City 10
11th Dallas
6
+11.5
+ 7.9
109,547,544
134,953,433 + 12.8
+2 5
80,681,529
+ 7.5
+ 20.4
22,013,566
437,097,300
8th
X
98,800,000
41,926,614
9th
135,561,622
128,836,721
102,290,627
94,571,532
133,397,455
134,244,033
Total (4 cities).
Ninth Federal
Reserve Dis trict—Minne apolis-
3,646,193
—11.6
2,309,373
+ 8.1
66,012,765
+ 8.3
28,273.683
2,071,688
717,489
656,736
3,530,416
69,896,674
28,788,130
2,350,163
736,992
820,319
3,309,073
Total
118,194,154
109,547,544
3,223,578
75,558,682
St. Paul
258,836,464
Ik
Minneapolis
31,187,231
Minn.—Duluth
2,865,657
6,433,020,356
+6.4
6,619,928,873
6,045,196.207
N. D.—Fargo
2,732,159,080
+15.5
2,640,151,170
2,487,495,282
S.D.—Aberdeen.
854.868
Mont.—Billings.
Canada
6,043,510,981
3,155,816,225
113 cities
Outside N. Y. City
973,722
32 cities
271.025,600
331,368,479
+22.3
278.279,560
249.823,16J
We now add our detailed statement showing last week's
figures for each city separately for the four years.
Helena
Total (7 cities)
.
Tenth Federal
We k Ended March 15
Inc.
Hastings
or
1941
1940
Dec.
1939
1938
$
First Federal
S
%
$
1
+ 9.0
455,118
411,273
1,547,504
212,324,652
663,621
454,453
581,306
2,689,160
1,566,495
11,990,473
3,183,690
11,012,800
Reserve Dist rict—Boston
Me.—Bangor
573,609
526,067
2,034,391
Portland
Mass.—Boston
.
.
Fall River
1,946,525
+ 4.5
1,806,677
249,284,138
804,938
222,388,589
+ 12.1
680,329
+ 25.4
232,974,260
708,705
399,690
715,849
2,930,630
1,752,927
11,369,224
4,467,392
10,921,600
484,190
268,986,262
402,268
+ 18.3
+4.8
New Bedford..
773,170
660,064
+ 17.1
Springfield....
3,381,857
2,924,667
2,153,802
+ 15.6
Lowell
421,645
Worcester.....
Conn.
Hartford
2,418,348
+ 12.3
—6.7
N .H.—M anches'r
13,088,000
569,238
11,918,148
4,156,294
11,808,500
454,029
Total (12 cities)
288,840,741
260,019,282
+ 11.1
Feder al Reserve I) istrict—New
York-
—
New Haven
4,367,052
R.I.—Providence
Second
11,124,355
N. Y.—Albany..
Binghamton
5,669,715
1,047,422
41,000,000
Buffalo
725,351
Elmira
932,745
Jamestown
New York
+ 5.1
+ 10.8
—1.0
Northern N. J.
Total (13 cities)
3,393,051,477 3,443,524,905
Third Federal
Reserve Dist rict—Philad elphia
Syracuse
Westchester Co
Conn.—Stamford
N. J.—Monte lair
Newark
461,610
Pa.—Altoona
Bethlehem....
1,300,304
401,909
Chester
456,670
246,882,097
10,872,679
1,109,834
8,508,643
30,900,000
451,185
30,700,000
376,344
797,741
704,314
1,212,300
3,591,914
495,739
17,673,534
25,922,735
7,109,360
4,493,374
3,301,364
3,606,482
381,639
18,938,783
24,110,017
—1.5 4,086,694,444
3,661,143,545
7,172,100
4,308,643
3,620,637
+ 13.4
+ 12.4
—12.5
+ 30.8
—4.6
+4.3
—3.4
mmm
+ 34.8
342,498
593,900 + 118.9
+ 20.0
334,866
379,445
571,120
324,002
314,271
521,366
273,413
1,267,621
+8.6
1,185,289
1,123,770
468,000,000
439,000,000
378,000,000
1,227,983
411,000,000
+ 13.9
Reading
1,595,927
1,444,673
+ 10.5
1,475,147
Scranton
2,470,815
2,445,649
+ 1.0
1,349,425
+ 19.6
York.........
1,540,699
+23.3
1,168,540
1,570,189
+25.0
3,488,100
451,175,817
4,929,800
Total (10 cities)
483,426,742
423,749,779
Fourth
124,180
+ 5.6
2,644,241
2,297,878
29,108,296
Mo.—Kan. City.
103,086,746
St. Joseph
Colo.—Col.Spgs.
3,268,996
688,584
2,756,609
615,117
+ 18.6
+ 11.9
752,860
683,120
+ 10.2
588,290
496,882
152,219,369
134,953,433
+ 12.8
133,397,455
134,244.033
1,614,418
61,743,436
Pueblo
Total (10 cities)
Eleventh Fede ral Reserve
Fort Worth
7.339,601
Galveston
Wichita Falls-
2,644,000
1,046,262
3,932,600
Total (6 cities).
82.718,275
80.681,529
.
.
Dallas........
2,225,907
65,529,905
Twelfth Feder al Reserve D istrict—San
Stockton
48,703,321
17,617,732
4,304,174
3,568,932
156,676,000
2,799,150
1,430,831
2,325,914
40,295,352
1,162,359
39,163,425
15,425,296
5,216,212
3,256,611
148,080,000
2,805,366
1,316,974
2,114,869
290,518,301
258,836,464
Wash.—Seattle.
.
Yakima
Ore.—Portland..
Utah—S. L. City
Calif.—L'g Beach
Pasadena
San
Francisco.
San Jose...
Santa Barbara.
Grand
total
51,849,169
1,243,078
+ 16.0
—7.8
+ 11.0
+ 12.4
V
+ 22.3
2,180,781
—0.6
—5.9
57,202,050
6,338,335
3,347,000
922,304
+ 11.3
3,552,206
3,723,338
+ 2.5
73,542,676
78.763,275
+ 20.4
+ 21.1
Franci SCO—
+ 10.0
32,046,790
1,021,243
39,863,787
15,830,734
5,990,132
4,013,482
146,424,000
2,496,711
1,474,383
1,924,839
37,000,452
846,897
38,110,820
14,539,802
4,617,255
3,880,134
151,019,000
2,281,762
1,315,581
1,715,796
+ 12.2
251,086,101
255,327,499
+ 28.7
+ 6.9
+ 24.4
+ 14.2
—17.5
+ 9.6
+ 5.8
—0.2
+ 8.6
+6.4 6,619,928,873 6,045,196,207
Week Ended March
Inc. or
1941
93,238,016
90,327.233
38,930,081
17,434,813
47,015,542
3,997,453
—
Montreal
2,092,462
1,952,808
61,747,411
61,802,538
Winnipeg
+27.8
100,144,665
92,823,289
Vancouver
10,927,700
+ 19.4
10,804,700
10,097,600
Ottawa
+ 20.7
1,792,049
1,747,678
Quebec
Halifax
+ 18.0
2,532,935
2,427,652
+25.1
119,369,001
129,595,101
Hamilton
+24.2
298,483,223
300,446,666
St. John
3,011,132
4,911,481
5,290,753
2,023,150
Victoria
1,670,032
London
2,221,799
-
Calgary..
Reserve Dist rict—Richm ond—
716,588
562,637
+ 27.4
415,136
313,492
Edmonton
...
Regina
3,490,000
2,645,000
+ 31.9
2,254,000
2,557,000
46,120,495
37,946.850
+ 21.5
37,736,402
1,786,954
1,372,413
+ 30.2
♦1,275,500
37,661,823
1,263,312
Brandon
S.C.—Charleston
Md.—Baltimore.
91,612,859
32,468,063
Saskatoon
Va.—Norfolk
Richmond
D.C.—Washnig'n
Total (6 cities).
Sixth Federal
77,578.565
27,131,822
+ 18.1
69,606,633
65,098,564
+ 19.7
24,273,951
21,942,530
176,194,959
147,237,287
Reserve Dist rict—Atlant
135,561,622
128,836,721
a—
4,693,476
4,539,296
+ 20.7
20,274,556
—2.0
4,628,462
20,139,974
18,881,685
Ga.—Atlanta
84,900,000
67,700,000
+ 25.4
63,600,000
58,900,000
1,126,788
1,079,426
Macon
1,654,167
Augusta
...
1,446.425
+ 14.4
1,617,828
+ 56.4
926,194
+ 31.3
17,599,000
30,267,852
1,034,717
19,726,000
24,385,661
+24.1
22,144,911
868,180
18,611,000
19,138,464
2,571,668
2,055,590
+ 25.1
1,607,914
1,457,736
Fla.—Jacks'nville
Ala.—Birm'ham.
25,897,000
1 Mobile
Miss.—Jackson—
X
X
X
X
165,047
182,471
—9.5
128,817
La.—NewOrleans
49,684,643
50,970,202
—2.5
43,391,103
Total (10 cities)
222,112,594
192,314,918
+ 15.5
Vlcksburg
3,897,336
3,040,595
255,821
440,253
1,196,503
1939
+ 5.6
88,291,522
+ 12.5
80,268,803
+ 20.3
32,349,697
+ 22.1
14,277,413
16,932,895 + 177.7
—2.9
4,115,913
+25.4
2,401,511
+ 7.8
4,556,375
+ 34.4
3,935,693
+ 14.6
1,765,740
+ 6.0
1,576,224
+ 4.2
2,131,267
+ 14.5
3,404,841
+ 6.2
2,862,034
+ 7.6
237.836
1938
$
102,347,609
75,257,33.
88,853,209
85,567,96.
22,960,537
21,274,75:
16,189,00:
15,939,536
12,838,477
3,956,594
2.343,782
3,830,373
3,356.207
1,419,950
1,513.307
2,222,628
3,055,259
2,604,972
218,077
13,081,181
4,021,01:
2,156,531
4,289,41'
3,985,85.
1,666.731
1,371,181
2,298,40'
3.622,06J
2,838,17:
401,905
981,123
392,031
+ 9.5
364,667
284,511
369,22-
+ 22.0
+ 22.9
874,189
392,469
445,301
+ 17.7
754,625
808,54-
422,961
517,205
594,281
540,32185,19!
964,22:
—
481,980
744,806
Fort William....
876,348
697,443
580,767
+20.1
761,596
665,240
+ 14.5
228,772
525,387
852,367
184,492
+ 24.0
550,880
766,773
895,267
—4.6
167,672
458,287
+ 11.2
535,265
608,70!
+ 6.5
764,928
2,594,423
212,303
949,251
Moose Jaw
Medicine
5,480,413
k
Dec.
New Westminster
+ 19.7
19,873,976
F
.....
Lethbridge
Brantford
Nashville
Tenn.—Knoxville
1940
%
Toronto
1,979,505
Fifth Federal
13
Clearings al-
13,047,900
W.Va.—Hunt'ton
1,260,647
+ 15.5 2,640,151,170 2,487,495,282
+ 17.0
322,982,655
3,682,000
6,433,020,356 6,043,515,981
+ 38.2
401,046,002
6,739,436
Outside New York 3,155,816,225 2,732,159,080
2,123,697
Total (7 cities).
607,625
(113
cities)
66.026,030
2,827,258
2,420,078
3,248,163
93,167,324
2,705,985
District—Da Has—
1,820,638
65,937,268
6,095,773
2,184,000
1,111,294
3,532,556
Texas—Austin.
106,409,092
166,974.802
67,622
30,508,929
1,761,546
2,766,273
91,586,845
2,730,716
567,508
Wichita
2,935,141
77,245,366
Youngstown...
Pa.—Pittsburgh.
k
95,606
147,501
2,599,209
30,962,402
Canada—
1,639,879
2,396,523
133,459,734
J*
City
2,289,206
3,092,481
91,723,163
Omaha
Kan.—Topeka..
136,036,030
Cincinnati
Cleveland
Columbus
Mansfield
1
as
—0.1
799,588
Feder al Reserve D istrict—Clev eland-
Ohio—Canton
t
94,571,532
389,663,711
N. J.—Trenton..
1,128,559
1,249,313
3,942,700
^
102,290,627
—5.0
3,217,000
+ 14.1
2,248,893
+ 7.9
+ 18.7
84,390
2,616,131
Wllkes-Barre—
2,585,651
998,523
Philadelphia...
1
'
+ 6.7
+ 16.0
147,736
Total (10 cities)
3,979,777,703 3,557,700,925
1,376,253
Lancaster
Lincoln
84,355
140,305
2,744,216
35,911,168
2,110,791
3,431,348
La.—Shreveport.
30,040,410 —429.8
1,182,839 —11.4
+ 16.5
35,200,000
+ 56.3
463,960
1,071,670 —13.0
3.277,204,131 3,311,356,901
9,168,435
8,084,735
5,111,271
4,548,794
3,663.606
3,204,237
3,731,643
4,880,563
502,971
479,863
18,424,752
19,222,590
25,252,624
24,405,154
Rochester
Reserve Dis trlct—Kans
Neb.—Fremont..
Clearings at-
26,281,655
2,198,115
597,823
593,263
2,081,290
+ 21.9
X
109,638
40,383,026
Hat
Peterborough
Sherbrooke
953,273
Kitchener
3,508,310
Windsor—
317,490
Prince Albert
2,518,404
237,929
630,431
+ 39.3
+ 11.0
539,373
442.837
+ 38.7
439,069
551,415
360,640
+ 33.4
Moncton
699,807
Kingston
614,346
550,531
391,284
1,007,552
586,989
—6.2
336,559
1,001,403
+ 16.3
+ 0.6
331,368,479
271,025,600
+ 22.3
Chatham
Sarnla.
Sudbury
Total (32
175,293,163
—
cities)
164,122,631
♦Estimated,
xNo figures available.
869,552
278,279,560
527,46'
2,881,92'
236,85!
572,43!
466,13'
545,64:
404,32(
819,16!
249,823,163
The Commercial & Financial Chronicle
1860
LONDON
THE
March
EXCHANGE
STOCK
Per
Quotations of representative stocks as received by cable
each day of the past week:
Mon.,
Sat.,
Wed.,
Tues.,
Thurs.,
FH.t
March 15 March 17 March 18 March 19 March 20 March 21
Boots Pure Drugs
34/6
-
34/6
86/3
British Amer Tobacco-
34/9
V'
86/3
"
V
34/9
.34/9
86/3
86/3
86/10)4
Cable <fc W ord
£60 A
€60)4
£60)4
£61
Central Min & Invest—
nm
£11)4
£11)4
£1154/
35/32 /1)4
Cons Goldfleldt of 8 A.
De Beers.-
Distillers Co
-
Electric Sc. Musical Ind.
Ford Ltd
91/3
£12)4
70/-
70/-
Rand Mines
£6 A
—
Rio Tlnto
United Molasses-
22/8
14/7)4
—
7/7)4
17/7)4
23/7)4
91/3
£1254
£12)4
70/-
70/-
:
£6)4
£6)4
£754
76/3
42/6
Vickers——
£5)4
60/9
£6 >4
£7 A
Rolls Royce
Shell Transport
35/31/7)4
61/3
7/7)4
17/9
23/7)4
91/3
7/7)4
17/9
23/7)4
91/3
£12)4
70/£754
75 b
41/10)4
23 h
£7)4
75/41/3
22/10)4
15 h
76/3
41/10)4
22/10)4
14/10)4
15 /-
■
£60)4
£11)4
£5)4
62/-
61/3
7/6
17/4)4
23/4)4
91 /3
£1254
Metal Box
West
£5)4
£5)4
7/6
17/7 H
23/6
Closed
—
Hudson* Bay Co
—
ImpTob&GBAI—
London Mid Ry
35/31/1)4
35/30 /7 A
34/4)4
r* 27/£5 Ye
61/3
Courtaulds S & Co
•
£3
£6)4
£7)4
REDEMPTION
CALLS
AND
SINKING
£3)4
FUND
list of corporate bonds, notes,
Engineering Co.
5% preferred (quar.)
Bayuk Cigars, Inc., $7 preferred stock
Apr.
Bear Mountain Hudson Kiver Bridge Co. 1st mtge. 7s. ..Apr.
Bear Mountain Hudson Kiver Bridge Co. 7% bonds
..Apr.
8% bonds
....Apr.
Bell Telephone Co. of Pa. 6)4% preferred
Apr.
Brillo Mfg. Co. class A stock
..Apr.
(E. & G.) Brooke Iron Co. 1st mtge. 6s
Apr.
(William) Carter Co. preferred stock
June
♦Central Electric & Telephone Co. 1st mtge. 4)4s
Apr.
Chesapeake & Ohio Ky. 3)4% bonds
Apr.
Chicago Stock Yards Co. 5% gold bonds
.......Apr.
Chicago Union 8tation Co. 4% guaranteed bonds
Apr.
Collateral Bankers, Inc., 6% debentures—
Paoe
Series
AC
15
1
1
1
15
1
1
16
18
28
1
1
1578
1578
1902
1416
1591
819
z2036
671
671
820
1422
977
1275
1907
1423
1586
823
1
1
823
823
Commonwealth & Southern Corp. predecessor company
bonds
...Apr.
7
1587
Congress Square Hotel Co. 1st mtge. 5)4s——
1
983
7% debentures, series D
---—May
Consolidated Biscuit Co. series A bonds
Cumberland County Power & Light 1st mtge. 4s
Duluth Missabe & Iron Range Ky. 1st mtge. 3)4s-_
Durez Plastics & Chemicals. Inc., 4)4% debentures
Erie Lighting Co. 1st mortgage 5s
European Securities Co.
(semi-ann.)__
American Locker Co., class A
American Manufacturing Co
Preferred (quar.)
— ——American Stamping Co. 7% preferred (quar.)__
American
Federal Light & Traction Co. 1st lien bonds
Firestone Tire & Rubber Co. 3>4% debentures
General Aniline & Film Corp. 5A% debs
Germani-Atlantic Cable Co. let mtge. 7%
Gulf Public Service Co. 1st mtge. 6s
Helvetia Coal Mining Co. 1st mtge. 5s
Keystone Telephone Co of Fa. 1st mtge. 6s.
Luzerne County Gas & Electric Corp. 1st mtge. 5s
North American Car Corp. equip, trust, ctfs. series J
North American Co. 4% debentures ....
♦North American Light & Power Co.
5)4% debs
Mar. 31
lApr.
1
/
Apr.
1
May
1
824
825
1430
1430
1589
'
1590
1431
1591
zl433
zl573
J 1434
1283
680
1594
682
834
1596
1597
1758
1289
1926
1761
....
....
..........Apr. 12
Apr. 12
Apr. 12
Apr.
1
__May
1
June
1
.Apr.
1
Apr.
1
June 30
;
May 15
...Mar. 25
Apr.
1
Silverwood Dairies. Ltd., 5% bonds
Sioux City Service Co. 1st mtge. 6s
Southeastern Power & Light Co.—See Commonwealth &
Southern Corp.
Southern Counties Gas Co. of Calif.
1st mtge. bonds
♦Announcements this week.
current week.
1765
1765
1765
1448
1930
1604
1604
1295
1930
1931
844
1604
show
the
May
1
Apr.
1
Apr.
1
Mar. 28
July
1
June
1
Apr.
3
June
1
845
1143
3
1939
1
1939
1452
1606
276
1608
1939
1939
Mar. 24
12c
Mar.
20c
Mar.
Mar. 21
Mar. 21
1234c
—
-
Commercial Corp. 6%
we
follow with
(quar.)
(quar.)
a
50c
Apr.
Apr.
20c
Mar.
1234c
12Mc
SIM
S3M
Apr.
15
1
Mar. 25
Mar. 20
Apr.
Apr.
Apr.
Apr.
Mar. 25
Mar. 21
Apr.
Apr.
15
15
Mar. 15
June 14
60c
Preferred
—
Apr.
Mar. 15
Apr.
Apr.
Apr. 15
Apr. 15
Mar.
Mar. 13
Apr.
16c
Apr.
May
Apr.
SIM
Mar.
Mar. 14
25c
Apr.
Mar. 31
25c
Mar.
Mar. 24
SIM
87 Mc
SIM
S3
Mar.
Mar. 19
Mar.
Mar. 19
Apr.
Mar. 31
Mar. 22
Mar. 24
Mar. 24
10
Mar. 31
Mar.
(quar.)
pref. (quar.)
Canada Bread Ltd., preferred B (quar.)
1st preferred (quar.)
California Water & Telephone,
Canada Iron Foundries
———-
)
Canadian Marconi Co
Canadian Tube & Steel Products, 7% pref-
Mar.
Mar. 15
Mar. 24
15c
(quar.)
preference B (quar.)__
-— -----
Mar. 24
75c
Business Systems, Ltd.
6% preferred
$1M
50c
...—
Canadian General Investments (quar
14
40c
preferred
Burger Brewing Co. 8% preferred (quar.)
non-cum.
Mar. 26
SI
62 Mc
tl7Mc
(quar.)
Brink's, Inc., (quar.). -—
Brompton Pulp & Paper (quar.)—
Bruce (E. L.) Co
7% cum. preferred (quar.)
314% cum. preferred (quar.)
Brush-Moore Newspapers, Inc., 6% pref. (quar.)
Buffalo Insurance Co. (quar.)__
Preferred
Mar. 28
Apr.
Apr.
Apr.
25c
(quar.)
Boston Edison Co. (quar.)
Boston Personal Property Trust
6%
Apr.
43 Mc
--
Class B (quar.)
Boston Acceptance Co., Inc., 7%
Boston Herald-Traveler (quar.)
June
15c
(quar.)
Beacon Assoc., Inc., 7% preferred
Bon Ami Co., class A (quar.)
June
68 Mc
(s.-a.)
Barcalo Manufacturing (initial)
Barker Bros. Corp., preferred (quar.)
Bausch & Lomb Optical
June
SI
'referred
Mar.
60c
Bank of America
Mar.
Mar. 24
25c
62Mc
37 Ac
t62Mc
tSIM
tS4M
J S3
U2MC
t4c
tSIM
May
it'
68 Mc
preferred (quar.)
Carpet Corp. (quar.)
------- - —
Celluloid Corp. 1st preferred partic. stock
Chesapeake-Camp Corp., preferred (quar.)
Cannon Shoe Co.,
50c
Apr.
Apr. 30
Apr. 30
May
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 31
Mar. 31
Apr.
Apr.
Mar. 31
June
Apr.
Apr.
Apr.
Apr.
15
8
Mar. 22
Mar.
Mar. 20
Apr.
Apr.
Apr.
Apr.
Mar. 26
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
-
Chicago Title & Trust
------————-
Chillicothe Paper Co. 7% preferred (quar.)
Cincinnati Postal Terminal & Realty Co.—
—
SIM
SIM
SIM
SIM
1M %
12Mc
25c
$1.
12Mc
Mar. 20
Mar. 19
Mar. 20
5
Mar. 27
Apr.
15
1 Mar. 20
5 Mar. 25
Mar. 20
25c
1
Apr.
5
Apr.
1
Apr.
1
Apr.
Mar. 31
25c
Mar. 31 Mar. 22
20c
25c
25c
Additiona 1 dividend
Preferred
- - __
6)4 % preferred (quar.)
City Investing Co., preferred (quar.)-_
City Title Insurance Co. (quar.)—
Clearing Machine Corp. (quar.)—Cleveland Cliffs Iron, Preferred
Cleveland Union Stock Yards Co—
Cliffs Corp
Clinton Trust Co. (N. Y.) (quar.)
Cohen (Dan) & Co. (quar.)_
Coleman Lamp & Stove Co. (quar.)
Columbia Baking Co.
SIM
-
—
Mass.) (quar.) —
preferred.
—
SIM
1M%
25c
25c
(quar.)
(part, div.)
—
6)4 % preferred (quar.)
6% preferred (quar.)
—
Apr.
Mar. 25
Mar. 25
Mar. 24
Mar. 22
1 Mar. 11
Mar. 31
May 28 May 14
1 Mar. 15
Apr.
25c
Apr.
1 Mar. 15
SI.63
May
Apr.
Apr.
1 Apr. 15
1 Mar. 15
SIM
- - - -
(N. Y.)
_ _ _ .
second table in which
$2
10c
(quar.)
preferredConnecticut General Life Insurance (quar.) — __
Consolidated Bakeries of Canada (quar.)
___
Consolidated Car Heating Co., Inc. (quar.)._
Continental Gas & Electric prior pref. (quar.)
Continental Roll & Steel Foundry, pref. (qu.)__
Corroon & Reynolds, preferred A------—--Concord Gas Co., 7%
—
Preferred A
(quar.)
—
Cottrell (C. B.) & Sons Co. 6% pref. (quar.)__.
Crown Cork International Corp., class A._
Denver Union Stock Yards (quar.)
Preferred (quar.)
De Pinna (A.) Co., class A (quar.)
-—
Preferred (quar.)
Detroit Edison Co. (quar.)
4c
t50c
20c
J 15c
75c
SIM
SIM
1 Mar. 20
1 Mar. 24
Apr.
Apr. 15 Mar. 31
1 Mar. 20
Apr.
1 Mar. 21
Apr.
tsi
Apr.
1 Mar. 24
Apr.
Apr.
Apr.
Apr.
1 Mar. 24
SIM
7Mc
June
2
Apr.
1 Mar. 24
15c
Apr.
1 Mar. 24
10c
50c
SI
1 Mar. 20
1 Mar. 20*
1 Mar. 20
May 20
Apr. 15 Mar. 28
Apr. 10 Mar. 31
Duval Texas Sulphur
Early & Daniel Co., preferred (quar.) —
East Tennessee Light & Power Co. $6 preferred
Elder Manufacturing Co., 5% cum. ptc. cl. A_.
Electrical Products Corp. (quar.)
Empire Trust Co. (quar.)
Mar. 31 Mar. 21
25c
25c
Diamond Ginger Ale, Inc. (quar.)-J
Doehler Die Casting (interim)
Apr.
SIM
SIM
SIM
18 Apr.
1
Mar. 31 Max. 24
Mar. 31 Mar. 20
1 Mar. 15
—
—
Preferred
—
--
Florence Stove Co
F. R. Publishing Corp. (quar.)
Fulton Trust Co. (N. Y.) (quar.)
1 Mar. 22
1 Mar. 21
1 Mar. 27
20c
Mar. 27 Mar. 20
30c
Mar. 25 Mar. 15
t2,1
July
1 June
10
1 Sept. 10
5
Apr. 15 Apr.
Mar. 25
Apr.
Oct.
S2M
S2M
1%
1%
JuJy
June
Mar.
Mar. 22
June
June 20
50c
City (quar.)..-
1
1 Mar. 27
75c
Mar.
Mar. 24
25c
Quarterly
First National Bank of Jersey
Apr.
25c
S2M
(quar.)
—
1 Mar. 20
75c
Apr.
Apr.
Apr.
Apr.
Apr.
SIM
Corp
(quar.)
Equitable Investment Corp
Endicott Johnson
Mar.
Mar. 25
25
Mar. 24
25c
Apr.
Apr.
75c
—
Fyr-Fyter Co., class A
Garlock Packing Co
General Capital Corp
General Discount Corp., 7%
1 Apr. 14
May
May 15 Apr. 30
Apr.
SIM
SIM
25c
Quarterly
1 Mar. 26
Mar. 31 Mar. 21
25c
(quar.)—
First National Bank of Chicago (quar.)—
The dividends announced this week are:j
pref. (qu.)
cum.
Bank of New York
Fireman's Fund Insurance
grouped in two separate tables.
In the
together all the dividends announced the
Then
—
Exolon Co
iV. 151.
dividends
Mar. 20
Mar. 25
Detroit Steel Products
1586
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.
we
Mar. 22
Apr.
Commonwealth Investment Co.
1140
1140
are
bring
Mar. 22
June 16
Apr.
20c
Commodity Corp. (quar.)
DIVIDENDS
we
June
40c
Apr.
Quarterly.
first
19
May
Farmers & Traders Life Insurance
Dividends
Mar.
Apr.
Mar. 20
Apr.
1139
Apr.
Superior Oil Co. 3)4 % debentures
Traylor Engineering & Mfg. Co. pref. stock
Unified Debenture Corp debentures
Washington Railway & Electric Co. 4% bonds
♦West Penn Traction Co. 5% bonds
♦Westmoreland Water Co. 5% bonds
♦Wheeling Steel Corp. 1st mtge. 4 As
6% preferred stock
—
Commercial National Bank & Trust
May
Southern Natural Gas Co., 4)4% bonds
Mar. 20
S3
(s.-a.)
116
1587
1602
Public Service Co. of Oklahoma—
1st mtge. bonds
Mar. 28
Apr.
Apr.
Columbus & Southern Ohio Electric—
Penn-Ohio Edison Co.—See Commonwealth & Sou. Corp.
Purity Bakeries Corp. 5% debentures
♦Republic Steel Corp. gen. mtge. bonds
Richmond-Washington Co. 4% bonds
Rio Grande Valley Gas Co. 1st mtge. 7s..
Sayre Electric Co., 1st mtge. 5s
♦Sevilla-Baltimore Hotel Corp. 1st mtge. bonds
♦Shawinigan Water & Power Co. 3)4% notes
Apr. 24
Apr.
May
Apr.
Collateral Loan Co. (Boston,
Corp.
6% prior lien stock
7% prior lien stock
Mar. 21
May
25c
Colon Development 6% red.
Colorado Fuel & Iron
Pennsylvania RR. 1st mtge. 3H% bonds
Peoples Light & Power Co., series A bonds
Scrip certificates
Portland Gas Light Co., 1st mtge. 5s
1st mortgage 4s
Mar.
10%
31 Mc
434
Parr Shoals Power Co. 1st mtge. 5s
Penn-Ohio Edison Co.
See Commonwealth & Southern
SIM
■SIM
(ordinary)
Associated Telephone Co., Ltd., pref. (quar.)._
Autoline Oil Co., 8% pref. (quar.)—
■—
Axe-Hougbton Fund, Inc
Axe-Hough ton Fund B, Inc
—
838
-
Mar. 15
Mar. 15
4c
Arundel] Corp. (quar.)
1762
1927
841
—
Mock-Judson-Voehringer Co. 7% pref. stock
Monongahela Ky. 1st mtge. 4s
Monon Coal Co. 5% bonds...
New Orleans Public Service, Inc., 4H% bonds.....
♦New York Shipbuilding Corp. 1st mtge. 5s
Niagara Share Corp. of Md. 5)4% debentures
North American Car Corp. 4)4% ctfs., series I
Mar. 20
Apr.
Apr.
25c
Associated Electric Industries
1
Houston Electric Co., 1st mortgage 6s
Illinois Bell Telephone Co. 1st mtge. 3 As
Kankakee Water Co. 1st mtge. A bonds
Mar.
Mar.
25c
25c
Arcade Cotton Mills preferred
Art Metal Construction
Apr. 15
....May
9
Apr.
1
bonds
Mar. 27
$3
25c
SIM
—June
....
20c
50c
$5 pref. (quar.)
Anglo Canadian Oil Ltd. (initial interim)
Apex Electrical Manufacturing Co. (quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Aprl
Apr.
Apr.
Apr.
-Apr.
Apr.
May
Mar.
Apr.
May
.May
May
Apr.
12Mc
UA
SIM
Thermos Bottle
Anchor Hocking Glass Corp.
1
1
1
1
1
15
1
1
1
1
1
1
1
8
1
1
1
1
25
1
1
1
1
Apr.
Apr. 15 Apr.
1
May
1 Apr. 16
Apr. 15 Mar. 31
Apr.
1 Mar. 24
Apr.
1 Mar. 20
California Packing Co
Apr.
Apr.
...
Mar. 28 Mar. 22
6854c
Preferred
Baldwin Co
Baldwin Rubber Co
Chronicle."
Date
SIM
—
American
preferred stocks called for redemption, including those called
under sinking fund provisions.
The date indicates the re¬
demption or last date for making tenders, and the page
number gives the location in which the details were give in
Company and Issue—
pref. (s.-a.)
Amalgamated Sugar Co., preferred (quar.) _ ___
American Asphalt Roof Corp. 6% pref. (qu.)__
American Casualty Co
-American Discount Co. (Ga.) (quar.)_
JEx^I*2k
Affiliated Industries, Inc., 5debentures-----------Apr.
1
Alabama Power Co. 1st mortgage bonds
Mar. 26
♦Alliance Investment Corp. series A pref. stock
Apr. 30
Allis-Chalmerg Mfg. Co. 4% debentures
Apr.
1
American I. G. Chemical Corp.—See General Aniline & Film.
-r
American States Util. Corp. 5)4%
Bankers
the
Holders
Aetna Standard
and
a
When
Payable of Record
Backstay Welt Co. (quar.)
— —
Badger Paint & Hardware Stores, Inc. (quar.)..
15/1)4
NOTICES
Below will be found
Share
Company
Apollo Steel Co
74/4)4
41/3
23/1)4
£3)4
£3)4
£354
Name of
Preferred (quar.)
Witwatersrand
Areas—
22, .1941
Mar.
Mar. 31
Mar. 22
Apr.
Mar. 31
S2M
25c
pref. (quar.)
87 Mc
Mar.
Mar. 20
General Tin Investments, Ltd.—
American dep. rec.
for ordinary registered.
11c
Apr.
15iApr.
1
Volume
The Commercial & Financial Chronicle
152
Share
Company
General Gas & Electric, $5 prior pref. (quar.)
General Outdoor Advertising, class A
tii
Class A
(quar.).
Class A (quar.).
Preferred (quar.).
Preferred (quar
'.).
Gibson Art (quar.)
Glatfelter (P. H.) Co., 694% preferred
~
'
"
.
25c
$1
10c
Great Lakes Steamship
Group Corp., 6% preferred.
Hamilton
50c
t75c
5
Nov. 15 Nov.
5
Aug. 15 Aug.
^
Haughton Elevator Co. $6 prior pref. (qu.)
1 Mar. 24
Apr.
Apr.
Apr.
1 Mar. 18
50c
Mar. 31 Mar. 19
8% preferred (quar.)
Hibbard, Spencer Bartlett & Co. (monthly)
Monthly
Monthly
Honeymead Products Co. (quar.)...
Hook Drugs, Inc. (quar.)
Houston Natural Gas (Texas)
7% preferred (quar.)
Howes Bros. Co., 7% 1st & 2nd pref. (quar.)
6% preferred (quar.)
Huttig Sash & Door Co
7% preferred (quar.)
Industrial Acceptance, class A (quar.)
Industrial Rayon Corp
International Milling Co., 5% pref. (quar.)
Interstate Home Equipment..
Iowa Power & Light Co. 7% preferred (quar.)..
6% preferred (quar.)
Irving Oil Co., preferred (quar.)
Jamestown Telephone Corp., 6% 1st pref. (qu.)
50c
Mar. 31 Mar. 19
12c
Apr.
1 Mar. 20
Mar. 31 Mar. 24
8734c
Mar. 31 Mar. 24
$1 X
Mar. 31 Mar. 21
$134
Mar. 31 Mar. 21
25c
Mar. 28 Mar. 20
Mar. 28 Mar. 20
Mar. 31 Mar. 24
$19*
25c
50c
$13*
20c
$19*
$134
75c
1 Mar. 24
Apr.
4
Apr. 15 Apr.
1
Apr. 15 Apr.
Mar. 15
Apr.
Mar. 15
Apr.
Apr.
15
Mar. 15
20c
Mar.
Mar. 20
Mar.
Mar. 20
$1.12
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 21
$194
Apr.
Mar. 31
50c
Mar
3734c
Apr.
25
Mar. 24
$194
(quar.)
494 % cum. pref. (qu.)
Supply Co
15c
$13*
Kendall Co., preferred
15c
......
Kentucky Utilities, 6% pref. (quar.)
Kinney Manufacturing (initial)
Kirsch Co., $1 34 preferred (quar.)
Kress (S. H.), quar. div. of 30c. and extra cf 15c.
show in issues of Mar. 8, Mar. 1 & Feb. 22
were incorrectly collated under the name cf
Kress (S. H.).
These divs. were criginally
announced correctly under the name of
Kresge (S. S.).
Laclede Steel Co. (quar.)
Lakey Foundry & Machine Co
Langendorf United Bakeries, class A (quar.)
Class B (quar.)
Preferred (quar.)
La Salle Extension University, pref. (quar.)....
Lava Cap Gold Mining Corp
—
15c
20c
50c
15c
75c
19*%
2c
Lawyers Trust Co. (quar.)
______
S I'M
$13*
20c
Le Roi Co
Lipton (T. J.), Inc., preferred (quar.)
Loomis-Sayler Mutual Fund, Inc
Loomis-Sayles Second Fund, Inc.
lord & Taylor (quar.)
2nd preferred (quar.)
:
Mabbett (Geo.) & Sons Co.—
7% 1st and 2nd preferred (quar.).
MacAndrews & Forbes Co.
3734c
50c
20c
$234
$2
....
$19*
50c
(quar.)
(quar.)
IX
...
Mac Sim Bar Paper Co.
(quar.)__-__
...
(quar.)
McColl-Frontenac Oil, pref. (quar.).
__—
McKay Machine Co
8% preferred (quar.)
Mead Corp
Messenger Corp
Messer Oil Corp
Michigan Gas& Electric, 7% prior lion
$6 prior Hea...
Michigan Seamless Tube
Millers Falls Co., 7% prior pref .(quar.)
Minneapolis Brewing Co
Minnesota Mining & Manufacturing
;
Mississippi Power & Light, $6 preferred
Molybdenum Corp. cf America
Moneta Porcupine Mines, Ltd. (quar.)_______
Montreal Light, Heat & Power Consol. (quar.).
Monumental Raiio Co. (Bait.) (quar.)
_____________
go
...
—
______—
(Philip) & Co., Ltd., Inc. (quar.)
preferred (initial)
Mountain States Telep. & Teleg. (quar.)__.___
Murphy Paint (initial quar.)
.....
Pieferred (quar.)
:
Muskegon Motor Specialties, class A (quar.)
Mutual Chemical Co. of America 6% pref. (qu.).
6% preferred (quar.)
6% preferred (quar.)
6% preferred (quar.)
National Bond & Share Corp
National Casket (semi-annual)
Preferred (quar.)
National Enameling & Stamping
National Fire Insurance Co. (quar.)
National Fuel Gas Co. (quar.)
National Iron Works, Inc
—
National Power & Light Co. $6 pref. (quar.) —
New England Confectionery
New England Power Co., pref. (quar.)
New Orleans Public Service
$7 preferred (quar.)
New York Trust Co. (quar.).
— .
—
Northwestern Electric
Ltd. (quar.).
class A and B_
Mar. 31
1 Mar. 25
Mar. 31 Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
20
14 Mar. 31
1 Mar. 22
2 Mar. 20
1 Mar. 17
10 Mar. 29
1 Mar. 25
15 Mar. 31
15 Mar. 31
1 Mar. 24
1 Apr.
1 Mar. 20
15 Mar. 31*
15 Mar. 31*
Mar. 29 Mar. 20
Apr.
1 Mar. 22
25c
$2
25c
25c
15c
$19*
SIX
50c
SIX
15c
60c
Ogilvie Flour Mills (quar.)
Ohio Leather Co.
__
8% preferred (quar.)
7% preferred (quar.)..
Ohio Service Holding Corp. $5 non-cum.
Oneida, Ltd. (quar.)..
7% partic. preferred (quar.)
Ontario Silknit, Ltd., preferred
Pacific Gas & Electric (quar.)
Pathe Film Corp.. $7 pref. (quar.)
Penman's, Ltd. (quar.).....
Preferred (quar.)
Philadelphia Co. (quar.).....
Apr. 15 Mar. 31
1 Mar. 20
Apr.
1 Mar. 20
Apr.
Apr. 15 Feb. 28
5
May 15 May
Mar. 25 Mar. 18
May
May
1 Apr.
1 Apr.
15
15
Mar. 31 Mar. 25
Mar. 31 Mar. 21
Apr. 21 Apr. 10
1 Mar. 24
Apr.
50c
50c
1 Apr. 15
May
1 Mar. 18
Apr.
Apr. 16 Mar. 31
Apr. 30 Mar. 31
1 Mar. 24
Apr.
Apr. 25 Mar. 29
Apr. 15
t$2
1234c
tSc
37c
5334c
SIM
20c
SIX
50c
$134
$134
$134
Apr. 15 Mar. 31
1 Apr. 15
May
Apr. 15 Mar. 31
1 Mar. 20
Apr.
1 Mar. 20
Apr.
May 31 May 15
Mar. 28 Mar. 20
June 28 June
50c
25c
50c
25c
134c
27 Dec.
18
Apr. 15 Mar. 31
May 15 Apr. 30
Apr.
1
Apr.
2
75c
SIX
SIX
Mar.
1 Feb.
Apr.
Apr.
1 Mar. 25
25c
25c
Apr.
1 Mar. 22
$2
pref—
$19*
$134
189*c
43 Mc
+$1
50c
six
10c
SIX
Mar. 21
May
Apr.
9
May 20
Mar. 15
75c
Apr.
Mar.
Mar. 10
$234
Mar.
Mar. 10
3734c
Mar.
Mar. 24
15c
Mar.
Mar. 24
50c
Mar.
Mar. 24
63c
Apr.
Mar. 20
$19*
Apr.
Apr.
Mar. 15
35c
20c
Mar. 20
Mar. 25
Apr.
Apr.
Mar. 25
May
Apr.
Apr.
Mar. 14
25c
Mar.
Mar. 20
$19*
(Boston, Mass.)
Mar.
Mar. 20
SIX
Mar. 10 Mar.
3
SIX
Mar. 10 Mar.
50c
Mai. 10 Mar.
3
3
15c
_
$1$1
19
Southern Advance Bag &
Paper Co—
7% preferred (quar.)
6% referred (quar.)___
$2 preferred (quar.)
Southern Bleachery & Print Wbrks, Inc.—
7% preferred.
Southern California Gas 6% pref. (quar.)
6% preferred A (quar.)
Southern Indiana Gas & Elec. 4.8% pref. (qu.)
Southwestern Life Insurance Co. (Dallas)
Standard Coated Products, preferred
Standard National Corp. 7% preferred.
Standard Oil Co. (Ohio), 5% cum. pref. (quar.)
t$19*
Apr.
Mar. 20
37 94c
Apr.
Apr.
Mar. 30
3734c
$1.20
35c
10c
__
t$l 9*
$19*
May
July
Apr.
Apr.
Apr.
Mar. 30
Apr. 15
July 12
Apr.
1
Mar. 27
Mar. 31
Mar. 22
30c
May
May 17
60c
...
June
40c
Stanley Works (quar.)
Preferred (quar.)
State Street Trust (Boston) (quar.)
Stecher-Traung Lithograph Corp
5% preferred (quar.)
Telautograph Corp. (interim)
Terre Haute Malleable & Mfg. Corp
Mar.
40c
Phosphate (quar.)..
Mar.
Mar. 17
May
Apr. 30
n'il
1234c
$1.9*
14 June
5
Apr.
Mar. 25
Mar.
Mar. 14
Mar.
Mar. 14
15
May
Mar.
Mar. 20
50c
Apr.
Mar.
Mar.
50c
15c
Apr.
Mar. 20
$19*
Apr.
Mar. 20
5c
(quar.)..
Tip Top Tailors, Ltd (quar.)
7% preferred (quar.)
Tivoli Brewing (quar.)
Toledo Shipbuilding
Traders Finance Corp., 6% pref. A (quar.)
Travelers Insurance Co. (quar.)
Underwriters Trust (N. Y.)
Union Stockyards (Omaha) (quar.)
United Drill & Tool Corp. class A (quar.)...
Apr.
10c
Texas Corp
Textile Banking Co.
Apr.
7*
Mar. 21
Apr.
1
Mar.
Mar. 20
Apr.
Apr.
Apr.
Mar. 15
Mar.
Mar. 21
Apr.
25c
May
May
Apr.
40c
Mar.
Mar. 20
68 9* c
30c
Apr.
Apr.
8734c
May
Apr.
Apr.
Apr.
171)
Apr.
Apr.
May
Apr. 17
50c
4
_______
$1
$1
15c
10c
Class B
United States Fidelity & Guaranty Co
United States Guarantee Co. (quar.)
__.
Mar. 17
Mar. 26
15
Apr. 15
Mar. 31
United States Hoffman Machinery Corp.—
preferred (quar.)..
United States Plywood Corp
___.
U. S. Smelting. Refining & Mining Co
Preferred (quar.)
____.
United Stockyards Corp. conv. pref. (quar.)__
Universal Leaf Tobacco Co., Inc
Preferred (quar.)
Utah-Idaho Sugar, preferred A (quar.)
Utica Knitting Mills, pref. (quar.)
Van Camp Milk Co. (special)
Preferred (quar.)
534%
conv.
$1
__
Mar. 28
1
Mar.
Apr.
Mar. 24
6234c
JuJy
June
25c
Apr.
Mar. 24
$1
10c
Apr.
Mar. 24
Mar.
Mar. 24
Mar.
Mar. 24
Apr.
Apr.
Apr.
Mar. 27
15c
Preferred (quar.)..
Wabasse Cotton Co., ltd.
(quar.)___________
Washington Title Insurance Co. (quar.)_______
6% non-cum. A preferred (quar.)
$19*
t50c
$134
$134
21
Mar. 22
Mar. 27
Apr.
Apr.
May
Mar. 24
$2
Apr.
Mar. 20
6c
Mar.
Mar.
Apr.
Apr.
Mar. 25
Apr.
Mar. 27
Apr,
Apr:
Apr.
Mar. 21
10c
...
Preferred (quar.)
Winters & Crampton Corp
—
$19*
Wisconsin Co., 7% preferred (quar.)
Wurlitzer (Rudolph) preferred (quar.)
_
Apr.
May
30c
lc
Will & Baumer Candle Co., Inc
Yale & Towne Mfg. Co.__
Apr.
$19*
Westgate-Greenland Oil (monthly)
Weston (Geo.), Ltd., preferred (quar.) — —
Wico Electric Co. 6% class A preferred (quar.)
$rd
—
25c
Yellow Truck & Coach Mfg
'J'''
15
10
Mar. 28
Mar. 25
2%
Vlchek Tool Co
Ol&ss JEJ
•»
Young (J. S.)Co. (quar.).---Preferred (quar.)
.
Youngstown Steel Car (quar.)
—
Below
—
25c
** *»
«*
—- —- —
— _ —
—
$134
$19*
1234c
give the dividends announced in
we
Apr.
Mar.
May
10
15
4
1
Mar. 20
Apr.
Apr.
1
1
Mar. 21
Mar. 20
nounced
previous weeks
The list does not include dividends an¬
this week, these being given in the preceding table.
paid.
and not yet
Name of
Company
Mar. 12
Abbott Laboratories (quar.)
Mar. 12
Extra.:
Apr.
Preferred (auar.)
Aero Supply
-
Manufacturing Co., class A (quar.)
1 Mar. 24
1 Mar. 24
Aeronautical Securities, Inc.
1 Mar. 22*
1 Mar. 20
Aetna Insurance Co.
Apr.
1 Mar. 27
Aetna Life Insurance Co.
Apr.
Apr.
Apr.
Mar. 27
Affiliated Fund, Inc. (quar.)
Mar. 20
Agnew-Surpass Shoe
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
Apr.
May
Mar. 20
25
1 Mar. 22
1 Mar. 22
1 Mar. 22
1 Mar. 17
15 Mar. 31
15 Mar. 31
Aetna Casualty &
(quar.)
$7 preferred
(quar.)
10c
Mar. 31
Alabama & Vicksburg
Mar.
Mar. 31
19*%
Mar. 15
75c
1294c
$19*
$19*
-
-
Ry. Co. (s.-a.)
3%
Allegheny Ludlum Sceel
(Pitts., Pa.)
Extra
Apr.
Mar.
(quar.)
I
Mar. 20
Apr.
Mar. 18
Mar. 18
Apr.
Mar. 14
Mar. 14
Apr. 18
Mar. 7
Apr.
Apr.
Mar.
5c
Mar.
Mar. 20
Mar. 20
Mar. 20
Apr.
Apr.
Apr.
Mar. 15
Mar.
1
Apr.
Apr.
Mar.
1
Mar. 17
Mar.
Mar.
—
Laboratories, Inc. (quar.)
Allied Products Corp. (quar.)
Class A (quar.)
—_ —
Allied Stores Corp. 5% pref. (quar.)
Alpha Portland Cement
Aluminum Co. of Aunerica pref. (quar.)
8.
25c
50c
Allemannia Fire Insurance Co.
8
Mar. 12
30c
5c
Apr.
$7 pref. (quar.)—
(quar.)
$5 preferred (quar.)..
$6 preferred
Mar.
40c
May
—
(quar.)
Alabama Power Co.
Allied
5
21
25 Apr.
1
1 Apr.
1
Mar. 14
—
Air Associates, Inc.
Allen Electric & Equipment
1 Apr.
-
—
Stores pref. (quar.).- — -.
Agricultural Insurance Co. (Watertown, N. Y.)
15 Mar. 31
1 Mar. 24
—
(quar.)
1
3734c
$1
Surety Co. (quar.)
15 Mar. 31
15 May
'
_
Quarterly
50c
Apr.
Apr.
3734c
$19*
Sonoco Products (quar.)
Preferred (quar.)
15 Mar. 31
Apr.
Apr.
Apr.
Apr.
Apr.
50c
Apr. 15
75c
25c
1 Mar. 20
Apr.
1 Mar. 17
35c
Mar. 21
Apr.
20c
Mar. 25
Mar.
Mar. 28 Mar. 21
Mar. 28 Mar. 21
SIX
UH
Apr. 15
Apr.
25c
Mar. 31 Mar. 15
Mar. 31 Mar. 24
May
SIX
Mar. 20
Mar. 29
19
Sept. 27 Sept.18
Dec.
SIX
Mar. 31
May
$19*
Simpson's, Ltd., 634% preferred
Smyth Manufacturing Co. (quar.)
7
SIX
SIX
Co—
7% preferred (quar.)....
Novadel-Agene Corp. (quar.)
Mar. 31
six
-
Co., 7% pref. (quar.)...
preferred (s.-a.).
Mar. 31
50c
—
6% preferred (quar.)
Northwestern Public Service
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 31
2 Mar. 31
—
Niagara Wire Weaving,
North American Rayon
Preferred (quar.)...
Mar. 18
Apr.
$2
Extra
cum.
Mar.
75c
_______
Morrell (John) & Co
Jan.
25c
Manning, Maxwell & Moore.....---..
Marathon Paper Mills, pref.
8
8
Shawmut Association
Apr.
Apr.
15c
50c
Extra
35c
.....
30c
_
Standard Wholesale
75c
(quar.)
Mar. 20
Apr.
Apr. 15 Mar. 31
Apr. 15 Apr.
1
Standard Screw
Lawrence Gas & Electric Co.
Leich (Chas.) & Co., preferred
Lenox Water Co. (quar.)
Feb.
Mar.
15c
50c
Puget Sound Pulp & Timber Co.—
6% cony, preferred (quar.)
Putnam (Geo.) Fund of Boston (quar.)
Public Service Corp. (N. J.), 6% pref. (monthly)
Pyle-National Co
Ralston Steel Car Co., 5% pref. (quar.)
Republic Natural Gas (s.-a.)
Richman Bros. Co. (quar.)
i
Rochester Button Co. (quar.)
Preferred (quar.)
St. Joseph Ry., Light, Heat & Power pref. (qu.)
St. Joseph South Bend & Southern RR
5% preferred (s.-a.)
St. Paul Union Stock Yards (quar.)
Seaboard Finance (quar.)
$2 preferred (quar.)
Seiberling Rubber Co., prior preferred (quar.)
Class A preferred (quar.)
Seven-Up Bottling Co. (quar.)
Shasta Water Co. (quar.)
_
55c
Kellogg Switchborard &
Preferred (quar.)
Cum.
19
25c
Special.
Kansas Power & Lt. Co.,
43*%
17
Mar. 31 Mar. 28
20c
...
Jones & Lamson Machine
Morris
27 June
15c
—
Preferred
June
Apr.
15c
Mar. 31 Mar. 15
,
15
May
25 Apr.
29 May
15c
10c
—
1 Mar. 20
1 Mar. 26
20c
._
1 May 20*
Apr. 25 Apr. 12
,
Mar. 29 Mar. 20
Haverhill Gas Light Co
Hartford Gas Co. (quar.)
__
1 Mar. 21
June
Prentice (G. E.) Mfg. (quar.)..
1 Mar. 21
Mar. 28 Mar. 21
$134
Apr.
30c
__
Mar. 31 Mar. 24
Apr.
$19*
$19*
Pierce Governor Co
Pilot Full Fashion Mills, Inc. (quar.)
Plomb Tool Co.,
6% preferred (quar.)
1 Mar. 20
Apr.
1 Mar. 31
Apr.
Mar. 31 Mar. 20
25c
._
18
Corp. of America capital stock
5
Apr.
Holdere
Payable of Record
May 16 Apr.
Philadelphia National Bank
Pittsburgh Coke & Iron Co., $5 pref. (quar.)...,
5
Nov. 15 Nov.
60c
Manufacturing, part, class A*
Harvard Trust Co. (quar.)
Aug. 15 Aug.
Share
of Company
Petroleum Corp. of America stock dividend
Special distribution:
One share of Consol.
Oil Corp. com. for each 5 shs. of Petroleum
Mar. 15 Mar. 14
Mar. 31 Mar. 24
50c
Globe Steel Tubes Co
Goulds Pumps, Inc., 7% preferred
Grand Rapids Varnish
Name
Payable of Record
$1
$l
$194
$134
When
Per
Holders
When
Per
Name of
1861
234c
15c
25c
43 9*c
$19*
25c
$194
Apr.
Mar. 20
3
Mar. 15
The Commercial & Financial Chronicle
1862
Per
Name of
Share
Company
Aluminum Manufacturers, Inc. (quar.)
Quarterly-..-....
50c
50c
—-
Quarterly.--------
50c
——
Quarterly
7% preferred (quar.)
7% preferred (quar.)—
7% preferred (quar.)—......
7% preferred (quar.)
Altorfer Bros. $3 preferred-
50c
$1*4
$1*4
$1*4
$1*4
M4
....
------
....
....
...
Amalgamated Sugar
10c
American Agricultural Chemical Co..
American Airlines, lnc.,pref. (quar.)
30c
$1.06 4
American Alliance Insurance Co. (quar.)
25c
(quar.)
American Bakeries, class A
Extra
50c
25c
American Bank Note, preferred (quar.)
American Brake Shoe & Foundry
Preferred (quar.)
75c
40c
10c
HZ
25c
American Capital Corp. $3 preferred
Cigar, pref. (quar.)
(quar.)..
$14
American Cities Power & Light class A
American Colortype (quar.)
American Crystal Sugar
Preferred (quar.)
Mar. 31 Mar. 15
June 30 June
15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Mar. 31 Mar. 15
June 30 June 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
7% pref. A (quar.)
7% preferred A (quar )
7% preferred A (quar.)
American Express Co. (quar.)
American Felt Co., preferred (quar.)
American Foreign Investing Corp
...
15
Apr.
5
Apr. 15 Mar. 20
1 Mar. 17
Apr.
1 Mar. 17
Apr.
1 Mar. 11
Apr.
Mar. 31 Mar. 21
American Hard Rubber pref.
25c
50c
(quar.)
75c
20c
50c
40c
$4
75c
Apr.
1 Mar. 20
Mar. 31 Mar. 22
10c
Apr.
Apr.
Apr.
32^c
$14
Apr.
Apr.
17
17
$2
Elevated Ry. Co. (quar.)
(E. J.) & Sons (quar.)
Bralorne Mines, Ltd. (quar.)
Extra
-
Brantford Cordage Co., Ltd., pref. (quar.)
12
Brazilian Traction
15
15
25
25
Dec.
1 Nov. 25
Apr.
1 Mar. 14
Apr.
1 Mar. 15
Light & Power pref. (quar.)—
Bridgeport Brass Co
Bridgeport Gas Light (quar.)
Briggs Manufacturing Co
;
Brillo Mfg. Co., Inc. (quar.)
Class A (quar.)
British-American Assurance (semi-ann.)
British American Oil Co., Ltd
1 Mar. 20
Apr.
1 Mar. 14
Mar. 31 Mar. 15
Mar. 31 Mar. 20
1 Mar. 14*
1 Mar.
1 Mar.
Optical Co. (quar.)
4
Bronlan Porcupine Mines.
Ltd.I
6% part, preferred (quar.)_
Brunswick-Balke-Collender Co.
Bucyrus-Erie
Co
June
Mar. 22
Mar. 10
Mar. 10
16 June
6
Sept. 15 Sept.
5
Dec.
15 Dec.
Mar. 31 Mar.
5
3
June
May 26
Apr.
$14 Apr.
25c
May
20c
Apr.
$1*4
Apr.
75c
Apr.
Mar. 15
35c
Mar. 15
Apr. 22
Mar. Is
Apr
.4
Mar. 13
$14
Apr.
Mar. 13
30c
Apr.
Mar. 15
Mar.
Mar. 15
Mar.
Feb.
11
g
Apr.
Apr.
Apr.
Mar
$14
18
5*
Mar. 17
Mar. 10
$14 Apr.
75c July
$24
July
1 Mar. 14
Mar.
3
Mar. 14
Mar.
Mar. 14
Apr.
Apr.
Mar. 13
Mar. 15
Mar. 15
5c
30c
Apr.
Apr.
Apr.
Mar.
$14
Mar.
15c
Mar.
Mar. 10
874c
374c
374c
June
June
$1
t75c
t$5
t25c
t$l *4
I75c
t$2
preferred (quar.)
Second preferred (quar.)
Second preferred (participating dividend)
Canadian Car & Foundry preferred
1 Mar. 24
Canadian Converters
Oct.
1 Mar. 31
Canadian Cottons. Ltd. (extra)
Common (quar.)
$1*4 Apr.
$14 Apr.
Apr.
$1*4
1 Mar. 15
1 Mar. 15
124c
1 Mar. 10
Mar. 25 Mar. 11
50c
15c
Apr.
15c
Mar. 31 Mar. 15
Mar. 28 Mar. 14
Mar. 31 Mar. 11
Mar. 31 Mar. 15
Associated Breweries of Canada
Preferred (quar.)
t25c
10c
t$14
Associates Investments Co. (quar.)
Preferred (quar.)
50c
$14
$14
Atlanta Gas Light 6% pref. (quar.)
Atlantic City Fire Insurance Co. (quar.)
50c
Atlantic
Refining preferred (quar.)
Corp
Autocar Trucks $3 cum. & part. pfd. (quar.)
Automobile Insurance (Hartford) (quar.)
Avery (B. F.) & Sons pref. (quar.)
Avondale Mills
—_
$1
25c
75c
25c
37&
(quar.)
1.1?
Baltimore Brick Co. 5% preferred
M4
Bangor Hydro-Electric (quar.).
7% pref. (quar.)
6% preferred (quar.)
30c
$14
$14
20c
1
64c
74c
50c
6% cum. preferred
Backers Trust Co. (quar.)
Earbsr (H. W.) Co. (quar.)
1 Mar. 15
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Apr.
1 Mar. 14
Apr.
Mar. 31 Mar. 20
1
May
Apr.
4
Mar. 25 Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
8
1 Mar. 20
1 Mar. 15
1 Mar. 14
1 Mar. 14
Mar. 27 Mar. 18
1 Apr. 10
May
Apr.
Apr.
1 Mar. 10
1 Mar. 10
Apr.
1 Mar. 20*
Mar. 31 Mar. 17
Mar. 31 Mar. 17
Apr.
1 Mar. 12
40c
Bath Iron Works
Mfg
(quar.)
II
-------
Belding-Corticelli Ltd. (quar.)--""111111111"
Preferred (quar.)
Bell Telephone of Canada
Bell Telephone-Co. (Pa.) 64% pref.
(quar.)——
64% preferred (final)
For period from Apr. 1 to Apr. 15, 1941; all
outstanding pref. stock being redeemed
on Apr. 15.
Belt RR. & Stockyards Co. (quar.)
6% preferred (quar.)
Bendix Home Appliances, Inc., class A
Beneficial Industrial Loan Corp
$24 prior preference series of 1938 (quar.)
Bethlehem Steel Corp. 7% pref. (quar.)
7
1 Mar. 20
1 Mar.
Mar. 31
1
Apr.
1
$1*4 Apr.
25c
1
Apr.
50c
1
Apr.
25c
1
Apr.
1
$14 Apr.
1
50c
Apr.
1
$1
Apr.
25c
1
Apr.
$1
1
Apr.
1
$1*4
Apr.
t$2 Apr. 15
$14
Apr. 15
27c
Apr. 15
25c
Basdan-Blessing Co
Preferred (quar.)
1 Mar. 17
Mar. 31 Mar. 15
Mar. 15
Mar. 15
Mar. 18
Mar. 18
2
Sept.
Sept.
1
Dec.
Dec.
1
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 31
Mar.
1
Mar. 31
Mar. 15
Mar. 15
Mar. 15
Mar. 21
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 21
Apr.
Apr.
Apr.
Apr.
Apr.
Preferred
(quar.)
Canadian Foreign Invest. 8% pref. (quar.)
Canadian General Electric Co., Ltd. (quar.)
Canadian Industries A & B (quar.)
Preferred (quar.)
Canadian Oil Cos. pref. (quar.)
$1*4
t$ 2
Mar. 15
Mar. 31
Mar. 31
Mar.
Mar. 20
Mar. 14
Mar.
Mar. 14
Mar. 14
Mar. 20
Mar.
Mar. 20
6% preferred (quar.)
$14
Apr.
Mar. 18
Apr.
Apr.
Apr.
Apr.
1 Mar. 21
4c
2c
.•
$7 preferred (quar.)
$14
24c
$14
$14
Carriers & General Corp
Carter (Wm.) Co. preferred (final)
Central Hanover Bank & Trust Co.
Mar. 13
Mar. 14
Mar. 15
75c
Carolina Power & Light, $6 pref. (.quar.)
Carthage Mills, Inc., 6% pref. A (quar.)
6% preferred B (quar.)
Case (J. I.) Co., 7% preferred (quar.)
Preferred (quar.)
Celanese Corp. of America
7% cum. 1st part, preferred (part. div.)„
7% cum. prior preferred (quar.)
7% cum. 1st part, preferred (semi-ann.)
1st pref. (semi-ann.)
7% cum. nrior preferred (quar.)
Central Aguirre Associates
Central Elec. & Telep. Co. 6% pref. (quar.).
Mar. 17
50c
'
-
Capital Administration Co., Ltd.—
$3 cum. preferred series A (quar.)
Cariboo Gold Quartz Mining Co., Ltd. (quar.)„
60c
$14
$14
—
50c
Apr.
1 Mar. 3
1 Mar. 3
1 Mar. 17
1 Mar. 17
Mar. 20
Apr.l
June 16 June
Apr.
Apr.
Apr.
Apr.
1
1
1
1
16
Mar. 20
Mar. 20
Mar. 12
Mar. 12
Mar. 31 Mar. 14
$2.82 Mar. 31 Mar. 14
$1*4
$3 4
$34
$1*4
374c
■<
-
Central Illinois Light Co. 44 % pref. (quar.)
Central Maine Power Co., 7% pref. (quar.)
75c
$2
Preferred
$1^
$1
(quar.)
$14
$1*4
$14
$14
624c
6% preferred (quar.)
Mar. 10
Mar. 15
Apr.
Apr.
Apr.
$1*4 Mar.
50c
Apr.
1374c
Apr.
Mar.
$1
Canfield O ilCo. (quar.)
Mar. 10
Mar. 15
60c
(part, div.)
Canadian Westinghouse Co., Ltd. (quar.)
Canadian Wirebound Boxes, class A (quar.)
Extra
Mar. 15
Mar. 15
25c
cum. part, preferred
Preferred (quar.)
7%
Cannon Mills Co.
Apr. 10
vpr.
Canadian Celanese, Ltd
Mar. 13
$6 preferred (quar.)
Mar. 22
7
Mar. 15
Control Board.
Central Franklin Process
Mar. 20
Mar.
Mar. 15
Subject to approval of Can. Foreign Exch.
Mar. 15
Mar. 22
Mar. 21
Mar. 15
Mar. 15
15
Mar. 15
Mar.
$24
tl24c
+25c
J 5c
115c
J5c
t44c
Canadian Canners
Apr.
t35c
Mar.
j 50c
30c
Extra
Extra
Apr.
Apr.
Extra
Canada Permanent Mortgage Corp. (quar.)
Canada Steamship Line 5% preferred
class A—..
Asbestos Manufacturing Co. preferred
Ashland Oh & Refining (quar.)
(quar.)
Beech-Nut Packing Co. (quar.)
May
Apr.
55c
15c
-
...
Preferred (quar.)
Beech Creek RR. Co.
Mar. 17
Mar. 15
50c
10c
7% preferred (quar.)
$6 preferred (quar.)
Armour & Co. (Del.) pref. (quar.)
Arnold Constable Corp
Arrow-Hart & Hegeman Electric (quar.)
Asbestos Corp., Ltd. (quar.)
Mar. 17
Mar.
50c
10c
Class B
Mar.
Apr.
17 4c
50c
(quar.)
3 June 21
3 June 21
Mar. 24 Mar. 11
Mar. 31 Mar. 10
Arkansas Power & Light—
Mar. 31
$14
Building Products, Ltd. (quar.)
First
Mar. 20
75c
First preferred (participating dividend)
50c
1 Mar. 13
40c
Buffalo Niagara & Eastern Power, pref. (quar.)
First preferred (quar.)
Burlington Steel Co., Ltd. (quar.)—.
Byers (A. M.) Co. 7% prferred
Div. of $2.11346 representing reg. quar.
div. of $1 *4 due Feb. 1, *37 and int. there¬
on to Apr. 1, '41.
Calgary & Edmonton Corp
Cambria Iron Co. (semi-ann.)
Canada Breweries. $3 preferred
Canada Cycle & Motor (quar.)
Preferred (quar.)
Canada Dry Ginger Ale (quar.)
Canada Foundries & Forgings, class A (quar.)—
Class A (quar.)
Class A (quar.)
Canada Life Assurance (quar.)
Canada Northern Power Co. (quar.)
Preferred (quar.)
Canada Packers, Ltd. (quar.)
$1*4
.
Bank of the Manhattan Co. (quar.)
Bankers National Investing Corp
Mar. 15
Mar. 15
$1^
$1*4
(quar.)
Budd Wheel Co. preferred (quar.)
Preferred (participating dividend)
Burkart (F.) Mfg. Co., $2.20 pref. (quar.)
Mar. 22
Inc..
Anaconda Copper Mining Co
Baker (J. T.) Chemical Co.
Preferred (quar.)
Apr.
Apr.
pref. (quar.)..
t
Preferred
Mar. 15
2.5c
cum.
iviar. 31
Mar. 11
Mar. 20
75c
75c
Mar. 15
Apr.
Apr.
Apr.
Apr,
25c
Applied Arts Corp
A. P. W. Properties, Inc., 4%
Apr.
Apr.
Apr.
3c
uar.)
Bulova Watch Co.
Extra
siH
American Sugar Refining pref. (quar,)
American Telephone & Telegraph Co. (quar.)..
American Tobacco Co., preferred (quar.)
Mar. 31
Mar. 21
Brooklyn Borough Gas Co. (quar.)
Mar. 24
,.)3«c
$14
$14
American Steel Foundries...
American Stores Co
Apr.
Apr.
Apr.
Apr.
50c
Mar. 24
25c
Mar. 27
Apr.
Apr.
25c
Mar.
American Power & Light Co., $6 preferred
$6 1st preferred (quar.)
Amoskeag Co. semi-ann
$4 4 preferred (s.-a.)
50c
—
Mar.
Apr.
$14 Apr.
Co.,
4
1 Mar. 14
1 Mar. 14
25c
Electric
20c
$14
+2 5c
British-Columbia Power class A (quar.)
Broad Street Investing Corp. (quar.)
25c
$14
Mar. 28 Mar. 17
Mar. 31 Mar. 14
Mar. 25 Mar. 18
Apr.
1 Mar. 15
Apr.
1 Mar. 15
5Cc
$14
1 Mar.
8
Mar. 31 Mar. 20
$14
Manufacturing Co
Mar. 20
Mar. 15
50c
Bullard Co
Preferred (quar.)
Mar. 31
Mar. 31
British Columbia Electric Power & Gas Co.—
Mar. 26 Mar. 10
American Oak Leather preferred (quar.)
1 Mar. 18
15
15
15
1
25c
-
Mar. 22 Mar. 14
34c
$5 preferred
American Paper Co. 7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
American Radiator & Standard Sanitary..
Preferred (quar.)
American Rolling Mill.
Preferred (quar.)
American Safety Razor
American Screw Co. (quar.)
American Smelting & Refining 7% pref. (quar.)
American Snuff Co. (quar.)
Preferred (quar.)
American States Insurance Co. (Ind.) (quar.)—
20c
-
12
50c
Beaton & Caldwell
Beatrice Creamery
(Sidney), 7% preferred--
Bohn Aluminum & Brass
30C
4
$2 preferred (quar.)_
American Machine & Foundry Co
5-month period, Nov. 1, 1940, to Mar. 31, '41.
American Maize-Products
Preferred (quar.)
Atlas
Blumenthal
Mar. 17
Brach
14 June
624c
&
Block Bros. Tobacco 6% pref. (quar.)
7
Apr.
Mar. 31 Mar. 22
Mar. 31 Mar. 22
Mar. 31 Mar. 25
Apr.
1 Mar. 29
$14
5% pfd. (qu.)_
Extra
874c
$14
U34
Boston Insurance Co. (quar.)
Boston Storage Warehouse (quar.)
25c
5c
Works
25c
Boston
N. J.) (s.-a.)
Water
40c
15c
Bliss & Laughlin, Inc
Preferred Jquar.)
Mar. 14
Apr.
25c
—
Black & Decker 'Mfg. (quar.)
Blaw-Knox Cc. (Interim)
_
1 Mar. 18
1 Mar. 18
Mar. 31 Mar. 14
Apr.
Apr.
Mar. 14
1 Mar. 11
Apr.
Apr.
Apr.
Apr.
Apr.
American
10c
$1*4
$14
1
Apr.
Mar. 31
Mar. 31 Mar. 20
(quar.)
American Hide & Leather Co., pref.
American
624c
(quar.)
6% preferred (quar.)
American Home Products Corp
American Insurance Co. (Newark,
American
Preferred
Tune 30
1 Mar. 20
1 Mar. 20
Mar. 20
Mar. 20
Mar. 28 Mar. 20
Apr.
1 Mar. 14
Apr.
1 Mar. 18
Alar. 31 Feb. 28
Apr.
1 Mar. 10
$1.18*4 Apr.
American Hardware Corp. (quar.)
American Hawaiian Steamship,
American Investment Co. of 111.
30c
Bickford's, Inc
Tune 3C
Apr.
Apr.
Apr.
Apr.
Mar. 17
American Gas & Electric Co.—
A4% cum. preferred (quar.)
American General Insurance Co. (Houston) (qu.)
American Hair & Felt 1st pref. (quar.)
$1^
$1*4
pref. (quar.)
1
Apr.
June
10c
25c
Extra
B /G Foods. Inc., prior
Preferred (quar.)
Mar. 31 Mar. 31
Mar. 31 Mar. 31
June 3f June 30
Borer-Warner Corp
Boston & Albany RR
Mar. 31 Mar. 19
Apr.
$14
$14
$14
25c
75c
Birmingham Electric $7 pref. (quar.)
$6 preferred (quar.)__
1 Mar.
Apr.
1 Mar.
SIX Apr.
15c
1 Mar.
Apr.
12 4c
1 Mar.
Apr.
$14 Mar. 22 Mar.
$14
Apr. 15 Mar.
June
1 May
$14
$14
Sept. 1 Aug.
American Envelope Co.,
75c
Quarterly
1 Mar. 17
25c
Preferred
Holders
>f Record
Bensonhurst National Bank (quar.)
Extra
Apr.
15c
American Cyanamld Co. class A & B com. (qu.
i.
f.
5% 1st, 2nd & 3rd series cum. conv, pref (qu.
American District Telegraph (N. J.).
When
Payabl
Bird & Son, Inc
68 *4 c
*
Company
1 Mar. 15
Mar. 31 Mar. 15
1941
Per
Name of
Apr.
Apr.
22,
Share
Holders
Payable of Record
$1,314 Mar. 31 Mar. 21
American Business Credit Corp. class A (quar.)
American Can Co. 7% pref. (quar.)
American Cigarette &
When
March
5% preferred (quar.)
Central Patricia Gold Mines, Ltd. (quar.)
4c
Extra
2c
Centrifugal Pipe Corp. (liquidating)
Champion Paper & Fibre pref. (quar.)
Chapman Ice Cream Co
$2
$14
10c
Apr.
1 Mar. 14
June
30 June 17
June 30 June
July
17
1 June 17
Apr.
15 Mar. 31
Mar. 31 Mar. 17
Apr.
Apr.
1 Mar. 18
1 Mar. 18
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 20
1 Mar. 10
1 Mar. 10
1 Mar. 10
1 Mar. 17
1 Mar. 10
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Apr.
1 Mar. 25
Apr.
1 Mar. 15
Mar. 27 Mar. 13
Chartered Trust & Executor Co. (Toronto, Ont.)
:$i
(quar.)
75c
75c
30c
45c
62 4c
$14
Apr.
1 Mar. 21
Mar. 21
Mar. 25 Mar. 19
Apr.
1
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Apr.
1 Feo.
28
Chemical Bank & Trust (N. Y.) (quar.)
Cherrv-Burrell
Corp
Chesapeake & Ohio Ry. (quar.)
Preferred A (quar.)
Chesebrough Manufacturing Co. (quar.)
Extra
x
45c
Apr.
Apr.
25c
Mar.
Feb.
75 c
Apr.
Apr.
Mar.
7
Mar.
7
Mar.
Mar.
7
Mar.
Mar.
7
$1
SI
50c
Mar. 15
Mar. 20
28
Volume
The Commercial & Financial Chronicle
152
Chesterville Larder Lake Gold Mining
Chicago Dock & Canal Co. (extra)..
Chicago Flexible Shaft (quar.)
Chicago Pneumatic Tool (initial)
$5 preferred
Citizens Water Co. (Wash., Pa.), 7% pref.
Apr.
Apr.
1 Mar. 20
1 Mar. 20
Dixie-Vortex Co. class A (quar.)
Apr.
1 Mar. 20
Dome Mines, Ltd
Mar. 31 Mar. 20
81X
SIX
$1X
SIX
30c
SIX
six
t$7H
81 X
(qu.)
15c
July
1
Preferred
18
Preferred
Mar. 27 Mar. 20
1 Mar. 14
duPont (E. I.) de
1 Mar. 15
East
Mar. 31 Mar. 21
East Malartic Mines
Mar. 22 Feb.
Apr.
15
27
I
Apr.
M!ar. 25 Mar. 15
50c
Mar. 25 Mar. 15
50c
6% preferred
SIX
SIX
6H% P*<L C (qu.)
81H
SIX
$1H
MX
81H
SIX
pref. (qu.)
$7 preferred (quar.)
-
pref. (quar.)
(Toronto) (qu.)_
Quarterly
Quarterly
Quarterly
81H
75c
Stock fund
87 preferred
Electric Storage Battery Co. (quar.)
t35c
Mar. 10
Preferred
Mar. 10
6% preferred B
14
1 Mar. 14
1 Mar. 15
1
5 Mar. 24
15 Mar. 31
1 Mar. 28
May
1 Mar. 10
Apr.
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Apr.
81X May
May 15 Apr.
121?
82
$2
15
15
<
Apr.
July
1 June
1 Sept.
15
Mar. 27 Mar. 15
Apr.
Apr.
Apr.
81H
50c
'
1 Mar. 14
1 Mar. 14
Mar. 31 Mar. 15
82
Apr.
1 Mar. 17*
20c
Apr.
1
25c
Mar. 31 Mar. 10
Continental Steel Corp
25c
Apr.
Apr.
Apr.
Apr.
Apr.
(quar.)
pref. (qu.).
(quar.)
Cooper-Bessemer, prior pref. (quar.)
6H % preferred
75c
Coronation Royalties Ltd
Courier-Post Co., 7 % preferred
Ltd., ordinary (final)
Cream of Wheat Corp
Creameries of America, Inc. (quar.)
Crowell-Collier Publishing Co. (quar.)
Crown Drug Co
Crown Zeilerbach..
...
...
Crucible Steel Cc. of America 5% pref. (quar.)..
Crum & Forster (quar.)
Courtaulds.
— —
,
1 Mar. 22
preferred
-
...
(quar.)—
Co. (s.-a.)
— -
Y.) 7% pref. (quar.)..
.
Manufacturing Co., prior pref. (qu.)
Represents two quar. divs. of 75c. each for
of 1941.
preferred (from earnings of year 1940)..
Derby Oil & Refining $4 preferred.
Detroit Gasket & Manufacturing...
_ — — —
Detroit Hillsdale & Southwestern RR. (s.-a.)...
Quarterly
Quarterly
Quarterly
Detroit Steel Corp—
Devoe & Raynolds, com. A & B..
Preferred (quar.)
Diamond Match Co.. common
Preferred
(semi-annual)
-
—
1
Mar. 15
Mar. 15
Mar.
5
Mar.
5
Mar.
15
Apr.
Mar. 10
1
Apr.
Apr.
Apr.
1 Mar. 20
1 Mar. 8
1 Mar. 8
8
Mar. 24 Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 20
1 Mar. 20
1 Mar. 25
1 Mar. 14
15 Mar. 31
Apr. 15
Mar. 31
Mar. 31 Mar. 15
Mar. 20
40c
Apr. 25
July 25
40c
Nov.
Oct.
35c
Apr.
Apr.
Apr.
Mar. 25
Apr.
Apr.
Apr.
Mar. 14
40c
83 H
56Hc
81H
Six
;
SIX
82 H
25c
65c
t5c
3c
40c
37Hc
37Hc
37Hc
SIX
SIX
SIX
SIX
82 H
25c
25
Mar. 25
Mar. 25
Mar. 14
Mar. 14
Mar. 14
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 15
Mar. 17
Mar.
Mar. 15
Mar.;l5
Mar. 15
M.ar. 29 Mar. 15
Apr.
1 Mar. 15
Apr.
Mar. 31 Mar. 15
June 30 June
Apr.
Apr.
Apr.
1 Mar. 12
1 Mar. 15
1 Mar. 20
Mar. 31 Mar. 15
Mar. 26 Mar. 17
(quar.)
75c
Apr.
Apr.
Apr.
,
Fifth Avenue Bank
56
(N. Y.) (quar.)
1 Mar. 21
15 Mar. 31
15 Mar. 31
1 Mar. 31
25c
Finance Co. of America
(quar.)
—
Finance Co. of Penna.
Mar. 31 Mar. 21
6He
(Bait. A & B (quar.)
Mar. 28 Mar. 14
15c
Fifth Avenue Coach
Preferred
Apr.
Mar. 31 Mar. 21
82
(quar.)
Firestone Tire & Rubber Co
25c
First Bank Stock
30c
Corp. (s.-a.)
(quar.)
Apr.
1
Mar. 15
Apr. 21 Apr.
5
Apr.
1 Mar. 14
First National Bank (N. Y.)
825
Apr.
1
(quar.)
62 He
81 X
Apr.
1 Mar.
25e
SIX
30c
Apr.
15 Apr.
1
June 30 June 20
Mar. 31 Mar. 17
Mar. 30 Mar. 20
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Mar. 31 Mar. 15
1 July
1 Ffb.
22
(quar.)
First State Pawners Society
SIX
Fisbman (M. H.K 5% preferred (quar.)
Fitch burg Gas & Electric Light Co. (quar.)
69c
7% preferred
June
Dec.
Nov. 20
25c
Mar.
Mar. 15
$2.19
(quar.)
Apr.
Apr.
Apr.
Mar.
Flintkote Co
87 preferred
Florsheim Shoe Co., class A
Florida Power & Light
7oc
Apr.
28
Mar. 29 Mar. 14
Mar. 25 Mar. 15
31Hc
Mar. 25 Mar. 15
Foote Bros. Gear & Machine Co.,
50c
Food Machinery
30c
25c
25c
37Hc
SIX
SIX
SIX
SIX
SIX
4Xc
81H
Apr.
1 Mar. 20
Apr.
Apr.
Apr.
1 Mar. 15
Mar. 31 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 25 Mar. 15
Apr.
1 Mar. 20
Apr.
July
1 Apr.
1 July
1
1
Oct.
1 Oct.
1
Dec. 23 Dec. 23
1 Mar.
1
Apr.
Apr.
May
1 Mar.
1
Apr.
1
18
25c
Class B
Preferred
35c
SIX
(quar.)
t$7
Franklin Process Co. 'quar
SIX
25c
25c
(>1 clSS
Apr.
5
Gemmer Manufacturing
SIX
~
preferred
Dec. 20
General
June
6
General Amer. Investors Co., Inc.,
May
Aug.
5
5
June
June
5
General
Mar.
Mar. 10
Mar. 20
~
~
m
25c
75c
June
Sept.
May 13
Aug. 12
(quar.).——86 pf. (qu.)_
Mar.
15
Mar. 15
Feb.
Mar.
75c
Apr.
Apr.
Apr.
40c
Mar.
17Hc
SIX
24
Mar.
3
Mar.
3
Mar.
3
Mar. 21
Mar.
Mar. 21
Mar. 15
Apr.
Mar. 20
15c
Apr.
Mar. 22
$2
Mar. 22
Mar. 14
75c
Apr.
Apr.
Apr.
Apr.
May
Apr.
S1H
Apr.
'
Co
General Fireproofing—
Electric
————...
—
preferred (quar.)
General Machinery Corp
Preferred (quar.)
Mar. 15
Mar.
— m ~
General Baking Co
Preferred (quar A
Preferred (quar.)..
Mar. 14
Mar.
Co., class A (quar.)—
May
May
General Foods Corp.i
Mar. 18
Mar. 15
Mar.
20c
June
Mar. 20
Mar. 10
Mar. 18
Apr.
Apr.
Apr.
Apr.
SIX
Jan.
Apr.
Apr.
Mar. 15
Mar. 15
20c
82
10c
SIX
Mar. 15
Mar. 31
Apr.
$1.37
mm *, rn- m*
Alloys"Co~7%
Mar. 15
17Xc
37Xc
5H% preferred (quar.)
5% preferred (quar.)
June 20
Apr.
Apr.
Apr.
Apr.
Apr.
50c
Gatineau Power Corp. (quar.)
Apr.
July
June 30
81
25c
6%conv. preferred (quar.)
25c
Mar. 15
15c
—
Gannett Co., 86 pref. (quar.)
Garfinkel (Julius) & Co. (quar.)
Mar. 19
Mar. 15
Mar.
.
Galveston-Houston Co
Mar. 20
Mar.
July
50c
preferred (quar.)—
Fuller (Gee. A.) 4% preferred (quar.)
Galland Mercantile Laundry (quar.)
Apr.
Mar. 17
Mar. 15
37 He
87"preferred
87 preferred (quar.)
Foundation Co. (Canada) (quar.)
Fox (Peter) Brewing (quar.)
Franklin County Distillers,
Apr.
15
Mar. 17
Apr.
Apr.
Kleiser. preferred (quar.)
Foster Wheeler
81
May 20
Aug. 20
25c
Formica Insulation
Foster 8c
Sept.
25c
pref. (final)..
Gar Wood Industries
82
8
Apr. 15 Mar. 31
4
Apr. 15 Apr.
17Hc
17Hc
17Hc
7% preferred (quar.)
7% preferred (quar.)
Aug.
SIX
87Hc
Mar. 15
Mar. 31 Mar. 21
Fitzsimmons Stores, Ltd.—
10c
50c
14
Sept. 30 Sept. 15
Dec. 18 Dec. 15
First National Stores
15
1 Mar. 13
Apr.
Mar. 31 Mar. 17
6
Mar. 18
Apr. 25 Apr.
25c
25c
-
Mar. 19
Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
25c
10c
>■
Mar. 25
Mar.
25c
3.5c
50c
Co., common...
Mar. 14
(quar.)
50c
Semi-annually
10
Mar. 14
Mar. 24 Mar. 14
first two quarters
Prior
Mar. 18
Mar. 31 Mar. 10
5c
lc
Dennison
Mar. 17
Apr.
50c
81
'
Detroit Michigan Stove
1 Mar. 20
10 Mar. 11
Apr.
Apr.
Apr.
Apr.
Apr.
M;ar.
12Hc
MX
MX
1H
preferred" (quar.).
-?.).
(quar
7% preferred (quar.)._
Deposited Bank Shares of N. Y. series A
7% preferred
40c
82
15c
Deisel-Wemmer-Gilbert (quar.)
Hook & Eye (quar.)
7%
Mar. 31 Mar. 20
Mar. 22
Apr.
May
Aug.
6% preferred (quar.)
1 Mar. 15
1 Mar. 15
SIX
20c
Federal Light & Traction Co.
Federal Services Finance Corp.
1 Mar. 14
tlHc
nix
5H%
Apr.
Apr.
Apr.
Mar. 15
Apr.
Apr.
Apr.
Federal Bake Shops
Federal Insurance Co. (N. J.) (quar.)
1 Mar. 14
3 Mar. 20
50c
(quar.).
Manufacturing Co
Fedders
Mar. 14
82
Davega Stores Corp.
...—-—5% cum. ccnv. preferred (quar.)
Davenport Hosiery Mills
David & Frere, Ltd., class A (quar.)
Davidson & Boutell Co., 6% pref. (quar.)
Dentists' Supply Co. (N.
MX
SIX
MX
(quar.)
85 preferred (quar.).
:.).
85 preferred (quar
Farmers & Traders Life Insurance (quar.)
Faultless Rubber Co. (quar.)
1 Mar. 15
Co. (quar.)
Continetal Baking Co., pref. (quar.)
Continental Bank& Trust Co. (N. Y.) (quar.)..
Continental Oil of Delaware
....———.....
SIX
SIX
SIX
(initial)
(quar.)
Fanny Farmer Candy Shops (quar.)_.
Fansteel Metallurgical Corp. 85 pref. (quar.)—
85 preferred (quar.)
16
Oct.
60c
six
$4H preferred (quar.)
Continental Assurance
Mar. 15
Mar. 27 Mar. 20
Famous Players Canadian
1 Mar. 17
t$2
i
Mar. 21
Mar. 31 Mar. 10
81
SIX
82 X
—
Employers Casualty Co. (Dallas), (quar.)
Quarterly
.
Quarterly
Emporium Capwell Co. (quar.)
7% preferred (s.-a.)
Preferred A (quar.)
Engineers Public Service Co. 86 cum. pref. (qu.)
S5H cum. pref. (quar.)
85 cum. pref. (quar.)
European & North American Ry. (s.-a.)..
Eversbarp inc., new 5% pref. (quar.)
Ex-Cell-O Corp
Falcon bridge Nichol Mines, Ltd. (interim)
Falsiaff Brewing, preferred (semi-ann.)
Family Loan Society, Inc. (quar.)
Cum. conv. preferred A (quar.)
81H conv. preferred (quar.)
»«/.
Sept. 30 Sept. 25
Apr.
Apr.
Apr.
Mar. 15
Mar. 31 Mar. 10
25c
El Paso Natural Gas (quar.)
Emerson Electric Manufacturing, pref.
Apr.
Apr.
81
1
Mar.
Apr.
Apr.
Apr.
$2
El Paso Electric, $4H cum. pref.
7 % preferred A (quar.)
25
Mar. 24 Mar
SIX
Mar. 31
Mar.
50c
Elizabethtown Consol. Gas Co. (quar.)
Mar. 15
May 29 May 15
Mar. 14
Apr.
Mar. 11
Apr.
Mar. 11
Apr.
Apr.
ljMar. 10
Mar. 3liMar 15
90c
—
Mar. 15
Apr.
50c
(quar.)
Elgin National Watch
Elizabeth & Trenton RR. (s.-a.)
.
De Long
75c
Mar. 11
25c
4% series C preferred (quar.)..
4H % series B preferred (quar.)
Consolidated Laundries pref. (quar.)
Consolidated Oil Corp. (quar.).'
Consolidated Retail Stores, 8% pref. (quarO--
Mar. 31
Mar. 30 Mar. 10
Apr.
1 Mar. 20
t30c
Mar. 31 Mar. 15
MX
15
Mar. 15
Mar. 31 Mar. 15
pref
25c
preferred—
Mar.
Mar. 15
Mar. 25 Mar. 14
Electric Controller & Mfg
10c
pref. (quar.)
Mar. 20
75c
Electric Auto-Lite Co
Apr.
Apr.
t$3 H
Mar. 31
Mar. 15
25c
Eddy Paper Corp
Egry Register, 5H% preferred (quar.)
Electric Power & Light Corp. 86
D.»c. 31 Dec.
Mar. 10
Mar. 25 Mar. 14
3c
Mar. 31
June 30 June
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
10c
—
Ltd., ordinary shares.
Mar. 11
Apr,
1 Mar. 20
Mar. 25 Mar. 18
20c
Balanced fund
Ecuadorian Corp.,
75c
_
Consolidated Film Industries, pref
Dayton & Michigan RR.
8% Preferred (quar.)
SIX
SIX
tl7Hc
(quar.)
Easy Washing Machine Co., Ltd., 7% pref
Eaton & Howard, Inc.—
75c
(quar.)
(quar.)
pref. (quar.)__—..
5H % preferred
Cuban Telephone Co. pref. (quar.)
Culver & Port Clinton RR. Co. (s.-a.)
Curtis Publishing Co. prior preferred
Curtiss-Wright Corp., class A
75c
—
...
Preferred
5% preferred (s-.a.)
81H
8% preferred (quar.)
8% preferred (quar.)
Crystal Tissue Co
Cuban-American Sugar 7%
83 H
SIX
(s.-a.)
& Fuel Assoc. prior pref. (quar.) —
Eastman Kodak Co. (quar.)
Mar. 31 Mar. 15
Apr.
1 Mar. 14
Commonwealth Water Co., 5H%
Preferred
10c
Electrical Products Corp
6% preferred (quar.)
Continental Telephone Co. 7% part.
SIX
37Hc
t81 X
Kootenay Power pref
(interim)
Eastern Gas
Mar. 31 Mar. 12
J 10c
Apr. 15
Mar. 31
75c
81.06 X Mar. 31
1
81
Apr.
1
81.06 X Apr.
6% preferred (quar.)
8% preferred (quar.).
'.).
8% preferred (quar
Consolidated Water Power & Paper
Consumer Gas Co. (Toronto) (quar.)
Consumers' Power 85 preterred (quar.)..
10c
East Missouri Power Co., 7% cum. pref.
1 Mar. 20
81 % Apr.
1 Mar. 22
75c
Apr.
1 Mar. 15
62Hc Apr.
1 Mar. 22
85.70
Apr.
12Hc May 15 Apr. 18
81.06 X Mar. 31 Mar. 11
1 Mar. 17
25c
Apr.
1 Mar. 20
MX
Apr.
1 Mar. 20
81H
Apr.
Co. (Bait.)
81X
81X
(quar.)
Mar. 31 Mar. 22
preferred
(Madison, Wis.)—
Consolidated Gas El. Lt. & Power
82
(quar.)
Nemours, pref.
Mar. 31 Mar. 22
Commonwealth & Southern $6
Consolidated Edison of N. Y.
SIX
Duquesne Light, 5% pref. (quar.)
Eagle Picher Lead
Preferred (quar.)
Eason Oil Co., cum. conv. pref. (quar.)
preferred (quar.)
Consolidated Coppermines Corp
Consolidated Dry Goods Corp. 7%
SIX
86 preferred (quar.)
Duplan Silk Corp. 8% pref.
1 Mar. 11
75c
Trust Corp
Connecticut Light & Power Co.
75c
;
(quar.)
Apr.
Dun & Bradstreet, Inc.—
Mar. 27 Mar. 20
Apr.
SIX
(quar.)
Duke Power Co
Mar. 27 Mar. 20
Apr.
60c
Driver-Harris Co
1 Mar. 15
1 Mar. 15
-
(quar.)
Connecticut Gas & Coke Securities pref.
$3
75c
Draper Corp. (quar.)
Apr.
Apr.
Apr.
tsix
Dover & Rockaway RR. Co. (s.-a.)
Mar. 31 Mar. 22
June
(quar.)
Dominion Textile Ltd. (quar.)
15 Apr.
4
1 Mar. 18
Mar. 31 Mar. 21
81 X
$4 X series of 1935 conv. preference (quar.) —
Commonwealth Loan Co. (Indianapolis, Ind.)-
Consolidated Aircraft Corp.
Consolidated Biscuit
Apr.
25c
(quar.)
30c
(quar.)
Confederation Life Association
SIX
SIX
SIX
six
Dominion Textile Co.
39c
(quar.)
Commonwealth Water & Lt. Co., $6
t37c
40c
Colt's Patent Fire Arms (quar.)
Commercial Alcohols Ltd.. 8% cum. pref. (qu.).
Commercial Credit Co. (quar.)
——
Commonwealth Utils. Corp.
Apr.
62 He
15UC
Dominion Glass, Ltd. (quar.)
Preferred (quar.)
15
15
SIX
Colonial Finance (Lima, Ohio) (quar.)
Commonwealth Telephone
2 May
2 Aug.
Sept.
62 He
Colgate-Palmolive-Peet
Preferred (quar.)
Colonial Ice Cc. $7 preferred
$6 preferred B (quar.)
Apr.
June
30c
15c
Coca-Cola Co.....
Coca-Cola Bottling (Del.), class A
Coca-Cola Intei national Corp
Apr.
37Hc
—
Dominion Coal Ltd., preferred (quar.)
Dominion Foundries & Steel (quar .)
1 Mar. 20
1 Mar. 17
Preferred
81X
81.13
m?$1
City Auto Stamping
City Ice & Fuel Co
Clayton & Lambert Mfg. Co
Cleveland Electric IJuminating
Preterred (quar.)
Cleveland Graphite Bronze Co. (interim)
5% cum. preferred (newinitial)..
Climax Molybdenum Co
Clinton Water Works Co., 7% pref. (quar.)
Clorox Chemical (quar.)
Cluett, Peabody & Co., Inc. (interim)
Preferred (quar.)
cum.
25c
43**c
Preferred (quar.)
Cities Service Power & Light, $7 preferred
$6 preferred
SIX
pref. (quar.)
Disney (Walt.) Products, Inc.—
6% cum. conv. preferred (quar.)
Cincinnati Union Terminal, preferred (quar.)
Holders
of Record
Diamond T Motor Car
Mar. 31 Mar. 21
81
75c
6H % preferred (quar.)
;
Cincinnati & Suburban Bell Telephone (quar.).
Cincinnati Union Stock Yards (quar.)
$5
Apr.
Mar. 31 Mar. 27
62 He
Christiana Securities pref. (quar.)
Cincinnati Gas & Electric pref. (quar.)
Cine. New Orl.& Tex. Pac.Ry., 5% pref.(quar.)
5% preferred (quar.)
Cincinnati Posta* Terminal 8c Realty Co.—
Investment
Company
Diamond Shoe Corp., 5%
15 Mar. 28
5c
84
Chicago Railway Equipment, preferred
Preferred
Name of
Payable of Record
$1H
S3 preferred (quar.)
$2 H preferred (q uar.)
Commercial
Per
Share
Holders
When
Per
Share
Name of Company
1863
—
—
35c
35c
SIX
SIX
Mar. 20
Mar.
20
Apr.
10
Mar. 19
Mar. 19
The Commercial & Financial Chronicle
1864
Per
Name of
Share
Company
S1H
General Mills, preferred (quar.)
General Motors Corp., pref. (quar.)
Preferred (quar.)
General
Outdoor Advertising Co. class A (quar.
Preferred
67c
(quar.)
15c
(quar.)
,
General Public Utilities, Inc., $5 pref.
General Railway Signal pref. (quar.)
General
Refractories
General Reinsurance
Sj
1H%
Preferred (quar.)..
General Paint Corp. preferred
General Printing Ink
(quar.).
$1H
SI H
81H
When
Mar. 10
Apr.
May
Apr.
7
Apr.
Mar. 19
May 15 May
May 15 May
5
5
Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 14
Mar. 14
Mar. 20
Mar. 10
General Tire& Rubber prei. (quar.)
Mar. 28 Mar. 10
50c
Mar. 24 Mar. 17
62 He
50c
Mar. 15
Mar. 17
$1H
— — — .
Apr.
Apr.
Apr.
SI H
(quar.)
Mar.
Mar. 17
31 Mar. 21
25c
75c
Apr.
Mar. 12
Mar. 12
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quar.)
Gilbert (A. C.) Co., preferred (quar.)
Gillette Safety Razor, preferred (quar.)
Glens Falls Insurance (quar.)
81H
SI H
87Hc
SI H
Apr.
Apr.
Mar. 15
Mar. 15
Apr.
Mar. 19
May
Apr.
Glfdden Co.,
56 He
Apr.
Apr.
Apr.
Apr.
Mar. 14
Mar. 12
Mar. 20
General Water, Gas & Electric
Preferred (quar.)
40c
preferred (quar.)
Globe-Wernicke Co. 7% preferred (quar.).
Godchaux Sugars, class A
Preferred (quar.)
—
Goebel Brewing Co. (quar.)
Gold & Stock Telegraph Co. (quar.)
Goldblatt Bros., Inc., pref. (quar.)
Golden State Co., Ltd. (quar.)
$1H
50c
Apr.
Apr.
7
Mar. 18
Mar. 18
_
Mar. 29
Apr.
Apr.
Mar. 29
Mar. 10
20c
Apr.
15 Mar. 31
50c
Goodman Manufacturing Co
Mar.
SI H
62 He
Mar. 31 Mar. 31
Mar. 31 Mar. 20
81H
Goodrich
(B. F.) Co. pref. (quar.)
Goodyear Tire & Rubber of Canada (quar.)
:62c
8
Mar. 15
tSlH
t62Hc
Apr.
Apr.
Apr.
Gorton-Pew Fisheries (quar.)
75c
Apr.
Mar. 21
Grand Union Co., arrear. ctfs
Grant (W. T.) Co. (quar.)—
Preferred (quar.)
75c
35c
25c
Apr.
Apr.
Apr.
Mar. 17
1 Mar. 17
25c
Apr.
15 Mar. 20
15c
May
t25c
tS IK
SI H
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Apr. 24
1 Mar. 20
:i5c
Apr.
31 He
80c
Apr.
Extra..
Preferred
(quar.)
Great American Insurance Co.
(quar.)
Great Lakes Engineering Works
Great Lakes Paper Co., Ltd., $2 cl.
Great Lakes Power Co., Ltd., series
Great Northern Ry. preferred
A & B pref..
A prer. (qu.)
50c
83 H
tSlH
)
6% 1st pref
Great West Life Assurance Co. (quar
Great West Saddlery Co., Ltd.,
75c
6% First preferred (quar.)
6% second preferred
tS3
50c
Great Western Sugar
Preferred (quar.)
81H
Green (Daniel), preferred (quar.)...__.......
Greening (B.) Wire Co., Ltd., common (quar.)
Greenwich Gas Co. part. pref. (quar.)
Greif Bros. Cooperage class A
Greyhound Corp. (quar.)
Preferred (quar.).....
Griggs, Cooper & Co., 7% pref. (quar.)...
Group No. lOil
25c
13Hc
81H
S50
Gruen Watch Co
Preferred
C
(quar.)
Guaranty Trust Cc. of N. Y. (quar.)
Guilford Realty Co. (Bait., Md.), 6% pref
Gulf Oil Corp
Gulf Power Co., SO pref. (quar.)..
Hackensack Water Co. pref. A (quar.)....
Haloid Co. (quar.)
Hamilton Cotton, Ltd., preferred
Preferred (quar.)
Hamilton United Theatres, preferred
Hammermill Paper Co. 4H% pref. (quar.)
Hanover Fire Insurance Co. (N. Y.) (quar.)
Harbison-Walker Refractories Co., pref. (quar.)
Harnischfeger Corp., 5% pref. (quar.)
5% 2d preferred (quar.)
Harris Hall & Co., 5% preferred (quar.).:
Harris-Seybold-Potter Co., $5 pref. (quar.)....
Harrisburg Gas Co. 7% preferred (quar.)
II arris burg Steel Corp. (quar.)
Harsh aw Chemical Co. (quar.)
Hartford Fire Insurance Co. (quar.)
Haverty Furniture Cos., Inc. 81H pref. (quar.).
Hayes Industries, Inc
Hazel-Atlas Glass Co
t75c
25c
81H
43 He
25c
t25c
50c
S1H
81H
30C
S1H
81H
S1H
81H
81H
81H
25c
pref. (quar.)
Co., preferred (quar.)
.....
f20c
Payable in U. S. funds.
(quar.)
Payable in United States funds.
International Ocean Telegraph Co. (quar.)
International Paper Co. 7% preferred (quar.)..
International Paper & Power Co.—
5% cum. conv. preferred
5% cum. conv. preferred (quar.)
—
International Power Co., Ltd. 7% preferredPreferred
1 Mar. 15
1 Mar. 15
1 Mar. 20
1 Mar. 22
1 Mar. 22
1 Mar. 22
lApr.
1
Mar. 14
1 Mar. 20
_
Mar. 14
Mar. 20
Apr.
Mar. 31 Mar. 17
_
Mar. 22
Mar. 15
Mar. 15
Mar. 31 Mar. 15
_
1 Mar. 15
Mar. 18
Apr.
Apr.
Apr.
Apr.
Apr
Ap
Mar. 23
Mar. 20
7
Mar. 29
Mar. 29
__
Mar. 31
Mar. 26 Mar. 12
Apr.
1 Mar. 14
1 Mar. 15
1 Mar. 20
20c
Apr.
25 Apr.
4
Apr.
1 Mar. 14*
Mar. 31 Mar. 29
Mar. 31 Mar. 20
1 Mar.
8
1 Mar.
8
Apr.
Apr.
Mar. 25 Mar. 10
May 30 May
1
1 Feb. 28
Apr.
1 Mar. 12
Apr.
Apr. 10 Mar. 21
1 Mar. 20
Apr.
1 Mar. 20
Apr.
Mar. 26 Mar. 10
2c
25c
SI H
30c
37 He
84c
40c
cum.
May
tSlH
Mar. 29
Mar. 29 Mar. 21
tSlH
81H
81H
Mar. 29 Mar. 21
Mar. 29 Mar. 21
Mar. 15
Apr.
Apr.
15c
81 H
25c
75c
lc
50c
30c
Dec.
81H
(quar.)
17c
$1 H
7% preferred (quar.)
Jefforson Electric
Jefferson Standard Life Insurance (s.-a.)
Jersey Central Power & Light, 7% pref. (quar.)
6% preferred (quar.)
5H% preferred (quar.)
Johns-Manville Corp
Preferred (quar.)
Johnson Stephens & Shinkle Shoe
,
Joliet & Chicago RR. (quar.)
;
—
Jones & Laughlin Steel preferred
Joplin Water Works Co., 6% pref. (quar.)
Kahn's (E.) Sons (quar.)
Preferred (quar.)
Kalamazoo Vegetable Parchment (auar.)
Kansas City Power Light preferred B (quar.)—
Kansas Gas & Electric Co. 7% preferred (quar.).
86 preferred (quar.)
Kansas Pipe Line & Gas, preferred (quar.)
Kansas Power Co., 87 pref. (quar.)
86 preferred (quar.)
Katz Drug Co. pref. (quar.)
—
Keith-Albee-Orpheum, 7% preferred
Kelley Island Lime & Transport.
Kemper-Thomas Co., 7% special pref. (quar.)—
7% special preferred (quar.)
7% special Dreferred (quar.)
Kennecott Copper Corp
Special
Kennedy's. Inc., preferred (quar.)
Kerlyn Oil class A (quar.)
;—
Kerr-Addison Gold Mines (interim)
Kimberly-Clark Corp. (quar.)
Preferred (quar.)
Bangs County Lighting Co., 7% ser. B pf. (qu.) _
6% series C preferred (quar.)
5% series D preferred (quar.)
King-Seeley Corp
Kirkland Lake Gold Mining (s.-a.)
50c
75c
1 Mar. 22
Mar .31 Mar. 30
S1H
:i2Hc
50c
Apr.
1 Mar.
8
5c
Hollinger Consolidated Gold Mines (mo.)
Holly Development Co. (quar.)
Holmes (D. II.) Co., Ltd. (quar.)
Holophane Co., Inc., pref. (s.-a.)
Home Gas & Electric pref. (quar.)
Home Insurance (Hawaii) (quar.)
Quarterly
1 Mar.
8
1 Mar. 15
1 Mar. 17
Mar. 25 Mar. 11
lc
....
Hinde & Dauch Paper (Can.) (quar.)
Holland Furnace Co
Apr. 25 Mar. 31
81H
Apr.
81.05
15c
Apr.
Apr.
60c
June
60c
Sept. 15 Sept. 12
60c
Quarterly
Dec.
Homestake Mining Co. (monthly)
Honolulu Oil Corp. (special)
37Hc
Hooker Electrochemical Co.
Hoover Ball & Bearing
1H%
25c
pref. (quar.)..
50c
Horn & Hardart
Baking Co. (N. J.) (quar.)
Hoskins Manufacturing Co
Houdaille-Hershey. class A (quar.)
Household Finance (quar.)
Preferred (quar.)
S1H
25c
62 He
81
81H
37 He
Houston Oil Field Material preferred (quar.)
Howe Sound Co. (quar.)
75c
Humble Oil & Refining
Hummel-Ross Fibre
37Hc
15c
Humphryes Manufacturing Co
6% preferred (quar.)
Hussman-Ligonier,
Apr.
Apr.
Apr.
Apr.
preferred
30c
Preferred (quar.).
Ideal Cement Co. (quar.)
Illinois Bell Telephone
.
20
14 June 11
15 Dec.
12
Mar. 25 Mar. 20
Mar. 25 Mar. 14
Mar. 31 Mar. 17
Apr.
1 Mar. 22
1 Mar. 21
Mar. 26 Mar. 11
Apr.
1 Mar. 20
Apr.
Apr.
15 Mar. 31
Apr.
15 Mar. 31
Mar. 31 Mar. 20
Mar. 31 Mar. 21
1
Apr.
1 Mar.
Mar. 29 Mar. 14
"
Imperial Paper & Color Corp
Imperial Tobacco of Canada (final)
Mar. 31 Mar. 20
Apr.
Apr.
35c
I
Quarterly
Quarterly
Mar. 31 Mar. 30
Mar. 31 Mar. 20
68 He
62 He
45c
—
Illinois Commercial Telephone Co. (Mad.,
Wis.)
Imperial Life Assurance Co. of Canada (quar.)..
_~
_
Interim
Preferred (semi-annual)
Independent Pneumatic Tool
Indiana General Service Co., 6% pref. (quar.)
Indiana & Michigan Elec. Co., 7% pref. (quar.)
6% preferred (quar.)
Indianapolis Water Co. 5% cum. pref. A (quar.)
1 Mai
S1H
(quar.)
Hygrade Sylvania Corp
Quarterly
1 Mar. 22
1 Mar. 15
82
81H
Mar. 31 Alar. 15
Mar. 31 Mar. 20
Apr.
1 Mar. 15
183 H
183 H
Apr.
July
:$3H
:S3H
Oct.
75c
|22Hc
tlOc
t3%
50c
81H
81H
S1H
81H
1 Mar. 22
15 Apr.
7
Jan.
Apr.
1 Mar. 31
2 June 30
1 Sept. 30
2 Dec. 31
1 Mar. 20
Mar. 31 Mar.
7
Mar. 31 Mar.
7
Mar. 31 Mar.
7
Mar. 29 Mar. 19
Apr.
1 Mar. 11
Apr.
Apr.
Apr.
1 Mar. 11
1 Mar. 11
1 Mar. 11
Landis Machine Co.
Mar. 31 Mar. 22
81H
81H
81H
37Hc
81H
81
81.
tSl H
_
25c
81 H
81 H
81 H
25c
25c
31 He
8Mc
5c
25c
81H
81 H
81H
81 H
20c
5c
25c
20c
5c
81
81H
10c
7% pref. (quar.)—
1 Mar. 14
15
Mar. 14
May 20
Aug. 20
Sept.
Dec.
_
Nov. 20
Mar. 31 Feb.
28
Mar. 31 Feb.
28
Apr. 15 Mar. 31
Mar. 10
Apr.
Apr. 28 Apr. 10
Mar. 12
Apr.
Mar. 12
Apr.
Mar. 15
Apr.
Mar. 15
Apr.
Mar. 15
Apr.
Mar. 25 Mar. 18
May
May
Apr.
Mar. 31
Mar. 31
_
Mar. 20
Mar. 31 Mar. 15
Mar. 21
Apr.
Mar. 21
Apr.
Mar. 20
Apr.
Apr.
Apr.
May
Apr.
Mar. 15
Mar. 20
Apr.
_
19
Mar. 15
May 15 Mar. 6
Apr.
1 Mar. 14
Apr.
1 Mar. 20
Apr.
Apr.
Jane
7
1 Mar.
1 Mar. 17
15 June
5
Sept. 15 Sept.
Mar. 31 Mar. 16
Mar. 31 Mar. 16
Dec.
June
Apr.
Apr.
62He
81
25c
5c
25c
Extra
Leland Electric Co
Lexington Telephone Co. 6% pref. (quar.)
Liberty Loan Corp. » lass A (quar.)
Liggett & Myers Tobacco pref. (quar.)
Lincoln National Life Insurance Co. (quar.)
81H
30c
81H
30c
30c
30c
Quarterly
Quarterly
Co.
pref. (quar.)
Lion Oil Refining Co. (quar.)
Liquid Carbonic Corp. (auar.)
Lit Bros, preferred
Little Miami RR., original capital
Original capital
Original capital
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Locke Steel Chain Co. (quar.)
—
-
81 %
25c
25c
fS2H
81.10
81.10
81.10
50c
50c
-
50c
30c
—
10c
Extra
15 Dec
12 June
Sept. 12 Sept.
Dec.
Apr.
Apr.
Apr.
5
5
3
3
12 Dec.
3
1 Mar. 15
Mar. 15
1 Mar. 14
4 Mar. 21
4 Mar. 21
Mar. 31 Mar. 20
Apr. 15 Mar. 31
Apr.
1 Mar. 21
Apr.
1 Mar. 11
1 Apr. 25
May
1 July 26
Aug.
Nov.
Oct.
25
Apr.
Mar. 15
Apr.
Mar. 31
Apr.
Mar. 14
Apr.
Mar. 31
June
May 24
Sept. 10 Aug. 25
Dec.
10 Nov. 24
June
10 May 24
Sept. 10 Aug. 25
Dec.
Apr.
Apr.
10 Nov. 24
1 Mar. 15
1 Mar. 15
...
Lone Star Gas
(quar.)
^
50c
75c
Mar. 31 Mar. 18
20c
Loew's, Inc. (quar.)
Lone Star Cement Corp
(quar.)
Mar.
_
June
10c
Loose-Wiles Biscuit Co. pref.
Lorillard (P.) Co
Mar. 15
Mar. 20
Mar. 20
Mar. 31 Mar. 20
t50o
t50c
t50c
Preferred (quar.)—
Lehigh Portland Cement Co. 4% pref. (quar.)—
Lehman Corp. (quar.)
Preferred
1 Mar. 14
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
17He
(quar.)
Leath & Co
Belt
1 ,Mar. 14
Apr.
3 He
Langley s, Ltd., 7% conv. pref
7% conv. preferred
—
7 % conv. preferred
Link
Apr.
81H
81H
7% preferred (quar.)
7% preferred (quar.)
La Salle Industrial Finance Corp
Preferred A
Mar. 14
Mar. 31 Mar. 15
1.5c
81H
37 He
81H
Preferred (quar.)
25c
Mar. 20
1 Mar. 14
t81
81H
25c
81H
Lambert Co
81H
Nov. 10
Mar. 17
Mar. 20
July 26 July 22
Apr.
1 Mar. 10
Apr.
1 Mar. 10
Apr.
1 Mar. 10
Mar. 24;Mar. 10
Mar. 17
Apr.
Mar. 20
Apr.
Mar. 21
Apr.
Mar. 17
Apr.
Apr.
1
Apr.
Mar. 20
Apr.
Mar. 20
Apr.
81H
81H
81H
75c
81 H
20c
lc
Extra
Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
50c
67Hc
62 He
+3()c
81H
81
81 H
81H
37Hc
Mar. 28 Mar. 18
25c
.
Knapp-Monarch Co., 82.70 pref. (quar.)
82H preferred (quar.)
Kobe. Inc., preferred A
Koppers Co., preferred (quar.)
Kresge Dept. Stores, pref. (quar.)
Kroger Grocery & Baking 7% pref. (quar.)
6% preferred (quar.)
K W Battery Co., Inc. (quar.)
Lackawanna RR. of New Jersey (quar.)
La Crosse Telephone Co. 6% pref. (quar.)
Lamaque Gold Mines, Ltd. (quar.)
31 He
Mar. 28 Mar. 18
May 10
Aug.
9
July
Apr.
;
Mar. 18
Mar. 15
Mar. 15
Mar. 31
Sept.
15c
—.
Mar. 22
June
Hibbard Spencer, Bartlett (monthly)
Hibernia National Bank (N. O.) (s.-a.)
(quar.).
_
30c
Kiein (D. Emil) Co
Kleinert (I. B.) Rubber
pref.
5% preferred (quar.)..
Apr.
Apr. 15
Apr.
1
Apr.
1
Apr. 15
30c
Mar. 25 Mar. 14
Mar. 28 Mar. 18
Hickok Oil Corp. prior
Mar. 25 Mar. 15
Mar. 15
1 Mar. 20
Mar. 20
—
60c
nilton-Davis Chemical, preferred (quar.)
Hinde & Dauch Paper
_
Apr.
Apr.
Apr.
81H
—
Hercules Powder Co
1 June 17
] Mar. 22
Apr.
S1H
pref. (quar.)
Apr.
50c
Mar. 15*
Mar. 15
Mar. 13
Apr.
25c/
1 Mar. 20
1
Apr.
Apr.
62Hc
pref. (quar.).
1 Apr.
S1H
S1H
50c
(quar.)
International Vitamin Corp. (quar.)
Tnter-Ocean Securities Corp. pref. (s.-a.)
Interstate Bakeries Corp., preferred
Interstate Dept. Stores (quar.)
Interstate Telephone preferred (quar.)...
Preferred
Apr. 15 Mar. 20
Mar. 31 Mar.
1
50c
(quar.)
Preferred (quar.)
Iowa Public Service Co., $7 1st
4
1 Mar. 20
25c
2.26c
37Hc
81H
7Hc
International Salt Co
International Silver, preferred
Investment Co. of America
Investment Foundation Ltd.
1 Mar.
Apr.
Apr.
Mar. 31 Mar. 20
50c
International Nickel Co. of Canada
Jamaica Public Service (quar.)
2 Mar. 15
2 Mar. 15
When
Holders I
Payable of Record
20c
Inspiration Consolidated Copper Co
Inspiration Mining & Development Co..—
Institutional Securities, bank group shares—
Inter lake Steamship Co
Internation Business Machine (quar .)
International Button-Hole Sewing Machine
International Cellucotton Products Co. (quar.).
International Cigar Machinery Co
5-months period, Nov. 1,1940, to Mar. 31, '41
international Harvester, (quar.)
...
4 Mar. 21
4 Mar. 21
Apr.
Apr.
87 He
7% preferred (quar.)
Island Creek Coal Co
1 Mar. 14
Mar. 20
Mar. 12
Apr.
Mnr. 31 Mar. 20
Apr.
Apr.
Extra
Industrial Securities Corp., 6% pref
Inland Investors (interim)
1 Mar. 20
Mar. 28
Apr.
Apr.
Apr.
'r(N:
International Shoe Co.
1941
22,
40c
Apr. 15 Apr.
1
1 Mar. 17
SL31H Apr.
1 Mar.
32c
4
Apr.
1 Mar.
6 He
4
Apr.
Indianapolis Power & Light
5H% preferred (auar '
Industrial Credit Corp
E.) (quar.).
4 Mar. 21
15 Mar. 31
Apr.
Apr.
Apr.
Share
Company
S6H preferred (quar.)
86 first preferred (quar.)
Iron Fireman Mfg. Co. (quar.)
Quarterly
Quarterly
Irving Air Chute Co., Inc. (quar.)
Apr.
Apr.
81H
Name of
Investors Royalty Co., Inc. (quar.)
50c
81H
S1H
(quar.)
Hercules Motors Corp
Mar. 15
37Hc
43 He
Prefer.ed
Apr.
Apr.
Apr.
Mar. 15
37Hc
S1H
Heath (D. C.) & Co. 7%
Heller (Walter E.) &
Helme (Geo. W.) Co
12Hc
37 He
3%
Per
Holders
Payable of Record
40c
Co
(N. Y.)
General Telephone Corp. $2 H pref.
General Time Instruments (quar.)
Preferred (quar.)
March
Apr. 22
81H
30c
81H
Mar. 31 Mar. 11
Apr.
Apr.
Am*.
Mar. 21
1 Mar. 18*
1 Mar. 15
1 Mar. 15
Volume
The Commercial & Financial Chronicle
152
Per
Name of Company
Share
Longhorn Portland Cement Co.—
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
5% partic. pref. (quar.)
5% partic. pref. (partic. div.)
Louisville Gas & Electric Co. (Del.) cl. A (quar.)
June
25c
June
Sept.
Sept.
Dec.
Nov. 20
National Folding
Dec.
Nov. 20
National Grocers, Ltd., pref. (quar.)
National Lead Co
Class B preferred (quar.)
National Malleable & Steel Ca ting
Mar.
25c
Mar.
Feb.
Apr.
Apr.
Apr.
Apr.
July
Mar. 31
Mar. 31
Oct.
Sept. 20
Jan.
Dec. 23
SIX
six
six
SIX
six
$1H
43Xc
43Xc
43 He
25c
15c
25c
50c
5Cc
SIX
MX
MX
MX
(quar.)
—
Extra
.
.....
Mar. 26
June 21
Nov. 29 Nov. 28
Mar. 31 Mar. 18
Apr.
Apr.
Apr.
Apr.
5oc
87 X
Manischewitz (B.) Co.. preferred (quar.)
8154
30c
50c
50c
50c
Preferred (quar.)
Mapes Consolidated Mfg. (quar.)—
Margay Oil Corp. (quar.)
Marine Midland Corp—
Marion-Reserve Power Co. $5 pref. (quar.)
Marion Water Co., 7% preferred (quar.)
Marlin-Rockwell
25c
10c
May
Aug.
Nov.
Nov.
5
5
f.
Mar. 21
Mar. 21
Mar. 21
Mar.
Apr. 15 Mar. 31
Mar. 31
Apr.
Mar. 24
Apr.
Mar. 20
Apr.
Extra.
~~
"
"
Co
Ry. (quar.)
(quar.)
10
Mar.
Mar
10
Apr.
Apr.
Mar. 15
Mar. 15
75c
Mar. 22
6%
cum.
Dec.
5 Dec.
Norma-H Bearing Corp. (quar.)
(quar.,
30c
30c
30c
June
5 May 31
Sept.
5 Aug. 30
(quar.
MX
50c
Extra..
Apr.
Apr.
Apr.
1
5 Dec.
Mar. 31 Mar. 20
Mar. 31 Mar. 20
60c
(quar.)
Mesta Machine Co
Metal & Thermit Corp. 7% pref. (quar.).
Apr.
Apr.
Apr.
50c
MX
MX
(quar.)..
81X
preferred (quar.)
—
§6 cum. preferred (quar.)
$5 cum. preferred (quar.)
Michigan Associated Telep Co. 6% prer. (quar.)
Michigan Public Service Co. 7% pref. (quar.)..
6% preferred (quar.)
$6 junior preferred
Mickelberry's Food Products pref. (quar.)
Midland Oil Corp., $2 preferred
cum.
MX
MX
SIX
MX
MX
MX
60c
25c
50c
Steel Products
$2
50c
SIX
12Xc
MX
MX
MX
MX
MX
'
SIX
81
SIX
$1J!
SIX
20c
tic
SIX
87*ic
S2X
$2X
10c
SIX
SIX
(quar.J.
50c
Co
(quar.)-SIX
i55Xc
Moore Corp., Ltd. (quar.)
Preferred A & B (quar.) (pay. m,U. 8. funds).
Moore (W. R.) Dry Goods Co. (quar.)-.
Quarterly
Quarterly
six
Quarterly
... x
IIS
1
Dec.
MX
Preferred
Class A
1 Mar. 15
1 Mar. 15
1
Mar. 17
Murphy (G. C.) Co. 5% pref.
Murray Ohio Manufacturing
Myers (F. E.) & Bro. Co.
,
1 Mar.
Apr.
Apr.
5
5
15
15
15
15
s
Springfilled Corp
Nanaimo-Duncan Utilities (s.-a.)
—.
—
Nanaimo Duncan Utils. Ltd.. preferred (quar.).
Nashua Mfg. Co. 1st preferred
Nachman
7
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 15
Apr.
Mar. 18
Apr.
Mar. 18
Apr.
Mar. 20
Apr.
Apr. 15 Mar. 28
Apr.
1 Mar. 14
Apr.
1 Mar. 20
Apr.
1 Mar. 20
_
Mar. 31 Mar. 20
Apr,
Apr.
Apr.
15 Apr.
1 Mar.
15 Apr.
2 May
June
2 May
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr. 15 Mar.
Apr.
1 Mar.
June
1
8
8
10
10
15
15
15
19
19
Mar. 11
Apr.
Apr.
Apr.
July
Mar. 11
Apr.
July
1
1
Dec.
31
SIX
Apr.
Apr.
M.ar.
Mar. 24
Mar. 15
Mar. 15
1c
June
May 15
Apr.
Apr.
Mar. 21
Mar. 21
Mar.
Mar. 15
Apr.
Apr.
Apr.
Apr.
Mar. 20
Preferred C
——-----t
Nation-Wide Securities Co., not tr. shs
National Automotive Fibres.
National Battery, preferred (quar.)
National Biscuit Co...--National Breweries, Ltd. (quar.)
Preferred (quar.)
National Candy Co. 1st & 2d pref. (quar.)
National Cash Register
National City Lines $3 pref. (quar.)
Class A (quar.)..--——
National Cylinder Gas Co
National Dairy Products (quar.)
National Dept. Stores, preferred
mx
15c
55c
40c
50c
44c
—
-
75c
50c
20c
20c
30c
,
i
I
6% preferred (quar.)
5 X % preferred (quar.)
Mar. 15
Mar. 22
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1
Apr.
1
Apr.
Apr. 15
_
May
May
Mar. 22
Mar. 15
Mar. 25
Feb. 18
Mar. 14
Mar. 15
Mar. 15
Mar. 11
Mar. 31
1
Apr. 15
llApr. 15
Mar. 24 Mar. 10
1 Feb. 28
Apr.
1 Mar. 24
Apr.
May
1 Apr. 15
Apr.
1 Mar. 20
Apr.
1 Mar. 20
May 15 May
1
Aug. 15 Aug.
1
Apr.
Apr.
16
16
Nov. 15 Nov.
1
Mar. 31 Mar. 17
Mar. 29 Mar. 23
June 28 June 22
Sept. 30 Sept. 21
Mar. 15
Mar. 15
Mar. 20
Mar. 20
Mar. 20
Apr.
Mar. 14
20c
Apr.
20c
Mar. 12
Apr.
4
Mar. 20
Apr.
SIX
Mar.
Mar. 17
SLX
Apr.
Apr.
Mar. 15
Mar. 15
Mar.
8
SIX
50c
Mar. 15
40c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
SIX
SIX
...
Mar.
Six
Ohio Brass Co., class A & B
Ohio Edison Co. $5 preferred (quar.)
Apr.
Apr.
Mar. 10
SIX
$1.65
$1*
$1.80
Finance Co
5% prior preference (quar.)
6% preferred (quar.)
Ohio Public Service Co.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
10c
7% preferred (quar.)
Ohio
75c
71 He
25c
87 Xc
t8^c
North American Finance Corp. class A (quar.).
7% pref. (monthly)....
6% preferred (monthly).
5 % preferred (monthly)
Ohio Telephone Service, preferred (quar.)..
58 1-3C Apr.
50c
Apr.
41 2-3c Apr.
$5X prior preferred (quar.)
Preferred (quar.)
Old Colony Insurance Co. (quar.)
Old Colony Trust Associates (quar.)
Omar, Inc., 6% preferred (quar.)
Omnibus Corp. (quar.)
Preferred (quar.)
Orange & RockJand Electric Co., 5% pref. (qu.)
6% preferred (guar.)
Ottawa Electric Ry
Ottawa Light, Heat & Power (quar.)
Preferred (quar.)
Otter Tail Power Co., pref. (quar.)
Pacific Can Co. (quar.)
Pacific Clay Products (special)
Pacific Finance Corp
.
_
_.
SIX
$1
Apr.
Apr.
Mar.
35c
Ohio Water Service Co. class A
Oklahoma Natural Gas Co. (quar.)
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar. 10
Mar. 10
Mar. 20
Mar. 20
1 Mar. 20
1 Mar. 22
Mar.
Mar. 10
Mar. 15
Mar. 15
Mar.
75c
Mar. 15
Mar. 20
Mar.
$5
Apr.
26c
Apr.
SIX
Apr.
Mar.
20c
Mar.
$2
SIX
SIX
30c
15c
SIX
■six
Apr.
25c
Mat*.
10c
Mar.
30c
Apr.
(quar.),
20c
16Xc
SIX
May
May
May
Apr.
Apr.
Apr.
Apr.
Preferred A
5X% preferred (quar.)
Pacific Greyhound Line pref. (quar.)
Pacific Indemnity (quar.)
Extra
...
87fTd?
25c
.
Pacific Lighting Corp. $5 pref. (quar.).
Pacific Public Serice Co. (quar.)..
(quar.)
Pacific
Telephone & Telegraph (quar.)
Pacific Tin Consolidated Corp.
Page-Hersey Tubes (quar.)
Panhandle Eastern Pipe Line—
Class A & B preferred (guar.).
Paracaie Gumans ConsoJ.
Mining
Extra
Paraffine Co.
SIX
10c
75c
Common
Mar.
Mar. 18
Apr.
Mar. 14
Mar.
Mar.
HP
Xc
Apr.
1 Mar. 15
Mar. 25 Mar.
8
Xc
Mar. 25 Mar.
8
10c
40c
Payne Furnace & Supply Co. conv. pref. A & B.
Inc.,J>% pref. A (quar.)
Peaslee-Gaulbert Corp. (quar.)
Preferred (quar.)—
Penna. Co. for Insurance on Lives & Granting
Annuities (quar.)
Penney (J. O.) Co
....
—
Pennsylvania Edison Co. $5 pref. (quar.)
$2.80 preferred (quar.)
Mar. 15
Apr.
15c
Park Utah Consolidated Mines Co
Pearson Co.,
Mar. 20
Mar. 15
Mar. 31
SIX
50c
$1
20c
Patchogue Plymouth Mill, common..
Apr. 15
Apr. 15
Apr. 15
Mar. 19
Mar. 24
Mar. 15
SIX
(quar.)
Preferred (quar.)
Paramount Pictures, Inc
1st preferred (quar.)
2d preferred (quar.)
Parke, Davis & Co
1
Mar. 17
Mar. 14
Mar. 14
Mar. 25
Mar. 25
Mar. 18
Mar.
5
Mar.
5
Mar. 15
Mar. 21
Mar. 10
Mar. 1511
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Preferred C (quar
r.).
Pacific Southern Investors, $3 pret.
Mar. 15
1 Mar. 15
15c
$7.20 preferred (quar.)
1 Mar. 22
Mar. 25 Mar. 14
1
Apr.
North American Co. (see "Gen. Investment and
Corporation News" section of this issue).
7
SIX
25c
81 Xc
Quarterly
Quarterly
Apr.
50c
50c
50c
75c
15c
15c
(quar.)
7
31
1
25c
A
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
20
Oct.
30c
75c
A
Class
Northern Empire Mines
Northland Greyhound Line, Inc., $6 X pref. (qu.)
Northwestern National Insurance Co. (quar.).
Norwich & Worcester RK. 8% pref. (quar,) —
Nova Scotia Light & Power,preferred (quar.J.¬
5
Oct,
Jan.
10c
Class
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
Apr. 15 Mar.
Apr.
1 Mar.
Apr.
1 Mar.
SIX
(quar.)
Mar. 21
Mar. 14
15 Mar. 21
Mar. 15
May
15c
Cum. prior preferred
(quar.)
North Star Oil, 7% preferred..
North Texas Co
Consolidated, Inc.—
7% preferred (quar.).
Morrisoown Securities Corp
Motor Finance Corp., preferred (quar.)..
Mt. Diablo Oil Mining & Development Co—.
Apr.
Apr.
Apr.
May
Mar. 31 Mar. 30
Apr.
1 Mar. 5
Apr.
1 Mar. 5
p
Morrison Cafeterias
1 Mar. 15
1 Apr. 14
Mar. 28 Mar. 20
Mar. 29 Mar. 19
1 Mar. 14
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
60c
30c
25c
6% preferred
5% preferred (quar
Montgomery Ward &
Apr.
May
SIX
(quar.
.
SIX
1 Mar. 15
SIX
SLX
Special
1900 Corp., class A (quar.)
(quar
Ltd
SIX
30c
Preferred (quar.)
Nicholson File Co. (quar.)
(quar.).
Noblitt-Sparks Industries
5c
30c
Monongahela Val ey Water Co., 7% pref. (qu.)
Monroe Chemical Co., pref. (quar.)..
Monroe Loan Society, class A
—Monsanto Chemical Co., 84.25 pref. A (s.-a.)..
$4.25 preferred B (semi-ann.).
Montana-Dakota Utilities Co
Mar. 31 Mar. 15
1 Mar.
5
Apr.
1 Mar. 11
Apr.
SIX
Newberry (J. J.) Co. (quar.)
Newberry (J. J.) Realty pref. A (quar.).
Preferred B (quar.).
Newport. Electric Corp. 6% pref. (quar.)
Newport News Shipbuilding & Dry Dock
25c
25c
Monarch Royalties,
Apr.
$1^
SIX
SIX
SIX
prior pref. (quar.)
1 Mar. 15
10 Mar. 31
5
15 Apr.
June
5 May 31
Sept. 5 Aug. 30
..
.81
50c
—
7% preferred (quar.)
Mar.
_
"
Mar. 31 Mar. 21
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
33 l-3c Apr.
Mar. 31 Mar. 10
SIX
5Uc
12c
75c
Mar. 15
Mar. 15
^7 5c
8% preferred (quar.)
$2 dividend shares
Midvale Co
Miller Wholesale Drug Co-----------— Minneapolis Power & Light, 7% pref. (quar.)..
6% preferred (quar.)
—
$6 preferred (quar.)
Mississippi Power Co. $7 pref: (quar.)..
$6 preferred (quar.)
t
Mississippi River Power, preferred (quar.)
Mississippi Valley Public Service Co
6% preferred B (quar.)...
,
Missouri Edison Co. cum. preferred (quar.)
Missouri Gas & Electric Service Co
(quar.)
Mitchell (J. S.) & Co. pref,
Modern Container Ltd. (quar.)
5X% cum. preferred (quar.)...—-
lc
50c
Mar.
^
Midland
...
;
Mar.
Merck & Co
$7
Mar. 31 Mar. 20
Mar. 31 Mar. 20
Mar. 31 Mar. 20
15c
Mar.
(quar.).
Metropolitan Edison Co. $7 prior pref.
$6 prior preferred (quar.)
.——
Apr. 18
40c
pref. (qu.)_.
7% pref. (quar.)
New London Northern RR. Co.
(quar.).;
MX
MX
(quar
Merchants Bank of New York (quar.)...
„
New Hampshire Fire Insurance Co
New idea, Inc
New Jersey Power &
Light Co., $6
New Jersey Water Co.,
37 Xc
—
75c
preferred
preferred
preferred
preferred
preferred
'
.
New England Fire Insurance Co.
(quar.)_-__.
New England Power Assoc.
6% pref
i) f ot'tirrod
New England Telephone & Telegraph
New York State Gas & Electric pref. (quar.)
New York Transit Co
Megus Mines, Ltd. (initial)...
Meichers Distilleries, Dreferred—
Mercantile Acceptance Corp. 5% pref. (quar.) —
5%
5%
6%
6%
6%
New Britain Machine
(quar.)
Mar. 20
40c
-
_
1
8
Mar. 31 Mar. 21
New York & Richmond Gas Co.—
Meadville Conneaut Lake & Linesville RR.—
Semi-annual
(quar.).
New York Power & Light, 86 pref.
31 Mar. 14
1 Mar. 12
Apr.
1 Mar. 22
Apr.
Apr. 15 Apr.
1
15c
1 Mar. 15
Apr.
1 Mar. 15
S1.31X Apr.
1 Apr. 15
$1.18 X May
1 Mar.
42 Xc
Apr.
1
Mar. 31 Mar. 21
5uc
New York City Omnibus
(quar.)
New York & Honduras Rosario
Mining
New York Lackawanna & Western
5
1 Mar. 25
1 Mar. 15
10c
Mar. 15
Mar. 31
Mar.
20
Apr.
£pr.
Mar.
25c
,
New York Air Brake
Mar. 19
Apr. 21
July 22
Aug. 15 July 31
SIX
SIX
;—
-
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
1
30 Oct.
1 Mar. 24
Apr.
1 Mar. 14
Apr.
Apr. 15 Mar. 31
50c
50c
75c
Supply 5X% prior preferred
6 % prior preferred
Natomas Co.
'
Oct.
SIX
....
Mar. 14
(quar.)
Mead Johnson & Co.
Steel Car Corp. (quar.)
Steel Corp. (quar.)
Extra.
1
May
Aug.
MX
Standard Co. (quar.)__.
Mar. 15
Mar. 11
$1
— ...
25c
1st preferred (quar.)
Neisner Bros. 4 X % pref. (quar.)
New Amsterdam Casualty
(s.-a.)
May
Aug.
Holders
Mar. 31 Mar. 15
Mar. 31 Mar. 15
May
.
National
National
National
National
When
Payable of Record
Mar. 22 Mar.
Apr.
-
Mathieson Alkali Works (quar.)
Preferred
12Xc
Apr.
Apr.
Apr.
Apr.
MX
MX
Corp
Marsh (M.) & Sons, Inc. (quar.)
Marshall Field & Co. 6% pref. (quar.)
6% 2d preferred (quar.)
37Xc
National Oil Products (interim)
National Paper & Type Co. 5% pref. (s-a.)
National Shirt Shops of Delaware, Inc.—
$6 prior preferred (quar.)
Nehi Corp.
Mansfield Tire & Rubber Co.—
SI.20 conv. preferred (quar.)
Manufacturers Trust Co. (quar.)
2c
2c
50c
Box(quarl) IIIIIIII .1
1
Mar. 27 Mar. 20
2c
«.„,
1
1 Mar. 21
50c
SIX
Quarterly
Navarro Oil Co. (quar.)
Nay bob Gold Mines (initial) (quar.)
Mar.
Mahoning Coal RR
Quarterly
1 Mar. 20
Mar.
55c
(quar.)..
Mar. 31
May 31 May 30
Aug. 30 Aug. 29
50c
81 Vt
.-
,
Preferred (quar.)
28
Mar. 31 Mar. 14
25c
Magoror Car Corp. (quar.).
Mahon (R. C.) Co., preferred
Class A preferred (quar.)
Feb. 28
37Xc
McQuay-Norris Mfg.JDo. (quar.).
Magazine Repeating Razor, preferred
Magnin (1.) & Co. pref. (quar.)
Preferred (quar.)
National Discount Corp. (quar.)
5% preferred (quar.)
National Electric Welding Machine Co (quar.).
May 20
iVi.ay 20
Aug. 20
Aug. 20
5% preferred (quar.)
Preferred
Share
Company
HP
25c
Lunkenheimer Co. OX% preferred (quar.)
.
Per
Name of
HP
25c
Class B (auar.)_
Louisville Gas & Elec. of Ky. 7% pref. (quar.)..
6% preferred (quar.) —
6X% preferred (quar.)
6X% preferred (quar.)
0X% preferred (quar.)..
Lynn Gas & Electric Co. (quar.)
McUlatcbey Newspaper, 7% preferred (quar.)
7% preferred (quar.)
7% preferred (guar.)
McCrory Stores Corp
McUraw-Rill Pubhsning
McKee (A. G.) & Co. class B (quar.).
Class B (extra)
Holders
When
Payable of Record
SIX
1865
16c
11
Mar. 27 Mar. 10
Apr. 15
Apr.
1
Apr.
1
Apr.
1
Apr. 24
Apr.
ar.
1
14
Mar. 14
Mar. 14
Apr.
1
Mar. 31 Mar. 15
Mar. 24 Mar. 20
31 Xc
Apr. 24 Mar. 20
Apr.
1
May
1 Apr. 21
111?
Mar. 28 Mar. 25
Mar. 31 Mar. 28
t30c
40c
75c
SIX
70c
Apr. 15
Apr.
ar.
Apr.
Apr.
1 Mar.
31 Mar.
1 Mar.
1 Mar.
14
14
20
20
March
1866
I
Per
Name
Share
of Company
50c
Peninsular Telephone (quar.)—
50c
Quarterly
Quarterly
Quarterly.^
50c
50c
35c
35c
35c
Preferred A (quar.)
Preferred A (quar.)
Preferred A
(quar.)
Preferred A
(quar.)....._
^
35c
.;
15c
Pennsylvania Forge Corp. (quar.)
10c
Extra
Pennsylvania Glass Sand Corp. (quar.)
5% preferred (quar.)
Pennsylvania Power & Light $7 pref. (quar.)—
$6 preferred (quar.).
\).
$5 preferred (quar
I
Pennsylvania Telephone Corp., $214 pref. (qu.)
Pennsylvania Water & Power Co. (quar.)
Preferred (quar.)
Peoples Drug Stores
Peoples Gas Light & Coke
Peoria Water Works, 7% pref. (quar.)
Perfect Circle Co. (quar.)
Peter Paul, Inc. (quar.)
Pet Milk Co. (quar.)
.
—
.„
25c
SIM
SIM
SIM
SIM
62Mc
SI
Whert-,
Apr.
July
Oct.
Jan.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 14
1 Mar. 14
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
Apr.
1 Mar.
15
40c
50c
Apr.
1 Mar. 22
1 Mar. 11
1 Mar. 21
30 Apr. 10
1 Mar.
3
40c
75c
SIM
25c
25c
Apr.
Apr.
Apr.
SIM
SIM
SIM
Apr.
Apr.
50c
30c
Apr.
1 Mar.
3
1 Mar. 20
1 Mar. 10
Apr.
Apr. 15 Mar. 21
Mar. 26 Mar. 14
1 Mar. 15
$1.31 M Apr.
2.5c
Apr. 25 Apr. 15
25c
Phillips Screw Co
50c
614% cum. preferred (semi-ann.)
Apr.
10c
(quar.)
Pickle Crow Gold Mine (quar.)
Pilot Full Fashion Mills, Inc.—
Mar. 31
65c
Pioneer Gold Mines (British Columbia) (quar.).
Pittsburgh Bessemer & Lake Erie Kit. (s.-a.)
Pittsburgh Fort Wayne & Chicago Ky. (quar.)..
Preferred (quar.)
Pittsburgh Plate Glass
Pittsburgh Screw & Bolt
Pittsfield Coal Gas (quar.)
Plough, Inc
Plymouth Oil Co. (quar.)
Pneumatic Scale Corp.. Ltd.. 7% pref. (quar.)..
Pollock Paper & Box Co., 7% pref. (quar.).—
7% preferred (quar.).
7% preferred (quar
*.)Pond Creek Pocahontas Co
....
.
10c
75c
SI %
SIM
$1
15c
$1
15c
30c
17 Mo
SIM
SIM
SIM
37Mc
SIM
25c
it.L
Power Corp. of Canada Ltd. 6% cum. pref. (qu.)
6% non-cum. preferred (quar.)..
Pratt & Lambert
Premier Gold Mining
(quar.)...!
Preston East Dome Mines
(quar.)
Price Bros. & Co., Ltd., pref. (quar.)
Procter & Gamble Co., 8% preferred
5
5
Apr.
25c
Porto Rico Power, preferred (quar.)
Potash Co. of America (quar.)
14
Nov. 15 Nov.
5
Feb. 15 Feb.
5
Mar. 31 Mar. 15
Mar. 31 Mar. 15
Pfaudier Co
Phoenix Insurance Co.
Mar. 15
1 Sept. 15
1 Dec. 15
May 15 May
Aug. 15 Aug.
Pfeitfer
Brewing Co. (quar.)
Philadelphia Co. $6 prer. (quar.).
$5 preferred (quar.)
Philadelphia Dairy Products $6 pref. (quar.)
Philadelphia Electric Power pref. (quar.)
Philadelphia National Insurance
Phi J co Corp
Phillips Packing Co., preferred (quar.)
1
1 June
1 Mar. 15
Apr.
1 Mar.
3
Apr.
Apr. 15 May 21
1 Mar. 11
Apr.
1 Mar. 21
Apr.
SIM
tlM%
J75c
50c
3c
t5c
SIM
$2
(quar.)
Prosperity Co. preferred (quar.)
Preferred (quar.)...
SIM
SIM
Providence Gas Co
Providence Washington Insurance Co
Providence & Worcester RK. Co. (quar.).
Prudential Personal Finance
15c
25c
SIM
Corp. (Bait.) (qu.)_
(N.Y.) (qu.)
7% pref. (mthly.)
Public National Bank & Trust Co.
Public Service Co. of Colorado
6% preferred (monthly)
5% preferred (monthly)
Public Service Electric & Gas $5 pref.
(quar.)
7% preferred (quar.)
25c
1 Mar. 15
1
Apr.
1
Apr.
1
Apr.
1
Apr.
8
Apr.
1
Apr.
Apr. 21
Mar. 15
Mar. 16
Feb. 28
1 Mar. 15
37 Mc
50c
50c
50c
__
Rayonier, Inc., preferred (quar.).
Reading Co. 2d pref. (quar.)..
Reece Button-Hole Machine Co.
Reed Drug Co., class A (quar.)
50c
10c
(quar.)...
Common (quar.)
Reed-Prentice Corp., pref. (quar.)
1 Mar. 15
™pr'
Mar. 28 Mar.
7
3 Mar. 12
Apr.
Mar. 31 Mar. 24
1 Mar. 20
Apr.
Reliable Stores Corp. common
(quar.)
5% convertible preferred (quar.)
Reliance Manufacturing Co
~
——————III
_
1 May
1 Aug.
40c
Dec.
1
90c
Apr.
Apr.
Apr.
May
Apr.
20c
10%
SIM
15c
..III
& 2d pref. (quar,).
Inc. 6H % preferred
(quar.).
1 Apr.
Mar. 31 Mar. 15
May
May
15
2 Mar. 10
1 Mar. 10
1 Mar. 10
1 Mar. 20
1 Mar. 15
Apr. 30
Apr. 30
Mar. 21
Feb. 15
Russell Industries
(quar.).
Preferred (quar.)
Sabin Bobbins Paper Co.
preferred"
(quar )
Preferred
St. Louis National Stockyards
5c
S1H
Apr.
Apr.
Apr.
Mar. 20
Ma.. 10
Mar.
Mar. 13
25c
Apr.
Mar. 17
June
June
20c
Safety Car Heating & Lighting Co
Safeway Stores, Inc
5% preferred (quar.)
IIIIIIIIII
Saguenay Power, Ltd., preferred (quar.)..
St. Lawrence Corp. pref. A
Apr.
25c
...I.I
IIIIIII
Apr.
10c
15c
A~(quar.)III "IIIIIII
5
25c
Pendleton, Inc. (quar.)
Rome Cable
1 Mar. 21
Mar. 31 Mar. 21
1 Mar. 14
Apr.
1 Mar. 14
May
1 Mar. 14
Apr.
Apr.
Mar.
SIM
SIM
Mar.
Mar. 18
Mar. 18
Apr.
Mac. 20
SI
75c
Apr.
Apr.
Mar. 21
Mar. 20
Mar. 20
6
Mar. 18
—
II IIIII
I"
Mar. 18
i\fay
Apr.
25c
Apr.
50c
.
Apr.
SIM
Apr.
Mar. 31
Mar. 31
SIM
Apr.
Mar. 20
i1^
Apr.
Apr.
Apr.
Apr.
Mar. 18
$154
$133
$134
25c
15
1
Mar. 29
Mar.
Mar. 18
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 18
Mar. 18
Mar. 30
10c
t20c
Mar. 15
Mar. 17
Feb.
18
15c
Mar.
Mar. 14
$154
$133
$134
$133
Mar.
Mar, 14
Mar.
Mar. 10
Apr.
Apr.
Apr.
Mar. 18
25c
Mar. 15
Mar. 31
Apr.
Mar. 18
10c
Mar.
5c
15c
Mar.
Mar. 10
Feb. 28
Apr.
Feb. 28
$133
$133
$133
Mar. 31 Mar. 20
3733c
$133
2%
Mar. 28 Mar. 13
1 Mar. 15
Apr.
Apr. 15 Apr.
Apr.
1 Mar.
6
6
1
25c
Apr.
1 Mar.
50c
Apr.
1 Mar. 15*
Mar. 29
$154
6233c
Apr.
1 Mar. 15
Apr.
15 Mar. 20
3733c
34 33 c
J20c
U33%
$154
Southern Canada Power Co
25c
(quar.)
15c
35c
Southwestern
$133
$3
$1*4
Preferred
$134
Light & Power, $6 pref. (quar.)..
Spring Valley Co., Ltd. (liquidating)
Springfield Gas & Electric Co. $7 pref. (quar.)..
Square D Co
(quar.)
25c
Stearns (Frederick) & Co
Preferred (quar.)
$134
15c
(quar.)
60c
..._—
75c
Preferred (quar.)
Steel Co. of Canada, Ltd. (quar.)
t75c
J75c
7% preferred (quar.)
Steel
Industries
1 Mar. 20
Apr.
1 Mar. 15
1 Mar. 15
Apr.
1 Mar. 15
Apr. 15 Apr. 12
Apr.
1 Mar. 20
Apr. 15 Mar. 22
Mar. 31 Mar. 18
16 June
Apr.
1
Apr. 23
Apr.
1
Apr.
1
2
Mar. 20
Apr.
16
Mar. 20
Mar. 15
Mar. 25 Mar. 15
Mar. 29 Mar. 18
Mar. 31 Mar. 20
Mar. 31 Mar. 25
Mar. 31 Mar. 25
Alar. 20
Apr.
Apr.
Apr.
May
May
Mar. 20
Mar. 20
Apr.
Apr.
7
7
Mar. 31 Alar. 15
75c
Mar. 31
43 54c
25c
t$l
1233c
*$354
(quar.)
Sun Life Assurance of Canada
1 Mar. 31
1 Feb. 14
Apr.
20c
Products
Glow
t75c
t$l
15c
Staylon Oil Co. (quar.)
Extra
Apr.
Apr.
Apr.
S1%1
Starrett (L. 8.) Co
15 Mar. 31
Apr.
Mar. 28 Mar. 14
June
75c
...
15 Mar. 20
Apr.
Apr. 10 Mar. 25
Mar. 31 Mar. 14
10c
Standard Fuel Co., Ltd., 6)4% pref—...
Standard Paving & Materials, pref
Stedman Bros., Ltd.
50c
Apr. 15 Mar. 20
Apr. 15 Mar. 20
May 15 Apr. 30
$133
373iC
Preferred (quar.)
(quar.)
Superheater Co. (quar.)
Superior Portland Cement, part, class A
Superior Water, Light & Power, pref. (quar.)
Sunray Oil Corp., preferred (quar.)
Sunshine Mining Co. (quar.)
Swift & Co. (quar.)
Special--—
Taco ny-Palmyra Bridge iquar.)
Nov. 15
1 Mar. 26
1 Mar. 22
S3M
_
Mar.
Mar. 11
Mar. 10
Mar. 20
Mar. 20
Co., Ltd.—
Original preferred (quar.)
5)4% preferred series C (quar.)
Class A
Potomac RR.
7% gtd. preferred (s.-a.)
6% guaranteed preferred (8.-a.)
Risdon Manufacturing Co.
7% pref. (quar.)—_
Riverside Silk Mills, class A
(quar.)
Roberts Public Markets, Inc
Extra
;
"
Rochester Telephone preferred
(quarl)"."
Southern California Edison
Class A
SIM
fquar.)II
Rice^Stix Dry Goods Co., 1st
Mar.
Apr.
25c
Original preferred (special)
25c
8233c
—
$154
68 54 c
Apr.
May
Alar. 20
3 Mar. 24
1 Apr. 23
ivlar. 26 Feb.
Apr. 15
1
Apr. 15
Apr.
1
Apr.
1
Apr.
1
Apr.
15
Afar. 31
Mar. 15
Apr.
5
Mar. 22
Mar. 13
Mar.
5
40c
Mar. 31 Alar.
1
30c
Apr.
Apr.
1 Alar.
3
30c
50c
1 Alar.
3
Alar. 31 Mar. 15
25c
Mar. 31 Alar. 15
(quar.)
50c
Mar
(extra)————
25c
Mar. 31 Alar. 15
Extra
1 Mar. 22
1 Apr. 19
Apr. 19
Apr. 19
Mar. 15
May
Apr.
Southern California Edison—
15
SIM
SIM
SIM
—
Pittsburgh Water Co., 4)4% pref. (quar.)
South Porto Rico Sugar Co., pref. (quar.)
Common (quar.).
South WTest Pennsylvania Pipe Lines
Southern Acid & Sulphur Co., Inc.—
7% preferred (quar.)..
Southern & Atlantic Telegraph (s-a)
15
May
Apr.
Apr.
Apr.
Apr.
Apr.
50c
6% prior preferred A (quar.) 11
6% preferred (quar.)
Reynolds Metals Co. 514% cum. pref.
Corp
Rubinstein (Helena) class
Ruud Mfg. Co. common
1 Mar. 30
1 Mar. 15
Sept.
15c
Republic Investors Fund, Inc.6% A & B pref. (quar.)
Republic Steel Co
Roeser &
Apr.
Apr.
Apr.
Mar. 20
May
South Carolina Electric & Gas Co.—
Sun
June
20c
Fredericksburg &
1
Mar. 31 Mar. 22
SIM
-
Mar. 31 Mar. 17
Mar. 31 Mar. 17
1 Mar. 13
Apr.
Apr. 10 Mar. 20
12Mc
37Mc
I—II
I..
...
Engineering
Sterchi Bros. Stores 6% pref. (quar.)
Stix, Baer & Fuller, pref. (quar.)
Stouffer Corp., class B
21
Strawbridge & Clothier 7% preferred
40c
Preferred
Rich s,
Richmond
1
Mar. 10
Mar. 10
Mar. 15
Mar.
tt$3)4
King Coalition Mines.——i
Silverwood Dairies cum. partic. pref. (s.-a.)
Simon (H.) & Sons, Ltd. (interim)
Preferred (quar.)
Singer Manufacturing Co. (quar.)
Skenandoa Rayon Corp. 5% prior pref. (quar.).
Smith (H.) Paper Mills pref. (quar.)
Smith (L. C.) & Corona Typewriters, Inc.——
Preferred (quar.)
Snyder Tool & Engineering Co. (quar.)
Sonotone Corp
60c. cum. prior preferred (quar.)
1 Mar. 14
Apr.
1 Mar. 14
Apr.
Apr. 19 Mar. 31
Apr. 18 Mar. 31
1 Mar. 20
Apr.
40c
Reliance Steel
Stock dividend.
Preferred (quar.)
Mar. 25 Mar.
Mar. 31 May
5c
.......
(quar.)
Corp
Remington Rand, Inc
1 Mar. 20
15 Mar.
3
1 Mar. 10
1 Mar. 10
1 Mar. 10
Mar. 10
Mar. 10
Mar. 10
4c
Sheep Creetc Gold Mines. Ltd. (quar.)
Sherwin-Williams Co. of Canada, preferred
Silver
Standard-Coosa-Thatcher Co. (quar.)
Standard Fire Insurance Co. of N. J. (quar.)
Standard Fruit & Steamship $3 par. pref
15 Mar. 14
Mar. 27 Mar. 17
Mar. 27 Mar. 17
5
5
Mar. 17
10c
—
Sheller Manufacturing Co
1
Apr.
Apr.
Apr.
$134
Sharon Steel Corp
Preferred (quar.)
Standard Brands, Inc. (quar.)
25c
Regent Knitting Mills pref. (quar.)
Preferred (quar.)
Preferred (quar.)
Reliable Fire Insurance (Dayton)
(quar.)
Sedalia Water Co., 7% pref. (quar.)
Selected Industries, Inc., $5)4 div. prior stk (qu)
Shaffer Stores Co., 5% pref. (quar.)
1 Mar. 20
1 Mar. 20
Mar. 20
6
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
20c
t50c
$133
$134
1 Mar. 15
1 Mar. 15
Apr.
Mar. 31 Mar. 22
87 Mc
Reed Roller Bit Co. (quar.)......
Extra.:
8'i
__
—
$154
15 Mar. 25*
15 Apr.
1
15 July
1
Holders
Payable of Record
6233 c
(quar.)
Seaboard Commercial Corp. (quar.)
Preferred A (quar.)
Southern New England Telephone
50c
.
$133
When
1941
25c
Scranton Electric Co., $6 preferred
Scranton Lace Co
Southern Phosphate Corp. (quar.)....
.....
Southwest Natural Gas preferred A
Southwestern Assoc. Telephone $6 pref. (quar.)
Southwestern Gas & Electric 5% pref. (quar.)—
Southwestern Life Insurance (quar.)
...
1 Mar. 22
Publication Corp. voting common
(quar.)
Preferred (quar.)
$1
50c
15 Mar. 31
7
20c
$1H
$133
Southern Natural Gas Co.
6
20c
$154
$153
$3
50c
6% cum. part, preferred (quar.)
Southern Franklin Process, preferred (quar.)
Mar. 31 Mar.
SIM
87 Mc
SIM
Scovill Mfg. Co
$2
SI 33
1 Mar. 14
15 Mar. 15
55c
50c
...
Co., 8% deb. A (qu.)
714% debenture B (quar.)
7% debenture C (quar.)
6)4 % debenture D (quar.)
6% preferred (s.-a.)
■.
Savannah Sugar Refining Corp. (quar.)
...
Schenley Distillers Corp. pref. (quar.)—
Scott Paper Co. $4)4 cum. pref. (quar.)
$4 cum. preferred (quar.)..
—
Savannah Electric & Power
7c
3c
35c
15 Mar. 31
15 Mar. 31
Public Service of New Jersey (quar.)...
6% preferred (monthly)
1M%
iM %
1M%
—————
...
South
Sept. 15 Sept. 15
Dec. 15 Dec. 15
1 Mar. 20
Apr.
1 Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Extra
10
Mar. 31 Mar.
Mar. 31 Mar.
50c
.
Sangamo Electric Co
10
1 Mar. 15
Mar. 31 Mar. 20*
1 Mar. 21
Apr.
June 15 June 15
Apr.
Apr.
Apr.
Apr.
Apr.
July
San Antonio Gold Mines, Ltd. (s.-a.)
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Share
Company
Mar.
Mar. 15
Mar. 10
Mar. 21
Mar. 22 Mar. 21
37 Mc
58 l~3c Apr.
50c
Apr.
41 2-3c Apr.
SIM
SIM
Name of
$6 prior preferred (quar.)
South Carolina Power Co. pref. (quar.)
South Penn Oil Co. (quar.)
SIM
SIM
Non-voting common (quar.)
Preferred (quar.)
Puget Sound Power & Light prior pref
Pure Oil Co. 5% pref. (quar.)
5 lA% preferred (quar.)
6% preferred (quar.)
Quaker Oats Co. (quar.)....
Preferred (quar.)..
Radio Corp. of America 1st pref.
(quar.)
B preferred (quar.)
Railroad Employees Corp., class A & B_
80c. preferred (quar.)
Rath Packing Co
Ray-O-Vac (quar.)
Per
Holders
Payable of Record
22,
Preferred
—
—.——
$134
6233 c
(quar.)
Taggart Corp. $2)4 pref. (quar.)
Talcott (James), Inc—.—
533% participating preference (quar.).:
Tamblin (G.) (quar.)
Preferred (quar.)
——
Technicolor, inc..
—
10c
68 54 c
20c
—
6233c
25c
10c
.
Teck-Hughes Gold Mines (quar.)
Telluride Power, 7% preferred (quar.)
Terminals & Transportation Corp., $3 pref
Texas Corp. (quar.)
Texas Electric Service, $6 pref. (quar.)
$154
t$733
50c
$133
Third Canadian General Investment Trust (qu.) U233c
Extra
•
t233c
50c
Thompson Products Corp
Preferred (quar.)
$134
Tidewater Associated Oil preferred (quar.)
$133
Todd-Johnson Dry Dock, Inc., A & B pref. (qu.)
3733c
58 l~3c
Toledo Edison Co. 7% preferred (monthly)
50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly)
Toronto General Insurance (annual)
J25C
40c
Torrington Co. (quar.)
15c
Trade Bank & Trust (N. Y.) (quar.)—
Tri-Continental Corp., $6 cum. pref. (quar.)
$133
$133
Tri-County Telephone, 1st pref. (quar.)
62 33c
Trico Products Corp. (quar.)
$154
TubizeChatillonCorp., 7% cum. pref. (quar.)—
Tuckett Tobacco, 7% preferred (quar.)
$154
20th Century-Fox Film Corp. pref. (quar.)
3733c
Twin Disc Clutch Co. (quar.)
75c
Twin State Gas & Electric, prior lien (quar.)—$154
50c
Underwood Elliott Fisher Co. (quar.)
75c
Union Carbide & Carbon Corp
—
—.
—-
— ,
10c
Union Investment Co
Preferred
31 ivlar. 15
Alar. 17
Mar. 15
Mar. 15
Alar. 15
Mar. 15
Mar. 31
Apr.
Apr.
Mar. 17
1 Aiar. 7
1 Nov. 15
Alar. 31 Mar. 15
Alar.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr,
Apr.
Apr.
Apr.
Apr.
Apr.
7
Alar. 15
Feb.
28
Feb.
28
Aiar. 22
Alar. 22
Alar. 14
Feb.
24
Alar. 15
Mar. 15
I Aiar. 15
Mar. 31 Mar. 15
Apr.
Alay
Apr.
Apr.
Apr.
Apr:
Apr.
1 Mar. 19
Apr. 21
Mar. 21
Alar. 14
Mar. 12
Alar. 20
Mar. 31
Mar. 31 Mar. 17
Mar. 25 Alar. 15
Apr.
1 Mar. 15
Mar. 31 Mar. 22*
7
Apr.
1 Mar.
Apr.
1 Mar. 20
—
.
Apr.
15c
—
Alar. 22 Mar. 15
Mar. 22 Alar. 15
$133
$133
.
Alar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
95c
(quar.)
Union Metal Manufacturing (quar.)
$6 preferred (quar.)
"Onion Pacific Insurance Co. (quar.)
.
May
1
Mar. 20
Mar. 28 Mar. 18
Volume
The Commercial & Financial Chronicle
152
Per
Name of Company
Share
Union Pacific RR
Preferred (s.-a.)
S1H
Apr.
Apr.
1 Mar.
Apr.
1
3
Mar.
17
$1
20c
United Biscuit Co. of America
United Carbon Co
25c
75c
United
Apr.
15c
Mar. 24 Mar.
$1
75c
Apr.
Apr.
20c
Mar. 31
United Fruit Co
United Fuel Investment preferred (quar.)...
United Gas Improvement (quar.)
Preferred (quar.)
$1 x
SI
United Illuminating Co
United Light & Railways 7% pr. pref. (mo.)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
United New Jersey RR. & Canal (quar.)
United Profit Sharing preferred (s.-a.)
581-3 c
53c
50c
$2 H
50c
United Shoe Machinery (quar.)
Preferred (quar.)
United States Electric Light & Power Shares, Inc
,
United State & Foreign Securities Corp.—
Preferred (quar.)
1st pref. (quar.)
1.3c
Mar. 15
Mar. 15
Mar. 20
Mar. 31
5 Mar. 18
1 Mar. 15
tS2
SIM
SIM
62 Mc
SIM
Mar. 15
Mar. 31 Mar. 15
Apr.
30 Apr.
(quar.)
prior preferred (quar.)--
75c
SIM
10 May 31
Sept. 10 Aug. 30
Dec. 10 Dec.
1
1 Mar. 20
Apr.
1 Mar.
1 Mar.
7
Apr.
1
Apr.
19
1 July 19
Mar. 27 Mar. 21
Mar. 31 Mar. 19
Mar. 29 Mar. 25
Apr. 19 Apr. 10
1 Mar. 21
Apr.
Apr.
Apr.
25c
S3 M
25c
SIM
SIM
SIM
37 Mc
SIM
SIM
40c
SIM
SI.20
1 Mar. 15
1 Mar. 15
Mar. 27 Mar. 18
June
2 May 15
June
Apr.
Apr.
2 May 15
1 Mar. 15
1 Mar. 20
Mar. 31 Mar. 17
1 Mar. 26
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 19
Mar. 31 Mar. 14
Mar. 31 Mar. 14
...
i
Telephone Co. $1% pref. (qu.)
Western Massachusetts Cos. (quar.)
Western Pipe & Steel (Calif) (quar.)
Apr.
Mar. 20
SIM
43 Mc
Mar.
Mar.
Mar.
SIM
SI
Mar. 20
Mar. 20
Mar. 15
Mar. 17
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
May
Aug.
Aug.
Aug.
Apr.
Apr.
Apr.
July
July
July
15
15
15
Nov.
Oct.
15
Nov;
Oct.
15
SI
Wheeling Steel, 6% pref. (quar.)...
SIM
6% preferred
tS31M
$5 prior preferred (quar.)
SIM
White Villa Grocers, Inc., 6% pref. (quar.)....
Whitaker Paper Co. (quar.).
qp X
$1$1
$1
SIM
.............
(quar.)
Whitman (Wm.) & Coi. preferred (quar.)
Wichita Water Co., 7% pref. (quar.)
SIM
SIM
SIM
Wieboldt Stores, Inc., $5 preferred (quar.)
75c
;
25c
Grocers, class A (quar.)
50c
.......—....—....
SI
SIM
SIM
Winsted Hosiery Co. (quar.)
Extra
SI
Quarterly..
Quarterly
Quarterly
S2M
S2M
SIM
,
Quarterly
SI
S2M
Quarterly
$1*|
Wood, Alexander & James, 1st pref
Mar. 14
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mfg.. preferred (quar.)..
Ymir Yankee Girl Gold Mines
Yosemite Portland Cement, pref
Youngstown Sheet & Tube pref. (quar.)
Zion's Cooperative Mercantile Institution (qu.)_
Quarterly
Quarterly
420,710,000
Total deposits
665,741,000
455,000,000
143,127,000
310,123,000
8,718,121,000 8,832,889,000 7,431,892,000
180,107,000
154,758,000
188,972,000
988,000
873,000
960,000
Deferred availability items...
Other liabilities, lncl accrued dividends.
....
Total liabilities
10511,324,000 10608,976,000 8,852,632,000
Capital Accounts—
-
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
51,538,000
56,447,000
51,517,000
51,106,000
66,447,000
7,070,000
7,070,000
53,326,000
7,109,000
Other capital accounts
13,103,000
13,082,000
10,264,000
Total liabilities and capital accounts. 10639,482,000 10737.092,000 8,974,437,000
Ratio
of
F. R.
total
to
reserve
note liabilities
Commitments
deposit
and
combined
94.5%
industrial
make
to
92.3%
94.6%
ad-
t "Other cash" does not include Federal
notes or a bank's own Federal
reserve
Reserve bank notes.
x
These
over from
100 cents
are
certificates given by the United States Treasury
for the gold taken
the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
to 59.09 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.
Weekly Return of the New York City
Clearing House
The
weekly
STATEMENT
CLOSE
AT
OF
OF
THE
NEW
BUSINESS
*
THURSDAY. MARCH 20, 1941
Net Demand
Time
Deposits,
Deposits,
Average
Average
%.
Bank of New York
6,000,000
20,000,000
77,500,000
City Bank
Chem Bank & Trust Co.
14,147,800
20,000,000
Manufacturers Trust Co
Irving Trust Co
Cnt Hanover Bk&Tr Co
Chase National Bank—
645,027,000
39,358,000
,657,349,000
838,555,000
168,821,000
18,118,000
7,030,000
186,946,500
40,986,600
75,103,700
20,366,600
109,720,700
63,692,500
,287,944,000
81,236,000
780,747,000
105,131,000
,163,512,000
332,993,000
805,561,000
28,770,000
759,894,000
5,325,000
4,490,800
50,000,000
4,000,000
100,270.000
—
Continental Bk & Tr Co.
232,501,000
26,884,500
80,275,900
67,904,700
90,000.000
41,748,000
Trust Co
Guaranty
Apr.
Mar. 20
Mar. 20
<
HOUSE
Profits
10,000,000
Mar. 15
Mar. 20
City
Undivided
21,000,000
15,000,000
1
York
CLEARING
YORK
Surplus and
Capital
First National Bank
Mar. 19
Mar. 19
New
the
Friday afternoon is given in full below
on
MEMBERS
OF
ASSOCIATION
issued by
statement
Clearing House
Corn Exch Bank Tr Co.
69,675,000
332,457,000
1,350,000
136,482,200
67,803,000
1,060,000
51,274,000
500,000
4,207,500
63,012,000
3,898,000
25,000,000
83,413,200
222,975,000
73,179,000
Title Guar & Trust Co..
6,000,000
1,539,200
14,728,000
Midland Tr Co.
6,000,000
12,500,000
7,000,000
7,000,000
Fifth Avenue Bank
Bankers Trust Co
Marine
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk A Tr Co.
10,005,900
494,634,000
8,746,900
10,544,800
2,475,000
3,127,000
144,784,000
28,015,400
138,737,000
51,593,000
2,559,000
96,823,000
53,720,000
953,465,400 16,081,908,000
765,827,000
15
15
Totals
618,518,000
—
15
Mar.
Includes deposits In foreign branches as follows:
a $290,658,000 (latest available
date); b $63,856,000 (latest available date); c $3,248,000 (March 20); d $82,697,000
(latest available date); e $22,256,000 (Feb. 28).
Mar. 12
Mar. 18
Oct.
15
Apr. 15
*
As
May
Mar. 19
Mar.
Mar. 15
Mar.
Mar. 15
Mar.
Mar. 15
Mar.
Mar. 21
J10c
+5c
Apr.
Apr.
Apr
Apt...
25c
Ml
Mar.
Feb.
28
Feb.
1940; State.
1940; Trust
1
Stock
Below
are
the
and
stocks'and bonds listed
as
Bond
daily closing
on
Averages
averages
of
representative
the New York Stock Exchange
compiled by Dow, Jones & Co.
28
Mar. 20
Stocks
Bonds
Mar. 14
Mar. 15
10
<
t5c
Dec. 31,
companies, Dec. 31, 1940.
Apr. 15
Mar.
official reports: National, Dec. 31,
per
__
Mar. 12
50c
:
668,015,000
Other deposits
Mar. 15
SIM
Wrigley (Wm.) Jr. (monthly)
Foreign
National
50c
...
reserve acc't.. 7,300,193,000 7,547,480,000 6,827,831,000
Treasurer—General account...
329,203,000
1G4.668.000
150,811,000
8.
Bank of Manhattan Co.
10c
Lothrop
Preferred (quar.)
Worcester Salt Co. (quar.)
Wright-Hargreaves Mines, Ltd. (quar.)
U.
Mar. 12
Mar. 25
25c
Woodley Petroleum Co. (quar.)
Woodward Iron Co. (quar.)
1,603,271,000 1,594,992,000 1,265,109,000
Deposits—Member bank
Members
ttSl M
Wolverine Tube Co
Extra
•
Clearing House
Noy.
Apr.
Apr.
Apr.
SIM
25c
Extra
9,858,000
16,612,000
10639,482,000 10737,092,000 8,974,437,000
Liabilities—
Mar. 15
10c
(quar.)
1,325,000
168,577,000
9,667,000
12,705,000
Total assets
Mar. 15
Mar. 20
25c
Wisconsin Electric Power Co. 6% pref. (quar.).
2,204,000
206,826,000
9,667,000
15,448,000
228,685,000
—w-
Mar. 20
Mar. 20
20c
Woodward &
Other assets
Mar. 26
tSIM
...
Extra
Federal Reserve notes of other banks...
Uncollected Items
Mar. 27
Mar.
25c
Westmoreland Water Co., $6 preferred.
754,145,000
17,000
Bank premises
Mar. 15
Apr.
Apr.
Apr.
25c
Western Tablet & Stationery Corp. pref. (qu.)..
_.....
Due from foreign banks
Mar. 10
Mar. 15
50c
Westmoreland Coal Co
Westmoreland. Inc. (quar.)
Class B___
Preferred (quar.)...
Total bills and securities
Mar. 20
Apr.
Apr.
75c
SI
a.
751,585,000
634,821,000
17,000
344,089,000
Mar. 25 Mar. 10
Apr.
Apr.
75c
Grocers, Ltd (quar.)
632,503,000
634,714,000
17,000
1,737,000
407,496,000
1 Mar. 21
t62Mc
50c
18c
Western Electric Co
372,013,000
260,490,000
512,000
1 Mar. 21
S2M
SIM
.■
2,048,000
1 Mar. 20
May
Aug.
Apr.
75c
(s.-a.)j...
566,000
1,752,000
632,503,000
U. S. Government securities,
direct and guaranteed
7
Apr.
20c
...
West Virginia Water Service pref. (quar.)..
Western Assurance Co. (semi-ann.)
Yellow Truck & Coach
1 Mar.
6
1 Mar. 21
1 Mar. 15
75c
........
(quar.)
6% preferred (quar.)
Wilsil, Ltd. (quar.)
459,000
1,752,000
discounted
6
30c
West Texas Utilities $6 pref. (quar.)
West Virginia Pulp & Paper Co. (quar.)
Wiser Oil Co.
1 Mar.
SIM
5% preferred (quar.)
Waukesha Motor (quar.).i...
Wayne Pump Co
Wellington Fund, Inc
Wells Fargo Bank (San Francisco)
We son Oil & Snowdrift Co., Inc. (s.-a.)
West Kootenay Power & Light, pref. (quar.)
West Indies Sugar Corp., preferred (s.-a.)
West Penn Electric class A (quar.)...
Winn & Lovett
1 Mar. 20
Mar. 31 Mar. 10
SIM
Wagner Baking Corp
7% preferred (quar.)
2d preferred (quar.)
Waldorf System, Inc. (quar.)
......
2
2
June
SIM
37Mc
37Mc
62Mc
477,000
Total
16
15 Apr.
15 July
Mar. 31 Mar. 21
Vulcan Detinning Co
Preferred (quar.)
Preferred
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Preferred (quar.)
35,000
56,000
386,550,000
245,953,000
bills
F. R. notes In actual circulation
Virginian Ry. preferred (quar.).
510,000
Mar. 28 Mar. 21
SIM
Preferred (semi-annual)
Victor Chemical Works
Extra
380,000
79,000
1 Mar. 15
SIM
SIM
SIM
Preferred (quar.)
Preferred (quar.)
Viau Ltd., preferred (quar.).
Vicksburg Shreveport & Pacific Ry. Co
Weston (Geo.), Ltd. (quar.)
Wheeling & Lake Erie Ry
and guaranteed
Notes
50c
$6*$ preferred (quar.)
Vapor Car Heating Co., pref. (quar.).
Preferred (quar.)
obligations
Bonds
1
Mar. 31 Mar. 20
1 Mar. 15
Apr.
Western Light <Sc
Govt,
Other bills discounted
1 Mar. 15
40c
Extra
S.
U. S. Govt, securities, direct and guar¬
anteed:
Universal Products
Upressit Metal Cap Corp. 8% pref
Western
direct
•
U.
Industrial advances
Mar. 29 Mar. 20
4H% preferred (quar.)
by
Mar. 31 Mar. 25
SI 5
West Penn Power Co.
9,751,957,000 9,868,109,000 8,023,903,000
reserves
Secured
Mar. 31 Mar. 25
20c
Walker & Co
- lass
Warren (S. D.) Co. (quar.)..
Wash. Ry. & Elec. Co. 5% pref.
Total
Bills discounted:
1 Mar. 15
Universal-Cyclops Steel
conv.
Other Cash f
5 Mar. 18
Apr.
July
Apr.
Quarterly
Vulcan Corp., $3
Redemption fund—F. R. notes
Apr.
2%
SIM
SIM
Utica Emitting Co. 5% prior pref. (quar.)
Valve Bag Co. 6% pref. (quar.)
Van de Kamp's Holland Dutch Bakers—
9,668,398,000 9,779,928,000 7,932,407,000
1,155,000
1,519,000
1,519,000
90,341,000
82,040,000
86,662,000
Mar. 15
Apr.
50c
50c
Utah Power & Light, $7 preferred
$6 preferred.
hand and due from
on
United States Treasury.*
Apr.
Apr.
50c
$
$
$
Gold certificates
50c
8% n on-cum. 1st preferred
United States Sugar Corp. pref. (quar.)
Preferred (quar.).
United States Trust Co. (N. Y.) (quar.)..
Victor-Monaghan Co. 7% pref.
Mar. 19,1941 Mar. 12,1941 Mar. 20, 1940
Assets—
SIM
(quar.)
United States Playing Card (quar.)_Extra
United States Potash Co
United States Rubber Co
19, 1941,
previous week and the corresponding
6
Feb. 28
Mar. 31 Feb. 28
1 Mar. 12
Apr.
Apr.
Apr.
Apr.
Bank of New York at the close of business Mar.
in comparison with the
date last year:
Mar. 17
15 Marl 20
1 Mar. 20
1
Apr.
1
Apr.
1
Apr.
Apr. 10
Apr. 30
following shows the condition of the Federal Reserve
Total
ny2
$iy
.
United States Gypsum Co. (quar.)
Preferred
62Hc
37Hc
Mar. 29 Mar. 20
Mar. 31 Mar. 15
Mar. 24 Mar. 14
1
The
3
1 Mar.
$2
25c
Union Twist Drill
*,
Union Wire Rope (quar.)
Corp
New York
Payable of Record
Union Premier Food Stores (quar.)
Elastic
Condition of the Federal Reserve Bank of
Holders
When
1867
10
Apr.
Apr.
Mar. 21
30
20
15
Total
10
First
Second
10
SIM
Mar.
3
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
trials
roads
ties
Stocks
trials
Rails
Rails
ties
50c
June
June
5
50c
Sept.
Sept.
Dec.
Dec.
5
Total
40
5
50c
Date
Bonds
Mar.
21
122.47
27.91
19.81
41.61
106.92
95.36
51.99
109.21
90.87
Mar.
20
123.60
27.97
19.86
41.90
106.98
95.54
52.73
109.25
91.13
Mar.
19
123.55
27.97
19.70
41.85
107.19
95.63
52.63
109.45
91.23
t On account of accumulated dividends.
Mar.
18
123.92
28.08
19.65
41.96
107.30
95.36
52.42
109.40
91.12
X Payable in Canadian funds, and in the case of non-residents of Canada
Mar.
17
123.46
28.07
19.70
41.86
107.30
95.34
52.15
109.30
91.02
Mar.
15
123.40
28.09
19.74
41.86
107.23
95.33
51.90
109.35
90.95
*
Transfer books not closed for this dividend,
deduction of a tax of 5% of the amount of such dividends will be mtie.
The Commercial &
1868
March
Financial Chronicle
1941
22,
System
'
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
Items of
and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are alwavs a week behind those for the Reserve banks themselves.
The comments oj the Board of Governors of
the Federal Reserve System upon the figures for the latest week appear in our department of "tturrent Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
the Federal Reserve
'
Weekly Return of the Member Banks of
'
;
'
•
'
'
'
.
_
.
resources
WEEKLY REPORTING MEMBER BANKS IN 101
AND LIABILITIES OP
ASSETS
(In Millions of Dollars)
LEADING CITIES BY
DISTRICTS ON MARCH 12. 1941
Minne-
$
S
2,021
77.5
Commercial, Indus, and agricul. loans
1,261
11,797
9,689
Loans—total
668
3.600
489
805
2,208
361
107
34
332
67
Open market paper
Loans to brokers and dealers In secure.
$
849
432
733
590
2,365
377
1,145
385
215
355
319
1,028
198
718
224
114
216
221
390
13
3
22
1
14
4
2
3
4
144
336
11
11
5
44
16
27
Francisco
Dallas
3,976
703
303
246
5,374
San
City
S
26.744
Investments—total
St. Louis
Chicago
Atlanta
$
1,242
S
5
ASSETS
Loans and
Cleveland Richmond
delphia
Kansas
apolis
Phila¬
New York
Boston
Total
Federal Reserve Districts-
3
7
39
13
498
purchasing or carrying
securities
19
361
68
12
43
20
12
12
213
14
10
17
31
6
468
Other loans for
132
60
385
191
36
23
48
31
181
12
49
"83
118
144
70
"78
"73
"58
182
3
517
77
7
21
29
2
81
1,229
Real estate loans
39
4
29
1
144
493
101
215
31
909
11
211
1
2
1
1
1.759
Loans to banks.—.
Other loans
281
41
73
155
162
58
1,578
29
26
47
42
2,645
53
Treasury notes
1,119
99
736
358
185
93
3,143
633
110
327
165
7,065
97
United States bonds
300
66
32
79
40
189
Treasury bills
1,664
90
138
55
57
116
614
62
337
70
127
1.601
279
42
132
114
3,770
276
--
174
1,372
161
487
810
273
215
6,934
539
120
11,976
704
187
Bank..
Reserve with Federal Reserve
7
18
14
Cash In
27
58
2.760
Obligations guar, by U. S. Govt
securities
-
Other
527
147
106
24
51
27
16
76
14
622
206
342
245
250
308
250
383
323
206
215
122
3,472
423
82
50
271
39
31
92
21
71
22
16
1,195
77
479
3,147
552
1,240
1,646
617
557
1,116
605
1,435
11,765
328
23,487
5,462
206
190
1,010
192
138
751
115
1,107
1,116
260
144
233
2
9
22
57
352
10
11
421
183
442
293
369
vault
Balances with domestic
banks
Other assets—net
LIABILITIES
Demand deposits—adjusted..
Time deposits
United States Government
deposits..
24
Inter-bank deposits:
9,351
Foreign banks
419
4,058
479
649
20
594
5
1
Domestic banks
1
—
Borrowings
29
375
384
1,399
2
8
1
1
17
37
13
19
8
3
4
""317
101
96
416
60
107
89
385
1
.....
780
23
""316
"~15
3,832
248
1.630
217
Other liabilities
Capital accounts
23
529
10
31
124
387
Weekly Return of the Board of Governors of the
The following was
Federal Reserve System
issued by the Board of Governors of the Federal Reserve System on
Thursday afternoon, Mar. 20,
banks at the close of business on Wednesday. Th« drst 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
showing the condition of the 12 Reserve
COMBINED RESOURCES AND
Three Ciphers
LIABILITIES OF THE FEDERAL RESERVE BANKS AT
Mar.
(000) Omitted
$
ASSETS
%
U. S. Trtas.x.
Redemption fund (Federal Reserve notes)—.
20,103,281
Feb.
1941
1941
1941
1941
$
$
$
$
350,821
Total reserves
...
20,257,590
20,263,886
1,645
1,862
1,415
623
682
2,268
19,902,778
19.902,781
19,904,281
9,162
9,598
8,784
327,660
9,244
337,781
339,441
345,211
20,441,853
20,360,279
20,308,306
20,251,381
808
941
1,653
2,092
411
591
625
1,352
2,244
2,717
10,914
332,163
20,446,358
$
19,879,778
19,961,281
10,244
319,789
1,171
Other cash *
1940
19,896,780
9,825
372,754
20.030,246
20,103.279
10,914
Mar. 20,
22,
Feb. 12,
363
Gold ctfs. on hand and due from
Jan.
Jan. 29,
5,
Feb. 19,
1941
Feb. 26,
1941
5,
1941
1941
MARCH 19, 1941
$
Mar.
Mar. 12,
19,
1941
THE CLOSE OF BUSINESS
15,997,622
9,826
8,334
363,401
361,786
20,279,359
20,253,005
16,367,742
724
1,411
1,255
2,260
1,289
1,632
2,544
2,139
2,666
3,549
1,966
7,871
7,500
10,498
Bills discounted:
Secured by
S. Government obligations,
guaranteed
U.
direct and
Other bills discounted
Total bills discounted
7,894
7,877
1,284,600
1.284,600
1,284,600
1,284,600
899,500
899,500
1,284,600
899,500
899,500
899,500
899,500
899,500
1,342,045
1,133,225
2,184,100
2,193,333
2,184,100
2,194,059
2,184,100
2,194,657
2,184,100
2,194,222
2,184,100
2,194,521
2,184,100
2,194,110
2,184,100
2,194,637
2,184,100
2,195,149
2,475,270
2,487,734
47
47
47
47
47
47
47
47
47
21,874
861,916
39,896
67,606
21,563
888,648
39,896
54,238
20,672
859,348
39,952
23,389
26,310
25,576
29402
793,567
721,035
39,996
51,367
39,978
50,689
839,957
40,062
53,200
837,999
39,999
52,298
720,733
25,740
726,775
40,038
50,529
17,604
21,513
49,483
57,081
23,558,730
23,399,335
23,363,398
23,295,019
23,317.125
23,407,105
19,692,932
23,616,525
23,476,182
6,047,336
6,039,650
14,136,067
5,976,775
14,174,724
367,887
1,132,043
5,943,080
14,020,569
479,393
1,130,080
5,931,464
13,870,693
5,906,166
13,841,512
5,845,759
14,347,011
692,032
258,251
5,834,506
14,409,560
261,012
4,895,048
12,256,250
622,471
1,163,849
1,183,924
390,780
655,332
673,254
600,311
1,215,590
583,657
1,230,690
619,386
519,575
399,786
16,294,040
16,285,374
797,036
3,102
16,330,267
16,317,779
16.420,837
779,123
3,132
697,777
2,657
16,404,509
693,526
2,953
13,754,309
727,878
2,428
3,334
23,028,592
22,992,741
22,924,379
22,946,747
23,036,894
19,341,327
139,351
136,107
157,065
26,785
151,720
47,010
36,939
direct and
Due from foreign banks
Federal Reserve notes of other banks
984,149
items
39,926
46,203
premises
assets
Total
7,854
1,284,600
2,184,100
2,193,165
U. S. Govt, securities,
guaranteed
Total bills and securities
Bank
7,840
1,284,600
849,300
Notes
Uncollected
7,715
1,284,600
899,500
and guaranteed:
Bonds
Total
7,881
7,871
1,334,800
Industrial advances
U. 8. Govt, securities, direct
Other
23,731,361
assets
LIABILITIES
Federal
Reserve notes in
actual circulation..
14.210,842
421,423
1,163,143
585,202
16,374,881
16,380,610
918,773
811,340
3,688
6,364
912,814
1,174,707
Foreign
deposits..
Total
6,063,061
13,740,639
546,721
Deposits—Member banks' reserve account...
United States Treasurer—General account..
Other
334
deposits...
items
Deferred availability
Other liabilities, incl. accrued
dividends
390,686
1,121,057
651,245
16,299,055
845,896
3,360
831,037
3,561
23,105,413
...
Capital paid in..
Surplus (Section 7)
Surplus (Section 13-b)._
Other capital accounts
688,636
23,245,650
23,187,961
139,671
139,629
139,586
139,550
139,514
139,501
157,065
26,785
47,354
157,065
157,065
26,785
26,785
157,065
26,785
157,065
26,785
47,290
47,333
47,343
157,065
26,785
47,293
47,289
139,448
157,065
26,785
47,080
Total liabilities and capital accounts
deposits and Federal
Reserve note liabilities combined
"...
Commitments to make industrial advances...
23,616,525
23,558,730
23,476,182
23,399,335
23,363,398
23,295,019
23,317,125
23,407,105
19,692,932
23,731,361
91.2%
91.1%
87.8%
5,207
91.0%
5,095
1,966
2,788
Ratio of total reserves to
91.1%
91.1%
6,561
91.2%
5,066
91.1%
7,288
91.1%
5,893
91 .0%
5,125
5,127
5,147
846
980
1,796
2,211
1,546
26,839
9,080
Bills and
Securities—
discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
1-15 days bills
Total bills discounted...
industrial advances
16-30 days Industrial advances
31-60 days Industrial advances
61-90 days Industrial advances
Over 90 days industrial advances
1-15 days
Total industrial advances
707,493
23,360,403
CAPITAL ACCOUNTS
Short-Term
41,689
139,717
157,065
26,785
47,391
Total liabilities....
Maturity Distribution of
47
1,644
1,877
108
83
37
83
146
108
87
71
112
196
185
210
173
100
49
72
99
97
105
116
103
135
117
151
196
190
412
125
90
87
113
164
161
260
285
275
1,108
146
212
235
160
3,549
1
1,171
1,352
2,244
2,717
2,268
2,544
2,139
2,666
1,311
1,054
1,417
1,355
1,363
1,365
1,357
1,386
1,375
52
63
130
184
464
163
138
,
1,966
1,592
337
«•
148
132
81
68
155
396
402
456
478
197
205
249
109
352
343
299
111
125
79
114
121
107
6,100
5,727
5,827
5,836
5,868
5,859
5,884
5,514
8,228
6,125
7,881
7,715
7,840
7,854
7,877
7,871
7,871
7,500
7,894
10,498
Volume
The Commercial &
152
1
Financial Chronicle
the Federal Reserve System (Concluded)
Weekly Return of the Board of Governors of
Three Ciphers (000) OmiUed
Maturity Distribution of Bills and Short-Term
Securities (Concluded *
U.S. Govt, securities, direct and guaranteed:
1-15 days..
.
*
....
.
16-30 days...—————31-60 days
61-90 days
Over 90 days
Total U. S. Government securities, direct
and guaranteed
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
.
Collateral Held by Agent as Security
for
6,497,000
6,455,500
6,432,500
6,386,500
6,366,500
- ' ■
6,351,500
6,329,500
6,334,500
1,013
1,206
2,085
2,549
2,089
2,384
6,344,500
By eligible paper
Total collateral
6,498,013
6.434,585
6,389.049
6,368,589
6,353,884
6.346.446
6,331,604
6,336,468
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U.S. Treasury
*
"Other cash" does not Include Federal Reserve
*
These
are
certificates given by the
5,333,500
1 493
5,333,993
1,968
notes,
United Scates Treasury for
these certificates being worth less to
cents on Jan. 31,1934,
6,456,7061
2,104
1,946
the gold taken over from the Reserve
the extent of the difference, the
59.06
banks when the dollar was devalued from 100 cents to
difference itself having been appropriated as profit
by the Treasury under pro¬
FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS MAR. 19, 1941
visions of the Gold Reserve Act of 1934
LIABILITIES OF EACH OF THE 12
WEEKLY STATEMENT OF RESOURCES AND
Three Ciphers (000)
Minne¬
Phila¬
Omitted
delphia
Boston
Federal Reserve Agent at—
Cleveland
Richmond]
Atlanta
St. Louis
Chicago
San
Kansas
apolis
City
Francisco
Dallas
ASSETS
Gold
certificates
on
hand
and
due
from United States Treasury
Redemption fund—Fed. Res. notes..
Other cash *
Total
reserves
Bills discounted:
Secured by U. S. Govt,
obligations,
direct and guaranteed
Other bills discounted
Total bills discounted
Industrial advances
U. S. Govt, securities, direct & guar.:
Bonds
.
Notes
.
Total U.S. Govt, securities,
direct and guaranteed
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected Items
Bank
-
premises—...,
Other
assets
1,541,650,10639482!
I
Total assets
LIABILITIES
F. R. notes in actual circulation.....
Deposits:
Member bank reserve account
U. S. Treasurer—General account.
Foreign
Other
....
deposits
Total
Deferred
deposits
.............
availability Items
Other liabilities, incl.
accrued divs...
10511324
Total liabilities
CA PITALA CCO
UNTS
Capital paid in. ........ „ .....
Surplus (Section 7)........—.
Surplus (Section 13-b)
Other capital accounts
Total liabilities and capital
Commitments to make Indus
*
10639482
acc'ts
advs.
"Other cash" does not Include
1,582
Federal Reserve notes,
a
Less than 5500,
FEDERAL
Three Ciphers
RESERVE NOTE
STATEMENT
Minne¬
Phila¬
(000) Omitted
Boston
Total
Federal Reserve Bank of—
delphia
Cleveland] Richmond
Atlanta
Chicago
St. Louis
San
Kansas
apolis
City
Dallas
Francisco
Federal Reserve notes:
Issued to F. R. Bank
by F. R. Agent
Bank
Held by Federal Reserve
In actual circulation
Collateral held by agent as security
for notes issued to banks:
Gold certificates on
from United
hand and due
States Treasury
Eligible paper
Total collateral
,
United States Treasury
Rates
quoted are for discount at
Bid
Quotations for U. S. Treasury
Bills—Friday, Mar. 21
Figures after decimal point
purchase.
Maturity
Asked
Mar. 26
2
April 9
April 16
April 23
April
0.06%
0.06%
May
Treasury Bills
0.06%
June
June
11 1941
18 1941
June
101.19
102.10
1%
*4%
101.19
101 21
15 1944...
100 28
100 30
1%
101 24
101 26
H%
100.29
100.31
1944
*4%
99.25
99.27
Dec.15, 1945.
H%
99.15
99.17
IH%
102.9
102 11
Mar. 15 1944...
103 14
103.16
June
1*4%
103 5
103 7
Sept
15 1944...
Mar. 15 1943...
H%
IH%
1%
100.26
100.28
Mar
16 1945...
101 31
102.1
15 1943...
Sept.15 1943...
0.15%
101.24
101.26
Asked
102 8
1*4%
June
Bid
1H%
2%
15 1941...
Rate
15 1943...
Dec.
Sept. 15 1942...
Dec. 15 1942...
0.08%
Nat. Defense Nts
Sept. 15,
0.15%
Government Securities on the New
Exchange—See following page.
States
York Stock
17
Mar. 15 1942...
0.06%
0.08%
0.08%
0.08%
4 1941
0.06%
April 30 1941
United
7 1941
14 1941.
May 21 1941
May 28 1941
May
0.06%
0.06%
Maturity
Asked
Bid
101
Dec.
Series
1941
1941
1941
1941.....
1941
Natl Defense
Rate
point.
Int
Int.
Bid
Asked
Notes—Friday, March 21
represent one or more 32ds of a
|
Transactions at the New York Stock Exchange,
Daily, Weekly and Yearly—See page 1885.
March
1870
2
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
day.
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the
such sales in computing the range for the year.
account is taken of
United States Government Securities
Below
furnish
we
Corporation bonds
No
«
the New York Stock Exchange
on
Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners' Loan and
a
the New York Stock Exchange during the current week.
on
Daily Record of JJ. S. Bond Prices Mar. 15 Mar. 17 Mar. 18 Mar. 19 Mar. 20 Mar. 21
Daily Record of V. S. Bond Prices Mar. 15 Mar. 17 Mar. 18 Mar. 19 Mar. 20 Mar. 21
Treasury
Treasury
'
(High
(Close
....
112". 17
112". 16
112.13
112.17
112.13
112.13
112.17
112.13
10
«
-
(Close
.
.
.
«
—
«
-
.
3
12
Total sales in 51.000 units...
mm
m
m
'
.
;
"'■rn
-
+
mm
mm
mm
....
....
'■
2
....
106.24
2
mm
106.22
106.26
mm
106.24
106.26
\,mmmm
■
«...
106.26
*
Total sales in $1,000 units—
7 mm+'m
106.14
'mmmrn
106.10
mmmm
106.10
.....
2
mmmm
mm
(Close
.
.
-
.
mmmm
...
--
-
.
106-29
mm
....
«...
Total sales in 51,000 units...
■m
mm
mmmm
1
mmmm
Low.
2Hb, 1954-56
m
mA
107.7
j Low.
(Close
....
107.7
....
mm,
107.7
mm
107.7
m
2s. 1947—
107.8
'
mmm
—
—
"mmmm
-
«
104.4
....
1
.....
•X'y.mmmm
....
mmmm
•
;
'.
....
■'
....
7'
7
....
;7
mmmm
mm
.....
•^''^mmm
■
.
•
.
777■'mm
...
-
.
105.8
mmmrn
•
,
7:EV *2
^77;...
105.8
■mmmrn
•
104.19
mmmrn
1
Close
104.4
■
mmmm
,
■
mmmrn
Low.
107.8
....
....
104.19 7r.7
104.19 \
..'mmmm
105.8
——
....
104.4
mm
'
High ['yXmmmm
irnT
.
'
7,
Close
107"7"
.
■
mrn~m-
[mmmm
■■
Total sales in $1,000 units...
107.7"
....
'
'
m
Low.
(Close
(High
....
....
....
■
mm
....
....
m^mm
....
38
V-'
High
(High
....
104.24
Close
Total sales in $1,000 units
Total sales in 51,000 units—
.
104.23
m
Low.
7
....
'■
106.26
2KB, 1951-53
1
/
mm
High
106.29
'
.
•'
104.24
Close
....
.
106.26
Total sales in $1,000 units...
----
106.29
jLow.
106.26
Low.
2Kb. 1950-52
----
.
....
(High
3>is, 1943-45...
.
(High
Close
Total sales in 51,000 units..
3 Ks. 1941
-
«...
'
■
Close
'
—
—
Low.
3^8, 1943-47
«. -
.
....
mmmm
'
(High
3%B, 1946-56
mm
Low.
2^8, 1949-53
77
mmmm
-
mm
mm
High
'
*
.'7
mm
•
mm
Close
Total sales fn $1.000 units.
112.13
(High
I Low.
-
Low.
----
Total sales in 51,000 units...
4s, 1944-54
High
2^8, 1948—
Low_
;
4^8. 1947-52
.
^mmm
•7
....
'
Total sales in 51,000 units.
3Ks, 1944-46
1
■/..v.
I
(High
^
^
^
.
■[
_
..
1
....
.
m
•'
\ Low.
..
Iciose
-*
m
108.9
"mmmrn
.
mm
Total sales in $1,000 units
1
m
—
«
m
m
2s, Dec. 1948-50
m
....
mmmrn
;
....
777;....
Ciose
^
.
-■''■mmmm
^
mmmrn
mmmm
mmmm
101.5
Low.
101.5
101
Close
101.5
101
(High
_.]Low_
2s, 1953-55
(Close
7;$::
(High
loifio
109.28
Low.
109.30
109.28
Federal Farm Mortgage
3X8, 1944-64
i
109.25
109.25
-
.
.
-
....
100.28
-
mm
100.24
100.24
mmmm
24
•'
15
-mmmm
..E.
102.13
7-'
102.18
'
mmmm
102.18
'mmmm
mmmm
'■»
■
100.27
mmm
mmmm
....
100.31
20
*
'.mmmm
Low.
——
101
101.4
*1
V;
Close
Total sales in $1,000 units...
Total sales in 51,000 units
.
•
101.1
101.4
25
Total sales in $1,000 units..
(High
....
....
.
..
..
101
2s, March 1948-1950—
E
mmmm
....
"
High
:
•
.....
■
mmmm
Total sales in $1,000 units
Low.
3s, 1946-48.
;V
mmmrn
Low.
'
2
Close
Total sales in 31,000 units...
3^8. 1949-52...
1
mmrnm
(High
mm
108.9
•
(High
■
mm
"*>
'
Total sales in 51,000 units.
3 He. 1946-49
'•
108.9
■■■:
„
•'
102.13
102.18
■-mmmm
102.13
■
....
'
7
mmmm
".'
High
107
mmmm
■-'7"mm
10
rnm.
;
.
mm
107
Low.
10
....
....
mm
mmmm
mmmm
mmmm
....
'
Close
Total sales in 51,000 units.
•.
-
m
^
109.28
109.30
mm«
1
■
^
(High
111.26
111.26
111.24
111.26
1
....
•
Low.
108.7
mm
110
■■'V
108.8
in
.
1
(High
_
3s. 1942-47_
_
_
Low.
.
2Hb, 1942-47—
108.6
■rnmrnm
m
3
m
m
108.6
;
m
1
mmm.m
■/.— 'V
—
108.22
,
& Total sales in
..
Low.
.
.
....
.....
109*28
109.30
....
109.30
;
102
....
109.26
110.5
Low.
109.26
109.26
110.3
2
.
v;
*
m
m
m
m'
m-rn'm
«...
•
mm
mm
....
.mm-*
....
2
109.24
1
109.15
•
-■
mmmm
.
..
Odd lots sales,
bonds.
"
....
Xm
'mmmm
'-mmmm
106.23
106.22
'.mmmm
■7.
'mmmrn
106.22
'
..
7
-
.
'7" 'rnmm
m
102.17
102.17
'
m
m
mm.
106.20
„•
„
106.20
*1
■
m
mm
m
102". 17
'.m-m
.
^
"mmmm
2
102.17
106.20
Jm
■
106.23
m
102.17
m
....
m
...
'mm
106.23
rn
7.
....
'
•'
mm
m
102.17
mmmrn
V,::'
mmm
7: '-/rn'm-m*'
Low.
<
[■''mmmrn
*1
%1'imm
7
■[-.mmmm
m
mmmm
:
102.17
1
.[■'mmmm
mm
102.17
rn
mm
m
.,7..
'mmmm
.....
m
mm
•
«
.
4
«
.
.
.
.
3
mm
mmmm
....
102.17
mmmm
I
mmmrn
...
mmmm-
■
«...
7
'
....
t Deferred delivery sale,
Note—The
6
m
mmmm
—
-
above
table
t Cash sale.
includes
only
Transactions in registered bonds
Treasury 2Kb, 1954-1956.
—
/
sales of
•'
,
coupon
were:
104.11 to 104.11
....
109.15
.
34
....
(High
2 Ms, 1945
....
:•
109.28
109.28
110.3
(Close
„
77
....
:
1 Close
Total sales in $1,000 units...
no""
'"'V.
Low.
Total sales in $1,000 units
....
2
m
Low.
IXb, 1945-47
109.23
....
'r
(High
|
m
106.25
mm-mm
mmmm
High
.
$1,000 units...
2^s, 1960-65...
m
....
m
■
Close
Total sales in $1,000 units...
10
■
109.23
■
....
2Xs, 1942-44—
109.23
(Close
•
';&'m-0
....
7 .mmS'm
High
108.22
5
....
(High
,
rnm'm
■
'■
108.31
A,
(High
E3
_
-
Low.
•
108*22
108.31
■
....
.
(Close
2Hb. 1958-63
«...
'mmmrn
mm
Total sales in $1,000 units
—
108". 31
(Close
•
-■.m m
...
•
Close
Total sales in $1,000 units...
Total sales in $1,000 units..
.\;Jm
■mmmm
High
3s, series A, 1944-52
lLow_
•
[rmmmm
Close
Total sales in $1,000 units
Home Owners' Loan
'
(High
2^8, 1956-59
V
.
^
.
*1
....
.
-
,'m
102.16
....
....
.
■
102.16
....
mmm
f-m
.
7- ':
2
'•
.
Low.
■
......
•
High
108.6
_
;■
•-
102.16
....
m
mmmm
107.1
....
-
•7-7....
.
«...
-■■-■mm':*,
107.1
••
:
Close
Total sales in $1.000 units.
::::
$1,000 units...
'
....
':rnmmm
107.1
.
....
;'mmmm
5
.
'
j Low
2^8, 1951-54..
mmmm
7"..
....
'High
I Close
Total sales
mmmm
7.
mmmm
.
7.:;-...
Total sales in $1,000 units...
109.30
;
' mm'J m
■'-'\-mrnrnm.
.[mmmm
i
mm mm
7;....
[
mmmrn
mmmm
Close
109.27
110
■
108.8
mmmm
■mmmm
Low.
_■
109.30
4
108.10
3s. 1944-49
4
110.10
-.mm
111.27
110
110.2
.
30
■■
108.7
Total sale8ln $1,000 units...
2%s, 1948-51........
110.2
110.6
108.7
m
-7
1
High
111.27
m
mm
107
mmmrn
111 27
110.10
112
.
1 Low.
(Close
2^8.1945-47
110
110.2
-
m
9
110.6
:mm'mm
...
...
'
(High
m
m
111.29
4
....
Close,
Total sales in $1,000 units...
m
■■
111.28
....
110.16
(High
2^8, 1955-60
111.31
....
'.
Total sale8 in $1,000 units
1
111.24
Total sales in $1,000 units...
10
111.27
[Low.
(Close
3s, 1951-55......
Close
109.25
'm-mmrn
| Low.
United States Treasury Bills—See
....
(Close
United States
Total sales in $1.000 units.
previous
page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
HIGH
HALE
PRICES—PER
SHARE,
RE,
Monday
Mar. 15
$
Tuesday
Mar. 17
Wednesday
Mar. 18
Mar. 19
% per share
$ per share
$ per share
per share
*47ia 48%
*11712 118
*37%
41
48
48
45i2
5%
21U
14%
37%
3778
41
37l2
%
4*8
71I
*8
7I6
*8i#
*8
*
72
*412
716
8I4
7i4
17i2
22%
914
150i4
lll2
13%
5%
6
*7378
78
22
914
150i4
*10%
*13%
29
*14i2
*1%
*12%
*4614
15is
4712
6*8
*46
11%
*73%
11%
13%
6%
76
41
45%
5%
21%
13%
38%
818
72
48
■
118
41
46
*20%
14
*67
21%
38%
%
72
4%
7i«
%
7ir,
*8
8%
7%
8%
7%
8%
7%
*16%
21%
9%
151
*10%
13%
*6
*75
4%
Shares
47%
117
47%
117
4%
41
*46
5%
14
37%
*%
Week
$ per share
*37%
46
5%
47
5%
*20%
13%
37%
*%
*67
4%
*%
*8
100
600
Ad dress-Multigr
38
38%
5,400
%
400
%
74
4%
716
*7%
*16%
21%
21%
*9%
93#
6%
14
6
76
*73
29%
15%
1%
29%
29%
*14%
1534
1%
1%
76
17
153% 153%
*11
11%
13%
13%
*%
*67
4%
4%
*38
%6
8
8
*7
*16
21%
7%
700
11%
13%
700
6%
74%
6%
3,700
74%
29%
29
29%
15%
1%
12%
*1434
15%
1
1
*13
14
*13
13%
*10%
1219
47
47%
14%
*47
48
*47
48%
15
15
*1434
15
*14%
47%
47%
47
47
46%
46%
6%
6%
6%
e%
15
634
47%
4634
15%
4734
6*8
6%
*46
6%
Bid and asked
47
14%
*46
6%
prices;
6
47
6%
6%
46
*6%
no sales on this
47%
6%
46
6%
day.
47
6%
6%
100
4,800
......
No par
Allegheny Corp
5M% pf A with $30
5M% Pf A without
conv
5% preferred
100
800
Amalgam Leather Co Inc
6% conv preferred
Amerada Corp
100
1,000
15
1,000
1,300
Am Airlines Inc
2,200
American Bank Note
47
*46
6
e
*6
J In receivership,
47
6%
a
Am Agrlc Chem
30
400
Def. delivery,
n
Bosch
New stock,
734 Jan
2234 Jan
4% May
9
Jan
27%
Apr
19%
Jan
4
6
534 June
11% Jan
2
15% May
634 June
7
135% June
5% Fed 17
Feb 15
1934 Feb 15
9% Feb 14
rl44% Mar 6
10% Feb 1
1134 Feb 3
5% Feb 14
1
Cash sale,
5
% May
May
Jan
•
9
9% Jan 9
21*8 Jan 10
253s Jan 6
165
Jan
4
May
% June
4% May
7
May
147
46%
68%
Jan
1%
Jan
Jan
Jan
24
14
Jan
Mar
6
10
June
1634
7% Jan
8
9%
Apr
Jan
79
11% Mar 17
14
8% May
Jan 28
37
Jan
4
21% May
41%
1734 Jan
1% Jan
8
4
11
18
Feb 13
40
Feb 19
6% Feb 14
423« Jan 2
5% Feb 11
x
Ex-div.
y
Dec
26% May
1234 Apr
182
Apr
80
1
Jan
Mar
7
7
Mar
Apr
14%
12%
28% Mar 4
14% Mar 13
73
Feb
Nov
% Mar
77
4% May
55
May
113s Mat 21
50
Corp
36% June
% Jan
41% Feb 14
1438 Feb 28
10
42% Jan 17
% Jan 14
10% Jan
50
par
16% June
12% June
15% Jan
Feb 14
No par
__10
r
60
16
1
(Del)..No
6% preferred
American
34% May
3s Feb 26
100
Allis-Chalmere Mfg
No par
Alpha Portland Cem..No par
11%
5134 Jan
7
par
No par
48%
*46
war.
No par
11%
Feb 14
4% Feb 19
100
Allen Industries Inc
1
Allied Chemical <fe Dye.JVo par
Allied Kid Co
5
48
May
60
pref.Vo par
Allied Mills Co Inc
Allied Stores Corp
Dec
May
30
No par
war.
Alghny Lud Stl Corp ..No
100
15
4634
1,500
*10%
*13%
10
Appliance.par
52.50 prior
9%
9%
153
153%
28%
15i8
900
2,700
*14%
48
700
Feb
110
120
49%
70%
Jan
43% FeD
5*8 Feb 14
19% Feb 20
13% Mar 18
3634 Feb 14
% Jan 6
No par
Air Reduction Inc
Air Way El
Highest
$ per share $ per share
45
No par
Corp
$ per share
53
Jan
2
38% Jan
Alabama & Vicksburg Ry.100
Alaska Juneau Gold Min.__10
17
*14%
1%
*11%
76
5,700
1,600
21%
6%
*74%
29%
6%
2,400
74
1534
1%
*1%
Feb 21
Mar 21
13%
7tl
11%
46
20%
37%
Range for Previous
Year 1940
Lowest
Highest
share
115
2C%
13%
1719
6
300
per
No par
21%
13%
21%
*10%
46
Abbott Laboratories
$
4M% conv preferred
100
Abraham & Straus
No par
Acme Steel Co
25
5%
*17
*13%
30
20
5%
221%
11%
13%
800
41
Adams Express
Adam8-Millis Corp
17%
151
46
47%
115
Lowest
Par
5%
22
*9%
9%
152% 153
4734
115
*37%
8%
7%
9%
Range Since Jan. 1
On Basis of 100-Share Lots
STOCk
EXCHANGE
$ per share
29%
47
STOCKS
NEW YORK
the
28*4
1%
Sales
Mar. 21
*14%
612
*
152
1334
CENT
Friday
2918
15%
H4
47
*6
151
8t4
7%
17i2
22%
938
*47%
*117
40
| Thursday
Mar. 20
*4%
•%
71«
6
*17
918
*
4%
8%
7%
*1612
2134
9%
7U
13%
37%
2
48
118
li8
45l2
578
578
%
71
4 >2
*45
*37%
45%
5%
*20%
14i2
37%
*20*8
*13i2
*
47%
11712 117I2 *117
*3712
*45i4
*534
*20*8
*13i4
NOT PER
for
Saturday
June
1% May
2%
18
Dec
Jan
Nov
Jan
17% Jan 10
9% May
38% May
12% May
21
Jan
58% Jan
2
4134
Jan
75
Apr
Jan
8
6
June
1234
Apr
Mar
6
35
June,
50
Jan
8% Jan
2
15% Jan 15
50% Jan 24
8%
47
Ex-rights.
5% June
58%
Apr
Apr
9% May
5 Called for redemption.
Volume
AND
5 per share
$ per share
Mar. 20
Mar. 21
$ per share
$ per share
$ per share
EXCHANGE
$ per share
Shares
Par
32
Am Brake Shoe &
2.300
50
33%
3234
33
32
33
32
32
33
33%
£32%
3134
130
130
131
*127% 13034 *125% 130%
132% *130
131% *130
1
1
1
1
1%
1
1%
1%
1%
1%
1%
1%
8 534
87
85%
85*4
86% 86%
85%
86%
85% 86%
85%
8534
178
178
*175
180
*175
180
180
*175
180
177% 177% *175
27
27
27
26%
27
25%
27
27%
2634
27%
27% 27%
C.1
62
60%
60%
62
61%
6134
60% 61%
61%
60%
61%
20%
2038
20%
2034
20%
20%
2034
2034
20%
20%
*2034
21%
111
*109
*108
12
8%
*10
12
8
8
8%
..'J'
5
*85
5
13%
88%
*4%
*13%
*85%
134
4%
*»i»
1%
13%
13%
13%
85%
1%
85%
80
*1%
85%
1%
1%
300
4%
4%
434
434
1,300
Amer
14
36%
36%
3%
36
Amer & For'n Power
1,500
3,300
$7 preferred
1
3
3%
3
2,100
14%
1334
1334
14
15%
15
15
1,700
3
*2%
*14
36%
3534
3%
36
3%
3%
3%
32
*27
32
*28
*48
49
*48%
49
1%
1%
1%
20%
*19%
20%
*12
49
*48%
1334
*13%
85%
12%
*13%
86
86
12%
12%
4%
4%
18
4%
*18%
18%
*115
*115
121
25
*24%
*24%
2%
41%
2%
41%
41%
34%
3434
3434
2%
6-%
6%
*157
.6%
♦157
160
20
*21
21%
22%
49%
*48%
12%
*48%
13%
13%
13%
13%
8534
86
86
*1234
13
85%
1234
4%
86
12%
13
900
6% non-cum
2,000
Amer Internat
4
4
12%
49
1334
13%
13%
f,300
85%
1234
4%
18%
4%
1834
84
84%
12%
1234
1,000
1,600
American
13%
14%
1334
13-%
1334
14
66%
67%
6634
67%
66%
67
67
67%
C634
67
66
67
6%
*6
6
6%
8%
6%
8%
36%
36*4
8%
3634
6%
*734
3534
40%
36%
40%
150
*139
23%
1234
18%
161%
68%
68%
*145%
14%
161%
68%
68%
149
*5%
534
*88
23%
23%
23
1034
10%
10%
10%
12%
1234
1234
18%
18
18%
*12%
18%
*88%
89%
89%
14%
*13%
*89
56''8
55>s
5%
5-%
•56
5%
5%
534
5%
93%
*90
55
24%
7%
7%
56%
25
32%
12%
10%
*12%
13
18%
10%
13%
18%
4,700
*1334
6%
6%
24%
24%
24%
29%
30%
3034
3034
13
13
6%
6%
6
6%
24%
30
30
*12%
30%
*29%
30%
734
*4%
5%
6%
7%
7%
734
94
*80
29%
29
*5
5%
6%
6%
6%
28%
*7%
80
*7834
80
95
*90
95
*91
'?
*31%
34
32%
32%
*32%
95
95
95
95
*9334
2334
24%
24
24%
65%
66%
15%
66%
6G34
8%
29%
*734
534
8%
5%
94
*80
23%
2,800
*7%
8%
200
5%
200
*5%
*80
66%
*80%
6%
81%
95
33%
*31%
*93%
*32%
95
9334
9334
24%
24
24%
66%
66
66%
66%
17%
15%
15%
ie-%
16%
19%
1934
20
20
21
2034
21%
24%
2434
2434
2534
24%
25%
22%
22
22%
21%
22
22
22%
6%
94
1,900
6%
80
80
500
*90
95
100
34
*31%
*94
100
33%
95
95
15%
*20
24%
21%
66%
16%
20%
66
66%
5% preferred.
...100
Atlantic Coast Line RR-..100
Atl G & W I SS Lines
1
24%
22%
22
1634
19
20%
24%
22%
2,900
Austin Nichols
50
53,300
No par
(The)..3
Baldwin Loco Works v t o..13
Baltimore & Ohio.-..-.--100
334
3%
15%
15%
15%
15%
15%
15%
15%
1534
3%
3%
3%
3%
3%
3%
3%
3%
15%
3%
5%
5
51.1
5%
5%
*5%
5%
5-%
5%
5
5
534
*5%
534
5%
5%
534
5%
600
24%
*834
*7%
24%
24%
26«4
570
8%
834
300
Aroostook.......50
Conv 5% preferred
100
Barber Asphalt Corp..
10
*7%
7%
400
Barker Brothers
31
31
*5
534
*25
9%
7%
*8%
7%
7%
31
*30
25
25
25%
*9
534
534
5%
*39
,
9%
7%
31
8%
8%
2434
24%
24%
30%
31
31
*8%
8%
24%
30%
,
*5%
24%
25
834
9
*7%
*30
8
31
8%
8%
2334
24%
*30%
30%
*24%
*8%
*7%
*30
8%
24
*30%
25
9%
7%
31
8%
8%
9
778
8%
*30
32%
8%
2,100
2434
23%
24%
23%
30%
30%
30%
119
*114
119
7%
7%
7%
*7%
*11%
3534
12
13
35%
35%
35%
1934
20
*117
119
*7%
7%
*1134
----
35%
35%
*117
*7%
*1134
35%
12,500
1,600
2334
3034
31%
119
7%
36
19%
*117
119
7%
7%
*1134
35%
35%
1934
*117
-
*
"l,100
35
35%
19%
1934
6,100
2,200
40
*1134
19%
19%
1934
*55%
56%
19%
*55%
56 %
5534
5534
*56
57
100
*55%
28
28
28%
*28%
28%
*28%
2834
28
27%
28
900
2734
78%
79%
79%
80%
78%
80%
78%
8034
78 %
79%
77%
1243a
124!%
125
*26%
2734
*27
27%
27%
27%
27%
*18
19%
19%
19%
*19%
19%
*19%
8%
8%
8%
56%
125
*124% 126
*125
126
*125
126
*27%
27%
19%
19%
19%
8
8
*16
28
125
27%
78%
8,900
125%
400
2738
600
*18
19%
200
8
8%
2,400
17%
*16
*16%
16
*16%
8%
17%
17%
17%
8%
17%
13
*11%
13%
*11%
13%
*1134
12%
♦11%
12%
*11%
12%
*11%
90
*85
90
*85
*85
90
90
*85
*85
90
90
♦85
*8%
*16%
•
Bid and
838
asked prices; no sales on
8%
this day.
t In receivership,
Bath Iron Works
Corp
Bayuk Cigars Inc
1
No par
—...100
51st preferred
Beatrice Creamery....
Beech-Nut Packing
119
56%
20
—5
Beech Creek RR
27%
*19%
*5512
60
5J4% preferred
25
$5 preferred w w....No par
Preferred x-warrants.No par
7%
7%
No par
Barnsdall OH Co
•
200
-—100
4% preferred
Bangor &
10
8
*111% 11134 *111% 11134 *111% Hla4
*111% 11134 *111% 111% *111% 11134
22
22
*22% 2334
2334
23%
*22%
23%
23%
23%
*22%
*22%
105%
105% *103
105% *103
105% *103
105% *103
*102% 105% *103
105%
105% *103
105% *103
*103
105% *103
105%
*102
105% *103
*28% 3012 ♦28% 30%
30%
*2834 30% *2834
30%
*2834
30%
*28%
*113
5,500
2,800
2,300
16
100
m
~
„
m,
— **
Co
50
20
No par
Belgian Nat Rys part pref
Bendlx Aviation..
6
Beneficial Indus Loan..No par
Pr pfd $2.50 dlv ser'38No par
Best & Co
No par
Bethlehem Steel (Del) .No par
Belding-Heminway
7% preferred
BIgelow-Sanf Carp Inc.No
Black & Decker Mfg CoNo
Blaw-Knox Co
No
Bilss & Laughlin
Inc
100
par
par
par
5
Bloomlngdale Brothers.No par
Blumenthal & Co pref.. —100
d Def. delivery,
n New stock,
113s
23
May
41%
Feb
Dec
54
Apr
Jan
30% May
122
3
Jan 21
54
May
49%
155%
Deo
70
Feb
Dec
May
139
15012 Jan 10
2812 Jan 10
333g
Jan
9% May
1312 Jan 14
14%
Apr
May
11
17%
Jan
Feb
19
MarlO
1234 May
23%
91
Mar 20
70%
93
Feb
18
Mar
Dec
11% May
1412 Jan
16834 Jan
145
May
89%
Apr
Dec
9134
Apr
153%
Oct
Dec
6834
7412 Jan
136
Jan
7
Jan
7i4
Jan 10
2% May
5% May
83% June
60is
Jan 13
25% May
4
4% May
Feb 14
8
Feb 24
Feb 27
Feb 20
Jan 31
Feb 14
Jan 3
54
6
May
6% Nov
12% Jan
101%
Apr
12
Apr
613s
Dec
8% Nov
Dec
Jan
3
35
June
54%
2734 Jan
6
18
May
32
Apr
35
6
20
May
41%
Apr
Jan
12% May
107
June
14'4 Jan 11
113
Mar
4
1212 Jan
7
8
30
May
Apr
35%
111%
Feb
Dec
512 Jan 25
7%
Apr
64%
Apr
58
Jan 27
35
Jan 20
58%
3438 Jan 10
8% Jan 13
634 Jan 10
90
Jan 14
Jan 14
7% Jan
5% Feb 19
Aug
1578 Nov
June
60
7% Feb 18
4-% Feb 19
113%
97% June
4
May
23
Jan 13
11158 Jan 16
Jan 20
28% Mar 21
22% Mar
4%
IS4 June
2i8 Jan 17
60
90
Jan
175% Mar
June
66%
7312 Jan
159
99's Jan 11
835 Jan 9
9
li2
26
110
412
47%
152% May
19% May
lli4 Jan 13
9
9
May
Jan
22% May
6% May
3% May
96% Jan
438 May
65
68
Apr
4334
Apr
11
Apr
9%
102
Jan
July
Aug
79i2Mar 8
87
Jan
Feb 19
9')
Jan 18
49% May
35% Jan 23
9612 Mar 12
29% June
82
May
87
32% Mar 17
92% Feb 5
18
Jan 2
60i4 Jan 2
13% Feb 14
2478Mar 19
6712 Jan 24
17'8 Jan 28
21:% Mar 19
2534 Mar 18
2414 Jan 2
IIOI4 Jan 2
7% Jan 2
49i4 Jan 14
72% Jan 9
118% Jan 4
6
Feb 4
178 Feb 27
$5 prior A
Aviation Corp of Del
12'4 Mar
2
Jan
154
Feb 6
6">8 Feb 14
47% Feb 14
63
Feb 19
11234 Feb 4
Novar
Atlas Tack Corp
Jan
May
45t4 Jan 13
1312 Feb 15
16% Jan 2
5% conv preferred
140
200
Jan
Mar
163
6
40
Feb 14
100
6% preferred
June
10%
8% Jan 28
?2034 Feb 20
A...100
5
50
Atlas Powder-....
■
3%
Feb24
#o par
No par
Atlas Corp
1,700
15
13
14
25
4% conv pref series
■
135
Jan 13
7
14
...100
5% preferred
Atlantic Refining
1,200
162
Jan 10
Jan
3
74% Nov
..100
3i2
Feb 17
7i4
48% May
534 Dec
Santa Fe._100
1434
54
4
5
5% preferred
3%
28% May
434 May
51
Atch Topeka &
15%
Jan
Jan 13
2
8934 Feb 27
6% Feb 24
120
108%
*108% 108% *108
109
*108% 109
*108% 109
*108
109
*108
6«4
6%
634
6%
634
e-%
634
6%
634
6%
634
6%
48%
48%
*48
48%
48% 48%
4834
48%
48%
48%
48%
*4734
*64
66
*64
66%
69%
*63% 69%
69% *6312
69
*63%
*63%
*114
115
*114
115
115
114
114
11434 11434 *114
114
*113
6%
6%
634
634
*6%
634
*6%
6%
*6%
6%
6%
*6%
*2
*2
2%
*2
2%
*2
2%
2%
*2
2%
*2
2%
*15
1734
17% *15
16
17%
16
*15%
16
16
*15%
*15
3%
3%
3%
3%
334
3%
3%
3%
3%
334
Jan
39
5
25,300
16%
Mar
5%
63%
147%Marl4
5
Feb 14
2414
23%
26
May
21
Feb 19
978 Feb 19
ll3g Feb 28
13
Feb 19
81
Jan 2
13i4 Jan 31
15634 Feb 19
67%Mar 3
6734 Feb 15
23%
2,400
15,100
3,200
2,800
20% June
3484 May
149
24%
24
24
1534
6%
*5
*80
94
*90
19
22
28%
*734
80
33
-
28%
92
6%
W
-
8%
5%
80
6%
3,400
Mar
7334 Jan
MidPd.No par
Armour&Co(Del)pf7% gtdlOO
Armour & Co of Illinois..—5
36 conv prior pref
No par
7% preferred
100
Armstrong Cork Co
No par
Arnold Constable Corp
5
Artloom Corp
No par
7% preferred
100
Associated Dry Goods
1
6% 1st preferred
100
7% 2d preferred
..100
Assoc Investments Co .No par
15,700
■
121
5
Archer Daniels
29%
92
6%
300
28%
80
23
15%
*50
62
*50
95
*79
*92
29
94
6%
*7834
29
62
*50
5%
*5
*80
94
*80
62
*50
62
*50
62
62
_
Mining
A P W Paper Co Inc
July
Jan 13
111% Jan 29
preferred.
Copper
Andes
Mar
Jan 13
No par
20
35 div
100
Jan
25
90
Jan 14
2534 Feb 13
6% Feb 14
5134 Feb 4
22i8 Feb 14
2912 Mar 18
1258Mar 17
300
900
115
Jan
3%
134 May
1234 May
4% Mar 14
19i2 Jan 10
314
Smelt
1
$5 prior conv pref
25
Anaconda Copper Mining..50
Anaconda W & Cable..No par
Anchor Ho k Glass Corp 12.50
200
13%
*12%
13%
12%
*12%
*112% 113% *112% 114% *112% 114% *112% 114% *112% 114
*10
10%
*10
*10
1034
1034
*10
10%
*10
10%
10%
10%
2%
*1%
2%
2%
*1%
*1%
1%
134
1%
1%
1%
1%
27%
2734
2734 28
28%
*2734 28%
*2734
28%
*2734
*27% 2834
110
110
110% 110% *109% 1101s
111
110% 110%
111
11()34 11034
5
434
4%
5%
4%
434
43i
4%
434
4%
4%
434
55
54
54%
55
54%
54
5534
54%
5534
5534
5534
54%
*50
Preferred...
90
13%
*12%
*112% 114
*27
13%
Dec
1478
4
4
14
Amer Zinc Lead &
-»
92
May
5% Mar
734 Jan
30
Feb
3778 Feb
13834 Mar
48 Mar
No par
-100
** at m, «
Jan
May
10
18% Nov
..No par
American Woolen
29,800
2234
38
6
9% May
Elec.No par
2,400
•'
May
9
6
No par
36 1st preferred
24%
10
Jan
1334 Jan
1578 Jan
Refining.. 100
-.100
Tobacco..No par
1,300
1.900
6%
24%
2434
17i8 Jan 10
6358Mar
preferred
100
Razor..18.50
6,400
55
*51
55
*51
55
*51
Jan
Aug
Apr
117s Feb 19
25
Am Water Wks &
,
6%
55
400
6%
13%
57
4634
155
Co—100
American Tobacco.....—25
Common class B
25
6% preferred
..100
Am Type Founders Inc
10
400
June
12% Sept
41% May
Feb 25
2
No par
No par
Amer Telep & Teleg
4,000
Apr
Apr
Mar
39
Feb 14
32% Feb 20
6
Feb 14
No par
Preferred..
e.soo
1,400
69
35
May
3
Apr
8
Jan
93
3
111
Mar 4
23% Jan 24
100
conv
Am Sumatra
68%
161
100
Dec
18
8
4'4
2i4 Feb 15
16
Feo 14
No par
American Sugar
500
14%
161%
Jan
38
66%
378
45% May
1%
Jan
50% May
6% Apr
1314 Jan 27
Feb 19
American Stove Co
200
92
*89
14%
161% 161%
*1334
Feb
12
Amer Steel
6 CO
17%
11
91
89
¥,366
May
4
2
Feb 15
81
6% preferred.....
-.100
Foundries..No par
American Stores
..No par
\
•
22
21%
22%
■
68
67%
68%
6814
68%
68%
68%
68%
150
*148
14834 14834 *148% 150
534
*5%
534
534
534
*5%
5%
534
6%
5»4
5%
5%
*90
93%
*90
*90
93%
93%
7%
7%
7%
734
7%
7%
57
57
57%
56%
56%
56%
68%
*68%
*49%
24%
6%
*49%
*28
68%
68%
56%
7%
6%
6%
33
*30
150
I6D4 162%
162
68%
148% 149
93%
56%
24%
*139
14%
7%
55
150
89%
*1334
*5%
5%
7%
6%
500
22%
*10%
*12%
18%
12
100
Co.No par
Co.No par
Amer Smelting & Refg.No par
Preferred
100
American Snuff.—
-.25
400
48
19
14%
148
148
.:
142
48
13
88
68%
2,400
142
48
10%
161
3934
40
142
23%
LocomotIve.No par
Amer Ship Building
1,310
*139
150
*139
150
,
2334
16134 162%
68%
*67%
68%
68%
93%
24%
*139
8
36%
23
50
Jan 16
100
*734
May
22'4 Jan
3% Feb 18
1214 Mar 19
American Seating Co..No par
35%
3
1«4 Jan 10
Feb 14
20
American Safety
48
48
48
W70
Feb
49
American Rolling Mill
4
May
4i8 Jan 10
Jan
700
6%
6%
23
Jan 23
Preferred
142
140% 14034
48
*46%
40%
40%
40%
140%
150
7'4
*49%
8%
3634
40
48%
*13'4
5%
534
*734
36%
*140
40%
88
89%
*13%
8%
37%
*7-%
18
10%
*12%
6%
23%
1034
1234
23%
*87
37
*4634
*139
*10%
1734
37%
*139% 140
4834
*47%
*6
4
3812 Jan
51
35 preferred
Am Rad & Stand San'y .No par
780
6%
*734
1734 Jan 18
9
30
...60
36 preferred
3,400
Jan 18
4
100
Amer Power & Light
50
14%
Jan
Jan
29
American News Co....No par
10,100
li8
378 Jan 13
H2 Feb 20
pref
Amer Metal Co Ltd
60
24%
Sept
46% Feb 14
6% preferred
13%
6%
8%
13
Amer Mach & Metals..No par
3,000
4,700
6,700
9% May
May
1
Preferred
m
-
2% May
8
75
21
Apr
8% Jan
15% Apr
91% Mar
3% Mar
6% Apr
2% Jan
28% Jan
7% Jan
1412 Mar 19
29
Feb 14
2% Feb 16
Corp...No par
1
Amer Mach & Fdy
7,800
1,300
•-*»
»»i« Jan
Feb
934
4% May
85i2 Mar 10
Jan
Jan
Nov
13
5% May
834 Jan 23
6*8 Jan 11
1434 Feb 15
213 Feb 18
50
5% conv preferred
49
*4838
4%
43g
4%
1834
17%
18%
18%
18%
121
121
*115
*115
*115
121
121
*115% 121
25%
25%
25
25%
25
25
*24%
*24% 25%
2%
2%
2%
2%
2%
2%
2%
2%
2%
41
41
42
42%
4134 42
4134
41% 41%
34
35%
3434
34
35%
35
35%
35%
3434
6-%
6%
634
634
6%
6%
6%
6%
634
160
160
*157
160
*157
160
*157
160
160
4%
1834
4%
1834
40%
78
Amer Invest Co of 111...
300
12%
12%
1
No par
American Ice
1,600
4
21
4
12%
*4838
133s
85%
12%
4%
American Home Products
1%
21%
1%
22
4
12%
49
1%
12%
49%
4
4
*3%
*12
12%
49%
13%
"300
32
49
48%
1%
*20%
14%
40%
May
1
American Hide & Leather
14
140
9
10
900
13%
40%
6
No par
S6 preferred
13'4
*139
Jan
Feb
734Mar 4
4% Feb 17
9% Feb 19
No par
6% conv preferred
*28
48%
1%
1%
1%
*1%
4
4
12
10
No par
Amer Hawaiian SS Co
4,200
3%
3%
32
*28
31%
48
36
35%
36%
3%
3534
*3%
36%
3%
48
4
140% May
$7 2d preferred A...No par
*27
1234
May
34 Dec
1034 May
78
17%
3
49
4
112
3
%
17%
32
*12%
*48%
3
23%
3% June
1
*27
*19
Jan
434Mar 21
18
*48
1%
121
2
8
*%
3%
3%
115
334 Jan
3
14%
36%
2%
May
13% May
European Sees..No par
1634
Nov
65
34
1% May
16%
1
May
Deo
33% May
100
6
16%
*234
1
Jan
185
Jan 21
178
5
1634
116%
May
7
*4%
*%
Jan
June
234 July
May
18
6
438
*%
164
Jan
Jan
1%
16%
7
3138 Jan 11
185
112 Feb
*1%
4%
95% Jan 10
4534
135
66% Jan 27
23% Jan 7
100
1%
.
Oct
Dec
Encaustic Tiling.. 1
6% 1st preferred
American
1%
17%
13%
*3%
13%
85%
May
115
10
American Crystal Sugar
14%
85%
May
1%
85%
zl08% Feb 28
par
1%
»»u
13%
3,400
2,700
13%
85
28
128
7
7
Am Comm'l Alcohol Corp..20
13%
Mar
Highest
share $ per share
per
is4 Jan 13
18% Feb 14
10
American Colortype Co
85%
4%
*2%
•'
"200
5%
5%
5%
No
38
Feb 15
56
Am Coal Co of Allegh Co NJ25
a. •
M
8%
*7%
13%
16%
2%
4%
5%
5%
5%
conv preferred
American Chicle
$
share
Jan 13
per
130
Feb 15
107i2Mar
100
5%
3
share
177% Mar 15
2378 Feb 19
100
Preferred
85
13%
87%
*1%
4%
%
16%
16%
6
13%
12
*10
82
25
100
No par
Am Chain & Cable Ino.No par
200
8%
*7%
*5%
Corp._l
Preferred
100
12
*10
8%
5%
*7%
8%
*7%
12
*10
12
*10
100
American Car & Fdy
per
Lowest
Highest
3134 Mar 17
125i4 Feb 14
1
Mar 18
Fdy .No par
pref
American Can
200
2,000
1,200
1,300
*110% 112
109% 109% *108% 112% *109% 113% *110% 114
112%
*10
conv
Amer Cable & Radio
2,700
2,700
108
108
109
*108
111
*108
111
*108
111
5X%
%
Year 1940
100-Share Lots
Lowest
*130
*107
On Basis of
Week
Mar. 19
Mar. 18
Mar. 17
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
Friday
Thursday
Wednesday
Tuesday
NOT PER CENT
SHARE,
SALE PRICES—PER
HIGH
Monday
Sales
for
WW
Saturday
Mar. 15
1871
New York Stock Record—Continued—Page 2
152
108
14
7
7\ Feb 19
103$ Jan 14
33
Feb 14
19i4 Jan 31
5534 Mar 20
27% Feb 20
743g Feb 19
12112 Feb 20
24i4 Feb 14
17
Feb 17
7% Feb 19
16
Feb 19
llt4Mar 3
80
Jan 7
r Cash sale, x Ex-div. v
May
9% May
8% June
9% June
18% May
102
June
7
May
43% June
57
May
112%June
4
178
May
Feb
Jan 11
10
May
6
4
Aug
5i4 Jan
3% Feb 27
1334 Feb 14
3i8 Mar 3
104
Feb 5
28% Feb 17
117% Mar 11
6
278 Jan 11
20i4
Feb 14
4% Feb 15
5% Jan 6
24
Jan 2
8
Feb 14
6% Jan 8
28
Jan 20
7% Feb 19
1834 Feb 3
2712 Feb 4
111% Jan 24
22
Feb 17
103 Mar 10
Jan
13
39% May
2
1238 May
43g Jan 10
2% May
19
Jan
534 Jan 10
,
3% May
Jan 29
434
29% Jan 29
10% Jan 10
7% Jan 15
24%
6
31
Mar 20
9% Jan 10
2478 Mar 17
Dec
Deo
8% May
4
May
20
May
7% June
23%
Dec
31%Mar 21
20% May
7
111%June
114
Jan
18% May
2434 Jan 11
MarlO
105
May
Feb
5
102
June
3138 Jan
3
Jan
6
103
104
126
838 Jan 24
13
Mar 17
3734 Jan 28
2078 Jan 10
6678 Jan 13
29% May
102
May
7% June
10
Nov
24% May
17% May
49% June
Jan 16
22% May
3
131% Jan 28
109% May
32
89% Jan
63% May
Mar 11
14
May
9
4
8
15
May
10% Jan
183s Jan
Jan
9
11
May
Mar 13
54
June
28
21% Jan
15
90
534 May
13% May
Ex-rJghts. ^ Called for redemption.
New York Stock Record—Continued—Page 3
1872
LOW
AND
HIGH
SALE PRICES—PER
SHARE.
NOT PER CENT
Mar
Monday
Mar 17
Tuesday
Mar. 18
Wednesday
$ per share
$ per share
$ per share
15
.
$ per share
Mar
Thursday
19
.
Mar
1634
16
1634
15%
10%
16
1034
30
30
30%
30%
*30
30%
105
105
19
1%
21%
11
500
19%
6,400
1734
17%
1%
17%
*i%e
17%
1%
34%
3,000
1%
4
1,100
4
11%
2234
35
2%
*2%
6
34
34
223«
37%
39
6
6
0
12%
12%
12%
0
12%
*2%
31
21%
21%
1034
1034
31
*112
114
4
4%
*30
2834
32%
17%
28%
32%
17%
29%
*29%
2934
*29%
29%
31
31
31%
31%
*31
32%
16%
10%
16%
17%
17%
17%
51
51
51
51
51
19%
*434
4%
434
21
*8
434
*20%
21
3%
884
3%
9
9
9
*80%
8334
10%
8134
10%
8134
10%
19%
19%
19%
19%
20
52%
*51
*3%
3»4
10%
*51
52%
1%
1%
1%
1%
6%
6%
6%
6%
12%
12%
1134
12%
1134
37
37
11%
*30
39%
3%
2 34
*3%
334
*38%
38%
234
43%
*39%
88
2734
28
2%
49%
*2%
50%
*112
114
9
22%
*2
2%
113
113
70
*21%
2%
22%
2%
2%
*212
0%
6%
*18
19
39%
3%
38%
2-%
43%
87%
Canada Southern Ry Co—100
Canadian Pacific Ry
25
37
3%
3
*27%
*2%
48%
2%
112
23%
23%
119
9
3
69%
21%
2%
*68
*2%
4
09%
21%
*2%
2%
*111% 114
21%
29%
2%
*6%
3
4
28%
*2%
*90
30
2%
3
19
*18
*18
19
106
*103
*103
106
20
*19
19%
19
19
15%
*14%
15%
15
15
2 34
234
39%
39%
*99
34
134
39%
103
2 34
39%
99
99
18%
106
'"40
400
300
400
"l«
»u
23
2,500
Celanese Corp of Amer. No par
9
600
9%
2,100
70
*68
21%
2
90
22
lf500
Central 111 Lt 414% pref-100
{Central RR of New Jersey 100
900
Central Violeta Sugar Co
100
6%
*2%
,
3
684
Century Ribbon Mills.No
_
20
*90
100%
31%
31%
1,200
4%
700
28%
28%
580
1%
1%
1%
1%
1%
70
19%
100
*13%
100
*2%
3
2%
15%
2%
2,700
39
38%
38%
6,300
98%
100%
34
%
1%
1%
*98
4%
4%
4%
7
*634
634
7
*034
%
4%
1%
4%
131«
V
%
3%
*6%
4
13%
9,300
39%
300
*49
51
*49
SOli
50%
349%
49%
*50 %
51
100
*7%
9%
*7%
13%
13%
1234
29
06%
10
99%
*8%
13%
9%
13%
*%6
%
200
%
*%
%
100
*%2
%
300
1,900
8%
8%
*7%
9
13%
13%
12%
12%
2
134
134
24%
24%
134
24%
25
66
67
65%
06%
64%
65%
10
10
10
10
10%
£9%
10
*98
36%
99
*44
2%
*125
*
9%
13%
-
a98%
234
*2%
*35
*2%
*35
36%
*125
75% *_
*44
-
*125
75%
*73
*110% 113% *110% 111%
28
*27% 28%
28
111
_
98%
mm#, m Urn
~~2%
36%
M
-
-
-
75%
111
*98
1%
*2%
*35
*130
*1%
*24%
99
*98
*44
2
*1%
28
*24%
63%
9%
98%
*44
"2%
30
'mm
-
-
2%
*35
W
100
%
6734
67%
9%
«»
2%
*35
%
7
%2
28
10
*44
*%
*50
2
67%
*98
*%#
%
*6%
*24
1%
*24>2
%
*%
*%2
100
2
1,100
26
50
19,100
99%
99
65%
9%
1,070
1,400
*44
"2%
36
*2%
2%
400
35%
35%
100
*130
*130
*70
75%
112% *112
*70
80
*70
*111
112
112
Feb 14
27s Jan
9
43
Feb 14
112
Mar 18
43i2 Feb 14
22
Feb 19
11634Mar 19
7
21%
Jan 13
7%
12%
Jan
Jan 10
2
May
5%
Apr
Jan 27
5% May
16 34
Oct
7%
23%
Apr
1134 Jan
Dec
4%
17%
2%
6%
May
May
May
May
May
82
9
May
21
Mar 19
14
May
53
Jan 24
15% Jan
26% Feb
52% Mar
178 Feb
1% Jan
40
Jan
41
6
6
125
De
July
2% May
29% May
Jan 10
2
9
6
12084 Jan 29
39% May
100
June
42% May
20
May
105% May
7384 Jan 14
48
22
Mar 21
17
A jug
Maris
2% Jan 13
115% Jan 29
106
9
3
2% Mar 6
678Marll
Jan 13
1% May
June
1%
Dec
4
May
2%
Oct
Sept
Certain-teed
334 Feb 14
25% Feb 15
5% Jan 13
3% May
37% Jan 14
21% Jan 4
106% Feb 10
203s Jan 10
15% May
.No par
Cham Pap & Fib Co 6 % pf. 100
Common..
No par
Checker Cab Mfg
5
{Chesapeake Corp
No
Chesapeake & Ohio Ry
18
Feb 14
103% Jan 3
17% Feb 15
12% Feb 14
2% Jan 13
25
38% Feb 15
100
Preferred series A
par
98% Mar 20
1% Mar 12
%Mar
hi Jan
3
4
18
3
Jan
6
Apr
45
May
3234 May
May
22% May
100
Apr
6%
92%
2
9
6% prior preferred
0
40%
22% May
34% Jan
1
Feb
Anr
Jan 13
Jan
3%
8%
19% Apr
231*
Jan 14
Jan 29
50% Jan
28% Jan
6634 Feb 14
18% Jan 30
May
11%
Nov
278 Dec
36% Aug
75% June
Jan 17
91%
30%
3%
59%
May
4% May
11
34
4% Jan
38% Feb
3% Jan
50% July
1
7% Jan
1478 Jan 10
1334 Jan 14
Feb 19
Products
Sept
1384 Jan
39
May
June
2% Feb 19
Jan
5
6
5
178 Feb 15
Jan
Jan 16
Jan 13
2% Jan
4% Feb
Oct
35% Nov
12% May
4% Jan
10
112
36
17% May
Jan
5% Jan
21% Jan 13
2
Jan
Jan
Mar
Jan
2
Jan 16
44% Jan 13
102% Feb
3
1
75
126
56%
35%
121
Jan
Dec
Jan
Apr
Dec
12%
72
Feb
May
26%
3%
Apr
Jan
114% Mar
578
Apr
1134 May
6
Mar
100
Apr
"41%
Jan
Feb
3884 Dec
8%
May
22
Oct
99% June
106
May
17% May
3034
10% June
2% Oct
30% May
84% June
29% Mar
Apr
44
Dec
101
Dec
Feb 27
Jan II
478
Apr
FeD 27
2
»n
15
Dec
3% Nov
Dec
2%
6% May
38
Jan
1% Mar 17
13%
**i«
20
Jan
6%
4% Mar 17
39%
%
%
18%
53%
834
334
23%
3% Mar 20
14
%
8% Nov
13ieMar 20
39%
*%
*%
*%
*7%
*1234
3% May
Jan
50
14
%
9%
1234
72 a4 Nov
50
39%
%
May
5% preferred
7
%
21
New common....
14%
*316
Jan
6,500
40
*%
%
Jan
68%
*7%
34%
3334
2,100
*0%
%
Dec
May
1
Zl4%
*39%
«16
26
1234 Nov
May 119
3
4%
*13i6
15%
%2
86% Feb 25
{Chic Great West 4% pf—100
41
%2
5
Mar
6% May
97
Jan
27
Chic <fc East 111 RR Co .No par
Class A
40
15
51
2% Mar 17
39
Apr
Apr
Cerro de Pasco Copper. No par
1,000
41
*49
Mar 17
3% Feb 13
367s Jan 29
Jan
37%
29%
88
6,500
15%
7
11% Feb 14
25%
May
1434 May
4% Nov
5%
3
Feb
1234 Dec
6
Jan 17
Apr
27
95% Mar 18
1%
41
15
12% Jan
118
5384
2434 Sept
Jan 22
3%6
*40%
14%
6% Jan 14
1% Jan
i534 Nov
95
%
41
®16
par
1%
4%
41% Nov
May
May
100
200
I84
1%
4
m-'-m
%
Preferred..
Chain Belt Co..
19
104
*18%
*40
14%
5% preferred...
100
Central Aguirre Assoc. No par
Central Foundry Co..
1
200
104
1%
100
112% 112%
2%
*2%
6
Mar 11
1
...No par
100
1%
1%
W
7% prior preferred
Celotex Corp
900
38%
"»•
No par
2%
*18
98%
%
100
22%
«118% 118%
2%
*98% 103
"10
Preferred
Caterpillar Tractor
%
"X6
Carpenter Steel Co
5
Carriers & General Corp
1
Case (J I) Co
-.100
90
39%
234
39
$3 preferred A
10
Carolina Clinch & Ohio Ry 100
3,300
*3%
*18
1
May
■
44%
6%
100%
104% 104% *103
*1834
*14%
234
39%
Capital Admin class A
No par
44
9
*110% 113
*2%
2%
6%
6%
600
50
29%
6%
Cannon Mills
113
119
1
900
3%
*48
44%
9%
9
10
3,000
29
113
44%
23%
23%
11634 119%
21%
2%
87%
48%
45
69%
*39
112% 112%
112
29%
234
2812
15%
2%
43%
4
19
3%
*37
38%
4
*14%
%
*37%
39%
4
15%
2%
34
1,800
3%
4
*1412
1%
11%
4
20
103
11%
31%
*1834
*234
12
31%
19%
39%
900
31%
*1934
*99
12%
50
Zinc-Lead
Mar
38
51
12%
5% preferred
mmf *
7
Dec
27
Jan
1634 Feb 20
5i2 Feb 19
11% Feb 14
m
2578 Jan
284 Jan
3884 Nov
41
44% Jan 13
Jan
Callahan
52%
4%
8
Jan
Calumet & Hecla Cons Cop..5
Campbell W & C Fdy_.No par
Canada Dry Ginger Ale
5
3134
*18
*10434 104%
California Packing....No par
Dec
May
1334 Apr
2634 Nov
12
1,600
31%
29%
2,400
26
13% May
85
10
June
%
Apr
Nov
123% Jan
70% Mar
29% Apr
24% Mar
12% Jan
25% Jan
Feb 18
1,000
31%
29%
20%
4
1%
4
28%
20%
*51%
Feb 17
6%
31%
4%
No par
Participating preferred.. 100
Byron Jackson Co
No par
10
17
1278 May
3i4Mar 21
7% Feb 19
7612 Feb 14
1
31%
*4
600
2
Jan
6%
95
3
9
77
44%
Jan
5
10%
28%
112
5% conv preferred
83
87
49
20
pf 100
*8%
28%
*2%
48%
45%
23%
10
Byers Co (A M)..
Bush Term Bldg dep 7 %
Butler Bros
*10%
87%
2%
48%
Feb 25
*81%
28%
X2\
14
15
15
15
82%
10%
20%
52%
95
*95%
31%
28%
400
9
Feb
Feb
Feb
Feb
Feb 27
Feb 14
Butte Copper & Zinc..
900
55s
2614
27l2
I6I4
30
600
4%
Feb 14
734
212
15i2
4i2
1
400
90
51
60
Bush Terminal
3%
87%
*27%
3%
No par
No par
20%
*2%
*39
Bullard Co
Bulova Watch.
3%
95%
3
98
*31
200
9% Feb 15
11212 Feb 3
3i2 Feb 14
*4%
20%
98
*2%
*95%
4,000
5
Burlington Mills Corp
1
Conv pref 12.75 ser_.No par
Burroughs Add Mach..No par
Jan 10
Jan
Jan 13
Jan
4% Jan23
14% Jan 13
30% Jan 3
23% Mar 21
100
No par
7% preferred
100
Budd Wheel————No par
7% preferred
Jan 18
20%
20%
1%
39%
11% Feb 20
Jan 16
Bucyrus-Erie Co
54
223s Jan
2% Jan 13
Feb 19
Budd (E G) Mfg
9
2ig Jan 3
534 Feb 14
30
3%
*2%
6%
*2%
95%
*6%
*2%
200
8%
2%
90
28
112
112
234
6%
3
51%
300
500
3718 Mar 17
38i2 Mar 6
20
4%
20%
3%
*37
*51
43%
2%
112% 112%
2%
*2%
23%
117% II734
9%
9%
70
*08%
21% 21%
9%
*37%
3%
38
1,200
*39%
49
23%
70
3
45
118%
9%
39%
3%
38
18
43%
112
50%
4534
23%
69
*2134
*37%
3%
38
*2%
114
118
9
*68
39%
*17%
Feb 19
Feb 15
Jan
111% Jan 23
Mar 20
No par
18
1%
12
2,400
Feb 13
Bruns-Balke-ColIender.No par
17
6%
20%
*12
0%
29%
31%
30%
384
934
19%
12%
*51%
6%
21
Bklyn-Manh Transit..No par
Brooklyn Union Gas..No par
19% Feb 27
185s Feb 19
10% Feb 4
% Feb 19
1%
0%
52%
1%
10%
12
28
3%
45%
*8%
*81%
10%
6%
3%
28
*112
45%
45%
23%
23%
119
*118
9%
83%
18
1%
6%
38
88%
7%
*2%
20%
*51%
*2%
2%
*48%
8%
10%
20%
52%
*39%
*87%
88
17%
51%
*3%
11%
2%
32
17%
12%
43%
2734
32
*4%
12%
2%
6%
*28%
20%
12%
1134
*39%
*87%
6%
28%
3%
1%
0%
12%
11%
2,300
530
2%
18
No par
Brown Shoe Co
61
4%
*81%
10%
2,100
"5" 800
60
20%
*37%
3%
38%
38
9
8334
7~2()6
60%
18%
*3%
*8%
mm
10
8%
2%
Bridgeport Brass Co
No par
Brlggs Manufacturing.No par
Briggs & Stratton
mm
3,100
*51
5
Brewing Corp. of America...3
Bristol-Myers Co..
5
Brooklyn & Queens Tr. No par
mm
4
3
100
100
~
114
8%
15
....5
(The)
B org-Warner Corp
500
'
m,
4
*4%
20%
334
37%
39%
2%
*112
18
18%
434
2034
1,700
1,300
28%
51%
8%
*234
3
10%
23%
10%
31%
1
Inc
Co
Bower Roller Bearing Co
4%
4
63
*51
8%
*234
18%
4%
*20%
*3%
*8%
*81%
*10%
19%
10%
4%
Stores
Boston & Maine RR
31
22%
10%
Bond
Borden
5
100
12%
*30
Boeing Airplane Co..
200
0
12%
113% 113%
160
21%
6
22%
10%
6%
29%
*18%
10%
114
*30%
39%
*2%
31
22%
6%
0%
8%
234
*30
60%
0%
6%
8%
234
*18%
31
60%
6%
2%
12%
23
*3%
10%
*21%
6%
12%
4
6%
8%
6%
*33
2%
*112
6%
8%
39
4
57
34%
3%
10%
21%
37%
*2%
114
59%
6%
*234
39
2%
21%
10%
*30
58%
*36%
37%
*38%
10%
*57%
10%
21%
*36%
21%
4
3%
11
22%
22
*30
*112
*33
4
*3%
*1034
*21%
1034
57
35
39%
2%
*2%
12%
*33
3%
11%
3%
*10%
*2134
*36%
39%
6%
1234
3%
1134
Mar 13
19%
11%
12%
31%
*12
47
48%
19%
18%
6%
*51
MarlO
47%
39
*20%
105
19%
17%
1%
37%
*50%
Bon Ami Co class A ...No par
Class B
No par
47%
19%
37%
57
10
19%
39
114
34
47%
*19%
4
2%
3%
28%
1934
37%
*112
1234 Aug
1934 May
99
May
51% Dec
19
May
108
*»i«
share
per
18% Jan 27
19%
18%
17%
Highest
1
35
19
1%
share
per
Feb 20
19%
*1
$
1378 Feb 19
47
18%
$ per share
27
19%
47
$ per share
Lowest
Bohn Aluminum &, Brass...5
8,300
19%
39%
10%
*105
Par
Year 1940
Highest
300
10
30%
48%
*37
21
108
15%
*29
19%
19%
17%
*39
*30
16%
1941
Range for Previous
100-Share Lots
Lowest
Shares
*4634
X22
12%
% per share
30%
Range Since Jan. 1
On Basis of
Week
19%
3
11%
6%
21
19%
1%
*33
23
*2%
.
47%
3%
3%
*100% 107% *100% 107% *105
118
34
10%
2234
Mar
19%
18%
18%
•1%
*32%
20
22,
EXCHANGE
47
19
18%
15%
*29%
8TOCK8
NEW YORK STOCK
the
Friday
$ pet share
30%
•100% 105
47
•4634
19%
*19%
16%
♦29%
.
Sales
for
Saturday
March
75%
113
40
300
Chicago Mail Order Co
5
Chicago Pneumat Tool.No par
$3 conv preferred...No par
Pr pf ($2.50) cum div No par
{Chic Rock Isl & Pacific.. 100
7% preferred
6% preferred
Chicago Yellow Cab
634 Feb 14
9% Feb 19
37% Feb 15
*49% Mar 19
8% Jan 10
15%Mar 18
44% Jan
9
52% Jan 13
12%
Jan
8% May
15%
Dec
23% May
44%
Dec
41
Dec
May
51%
%«
Jan
8
6
%t Dec
%
Jan
.100
%
Jan
4
3s Jan 17
%»Dec
s4
Apr
100
3ji
Jan
6
%
Jan 18
%i Dec
%
9% Jan 29
133s Jan 9
778 May
11% Mar
9
16%
27b Jan 27
Chlckasha Cotton Oil
No par
10
Chllds Co
No par
Chile Copper Co
25
Chrysler Corp
City Ice & Fuel... ....No
6H% preferred
City Investing Co
City Stores...
5
par
8% Mar 20
1034 Feb
Mi Mar 18
23% Feb 14
63% Feb 14
9% Jan
100
95
100
45
5
Clark Equipment
No par
CCC & St. Louis Ry Co... 100
7
Jan
3
3
Mar 12
2% Mar
7
•u Feb
May
27
Jan 27
1% Aug
20
Aug
72%
Jan
53% May
2
10% Feb 5
10034 Jan 31
46% Feb 20
3
Jan
4
3734 Jan 13
5% Mar
34
Nov
Apr
85
Oct
Sept
91%
14%
98
Feb
44
Sept
z60
Jan
8%
2
May
24
May
124
31% Feb 15
Jan
Apr
July
June
5% preferred
*.
100
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The). 1
85
Jan 15
85
Jan 15
56
110
Feb 14
114
4%
40%
133
Jan
Apr
Apr
Nov
7434 Nov
*27%
Jan 24
29
28
28%
29
108
*28
*82
84
*82%
8334
*82%
2678 Feb 14
83%
*82%
83%
3334 Jan 10
26
*82%
84
84
43% Mar
83
Jan 30
50
*48
50
*48
Clev & Pitts RR Co 7 % gtd.50
May
*82%
*48
50
*48
50
50
83% Jan 29
74
*48
*48
50
May
83i2
49
Jan
50
Mar 11
233%
33%
32%
33%
46% May
48
33%
27
Feb 14
31
34% Mar 15
31%
30%
31
Special gtd 4% stock
50
Climax Molybdenum..No par
Cluett Peabody & Co.-No par
25% May
25% May
41%
28% Feb 18
33%
34%
*30
31
*130
145
33%
34%
30%
*130
33%
31
30%
145
*140
12%
9834
*98
9834
98%
60%
97%
*60
60
60
60
12%
12%
12%
12%
*101% 102%
*24
24%
*111% 114
102% 102% *102
24% 24%
24%
*111% 112% 112%
33%
31%
33%
31%
17%
17
1%
is4
*1
1%
*1
1%
*1%
1%
*1%
*1%
134
*1%
*1%
134
*1%
19%
20%
19%
4%
19
1934
19
*1834
19%
*1834
81
*79%
19%
4
*79
134
4
4%
80%
4
77%
"9" 700
4,900
*138% 145
*138% 145
*138% 145
9934
100% 100% *99
*99
99%
99%
60
*59
60%
*58%
60%
59%
*59%
13
13
13
13
12%
12%
12%
104
*102
103% *102
103%
103% *102
24%
25
*24%
25
*24%
24%
24%
114
112% 114
*112%
*112%
*1%
*16%
29
145
*16%
17
32
*28
17
1%
19
*16%
17%
*1
1%
1%
19%
19
4%
*76%
18%
1%
1%
1%
*1%
1%
1%
19%
19
19%
*18%
4
4
16%
*1
T266
200
300
*138
1%
1%
_
"960
19
19
19
18%
18%
7,800
80%
*78
70
79%
69
70
*68
70
70
70
*69
72
74%
74%
75%
75%
*75
75%
75%
75%
75%
75%
74%
74%
700
5%
5%
5%
5%
*5%
5%
5%
5%
5%
5%
600
*68
5%
5%
*23
24
24
*23
30
30
30
30
*100% 101
101
101
29
29%
100% 100%
35%
36%
*36
36%
L05
105
9%
"u
9%
36%
*105
58
2834
29
36%
106
10
U16
57%
•
*23
10
H
5734
28%
»l«
105
9%
%
23%
105
10%
*23
24
*23
29
29%
*99% 101
35%
*104
35%
106
24
*104
10%
10%
%
»l«
106
10
3,600
*104
106
200
9%
%
%
61%
28%
60
60%
8,200
28%
28%
9,700
57
5734
5634
57%
56%
29
28%
28%
28%
35
{ In receivership,
6,400
10
a Def.
67,100
delivery,
Feb 19
106
60
Mar 17
3
114
Mar 19
20
No par
preferred
4% 1 at preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class
B
2.50
Columbia Gas & Elec. .No
par
6% preferred series A... 100
5% preferred
100
Columbian Carbon Co .No par
Columbia Pictures
conv
Commercial
preferred.No
Credit
16%May
108
May
May
26% Mar
21
16
May
26% Mar
Mar
4
5
28% Jan 30
100% Mar 18
34% Mar 21
Mar
3
Jan
6
1%
1%
Dec
Oct
4% May
7%
Apr
93%
Apr
June
79
Jan
80% Jan 17
67s Jan 6
2478 Jan 16
71
May
9834
Apr
31
Mar
7
27% June
104
Jan
6
95
June
108%
Feb
377s Jan 10
32
June
56
Apr
June
113
Mar
110
Jan 15
3% May
1434May
97
61% Mar 20
42
30% Jan 11
2578 June
y
Apr
Apr
59
277« Jan 21
Ex-dlv.
5
67% May
No par
x
Apr
Jan 13
Commonwealth Edison Co.25
Cash sale,
May
484
584
70
% Mar 21
49
Jan 30
r
24
47s Jan 9
82% Jan 25
8% Feb 15
New stock,
Feb
16
par
n
Feb
Apr
2% Jan 13
134 Feb 26
2134 Jan 6
par
$6 preferred series
35%
112%
Feb
Dec
Feb 18
xl8% Feb 20
18% Feb 14
378 Feb 14
105
June 102%
»u Dec
22% Mar
10
94
12% May
484 Feb 14
par
20
Jan 10
74% Mar 21
100
63
178 Jan 13
74% Feb 26
Comm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
Commercial Solvents..No
Commonw'lth & Sou..No
1
May
10% May
2
?8 Jan
1% Feb
64
No par
4 X % conv preferred
Jan
Mar
56
Feb 20
No par
Apr
Apr
141
99% May
7
Mar 18
Mar
Dec
2
13
45%
Jan
Dec
145
Jan
15
conv
par
114%
May
131
62% Jan
110
300
34%
87
Jan 31
100
5%
$2.75
~4~900
28%
145
9
Colo Fuel & Iron Corp.No par
Colorado & Southern
100
24
29
*99% 101
%
2834
day.
40
10%
58
no sales on this
400
%
29
Bid and asked prices;
35%
80
72
*23
28%
29%
*99% 101%
35%
79%
*69
Jan 22
Jan
102% Mar 17
30% Jan 9
$4.25 preferred
Collins <k Aikman
400
4%
4
No
34
11% Feb 14
10034 Feb 15
24% Mar 18
"""290
19
par
No par
Class A
143
Colgate-Palmolive-PeetNo
110
200
16%
100
Coca-Cola Co (The)
200
5,900
1%
*1%
4%
4
78
*1
1%
*1%
*19
*16%
Preferred
8
May
11% Jan
l3u
Jan
Ex-rlghta.
4
8
2
May
%
Dec
May
8% Mar
26
48
Dec
Jan
16%
Apr
134 June
73%
Jan
33
Apr
H Called for redemption.
i.
Volume
LOW
AND
New York Stock Record—Continued—Page 4
152
HIGH
SALE
PRICES—PER
1873
Monday
Mar. 15
Mar. 17
Tuesday
Mar. 18
$ per share
$ per share
8 per share
*3
3%
16%
26%
*3
17
27%
13
3%
1678
2612
*1234
13%
*3
1678
27
13%
Mar. 19
27%
27
13%
*12%
90%
90%
*1234
9814
*1
*358
90t2
98l4
714
73s
21U
215g
10518 105i2
7U
714
2II4
21%
10514 105%
11
*»U
*73s
*212
1%
334
3%
26%
90
5%
*3
3%
2718
99%
234
*3
2658
90
8
Week
Shares
16%
99
*2%
5i2
Mar. 21
$ per share
16%
90
*9ib
Mar. 20
$ per share
16%
90
5a
*12%
13
V
*916
778
7%
%
5%
1%
16
89%
98%
7%
*7%
2%
5%
*1
*1
*3
16%
"l'ooo
27%
28%
12,100
12%
900
12%
*88%
90
y7
*7%
7%
21
21%
105% 105%
*8712
8
*7%
*3734
3%
87%
87%
37
37
8
8
8
38%
*75s
383g
38
353
18%
19%
3i2
18%
I8I4
*18%
*1434
*52 >8
*47
4578
179
4%
*%
s4
155g
1558
101% 101%
18
*514
*2434
87
41%
*40%
*13is
45%
600
?%
5%
17,600
*1
1%
3%
18
18
I734
18%
14%
14%
15
*51%
47%
46%
53%
53
53
47%
47%
46%
176
176
4%
4%
5g
5g
15%
16%
102% 102%
1734
18
5%
5%
25%
25
*40
43%
*41
42
*40%
40%
42
40%
25
41%
92
90
42
41%
92«s
91
91
5
5
87
54%
14
*87
*52%
3%
*85
54%
14%
22%
1%
*21%
*42
47
*43
46
*43
33%
9%
9%
33
*74%
86
*43%
46
*43%
*17%
17-%
3%
16%
7%
*3
*6%
*110% 113
20%
28%
17%
20%
28%
*17
9%
3
3
*'ll
17
s16
9%
86
*74%
86
*44
48
*45
48
*45
17%
2034
28%
3
9%
3
*16
*>ie
38%
8%
16%
16%
16%
81%
*81
8%
8%
81%
*8%
*34%
34%
343g
81%
9
34%
*20%
21%
21
14%
74
14%
72%
20%
19%
14%
49
*1434
15
24%
*38
20
*81
'
8%
*33%
21%
4
*3%
4
*3%
180
33%
*33
15%
*15
175
175
3334
15%
*15
30%
15%
%
3%
3334
29%
31
3134
29
45
*110
111
4%
*69
74%
82%
*80%
*%6
%
h
*4
1%
*1
*34
1
78
*73
*3%
634
*27%
*%
634
3%
6%
21%
15%
*34
6%
28%
*16
634
*28%
#i«
*33
31
15%
15%
1534
30
30
*31
.
45
*110% 111
29%
*30%
2834
29%
31%
*42%
31%
28%
45
2834
*13ie
1
78
*73
*3%
3%
*6%
3%
7
28%
7
28%
9i»
%
7
1
*34
%
1
1%
28%
%
7
*73
90
33
600
%
24%
*23
24%
*11%
12%
*11%
12%
*11%
12%
3
3
3
3
3
3
*%«
9ie
20
9i«
*20%
*93%
*13%
3634
94%
14%
*13%
14%
37
37%
Bid and asked prices; no
12%
3%
%
%
20%
20%
9434
37
*11%
*2%
9434
21%
14%
37
sales on this day.
.5
Kodak (N J) .No par
.100
6% cum preferred
Eaton Manufacturing Co
4
Feb 19
6% Feb 25
3% Feb 14
125% FeD 19
Feb 13
165
29% Feb 17
Electric Power & Light .No par
3
29
3134
31%
28a4
4434
*27%
*43;%
31
*30%
*27%
43%
111
111
111
28-%
43%
%
*si#
34
*1S16
1%
1
*34
*73
78
14% Feb 14
Feb 14
12% Feb 14
% Jan 4
Fen 20
3,800
1,200
1,300
1
No par
Engineers Public Service
$5 preferred
Equitable Office Bldg..No par
%
1,000
1
ICC
Jan
110
7
4% Feb 14
%
200
Exchange Buffet Corp.No par
Fairbanks Co
100
8% pref
Feb 19
40%
*39
40%
900
Fairbanks Morse & Co.No par
23%
13%
23
23%
1,200
*12%
13%
400
Fajardo Bug Co of Pr Rico..20
Federal Light & Traction—15
19% Feb 15
11% JaD 16
*94
98%
*94
98%
10
No par
*23
24%
*23
24%
95% Mar 6
21% Feb 15
$6 preferred
2
Federal Mln & Smelt Co
36
Feb 14
6
1134Mar 10
3%
400
Federal Motor Truck..No par
Federal Water Serv A..No par
234 Feb 17
%« Feb 19
Federated Dept Stores.No par
Federal-Mogul Corp
%
%
21%
*i05g
21%
600
94
14
*93%
la%
95 »2
*13=8
13%
200
37
3/
37
37%
1,000
300
a Det. delivery.
Jan
Jan
180
Dec
37
Apr
10% May
May
17%
4134
Jan
Apr
10% May
183S
134
Apr
1534 Mar 19
33% Jan 10
173g Jan 6
5g Jan 23
4% Jan 11
Mar 20
Jan 10
31
44% Jan 13
111
Feb 6
Jan 11
7
25
s8
4bi% conv preferred
Ferro Enamel Corp
100
1
Fidel Phen Fire Ins N Y.J2.50
r24% June
26
May
33% May
41% Jan
35
May
46
Apr
102
May
112
Mar
5% May
63
May
1258
Jan
83
Jan
May
89
Mar 21
86
» New stock,
r Cash sale.
.
"u
77
Dec
97
%
Jan 25
3% Jan
834 Jan
3034
Jan
%
Jan
7% Jan 23
3
24% Mar 10
45% Jan
Jan
134
Jan
Dec
3%
Jan
% May
67% Aug
1%
2%
Dec
May
Apr
67% Aug
5
Feb
Jan
11% Apr
3434 May
% Oct
3% June
29% June
17% May
11
May
8>% Mar
49% Apr
31% Apr
18% Apr
5
20%
1
Jan
13
Mar 17
100
Jan 27
85
June
Jan 23
16
July
29%
Jan
Aug
2% May
%iMay
15
May
15%
Oct
25%
14% Jan 14
Jan
% Jan
4%
Feb 14
14% Mar
38% Jan
x Ex-dlv.
2
8
6
7
Jan
Jan
%
Dec!
Bg' May!
34
9
Feb 28
75
Jan
18% May
1558 May
May
66
1134 Feb
1
34% Feb 19
93
3
Dec
8% Jan
40% Nov
36% Nov
3
Mar 21
21% Jan
97% Jan
18% Jan
44% May
6% Nov
16634
50
27%
*%
Dec
11834
May
100
....100
28%
*20%
May
112% May
June
4% 1st preferred
4% 2d preferred
3
Jan
Jan
Apr
June
82
5% Feb 19
25% Feb 15
% Jan 20
4% Feb 19
1334
189%
129%
22
1% Jan
3
Mar
120
Oct
146% May
1% Jan 10
Eureka Vacuum Cleaner
Apr
10
155
68% Mar 21
Feb 28
Apr
30
117
% Feb 15
% Mar 1
5
5
500
9% June
171
4
Jan
142
% Feb 20
Ex-Cell-O Corp
1?
May
182% Jan 9
36% Jan 10
Feb 26
75
Feb
May
Feb 14
Jan
Apr
3
70
'11
Dec
14%
38
5% Jan 23
100
J Erie Railroad
Evans Products Co
40
11% May
65% July
127% Nov
1434 Jan
113
65
75% Feb 14
86
2458 Apr
23% Jan
94% May
May
% Jan 30
700
* In receivership,
34
23% Jan
36% Apr
43% Feb
10% Feb
20% Nov
14
9
7
900
7
Dee
9
Jan
Erie & Pitts RR Co
eoo
Apr
30% May
Jan
9%
164-% Jan
34% Jan 13
.I.....100
May
434 May
12% May
56% May
5
39% Feb 14
5% preferred
32
8
6
6% Jan
50
"766
*3
22
Endlcott Johnson Corp
6%
*11%
4
Jan 10
200
3%
3
9
31% Mar 20
3%
12
Jan
Mar 17
31
23%
*12%
3
Jan 27
26% Feb 19
*5%
40%
*11%
17
79
14134 Jan
23% Feb 19
100
*%
23% Jan 28
3
6%
27%
*5%
8
El Paso Natural Gas..
3%
58
Jan
300
78
6%
6
Jan 30
400
5,700
450
1
1
Jan
9
36
7ie
*34
3
27% Feb 19
preferred ......No par
$6 preferred
..No par
86
*5,
"16
Jan
Jan 10
18% Jan 11
10%
No par
$6 preferred.....—-No par
Elec Storage Battery...No par
40
5%
Jan
238
2534 June
300
*30%
11% May
114
4,000
8,500
$7 preferred.
Nov
28% May
19% Apr
2
%
35%
3134
3134
114
23%
June
6
3%
36
5% Mar
18% Nov
8% Apr
21
Jan
*%
3%
34%
33
June
32% Mar
13% May
117% Feb
Feb 19
25
%
3%
Elec & Mus Ind Am shares..
358 May
107
115% Feb 26
Feb 15
'27
••
May
120% Feb 14
2
V-
Oct
3
13% May
7
125% Jan 16
5
3
200
23
117
(The)
16
May
14.% May
140
.....
*15%
9
Mar
60
113% Mar
Electric Auto-Lite
94
95
63% Feb 19
122
Edison Bros Stores Inc
*6%
28%
*%
7
20% Feb 19
14% Mar
Electric Boat
*3%
28%
Eastman
117
37
9,600
6%
*%
700
1,300
13%
3%
86
4% Feb 19
Eastern Rolling Mills..
Jan
2934 Jan 24
18% Jan 2
Mar 10
17% Feb 18
Co...20
No par
9
Jan 24
22%
8% Mar 18
34% Mar 17
1
$4.50 preferred
734 Jan
114
92
Sept
41
Mar 21
No par
Duquesne Light 5% 1st pf-100
Eastern Airlines Inc.....
1
3% Jan 15
June
42
38
Jan
Dresser Mfg Co.
No par
.....100
8
35% Oct
11% Mar
24% Mar 19
4,300
3%
*23
37
3%
134
par
Mar 18
Dec
6% July
21% May
2934
Jan
1534
3%
24%
*23
*14%
1,800
29% Jan 10
12% May
25% May
29%
*6%
28%
60
Feb
Jan
May
51
45% Mar 18
17% Jan 10
29% Jan 11
15%
*73
*23
*5%
1,100
Apr
4%
Jan
29%
*34
78
*94
*93%
*334
9",400
17
29%
Jan
No par
Duplan Silk
Feb
45% Dec
125%
Dow Chemical Co
8% preferred
173% 175
133
H
7g
1
97
14
37
28
84
*94
94
28
84
96%
24%
14%
11534
Doehler Die Casting Co No par
Du P de Nem (E I) &
Jan
91%
98% May
15%
83
96%
94
*115
200
Dec
4%
8% May
2
29%
79%
40%
24%
13%
98%
*7it
Douglas Aircraft......No par
78%
13
20
Dome Mines Ltd..
2,900
82
39
20
3,400
74
5
24%
20
1,500
76 34
13
97
21%
15
80
39
*94
20%
I434
7334
5%
24%
*2334
21%
15%
75
......
47% Deo
x99
Jan
79
No par
International
June
Jan
Apr
Dec
Deo
%
5% pref. with warrants..100
Dixie-Vortex Co......No par
10
Dunhill
Jan
Feb
5%
300
7534
79%
34
oar
..25
No
Apr
Nov
23%
13%
Class A
1%
24%
106
Dec
45% Mar 18
No
Apr
%«Dec
Devoe & Raynolds A ..Mo par
6% partlc preferred
7%
8% May
Jan
Detroit Hillsdale & 8 W RR100
Diamond Match
Jan
Dec
Jan 10
Jan 10
Feb 19
•ji
140
Detroit Edison
Jan
184
*u Feb 26
9
2% Feb 19
200
5
7ie
100
Delaware Lack & Western..50
9
74
83
Delaware & Hudson
10
34%
5
**ie
...
6% Feb 15
109% Feb 26
18-% Feb 19
27% Feb 14
1534 Feb 19
81
73
82
Diesel-Wemmer-Gilbert.
*33%
5
%6
Preferred....20
31%
73
82%
No par
7% Feb 14
5
*%6
Deere & Co
16% Mar 17
72
82%
Davison Chemical Co (The). 1
106% Feb 15
3,800
2.2C0
31
17% Jan 10
16% Feb
Distil Corp-8eagr's Ltd Ho par
77
77
3% Feb 19
25
500
5
9
19% Jan
16-%
77
76%
5
5% preferred
Mar
zl7
2
5
Jan
46
42% Feb
No par
Inc
May
75
No par
Diamond T Motor Car Co
5%
6
7% pref.. 100
100
800
Jan
1%
34% Feb 10
934 Jan 9
9
7% Feb 14
2434 Feb 20
1
Cutler-Hammer
May
Dec
9% May
19% June
1% Oct
Jan
1
$8 preferred
Aug
2
32
par
500
126% 126%
I934 20
Oct
134 May
Jan
16% Jan 25
45
8%
*8%
3%
Jan 20
80
9
75%
43
16%
16%
84%
6
7
5% Mar 10
45%
{Denv & R G Wast 6% pf.100
"266
May
Mar 11
30
72
5
1,700
1,600
25
25
15%
111
*110% 111
200
3
53
29%
*%
33
800
May
21% Mar 10
1% Feb 26
Class A
Apr
21% May
95% May
May
No
Prior preferred
Jan
33
25% May
45%
12
75
41% Feb 20
CurtLss-Wrlgbt
25
30% June
Jan 16
No par
...
97% Jan
49% Apr
9% Apr
40% Mar
4% Feb
734
38%
45%
60
5
Jan
2334 Nov
108% Dec
19% Apr
15% Jan
158 Apr
July
18% June
36
45%
Mar 11
par
Apr
5% Nov
32%
88
*15%
3%
3234
Preferred
No
Apr
8%
2%
Dec
FeD 15
Dayton Pow & Lt4M% pf-100
3",200
June
June
17%
3% Mar
Mar
4%
3% May
4
Feb 18
*3234
%
33%
300
13
75
6% Jan 24
27% Jan 10
3% Feb 15
May
%«Sept
5
Curtis Pub Co (The)
Conv
6
Jan
May
4
Jan 16
19
Dec
165
47% Jan
98% Jan
13
Apr
70
72
Cuneo Press Inc
Feb
61%
65%
100
30
5H% conv preferred
Cudahy Packing Co
9%
32%
110% Mar
1% Jan
10% Apr
May
92
33%
16
3%
13
*39%
*
15-%
30%
40
24%
39
24%
13%
*36%
15%
1,300
700
175
33
30
60,800
2,400
200
134% 134%
33%
3,200
38
4
*172
180
13
39
24%
%
234%
200
Apr
Deo
May
40%
100
Preferred
16
99% Deo
100
41
107
8%
9
28%
4
*5%
39%
24%
*12%
*6
*1234
»16
4
33%
15%
*41%
78
3%
4
1,200
15
2434
116
28
28%
30
Jan
47
36% Feb 19
84% Feb 18
10
Sugar
6%
Jan 24
56
Feb 24
2
May
16% June
18% May
15% Mar
12% Feb 14
100
100
Dec
June
458 May
27% May
2
May
Jan 9
45% Jan 15
15% Jan 7
40
Crucible Steel of Amer.No par
Cuban American
%
70
33
86% Mar 19
No par
5% conv preferred
Cuba RR 6% preferred
9% May
7% May
Mar 17
share
per
24% Feb
31% Apr
52% Jan 8
47% Jan 13
182% Jan 16
4% Jan 4
% Jan 14
19% Jan 10
Feb 19
4% Jan
4,000
49
•
116
21
19
Feb 14
40% Feb 14
Crown Zellerbach Corp
5
$5 conv preferred.. No par
1434
*23%
7
7
734
*6%
7%
114
*113% 114
*113% 114
147%
14634 I I734
147% 147%
124
124
124
*123% 124%
116
28
5%
%
33%
1
*73
5%
3%
%
%
1
116
15%
14
14
22 >8
pref w w__No par
250
*45
38
conv
Pref ex-warrants
300
15
24%
3938
75
74%
129% *127
129%
20%
1934
20%
*%
76
82
%
*78%
21%
*8%
*33%
21%
3%
28%
*110% 111
5
5%
5%
70%
72%
70%
76
*74
*81
9
34%
4
*15
1534
%
3%
34%
30%
*41
*28%
84%
*8%
*33%
134
30%
*28%
29%
*31%
*81
*172
15%
44
33%
16%
180
30%
44
*%
3%
*16%
133% 134
33%
30-%
1534
%
3%
34
29%
31%
29%
30%
15%
*24
*38
8%
*16%
28%
*172
34
24%
No par
$2.25
2
Mar 13
Jan >8
Feb 7
Jan 10
Jan 2
Jan 11
Jan 14
18% Jan 2
100% Feb 4
16% Feb 24
No par
49
1434
8%
116
3%
133% *132% 133%
*172
3
8%
15
14%
1434
74
74%
74%
*128
1281s 130
20%
1934
20
1934
5
4%
4%
4%
*7
*7
7%
7%
*113% 114
114
*113%
146
14634
14634
146%
124
124
123% 124
*132
934
3
16%
84%
8%
34%
21%
*16%
116% *115
*115% 116% *115
28
27% 27%
27%
27%
934
3
39%
24%
75%
*4%
5
*7
7%
7%
*113% 114
*113%
146
144
146%
123%
123% 123%
9%
*38
128
*4%
9%
39%
8%
*8%
Crosley Corp (The)
Crown Cork & Seal
Jan
90%
40%
8%
39%
4%
20%
23%
MarlO
15
100
Davega Stores Corp
*45
*45
15
preferred
Cream of Wheat Corp (The).2
4
110% 110%
111
14%
74%
128
128
*127
17%
*3
25
conv
Cushman's Sons
*31«
*%6
sl6
S16
111
111
*110% 11234
45%
21
17%
1738
3%
5%
20
3
-
%s
24%
25
*8%
16%
*3
10%
3%
15
38%
17%
17%
4
*3
10%
*%6
*110
17%
1
Crane Co
30
~V,300
1
3% Feb 17
% Jan 7
SCO
700
15%
Feb 18
173
1
Coty Internat Corp
86
*15
*15
*15
17%
16%
16%
16%
7
7
7%
*634
7%
*6%
7%
*111
♦111
113
113
113
*110% 113
20%
2034
21
2034
20%
20% 20%
29
29
28%
28%
28%
*28%
2834
17%
*16%
17%
*16%
17
*16%
17%
3
25
48
*74%
Coty Inc
1,700
9%
27%
46
10
39%
8%
33
100
Preferred
93% May
Jan
2
10% Mar 17
44% Feb 19
100
8%
52
50
25
1,400
1,600
106% Jan 22
45% Feb 19
300
33
9%
86
%B
25%
*38%
8%
434
8434
26%
*74%
45%
*25
9
600
3%
33%
27
"15
16
40-%
8834
45
27
3%
"Is"
*15
40%
8834
*2%
434
8434
45
33%
*16%
111
*86
47
27
10%
111% *110
*110
5%
23%
41%
41%
1234
51
33%
9%
*10
*%e
17%
5%
24
41%
41%
13
86%
14%
22%
1%
2634
3
9%
17%
5% series
6
8
21
24
Corn Products Refining
520
14%
33%
4
700
6,600
51
*43
2,000
5
Feb
Feb
Feb
Mar
Feb
7
2% May
8% May
4% Jan
3
Corn Exch Bank Trust Co..20
50
%
103
*21%
1%
46
*43
Copperweld Steel Co
35%
2%
17%
1734
14%
Continental Steel Corp.No par
15%
15%
103
21%
is
*14%
21%
1%
9%
2634
*15
2034
2834
4%
51%
15
*50
300
700
85
33%
*7
7%
7%
*110% 113
*110%
17
15
*84
1434
*3
2834
1
90
52
$2.50
% Aug
5% May
2% May
5% May
% Dec
1% Mar 10
3
6% Feb
5
4%
4%
21%
1%
Fibre.5
Continental Insurance
17%
17%
2034
434
Diamond
Conv pref
Jan
Jan
Continental Oil of Del
160
Jan 13
Feb 14
Continental Motors
200
Jan
36
1,200
3,500
»ia Feb 28
3%
79
8,100
53%
4% May
21% May
97% May
9
6
20
Jan
May
May
7% Mar 19
8
100
4,900
47%
7%
23% Jan 13
15% Feb 4
101% Feo27
12% Feb 15
7% Feb 19
% Jan 2
3%
46
4
*3
5%
Continental
75
May
17% June
2% Mar 20
5% Feb 3
18%
I734
47
3%
14%
47
800
46%
46%
*170
175
89
21%
1%
26%
*74%
86
46
17%
*15
89
*2%
*50
7%
38%
63
Jan 15
107% Jan
34 Feb 15
2% Feb 15
5
2% May
8
Jan 9
Jan 16
Jan 28
2
7% Jan 10
Continental Bak Co cl A No par
Class B
No par
Highest
share
per
14
Feb
103
% Jan
5% conv preferred
100
Consumers Pow $4.50 pf No par
Container Corp of America.25
8% preferred
5
Feb 15
5% Feb 14
25
Continental Can Inc
Jan 10
4
2034 Feb 20
15
41%
8%
27
17%
41%
33%
9%
26%
*74%
*15%
1%
33%
9
>27%
42
3%
51%
14
*21%
1%
27
86%
14
*14
22%
1%
33%
86%
22
1%
51%
14
*21%
1%
2,400
Lowest
$
share
per
18%
29%
15%
9784
104% Mar 10
6% pf.100
Consolidation Coal Co
100
*'%«
1534
103%
*17%
17.%
*5%
5%
24%
24%
41% 41%
*41
41%
13%
13%
90%
*84
100
1,500
6,300
3,300
3%
15%
103
*2%
88
400
36%
18
4%
434
5
4%
89
87
*52%
*2%
5
4-%
%
%
1534
15%
101% 102%
*17%
18
5%
5%
24% 25
41% 41%
41%
42
*90
*4%
13%
87
13%
3%
4%
41
13%
*86%
*2%
4%
"""266
Mar
92
$2 partlc preferred
No par
Consol Laundries Corp
5
Consol Oil Corp.
No par
Consol RR of Cuba
*52
46%
17434 175
13%
86%
13%
87
3%
176
41
13%
87
*2*8
4634
86
100
1734
47%
53
200
87%
*86%
36%
7%
38%
3%
18
18%
15%
3%
18%
42
*91
7%
38%
3734
47%
46%
176
5%
7%
38%
18%
47%
46
18
8
3734
3%
53
58
58
1534
16
10134 10134
5%
24%
8
14«4
1434
100
7%
87%
36%
prior pref
$5 preferred
No par
Consol Film Industries
1
7%
*2%
5%
36%
No par
100
7% preferred
Range for Previous
Year 1940
Highest
$
share
Feb 19
22% Feb 19
1134Mar 3
Consol Coppermines Corp...5
Consol Edison of N Y_.Aro par
5%
37
36%
3%
*18
4%
4%
87%l *85%
*85%
3
1
Consolidated Cigar
per
16% Jan 20
2,700
» is
18%
19%
3%
179
18
5*2
25
43%
42
13%
87%
*40
18
*170
4%
18
38
1834
1914
15
53%
47%
4534
48
45%
3814
35s
*18%
*1434
*52%
47%
1512
54
*170
90
37l2
37
No par
5,200
14,900
*%
2%
$
Inc.No par
Consol Aircraft Corp
280
»1B
8
Congoleum-Nalrn
150
97
*358
1734
9012
37i8
*37
Conde Nast Pub Ino
3%
16%
4
4
3%
3%
*3%
*3%
*3%
*1634
1734
18
IS
1734
17%
1834
*17%
19%
*17%
1834
103
103
*102
*103
10334 *102% 103
104% *103% 104% *103% 104%
14
14
1378
14
13%
14
13%
13%
*13%
14
1334
I334
1
10%
10%
10
10%
10i8
105S
9%
10%
9%
9%
9%
9%
1
1 'I
'8
78
%
"16
34
Ui«
%
%
h
%
*89
Lowest
Par
1%
«1B
*2%
5%
7%
16%
28%
13
21
21%
105% 105%
8
234
89%
*97
98%
98%
7%
7%
21%
21%
104% 105%
*2i2
5-%
5-3s
*7g
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
$ per share
35s
100
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
1634
99
7%
2i3s
2n2
105
105i8
*%
11 16
NOT PER
Wednesday
*1612
90
7*8
SHARE,
Sales
for
Saturday
y Ex-rlghts.
7
4
14
15
14
9
12&8
102
4%
Mar
Jan
1
Jan
25
Jan
Dec
79
June
98%
10
May
20
Jan
40%
Feb
27% May
H Called for redemption.
1874
LOW
New York Stock
AND
HIGH
HALE PRICES—PER
SHARE, NOT PER
Record—Continued—Page
CENT
5
Sales
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
On Basis of 100-Share Lots
the
Monday
Tuesday
Wednesday
Mar. 15
Thursday
Friday
Mar. 17
Mar. 18
Mar. 19
Mar. 20
Mar. 21
Week
% per share
$ per share
% per share
Shares
$ per share
I per share
♦11%
17i2
*16»4
17l2
*10134 102%
35%
35%
13%
13%
*31%
*24%
32%
5%
5«4
26
*24
28%
*28%
29%
105% 105%
15%
15%
118
*3%
*118
36
*1%
1%
*134
17
1%
17
*18%
*105
3%
334
46
36%
36%
*1%
1%
*18%
107% *105
6%
*10%
*50%
10%
51%
434
434
*50%
434
*101
51
51
45
19%
*105
5%
11
51%
4c
107
5%
*10%
*50%
*434
105
*101
51%
7
51%
*634
6%
7
634
*137% 146
*137% 146
*137%
4%
4%
4%
434
4%
434
*4%
4%
4%
434
13%
13
13% *12%
13%
*81
85
*82
85
*82
*80
84%
*81%
83%
130%
43%
43%
124
45%
124
46
4%
4%
*6%
*107
*%
7
111
83
*81%
129
4338
83
83
*80
83%
129
44%
43
124%
46%
*46
*334
4
*6%
*107
%
14%
54
*20
20%
*13
13%
*19%
*102
*1134
3%
36
21
107
12
3%
36
5%
5%
63%
1334
63%
14%
*1%
42%
1%
*2%
2%
41%
*77
13%
*62
18
84%
*1%
*27%
*84
5%
*11%
84
53%
20%
13%
7
1%
17%
19
7
114
114
%
89
114
13i«
17
91
89
123% 124
124
46%
47
47
4
*107
%
14
*%
*13%
19%
23
10%
*19%
23%
19%
54%
19%
13%
*13%
13%
*21
3%
6%
7
111
*107
%
14%
105
7>«
*13%
102
7j#
•
20
19%
*10
23%
10%
54
54%
54
19%
*13%
19%
*19%
13%
*13
23
*10%
12
3%
3634
3%
*3534
6%
5%
5%
6
6%
6%
64
64
64%
13%
13%
*13%
64%
13%
43
41%
41%
1%
2%
*41%
43
43
*40
17g
*1%
2%
*2%
13%
*62%
84%
1%
♦82%
1%
13%
*27%
28%
7g
5%
13
*12%
11
11
12
*11
31%
*22%
*14%
13%
63%
*13%
13%
63%
*62
62
*61
86
*2%
*82
18%
18%
18%
84%
1%
28%
1%
1%
*81%
*1%
28%
*27%
*5
5%
12%
11%
12
31%
24
14%
25-%
1?16
l3io
5%
13%
12%
11%
*11%
11
11%
31
*30%
*22%
86
82%
*27%
24
31
13%
1%
*2%
*82%
13%
*80
18%
84%
1%
28%
1%
63%
18%
82%
86
13%
1%
2%
"18
5
5%
13
*11%
*10%
11%
*11
12
*30%
*22%
14%
31%
*22%
24
24
1434
1434
14%
14%
25
25%
25%
25%
25%
25% 25%
25%
25
25%
25% 25%
25%
25-%
26%
*138% 140
*138% 140
*138% 140
*138% 140
147«
*30
18%
*1%
*27%
18%
84%
1%
28%
"id
200
200
600
880
800
200
40
200
600
13
62
400
200
300
%
100
"3~200
4,900
3,400
31%
*30%
31%
11%
11%
1134
11%
*11%
12
xl 1%
11%
H%
15%
15%
*15
15
15
1%
15%
1%
11%
15%
11%
11%
*134
1,400
*1%
1%
11%
11%
15%
1%
4,800
14%
11%
11%
15%
1%
19
11%
*11%
11%
11%
1%
11%
1078
1%
11%
*17
1%
11%
19
2
*17
17S,
1%
*1%
19
*15
1%
300
200
19
2
1%
12
"2",200
100
conv
preferred
*i«
10
Brothers
Jan
Feb 14
46%
Jan 30
18% Feb 14
11% Feb 19
19
Feb
102
5% Feb 14
No par
60
No par
1234 Feb 24
conv preferred.....50
40% Feb 25
preferred
conv
No par
preferred
par
No par
No par
Preferred
100
Grabara-Palge Motors
Granby Consol MS&P
Grand Union
w
1%
84
12
10
6% preferred
20
Gr Nor Iron Ore Prop..No par
Great Northern pref
No par
Great Western Sugar..No par
23
Mar 12
13% Feb 18
22
Feb 14
19%
Jan
1
Greyhound Corp (The).A'o
5
conv preferred
Grumman Aircraft Corp
1
No par
1% Feb
8% preferred
100
Gulf Mobile & Ohio RR No par
$5 preferred
No par
13
Jan
*28%
12%
30%
12% • 12%
*28%
30%
*28%
30%
Hackensack
Water...
25
29
40
*34
40
*34
40
1378
25
33
14
14
*13%
14
10
14
*13%
*13%
13%
*13%
*104%
*100%
7% preferred class A
Hall Printing Co
*13
14
13% Mar
*100%
1978
*147
....
1978
149
*5%
*94
6
9934
2%
*84
2%
89
6%
*83
6%
86
20
147
*5%
*105
20%
20
147% *147
6
*5%
*94
99%
2%
*83%
*6%
2%
87
*83
86
6»4
*94
20
149
6
99%
2%
87
6%
*83
86
*125
72%
127
*70%
72%
*125% 127
71
127
6%
7
7
86
*83
*155% 162
*12%
13
71
71
72
5478
*53
54%
127
*53
7%
86
71
37
*12
12%
37
*36%
12
12
12%
58%
58%
58%
*58%
*110% 111
*110%
334
334
334
*34
35
*7li
*2%
17
*
3%
17
*3%
%
35
%
4
*%
*2%
17
*3%
3o
37%
*34%
37
7%
14%
....
47%
34%
34%
12%
12%
12%
11%
11%
59%
*59
58%
*59
59%
59%
111
*110% 111
*110% 111
*110% 111
334
3%
3%
3%
3%
3%
3%
35
35
35
35
34%
*33%
34%
%
%
%
*%
%
'18
%
3%
2%
2%
*2%
3%
*2%
3%
17
17
16%
17
16%
*17
17%
3%
3%
3%
3%
3%
3%
3%
7,,
716
*%
%
Bid and asked prices: no sales
on
this day.
7
900
T.100
3~,2C0
*7
800
40
300
7%
13%
14
3",4 00
*1C8
47%
*34%
47%
T,300
35%
100
*11%
11%
200
34
300
1,100
Hercules
3%
1,500
1,400
3,300
4
14
May
65% Nov
Jan
9
1684 May
Jan
6
2434 Mar
13% Jan
z67% Jan
1434 Jan
Jan
Nov
1934
Jan
9
30
May
45
Dec
2% Jan 25
2% Jan 2
2
May
Jan 10
77
1434 Jan 10
10
July
May
65% Jan 13
20% Jan 10
45
90
69
46
Jan
91
134
1% Jan 10
28%
1%
6'%
1334
13%
1284
Dec
May
12% May
Jan 27
June
1%
Dec
25
Jan 22
May
% May
4% May
9% June
Jan 11
Jan 6
Jan
7
Jan
6
Jan
2
10
May
36% Jan 16
25% Jan 22
26
May
1534
11% May
Jan
6% June
21% May
4
28-% Jan 11
15% May
26% Mar 19
143
Jan 15
18% May
xl23
4%
3%
90
Apr
Apr
Sept
2034
Apr
69% Mar
24% Apr
97% Feb
4% Feb
71% Jan
1% Jan
9% Apr
14% Jan
12% Dec
1634 Apr
3684 Apr
25% July
18% Jan
30
29%
Nov
Jan
June
142
55
Jan
23
Jan 13
35%
Apr
9
l%Mar 10
19
2%
1%
Mar 11
11
Jan 10
1%
12% Mar 21
May
May
3%
30%
238 Nov
14% Nov
34% Apr
6
8% Nov
29% June
Jan
3
30
16% Jan
May
8
9% May
15
Jan 24
10% May
107
Jan 16
100% June
95
June
Jan
3
14934 Feo 11
16% May
130
May
5% Mar
4
6% Jan 23
5% May
140
97
Jan
2
101
Feb 10
83% June
83% Mar
5
96
Jan 13
86
7
166
Jan 10
155
1
158
12
Feb
Feb 19
67% Feb 19
124% Mar 12
3% Jan
Jan
14% Feb
4
17
5
26
Mar
Jan 29
6-% Feb 14
9
Feb 14
2
Jan
Apr
Apr
Apr
Dec
Jan
Jan 16
37
Jan
20%
Feb
17
Jan
106%
Jan
106
D<
28%
138
9%
104
7
16% Jan
9
16
Aug
4%
113%
Jan
11%
Apr
17
Dec
June
110
Jan
Jan
167
Dec
12% May
21%
Apr
69
Dec
126%
Aug
100%
133%
Apr
Jan
50
June
94% May
67%
115%
Apr
Jan
12% July
1884
Jan
19
35%
Mar
5
Jan 24
May
4% July
Apr
934 Nov
8
May
May
8
35
May
60%
Jan 27
28
May
3884
884 May
16%
14% Mar 10
1334 Jan
6
Household Finance....No par
5% preferred
100
Houston Oil of Texas v t C..25
7
64
9
110
Jan 30
111
3% Feb 14
30% Feb 14
52% Jan
Jan
Jan 15
4% Jan
37% Jan
6
8
..100
2% Feb 18
% Jan 22
3% Jan 6
Hud Bay Mln A Sm LtdNo par
Hudson Motor Car
No par
JHupp Motor Car Corp
1
16% Feb 28
3% Feb 14
3g Feb 15
1734 Jan 8
4% Jan 13
34 Jan 6
33 Mar
x
Ex-dlv.
3
y
Apr
8
Jan
3034 Jan 10
9
6%
Jan 14
39
.100
Apr
Ai
K
7% Jan 13
11
58% Mar
Jan
Apr
89% June
6
103
Feb 17
Jan
12
Aug
33
6
1784
Feb
25-%
May
36
95
Cash sale,
9
65
May
Jan 10
No par
100
r
4% May
May
Jan
634 Mar
61% Mar
11
No par
New stocfc
Oct
Apr
May
43
43% "Feb "4
34% Mar 20
n
Sept
2338
9
115
Def. delivery,
3
3034
23%
106
9
Feb 21
preferred...
Feb
10% May
3% Jan 13
37% Jan 15
7% Jan 9
Feb 15
5%
784 May
13% May
98
Jan 10
53
100
3%
Jan
Jan
2% Feb 14
5
Apr
Apr
Jan
108
Class B
Jan
Dec
14%
84% Mar 7
6% Feb 14
Houdallle-Hershey cl A.No par
Dec
July
2
12.50
Jan
10
No par
Mining
Jan
Jan
1%
19%
106%
Jan 10
$4 conv preferred
No par
Hlnde & Dauch Paper Co
10
Hires Co (C E) The
10
Holland Furnace (Del)
10
Hollander & Sons (A)
5
Homestake
Apr
10
110
18%
77% Jan 11
128% Jan 8
5634 Jan 18
Holly Sugar Corp
7% preferred
7%
Dec
3334
25
100
60
May
25%
100
6% cum preferred
Hershey Chocolate
Apr
127% Mar
13% July
10634
100
No par
56%
Jan
20
19% Mar 13
No par
Motors
Hercules Powder
8
Jan
%
44
Jan 11
IO434 Mar 13
1
25
Howe Sound Co
16%
a
100
Hudson <fe Manhattan
3%
J In receivership,
preferred
Hat Corp of Amer class A
6
preferred
Hayes Mfg Corp
Hazel-Atlas Glass Co
Hecker Products Corp
86%
%
5
Feb 25
6%
% Nov
984 June
Feb 18
104
400
16%
%
Feb 14
Mar
6% preferred
100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
700
34
*%
*2%
9
Feb 27
700
*59%
59%
110% 110%
*3%
3%
3
14
Helme (G W)
Preferred
"500
4
No par
80
100
86
69%
70
126% 12612
126% 126%
*53%
54%
*53%
55
*108% 110% *108% 110%
*14%
16
*14%
16
*17
*17
17%
17%
*26%
28%
26% 27
47%
*36%
7
*83
71
...
*36
Hamilton Watch Co
...
*155% 162
*155% 162
*13
13
13
13I2
*126% 128%
*53
54%
54%
*108% 110% *108% 110% *108% 110% *108% 110%
*14
15
*14%
16
16
*14%
16
*14%
*17
*17
17%
17% *17
*17
17%
17%
*28
28
28
2934
*27% 29% *26% 29%
*7
*7
7%
7%
*7%
7%
*7%
7%
*7%
1334
13%
13%
14
14
13%
14%
14%
13%
*105%
*106
*105%
*106
*108
4684
47
*4634
47
46% 47%
z47%
47%
*53
105
*105% loe
*105% 106
20%
20%
20%
19%
19%
147% 147% *147% 149
*147% 149
6
*5%
5%
5%
*5%
6
*94
*94
*94
99%
99%
99%
2%
2%
2%
2%
*2%
2%
*83% 87
*83%
86
*83%
87
20%
*83
*155% 162
*155% 162
*155% 162
*13%
14%
13%
13
1334
13
72%
...
100
*105
...
*83%
6%
2%
*105
*
7
1% Feb 19
*34
13%
June
9% May
30%
*13
May
1434 June
40
14
Dec
11% Jan 24
17% Jan 9
*28%
*105
Apr
131
May
12% Jan 10
Jan
13% Feb 15
*34
14
101
10% Feb 19
10
14
14
Apr
Jan
Jan
11
par
30%
...
118%
34
40
*13%
*13%
Jan
49%
100
21% Mar 19
104% Jan 17
13
Dec
Dec
Jan 27
Mar
16%
Nov
29% Feb 14
*13
*105
20
22
37% May
16% Jan 10
106% Jan 15
%Mar 11
29%
11%
61%
22%
4% Sept
11% Jan
29% Apr
89% Nov
27% July
*34
14
%
Jan
41
32% June
3% June
5% May
3
Feb
Jan
120
116
100
*2834
*13
2
138% Mar 20
30
*105
18
20
Feb 15
40
6,400
10
10% Mar 6
10% Feb 14
3034Mar 7
*34
12%
20
4% Feb 14
No par
Guantanamo Sugar
4
Feb 19
Feb 14
Feb
Mar
Feb
% Feb
No par
Green Bay <fc West RR
Green (H L) Co Inc
Mar
59%
16%
*80%
1%
27%
1
100
7
1134 Feb 14
5
Preferred
Jan
2% Feb 13
dlv ctfs.A'o par
Without dlv ctfs
Granite City Steel
Grant (W T) Co
Feb 21
*2834
*13%
7
Mar 17
10% Feb 19
3% Feb 18
3434 Jan 3
...No par
109
3
16% Feb 20
22% Mar 18
No par
Gotham Silk Hose
10
42
preferred
Yi%
$5
300
""300
Jan
Feb 18
Goodyear Tire & Rubb_Aro
10
2,900
1,500
%
6
7% Jan 15
Feb 19
5%
3,300
1%
27%
Jan
Jan 30
12
4
1~,300
18%
No par
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)._._No par
~
84%
6%
107
Jan
8%
145
118
2
48% Jan
Apr
Dec
57%
111% May
% May
28
Sept
7784 May
Mar 19
Jan
734
105
3334
132% Jan 28
334 Mar 20
1
No par
$6 preferred
Glldden Co (Tbe)
400
1134
18'%
1%
91
Sept
May
1234 May
Mar 19
86
102
Glmbel
300
1%
2%
86
""eoo
1%
1078
2
40
20
26% May
102
"uMar 17
6
Jan
No par
?5
600
*30
*15
Jan 28
Mar 18
114
Feb 27
126% Mar 11
General Tire & Rubber Co.-.5
Gillette Safety Razor..No var
1,700
43
Printing Ink
preferred
6%
400
*30%
11%
19%
38
Gen Theatre Eq Corp..No par
Gen Time Instru Corp.No par
400
42
1834
1%
8
4% May
1184 May
48% Feb
35% Jan 14
3934 Jan 6
80
General Refractories
No par
General Shoe Corp
1
Gen Steel Cast S6 pref. .No par
General Telephone Corp...20
2,000
31%
1h
112% Jan
% Jan
6% preferred
i.100
Gen Realty A Utilities
1
J6 pref opt dlv series .No par
20
31%
*10%
33% Feb 15
1»4 May
6
8684 Jan 10
129
30% Feb 15
Gen Public Service
Gen Railway Signal
2,100
31%
*16
Jan
No par
$6
100
42
1%
122
Mar 20
6% Jan
4
*30
*11%
100
...100
5% May
May
118
15% Jan 10
43s Jan
*30%
*11%
5
4% Mar 13
11% Feb 14
73% Feb 19
17% Feb 27
No par
8
139% Mar 21
General
31
15
Jan
Jan
June
3534 May
2
42
*1%
*15%
7%
6
7
30%
134
3%
Jan
Dec
105% Mar
6% Apr
14% Apr
51
May
3% May
Mar
31%
11%
15%
Jan
5
General Motors Corp
1,400
*30
Feb 10
6
No par
100
June
45% June
94
No par
preferred
8
Feb 14
Jan
7i6
5
5
5
5%
*11%
13
*11%
13
10%
10%
*10%
lllo
*10%
12
*10%
11%
31% 31% *31%
32
*22% 23%
*22% 24
14%
14%
14%
14%
25
25% 25%
25%
25%. 26%
25%
25%
138% 138% *138% 140
42
55
June
384 May
538 Jan 10
48
31%
*30
49% Feb 20
$6 conv pref series A.No par
General Mills
No par
4,900
*1%
27%
52
126
14
17%
10% Jan 30
47% Jan 21
4% Feb 21
Dec
97
6% Jan 22
11% Jan 15
5
5%
2
10% May
12
May
106% Jan 14
Feb 14
19%
22%
10%
54
19%
13
*82
MarlO
40% Feb 19
6%
64%
ja16
*82
7
Jan 28
1C0
13%
13
2% Jan
39% Dec
3% Sept
5% Apr
20
Apr
4 CO
%
*61
13%
2434 May
1% May
12334 Mar 19
*41%
*1%
2%
*82%
62
6
105
134%
Apr
4
S6 pref No par
...No par
Dec
6%
Jan
18% Feb 28
J4.50 preferred
No par
Gen Gas & Electric A..No par
118
Mar
22
preferred
Apr
Apr
2
Feb 25
preferred
Jan
21%
39
4
4% Feb
Nov
35
41
18
3
32
10784
20
par
No
Jan
7
10
6%
*63%
86
1% Feb
46
21% Apr
38% Mar
25% Apr
8% Nov
Jan
$5 preferred
No par
Gen Outdoor Adv A...No par
Common
No par
*13%
1%
2%
Feb 15
Jan
2% Aug
May
7
Jan
46
Jan
Jan
June
102
3% Feb 28
6
General Foods Corp...No par
21,660
22
*20
21%
*20
21%
21%
*102% 107
*102% 104% *102% 104%
12%
*11%
12%
11%
11%
11% 11%
3%
3%
3%
3%
3%
3%
3%
36'%
*35%
36
36
36%
*35%
36%
5%
132
Jan
33
10
General Electric Co
20C
105
•
Feb 19
2% Feb 17
43
1% Feb 15
14% Feb 18
preferred
7%
28,500
4,600
*102% 107
12
14
5
110
21%
19%
13%
105
22%
2184
106
9% May
61
May
7
..10
7% cum preferred
General Cigar Inc
200
10
22%
10%
52%
19%
*12%
54
65%
"»•
200
7
*19
19%
23%
10%
13%
18
400
4
7ie
20% Jan
No par
General Cable Corp
Class A
400
111
*102
13% Feb 14
General Bronze Corp
7,100
1,600
6,100
7ie
preferred
conv
4
..10
No par
18
21,400
*%
*13%
14%
102
10
90
*6%
716
7i«
1,700
230
*3%
2
Jan
7
S6 preferred
No par
Gen Am Transportation
6
General Baking
5
400
*107
Jan
6J$% conv preferred
50
Gen Amer Investors
No par
"2,366
45
Jan 13
32
107% Jan
Gaylord Container Corp
130
29
Feb 14
105% Jan 24
Gar Wood Industries Inc
200
'%«
4% Feb 18
24% Feb 14
100
Gamewell Co (The)
2,100
43%
6%
conv
Gannet Co
124% 124%
111
preferred
7% pf.100
S3
"5,700
88
42%
conv
7
8
27
10
Free port Sulphur Co
130
82
x44
47%
3%
24% Jan 24
,
100
conv preferred
Gabriel Co (The) cl A ..No par
Galr Co Inc (Robert)
1
700
88
124
65
*77
500
118
130
3
$7
100
81%
83%
81% 81%
129% 129% *129% 130
43
43
43%
43%
Jan
Francisco Sugar Co
V,9o6
7ie
89
*80
22
F'k'nSlmon&Co inc
19%
*114
i
1334
*1%
2%
100
1%
Jan 13
33% Jan
Foster-Wheeler
1,400
1%
15
3
4H%
1,600
84
42% Jan 13
Mar
Food Machinery Corp
70
17
*19
114
%
64;%
*40%
"eoo
14
Sept
12% May
May
32% May
10% May
2484 June
19
May
6% Sept
22
Sept
18% June
Jan 10
31
Highest
[ per share $ per share
18% Jan 10
105
No par
5%
36%
101% Mar 7
34% Feb 27
12% Feb 14
Florsbelm Shoe class A.No par
Follansbee Steel Corp
10
600
5%
*6%
109
20%
63%
18%
42
1%
17%
19%
13%
*30%
*30
*19
Florence Stove Co
Feb 14
16
100
First National Stores..No par
Fllntkote Co (Tbe)
No par
900
600
3%
*1%
1%
10
6% preferred series A
45
36
36%
1%
I per share
Lowest
Fliene's (Wro) Sons Co.No par
Firestone Tire & Rubber
100
122
3%
*43
Year 1940
Highest
f per share
Par
*105
7i«
53%
19
*1%
1%
17%
*114
3%
45
64-%
*11
*10%
*1%
*17%
7I8
*10
36%
1%
*19%
22%
21
3%
37
116
3%
*43
1%
7I«
102
6
37
102% 102% *102
53%
21
*3534
4
*%
14
3%
45
*3%
47%
*6%
109
%
102
*1134
43%
*334
*13
*13»4
14%
*98% 105% *102
10434
7ie
7ie
7ie
%
*19%
20
19%
19%
2334
2334
2234
23
*10%
10%
10%
10%
53
90
83%
124% 124%
111
*%
115
Range for Previous
Lowest
""166
106% *105
106
106% *105
5%
5%
6
n4%
5%
*10%
10%
*10%
10%
*10%
10%
51% *50% 51%
*51
54
51%
51%
5
4%
4%
*4%
5
4%
4%
106
*100% 106
*100% 105
*100% 105%
513s
52
51%
51%
52%
51%
51%
6%
6%
6%
z6%
6%
6%
6%
146
*138
146
*137% 146
139% 1„9%
4%
4%
4%
4%
5
4%
4%
434
4%
*4%
*4%
4%
4%
4%
13
14
14
*13%
13%
*13%
14%
8434
*82% 84%
84% 84%
84% 84%
183;
18%
18%
*17%
18% *17%
18%
129
128% 128% *128% 129
128% 128%
33
33%
33%
32%
33%
32%
33%
36%
36%
35
36%
35%
36%
35%
*129% 130%
46%
*124
3%
534
11
*17%
1834
*17%
1834
1834
*127% 128%
128% 128% 128%
33%
33%
33%
33%
33%
3534
36%
36% 36%
36%
*113% 114
♦113% 114
*113% 114
%
34
34
>%«
»i«
*129
120
*43
37%
1%
1%
17%
19
*18%
1%
120
3%
*3%
*43
37%
*1%
*134
*17%
1%
107
534
*10%
105
5034
share
120
17
17
19%
6%
*101
*115
122
*43%
46
36
ver
*11%
17% *11%
17%
*11%
17% *11%
17% *11%
1?%
*16®4
17% *1634
17% *16%
17%
16%
16%
*16%
17%
102% 102% *101% 103
*102% 103
*10214 102% *10214 102%
36
36
36
36% 36%
36%
36%
36%
36%
36%
1334
1334
13%
13%
13%
13%
13%
13%
*13%
13%
*31% 321;
*31% 32% *31% 32
*31
32
*31%
32%
*24%
26
*24% 26
*24% 26
*24% 25%
*24% 25%
5%
534
*5%
534
5%
5%
*5%
534
5%
5%
*24
28
*24
*24% 29
29
*24
29
*24
29
97
27
28% 28%
27
*26%
27% *26% 27%
♦105% 106% 105% 105% *105% 106% *105% 106% *105% 106%
15«4
1534
1534
16%
15%
16%
15%
15%
15%
15%
334
*43
S
22,
EXCHANGE
Saturday
118
March
Ex-rlght.
54% May
101
June
3% May
28
Aug
Dec
2% May
12
May
%
3
May
% May
16%
110
71%
112
Apr
Mar
Jan
Dec
Apr
Apr
Dec
6%
Jan
50%
Feb
1%
Feb
7%
Feb
27
Jan
6%
Feb
1
Jan
Called for redemption.
Volume 152
LOW
AND
New York Stock Record—Continued—Page 6
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
On Basis of 100-Share Lots
the
EXCHANGE
Saturday
Monday
Tuesday
Mar. 15
Wednesday
Thursday
Friday
Mar. 17
Mar. 18
Mar. 19
Mar. 20
Mar. 21
Week
$ per share
$ per share
$ per share
Shares
$ per share
7
7
14%
14%
*40
S per share
6*4
*3934
*3*8
4
*20*4
21
*3%
20*4
5%
*99
99%
6%
14
14*4
40
40
*3%
5*2
24
4
2078
*5*2
*23*2
2078
23*4
99*2
*154
634
4
5*2
2334
$ per share
67g
14*2
41
14*2
41
*514
2334
21
6
24
76*2
76*2
11*8
11*2
11
11*4
6*8
*6
6*8
22%
22
22
110
110
22%
*109% 111
*384
4%
CI
Q
*1%
1*4
*37%
40
*151% 153
48*41
48%
*158
*21%
*109*2 110
*334
4%
834
*38
151*2 151*2
49
49*4
16012 *157
160
*3%
3%
*3%
20%
5*2
5*2
2OS4
*5*8
2034
534
*2034
5*4
£23*2
*2334
11*4
111
111
*1%
*111
1%I
1*2
*3%
334
27
3%
3%
878
*3*2
8%
1%
*37%
*1%
120
4%
8%
1%
39
*37
151
47
47%
160% 160% *157
160*2
134
134
1%
1%
8*4
8
8%
8%
*3*2
4
*3%
4
26
26%
26%
26%
3%
26% 27
26%
26%
26% 27%
*128*2 12934 *128*2 12934 *128*2 129*4 *128% 12934 *128% 12934
*128% 129%
13*4
14
13*2
13%
13*4
14%
13%
14%
13%
14
13*2
13%
6534
66*4
66*2 6634
66*2
68
66*2
68*4 £64%
65*4
64*4
65*4
*1%
2i8
*1%
2%
*1%
2%
*1%
2%
*1%
2%
*1%
2%
*38
*38
39
39% *38
*38
39*2
39
*3634
39
*36%
38*2
*39
404
40% 40 %
*38*2
40*4
*39
38%
40
40
38%
40%
29
*29
*28*4
29%
29*8
29%
29
29
29*8
29*8
28%
28%
*32
34
33
33
32*2 32*2
35
33*2
34
35
35*4
35%
*
*100
103
*97*2 100
*97*2 101*2
98*2 103
10034 lOO-li *100
101%
2U
2%
2*4
2%
2%
2*4
2*8 ->'2*8
2%
2*4
2%
2*4
2%
2%
2%
2*4
*2%
2*2
*2*8
2*4
2*4
2*4
*2%
2%
8
*734
8
734
7%
7%
734
8
7%
*734
7%
734
,
*84
8*2
*29%
*126%
*12
*39%
59%
*124
89
8*2
30
....
12%
40
59%
*84
89
8%
*84
*8
8%
29%
*126*2
30
89
8%
*29*2
30
1— *126*2
12*4
12*4
3934
*39%
59%
60%
*8
*29
12%
40
60
61
12
...
8%
89
*8
30
*119
*84
8%
*28%
*28*4
Intnatlonal Salt
No par
International Shoe
No par
1,800
100
6,800
900
900
40
200
61%
2,700
700
12%
*119
16*2
14
*12*2
14
*12*2
13*2
*12%
13%
100*4
*12%
13%
*12%
14
""000
4
100
100*2 100*2 *100*4 10034
100
*100
101
8
*7*4
8
7*4
7*4
*7%
7%
*7%
8
*7*2
7%
1097S ♦101
109% *102
109% *101
109% *102
109% *102
109%
*15
16
*15
*15
15%
*1534
15%
15%
15%
15%
15%
15%
*7
*7
7
7*8
7
7*8
734
734
*6%
7*2
*6%
7%
100*4 100*4 *101*4 105
*102
107
*101*4 105
*102
108
*102
108
■
100
170
100
*101
31
2*4
*29%
*2
32
2*4
31
*2
2*4
*2
33%
34%
15,400
12%
13
*12%
1,300
*29%
32
*21*4
23*4
*12*4
13
*7*2
8
25%
21*4
2134
634
2234
*12%
*6%
7
70
*25*4
2%
2%
»i«
%
3
21
2234
2234
12%
1234
12%
12%
8
*7%
8
2534
2534
26
2134
*734
25%
1
25%
25*4
25*4
*21
*112
2*4
*%
*3
2%
%
12*4
12*4
23
3434
*21%
3434
5%
534
3734
5%
534
5%
*36*2
37*2
*36%
86*4
86*4
87%
88
87
^185
*177
*86
*87%
*178
87*4
8734
185
♦177
12*4
21%
3
*21
22
*21
114
200
120
2%
2,800
*%«
%
%6
»16
1,200
*2%
3*4
21*2
£20%
21%
3
12%
12%
22*2
*22
35%
35%
35
5%
534
37%
86
21%
114
""000
2%
*2034
87*4
25%
238
12*4
*85
25
115
35
37%
800
8
2%
22*4
/5%
80
12%
*7%
114
3434
:
23*4
*12%
2*4
22*4
23
35
*21%
*21
114
3,600
%
3
*12
*2178
34%
2*4
21
2034
2034
2134
*112
»i«
3
3*2
20%
114
*2%
2%
34
*1178
*36
2284
8
22
*21
*6%
*36
85
87%
185
*177
*19
12%
85
;
5%
37
37
85%
8634
*177
86%
185
3%
*12
12U
22*2
35
85%
87%
185
*3
20*2
22%
5%
*34%
:
300
20%
1,700
12*2
22*?
35
5%
37*2
84%
5%
*36%
84%
86
86
*177
$5 prior preferred
Kresge (SS) Co
Kresge Dept Stores
10
1
400
200
100
21
1,000
185
2,100
--
"""200
3
Jan
2
2% Feb 14
20% Jan 30
11% Feb 1
21% Mar 3
34% Mar 15
5
Feb 19
37
Feb 26
25%
25%
1,600
35
*35
36%
400
10*2
*10%
10*2
1,500
Lion Oil Refining Co...No par
9% Feb 17
15%
15.
15%
23%
500
14% Feb 14
6,000
Liquid Carbonic Corp ..No par
Lockheed Aircraft Corp
1
3,100
Loews Inc
24*2
24*4
24*4
23%
24*2
33%
32*2
32%
32%
32%
24
33
*107*2 108% *10734 108% *107*2 108%
18*4
*37*2
*234
15
*108%
17%
18*2
18
18*2
37*2
2%
37*2
*2%
37%
3
15
15
18*2
18
38
37*2
234
15*4
*107%
15%
3
15*8
— -
17%
158
158
18
18
17U
*155
*107*4 108*4
17%
159
18*4
65%
66*4
66U
28*2
66
66
*28*2
29
29
136*2 136*2 *135
*6*8
*13
25*2
5034
234
*26*2
*13%
*2*4
2%
2*4
2*4
2%
*634
7%
Louisville & Nashville
MacAndrews & Forbes
24%
11*2
11*2
2%
*6%
*12%
734
13%
28
2*4
7%
13*2
24
—
-
28
24
10
1,400
700
1
Mar
3
800
Manatl Sugar Co
Copper
*6%
7%
*12%
13%
100
Manhattan
1%
400
4%
4,100
Marine Midland Corp
9%
10%
4,230
Market St Ry6% pr
14%
29%
1434
14%
14%
14%
14%
1,800
Marshall Field & Co—No par
2834
30
28%
28*2
14*2
29
4% Jan 30
7% Feb 18
13*2 Jan 17
13,600
9*4
25
9%
9
2,200
25
9%
24%
9*4
25*4
25
1
No par
No par
24% Feb 21
29%
28*2
9*4
9%
2534
26
*9*2
9%
2534
2534
*25*2
2534
25*2
174
5034
2%
30
*25*4
*165*2 176
50*2
2%
*27*8
50*2
2%
30
*13*4
14
*13*2
105*4
23%
23
*8*4
1334
14
13%
*13*4
*22*4
9
*8%
32*2
32%
32*2
32*2
*7%
8
*734
8
*32*4
*734
3*8
3*4
3*8
*25%
26%
25*2
Bid and asked prices; no
25%
*172
50*4
*49%
2%
234
30
2734
25%
1334
14
13%
*13%
25*2
25%
*174
176
50
*49
50
2%
2734]
2*;
2%
*27%
30
*105
13%
14
*103*2 105
....
13%
13%
1334
13%
*104
105
*22%/
23*4
*8%
*32*2
8%
32%
8
8
3*8
3*8
25%
2534
23
23
8%
32*2
£8*4
32%
32*2
8
8
3*4
2534
9*4
176
*105
*103% 105
23
9
3*4
2%
*2734
104
*8*4
26
*48%
*105
*105
13*4
*165*2 176
29
25
23
8%
sales on this day.
25*4
25*4
*165% 176
49%
49%
*2%
800
Co
Martin-Parry Corp
Masonlte Corp
1,000
100
...
T3%
*13%
"V.ioo
13%
13%
100
McCrory Stores Corp
100
300
6 % conv preferred
McGraw Elec Co
400
McGraw-Hill Pub Co..No par
*104
105
*22
23
*8%
8%
McCallCorp
No par
1
100
1
32%
32*2
800
8
7%
7%
500
3%
3%
3%
3%
3,300
Mclntyre Porcupine Mlnes__5
McKeesport Tin Plate
10
jMcKesson <fc Robbins, Inc._5
2534
26%
26*2
26%
5,000
<f Def. delivery,
n New stock,
r
Cash sale,
Feb 14
8
Feb 14
24% Feb 15
174
Feb 19
48% Feb 21
2% Feb 24
25
Jan
8
103% Jan 23
12% Jan 7
13% Mar 1
53%
Jan
Jan 23
5
May
9%
Apr
Jan 18
33
May
96*2 Jan
3
30
Jan
16% Jan
28% Jan
34% Jan
109
4
8
9
6
Jan 29
19% Mar 11
Jan
9
3*2 Jan
15% Jan
3
40
6
110*2 Jan 18
19% Jan 15
162
19%
Jan
2
Jan 10
14
Feb
Jan
45
Apr
87
Apr
18% May
23% Apr
30% Dec
27
May
41
Apr
9
May
14%
Apr
10*8 May
22% July
20% May
97
May
15% May
29
June
2
May
13*2 June
105% May
17*4
Dec
138*2 May
15*8 May
18% Mar
41%
37%
10912
39%
46*2
4*4
18%
109%
25%
163%
21%
Apr
Mar
Apr
Apr
Jon
Apr
Jan
May
Apr
Dec
Jan
May
65
Nov
25% May
35
Jan
3
x
,
24
/
Feb 18
Feb 19
Ex-dlv.
38
27
Jan 14
Jan 21
20*2 May
8% June
31
12
2
21% May
38
2% Mar 10
1*2 Aug
4
May
30*2 Jan
1
Jan
6
5% Jan 14
Jan 8
15% Jan 27
11%
30% Jan
12% Jan
6
6
2812 Jan 13
11% May
% May
3*2 May
2% May
8% May
26% June
6*8 May
21%June
Jan 22
21
June
175% Feb 10
160
June
30
Jan 23
36% May
2% Jan 14
27% Mar 19
2*4 May
53%
105
Mar
20
May
6
96*2 June
13% Feb 28
10% May
14% Jan 6
103% Feb 20 111%« Jan 30
25% Jan 11
2212 Feb 1
9
Jan 9
7% Feb 19
31
Feb 3
33% Jan 7
9% Jan 9
7% Jan 2
$3 series conv pref—No par
t In receivership.
Jan 14
23
Mathleson Alkali Wks.No par
7% preferred
.....100
May Department Stores
10
Maytag Co
No par
$3 preferred
No par
$6 1st cum pref
'No par
30
*27*8
5
40
3
*105
Martin (Glenn L)
%
pref.. 100
£00
300
29
6% Feb 26
4%
25*4
Jan
4% Nov
24% Nov
June
Jan
14*2 Jan 13
4%
25
Shirt
May
Dec
Jan
1%
30
8
Jau 13
39
2
Dec
Deo
4
9
12% Jan
24
45%
7%
%
25
116%
16% May
9% May
18*8 May
3
10%
28%
4
Mar 17
13
10
9%
Jan
22% Jan 22
5% Jan
..No par
4%
28%
9
4
10*4
25*4
4
Jan
1% Feb
Maracalbo Oil Exploration— 1
Mandel Bros
Feb 17
11
934
14%
%
Jan
31% Dec
4%
15
1% May
16%
7% Nov
35% Jan
136*2 May
434
15
15*8 May
100% June
Jan
Sept
10*4
15.
4
2% Jan 13
116% Jan
Apr
9% Jan
21*2 Sept
May
8%
4%
16% May
Feb
17
10
1
Magma
2%
*1
27% Jan 10
25*4 Jan 9
4
29%
34*2
Jan
128
Mar
23% Feb 14
300
200
Dec
3% May
Feb
33% Jan 10
25
25% Feb 21
11*2
28%
8% May
11%
Apr
26
3
134
4%
1*8
8
8% Jan 13
Apr
2%
31%
Feb 14
100
8*2
*1
Jan
May
46%
31% Jan 21
138
Jan 21
4%
1%
Jan 13
13
4
Apr
Dec
38% Jan
15% Nov
70% Jan 27
4*2
*1
8
May
23% May
9%
105
Feb 18
60
*8*4
1
8% Jan
2
22% Aug
Apr
18% Nov
28% Mar 18
100
10
Macy (R H) Co Inc..-No par
Madison Sq Garden...No par
11%
100
Feb
17
No par
6% preferred
Mack Trucks Inc
*26%
*2
108
17% Mar 18
158% Mar 11
8*4
*23
*
*6*4
*12%
100
10
5% preferred...
7% preferred.......... 100
Louisville Gas & El A..No par
4%
*104
3*4
634
13*2
2% Feb 15
13% Jari 30
Lorillard (P) Co
4
1
104
*2534
6»4
*12*2
Long Bell Lumber A—No par
25
Loose-Wiles Biscuit...
700
*26%
2*4
36*4 Feb
600
*130*2
27%
Feb 19
14
1
.....
65%
28%
30% Jan 14
107% Jan 31
Lone Star Cement Corp No par
29*4
....
20% Feb 14
No par
No par
....
$6.50 preferred
Loft Inc
64*2
24%
11*4
2,400
27% Jan 9
29% Jan 10
37% Jan 14
11% Jan 6
29%
28%
28
19*4
10
May
27% May
20% Feb 24
1
*105
13*4
*26*4
11*2
80
9
Jan 10
38
Feb 10
13
8*4
174
26*4
20
5,900
87% June
24% May
33
66
*130%
24*4
26*8
24*2
11*2
26*4
24%
*11*2
26*8
19
200
1,600
7
2
37% Jan
13% Jan
18% Mar 11
22% Feb 19
No par
1
4*2
2778
9*4
24*2
12*4
*24*4
*11*2
17%
158
500
105*4 Feb
Lima Locomotive Wks.No par
29
29
28%
17%
158
28*800
4% May
Link Belt Co....—
Lily Tulip Cup Corp—No par
13
1334
1
*25
28*4
19%
*65%
....
28%
28%
2*4
1
15
*132
28*2
28*2
*24*8
159
18%
29
2834
28%
24*2
12*4
7*8
28*2
*130%
17%'
17%
*155
18*4
*65*4
2*4
17%
159
18'2
28»4
*11*2
17%
*155
*18*4
66%
*24*4
17*4
158
18*4
.2834
*26%
17%
158
23*4
22%
23%
32*2
32%
32%
32%
31%
32%
*10734 1083g *108
108% *107% 108%
18%
19
18*2
19
18*2
19*4
38
*37*2
38
*37%
38
38%
*2%
2%
*2%
2%
2%
2%
*15
15*2
*15*4
1534
15*4
15*2
*107*4 108*4 *107*4 108*4
108% 108*4
18*4
*65*2
28%
•
10*2
*15
4
May
25%
34*2
15
8*2 Jan
16
26
34%
10%
8*2 May
109
34%
15
2
109*2 Apr
188% Dec
25%
10%
109
Jan
May
23
10*4
Jan
18
May
34%
15*8
Dec
95
June
26
10*4
7
9
87
25%
15*8
6
Jan
169
*18%
15%
24%
May
Jan
2
*33*2
10*2
92
8
106
3
19
10
Apr
Jan
34*2
*14%
24%
Mar
7%
20*4 Nov
15*2 Jan
104*2 Dec
15*2 Jan
Jan
26*4
15
121
3*8 May
98
19
10*4
117% May
5% Jan 10
189
26*4
15
121% Mar 12
Jan 27
*33*2
*10
Apr
Mar 21
19
23
Jan
16
86
84% Mar 21
34
25%
Jan
109% Dec
179
26
*19*4
132
9% June
% Feb 13
50
..1
5
....100
Mar
1%
-- --
Preferred.
.
Feb 14
113
.No par
Llbbey Owens Ford Gl.No par
Libby McNeill & Libby
7
Life Savers Corp
-5
Liggett & My^ers Tobacco..25
Series B._
25
-
Jan
Jan
Jan 10
12%
26
Feb 15
Jan
48*2 May
Jan 30
23% Feb 20
Lerner Stores Corp
18,400
122% May
3
7
Jan
Dec
9
Jan 13
12
8%
Jan
Jan
26*8
17% Jan
4%
4%
10%
92*8
Mar
1*2 May
5% Feb 14
Dec
17
17% May
19% May
Feb 15
Nov
77%
29% Jan 25
24
Jan
30
109
52
June
2% Mar 10
2% Feb 15
£22% Mar 3
Apr
Jan
44
Jan 2*
Feb 14
5%
9
May
34% May
22
—5
6% conv preferred..
6
Jan
Jan
21% May
Dec
23% Feb 15
No par
Lehigh Portland Cement---25
4% conv preferred
...100
tLehigh Valley RR...
50
Lehigh Valley Coal
No par
Mar
1%
100
5% preferred..
Feb 14
12
Lambert Co (The).....No par
Lane Bryant
Lee Rubber & Tire
Feb 14
38%
133
Dec
104% Jan 27
Mar 19
Jan
33
May
7% Feb 4
104% Jan 22
Apr
7
130
9
19
23
7
Jan 16
63% Jan 13
Jan
14%
June
20*8 May
122
14% Jan 10
34
*19*4
44
7
1% May
May
100
No par
Lehman Corp (The)
Lehn & Fink Prod Corp
1,700
13*2 May
97% Jan
11
26
23
Jan
Jan
Dec
5%
Feb
12% Mar 10
Laclede Gas Lt Co St Louis 100
7
Jan 10
14
173
Dec
May
18% Jan 24
31
Kress (SII) & Co
No par
Kroger Grocery & Bak. No par
*634
2234
33
133% Feb
Dec
39%
36%
25
9
Kimberly-Clark.......No par
Kinney (G R) Co
1
700
1234
12%
2
Feb 14
4
15% Jan
31
200
*7%
23
120% Jan
No par
Keystone Steel & W Co No par
5,000
8
*21*4
5
KenneCott Copper
3*4
7
22%
*110*2 114
*110*2 114
*2%
634
12%
*7%
25*2
21
6%
Feb
1
22%
100
6
Feb 14
Kendall Co $6 pt pf A ..No par
Class B
25%
22%
25%
Feb 14
14% Feb 28
6*8 Feb 19
98% Feb 21
*2%
22%
23
2534
6%
.100
5
Keith-Albee-Orpheum pf__100
Kelsey Hayes Wh'l conv cl A. 1
5% conv preferred
Kayser (J) & Co
25%
*234
22%
2534
3*4
55
100
1
3*4
22%
25%
23%
Mar 21
11% Feb 19
39% Feb 25
Southern.No par
4% preferred
Kaufmann Dept Stores..
*234
23*2
3
7
Kansas City
23%
23%
3
*6%
..100
23*2
23%
3
22%
Preferred
23%
2334
2534
1
No par
150
3
27
28% Feb 21
124
..No par
Johns-ManvlUe
27
23*2
22%
1
26
3*4
*25%
$6 preferred
Jarvls (W B) Co
Jewel Tea Co Inc
26%
23*2
2534
Feb 14
*26%
23%
*2?8
23*8
23*8
7
200
23*2
22%
Feb 24
62%
26% May
74*2 June
5*4 May
87
2*2 Dec
44
191% Mar
73
94*2 Jan 17
8% Mar 15
100
.....
Mar
5% Nov
12% Jan
56*4
1% May
Jan
113
June
4% May
5% Feb 19
Apr
37
9
2
*26*2
Jan 10
31% Jan 30
35*2 Mar 21
100% Jan 8
15%
7*2 Nov
47% Mar
40*2 May
1% May
3
13*4
31%
26%
41%
June
10*8 May
3% Jan 10
8% Mar 11
2
26%
2% Jan 16
39% Jan 2
109
Feb 17
*29%
26%
Jan 13
5% May
3% May
19% June
Feb 13
2*4
*2
2%
26*4
2534
20
3434
13
26%
23%
26
200
34%
26%
*25%
"200
34*2
32
Mar 19
15*8 Jan 4
68% Mar 19
1%
2
Kan City P & L pf ser BNo par
...
4
32
4
11
*15%
*2
Jan
Kalamazoo Stove & Furn—10
4
*29%
131
6
Jan 10
Jan
200
16%
12%
*29%
May
Dec
Jan
2%
9%
3%
27*8
Jan
4
34
145
170
Feb 11
*15%
12%
May
110%
12%
May
53% Jan 10
128
*11*2
1
18% May
38
100
16*2
34%
3
June
2% July
6*2 May
June
125% Jan
16*2
1234
Jan
94
136
Jones & Laughlln St'l pref. 100
16%
3334
95
66*2 May
7*2 May
4% June
167*2 Jan 10
100
4
12%
38% Feb 21
£28% Mar 13
25% Feb 15
Jan
Apr
Nov
91
3
Jan
118
158
Jan 28
Feb 28
Jan 16
Apr
May
21% Aug
2
29
Jan
Nov
May
Jan 14
11% Jan
2% Jan
49
_
1,000
*16%
34
57*2 Feb 19
1% Feb 17
Jan
128
4
3334
Mar 12
Jan
104% 105
104%
16%
*1234
23% Feb 19
129
1
*3%
*16*4
33'a
12 78
Jan 30
13%
6*2
25%
113%
4%
9%
Jan
Jan
Apr
72
2
29%
126*2
12
4*2
33*2
7
3*2 FeD 14
No par
16%
*12*4
157% Feb 20
1% Feb 15
90% Jan
16% May
23
,
share
140
No par
Intertype Corp..
*378
*7*4
Feb 17
Jan 10
Foreign share ctfs
No par
Interstate Dept Stores. No par
Island Creek Coal
39%
100
Mar 14
Feb 14
1*2 Jan 30
38% Mar 12
146*4 Feb 19
46*4 Feb 19
100
200
*15*4
*12*2
*100*2 101
50
7% preferred
Inter Telep & Teleg
""200
61
....
International Silver
Preferred
*39
*119
__100
500
6134
4
Mar 19
1
400
39%
*119
Internat'l Mining Corp
21%
109%
3*8
7%
36% Feb 26
6134
*11*8
100
Feb 25
5% conv preferred
100
InternatRys of Cent Am No par
5% preferred
100
39%
12%
Preferred
Int. Hydro-Elec Sys class A.25
Int Mercantile Marine.No par
6
10,300
61
*125
9% Feb 19
10% Feb 19
40
128
No par
Jan 10
161
15
60%
103
Interlake Iron
Preferred
*39%
*125
6% preferred
100
Intercont'l Rubber. ...No par
26
111% Jan 22
Feb 10
Mar 5
Inter Paper & Power Co
*11%
103
No par
Feb 19
Mar 10
20,300
12
128
20
1
Interchemlcal Corp
8%
124
13334
22%
97%
155*2
74%
Int Nickel of Canada..No par
89
*8
29%
300
Dec
Deo
18,600
12
*125
12734
12734 128
102% 102*2 *101*2 103
103
*101% 102*2
*1134
*11
12%
*11%
12%
11%
11%
*119
*84
5,000
2%
May
Internat'l Harvester...No par
100
Jan 10
5
3,500
900
4
per
13%
24%
43%
6%
June
20
Internat Agricultural.-No par
Prior preferred
100
Int. Business Machines.No par
12*4
127*4 *124
*119
87
*126% 13334 *125
*12
*39%
*84
300
31
6% Jan 10
"""800
151
48%
"2", 600
39
153%
48
48%
3%
113
*334
40% Mar 19
5% May
May
21% Jan 27
Insuranshares Ctfs Inc
"""2OO
22
*150
160U *157*2 16018
1*2
*1%
134
9
8*4
3%
*111
8%
1%
39
*20%
4%
8%
151
9 *81
113
*4
1%
*37
834
22
12
Feb 13
..No par
Inland Steel Co
*20%
8% Jan 10
16% Jan 22
Feo19
100
Inspiration Cons Copper
21*4
2
Highest
( per share $
5
No par
1,700
6%
6
share
19
__No par
2,900
*6
34% Jan
2% Jan
per
par
6% preferred
11
151
*1*2
Ingersoll-Rand
10
77
39
1%
900
600
23%
101
*154
$
Year 1940
Lowest
10
11
151*2
9is
Indianapolis P & L Co.No
Indian Refining
Industrial Ray on
77
*37
1%
300
share
Feb 18
13
100
1000
11*4
151
*157
"""600
5*4
per
Range for Previous
Highest
6% Feb 15
100
77%
834
*48*4
3%
21
$
100
6% preferred series A
Leased lines 4%
RR Sec ctfs series A
11
4*8
49%
130
*6
834
49
900
77
*334
1*4
101
2,000
Par
Illinois Central RR Co
6*8
834
*1%
101
6%
14*2
40*2
Lowest
11%
*6
21*4
24*4
101
4*8
8%
26*4
40
4
834
1*4
3934
14%
42
*634
*3%
20%
*3*4
9
1%
*40%
24
113s
*6
40%
6%
14%
*154
ll>8
6%
1434
6%
14%
24
77%
*6
14*2
40*2
7
100
100
99% 100
155*2 155*2 *154
77
77
76*2
77
99*2
*154
7712
*21 *2
1875
3%
Jan
6
26% Mar 20
y Ex-rlght.
12%
4%
Apr
Jan
Mar
Apr
7% Mar
16*4 Jan
l%May
5%
Oct
13% Dec
16*2 Nov
47% Apr
14% Apr
40% Jan
32% Apr
173*2 Dec
53*2 Jan
4*8
30%
105
Feb
Apr
Mar
16%
17%
Jan
17*8 May
29
Apr
'5
June
June
9*4
47*2
Apr
26
5*4 May
12%
Jan
3%
8%
32*2
Apr
10
93
May
Apr
May llli*3* Dec
Dec
17% May
Jan
Apr
f Called for redemption.
New York Stock Record—Continued—Page 7
1876
LOW
HIGH
AND
SALE PRICES—PER
SHARE.
NOT PER
Range Since Jan. 1
Sales
STOCKS
for
NEW YORK STOCK
the
CENT
Monday
Tuesday
Wednesday
Thursday
Friday
Mar. 15
Mar. 17
Mar. 18
Mar. 19
Mar. 20
Mar. 21
f per share
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
On Basis of
Week
6%
*8
*70%
*63%
*30%
4
23%
22%
*31%
7%
13%
*31%
122%
42%
*107%
*3%
*6%
6%
107
8%
71
70%
30%
*63%
8%
71
70i8
*30)4
30%
8%
*70%
9%
*%«
...
23%
*9%
16
*20%
*3%
*49
*10
*63%
*111
*6%
*48%
4%
*16
*19%
*6%
*7%
*9
9%
%
9%
2
2%
*163
*84
%
8%
*6%
6%
107
*106
200
6%
107
*8
8)4
70)2
70%
*70
72
*70
72
*63%
70%
30)2
*63%
80
30)2
*63%
29%
71%
*30
10
30)2
*01
63
*9%
%
*60
9%
%
"16
2)8
2%
%«
*%«
*i«
%
%
a,
u
9%
%
9%
2%
*%a
2%
*3i«
%
%
14%
79%
13%
79%
a
8
*7%
*9%
17%
17%
6%
8
9%
17%
*6
8
*6
::
8%
*9%
9%
17%
17%
*163
13)2
89%
167
13
13
*12%
13%
89)2
*84
*15%
13%
89%
17
13%
*84
16
16
16
13%
13%
10
10
13%
*9%
13%
5%
10
13%
13%
*8%
5%
8%
21%
21%
*5%
*8%
21%
13%
5%
8%
21%
14
14%
15
15
*7%
*82)2
16%
7%
84%
*163
167
10
10
13%
13%
'5%
5%
*8%
21%
15%
7%
8%
21%
15%
7%
6
No par
$6 preferred series A .No par
$5.50 pre! ser B w w.No par
Melville Shoe Corp
1
Mengel Co (The)
...1
5% conv 1st pref
50
Merch & M'n Trans Co.No par
Jan
Jan
%
1,100
% June
9% May
%
1938
Jan
*5
200
2,000
100
560
*15%
27%
30%
28%
29%
31
30
*3
*15%
147
8)2
3%
16%
147
*3
96
3%
16%
16%
147
*43
8%
46%
*43
*20%
22%
*50
52
8%
95%
3%
16%
*147
8%
8%
47%
22)2
*43%
*21
47%
22%
*50
52
*51
*21
*12%
5%
*116% 120
*116%
43% 44%
44%
7%
*7%
8
7%
2%
*2%
2%
2%
13%
12%
12%
12%
6
*10%
11%
27
27%
36
*11%
*
6
*10%
27%
36
36
11%
11%
6
11%
27%
36%
12%
*5%
*10%
*95
16%
8%
6%
*5%
*10%
27
11%
27%
36
36
27%
35%
12%
12%
13%
6%
*53A
11%
27%
357g
1378
*1084
27%
6
11%
5%
*1034
27%
27%
36
36%
1334
1334
35%
13%
{ In receivership,
a
8% Feb 17
15% Feb 21
19% Feb 14
16
Apr
17% Jan
12
May
24% Jan 13
15
May
18%
26%
Apr
Jan
..No par
No par
...100
62% Feb 28
1
3
5% Feb 14
45% Feb24
4% Feb 14
14% Jan 3
17% Feb 19
Nat Automotive Fibres Inc.-l
5)2 Feb 15
Murray Corp of America.. 10
Myers (F & E) Bro
No par
1166
Nash-Kelvlnator Corp..
5
Nashv Chatt & St Louis... 100
100
National
1,700
6%
100
Acme
Co
10
conv preferred
Nat Aviation Corp..
National Biscuit Co
100
5
10
7% preferred
100
Nat Bond & Invest Co .No par
600
5% pref series A
""300
100
Nat Bond <fe Share Corp No par
Nat Cash Register
No par
2,600
National Cylinder Gas Co
1
Nat Dairy Products...No par
Nat Dept Stores
No par
500
6,800
900
300
6% preferred
10
12
11034 Mar
7
Feb 17
7% Feb 15
16% Feb 19
166
Feb 14
12)4 Jan 30
86
Feb 14
15% Feb 13
12% Feb 15
9% Feb 20
13
Feb
4
Jan
4% Jan
112
2% May
Feb 19
4
May
41
June
5% Jan
20% Jan 28
23% Jan
11
7% Jan
9
Jan
1078
18%
175%
13%
88%
17%
Jan
10%
Feb24
12%
Jan
86
Jan 15
15%
Mar 11
14% Jan 10
Jan 16
Jan 28
176
Jan
10
100
Nat Mall & St'l Cast Co No par
National OH Products Co
4
145
Feb 13
154
Jan 15
2,500
National Steel Corp
2,800
4,200
National Supply (The) Pa__10
$2 conv preferred
40
300
5Yi% prior preferred
6% prior preferred
700
1,200
National Tea Co
Natomas Co
500
90
2,000
700
25,700
22,700
1,260
2,200
1,600
100
6
Feb 19
7% Mar 20
54% Mar 21
4?g Feb 19
8% Feb 19
68)2 Jan 6
6% Jan 10
10% Jan 10
49
Feb 14
52% Mar 13
........A'o par
..No par
Jan
Jan
7% May
8% Oct
June
conv
preferred
No par
No par
No par
New York Central
N Y Chic & St Louis Co
100
6% preferred series A... 100
NYC Omnibus Corp..No par
New
York
Dock......No par
5% preferred
No par
117g Feb 19
11% Feb 19
25
Feb 14
21% Mar 11
4% Feb 15
9
50
109
50
115
47
non-cura pref
American
5
100
100
Co
10
50
54 pref series
50
North Amer
Aviation
1
Northern Central Ry Co
Apr
53%
Feb 14
2734 Jan
Apr
Jan
50
Northern Pacific Ry._
100
North States Pow $5 pf No par
Northwestern Telegraph
50
Norwalk Tire & Rubber No par
Preferred
50
23%
50
15%
15%
33%
24%
Jan 10
Jan 10
9% May
8% May
15
May
20)2 May
18%
21%
Jan 10
Jan
634 Jan
12
7
Jan 10
Jan
7
104
May
115% Mar
110
Apr
Jan 24
45
117% Aug
5814 Nov
54
Jan
u
5g
Jan
Oct
Jan 10
»i6
Dec
%
31% Mar 17
3234 Jan 8
13%
3134
35%
Jan
Dec
Apr
226% May
%
200
Feb 19
215
Jan 25
175
109
Feb 25
117
Jan
105
2
17% Jan 10
14% Feb 27
55% Feb 17
58% Jan
53% Feb
12% Feb 14
57% Jan 20
17% Jan 10
96% Mar
5% Feb 14
Jan
34
Jan 15
2
Feb 15
6
96% Mar 19
7)2 Jan 9
113% Feb 1
39% Mar 17
2% Jan 11
7% Jan
Oliver Farm
Jan 11
No par
13% Feb 19
100
778Marll
95% Mar 17
Owens-Illinois
Feb 19
Jan
3% Jan 10
15% Feb 14
145% Feb 20
.No par
7% Feb 15
42% Feb 19
20% Mar 5
53)2 Jan 10
26% Jan 6
51
55
8
Jan 11
10% Jan 10
59
Jan
58
Jan
15
26%
Jan
May
84)2 June
4)2 May
97%
9%
6
Co.12.50
Dec
Jan
Dec
Jan
101
May
114
Sept
27
May
39
Nov
2% May
25% Aug
5%
Jan
42>2
Jan
Dec
16)2 May
884 May
11
2% May
11% June
12434 June
7
May
21
May
23%
Jan 17
Apr
14% Mar
112
5%
18%
150
12%
47
19
June
3234
47
May
55
115% May
Jan
100
Glass
23
7% May
May
100
17% Jan
117
95
„.__No par
150
May
14% May
47% May
47% May
10% May
104% Jan
10
20
Jan
2
5% June
7
18% Jan
__6
8% preferred A
$5.50 conv 1st pref..No par
Outboard Marine & Mfg
5
Outlet Co....No var
Dec
%
6% Feb 19
Co
June
%#
Jan 13
6
.
1% Feb
No par
Otis Steel
12%
Apr
Apr
Feb 24
Jan
May
May
3
8%
112
24% Feb 14
27% Mar 15
111
Jan
33% Mar
115
Ohio Oil Co....
No par
434 May
39
Jan
4
13% Feb
Otis Elevator
3% May
Tan
Jan
Feb 24
Mar
27
Oppenhelm Collins
Dec
30% May
12% Jan 13
Equip
Dec
110%
Jan
2418 Mar
Pharmacal
2734
Nov
Jan
45
Co..2.50
Norwich
Nov
10534
110
Omnibus Corp (The)
120
Mar
Apr
Jan
Dec
Jan
Nov
Apr
Jan
Jan
June
64%
Jan
10%
6
434 June
2
May
6
8
Apr
Jan
Feb
42
40% Feb 20
7% Feb 18
2% Feb 15
49% Jan
9% Jan
3% Jan
8
6
No par
11
Feb 17
16
No par
Pacific Finance Corp (Call).10
5
Feb 19
7% Jan 6
11% Jan 28
28% Jan 24
3% May
9)2 May
12)2
Jan
14
Apr
25)4 May
34%
Apr
40
Jan
8
33
May
50
Jan
14
Jan 10
8
May
16%
Jan
400
Pacific Amer Fisheries Inc
110
Pacific Coast Co
1st preferred
130
2d
11%
27%
35%
3,600
1,000
Pacific Gas & Electric
Pacific Ltg Corp
1334
1,800
Pacific Mills
»
5
10
330
534
Def. delivery.
91
110
20% Feb 14
106% Mar 8
32% Feb 18
$5
6% preferred series
■
25% Mar
N'portNewsShip&DryDock 1
N Y Air Brake
Preferred
—
Apr
Apr
10% June
Feb
6% preferred
-
Nov
14%
~
-
May
8%
103g
0% May
500
-
Jan
884 Jan
1,200
3,400
49% Nov
Aug
6% Feb 14
North
«...
48
34
1
Adjust 4% preferred
100
26% May
9
Jan 17
Jan
934 Jan
14% May
Dec
Norfolk & Western Ry
«.«•.»
May
Jan
7384
30%
Noblitt-Sparks Indus Inc
1,800
8
8%
20)2 July
100
100
4% May
3884 Sept
31% Jan
200
2,820
Apr
25% Feb 19
200
3%
May
100
N Y Shlpbldg Corp partstk__l
16%
48
July
28,000
400
Jan
22)2
Jan
10%
Jan
1,000
Jan
96
Dec
May
*6i
3,700
12%
Oct
Apr
Jan
27
14
{N Y Ontario & Western.. 100
'
784
26%
15%
153»4
36
500
100
Apr
7% Nov
June
13)2 May
72
Jan
300
118%
132
y2834 Dec
5% May
3%
110
Jan
13% Mar
Dec
Jan 18
Feb 14
Apr
176
16
107
Apr
May
Feb
5
Jan
*.
June
79% Feb 10
45% Jan 16
%i
'
5% May
Jan 23
*ie
130
June
7% June
Feb 17
100
100
17
77
2-41% Mar 13
Dec
19
99%
10
Conv preferred
110
May
5% May
13
1
1NYNH & Hartford
5,500
3
Feb 19
...100
::
11% June
8
N Y Lack <fc West Ry Co.. 100
6,400
Mar 13
Feb 19
43
Newmont ,Mining Corp
Newport Industries
100
12,300
Jan
41
4*4% conv serial pref...100
Newberry Co (J J)
No par
5% pref series A
100
200
200
31
Feb 19
100
Nehl Corp.......
Nelsner Bros Inc
""16
23% Jan 10
26
4% Jan 16
9)2 Feb 4
176
1I6O
400
No par
300
:
..25
May
14% May
172
No par
Dec
66
100
National Pow & Lt
Dec
17% Jan
7% preferred A
6% preferred B...
27,000
June
June
8%. Jan 13
93% Jan 10
.10
17% Feb 15
Dec
884 Sept
10
Sept
16% Apr
24% Jan
Jan
National Lead Co...
300
23»4
6
Jan 15
3,800
1,100
Jan
Jan
11
6% Jan 14
6% Feb 19
Apr
Feb
16%
7)2 Feb 14
15% Feb 14
7%
22)2
934 May
47g Feb 15
82
Dec
8% Nov
53
137gMar 20
16
.1
Mar
Mar
20%
Jan 30
preferred.No par
1534
83
111%
Oct
Feb 14
conv
5% Nov
56)2 NOV
Nov
12
$4.50
13%
155
Jan
Oct
June
9
Jan
20
Nat Gypsum Co
334 May
5% July
7% June
No par
100
May
9718 May
8% Jan 11
Nat Enam & Stamping No par
2,700
1,100
1,400
May
8% May
51% Jan 27
87gMar 20
24% Jan 11
Nat Distillers Prod
80
47
48
*43
47
*43%
*21
*21%
23
23
21%
21%
*51%
52
52
52
*51%
*51%
120
*116% 120
*116% 120
*116% 120
44%
43
43%
44
4334
42% 43
7%
8
*7%
8
8
7%
*734
2%
*2%
2%
*2%
234
2%
2%
*13
13%
137g
12%
12%
12%
1234
Feb
50
20
*43
30%
Jan
20
10%
8%
4
23
Jan 15
99
8
8%
Feb
11% Jan 23
71% Jan 16
52
Bid and asked prices; no sales on this
day.
8%
Jan
45
57
3014
8%
56
33% May
2U2 June
8% May
Feb 20
29%
»
3134 May
Feb 19
%
29%
1534
113% May
10
*%2
*3%
122
Jan
39% Jan
43% Jan 23
26)2 Jan 10
46
*32
*147
120
50
$7 preferred
700
3%
6
Feb 19
No par
2,900
10%
Mar
35
Munslngwear Inc
34
*3%
16%
115
38% Mar 19
Murphy Co (G C)
5% preferred
*32
*147
July
Feb 19
*32
3%
16%
119
3
*%
*96
May
1
32
9912
110
Mullins Mfg Co class B._
34
*9534
May
Jan 31
88% Jan
1
%
hi
99%
119
117
Mueller Brass Co
3ie
*147
8%
*116% 120
43%
44
7%
2%
95%
3%
16%
Nov
3
No par
700
....
95%
xTd
Jan
Motor Products Corp..No par
Motor Wheel Corp
5
"166
Jan
77
Morrell (J) & Co
Morris & Essex
300
208
96
Feb 18
Jan
115
Montg Ward & Co. Inc.No par
190
*110
96
15
_
1%
10
N Y & Harlem RR Co
27%
*27
*27
*27)2
29
*27% 29
28%
2884
*205
208
205
205
*207
210
208
208
*206% 210
113% *110
113% *110
113% *110
109
113% *110
11334
1101?,
15%
15%
15%
15%
15%
15%
15
15%
15%
15%
15%
15%
57
57
57
*56%
57% *56%
57%
57%
56%
56%
56%
5034
56
56
*55
*56
57% *50
56
57%
56%
*56
56)2
5634
15
15%
15
14%
14%
15%
15%
15
15%
1434
1434
1434
*96%
*96% 97% *96l2
97%
96)2
98
96%
*96% 98
*96%
6
6)s
6%
6
6
6
6%
6%
6
6%
6%
5%
*112% 113% *112% 113% *112)2 113% 112% 112% *112% 113% *112
113%
*38
39
38
39% *37%
39% *37)2
40
38
38
37%
37%
*2%
2%
2%
2%
2%
2%
2%
2%
*2%
2)?
2%
*2%
*25
30
*25
29% *25
30
*24%
30
30
*24% 30
*24%
*12%
13%
*12%
13% *12%
13% *127g
13%
*12%
12%
13%
12%
6%
6%
7
6%
6%
6%
6%
6%
6%
6%
6%
*15%
16%
16
15%
16
15%
15
*15%
15
16%
1434
1434
7%
7%
8
*7%
8
7%
8%
8%
*8%
8%
8%
8%
*205
Feb 14
Jan
300
15%
29
13% Feb 15
%
900
500
%
31
9
700
53
31%
Jan
*ie Dec
No par
$4.50 preferred
Preferred series B
"7",400
%
7% May
No par
Monsanto Chemical Co
160
100
*51
29%
Jan
Apr
64% Dec
II84 Nov
38
732
%
4
May
434
53
%
Jan
26
Dec
*51
*s32
11
Jan 13
Apr
434
Dec
51
%2
67
2% May
Dec
110
*i6
51
*32
Feb 14
June
54
1%
53
7
4% Jan 11
95
Dec
124)2
*16 Jan 14
115
53
Jan 16
May
33% May
2% Jan 10
*108% 111
722
110
103
2
*110
*%
*%
Jan 14
45% Jan 10
12% Apr
1738 May
45
4
600
*51
Feb 18
125
9
»«Mar
115
%
Feb 14
Mar 21
Feb 19
38% Jan
6% May
11% May
23% May
1% Jan
800
4,400
732
Feb 19
6
7% preferred series A... 100
{Missouri Pacific RR
100
5% conv preferred
100
Mohawk Carpet Mills.....20
*110
*21S
May
Jan 15
9% Jan
15% Jan 24
200
*108% 111
*%
24
6
2,600
*110% 111
%
%
31%
28%
37
Feb 19
Mar
Jan
Feb
*i«
*110
%»
Feb 17
29
6%
28% May
z38% Dec
2%
115
%
*%2
Aug
% Jan 11
*110
*49%
10
4
*108% 111
%
24% Mar 18
3
115
%
Feb 14
Feb
*110
58
4% Jan 3
25% Jan 10
14
% Jan
*108% 110
%
26
3% Feb 15
21% Feb 15
May
May
34)2 Mar
No par
*110
*%«
11% May
4
33% Jan 10
Mo-Kan-Texas RR
*108% 110
*48
82
8% cum 1st pref
100 122
40%
Minn-Honeywell Regu.No par
4% conv pref series B
100 /107%
Minn Mollne Power Impt
3
1
56
$6.50 preferred.....No par
Mission Corp.............10
9%
9%
8%
8%
8%
8%
*9
9%
9%
9%
17%
17%
17%
17%
167
107
*161% 169% *161)2 169%
*12%
13%
12%
12%
*12%
12%
*84
*84
89% *84
89)2
89%
*16
17
*16
17
16%
16%
*13%
13%
13%
13%
13%
13%
*9
*9%
9%
9%
9%
13%
1378
13%
13%
13l8
13%
5%
5%
*5% . 5%
*5%
5%
*8%
8%
8%
8%
8%
*8%
21
21
21%
21%
21%
21%
115
53% Feb
24% May
2% May
3
7% May
1,200
9%
7)4
7%
7
7%
7
7%
7%
7%
84
*77
84
82)2 82% *76
*75
84
*75
84
16% *16%
16%
16%
16%
16%
16%
16%
16%
15-%
16
*169
176% *169
176% *169
176% *169
176% *169
176)8 *169
176%
*146
154
*146
154
148
148
*146% 154
*148% 154
*148)2 154
*20
21
*20%
20%
20%
20% *20%
21%
20%
20% *18%
19%
29
29
28
27%
28
27% *27%
*28
28
28
28
28%
7
678
6%
6%
6%
6%
6%
7% i. 7%
7%
7%
7%
57
57%
56%
57)8
56% 57% 256%
56%
55%
55%
54%
55%
5%
5%
5%
5%
5)2
5%
5)2
5)2
5%
5)2
5%
5%
9%
9%
9%
~
9%
9%
9%
978
9%
9%
9%
9%
*47
49
*47%
48
47% 47% *46%
47
*46% 47%
47%
47%
*50
51
51
51
50
50% 249)2 4978
49
48% 49%
49%
*4%
4%
4%
4%
*4%
4%
4%
4%
4%
412
4%
*9)2
*9%
10
9%
*9)2
9%
92
9%
9%
9%
9%
9
*8%9%
*8%
*8%
*8%
9
*8%
9
8%
9
*14%
16
*1412 16
*14%
16
*14%
15% *14%
16
*14%
16
*77
*77
*77
78% *77
77
78%
77
*76
78%
78%
80%
*41
44
*41%
44
*41%
44
*41%
44
*41% 44
*41%
44
107
107
107% 107%
107 )4 107% *106% 108)2
*100% 108% *106% 108
26% 26% *26% 27
26%
27
26
26%
27
26)4
26%
26%
*7
*7
7
7%
7
7
7%
7
7
7%
6%
6%
24%
25%
26
25%
25%
26%
25%
26%
25)2 25%
24%
2534
*107
109
108)8 108% *109
109% *108% 109% *109
109%
109)2 109%
*35
*35
36%
36% *35
*36
36%
36%
30
36
3614
36%
12%
12%
12%
12%
12%
12%
12%
13
12%
12%
12%
12%
*13
*13
14
*13
14%
*13
14%
14%
*13
13%
14
13%
29
29
29% 29%
*28% 29%
28% 29%
29%
30%
29%
29%
22
22%
22)S
22%
22
22
22% 22% 222
22%
22%
22%
*4%
4%
4%
4%
*4%
5%
*4)2
6
*4%
6
*4%
5%
*9%
10%
*9%
10%
*9%
10%
10
*9%
10
10%
*9%
10%
115
Feb
320
*6
15%
70
Mar
30
8%
*15
85
66
29% Feb 14
Midland Steel Prod
9%
17%
16
108)2 Dec
14% May
Feb
500
100
May
64
7
900
5
90
Highest
share $ per share
May
9% Jan
Jan 16
13
10
7% Jan 15
109% Jan 9
per
75
5
No par
$
Jan 13
5
Copper
share
9
Mld-Contlnent Petroleum.. 10
*8%
16
Feb 15
6
per
7% Feb 14
70% Mar 19
Miami
1,000
$
100 *105% Jan 23
preferred
Mesta Machine Co......
200
*9%
17%
conv
1,500
*8
"it
6
0%
Mead Corp
Year 1940
Lowest
Highest
$ per share
1,300
63
2%
ht
*i#
„
*59
63
2.50
3,200
1
McLellan Stores Co—
20
200
8%
115
13%
*15%
*6%
*106
8
*ht
"16
%
*6
170
*12%
18
6%
9%
17%
6%
107
*8
14
14
13% *13%
14% *13%
14% *1378
79
79%
79% 80
79)2 79%
79%
79%
116
115% *115
115% *115
115% *115
115% *115
11712 *116% 117% *116% 117% *116% 117% *11612 117% *116% 117%
37
37% 37%
37%
37%
36%
37%
307g
37%
36%
37
*38
39
39
*3812
39
38% 38% *38
41% *38
41%
24
24
24
24
24
24
24
24
24%
*23)2
25
*9)2
9
9%
9%
9%
*9
*9%
*9)2
9%
9)2
9%
16
16
*15%
16%
16%
16%
1534
10%
157g
15%
15%
20%
20%
20% *20
20%
20%
20%
20%
20% *20%
20%
3%
3%
*3)2
3%
3%
3%
3%
*3%
4
*3%
3%
50
50
52
52
54
54
51% *50
53%
52%
52%
*10
11%
11% *10%
11%
11
11
*10%
11%
11%
11%
*63%
64
63% *63%
63%
*63%
63
63% *63% 63%
63%
111
112
112
*111
112
*111)2 112
*110% 112
*110% 112
6%
0%
6%
6%
0%
*0%
6%
6%
6%
6%
0%
50
*48%
5
*48%
50
*48%
50
*48% 50
*48%
50
4%
4%
4)2
4%
4%
4%
4%
4%
4%
4%
4%
*16
17
17
16%
16%
16%
16% *10%
17%
16%
10%
19% *19% 20
19%
19%
19%
19
19%
19%
19%
19%
14
79%
115%
37%
9%
63
*%
%
*38
*59
61
61
%e
*116%
*63%
*30%
71
70%
30%
3%
2
%
*%
*13%
79%
*70)2
*6%
*100
2,600
2
*115
8%
3%
3%
3%
4%
3% • 4
37g
4
3%
3%
24
24
24
24
23%
23%
23%
23%
23%
23)2
23%
24%
24%
23%
24% *23% 24)4
23%
24%
23%
2312
23%
32
32
32%
32%
32%
32% *31% 32% *31%
*31%
32%
8
8
7%
7%
7%
7%
8
*7%
8
7%
7%
14
14
14
14
13%
13%
13%
14
13%
13%
14
32
31%
31%
31%
31%
31%
31%
31%
31%
31% *31
123
122
122
122
122% 122)2 122
122% *122
122% *120
41%
427S
427g
41%
41%
41%
42%
41% 41%
40%
41%
107% 107% '107% 108
*107% 108
108
*107% 108
*107% 108
*3
3%
3
3%
3%
3%
3%
3%
3%
3%
3%
%
2
*8
"166
10
10
6%
106
106
Par
Range for Previous
100-Share Lois
Lowest
30%
62
*61
6%
7
107
*106
19412
EXCHANGE
Saturday
*106
March
preferred...
New stock,
No par
...No
r
10% Feb 14
25% Feb 15
35% Mar 21
25
11
var
Cash sale,
x
Feb 19
Ex-dlv.
Jan
yEx-rlghts.
May
634
2334
^ Called for redemption.
Volume
LOW
AND
Nbrf York stock Record—Continued—Page 8
152
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
for
NEW YORK STOCK
the
EXCHANGE
Monday
Tuesday
Wednesday
Thursday
Friday
Mar. 17
Mar. 18
Mar. 19
Mar. 20
Mar. 21
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
150
*118
120
*118
*118
120
*118
120
6%
234
13
*7%
%
30l2
'102
11
983s
♦105s
*15
1%
28
*18*2
»«4
*8%
*8
*4312
4512
78
79
*2lg
*2l8
44%
7914
4484
45
7984
23s
23s
7934
23s
45%
80
23s
2®s
2l2
2i8
38
*36
38
*2%
*35%
*12l2
15
*12%
237s
2378
4214
1%
42i4
112
*812
9
4734
47
2312
*2034
2334
2H2
63s
*6%
7%
2934
7%
3OI4
44
44
*8134
83
11
11%
79
79
*55s
80
*2%
2%
15
115
2334
*2314
*44%
2%
38
133s
♦36U
135s
*113
SS
6I4
*113
2334
*23l4
4284
*138
*8l2
4714
*2234
2H2
6
*7i4
2934
*4312
83
*1078
79
*558
2l8
...
24
2378
4234
212
934
48
2412
2H2
6i8
73S
30i8
4414
83
11
7978
6I4
46
80%
2%
2%
38
15
23%
*23%
23»4
24
*41
*1%
43%
2%
*8%
9
42%
2%
9%
49%
25%
48
49%
25
22%
24%
*21%
*1%
*884
48%
24%
*21
6
7%
2934
*43%
82%
10%
79%
30
2984
44%
82%
11
79%
6%
*5%
44%
83
10%
79%
*5%
23
6%
7%
30
45%
83s4
IO84
79%
6%
*2%
2%
2%
38%
15
9%
9%
300
4984
25%
*2134
51%
27%
23
1,880
2,350
4,100
7%
7%
7%
295
28%
45
45
83
83
10%
1034
79
*234
3%
48l2
38%
*234
*44%
3834
3%
48
*44%
22%
*21%
5
*34
35%
678
7714
1234
*634
*75
*12
*160
*412
*33l2
*684
7714
*1112
*160
514
35i8
678
*434
34%
*634
5%
34%
6%
78
78
78
1212
—
*11%
*160
1234
*434
*33%
*684
*75%
12
38
*234
8,200
1,100
1,400
2,400
38%
3%
48%
22%
5,800
100
""700
"260
5
*34%
35
*684
*75%
6%
78
"""40
12%
300
12%
200
*35
*62
III4
*158l4
*15
634
534
*6%
512
5l2
1114
*11
1214
*3514 38
54
54l2
116U H6I4
25%
255s
10%
*36U
11
1214
38
54
5434
684
*538
■
1078
*103
117
10334
117
*11
6%
116U H6I4
25%
2534
1033s 10334
11658 1165s
*12912 131
*130
131
153
153
153
153
*114l4 11712 *11414 117*2
24
2418
2334
2414
7%
758
734
734
*95
9534
9578
9578
*85
855s
8534
8534
1112
lll2
1H2
IH2
*914
*914
958
4i8
*278
38i2
19i2
*14i4
*26U
1414
*245s
22
60
318
38i2
19l2
14l2
27
14l4
2512
22
5834
2%
3812
*1938
14's
*25l2
14%
*22
8
*li2
*7
117S
*10%
914
9%
*62%
*57%
63
59
1
1
1
19U
19%
9212
9212
10
103s
2Hs
11012
*65%
68
2H8
110
12l8
123s
88
88
8
10
31
3H4
57
714
ll7s
9%
65%
59
10
180
60
150
*22
15*,400
300
4%
*26
500
600
400
1%
2834
10
7
7
7
500
*10%
11
9%
*10%
1134
10%
10%
200
9
9
63
63
*61
*58%
59
*58%
1
1
19%
19%
100
100
100
93
19
93
*91%
10
24%
*9%
*19%
30%
884
*7
*4%
*17%
12
12
*45%
%
32
%
3
8
393s
110%
44%
*7
5%
1734
12
12
12
4834
45%
7%
45%
100
92 %
400
9%
2,700
92%
9%
*19% 23
*110
113%
*52
prices; no sales on this day.
12
88
7%
30%
7
20
9
Jan
7
Jan 17
guar preferred
Pitta Screw & Bolt
100
Feb 14
7
11
Feb 17
174
Mar
6
%Yebl4
6
9% Feb 19
11% Mar 10
35
150
z94
......
preferred
.100
Raybestos Manhattan.No par
Rayonler Inc
1
$3 preferred
—25
Reading Company
...50
4% 1st preferred—. .—50
4% 2d preferred...
50
Real Silk-Hosiery
5
100
15
Jan
181
Feb
8
65
Jan
Jan
7
43% Jan 8
75% Jan 8
1384 Jan 10
% Jan 6
16% Jan 17
21
Jan
2
8% Jan 10
7% Jan
13% Jan 6
13% Jan 6
*7
*4%
17%
*11%
*45%
S32
834
7%
5%
17%
11%
4834
»
%
1
%
*2%
%
32
%
%
2%
*4
8
39
39
110% 110%
43
{ In receivership,
44%
4
Feb
46% Deo
16% Jan
25% Nov
23
Nov
43
Nov
4%
Jan
13% Apr
4684 Dec
29% Apr
24
Apr
8% Nov
10% Feb
40% Jan
47
Jan
87% Deo
14% Nov
97% May
784
Apr
.49
Dec
4I84
6%
Jan
Feb
Feb
66
28%
Apr
75
Dec
May
178
11
Jan
57
Deo
16% May
10
May
19
May
7
Ma.
29%
110
Jan
9
Jan 11
Feb 14
Mar
123% Jan 15
8%
Oct
Jan
4134 Nov
73% Deo
1
16% Apr
151% July/ 151% July
% Feb
1% Mar
15
May
2284 Feb
12% Jan
20% Dec
5% May
434 Oct
1284
6% May
14% Jan
1484 Jan
45% Nov
71®4 Apr
0% May
May
112% May
28% Dec
100
May
8
Jan
July
118%
Jan
43%
115%
Apr
Jan
110% May
128
Apr
137
Jan
4
126
June
145
Mar
158%
117%
27%
8%
Feb 11
143
May
105
Apr
Jan 25
114% Oct
10% May
884 Oct
118
Jan
Jan
9
Jan
9
Jan
8
84
June
32% Jan
11% May
97% May
89
May
83®4 Feb 15
90% Jan 10
10% Jan
11% Jan 11
10
Jan 17
June
15%
Feb
9% Sept
16%
Feb
4
4% May
7%
8% Feb25
4
Feb 15
4% Jan
73% May
9
Apr
90
48% May
2% Nov
69
34
43%
90
50% Mar 21
2% Mar 18
38%
18%
1284
24%
12%
23%
21
Mar 14
Feb 14
Feb 15
Feb 18
Feb 14
Jan 8
Jan
7
62% Jan
3% Jan
2
43%
Jan
20
Jan 23
17
Jan
2
28% Jan 14
Mar 18
May
Jan 10
Jan 10
9% May
19®4 June
24
Jan 1?
17
1% Jan 11
2834 Feb
I684 Feb 14
24
1434
1% Feb 10
22% Mar 12
9% Feb27
8% Feb 4
June
15% May
13% May
26
734
preferred-
62% Jan
96 % May
4% Jan
June
June
119% Jan 29
9% Jan
conv
Mar
Mar
May
4% May
5
May
53
Jan 27
0%
Apr
Nov
7% Nov
46% Deo
9% Nov
85% Deo
16% Nov
154
May
21
Feb 14
6% conv prior pref ser
Revere Copper & Brass
Jan
2
7
—1
May
3% May
58% Jan 22
4034 Jan
8
Reo Motors v t c_
68
Dec
Feb
167
Jan 30
(Robt) & Co 1st pref.. 100
...
June
II34
16
May
5% May
0484 May
13% Nov
884 Jan
84
Reliable Stores Corp—No par
Reliance Mfg Co
...10
Rels
Dec
Nov
101%
Feb 21
116% Feb 15
22% Feb 14
100
100
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer—No par
85 preferred B
No par
$3.50 conv 1st pref. .No par
Radio-Keith-Orpbeum
1
Feb 13
51% Feb 21
116% Mar 12
25% Mar 21
101% Mar 3
115% Mar 19
129% Mar
7
6% preferred
5% conv preferred
Feb 14
434 Feb 14
..No par
Purity Bakeries
conv
9% Feb 19
14% Mar 3
17% Feb 18
.No par
Pure Oil (The)
6%
Feb 19
57
5
Pullman Inc
Nov
11%
154
31% Feb 17
77% Mar 14
No par
....No par
6% preferred
100
7% preferred...
....10,0
8% preferred
100
Pub Ser El & Gas pf 85.No par
70
46% Jan
784
45% Feb 14
31% Feb 19
$5 preferred
534
6% May
25% June
37% May
3% May
77
7% pref class B
100
5% pref class A..
100
5H% 1st ser conv pr pf.lOO
Pittsburgh & West Va
100
Pit Youngs Asht Ry 7% pf 100
6
15
Jan
23% Jan 11
9% Jan 10
1st pref
17%
11%
Jan
Feb
6% Feb 15
conv
1%
5%
May
May
May
June
May
May
May
May
Dec
27% May
2% May
36
May
22
May
35
May
7%
No par
15
41% Jan
3% Feb
5% Feb 15
Poor & Co class B
15
23
30
..No par
Plymouth OH Co
934 June
69% Jan 18
50
99
4
7
Jan 21
Jan 10
101% Feb 10
100
A.100
100
91
Feb 13
97
Jan 13
5
10
8
Feb 19
11
Jan
3
May
134 May
3®4
23
Apr
Apr
Apr
Deo
Dec
Apr
29% May
37% May
17% Apr
27
23
Oct
Jan
4%
Feb
25
Dec
55
Mar
6
June
13
Jan
6% May
8
Aug
884 Nov
13% Feb
6
May
23784 June
50
May
1
May
14
May
70% May
10% Jan
63% Deo
69
Jan
2
Apr
24% Nov
7% May
17% July
IO584 Sept
97% Dec
1484 Jan
30% Apr
117
60
May
100
Class A
24
Jan
2
7% preferred..—.....100
5H% preferred...
100
100
Mar
4
113
Jan
8
70
June
65
Mar
1
73
Jan
8
39
May
74%
Reynolds Metals Co...No par
5 W7o conv preferred—.100
Reynolds Spring
..1
Reynolds (R J) Tob class B.10
10
Feb 15
13% Jan
9
15%
87
Mar 14
7
Feb 19
8% May
75% Mar
6% May
30% Dec
52
May
6% May
484 May
2,600
70
2,900
13,300
—..10
No par
Ritter Dental Mfg.....No par
Roan Antelope Copper Mines.
Ruberoid Co (The)
No par
Rustless Iron & Steel Corp—1
$2.60 conv preferred.No par
{Rutland RR 7% pref
100
St. Joseph Lead
10
{St Louis-San Francisco... 100
0% preferred....—
100
{St Louis Southwestern—100
5% preferred-.---——100
Safeway Stores........No par
5% preferred...
-100
Savage Arms Corp
No par
Common
54%
%
8
Jan
2
12% Jan 10
80
Jan
200
140
66
31%
39%
110% 110%
44%
45
21
23
1% Jan 11
2234 Jan 6
%
*4%
87
21
21
28
6
Jan 31
"l 6
*39
9% Mar
51% Mar
28% Jan
22% Jan
7% Mar
7% Jan
35% Jan
45% Mar
1
32%
2%
2%
4®4
484
39%
39%
110% 111
4384
44%
Jan 27
Republio Steel Corp..-No par
*%6
3
2
1,800
12,900
1,200
32%
*%
3
1% May
1134 May
6
1
19
»ie
*%
*%
2
Jan
13% Mar 17
112% Mar 1
24% Jan 10
24% Jan 27
43% Jan 23
00
%
33
4% Feb 19
June
1% May
Feb 13
8»4
*4%
17%
Jan 21
61
Dec
71
Feb 19
30%
54%
3534 Feb 20
284 Mar 18
*38% Feb 14
21% Mar 6
43
2
61
734
31
2
7
2
60
8
884
1
Pittsburgh Forglngs Co
2
Jan
Jan
Jan
2S4 Jan
3% Jan
Remington-Rand.
1
Preferred with warrants..25
88
30%
100
$5 conv preferred ....No par
Jan
May
May
June
87
Rensselaer & Sara RR Co—100
11%
*85%
*52
6% preferred
5%
52
Dec
May
48
10
66
7%
5%
17%
*%«fl
3134
%e
31
54%
834
Pittsburgh Coal of Pa.....100
10% Mar 20
72»4 Feb 4
9% Jan
200
8
8%
Flour Mills......25
Feb 20
79
4
934 Jan 10
44
June
1
6
Jan
2,500
88
88
Pills bury
6
100
27% Feb 14
40% Feb 18
May
6% May
May
138 May
10
45% Apr
105% Dec
10% Deo
29%
13%
34
5%
5%
9
100
11%
Jan 31
64
7% Jan
8% Nov
4% Mar
25% Apr
2%
44%
23%
2%
12%
10%
7
Jan
30% Jan 10
20% Jan 6
1
2% June
5% Oct
2% May
12
May
684 Jan
% May
26% June
99
Sept
4% May
18
63
1
66
20% Feb 14
2
Highest
$ per share $ per share
115
Mar
May 139
144
June
160
Deo
15
59
18%
112
Phoenix Hosiery....
Preferred
Jan 11
*58%
1
93
10%
24
No par
100
*61
19%
100
Phillips Petroleum
9
12% Jan 7
10% Mar 10
67% Jan 23
834
6234
59
112
111
*52
57
9
*7%
100
Preferred
9
x7
31%
400
1,100
1,100
7
3034
4334
6,100
7
8
110
"9",300
9
z88
*45%
44
70
"Y.SOO
*21%
*1%
*2234
*7%
8
4514
12
3214
11034
100
1434
22%
1®4
27%
90
*4%
500
"MOO
14%
♦253s
*21%
*1%
*2234
No par
Pub Serv Corp of N J ..No par
500
25%
22%
*25
Phelps-Dodge Corp...
25
Philadelphia Co 6% pref
50
86 preferred
No par
Philco Corp
3
Philip Morris & Co Ltd....10
6,800
600
*25%
*14%
42% Feb 15
Jan 31
6% pf (ser of Feb 1 *29).100
800
25
Feb 15
Feb 14
60
1934
143s
26%
1434
7
6
5%
39
27%
14%
Feb 14
7
5% conv 2d pref--..—-50
Procter & Gamble
..No par
800
19%
14%
8
*2%
4%
57
14
Feb 14
36®4 Jan 2
1% Feb20
21
2,700
39
11%
*38%
36%
55%
118%
26
10334
117%
131
153%
117%
2434
7%
98
85%
11%
3
12%
*%
%
IO84
12
*80
*4%
22
21
No par
Postal Teleg*h Ino pref.No par
Pressed Steel Car Co Inc
1
*9%
4%
112% Jan 28
Petroleum Corp of Amer
6
Pfeiffer Brewing Co
No par
1,400
1,400
4,700
19%
14%
26%
14%
25%
22%
1%
27%
9
67%
t
9%
4%
684
39
19%
14%
12
*38
*9684
85%
11%
Jan 30
Pond Creek Pocahontas No par
*2%
*65%
32
85%
11%
Feb 20
12
100
*38%
12%
*7
98
7%
Feb 19
30
Plttston Co (The)
1,300
38%
19%
67%
4514
Bid and asked
""116
*56-%
12
834
7%
24-%
2
No par
100
6
1% Mar 17
37% Jan 10
Pittsburgh Steel Co....No par
1,400
58%
3
*65l2
*52
25
*80
66
12
4312
*96
9%
*2%
111
1U2
*110
4%
*20
113s
3914
4%
11%
*9%
4%
24
1738
*214
*418
39i8
85%
11%
113
*4%
*%
*l4
96
85%
97s
*17%
*38
96
1
1
173s
32
7%
85%
11%
*9%
111
884
73s
53s
7%
24
No par
7%
*8
8
*478
*17i8
*7
24%
7%
38%
19%
*14%
*26%
834
73s
538
85s
24
*20
*88%
55
*116%
118
2584
25%
10384 10334
110
*115%
131
*130%
153
153
154
154
*150%
*114% 117% *114% 117% *114%
38l2
1934
19%
100
100%
*9258
93
8
*52
*10%
*34
56%
19%
1001s 10018
12
59l2
3
1%
2834
<
54%
*21%
*1%
l7s
6
*5%
105s
35
23
9
7I4
63
*11
12
35
36%
54%
54%
116% 116% *11634
25% 25%
25%
103% 103%
10384
116
115% 115%
131
*129% 131
23
27%
5%
11
54%
*80
14ls
27is
14*2
7
5%
1034
36
25
*H2
*57
11
*6%
*10%
25
*734
*1012
9I4
11
25
*2234
*634
4I4
*80
*80
*58l2
4l8
414
684
538
53s
Feb 19
Penn G1 Sand Corp ....No par
5% preferred
Jan
8% Jan
Pitts Ft Wayne & C Ry Co. 100
....
*1811
8
43% Mar 4
7484 Feb 20
134 Feb 15
Pitts Coke & Iron Corp No par
..
*173l2 176
*173% 176
*173% 176% *173% 176%
534
*55s
534
534
5%
534
584
®5%
5%
*7
*7
*7
*714
8
734
784
8%
7%
*52
53%
54
5234
5384
52l2
54
53%
54
35
35
*34
35
3578
34%
35
35% *33
6 484
66
65
*64l2
67
6534
6434
64%
64%
11
1034
Ills
III4
11%
10%
10%
*10%
10%
*158'4
*158%
*158%
*158%
78
*5g '
7g
*%
%
*%
78
*%
%
15
15
15
15
15l8
151s *14%
14%
15i8
1934
1934
1934
*17%
1934
*17%
1934 *17%
1984
*7l4
5234
1% Feb I*
25% Feb 14
17% Feb 14
84 Feb 21
No par
Pet Milk Co
16
15% Jan 31
Jan 15
No par
10
5% preferred
100
Pennsylvania RR
50
Peoples Drug Stores Inc....6
Peoples G L & C C (Chic) 100
{Peoria & Eastern Ry Co.. 100
Pere Marquette Ry Co
100
5% prior preferred..... 100
Jan 10
4% Jan 10
7% Jan 13
3% Jan 6
15
Penney (J C) Co.
$7 conv pref ser A
160
12% Mar 20
99% Jan 10
1134 Jan 9
Penick & Ford
Pirelli Co of Italy "Am shares'
*434
1
7% Feb 14
7% preferred
*173i2 176
*55s
1
FBD
10
126
share
Jan 27
per
95is Feb 14
10% Feb 3
Enterprises. 10
Phillips Jones Corp
...
*160
*160
...
500
68
*76
5
35%
6%
78
12%
300
6%
38%
3
48
5
100
320
79
*5%
1
No par
Penn-Dlxie Cement
100
100
*62
...
& Co
300
2%
38%
*2*4
*44%
21%
100
..10
.1
Pathe Film Corp....
900
*1%
385s
234
4812
22
*76
Davis
Patlno Mines &
600
38%
234
*4414
*2134
22
1
xnc
Pen n Coal & Coke Corp
42%
38i2
22
600
18,600
38
*76
Feb 27
Parker Rust Proof Co....2.50
Parmelee Trans porta'n.No par
1,800
23%
24
68
—
500
....
*62
*76
101
& TUford Inc
Park
5% Feb 18
284 Feb 14
12% Feb 18
7% Jan 7
% Feb 15
100
Park Utah Consol Mines
2,200
3
Feb 15
6% 1st preferred.
6% 2d preferred
~2~ 500
Mar
29
conv preferred
Paramount Pictures
Park
3
$
No par
2,400
7,000
23%
*23%
42%
68
2178
.1
300
*62
2178
Parafflne Co Ino
1,000
68
*76
Panhandle Prod & Ref
3,000
*62
*44
Pan Amer Airways Corp....5
Pan-Amer Petrol & Trarsp—5
79,606
200
116% Feb 21
1^8% Mar 12
100
Packard Motor Car....No par
4%
46%
68
*62
100
80
*113
24
23%
23%
237s
43%
100
4584
*12%
*113
*113
100
0% preferred
$ per share
Paclflo Tin Consol'd Corp.. .1
Pacific Western Oil Corp.. 10
15,500
80
38
*13%
p
20
2,300
1,000
7,800
5,600
Year 1940
Lowest
Highest
Par
Pacific Telep & Teleg
150
*147% 150
150
*147% 152
*147% 151%
334
378
334
37s
3»4
334
6%
65s
65s
6%
65s
*6%
6%
2%
234
27s
2®4
278
284
284
2»4
2%
13
12%
1278
12%
1234
12%
12%
12%
1284
8
734
734
*7is
8
*7%
8
*7%
1
1
1%
1Ji«
1
H8
*7S
1
%
3012 *30l2 32
*30i2
32
*30%
32
*30%
3184
105
*102
105
*102
105
102l2 *102
102l2 *102
12
III4
113)}
115s
11%
12l8
11%
12%
12%
99
99
99
.99
99
99
99
98%
99
10%
10l2
1034
107s
11%
11%
11%
11%
11%
*15
*15
1534
1534 *15
1534
1534 *15
1584
2
1 8
2
17S
2
1%
1%
1%
1%
28
28
28
28
277s
283s
2734
2778
28%
19
19
19
187s
1878
*1834
19
I884
I884
1
1
1
*34
*34
*34
1
%
84
8%
8%
Sl2
8%
8%
*8%
8%
8%
884
8
8
*8
8
8
8%
8%
734
734
334
Range for Precious
On Basis of 100-Share Lots
Lowest
120
150
334
♦
Range Since Jan. 1
.
Week
*119i4 120
1877
"4",100
700
700
90
200
2,100
600
400
60
50
500
240
3,400
d Def. delivery,
Richfield Oil Corp
n New
stock,
r Cash sale,
19% Feo 13
30% Mar 21
Jan 17
52
7% Feb 14
6% Feb 14
4%Mar 8
15% Jan 30
934 Feb 15
42% Mar 1
%«Mar 11
31% Mar 10
»i» Jan
7
4
2% Jan 18
484 Mar 20
37% Feb 19
109% Feb 17
%
37
Jan
Feb 19
t Ex-dlv.
94% Jan 16
10% Jan 0
34% Jan 7
53% Jan 13
9
Jan 22
9% Jan 27
534 Jan 16
1784 Mar 20
13% Jan 3
4834 Jan 14
%Mar21
38% Jan 10
% Feb 8
»ii Jan 17
3
Feb
3
3% Aug
11% May
12% Dec
45% Oct
%
26
Dec
June
44
May
56
Oct
9% Nov
7% Jan
12
Feb
22%
Apr
15% Nov
48% Nov
13s
42
Feb
Jan
Oct
%
%
2
Jan
3
Dec
Jan 13
34
06
May
May
17
May
Jan 15
Feb
Apr
11% Nov
%
484 Mar 20
50%
Deo
90%
hi Dec
112% Jan 11
45
Nov
Jan
Jan
May
484 May
53
Mar
5
111% Deo
43
Dec
Ex-rights. H Called for redemption.
New York Stock Record—Continued—Page 9
1878
LOW
AND
HIGH
SALE PRICES—PER
March
NOT PER
Monday
Tuesday
Wednesday
Thursday
Mar. 15
Mar. 17
Mar. 18
Mar. 19
Mar. 20
$ per share
$ per share
$ per share
$ per share
$ per share
*9%
9%
9%
*«6
*86
88
37
37
37%
9%
88
37%
9%
9%
88
*86
37%
37%
9
9%
Mar.
9%
9%
*85
87
*85
87
37
37
*37
37%
2i
$ per share
9%
9%
*85
37
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
Lowest
Week
;■ Par
Shares
*114
115
*114
115
*114
115
*114
115
*114
115
*11314 115
108
108
108% 108%
*107l2 IO8I2 *107% 108% *107% 108%
108% 108%
*u
ht
*'11
al«
he
% -'I- %
%
14
14
*%
1
%
%
%
%
*%
%
%
*2
♦%
*%
%
13
13
*13%
1334
*13%
14
13%
13%
13%
13%
*13%
13%
2%
2%
*2%
2%
*2%
*2%
*2%
2%
*2%
2%
*2%
2%
73
73
73%
72
73%
72% 73%
73% 7334
72%
73%
7234
10
10
9h
9%
9%
984
978
10
978
10
9%
978
13
13
*13
13
13
*1284
13
13%
1234
1284
1234
1284
*66
68
68
65% 6534
68
66% 66%
6534 6584
64% 6534
4
4
4%
4%
4%
4%
4%
4%
4%
4%
4%
4%
54
54
*5212
5312
*52% 53%
*52% 53%
53%
53%
54% 54%
5%
5%
5%
*5%
5%
6*8
*5%
5%
5%
5%
5%
5%
38
38
*3714
38
*37% 38
*37% 38
38
38
*37% 38
12
1134
12
12
12%
12%
1134
12ls
12%
12%
1178
117s
4% 1
4%
4%
4%
4%
*412
4%
4%
4%
4%
4%
4%
*1812 19
18%
18% *18% 18%
18%
18%
18
18
18%
1834
.
Year 1940
Lowest
Highest
$ per share
9
Feb 14
$
Highest
% per share $ per share
share
per
11% Jan 10
2,900
Schenley Distillers Corr .....5
100
85
Jan
3
87% Jan 24
7% May
64% July
88
Dec
""600
Scott Paper Co...——No par
34
Jan 23
37% Jan 10
34
49
Jan
87
37
1941
Range for Previous
STOCKS
NEW YORK STOCK
the
CENT
Friday
Sales
for
SHARE,
Saturday
22,
preferred
5Yx%
May
$4.50 preferred
111% Jan
115
Jan 31
107% June
$4 preferred
~~:to
No par
No par
108
111% Jan 10
101% June
4
Feb 14
%
tSeaboard Air Line...IVo par
1,000
300
Seagrave Corp
No par
Sears Roebuck & Co—No par
2,300
9
% Jan
Servel Inc——v..—.--.-—.— 1
% Jan
115% Jan
111% Dec
%
% May
3
9
Oct
%
3
15% Jan 10
11
Feb 13
2% Mar 11
7834 Jan 2
1% Sept
61% May
8% June
12% Mar
Seaboard Oil Co of Del.No par
"8~200
Jan
% Jan 20
100
preferred
4-2%
300
1434 Mar
May
1%
20
Jan
Jan
Jan
•
'
*U2
2
*27
*1%
27
28
*21%
*97
22
21%
*97
109
21%
106
*112
*112
*1112
1834
12
13%
13*2
8%
19
834
1%
13%
20%
1634
1%
13%
20%
*11%
*13%
8%
2
13%
20%
140
*138% 144
25%
25%
25%
9%
12%
22%
9%
13
22%
22
25
25
1%
*3%
9%
1234
*25
1%
1%
*4
4%
*59
65
*19
1934
32%
*3384
*56
534
*59
1934
33
33
34%
57%
5%
*33%
57%
5%
51
*50
*25
21%
*100
27
22
109
*112
19%
*1%
2%
*25
2178
*24
100
19%
103
*112
—
19%
19%
19%
1534
2
*1%
140
25%
9%
8%
9
878
2
2
14
20
20
*138% 144
25%
9
25%
9%
9
878
2
14
14%
25%
9%
25%
9%
25%
9
25%
1%
9%
1278
2278
27%
1%
*334
4%
7
12%
13
1278
13%
1234
21%
22%
2234
23%
22%
26
25
25
*25%
27%
*2584
1%
2
20,600
4,400
14
14
800
20
20%
19% 20%
19%
19%
*140
*138% 144
*140
144
144
13
*1%
8%
1%
1%
334
9
12%
21%
1278
22%
*2534
27%
1%
334
*1%
1
13
No par
100
135
So Porto Rico Sugar
8% preferred
Southern Pacific Co
Southern
33%
33%
33%
3384
34%
57%
*33%
34%
*33%
34%
*33
34%
*33
34%
*56%
57%
56%
56%
57
57%
58
58%
""150
6
5%
*5012
6
53j
578
534
2,900
1934
19%
*19
20
33%
578
50%
,334
*59
65
19%
33%
19%
33%
3334
534
6
1
1
1
"3%
3%
16%
1
1
3%
3%
%
378
1534
17%
19%
18%
1934
"7)00
5,100
No
Wlthington
Spicer Mfg Co
50
1,900
20
9,200
$3
conv
No par
Square D Co...—. 1
5% conv preferred
100
Standard
No par
"id
lb'ooo
4%
38,500
$4
19%
21%
21
2284
20,500
45,900
$6 cum prior pref
$7 cum prior pref
1
%
3%
1334
3%
14%
16%
16
14%
15%
15%
17%
17%
18%
2534
19
25%
19
19%
19%
1734
1934
19%
1934
19%
1978
19%
19%
11,700
25%
26
25%
26%
26
26%
26
26%
2534
26%
13,800
35
35%
35%
363s
35%
35%
35%
35%
35%
35%
35%
13,600
Standard Oil of New
36%
37%
37%
37%
3778
3778
*37
500
Standard Oil of Ohio
40
*39
397g
1,500
800
'
39%
39%
38%
39
39%
3934
58%
58%
58%
58%
5834
5834
5834
58%
*73g
4%
7%
7%
7%
7%
7%
*7%
4%
4%
7%
*4%
7%
4%
4%
*4%
4%
43jj
6%
6%
6%
6%
7
7
6%
7
6%
6%
6%
678
6%
678
6%
52%
52%
52%
52%
52%
52
52
11938 11934
8%
18%
*1%
119
8%
18%
1%
*14
1%
15
*21
8%
18
14
119%
8%
18
119
119%
8%
17%
1%
8%
18
1%
1%
*58
14
14
2134
*21
2134
500
2,730
2,100
*13%
*2034
*3%
;
5
*3%
5
*3%
5
*3%
5
22%
22%
2212
22%
22%
22%
22%
22%
22%
22%
22%
2234
4,100
18%
*6%
18%
634
18
18%
18%
18%
18%
18%
1,500
6:
*6%
18%
6%
18%
6»4
18%
6%
18%
684
6%
6%
900
*5%
*4%
*33%
*3%
6%
6
6%
■
14
2184
*5%
434
39
6
6
6
'6
434
39
534
*4%
33%
534
*4%
*33%
33%
*4%
*34%
*34%
*3%
3
*3%
334
*3%
484
39
384
*7%
35%
35%
334
484
8
8
*7%
8
*7%
8
35%
35%
3%
35%
35%
35%
3%
35%
3534
35%
3534
3534
35%
3%
3534
*5%
5%
5%
5%
5%
5%
4
3
4
*10%
*7%
*36
*4
11
*2%
3%
4%
*3%
*5%
*31%
%
*15
*9%
97
8%
*36
2%
*2%
38
2%
*39
40
5
5
5
34%
34%
38
*2%
*39
4%
34%
3%
*3%
5%
3234
5%
31%
32
'
%
15%
9%
97
*34
*15
9%
96
1
16
9%
96%
*»i«
*1%
*17%
*7%
32%
*11
6%
18
1%
*934
6%
10
18
18
*1
19
*17
8
33
*32%
*784
11%
1%
19
8
33%
*2%
4%
*34
10%
4%
1034
*7%
*38
39%
278
*2%
40
*39
4%
4%
*34
36
4%
4%
11
11
39%
278
40
*38
39%
36
4%
34
34
*3%
3%
3%
584
*5%
*31%
32
*5%
*31
31®4
43
3034
42%
4%
434
12 %
12%
734
*12%
1%
1%
71
4%
*9
6
1734
*1
*17%
*7%
32 84
67%
13
13
734
*7
734
1%
*1%
1%
71
4%
10
6%
1734
1%
1834
8
32%
11%
67%
71
4%
*934
6%
18
*1%
17%
*7
:•
1%
370
71%
4%
4%
10
10
6
6%
18
*1734
1%
1%
17%
*17%
7%
7%
*7%
3234
3234
*32%
70
4%
10
25%
♦
25%
25%
25%
25
25%
25
25%
Bid and asked prices; no sales on this day,
24%
10% Feb 19
33
6%
Jan 24
1% Jan
112
6
Dec
12% May
16%
Oct
4
23
May
56
May
Jan 11
834
5%
8%
8%
5834
Jan 10
Jan 28
4% May
4
Dec
8%
Apr
Jan 10
5
May
12%
Jan
4
127
3
9
21
12
Feb 17
20% Feb 24
Feb 28
4
Jan
Jan
Jan 22
Jan
4
Jan 10
134 Jan
7
Jan
6
23% Jan
4
24% Jan 27
4
Jan
6
3% Jan
7% Mat
6
6
1
34% Feb 19
2% Feb 14
3434 Feb 26
Texas Gulf Sulphur...No par
Texas Pacific Coal & Oil... 10
5% Mar 4
334 Feb 18
1
100
8% Jan
7% Jan
35% Jan
Thatcher Mfg
No par
$3 60 conv pref..—No par
May
16%
9% Jan 8
40% Jan 2
3% Jan 10
38
Jan 24
Feb 15
May
3
334 Jan 16
6
32
Texas Gulf Produc'g Co No par
20
zl7% May
19% Jan 14
734 Jan 2
6% Jan 7
434 Jan 8
34% Feb 14
4% Mar
9
50
5
Tennessee Corp............5
Texas Corp. (The)
25
118% May
7% May
12% May
1% Oct
9% May
Feb 28
8
6% Feb 14
........
4634 Aug
2
17
173s Mar
5%| % partic pref
Telautograph Corp
534 May
7
6
21% Mar
Aug
434 May
334 May
9%
Dec
May
47%
Apr
4%
pr
6
2% May
26% May
5% Oct
4% Feb27
334 July
6
11
Jan
7
5
May
7
Dec
18%
Dec
53
Mar
4
Feb
30
June
3
May
35% Mar 15
20
June
30
Jan 17
3
Jan 31
2,300
12,100
2*300
1,800
1,100
""966
6,500
5,700
900
10
23
Jan
12
May
Mar 17
9934 Jan
6
34% Jan
6
51% Jan 2
5% Jan 13
35% May
17% Jan
10% May
Feb 17
8»4 Jan
2
Jan
75
Jan
9
5% Jan
9
4
Feb 19
9% Jan 30
534 Feb 19
17
Feb 14
1% Feb
7
16% Feb 20
7
Feb 21
30
FeD14
934 Feb 14
60
Feb 14
Union EI Co of Mo $5 pfNo par *111% Jan 30
25
1234 Jan 2
Union Pacific RR Co
100
76% Feb 15
Union Oil of Califonrla
80
100
Union Prem Food Stores,Inc
Union Tank Car
No par
Mar
4
10
,
98
Apr
89%
Feb
13
Dec
16
2234
Jan
29% May
9
Jan
9
113% Feb
6
2
31% July
12
May
12% May
108% Nov
42% May
12
26
y
Jan
116% Dec
May
14
Ex-dlv.
Apr
June
1% Jan 7
3034 Jan 10
x
Feb
18«4
88%
70
50% Jan 10
Cash sale,
Apr
13% Mar
45
71
20% Jan 15
r
30
85% Jan 13
18% Feb 13
New stock,
May
June
May
June
85% Jan 10
43% Mar 18
n
Jan
17%
No par
Def, delivery,
Apr
13%
May
17% Jan
24% Mar 20
10%
May
United-Carr Fast Corp .No par
United Corporation...No par
.No par
Apr
112
United Carbon Co
$3 preferred
5%
105
9
Mar 21
Jan
82% Mar
Jan 15
13% Jan
1
234
14% Jan 14
115
443g Jan
2
Apr
9% Nov
Jan
13% May
6
21%
Apr
6%
21%
9%
69%
Jan
Mar
3%
Jan 13
Jan
7
l%May
Jan 10
6
4
Dec
52% Nov
25%
24
Jan
Dec
May
9%
34%
1234
70%
2934 Jan 10
Jan
6% May
5
May
14
1% Jan 10
1234 Feb 28
111
Aug
3% May
7
25% Feb 19
No par
34%
64
6
34% Feb 14
12% Feb 19
12% Mar 11
5
May
4% May
1% May
Jan 16
7% Jan
19% Jan
9934
4% May
9
Feb 17
May
18
2
7
6
81
300
6,800
Jan
May
200
16,800
2%
8
884 May
18
68% Feb 17
100
100
Dec
Apr
9
12% Mar 20
Under Elliott Fisher Co No par
Union Bag A Paper
No par
Union Carbide A Carb.No par
5% preferred
Apr
6%
38%
6
4% Feb 18
Twin Coach Co
United Biscuit Co
7%
Jan
27% Feb 19
10
United Aircraft Corp
Un Air Lines Transport
1% Jan 18
Feb
4
Jan 10
39
20 th Cen Fox Film Corp No par
$1.50 preferred
No par
Twin City Rapid Tran.No par
4% preferred
Nov
Jan
96
No par
10
7% preferred
35
10% Jan
Truscon Steel Co
10
Feb
584 Mar
6
300
400
Jan
42%
Jan
Jan
234
6
34
12%
2534 May
1
May
6
6
3
34 Mar 19
1% Feb
1,100
4% Jan
3
13% Jan 31
7
7%
2% June
2% Jan 14
10
100
25
Tri-Continental Corp
1
$6 preferrred
^.No par
Truax-Traer Corp
No par
32%
37% Nov
8% Jan
6% Jan
36
Mar
Jan 18
Transue & Williams St'l No par
100
5% Mar
40% Jan 21
4
200
80
7% May
33
Mar 15
Timken Detroit Axle
Apr
Jan
Jan
Apr
5
pref
Feb
7% Mar
24%
32%
9%
Mar
45
conv
35%
6
Feb
$4.50
Jan
Jan
2% Jan
18% Nov
40
2% Mar
preferred
Dec
10%
27%
10% Jan 23
4
....1
conv
125
4% May
38% Jan
$3 div
12% Feb
65% May
28% May
2% Dec
4% May
No par
Therm old Co
4,000
*1734
Apr
Jan
Jan
Jan
Jan
66
2,100
19
Jan
6
8% Mar
Timken Roller Bearing.No par
1%
Dec
2%
7%
18%
2234
26%
4
16% Feb 14
l3g Feb 27
Swift International Ltd
Texas & Pacific Ry Co
9% May
Jan
5% Feb 15
Symington-Gould Corp w w.l
Without warrants
1
Texas Pacific Land Trust
2% May
40
Feb 14
Transamerica Corp
.2
Transcont'l & West Air Inc..5
*1%
a
116
6% Mar
334 Mar
25
Swift & Co
2,800
300
t In receivership,
Apr
56% Mar
Superior Oil Corp...
Superior Steel Corp
2,600
2534
66%
May
34
Feb 24
3,400
3,300
2,000
25%
Jan
46
26% May
Jan 27
117
31%
700
10%
26
11%
38
100
100
preferred
4234
434
12%
19
434 May
6% Jan
34% Feb 19
Tide Water Associated Oil—10
6%
18%
Feb
113
Mar 14
100
1,000
6
7%
Dec
May
52
1,800
11%
11%
11%
11%
11%
11%
11%
11%
67%
67%
67%
67%
66%
67%
67% 67%
*112% H4% *113
11334 *11234 11334 *113
113% *113
113%
113% *113
13%
13%
13%
13%
13%
*13
13%
13%
13%
13%
13%
13%
78
78
78
78%
7734 78%
77%
7734
77%
77%
77%
77%
81
81
*80%
83
*80%
83
80% 81%
80% 8034
80%
80%
*12%
13
*12%
13
*12%
13
*12%
13
*12%
13
*12%
13
28
28
28
28
27
271
*27% 28
2734
2734
*27%
27%
39
39%
38% 39
3834
39
38% 39%
38% 38%
38%
3S34
13
13%
13%
13%
13%
13%
13%
13%
13%
1234
13
13%
*12%
12%
1234
1234 *12%
127g
12%
12%
12%
1234
12%
12%
*112% 11434 *112% 11434 *112% 11^4 *112% 11434 *112% 11434
112% 112%
43% 43%
*43%
*4234
44
44%
44%
44%
*43% 4434
*43%
44
*19% 20% *19% 20% *19% 20% *19% 20%
20%
19%
20%
20%
1%
1%
1%
1%
1
1%
1%
1%
1%
1%
1%
1%
65%
170
*934
32
Apr
58%
Preferred-..-..-....—100
*17%
8
3884
1
3$ Mar 21
2% Feb 16
Feb 15
Sunshine Mining Co
The Fair
3,700
6%
18%
1%
32%
47
May
May
6
6
9%
97%
4%
May
19
June
Thompson (J R)
Thompson Prods Jnc.-No par
Tompson-Starrett Co.No par
$3.50 cum preferred.No par
71
*4%
33
45% May
5834 Jan 21
5
1%
*70
Apr
98
734
*7
2334
6
9% Mar
4%
14% May
6% Jan
4% Mar
28% Feb
31%
42%
20% Jan
113% Feb 14
Third Avenue Ry
4%
3134
Jan
May
Jan 24
800
42%
Apr
7
72
Jan 30
200
4%
3%
Oct
6
400
31%
42%
1% May
Jan
334 June
60%
9
5%
3134
42 %
4%
13%
Jan
5
57% Jan
3%
*96%
Jan
Jan
39
May
Mar
36% Jan
3034
34
15
97%
20%
34%
17% Nov
3
15%
8
3
2
60
8
Mar
*3%
*96%
Jan
4% Jan
634 May
13% May
6
9
*5%
3034
34
*14%
97
23% May
2
534
9%
152% Apr
30% May
38% Jan
3%
32
3034 May
May
z3734 Jan
No par
Sun Oil Co
*
97
1%
"loo
40
4%
97
*7
500
2,800
234
*2%
*39
4%
1,000
8
*7%
97
11%
67%
6%
*4
8%
%
1234
10
4
11
15%
9%
7%
6%
4
5%
5%
*34
12%
*17%
36
*9%
7%
*1%
4%
36
*14%
12%
73
36%
9%
4%
*4%
'■*
36
16ie
31%
42%
*71
*36
9,500
1,600
1,600
15%
4%
4%
""306
36
3%
9%
42%
*9
734
*3
Aug
128
111
Talcott Inc (James).
*3
*734
35%
8
3%
11
*39
'"""SO
*3%
734
35%
*5%
*38
1,200
434
34%
3%
3%
8
3578
3%
*3%
5%
*7%
57g
*4%
3334
84
*14%
4%
1%
5%
534
484
36
9%
3131%
H
75
1
36
6
300
2134
15%
42%
7%
5%
3
*4%
1334
*21
15%
9%
4%
12%
*4%
4%
3%
*5%
5%
31%
*71
2%
40
*31%
3%
33
42%
*7%
1%
38
34%
3%
31%
12%
4
1034
*7%
42
4%
.
1034
8%
35%
34
4
10%
*7%
40
434
3
10%
8%
38
*39
14
*21
16
Jan 14
Feb 14
113% Feb
1
...100
Sutherland Paper Co
10
Sweets Co. of Amer (The)..50
5%
MarlO
4
9
1
2,200
14
5
12% Jan
2% Mar
16% Jan
21
1334 Jan 10
24% Ja.28
29% Jan 13
Mar
May
40% Apr
112% Dec
7% Apr
Superheater Co (The). -No par
2184
1% July
146
31% Feb 19
No par
Webster
900
*3%
7% May
10
Jan
Studebaker Corp (The)
*20»4
6
Dec
Jan
Feb
Stone &
5%
9% Jan
2% Jan 11
1.534 Jan 23
Oct
3834
8034
8%
1,700
2234
Feb
2
Jan
50
(The) L S_.No par
Sterling Products Inc
10
Stewart-Warner Corp
..5
Stokely Bros & Co Inc
—1
4,600
*312
2434
28% Jan 3
10% Jan 23
32
Starrett Co
67g
6%
1%
Jan
Dec
46%
678
6%
*1%
*13%
1%
11%
14
29
6%
8%
17%
1%
1334
May
8
2084 May
7%
8%
17%
1%
Jan 30
5
1534 Jan
29% June
7
117% 118
2
Apr
10% May
36% Jan 11
700
17%
3
22
19% Mar 17
12
Mar 19
27% Jan 11
800
119%
23% May
5
4%
*8%
6
Jan
Apr
Nov
Feb 14
7%
17%
22% Jan
2%
25% Mar
5834
117
31
Standard Oil of Indiana..-.25
7%
52
1% May
17% May
12% June
Standard Oil of Calif. .No par
4%
52
2% Jan 20
27% Jan 28
12% Feb 14
17% Mar 4
5834
52%
24
458Mar20
21% Mar 21
2234 Mar 21
2034 Jan 13
58%
7%
4%
*52
12% May
31% Feb 20
No par
No par
No par
preferred.
*6%
6%
52%
119% 119%
8%
8%
*17%
18
1%
38
39
4
8
56% Mar 19
5% Feb 14
25
39%
*37%
38%
*36
17
4%
2034
22%
Jan
21% Jan 10
6% Nov
114% May
18% Jan 30
Jersey.25
*36
35%
37%
3%
Feb
13%
120
1% Feb 18
Standard Gas & El Co.No par
3%
12%
40%
Jan
May
334 Feb 28
Brand/:,....No par
$4.50 preferred
May
7% June
3% May
5
May
Feb 19
60
2
Spiegel Inc
Conv $4.50 pref
Jan
Apr
7% Mar
67
Jan
8
1
534
56
4
12% Jan 13
11% Feb 15
19% Feb 14
23% Mar 13
No par
No par
pref A
34
Jan 30
73% Nov
105
16% Feb 14
par
Sperry Corp (The) vtc
40
434 May
Apr
Jan
16% Nov
6
25% Mar 12
Spear & Co.....
1
$5.50 preferred
No par
Spencer Kellogg & Sons No par
19%
"65
May
40% Aug
16%
Jan 27
1% Jan
Mobile & Ohio stk tr ctfslOO
3
5534 Jan 14
5% Jan 7
88
Jan
8% Mar
No par
Sparks
*19
*59
9
Ry...—No par
100
8% May
51% Aug
114
13% Feb 28
5% preferred-
500
1934
33%
378
4
112
5
14% Feb 19
25
Southern Calif Edison
400
4
65
34%
»i«
5
Jan
Feb
112
S'eastern Greyhound Lines..
14
2% Nov
Feb 15
95
No par
10
Smith <fe Cor Type v t c.No par
Snider Packing Corp...No par
Socony Vacuum Oil Co Inc. 15
South Am Gold & Platinum. 1
$6 preferred
Smith (A O) Corp
200
4
65
15
Skelly Oil Co.
6.200
*59
*59
134 Jan 31
25% Feb 15
18% Feb 19
10
Sloss Sheffield Steel & Iron. 100
6,700
65
4%
No par
Simonds Saw & Steel..No par
10
1,700
17,300
....
lht
Simmons Co
2,300
V
25%
9%
25%
51
50%
5078
50%
50%
50%
50%
34% *3334 34%
34% 34%
34% 3478
34%
3434
*113% 114
113% 113% 113% 113% *112
*113%
*113%
6%
6%
6%
6%
6%
6%
%
6%
6%
6%
6%
6%
*112% 113
*112
*111% 113
*111% 113
113% *112
113% *112
113%
34%
1,700
2
2
2
14%
22%
1%
30
834
12
15
14
600
1,100
12
14%
8»4
2178
98%
12
15%
12
14%
10% Jan 21
43s Feb 14
16% Feb 15
15
Simms Petroleum..
"""166
1134
1478
12
Co.No par
Shell Union OU
2
4% Feb 19
37
Feo18
Silver King Coalition Mines.5
"2,500
14
Sbeaffer (W A) Pen
7134 Jan 17
4% Feb 8
Feo19
334 Jan
51% Feb27
par
1,100
1,200
18%
12
14
60
G)—No
3,300
18%
13%
13%
20%
Shattuck (Frank
1834
1834
*1134
12
2,300
10% Jan21
61
$5 conv preferred.—No par
*112
.
9% Feb 19
10% Feb 20
Sharpe & Dohme
No par
$3.50 conv pref ser A .No par
98
22
*98
*112
6834 Feb 14
No par
250
134
25%
*1%
*23
Steel Corp
Sharon
2,600
1,100
217g
26
*21%
2178
100
2%
*1%
26
13%
8%
*50%
35
2
*1%
2
27
700
2
Ex-rights.
1%
May
Dec
Dec
53%
Jan
July
Apr
23«4
Apr
18
Apr
111%
Dec
65% May
20%
2%
42
Dec
Apr
Feb
T Called for redemption.
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
152
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
1879
Sales
STOCKS
Range Since Jan. 1
for
NEW YORK STOCK
On Basis of I0(y-Share Lots
the
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Mar. 15
Mar. 17
Mar. 18
Mar. 19
Mar. 20
Mar. 11
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
$ per share
*4
4t8
2%
•
4
4is
4
*2
26
2'8
25*4
2's
*25
*3*4
*3612
67%
3%
37
*3*4
36*4
*2
*25*8
378
3*4
*9
914
9
3*8
3
3
3
2%
*3
*86
88
*11%
11%
9
5*4
914
*2%
*3
314
3*4
*36
9*8
3
3%
10%
3
3
3
88
*86
88
11%
11*4
*10%
8%
63%
11%
9%
8*4
62
*5*4
'167
6
*8%
*534
United Eng & Fdy
United Fruit Co
8,300
700
9
70
9
400
63
2,200
177
5%
600
5%
*3434
38
34*4
3434
*35
38
*35
38
*35
38
*35
38
10
25
25%
25%
25
25
*24
25
*24
25
24
24
600
*3*4
4%
4%
*634
712
64
*5812
7
7
20*4
*3%
7
64
28%
*58%
*28%
33%
*32
21%
*20%
1*8
22*4
*1%
1%
1%
22%
91%
*56%
*73
75
73%
5734
5714
58U
120*8 120*8
27*8
45
*26%
*1*8
1*2
*1
1%
*45*8
1%
*13
153
154
154
*1
52
46%
15
52
52
153
1%
1%
48
*45%
15
*51
45
*1
48
*13
27%
45
14
52%
*150%
*150% 153
153
149
154
*2
*%
*16%
17%
*16%
17
*16%
2712
27%
27%
28
15
27%
*14%
27
26
**8
%
14%
27"
*26"
*56%
*
65
21
21
*178
22
1
*32%
*93
98
*96
*135
%
1%
...
1%
2234
89%
65
27%
14
14
*26
*14%
115
41
41
*56%
*
23
*2
2%
22%
116
23
2%
23
*2
23
118%
*22%
116
*13%
*4%
137s
**4
%
3
3
*57
65
8%
20%
8%
14
5
*13%
200
400
2%
*25
29
*25
*8
28
22
16%
18%
*21%
22
*15%
1634
18%
18%
*3
*25%
21%
*15%
18%
*3
3%
22%
21%
*112
113
*102% 104
*116
116%
104
25%
25%
*3%
3%
*6
6%
106%
25%
3%
*%
22%
20%
95-%
%
21%
22%
%
21%
20%
95%
134
*131
32%
31%
*31%
*29%
20% ' 20%
95%
96%
*131
13234
*31
32%
*29%
31%
107% 107% *106% 108
*55
76%
*55
76%
98%
28%
*97
28%
*96
28
74
74
*1034
11%
15-%
15%
6%
534
4%
98
28%
*1322®3j
*1322»J2
4%
*16%
*71%
*11%
15%
5%
4%
17%
106
*105
%
*25%
*21%
15%
Jan 14
33% Feb
5
28% May
35
Jan
89
Feb 15
May
110
Nov
June
135
May
*18%
*2%
200
15%
15%
400
7% preferred
3%
62%
3
3
62
63
#i«
#ie
25%
3%
*5%
3%
*3
6%
*5
25%
90
28
No par
25
21
"""500
100
Washington Gas Lt Co .No par
Waukesha Motor Co
5
21
16
*17%
18
600
Wayne Pump Co
_
22
69%
105
112% 112%
103
116% 116%
*16%
17%
*105
106
*3
Warren Fdy &
2134
70%
6,600
70%
21%
75
11%
16
5%
|
434
22
20
74
11%
*71%
310
West Penn Pow Co 4 H % Pf -100
400
West Va Pulp & Pap Co
106
*105
"
25%
25%
*2%
3
*6
6*4
*6
15%
1534
6%
15%
*534
4%
5%
*11
5-%
5
1,666
7 it
22%
20%
%
i
..
5%
*4%
72%
11%
15%
5%
5
71%
1134
15%
5%
4%
71%
11%
15%
5%
4%
70
*45
70
*45
70
*45
70
*45
70
*45
25
1%
27
*25
27
*25
27
*25
27
1%
26%
1%
1%
*25%
1%
*24%
1%
1%
*45
24%
4
5
*71%
4
5%
72%
4
5
71%
4%
1%
*4
5%
4%
71%
71%
1%
1%
4%
5%
72
28%
28
28%
28
28%
30
30%
20%
30%
20%
30%
21
30%
20
20%
30%
20%
*28
93
95
*90
99
*90
*86
95
*86
57%
*56%
57%
*90
♦57
*59
61%
*90% 100
64%
*19
14%
118
*10
34-%
*88%
*15%
*14%
2%
"*
64%
20%
14%
120
10%
35%
92
16
14%
2%
Bid and
1%
1%
1%
1%
4
4
5%
72
5%
72
Western Union Telegraph. 100
3,700
100
Westvaco Chlor
140
200
No par
Wheeling & L E Ry Co
100
6J4% conv preferred
100
Wheeling Steel Corp...No par
6% preferred
100
$5 conv prior pref ...No par
500
White Dental Mfg (The
30
2,800
30
5,000
1,900
3,200
28
28
30-%
30%
20%
21%
19%
*19
900
Yale & Towne Mfg Co
3,500
Yellow Truck & Coach
""360
61%
300
116
10%
10
34%
*88%
14%
35%
91
1534
14%
2%
2%
asked prices; no sales on
200
95
57%
61%
14%
2%
40
68%
95
57%
61%
*85%
*56%
*60
20
14%
91%
*85%
14%
1534
91
*66%
94
*56%
20
15%
93
*87
*15%
14%
2%
116%
57%
19
14%
116
14%
116
14%
115
20
14%
115
10
*9%
10%
*9%
10
100
35%
91
15%
14%
2%
34
34%
33%
34
10,000
this day.
*88%
*15%
14-%
2%
92
1534
14%
2%
*88%
15%
14%
*2%
X In receivership,
90%
15%
14%
2%
Preferred
240
Young Spring & Wire.
Youngstown SAT
25
cl B..1
100
-No par
No par
W7o {preferred ser A—100
Youngst'n Steel Door. .No par
Zenith Radio Corp
No par
Zonlte Products Corp
1
5
""566
1,200
2,800
d Def. delivery,
nNew stock,
r Cash sale,
Feb
9%
1%
May
4%
Jan
Jan
Jan
Feb
May
50%
Dec
25%
2
30
% May
2% Sept
9% Feb 26
334 May
1234 Sept
9
22
May
2334 Jan 13
20
May
10% Jan
20% Jan
4% Jan
6
13% May
20%
6
7
14
24
80
6
80
30
Jan
Feb
May
2% May
1034Mar
3
65% Mar
6
22% Mar 17
74% Jan 18
Feb 18
106% Jan 26
91
115
96% May
Jan 10
100
Feb 20
107% Jan 18
113
Feb 28
117% Jan
15% Feb 19
18
Jan
3
7
Dec
15% May
6884 Aug
34% Nov
2834 Feb
4%
Apr
Jan
Feb
80
Deo
29%
Apr
75
Jan
110%
Apr
115
Apr
June
198
Jan
108% May
120
June
80
11
May
Oct
25% May
105
Apr
100% May
3
105% Feb 10
28% Jan 2
2% Feb 14
334 Jan 22
234 May
5
Jan
Jan 10
4% May
8%
Apr
104%
Jan
9
23% Mar
Jan
5
%i Feb
1
6
18% Feb 13
19% Feb 19
89% Feb 14
131
Feb 27
29% Feb 17
27% Feb 28
7
3
22% Jan 10
22% Jan 10
21
June
%
% Jan
Dec
14% May
15% May
40%
1
Apr
Jan
2884
Jan
28%
Jan
105
Jan
2
76
May
118
Jan
138
Jan 28
110
May
140
Nov
34% Jan 10
28
Jan
Jan
3
110% Jan
0
30
2734 May
37% May
Feb 24
38%
109%
Feb
Deo
108
Dec
50
107
May
80
Oct
May
103
Nov
95
Mar 20
100
Jan
2
86
25
Feb 19
30
Jan
3
18% May
126
09
3
133
Jan 29
9384 June
Feb 14
76
Jan 14
61
7
12
Jan 22
Jan
10% Jan
12% Feb 14
5% Feb 19
17% Jan
9
7% Jan 13
5% Jan 10
4
Feb 14
41
Feb 15
41
Feb 15
20% Feb 14
25
Mar 15
7
5% Jan 13
534 Jan 25
73% Jan 28
06%
92
57%
10%
Dec
13% Aug
9
3% Feb 14
4% Feb 14
65% Fep 15
No par
June
5
110% Feb 25
23% May
104% Deo
0% Nov
35% Jan
% May
Feb
101
Jan
2
Jan
1% Jan
No par
May
Mar 21
1
2% Jan 11
6% pref.100
Woodward Iron Co—...—10
Woolworth (F W) Co...—.10
Worthlngt'n PAM(Del)No par
June
3%
ia4 Feb 25
$6 preferred
5% May
10
1% Feb 18
Wilson A Co Inc
1%
Jan 22
3% Jan
Jan
2% Jan
9% Nov
18% May
6
Apr
Oct
1334 Jan
17% Jan
Nov
Deo
30% Jan
1
15%
%
3
5% Jan
120
%»
16% May
1
06%
99
20
*19
20
14%
14%
14%
*116% H934 ►116% 119%
6% conv preferred
71
89
Jan
10
Willys-Overland Motors
93
*90
60%
Sd).20
White Motor Co
1
White Rock Mln Spr Co No par
White Sewing Mach Corp.-.l
$4 conv preferred
No par
Prior preferred
20
Wilcox Oil & Gas Co
6
7% preferred
100
6% preferred
100
Prior pref 4H% series.. .100
Prior pf 4H% convserieslOO
Wright Aeronautical—No par
Wrigley (Wm) Jr (Del) .No par
20
99
*19%
14%
*88%
8,800
4,700
*90
68
*88%
"T,66o
99
*65%
34%
30%
Prod—No par
$4.50 preferred
80
6%
734
7%
4%
3%
38
May
May
Jan
Jan
Jan
384 May
45
June
Jan
1534 May
30
May
Feb 27
24% Jan
9
93
Mar 15
98
Jan 18
55
Jan 30
91
30
3
7
Deo
11%
1%
16% Feb 19
27% Mar
Apr
74% Nov
Mar
3
7
125
May
1484 May
is4 Oct
33% Jan
34% Jan
35%
11%
17%
Aug
116
Wisconsin El Pow
*90
*93
*10
500
7,500
1,300
21%
98
10%
""266
...
28
67%
1st preferred
Weston Elec
5
72
50
50
Instrument-12,50
Westlnghouse El A Mfg
80
400
99
61
Westinghouse Air BrakeNo par
1,500
20%
*66
35%
91
1534
14%
2%
4%
71%
*113
.100
12,300
5,200
2,700
30%
*93
34%
72
100
Maryland...
Western Pacific 6% pref...100
4
28
98
*10
334
21%
67
61
4%
5%
par
"""806
134
134
28%
30%
*66
61%
5
*71%
*1%
134
20%
*93%
*60
*4
1%
1%
28%
30%
58
60%
95%
57%
134
1%
*113
*112
*112
*112
*112
*1%
Western
4% 2d preferred
70
*1%
400
No
0% preferred.
100
Western Auto Supply Co—10
0;
*71%
11%
15%
100
100
7% preferred
6% preferred
16%
3%
73%
11%
15%
6
5%
No par
$4 conv preferred
102% 103
116% 116%
25-%
21%
100
West Penn El class A..No par
160
5
Feb 14
2% Feb 17
40
16%
Feb 19
Mar
17% Feb 14
112% 112%
*3
20%
*71%
*10%
50
4
..1
Wesson Oil & Snowdrift No par
300
105
105
15
Fob
6
22% Jan
105% Jan
63
No par
7% preferred
*77
*25
*%
Pipe
Webster Elsenlohr
3%
3%
6%
%
0
21
3
*
Jan
% Mar 11
*26
21%
22%
2l34
2134
1934 20%
20%
20%
20%
96
93%
95%
96%
96%
94%
95%
96%
134
134
134
134
*134% 140
*134% 140
*31
*31% 32%
*31% 32
32%
31%
31%
*30
*30%
31% *30% 31%
31%
31%
31%
*106% 107% *106% 107% *106% 107%
107% 108
*55
*55
*55
*55
76%
76%
76%
76%
97
97
95
95
*97
98
*9334
96
27
28
28
28%
28%
2734
28%
28%
*1322932
*1322%a
1322»321322»3i *l322%a
21%
$3 preferred
2»4 Feb 19
53
*15
25%
%
No par
No par
No par
preferred
18
18
*2%
103
106
*105
6
'
$3.85
JWarren Bros Co
28
69%
17%
8%
"11 Jan
14
Feb 26
par
100
Warner Bros Pictures
80
1,300
No
21%
16%
*103
103
103
10,600
zl234 Feb 13
334 Feb
No par
Class B
2134
22
70
Zll5% 116%
%
%
21%
*112% 113%
*16%
Dlv redeem pref
Feb 24
4% Feb 14
26
Feb 14
Ward Baking Co cl A ..No par
% Jan 10
un Jan 17
834 Jan
19% Feb 24
101
Walk(H) Good <fe W Ltd No par
h
%«
% Jan 20
'u Jan
8
Jan
No par
%
15%
*15
104
104
500
Mar 12
120
100
100
Walworth Co
100
*77
21%
*69%
500
~2~,666
100
100
No par
Walgreen Co
No par
4%i% pref with warrants 100
500
*26
May
32
434
15%
18%
3
May
25
.100
6% preferred
13%
28
22
May
5
48
*135
*8
134 May
14
109
36%June
*334
8
Aug
31% Mar
4% Jan
31*4 Jan
4
4%
8
Oct
60
Jan
13%
8
8
62
42
*13%
3
Jan
Feb 15
61%
3%
62
%
25%
3%
634
%
*5
103
116% 117
17
25%
112
103
104
106% *105
*105
112
11634 117
2%
*59
2% Jan 2
27% Jan 11
19
40
*334
*77
20%
21%
*68%
71
*103% 104
113
17
17
17
71
*103% 104
*103% 104
*112
22%
21%
*68
71
*68
3%
*77
*77
*77
3
2434 Jan 15
39% Mar
117% Apr
49% May
Aug
May
5034
Waldorf System
61%
%
8%
28
21%
16%
18%
July
35% May
25
Virginian Ry Co
100
%
22% June
112
20% Jan
JWabash Railway Co
5% preferred A.
*59
Jan 15
13% Feb 28
900
*15
26
Feb
5% pf 100
"""366
16
43% May
Va Iron Coal & Coke
*%
*15
19
May
Apr
60
*%«
1534
June
«4
1
2
%
%
12
Nov
60
7
Jan
117% Feb
Sl«
*%
Deo
June
115% Feb 17
Vulcan Detinnlng Co
Preferred
13
Jan
128
69
No par
%
5
70
159
25
9
Fel> 15
18% Nov
May
6
2
l%Mar
Apr
Deo
4
44% Jan
20
Apr
2%
63%
Mar 17
115% Jan
Mar 13
Deo
234
Jan
15
Feb 13
20
Apr
50
Jan
17
34%
Feb 14
6
Nov
39%
9
40% Mar 10
6% dlv partlc preferred. 100
SM
%
8%
1334 Mar 21
76% Nov
130
% Jan
114
No par
Va-Carolina Chem
%
13%
3
67% Nov
173% Deo
13434 June
Jan 21
2
12% May
45
Jan
Jan
Apr
Va El <& Pow $6 pref
*5i»
*3%
May
June
1'4
41%
117
60
6H
*13
1
41
Jan
100
100
pref
Victor Chemical Works
"18
13%
4%
4
Jan 10
z22
5
Vick Chemical Co
50
....
7
5
7% 1st preferred
98%
*135
4
100
Van Raalte Co Inc
Dec
Jan
MarlO
Jan
*96
*96
May
103% May
158
Feb 14
non-cum
Jan 13
Jan 17
16
1,200
May
42
16% Jan 10
20
98%
*96
3
3
62
*21%
*15%
3*8
100
2%
22%
116
60
Jan 29
Jan 6
5934 Jan 15
.....100
""566
98
*15%
15%
*8
*3
Preferred....
5%
400
Jan 10
157
Vanadium Corp. of Am.No par
Vlcks Shreve & Pac Ry
22
% May
May
15
Jan 11
5
Mar
(11 Jan
Van Norman Mach Tool._2.50
65
Jan
Apr
Nov
1%
51% Mar 20
133
10
2,000
1,000
39
68% May
39% May
50
74
24
1% Jan
2
Jan 17
Apr
Apr
Apr
May
38%
Dec
94%
64%
76%
7034
130
1234
22
24% Jan 11
46% Mar 18
13% Mar 20
par
Universal Pictures 1st pref.100
Vadsco Sales
No par
*3234
33%
98%
Aug
Deo
7%
2134 June
27% June
42% June
1% Dec
152
33
*32%
48
48
100
33
33
Jan 17
3is4 Jan 11
Mar 13
No par
43
33%
42%
May
44
8% preferred
*40%
*41
*34
»18
18%
Universal Leaf Tob
43
42%
6
29%
Universal-Cyclops Steel Corp 1
*40%
14%
13%
4%
*%
62
♦9
300
40%
*2
6
33% Jan 13
No
preferred
conv
S16
15%
16
*15%
$6
10
22
8% Jan
...25
*%
*8%
*%«
*4%
5
190
26
22
35
28
May
3% May
Feb 24
1
Jan
14
4
Mar 21
1% Jan
Nov
25% July
4% Jan
25
1
11
89
6% Mar
117
5
Deo
234 May
Jan
100
United Stockyards Corp
Jan
May
12%
z37% Jan 16
2834 Jan 10
Feb 19
United Stores class A
7%
97
3
6%
No par
7% preferred
10
26%
14
8%
*8%
8%
*8%
8%
*8%
*20
*20
*20
20
20
20
20
20%
20%
20% 20%
*100
*100
102
►100
102
101% *100
101% *101
101%
101% *100
5
5
4%
5
5%
5%
4%
4%
434
4%
4%
4%
*26
""""
27
*26%
27%
26% 26%
26% 26%
*2534 27%
26% 26%
8%
Preferred
15%
15%
98
*4
*8%
200
60
x55
U S Tobacco Co.....
100
1,200
50
No par
*13%
*13%
*135
U 8 Steel Corp
14%
14%
*135
300
116%
116
116
U S Smelting Ref & Mln
Preferred
Apr
182% May
1% Feb 18
17% Feb 14
80% Feb 15
55% Mar 13
72% Jan 4
10
100
7%
May
par
No
8% 1st preferred...
Oct
1334 Mar
June
7
3,700
*
65
*21%
5% May
Deo
50
Jan 14
Mar
1,500
1,300
*40%
*56l2
*56%
*
65
*21
41
*40%
100
May
Jan
53s
41
165
183
6
Feb 19
0
Jan
5
10% Jan 27
69% Jan 8
Feb 14
Dec
80
6
19
42,200
*25
Jan
..1
1%
1%
*115
3%
Jan 17
14
34% Feb 7
25% Jan 6
1% Jan 11
20
26
9
90
64
45%
116
3% Jan
4
3
2,200
3,800
26
May
Jan
25%
*115
26%
115
June
3
31
57
26%
1334
6
64% Feb 24
28% Jan 2
25
27
14%
2634
Jan 13
21% Feb 19
3% Feb24
cl A ...No par
JU S Realty & Imp
Jan
3% Jan 10
4% Feb 17
33
Feo10
50
US Rubber Co
15
118
11
10
2,400
Jan
Dec
9%
20
24,900
85%
May
Jan 22
U S Playing Card Co
U S Plywood Corp
700
48
27
10% Jan 15
U S Pipe & Foundry
73
*1%
8
200
60
*1
5
Prior preferred
Jan 10
117
60
No par
conv
60
107%June
Jan
70%
65% Mar
Feb 28
Mar
Apr
Mar
26% Dec
2% May
25% May
BOO
121% 121%
1%
Partlc &
600
*44
26;%
45%
*44
33%
21%
56
57%
121%
26
33
33%
98%
—
74
*41%
*32%
*5i»
60
14%
44
89%
634
64
2834
*32%
*20%
1%
22%
88%
59%
*72%
29%
33%
21%
1%
23li
121
2634
45%
634
*58%
28%
64
56%
58%
121%
1
*46%
2
*41
*»W
7
2834
1%
27%
14%
2
15%
*135
26%
*44%
22
*14%
*41
73
7
Jan 11
42
Feb 14
173% Mar
U S Industrial Alcohol.No par
U S Leather Co
4
1%
1%
*45%
*45%
46%
40%
14
*12%
*13%
15
13%
13>4
14%
53
52% *52
*50%
52
51%
52
153
*150% 153
*150% 153
*150% 153
151
147
148
147
148% *146% 150
%
%
%
*%
%
17
16%
16%
*10%
17% *16%
17%
22
15%
43%
33
15%
59
74
121
22
*22%
22%
118% *116
118%
118% *116
58%
57%
1%
46%
2%
*1%
2%
22
22
*116
92%
74
26
*
65
2334
21%
1%
22a4
89%
58
58
21%
*20%
1%
92
*114% 115
*11434 115
40% 40%
40%
40%
*56%
*56%
*114% 115
*40%
41
*
*26
*%
*32%
20%
*3%
4%
*58%
33%
1%
22%
75%
58%
121
12134
2634
27
*44%
45%
1%
1%
120% 121
27%
45
91%
*57%
75%
57%
64
29%
20%
23%
92
57
227s
91%
57*4
74
58%
22%
9134
57
7
*32
1%
91l4
*3%
*58%
*2834
29%
33%
21%
*114
22*8
4%
7
64
28%
*32%
*20%
3312
*20
7
4%
*58%
29
29
*32*8
*3%
Jan 11
5
9% Feb 19
8%Mar 4
100
U S Hoffman Mach Corp
5 J4% conv preferred
32
2% Feb 19
20
7% preferred
share
6
84
...
U S Gypsum Co
per
7%
8ept
8% Feb 21
234 Feb 24
10
U S Dlstrlb Corp conv pref.100
U S Freight Co
No par
10
Highest
share I
per
334 May
8% Feb 19
U, S. & Foreign Secur..No par
$6 first preferred
No par
500
$
2
111
400
11%
share
434 Jan 13
No par
$5 preferred
No par
United Mer& Manu Inc vt c 1
3%
88
per
3% Jan 11
01
United Paperboard
63
5%
5
200
$
Lowest
2% Mar 3
25% Mar 12
3% Mar 20
35% Mar 7
..No par
3,100
share
per
Year 1940
Highest
3% Feb 15
United Gas lmprov't
3C0
*24
*334
5
Onlted Dyewood Corp..
10
Preferred
..100
United Electric Coal Cos
5
8,700
*167
9%
64%
174
$
United Drug Ino
3%
♦2%
88
*10%
Par
9%
9%
*2%
10%
63
100
1,100
3«4
3634
65%
66
8%
8%
113% 113%
88
174
100
*36
36%
10%
1,500
26
334
66%
*86
8*4
8%
63%
63%
176% *170
176%
*5*4
5%
5%
5%
64
176%
*25
8%
8%
113% 113%
934
9%
*2%
3%
*2%
3%
66%
4%
2%
*2%
3%
36%
67
*113% 114%
914
3%
*4
2%
2o%
; 8*8
88
*9
*167
5*4
115
4
*2%
25%
3%
25%
11%
63
63*4
177
67%
8%
4
2%
88
'86
*11%
9
63*4
*167
36*4
114
9
*2%
3*4
6712
8*s
4
*2%
25%
3*4
36%
166%
8*8
26
*36
67is
8*8
812
*11212 114
4
2*8
25*4
37
67%
8i2
114*4 114*1
67i2
8*8
4
Lowest
Range for Previous
13% May
June
Apr
Deo
Apr
7% May
57% Mar
24% May
3%
3%
Apr
684
7%
Apr
Apr
70
Jan
Mar
121% Mar
34% Nov
42%
Apr
24% May
102% Oct
Jan 18
60
July
95
Oct
54% Feb 17
60% Jan 28
29
June
58
Nov
58
Feb 13
39
June
05%
90
Feb 21
64% Jan 28
101% Jan 9
91
June
129
Apr
Jan 11
73
May
93
Apr
25
Jan
85
64% Mar 14
1834Mar
3
12% Feb 15
Feb 25
114
80
22% Jan
8
17% Jan 10
120
Jan 10
15% May
984 May
May
6% June
98
Oct
19% Jan
126% Sept
14
Apr
48% Jan
Feb 19
12% Jan 11
42% Jan 6
94% Jan 31
26% June
90
May
99%
Dec
15
Feb 14
18% Jan
6
12% May
12% Feb 15
2
Jan 31
15% Jan
2% Jan
9
8% May
28%
17«4
Apr
6
2
Mar
4%
Apr
9% Feb 19
31% Feb 19
x Ex-dlv.
y Ex-rlghta.
80
Jan
If Called for redemptlo^
1880
March
Bond
Record—New York Stock
1941
2
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and Interest"—except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the
week's range, unless they are the only transactions of the week, and when
selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such such sales in computing the range for the
year.
The italic letters in the column headed "Interest Period" indicate in each
case the month when the bonds mature.
Friday
BONDS
Week's
Last
Range
Sale
STOCK EXCHANGE
Week Ended March 21
N. Y
Price
BUI
U. S. Government
_.
Treasury 3%s
Treasury 3%s—.
Treasury 3M0—
Treasury 3Ms
A
...1943-1945
1944-1946
1946-1949
1949-1952
1946-1948
Treasury
Treasury
*113.11
107.8
A
J
8
111
Treasury
1945 J
D
Treasury 2His
J
D
M
8
106.26
108.6
108.1
12
18
110.4
110.16
162
108.10
5
109.2
113.2
107.14111.9
108
107.2
109.31
109.23
3
107.1
110.22
108
110.5
38
107.8
108.14
106 26
6
♦Chinese (Hukuang Ry) 5s
107.23
Colombia (Republic of)—
♦6s of 1928
106 26
1
104.4
104.24
39
103.5
105.14
104.19
2
103.5
105.9
......1947 J
D
105.8
105.8
1
104.28106.28
104.12106.7
Dec 16 1948-1950 J
D
*104.23 104.27
Treasury 2s.--.-Mar 15 1948-1950 Af 8
100 24
Treasury 2s
....1953-1955 ./ D 102.13 102.13
Federal Farm Mortgage Corp—
3^8
1944-1964 Af 8
107
101.5
~85
102.18
20
1
106.26107.28
2
3a
1942-1947 /
J
nl02.J6 ral02.16
2^8
1942-1947 M 8
*102.16 102.22
New York
1
102.18103.3
103
106 25
106.17107.26
102.17
102.17
*102
102.5
102.17103
101.29103.2
Foreign
Govt.
1980 J
D
ioi %
101 %
102 X
478
100
103 X
Municipal
&
1947 F
.
A
*23 %
23 %
♦Gtd sink fund 6s—.—...1948 A O
Akershus (King of Norway) 4s. 1968 M 8
♦Antloqula (Dept) coll 7s A... 1945
*21%
*8%
J
24 M
23 X
24
23 %
22 M
23
23%
23
"m
8
8%
8
9%
9%
9
8
9
9%
8%
8%
8%
♦External
s
f 7s series B
1945
♦External
s
f 7s series C
1945
♦External
♦External
s
f 7s series D
1945
8
8
8
s
f 7s 1st series
1957
7 x
7 M
7 X
7%
♦External
♦External
sec s
8%
f 7s 3d series. 1957
Antwerp (City) external 5s
1958
Argentine (National Government)—
S f external 4Mb.
1948 M N
1971 M N
S f external 4 Ms
Sfextl
loan 4s Feb.. ...1972 F
conv
8 f extl
A
1972 A
O
conv
8M
*7%
7s 2d series. 1957
sec s f
loan 4s Apr
1955 J
J
External 5s of 1927
1957 M
8
External g 4 Ms of 1928
1956 Af N
J
1957 J
Australia Com'wealth 5s
♦Austrian (Govt) s f 7s
♦Bavaria (Free State) 6M8
With declaration
7%
15%
79
7%
7%
7%
7%
7M
15 %
15M
.
79
14
79 M
78
67 %
67M
68
65
60 %
60 %
60 %
61%
eiM
59 X
60
60
59%
60
58X
58X
53%
53%
50 %
50 %
51
47
~59 %
6M
1945 E A
*12
6M
6
20
—
With declaration
External s f 6s
1949 M
8
..1955 J
65
82
External 30-year s f 7s..—-1955 J D
With declaration
♦Berlin (Germany) s f 6 Ms
1950 A O
With declaration
66
81
83
12
"84 %
*83'
84 M
16M
16 M
60 M
26%
26
19
45 %
33
J
^
J
1968 M N
♦Stabilization loan 7 Ms
Canada (Dom of) 30-yr 4s
1960 A
O
1960 A
4s registered
5s
Aug. 15 1945 F
A
1961 J
J
...1944 J
...1967 /
J
1968 M N
1950 M
♦Farm Loan
s f 6s.-July 15 1960 J
♦6s July coupon on
1960
on
s f 7s
Cordoba (Prov) Argentina 7s..1942
External 5s of 1914
♦7s assented
1977
Sinking fund 5Ms..-Jan 15
♦Public wk8 5 Ms.—June 30
♦Czechoslovakia (Rep of) 8s
♦Sinking fund 8s ser B
19%
17
6M
45 %
46 M
65
6
51
45
52
46%
4
45M
46 X
6
46
52 %
51%
52%
34%
2
48 M
1
33
6
92 %
6M
%
92
92
"99
%
92%
85M
"82~"
82
99 %
92
84
4
6
7%
6%
2
6%
8
92 X
92
22
2
88M
92 %
92
92
100 M
112
97
100 %
92 X
86
63
89
92%
103M
75
7
73
75 M
10
1
.
8%
9
41
19
31%
38 M
29%
33%
27%
D
52%
6
43%
11
12
42 X
43
30
8
31
43
52 M
7
52
57
52%
53
52 X
*52%
52 X
52 X
3
52%
52%
58
56 M
52%
96
8
8
50
51X
20 %
94
26%
73%
97 M
84
84
69%
88
88
8%
63
70
7%
9%
9
5%
10%
10%
12%
44
7%
7
7
*11%
*9
.....
12
20
12%
9
"4
39%
47
21
O
"16"
J
22M
26
27
Helslngfors (City) extl 6 Ms
1960 A O
Hungarian Cons Municipal Loan—
26
27
57
*47
J
1946 J
66
22M
26
1945 J
39M
25
With declaration
♦Heidelberg (German) ext 7 Ms 1950 J
26%
"9% "12"
3
8%
39 %
7
13%
7%
12
11%
1968
O
6%
20
12
88
"67"
8%
7
51M
27
26%
94
97 %
70
64%
7%
5%
1949
-.1946 A
59 X
59%
27
18%
*91
1958 J D
7s__ 1964 UN
A.. 1952 A
58
53
53
8
German Prov & Communal Bks
A
M
22
51X
O
1964
42
52
5
3
20
45
45
16
5%
Y
9
43%
45%
45 X
*66"
A
10
V;
45
49M
49M
*5%
7
J
*5
8M
5%
5%
AfN
*5
7
5
5M
AfN
*5
9%
19%
5
5
74
74
F
A
f 5s
1960 UN
♦Italy (Kingdom of) extl 7s.... 1951 J D
♦Italian Cred Consortium 7s ser B'47
Af S
♦Italian Public Utility extl 7s„ 1952
J
J
Japanese Govt 30-yr s f 6 Ms.—1954 F A
Extl sinking fund 5 Ms
1965 AfN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
1947 F
♦Lower Austria (Province) 7
Ms 1950 J
31
30
20
20
M
86
82 X
19
76M
82%
82 X
7
♦Medellln (Colombia) 6 Ms
76 M
82%
Mendoza (Prov) 4s readj
Mexican Irrigation—
20
1
18
18
1
62
69
45
47
7
7
75
30M
61
1
23M
7
46%
30%
18
29%
60%
43%
71
55%
7
28
19%
♦4Ms stamped assented.....1943 UN
♦Mexico (US) extl 5s of 1899 £.1945
Q J
8%
26%
95 X
81M
18M
44
44 M
6
65
1
61M
~61%
A
79 M
92
31%
20
5
16
1960
20
24
19 %
26M
25
25
16
16
26%
20
11X
9%
iim
9%
10%
9X
11%
10x
11%
10x
11%
10x
1
24
7
38
2
29
10 X
u%
8%
11%
11%
10
9
10X
9
12
H%
12
♦Assenting 5s
♦Asserting 4s
♦Assenting 4s
D
1954
7%
.1954
68
of 1899
1945 Q
of 1904
1954 J
of 1910
1945
{♦Treas 6s of '13 assent
1933 /
J
♦Milan (City, Italy) extl 6
Ms—1952 A O
Minas Geraes (State)—
♦Sec extl
s
♦Sec extl
s f
f 6 Ms
6 Ms
♦Montevideo (City) 7s
A
1958 Af S
1959 M
1952 J
1959
8]
7
61
9%
68
3%
J
D
7%
68
5%
5%
"5%
5%
*3%
18X
5%
18%
«■
21
!
5%
9
9%
Di
UN\
*57
10%
10%
*58
64
5%
3%
3X
5%
5%
|
3M
j
18M
4%
60
31
8
8M
5%
5%
30
10 M
10M
54
~60~~
60
53
58%
pagel885.
53
101
*70
11
20
10%
100
49%
1
52
97
25
21
10M
96
221
52 %
52%
D
95 X
28
1942 M N
51X
52
52
D
♦5 Ms of 1930 stamped
1965 J
♦5 Ms unstamped
1965
♦5 Ms stamp(Canadian Holder) *65
♦German Rep extl 7s stamped. .1949
s
100
J
94 %
81
*9^
16
O
1945 M
♦Hungarian Land M Inst 7MS-1961
♦Sinking fund 7Ms ser B
1961
Hungary 7Ms ext at 4Ms to.—1979
18
40
"42M
8
A
1949 J
♦7 Ms secured s f g
♦7s secured s f g
74
16M
43
43
...1949
GermaD Govt international—
61X
72
16%
103
40%
1941
ser
80
41
O
—
♦Hamburg (State 6s)
24 X
21%
103
With declaration
♦Haiti (Republic) s f 6s
21M
4.3%
M
French Republic 7 Ms stamped. 1941
J
With declaration
18%
33
A
40 M
8
64
48%
J
1968
25
21
21%
103
J
16 X
46 %
6
23%
23M
23%
23%
25%
22%
*9%
♦Frankfort (City of) s f 6 Ms.—1953
AfN
s f ser
23%
22%
21%
23%
101
10
♦El Salvador 8s ctfs of dep...-.1948
J
1967 1
Irish Free State extl
6 %
24 M
101
1952
♦Estonia (Republic of) 7s
♦Sink fund secured 68
♦6 part paid
22 %
74
"75"
1945
Finland (Republic) ext 6s
♦Greek Government
♦7s part paid
30
23M
50 X
5Ms 2d series
1969 A O
♦Dresden (City) external 7s...1945
MJV
unstamped...
34 M
34 M
34
103
Dominican Rep Cust Ad 5Ms—1942
Af S
{♦1st ser 5Ms of 1926
1940 A O
J42d series sink fund 5Ms—-1940 A O
♦(Cons Agrlc Loan) 6Ms
263*
23M
100
External g 4 Ms
Apr 15 1962 A
With declaration.......—
♦7s
19 M;
30
103
45
7 Ms unstamped
10%
103
1951
Customs Admin 5Ms 2d ser.. 1961
5 Ms 1st series
1969
10%
103
"5lk"
1955 F
External 7s stamped
With declaration
7s unstamped
8%
8%
4
103
103
1953
1942 /
External gold 5 Ms
With declaration
57
5
48
a
10%
10%
10%
10%
10%
34
33%
32%
23%
*23%
23%
23X
16%
17
49
J
1942 M N
see
7 J
External loan 4 Ms
♦6s series
For footnotes
A
9%
8%
3
9M
22%
21%
*72 M
1951 M N
1944 Af S
1949 r
1949
ser
52X
57%
65
S
♦External sinking fund 6s... 1960 A O
♦6s assented
I960 A O
♦Extl sinklDg fund 6s...Feb 1961 F A
♦6s assented
Feb 1961 F A
3
17%
15X
15M
33
J
6s...Oct 15 1960 AO
17
60 X
26
48 %
J
...1954 J
53
61
17 X
26X
46
O
1952 AfN
16%
16H
60
*5M
46 X
1967
29
*55
1984 J
♦Secured sf 7s
16M
16M
17M
60 M
*57
F A
O
1975 AfN
1970
19 X
*56 M
1976 A
3% external s f $ bonds
Bulgaria (Kingdom of)—
♦Chile (Rep)—Extl
55
18
21M
19
1977 Af 8
4M-4MS-—
♦6s Oct coupon
84%
26
1941 J
Refundings f 4M-4 Ms
External readj 4 M-4 Ms
External s f 4M-4Ms
s f
67
47
83
77
26
D
1957 A O
♦Externals! 6Ms of 1927—1957 A O
♦7s (Central Ry)
—.1952 / D
Brisbane (City) s f 5s
1957 Af 8
Sinking fund gold 5s
1958 F A
20-year s f 6s...
1950 7 D
♦Budapest (City of) 6s
...1962 J D
Buenos Aires (Prov of)—
♦6s stamped
1961 Af 9
♦Farm Loan
43 X
49%
48X
With declaration
♦Brazil (U 8 of) external 8s
♦Externals f6Ms of 1926
30-year 3s.
30-year 3s
♦Carlsbad (City) 8s
♦Cent Agrlc Bank (Ger) 7s
53%
8%
27
43 X
"2l"
♦External sinking fund 6s...1958 J D
10-year 2Mb
25-year 3 Ms
7-year 2Mb
60X
60 X
26
43%
43%
_
f
82%
70%
64%
64%
19X
With declaration
s
17
26
Belgium 25-yr extl 6 Ms
External
33%
23%
1953 AfN
♦Costa Rica (Rep of) 7sl
Cuba (Republic) 5s of 1904
8M
"22"
Wit.'i declaration
Denmark 20-year extl. 6s
With declaration
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s.
25-year gold 4 Ms
10
10%
11
*6X
33 X
4 Ms external debt
City
Transit Unification Issue—
3% Corporate stock
10M
9
12
8%
10
9%
\l%
10%
12
9
8
Oct 1961
12
12%
S
Jan 1961
103
106-20 106.20
J
D
9%
\i*
11M
10
*10%
9%
1951 J D
♦Colombia Mtge Bank 6MS---1947 A O
♦Sinking fund 7s of 1926
1946 M N
♦Sinking fund 7s of 1927
1947 F A
Copenhagen (City) 5s
1952 J D
106.28108
107.1
1942-1944 J
1945-1947 J
1
11
With declaration
107
1944-1949 Af N
2Mb series G__
lMs series M-...
100.24 101.5
101.24103.15
11
11
9
1960 M
♦6s of 1927
107.1
3s
Home Owners' Loan Corp—
3s series A
.....1944-1952 Af N
105.4
1
"~5
*10%
*9%
♦Cologne (City) Germany 6 Ms. 1950 Af
104.19
104
3
9
8
107.30
"~5
12
15
O
1960 M
♦7s assented
10%
8%
1962 /If N
♦Chilean Cons Munlc 7s
20
10%
High
10%
8%
10%
8%
10%
8%
11%
9%
9%
8%
9
*10%
KN
Low
2
9%
11%
10%
O
1962
11
D
105.2
D
D
..—1961
Jan. 1
15
10%
*12
D
♦6s assented-
110.17
3
11
O
107.30108.14
107.16109.22
1951-1953 J
1954-1956 J
....
Treasury 2Ms
Treasury 2Mb
Treasury 2s...
Treasury 2s
1962 A
1961
+6%s assented— ....—-.-1961
♦Guar sink fund 6s
1961
106.31110
No.
10%
10%
Since
oqeS
10%
♦External sinking fund 6s.-.1963 MS
♦6s assented...
...1963 VfN
♦Chile Mtge Bank 6Ms
1957 J D
♦6 Ms assented
1957
D
Range
Is
Asked
High
&
10%
9%
10%
♦6s assented..—.
♦Guar sink fund 6s
109.24
107.27110.9
"15
Bid
Low
♦Sink fund 6%* of 1926
108.31
110
Price
♦Extl sinking fund 6s..Sept 1961 M 8
♦6s assented
Sept 1961 M 8
♦External sinking fund 6s... 1962 A O
♦6s assented
113.12114.9
109.24111.21
Sale
Foreign Govt. & Mun. (Conl.)
Chile (Rep)—Concluded—
♦Ryextl.sf6s
Jan 1961 J
♦6s assented--....---Jan 1961 J
109.9
110.11112.12
109.30
111.24
*108.9
106 10 106 10
101.25102.18
107.2
2
*107.24 107.28
1948 M S
1949-1953
1950-1952
115.7
111.31
109.25
1951-1955 M
113.18
106.26107.25
....
*112.22 112.27
J
High
121.26
112.8
113.4
108.9
108.9
>*110.15 110.22
J
Low
Range or
Friday's
St
Week Ended March 21
119.4
"25
113.18
106.29 106.29
*101.21 101.26
107.7
107.8
N. Y. STOCK EXCHANGE
1
Jan.
High No.
112.17
1955-1960 M 8 109
109.27
2^8..........1945-1947 M 8 108
108.7
2M8--...1948-1951 U S
*108.29
2Mb
1951-1954 J D 108.22 108.22
2Mb-....1956-1959 M S
109.23
2Mb.
1958-1963 J D
109.28
2^s......
.1960-1965 J D 109.15 109.15
Treasury
Treasury 2 Ms
Treasury 2Mb
Treasury 2 Ms
Asked
Week's
Last
BONDS
Since
♦119.11 119.18
Treasury 2^8
Treasury
Treasury
Range
112.13
1941 F
Treasury 3Ms
Treasury 3%b
Treasury 3Ms
Treasury 3s
Treasury 3s
or
Low
1947-1952 A O
1944-1954 J D
1946-1956 M 8
1943-1947 J
Treasury 4 Ms
Treasury 4s.
&
Friday
«
Friday's
3EEKE
Volume
New York Bond Record-Continued-Page 2
152
BONDS
N.
STOCK EXCHANGE
Week Ended March 21
Foreign Govt.
& Mun.
Bid
Price
F
A
F
A
Af
1965
54 M
62 M
52 M
Conv gold 4s of 1909
1955 J
x
aa
51M
Conv 4s of 1905
1955 J
x
aa
1
51H
54
7
51
52 M
Conv gold 4s of 1910.....I960 J
Conv deb 434s
1948 J
Rocky Mtn Div 1st 4s
F
Bank extl
With declaration
f 5s.
J
s
53
1
51M
53 M
33
6
33
36 M
31M
36 M
31 M
7
31
36 H
3
33
31M
26
36 M
3
31M
1955
A
O
5%b.
1953
J
j
...1963
27
102
loan
93
61
75 M
10
61
6M
8
7M
115
6M
7M
7%
94
7M
-
-
-
1946
A
1953
F
♦6s extl
1967
1952
1959
♦Roumania (Kingdom of) 7s
coupon paid
8M
8
s
1953
----
--
----
—
....
14
10M
J
J
8
8M
14
8
9M
15
6
1
5
7
5
5
1
4
J
---
-
----
56 M
27 M
3
-
—
-
----
1946
Serbs Croats & Slovenes (Kingdom)—
J
♦External
s
s
f 6s
J
D
F
J
J
M
O
F
AfN
1964
12
2
20
M
29
17 M
20
14
16 M
19
2
15M
43 M
18 H
53
22 M
26 M
26 M
26 M
50 M
61
-----
----
49M
-
-
-
-
7
-
7
7
1
*6M
7M
*4 M
------
5
----
----
1
4M
4M
4M
*
24
*60 M
-
-
-
-
-
70
-
-
-
8
6M
6M
3M
7M
5
3M
5M
20 M
26 %
61
70
19M
19 M
6
45 M
39 M
19
25
45
44
45
5
43
3
------
55
4
50 H
54 M
54
AfN
1950 J
1947) due
*53 M
1979
1979
conv
1978
—1978
1984
1952
42 M
A/N
F
A
J
42 M
O
M N
F
n
41
35 M
40 M
11
41M
44 M
36 M
36 M
17 M
28
12M
12 M
M
39 %
17M
*9
------
12 %
*3M
-----
2
—
-
-
----
4
3M
3M
11
3M
4
3M
8
50 H
50
50
----
17M
A
J
44 M
35 M
2
*35
A
F
1961
39 M
5
37 M
44 M
42
J
A
9
39 M
37M
39 M
D
43
39 M
Af N
J
1952
1958
1958
Friday
Last
49 M
Range or
See a
57 M
Price
Range
Sale
Friday's
Bid
Asked
6c
Is
05 CQ
Since
Jan.
1
RAILROAD and INDUSTRIAL
COMPANIES
{{♦Abltlbl Pow & Pap 1st 5s. 1953
Adams Express coll tr g 4s.. 1948
.
J
M
Coll trust 4s of 1907..——1947 J
D
cc
2
8 y bb
1
D ybb
I
1
x
y
aa
49
— ----
*100 M
*103M
*100M
------
20
aa
b
2
y
b
Alb & Susq 1st guar 334s
1946
x
x
bbb3
y
bb
.
♦5s stamped
y
1950
1998
Allegh & West 1st gu 4s
y
cc
3
2
bb
2
A y bbb2
M a
(called bonds)
1952
Am & Foreign Pow deb 5s—2030 Af S
Amer IG Chem conv 534s—1949 MN
Am Internat Corp conv
Amer Telep
534s, 1949
-
-
a
3
3
1
*
94 M
82 M
83 M
95 %
396
38
84
62 M
169
01%
01%
103 M
103 M
103 M
8
------
103 M
118
5
*70
80
106 %
106M
104 M
108
105 M
----
1051732
y
b
2
x
bbb3
103 M
54 M
57
48
212
99 M
64 M
73M
65 M
68 M
108
75
69
68
59
65M
73M
45
M
70
251
36 M
45
44 M
44
49
%
49 M
50 M
152
41M
50 M
44
M
43
45
139
36 M
45
22 M
217
44 M
24 M 1189
36M
14 M
44M
24 M
b
J ybb
J
z
4
2
bbb3
J y bb
J y bb
2
y
bb
43 %
56
56
67 M
27
54 M
61M
46
45
46 %
57
43
49M
53
54
*87
87
48
48
2
1
44 M
22 M
bbb4
1943 J
Beneficial Indus Loan 2M8--1950 J
♦Berlin City El Co deb 6348.1951 J
J
x
aaa3
1113*
Belvidere Del
cons
3348-.
D y aa
58 M
87
92 M
21
47 M
50
14
47 M
55
65 M
50
"83"" "84""
85
1113*
133 M
111M H3M
130M 137M
*104 %
99 M
1
D
132
52
61M
*82 M
Ul%
aaa3
3
13
48 %
*40
2
aaa3
M
1
*
99M
20 M
99M
21
IOOM
25 M
z
b
27
26 M
26M
25 M
16 M
27
26 M
With declaration
♦Deb sinking fund 634s
With declaration
1959 F
A zb
♦Debenture 6s
1955
"22"
1
1
A
O
z
♦Berlin Elec El & Undergr 6 34s'56 A
O
z
0
x
bbb3
16M
22
cccl
Beth Steel 334s conv
debs... 1952
Cons mtge 3Ms ser F
1959
Consol mtge 3s ser G
1960
Consol mtge 3 Ms ser H—1965
Big Sandy 1st mtge 4s...
1944
Blaw Knox 1st mtge 3 34s.—1950
A
b
-.1961
1960
♦Inc mtge 4Ms ser A.July 1970
{♦Boston & N Y Air L 1st 4s. 1955
Bklyn Edison cons M 3Ms.-1966
Bklyn Union El 1st g 5s
1950
Bklyn Un Gas 1st cons g 5s. .1945
106 M
105M
106 M
102 M
105
102 M
105 M 107
104 M 106 M
101M 104 M
105M
104
J
x
a
3
F
A
x
a
3
102 M
F
A
x
a
3
105
J
D
x
aaa2
F
A
x
bbb4
J
Boston & Maine 1st 5s A C—1967 M S y b
1st M 5s series II
1955 AfN y b
1st g 4%s series JJ
1st mtge 4s series RR
106 %
A
J
O y b
J ybb
2
2
2
3
84
*
"70
"69M
24
24 %
100
75M
74
81M
75 M
"84
I'OOM
84
100 M
75 %
75
78
67
72 M
18 M
25M
78
70
24 M
277
14
13
56
110
18
A
z
AfN
x
aaa4
F
A
x
bbb3
AfN
x
a
3
'l09M
108 %
109 M
1st lien & ref 6s series A... 1947 AfN
x
bbb3
110M
109M
110M
..1950
B..„1981
C.1967
F
D y bb 3
1957 AfN x bbb3
1st lien & ref series B
Buffalo Gen Elec 4Ms
cccl
/
A
D
x
aa
x
aa
108M
108M
105M
106M
79 M
9M
4
4
14
108M 110
104
108 M 111M
8
16
109 M 113M
90
95 M
18
105 M 107 M
106 M
111
*112M
*109
85
""l2
93
92
93
102
104
*103
J
Debenture gold 5s
106
108M 109
*109
'lOOM
AfN y ccc3
F
106 M
iI6"
Stamped modified (interest
at 3% to 1946) due
1957 FN
AfN
Registered.....
{Burlington Cedar Rapid & Nor—
20
107M
25
112M
108 M 109
z
cc
1934
z
cc
z
—
Bush Terminal 1st 4s
cc
5M
.....
y
x
3M
3M
3M
6
4M
5M
"24
68 M
2
67
74
43
26
41M
47
73
73
b
70
42 M
y
1960
1966
1962
6
10
5M
ybb
b
-.1955
48
45M
45M
*
—1952
Consolidated 5s
Bush Term Bldgs 5s gu
42 M
45 M
15
47
45 M
b
1934
{♦1st & coll 5s—
5s registered
♦Certificates of deposit
59
46
46 M
b
75
32
66
76
106M
a
13
107M
bbb3
85 M
86
9
aa
x
95 M
96
M
98 %
18
1957 J
Canadian Nat gold 4 Ms
32
aaa3
103
aaa3
108M
108
x
aaa3
108M
108M
Anaconda Cop MIn deb 4 34sl 950 A
O
Jan
y
bb
x
bbb2
cc
2
Q
J ybb
1
Af
8
x
bbb4
F
A
x
aa
2
J
J
x
aa
A
O
x
Adjustment gold 4s—....1995 Nov
Stamped 4s
1995 MN
4s stamped registered—1995 MN
x
bbb3
x
bbb3
x
bbb3
aa
2
106
110M
111
104M
32 M
32 M
104 M
32 M
110M
------
.
51
99
51
105 M
109M
------
91%
96 M
51
107 M
59 M
20
96 %
96 M
aa
Sept 1951 M S\x aa
fx aa
Canadian Northern deb 6 Ms. 1946 J
Can Pac Ry 4% deb stk perpet... J
jy bbb2
Coll trust 4 Ms
1946 M 8 x a
/
5s equip trust ctfs
aa
1944
D
a
Coll trust gold 5s—Dec 1 1954
J
a
Collateral trust 4 Ms
1960
{♦Carolina Cent 1st guar 4s. 1949
J
ccc3
Carolina Clinch & Ohio 4s—1965 M
S
a
b
A
105 M
-
——
78
86
55
62 M
70
69
103M 104
102
104M
106M 108
105M105lli«
52
60M
—
76 M
76
M
102
_
"98
M
9
107
105 M
84
9
*50
""44
5
108
89 M
98 M
93
103
13
17M
24 M
1
28 M
37
1945 MN
tRef & gen 5 Ms series B—1959 A O
♦Ref & gen 5s series C
1959 A O
♦Chatt Div pur mon g 4s..1951 J D
z
cc
9M
2M
2M
8M
11M
194
5M
1M
{♦Consol gold 5s—
2
"l"6 M
z
c
2M
z
c
2M
z
cc
48
3
2M
258
42
9
*4M
8M
106 M
*110
b
J
107 M 110
{♦Cent New Engl 1st gu 4s. .1961 J
{♦Central of N J gen g 5s
1987 J
5s registered
1987
z
102«32l04he
40
107M 109M
1
49
55 M
105 M 106 %
93
7
18
....
98M 100
106
106 M 110M
88 M
89 M
1966
1987
♦General 4s
4s registered
J
2
Y'j
z
ccc3
z
ccc3
z
ccc3
z
1987
Central N Y Power 3Ms——1962 A
O
.
a
3
.
Certain-teed Prod 5 Ms A—1948 Af 8 y b
Champion Paper & Fibre—
Sf deb 4Mb (1935 Issue)...1950 M 8
x
bbb3
M 8
x
bbb3
S f deb 4Ms
(1938 Issue)—1950
61
63
24
15M
14M
14M
14 %
16
118
13 M
14M
17
14
15
98
*11M
ccc3
x
1949 F A y bb
Through Short L 1st gu 4s. 1954 A O ybb
Guaranteed g 6s...
1960 F A y b
Central RR & Bkg of Ga 5s. 1942 Af N y b
Cent Pac 1st ref gu gold 4s.
63
107M
69 M
3
107M
~io
70 M
59
65 M
3
63 M
67
50 %
73
152
42 M
53M
21
61M
75
87 M
88 M
13
85
91M
105M
103 M
105M
103M
2
107
69
M
65
49 M
73
72 M
88 M
~50"
11M
2M
1%
9
5%
5M
6M
105 M 109 M
110M 110M
56
64 M
13
16M
115*
14M
15
11M
12 M
12 M
1
106 M 107 M
65 M
73
105 M 106 M
103 M 104M
93
84M
99 M
2
*105M
35
53
94
36 M
cc
31M
M
97 M
88
24 M
aaa4
1
43
104 M 108
10^
100
36 M
aaa3
108
76
82M
101M 103
77M
73M
ccc2
z
105
96 M
96 M
102 M 107 M
52
59M
ccc3
J Central of Georgia Ry—
♦
1st mtge 5s
Nov 1945 F
x
108M 111
103M 106
99
z
♦Cent Branch U P 1st g 4s—1948 J D
4
x
1
99 M
99 M
A
bb
D
O
--
93 M
92 M
90 M
90 M
96 M
98M
92 M
24
A
13
94
52
51M
98
♦Mobile Div 1st g 5s
..1946 / J
Cent Hud G & E 1st & ref 3 Ms '65 M 8
103
90 M
93 M
41
M
102
85
92 M
Attention is directed to the column Incorporated In this tabulation pertaining to bank eligibility and rating of
7
6
77%
69
--
79
102 M
47
*43
106
2
99 M
73 M
73
-----
106 M
9
82 M
81
101M
102
4
a
1981
105
58 M
59
—
101M
b
A
31
-----
95 M
Alx
-----
Guar gold 4 Ms
F
106 M
*83
26
Celanese Corp of America 3s.1955 F
Celotex Corp deb 4Ms w w.. 1947 J
105
91M
20
96 %
Cart & Adir 1st gu gold 4s...
4
90
99
97 M
57
109M
97 M
96
83 M
99
89%
aa
aa
80
106
89 %
99M
90 M
105M
109
98 M
99 M
81%
106 %
------
97 M
98 M
58
109M
109M
------
2
y
*100
------
y bbb2
"98 M
aa
Cent Illinois Light 3 Ms
102 M
x
aa
Guaranteed gold 5s...Oct 1969 A
Guaranteed gold 5s—...1970 F
101
8
x
Guaranteed gold 5s.-July 1969 J
Carriers & Gen Corp 5s w w„ 1950 MN
& Teleg—
♦Anglo-Chilean Nitrate deb.. 1967
{Ann Arbor 1st g 4s
1995
Ark & Mem Br & Term 5s... 1964
Armour & Co. (Del) 4s B
1955
1st s f 4s ser C (Del)
1957
Atchison Top & Santa Fe—
General 4s
....1995
z
z
I
36
33
102«« 103^32
1
103 %
10061«
334s debentures
1961 A O
334 s debentures
.1966 J D
J
Am Type Founders corv deb. 1950 J
Am Wat Wks & Elec 68 ser A.1975 MN
1885.
67M
100M 104 M
100M100 23m
103M
100M
102 M
20-year sinking fund 5348-1943 MN
For footnotes see page
z
79
----
82
------
94 M
---
101M 103 %
107
107M 107 M
54 %
59
47 M
54 M
5
-
50 M
99 % 102M
109 M 110M
57
-
43 M
1
48
*82 M
M
56 M
J y b
----
----
57
1949
/
-
105
x
4s
534s (called bonds)
-
103 %
48
------
2
aa
M 8
Allegh Val gen guar g 4s
1942
Allied Stores Corp 434s debs. 1951 F
Allis-Chalmers Mfg conv 4s. 1952
b
2
'
108 M
bbb3
3 34s registered
•
—1946
Alleghany Corp coll trust 5s. 1944
Coll & conv 5s
1949
----
*107%
2
x
-----
109M
4
y
-
34
20 M
109 M
4
Albany Perfor Wrap Pap 68.1948
6s with warr assented
1948
50 M
48
cccl
x
1943
.1943
bb
z
10-year deb 434s stamped.1946
♦Adriatic Elec Co extl 7s
1952
—
96 M
Guar gold 4Mb—June 15 1955 J
Guaranteed gold 4Ms——1956 F
EXCHANGE
Week Ended March 21
1st cons 4s series B
104M 106M
Week's
Elig. &
Rating
BONDS
Ala Gt Sou 1st cons A 5s
J
x
Calif-Oregon Power 4s
Canada Sou cons gu 5s A
STOCK
2
104 M
38
Buffalo Rochester & Pgh Ry—
Bank
Y.
A
x
Buff Nlag Elec 3Ms series
3348-4-43^8
N.
68
3
0
59
54 M
19
*56
------
bb
..I960 A
54
44
43
A
1960
($ bonds of '37)
external readjustment
334-4-434s ($ bds of '37) ext
3J4-436-4si» extl conv....
4-434-434s extl readj—
334s extl readjustment
♦Venetian Prov Mtge Bank 7s
♦Vienna (City of) 6s
♦Warsaw (City) external 7s
♦434s assented
Yokohama (City) extl 6s
3
1st & ref 5s series C
13 M
18 M
19M
A
1946
f 6s
cc
1960 F
-.1951 J
Battle Cr & Stur 1st gu 3s..1989 J D
Beech Creek ext 1st g 3348—1951 A O
Bell Telep of Pa 5s series B—1948 J
J
63
9M
8M
18M
A
1961
54 M
18
A
F
—
z
1
Feb
4s stamped.
25 M
18
D
1947
♦Uruguay (Republic) extl 8s
♦External
/
1955
..1971
1952
s
f 534s guar
s
Af N
1958
1958
f 534s
Taiwan Elec Pow s f 5Ms..
Tokyo City 5s loan of 1912
External
Af N
1962
♦43£s assented
♦SUeslan Landowners Assn 6s
Sydney (City)
22 M
26
D
♦Silesia (Prov. of) extl 7s._.,
20 M
9
29
20
------
D
1962
2
—
5M
56
50 M
1940
♦8s secured extl
♦7s series B sec extl.
32
21
6
18
1945
634s
cc
to Jan 1
9M
18M
1968
g
9M
10M
8M
11M
...1956
♦Sinking fund
z
Sept 1 1946) due. .1996 M B
Toledo Cin Div ref 4s A—1959 J
7M
8
*11M
{♦Secured s f 7s.
♦Saxon State Mtge Inst 7s
ccc4
Bangor & Aroostook 1st 5s.. 1943 J
Con ref 4s
...1951 J
7%
13 H
1950
ccc4
z
27
6M
*11%
...
100
z
66
82
M 8
♦6s extl dollar loan
104 M
*99 M
J y bb
D
1946) due...1995 J
(int at 1%
59
8M
J
87
ccc4
27
7M
AfN
♦7s extl water loan
27
8M
Af N
J
33M
75 M
z
96 M
7M
1964
{♦San Paulo 8s extl loan of 1921—.1936
31
z
87
6
56 M
84 M
75
12
68M
33 M
8
O
♦Conv due
38
—
67
77
4
D
to
27
8M
-----
61M
68
43
(lnt at 1%
1946) due—.1995 J
to Dec 1
9
8M
17M
19
------
79
84 M
72
3
20 M
33
1952
.1957
f 4s
♦Sao Paulo (City of. Brazil) 8s
♦634s extl secured s f
♦8s external
>""j
65
Ref & ger ser C(Int at 1 1-5%
8M
64
20 M
99 M
97 M
99 M 101M
79
73 M
87
?
Oct 1 1946) due July 1948 A
8%
3
9M
5
71
33 M
b
Pgh LE&WVa System—
Ref g 4s extended to.. 1951 MN ybb
S'west Div 1st M (lnt at 3 34 %
8
9
A
y
2
63 M
82 M
72
bb
64
83 M
bb
y
58
32
Sept 1 1946) due—2000 M B
Ref & gen ser F (int at 1%
26 M
9M
7M
43
M
34 M
to
9M
21
F
;
♦Saarbruecken (City) 6s
Santa Fe extl
M N
1966
11
101M
77M
76
Ref & gen ser D
8M
—..1968
♦7s municipal loan
♦Rome (City) extl 634s
♦February
10 M
8
1946
f g
s
"99~~
100 M
77
86 M
4
7
7M
98 M
100 M
33 M
32
3M
8
A
bb
y
ybb
27
♦Rio de Janeiro (City of) 8s
♦Extl sec 634s
5
86 M
4M
94
*61
1947
112
1113*
32
13 %
5
-
91M
4
103M 104%
100M 102M
111
112M
110
111M
J y b
fi x a
J
3M
1950
♦7s extl loan of 1926
13
8M
-
101
42
J y b
3M
-
17M
93 M
7s A
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
6
8M
#
1952
1941
y
WN
1
23
-
1964 J
3
-
5
<
*
■
bbb3
5
*9%
-1952
1951
x
4M
8M
1966
1952 M
ybb
to Dec 1
23
4M
*4M
8M
aa
July 1948
Ref & gen ser A
4M
96
103M
1st mtge g (lnt at 4% to
8
*12
101
95 M
bbb3
4s registered
1948
Stamped modified bonds—
7M
6M
OH
97 M
1
Baltimore & Ohio RR—
1st mtge gold 5s
6M
*4M
100
15
*112
bbb*
Atlantic Refining deb 3s
1953 M
Austin &N W 1st gug5s—1941 J
*6M
_
98
98M
*111M
x
Oct 1952 MN
2
98
1
High
95 M
104 M
112
aa
x
Atl & Dan 1st g 4s
1948 J
Second mortgage 4s
..1948 J
Atl Gulf & W I SS coll tr 5s—1959 J
75
10
10
6M
6M
a
x
No. Low
101
104 M
1944 J
1st 30-year 5s scries B
Atl Coast 1st cons 4s.July
Jan.
75
7M
4M
25-year external 6s
82
75
7
4M
f 7s
70
75
With declaration
s
102
----
7
1947
f 6s..
43
7M
...1968
Queensland (State) extl
46
27 M
103 M
4
73
7
8s.
1950
_________1963
g
39
----
102
75 %
1940
♦Extl loan 7 J4s
♦Prague (Greater City) 734s
♦Prussia (Free State) extl 634s
♦Rhine-Main-Danube
24 M
-----
____
s
37
12
102
♦4>^s assented.
♦Porto Alegre (City of) 8s._.....—1961
♦External
24
73 M
1961
f 7s
s
L & N coll gold 4s
40
75
1958
♦4 Ms assented
♦External sink fund
10-year coll tr 5s..May 1 1945
25 %
74 M
M N
1960
f 6s 2d ser
General unified 434s A
27
41M
1959
4 Ms assented
31 %
28
21M
37 M
------
1963
1947
{♦Poland (Rep of) gold 6s
36 >4
25M
*82 M
1963
♦Ctfs of deposit (series A)
32
37 M
1963
♦Peraambuco (State of) 7s
♦Peru (Rep of) external 7s.
♦Nat Loan extl s f 6s 1st ser
----
x
Cal-Arlz 1st & ref 434s A„1962 M
36 M
34 M
98
aa
Trans-Con Short L 1st 4s.. 1958 J
Atl Knox & Nor 1st g 5s..... 1946 J
Atl & Charl A L 1st 434s A—1944 J
30M
40 M
41
1958
36 M
34 M
M
High
95 M
aa
x
Since
Asked
98
aa
1965 J
31M
27 M
*27 M
*
1953
.
♦Stamped assented
♦Stabilization
53
M
_
f 5s ser A
s
53
A
1970
1952
♦Ctfs of deposit (series B)
♦Nat Loan extl
52
D
F
s
extl 6s
Oriental Devel guar 6s
♦Extl
52 M
36 M
Municipal
Extl debt 5 Ms
Oslo (City) 8 t 4 Ms
Panama (Rep) extl
54
A
With declaration
♦Nuremburg (City)
64 M
&
Low
(Com.)
Atch Top & Santa Fe—{Concl.—
56 H
Range
is
Friday's
Bid
Indus. Cos.
3
30 M
O
1963
Price
12
34
s f extl loan
With declaration
&
Range or
Sale
See a
13
8
A
Railroad
Last
Rating
52 M
33
:
1956
Elig. &
EXCHANGE
62 M
52 M
F"~A
declaration
With declaration
External s f 4Ms_.
STOCK
r59M
M
35 M
1944
External sink fund 4 Ms
4s
High
54
external 6s
With
No. Low
High
Y.
Week Ended March 21
52
52 M
With declaration
20-year
1
62 M
O
1943
1957
N.
Since
r59M
A
Apr 1958
Jan
BONDS
Range
sq6§
Asked
&
Low
extl 6s_.
•3
Range or
Friday's
Sale
f2
a.-*
(Concl.)
New So Wales
(State) extl 5s
External s f 5s.
Norway 20-year
Last
Ife
Y.
1881
Week's
Friday
Bank
Week's
Friday
bonds.
See A.
New York Bond Record—Continued—Page 3
1882
Bank
BONDS
See
Week Ended March 21
Railroad & Indus. Cos. (Conl.)
3 %s
High
See
132M
128 M 128 M
z
cccl
23%
108
102% 106
102 % 105 M
0 J
x
aaa4
x
aaa2
103%
103%
104%
x
aaa2
104%
104
104%
aaa2
J
x
J
x
aaa3
J
x
aaaJ
0
x
ccc3
*112%
13%
12%
—111 Div 3%s 1949
J
x
aa
94
registered—
—1949
4s...--.-1949
x
.1949
23%
23%
22
ccc4
aa
14%
97%
97%
x
aa
MN
x
aa
3
0 MN
x
aa
3
110%
.—.—1971
x
a
3
109%
105
105
39
104% 106
0 A
G
x
a
99%
99%
100%
36
94% 102
97
97
5 J
D
x
bbb3
96%
12
88 M
80
2 y
D
z
b
1
96%
16%
98%
83
75
9
17%
14
z
b
1
14%
15%
11
95%
15%
14%
97%
18
17%
25
16%
20%
77
75
77
12
84
43
78%
112
24%
83%
bbb2
------
*130%
cccl
-----
71 M
88
MN
8 J
D
x
♦Deposit receipts.
aa
------
j
B—May 1966
j
Chic Ind A Sou 50-year 4s—1956 ./
{Chic Milwaukee & St Paul—
♦Gen 4s series A---May 1 1989 j
♦Gen g 3%s ser B.May 1 1989 j
J
♦Gen 4%s series C.May 1 1989
J
♦Gen 4Mb series E.May 1 1989 j
♦Gen 4Mb series F.May 1 1989 j
- j
{Chic Milw St Paul A Pac RR—
♦Mtge g 5s series A
1975
♦Conv ad] 5s_
Jan 1 2000
{Chicago A North Western Ry—
♦General g 3Ms—
1987 MN
♦1st A gen 6s ser
_
3 Ms
4s
35%
64
68
205
64
31
30%
35
42
30
y y b
18%
18%
b
18
18
1
18
18
z
cccl
16%
16%
1
cccl
16
16
1
16%
15%
19%
z
2 j
...
1
18%
1
18
28
6
29
3 J
26
14
20
26
3 MN
24%
24%
1
18M
24 M
1
9%
338
6M
9M
179
6M
cc
cc
2
9%
8
------
8
2
z
2
bb
z
ccc3
z
z
69
72
j
z
j
'z
cccl
29 %
38
5 f
A
z
ddd2
36
37
55
28 M
37
f
A
z
dddi
37%
38%
100
30%
38 %
i A
0
z
c
37%
38%
38%
61
30%
30 M
38%
38 M
y
j
1 M 8
5 A 0
z
z
c
z
ccc2
z
21%
......
ccc2
MN
z
------
MN
z
x
D
x
d y b
>
5
20%
21
24
24
-
20 M
d
z
MN
x
a
16
22
M S xaaa2
14
16
51
18%
20%
16M
---
102
24
4
ccc2
------
x
aaa4
10
East Ry Minn Nor Div
O
x
aa
East T Va A Ga Div 1st 5s.. 1
MN
x
bbb3
21%
15M
26%
Ed El 111 (N Y) 1st cons g 5s. 1
j
y
x
aaa4
------
>J
d
xa
4
25%
55
26%
x
aa
3
A
0 y bb
2
A
0 y bb
2
88
19%
10%
z
cc
2
14%
13%
z
cc
2
14%
13%
11
z
cc
2
14
13%
14%
14%
70
D
46
10%
MN
z
c
2
1%
2%
357
41
41%
4
17%
18%
1%
41%
1
18
ccc2
•
-
-
-
-
---
16%
17%
9%
8%
"1%
9%
10%
10%
c
9
8%
219
9%
"74
1%
1%
1%
74%
74%
j
*40
d y bbb2
1951
j
d y bb
3
1960
Income guar 5s
Dec 1 1960
Chicago Union Station—
Guaranteed 4s..
1944
let mtge 3Ms series E——1963
3 Ms guaranteed
1951
1st mtge 3 Ms series F
1963
Chic A West Indiana con 4s.l952
1st A ref M 4Ms series D..1962
Childs Co deb 5s—
1943
{♦Choctaw Ok A Gulf con 5s. 1952
Cincinnati Gas A Elec 3%s-1666
1st rntge 3 Ms
1967
Cin Leb A Nor lsVcon gu 4s.l942
CinUn Term 1st gu 3 Ms D—1971
1st mtge gu 3%s ser E—1969
Clearfield A Mali 1st gu 58-1943
j
D y bb
3
61
2
50%
------
17%
♦Gen
12M
♦§Ref A impt 5s of 1927-3
♦{Ref A impt 5s of 1930--3
♦Erie A Jersey 1st s f 6s—1
♦Genessee River 1st s f 6s. 1
♦N Y A Erie RR ext 1st 4s. 1
43%
9M
9
7%
10M
6%
7%
9%
%
♦Series B
conv
J
70
73
50%
50%
108%
105%
100%
93%
14
51M
61M
44%
3
j
/ x aaa3
m 8 *
aa
*105
3
O *
3
j
/*
a
m 8 *
a
107%
105%
99%
92%
j x aaa3
j
107%
105%
z
93%
3
J
z
cc
cc
94%
aaa4
x
aaa4
-----
x
aaai
-----
MN
x
aaa4
a
x
bb
110
109
*111
113
93
93
----
1
d
x
bbb3
76
bbb3
1993 j d
E—1977
j
j
13
76
*85%
89%
56%
58%
53
Cin Wab A M Div 1st 4s_.1991 j
1970
-----
57%
j y b
j y bb
St L Div 1st coll tr g 4s—1990 MN
Cleveland Elec Ilium 3s
1942
Series B 3 Ms guar
1942
Series A 4 Ms guar
....1942
Series C 3%s guar..
1948
Series D 3 Ms guar
1950
Gen 4Mb series A
....1977
Gen A ref 4Mb series B.-.1981
—
-
-
-
53
*73%
106%
y
bbb2
y
x
aaa4
o
j
Gen 4 Ms series B
x
aaa2
76%
*105%
aaa2
1
*104
-----
106%
----
85
107%
o
x
aaa2
x
aaa2
*108
a
x
aaa2
*108
A
x
aa
—
—
j
j
x
*107%
2
-
-
-
1
48%
45%
------
4s series D
*105%
2
72
36
43
42%
28
36
42%
3
A
O
z
cccl
42
42
42
1
38
42
c
2
20%
450
16%
21
z
c
2
20%
19%
19%
21
0
20%
308
j
y
z
b
2
89
87%
89
20
16%
82%
20%
89%
j
y
z
b
107%
108
35
MN
A
►
z
MN y bb
m 8 z bb
aa
-----
85
86%
50
-----
88%
28
O
x
bbb3
89%
78%
0
1977
D
1945
A
Colo Fuel A Iron gen s f 5s. .1943
♦5s income mtge
1970 a o
Colo A South 4Ms series A—1980 MN
x
bbb3
71
46
X
aaa2
x
bbb3
f 4Mb series C
y
b
b
76%
76%
70%
69%
*104%
—
—
—
-
*106
3
103%
103%
103%
O
x
bbb3
J
x
bbb3
Columbus & H Y 1st ext g 4s. 1948 A
O
x
aaa3
Columbus A Sou Ohio El 3Ms 1970 M S
Columbus A Tol 1st ext 4s. .1956 F a
x
aaa4
—
x
aaa4
-
l
—
36
109
1968
1958
x
aa
4
x
a
3
x
—
110
Conn Ry A L 1st A ref 4Ms. 1951
x aa
1951
1961
1946
1948
1956
8
103%
103%
106
---
72
bb
1
x
a
3
x
bbb2
X
bbb2
x
bbb2
------
x
bbb2
102%
3
------
4
104%
y
D y bb
0 x a
J
z
ccc2
d y bb
8
cc
102
101% 103
1
*100
-
—
-
-
103
100
100
102
102
1
102
103%
102%
102%
5
102
104
*101%
102%
104%
104
*43
-
—
—
—
-
—
-
-
-
—
101% 102%
103% 105
43
43%
65%
75
7%
9%
8%
8%
6%
9
-
30
-
—
—-
-
96
75
73%
73%
9%
8%
9%
260
"""8%
"8%
"8%
62
1
c
2
z
2
d
x
y
j
z
cccl
D
z
52%
cccl
J
*1%
------
mn y ccc3
49%
2
—
—
—
1%
—
'
3
ill
mn
z
*""!!
*11111
"36"
*18"
y y b
3
"96"
j
j
2
12%
51 %
56
j
76
77 M
a
J
D
8 y bb
d y b
106M 109%
35%
Gouv A Oswegatchie
109%
114%
x
a
3
-
-
3
x
4
aa
"86%
84%
74%
90
68
73
78%
77M
85%
13
18M
Grand R & I ext 1st gu g 4 Ms 1941 j
105
104%
22
—. —
67
35%
—
—
-
-
46
L05
108
113
113
35%
43M
119%
----
10
104%
108%
106%
105%
108%
Consol Oil
xbbb3
104%
105%
deb 3Ms—-1951
x
*
cccl
105%
24
y
x
4
—
— -
-
— —
-
106"
—
aaa2
1
a
-
22
33
104% 106%
27%
—
15
101
64%
4
a
"65
1
—
106%
76%
100%
*95
3
b
y 7 b
12%
18
3
—
76%
100%
—
—
35%
90%
10
5
35
101
-
—
30
20
*
2
j
76
81 %
12
95
1
101
100%
101%
3
_
—
—
95
95
.
-
~65"
6
63%
73
65%
11
65
80
22
107
109
4
65
y
x
j
y
x
j
j
x
j
x
bbb3
100
-1976 j
y
y
-1977 j
G—1946 j
y
Gen mtge 4s series H
1946 j
y
Gen mtge 3%s series I_—.1967 j
y
♦Green Bay A West deb ctfs A— Feb
x
bbb3
x
bbb3
x
bbb3
92%
92%
102%
4 %s
1961
1952
registered—
General 5 Ms series B
General 5s series C
...1973 y
General 4 Ms series D
General 4Mb series E
General mtge 4s series
bbb3
bbb3
-
-
—
x
c
106%
52
41
89
103
142
100
98
135
95
95%
105%
99%
51
80
87%
101
96%
82%
*61
2
7
84%
64
—
89
89
2
87
90
84%
83%
84%
3
79
86%
83
62
66%
122
36
41
j
y
bb
2
65
64%
66
y
y
cc
2
42%
40%
43%
Gulf States Steel
7 b
x
bbb3
x
a
1961 a
♦Harpen Mining 6s
Hocking Val 1st cons g
cons g
3
z
y
aaa4
1944 A 0
5s_1937 MN
z
bb
b
2
"l3
109%
2
128"
2
z
-i
104%
109%
128
♦
aaa4
x
100
104%
"104%
——————
cccl
z
j
Hoe (R) A Co 1st mtge
*85
2
j
0
D—1969 mn
...1949 y j
y
4 Ms. 1999 j
40%
"63%
*87%
62%
103
~~28%
a
y
b
3
z
ccc2
12%
28
"90
63%
103%
29
-
-
-
-
:
-
-
-
-
-
103% 104%
109% 111%
'
-
—
—
-
-
-
i
—
5
"
121%
47%
-
7
14
47
1
121%
46%
121%
48
-86
12%
13%
198
127% 129%
125% 125%
86% 92%
56
63%
101% 103%
26%
31%
121% 127
44
48%
11
13%
22
81
*
7%
5
89
♦Gen mtge inc 5s ser A
2015 j
Gulf A Ship Island RR—
1st A ref Term M 5s stpd. .1952 J
ser
-
13
7%
3
3
f 4 Ms
95%
89%
94
92%
0 y bb
%s
107% 107%
103% 108%
97% 104%
—
16
100
0 y bb
s
—
91
1
♦Ad] Income 5s„ —Febl957 a o
20
—
"30
91
84
6
—
-
98
bbb3
7 bb
109
105%
99%
—
—
x
Feb
Hudson A Manhat 1st 6s A—1957 F
20
—
108%
—
x
Houston Oil 4%s debs.
1954 mn y bbb2
Hudson Coal 1st s f 5s ser A. 1962 y d y ccc2
Hudson Co Gas 1st g 5s
1949 mn x aaa3
36
104%
108%
bbb3
a j
{{♦Housatonlc Ry
5
105
106
x
20
36
39
o%J
84%
"71
90%
12%
19%
cccl
d y bb
1950
Registered
119"
110%
109%
4
cccl
"22"
12%
1st mtge 5s series C
1950 A
Gulf Mobile A Ohio 4s ser B 1975 J
25
114%
4
z
z
89
Gulf Mob A Nor 1st 5 Ms B„ 1950 a
20
110
4
aa
x
y
0
Grays Point Term 1st gu 5s—1947 j
♦Debentures ctfs B
12
36%
aa
x
y
Great Northern 4%s ser A..1961 j
*80
*117
*109%
109%
1
x aa
109%
114%
*100%
1st 5s. .1942
c
------
-
"32%
00
cccl
j
61
z
39
-
------
2%
2%
52%
1%
1
2%
52%
aaa3
91
73
—
X aa
36%
36%
104% 107
....
107
102
1
z
101
...
{♦Proof of claim filed by owner. MN
♦Certificates of deposit
80
>
66
106%
—...1958
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s. 1956
debentures
A
37%
107"
--
2
cc
108%
101
1
z
{Fonda Johns A Glover RR(Amended) 1st cons 2-4s...«u-
103
-----
*
a
d
54
115
*112%
36%
326
103%
103%
103%
106
1885.
*101
——
m s
f 5s stamped
93
89
Consol Edison of New York—
see page
-
m 8
s
110%
113%
'
-----
16
103%
——
45
78%
*112
—
bbb3
For footnotes
-
m 8
1st lien
Gulf States Util 3
Conn A Pasump Riv 1st 4s.. 1943
conv
—
y
105 % 106
Commonwealth Edison Co—
debentures
debentures
debentures.
-
1
F
95
-
15
15%
Debenture 5s.....Apr 15 1952 A
Debenture 5s
Jan 15 1961 J
♦Commercial Mackay Corp—
Income deb w w„ .Apr 1 1969 May yb
-
78
3
y
Columbia G A E deb 5s.May 1952 MN xbbbS
3Ms
3 Ms
3%s
3 Ms
107%
2
2
107M 107M
bbb3
Coal River Ry 1st gu 4s
47 %
43
40%
zee
-----
bbb3
f 3Ms A
42
8
40%
—-1
♦3d mtge 4 Ms
1st A gen s i 6 Ms
■
y
88
-
x
s
45
48%
42%
Gt Cons El Pow (Japan) 7s..1944 F
---
x
Stamped guar 4 Ms
40%
342
48%
47%
56
42
43
z
-
x
Conn Riv Pow
55%
80%
42
-
----
cccl
J
103M 103M
—
108%
107%
O
1st mtge 3 Ms series I
—
172
cccl
m
105 % 105%
O
Conv debs 3 Ms
3
-
cccl
m 8
—
*102%
MN
F
-
1961
s
103% 105%
56
59%
z
93 %
85
181
Cleve Union Term gu 5 Ms--1972
1st s f 5s series B guar
1973
1st
9
z
Cleveland A Pittsburgh RR-
Cleve Short Line 1st gu 4 Ms.
99% 101%
59%
-
150
132
87%
-
100%
150
-
■'
•
M
General 5s series B
-
------
x
1993
General g 48..
58%
85
-----
Cleve Cln Chic A St Louis Ry-
Ref A impt 4 Ms series
-
z
104
8
109%
93
-----
5
-
-
-----
86
------
j
v,
58%
—
101%;
105%
105
93
9
-
J
107 M
13%
107 M 109 %
----
108% 108%
97
-
O
J
9%
1
106
*105%
109
aaa4
y
108%
110
-----
D
m N
106
107%
16%
21
105% 108%
29
O
a
91%
27 M
8
1
17
21
J
109 M
89 %
10
102% 104%
A
51%
99
83
13%
108%
-----
28%
13%
28%
2
95
28
-----
2
o y ccc3
mN *
59
A
105
81
30
102
3
107
67
43
100
-
-
-
108%
99%
------
ccc2
105% 106 %
9
-
3
—
76
55%
2
43
30
103%
106%
*150
105
cccl
J
j
aa
a
z
J
68
46 M
----
61
109
111%
104% 105%
27
96
97
m 8
61
1
53
----
-
1%
68
----
—
-
*107
2
J
47%
j) y bbb2
j
♦Conv 4s series A
7%
2
74%
*46%
*
1951
18M
14%
148
9
c
stamped..
12%
7%
.....
c
5s
M 8
{♦Erie RR 1st cons g 4s prior ]
Prior 4s registered
3
♦1st consol gen lien g 4s.-.3
Gen 4s registered
...3
49
6
A
Elgin JoHSTA East Ry 3%s.l
EI Paso AS W 1st 5s
...1
13
27
10%
]
11%
"257
1
cc
Elec Auto-Lite 2%s debs
14M
5
ccc2
1st 4s 1
41
-
16%
15
14^
14%
2M
1%
124
17
*10
-
—
100%
19%
99%
15 M
26%
15
110%
6%
72%
77
108% 111
----
105%
—
107%
107%
3%
----
''
106%
------
z
j
aa
7%
17
D
m 8 y b
x
J
19%
D
cc
0
J
22%
J
.
a
>y
15
48
82
102%
102%
32
438
*98%
-
18
2
19%
21%
J
o
2
19%
16%
"22% "96
21%
19%
21%
15
ccc2
y
638
111
*25
ccc2
18
*35
107
108%
103% 105%
106
108%
7%
11%
7%
11%
1%
1%
1
1%
6%
11
1
11
104%
------
15
21M
......
ccc2
bb
3
14%
166
18%
99%
.
105% 109
41% 54 %
4
--
106%
11%
11%
1%
1%
110%
110%
104%
aaa3
15
ccc2
j
3
S
1 J
20%
ccc2
F
-
aa
3 M
1%
22
*
...
ccc2
z
A
------
8M
---
*80
------
1
10
*6%
------
3
4%
20%
......
2
cc
ccc2
aa
697
19%
96
145
10
10%
2
x
737
20%
ccc2
z
20%
------
z
1%
1%
*
June 15 1951
Memphis Div 1st g 4s
Chic T H A So'eastem 1st 5s.
cccl
8%
8
20%
ccc2
ccc2
1988
registered..—
11
3 y
■
5 /
8%
1%
ICC
z
"10%
3
1
106%
48
107%
*104%
106%
10%
10%
1%
1%
3
aa
71
37%
♦Convg 4Mb
-I960 mN * c
Ch St L A New Orleans 68-1951 j D y bbb2
5s
aa
72
ccc3
MN
a
x
x
37%
ccc3
z
MAT
— —
j
38
------
16%
15
49%
107%
106%
3
36%
37%
1
17%
97
48
2
aa
j
9 j
9 y
10
bb
x
j
38
ccc3
{♦Secured 4Mb series A—1952 m <S *
4Ms registered
...1962 MS*
♦Certificates of deposit
z
Gold 3 Ms
21%
72
ccc3
ccc2
—1934
3
3 y
y
z
♦Certificates of
4s ctfs
10
-----
J yaaa3
24
23
z
17%
96%
ccc2
a
0
27%
ccc2
♦Certificates of deposit.
y
x
5a
------
ccc2
{♦Refunding gold 4s
yd
to 19A b
------
ccc3
z
deposit
registered
extended
68
16
35
M
ccc3
z
-1987
1987
1987
--1930
♦
1st ref g 5s.
-May 1 2037
♦1st A ref 4 Ms stpd May 1 2037
♦1st A ref 4Mb C—May 1 2037
♦Conv 4Mb series A
—1949
{{♦Chicago Railways 1st 5s stpd
Aug 1940 25% part pd—1927
{♦Chic RIA Pac Ry gen 4s-1988
4 s registered
....1988
series B
„
..
ccc3
stpd Fed inc tax 1987 MAT
4Ms registered
1987 M N
♦Gen 6s stpd Fed inc tax.-1987 MN
registered
♦4Ms stamped....
4 Ms registered
{♦Secured 6Ms
♦68
Deposit receipts
z
z
♦Stpd 4s n p Fed Inc tax. 1987 MJV
5s
♦
y~d
extended to 194 b
♦7 Ms series A
z
M N z ccc2
MN
50
32
68
1987
...—1987
registered
....
4
bb
.
MIV
♦Gen 4Ms
25%
109 M 110M
36
28 M
ccc2
z
1987
registered—
♦General 4s
25%
111%
108%
111%
z
Cuba RR 1st 5s g
♦Deposit receipts
y
110%
1st mtge 3%s.
bbb4
24%
109
94
114
83%
14
109
107%
109%
86
24%
109%
105%
108%
108
83%
2
11
106%
108%
108%
106%
16
a
85%
c
18
aa
M
90
93 M
96% 100%
inn
bbb4
23%
80%
x
a
x
76
6 MN
aa
'
4
1st mtge 3%s.
^
J
(conv)
1997
Chicago A Erie 1st gold 5s—1982 MN
M 8
{♦Chicago Great West 1st 4s. 1969
♦1st rntge 4s ser A
..1988 J J
♦Gen inc rntge 4%s
—2038 / J
/
{♦Chic Ind A Louisv ref 6S..1947
y
♦Refunding g 5s series B—1947
y
♦Refunding 4s series C
1947
♦st A gen 5s series A
1966 WN
♦Gen mtge Inc
18
108
108%
■
Chicago A Eastern 111 RR—
17%
4
14M
x
13..—1977
18
13
108%
108%
110%
110
112
x
8
High
23%
23%
„!*
42
92%
98%
*
------
166
94
92%
VN
7
112
----
-
108%
5
—
—
,
1
Low
28
23%
23%
23%
77%
108
120M 122
IV.
122"
•
77%
No
High
22
cccl
Since
Jan.
Consumers Power Co—
i
x
1968
General 4s.
t
122"
Ilia
Illinois Division
78
1
j
Range
Askea
22%
cccl
z
z
6 y
131
g2
a
z
5 J
1
1941
42
Friday's
Bid
Low
132
22,
Range or
Sale
Price
k
Railroad & Indus. Cos. (Conl.)
328 V
...1989
ref 38—.1949
4s registered
30
s
Rating
C
131%
4s... 1989
1st A ref 4%s series
1st A ref 5s series A
NO. Low
Elig.
sf
5
Week Ended March 21
128%
131%
aaa4
X
M N
gold 4s
Chic Burl &
Hlglh
M S
—
♦Chic & Alton RR
%%
1
4 J
M 8
1992
4%s registered.
1992
Ref A impt mtge 3%s D..1996
Ref A impt M 3%s ser E..1996
Potts Creek Br 1st 4s
1946
2d consol
N..Y. STOCK EXCHANGE
ta
BONDS
Since
Askett
&
Low
Chesapeake A Ohio Ry—
General gold 4%e
R & A Div 1st con g
Range
Jan.
Fridav'8
Bid
Price
k
•3
Range or
Sale
•
March
Week's
Frldai
Last
Bank
<0
%>
Last
Elig. A
Rating
STOCK EXCHANGE
Y.
N.
Week's
Frldai/
t
Attention Is directed to the column Incorporated In this tabulation pertaining to bank and eligibility rating of bonds. See k.
Volume
New York Bond Record-Continued—Page 4
152
Dank
BONDS
N.
Y.
Railroad &
Last
Elig. A
EXCHANGE
8TOCK
Rating
Price
\Bid
101M
aaa4
x
,
102 M
Low
Western Lines 1st g
4s
I
aaa3
♦Lower Aust Hydro El 6 Ma. 1944 F
A
X
o
x
a
2
{♦McKesson A Robbins 5 Ms 1950 Af 8
y
b
2
Atl Knox A Cine Div 4s__ 1955 Af N
91M
McCrory Stores deb 3Ms—-1955 A
I——
26
38
47
Maine Central RR 4s
44M
148
39
41
47 M
43
Manati Sugar 4s s f
38 M
1st & ref
"50
39
43 M
212
40M
40M
106
75M
*"~5
,
34
18
48 M
25
*
33
74
45M
78
20M
,
15M
*10634
""20
10534
104M 107 M
1956
13M
13M
1434
74
45
46 M
56
81M
8534
150
102 M
10334
103 M
26
Mb.-—1951
HI M
58
HI H
9
bbb3
109 M 112M
69
55
ddd2
*3M
M
"77"
8 y bb
4
—
*98
103M
103 M
83
M
75
44
14M
a
3
O
z
ccc2
J
D
z
b
J
D
z
ccc2
M 8
z
J
M N
♦25-year
102M 103M
101M 104 M
78
78 M
"II
83 M
41
45
230
86 M
45
a
43 M
47 M
271
30 M
32 M
8
134
1M
29
M
24
52 M
95
58 M
"42 M "362
32 M
32
42
63 M
69
68 M
78 M
54
53 M
d
O
*41M
0
42
41M
66
O
j
108
(Rudolph) Inc—•
(par $645) 1943
* cccl
(par $925) 1943 M N
♦Ctfs with warr (par $925) 1943
elth (B F) Corp 1st 6s
1946
entucky Central gold 4s
1987
entucky A Ind Term 4 Ms-1961
156
,
I
31
98
72 M
70 M
108
63
I
40-year 4s series B
M
42
♦1st A ref 5s series F
♦1st A ref g
102 M 103
109 M 109
81M
107 M
106 M 108M
107 M 107 M
104 M
104
103M 105M
102 M 105 M
103
1939 A
1942 a
C—- 1953 p
Ms series
1960 p
Doll A ref 5 Ms series D—
1942 F
Doll tr 6s series A- — —
1942 F
Doll tr 6s series B
—
ke Erie A Western RR—
1947
is extended at 3% to——
3M
z
1
97
O y bbbl
2
95 M
38
2
60 M
23
4
94 M
97
92 M
56 M
A y b
57 M
2
49
60
68
9
50
62
18
60 M
*
A
96 M
05
64 M
57
Oy bb
A
58
A
25
30
2M
2M
34
*1H
1H
11 M
11H
12M
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86
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3
98 M
9
95
3MS— 1997
1997
[Ms registered-—— —
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x
a
2
94 M
29
92
x
a
1975
y
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cccl
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96
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3
40
*
95
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reg-——
1954
olgh Coal A Nav s f 4 Ms A
1954
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tiigh A New Eng RR
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1965
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4s--. 1945
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stamped-—-v.---*.
high Valley
♦5s
32
53
69 M
70
77M
85M
33 M
31 M
33 M
353
24 M
21M
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928
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17M
20
400
11
20
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810
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60
19
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191
20
23
23 M
23
2
2
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ccc2
23
cccl
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cc
8
Af
1978 MN
deposit.
19 X
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165
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ccc2
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extended to
82
37
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89
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stamped
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x
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5s
registered—— — ——.
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is
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259
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164
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98
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28
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118
1955
105
105
1944
120M
120 M
8
126M
20
O
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"96M
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1946
104 M
24 M
1952
*93 M
1950
*
.1949
11
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4
25
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-;---
100
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96 M
----
29
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28
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3
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J
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J
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125 M 128
i
.
Attention is directed tothe
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87
3
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110
109
109 M
uisville A
page
98
42
86 M
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33
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100
95
104
25
22
90
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22
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17
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67
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b
b
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♦Certificates of deposit
Newport A
Gen gtd
b
"17
107
73 M
10
67
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6
65
68 M
67
105M
105M 106M
105 M 106M
12
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108 M
106M
15
72 X
34
72 X
24
68
73 M
6
30
35
36 M
30
31
34 X
34
41
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32
40
32 M
40
39
*35
39M
39 M
35
41
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40
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"40
39M
"46"
37 M
36 M
40
33M
34
41
43
39M
40
33 M
32
40
*32 M
1
ccc2
1954
40H
1
ccc2
66 X
75
70
108M
*33 M
~72M
1
ccc2
—
108M
73 M
9
77
106
105M
1
ccc2
b
—
1956
♦Certificates of deposit——
♦1st 4Mb series D—
1956
♦1st 5s series C—
121M 124
50
55M
55 M
45 M
123
127M
124 M 131M
7
55 M
106M
104 M 106M
85
82 M
"42
1
43
Cincinnati Bdge Co—
1945
4Mb
1998
10-year 3Ms sec s f
1946
Ref A impt 4Mb series A—2013
Ref A impt 5s series C
2013
Conv secured 3Ms
1952
N Y Cent A Hud River 3MS-1997
3 Ms
registered
.1997
30-yr deb 4s 1912
1942
Lake Shore coll gold 3 Ms—1998
3Ms registered.--—---1998
Mich Cent coll gold 3 Ms.-1998
3Ms registered-.1998
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Ref 5 Ms series A1974
Ref 4 Ms series C
1978
4s collateral trust1946
1st mtge 3 Ms extended to 1947
N Y Cent RR 4s
series A
*107
aaa2
J
J
F
A y bb
A
A
O y bb
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A
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x
N Y Connecting
60M
69 M
94 M
95 M
147
89 M
95 M
58 M
60 M
453
55
63M
69 M
67 M
64
66
M
65M
65M
67
219
61X
Af N y bb
64
62 M
64
100
59 M
J
86 M
86 M
82 M
87 M
58
82 M
25
100 M
100M
18
J
x
a
x
a
y
bb
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68
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71 M
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72 M
75
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3
60
*58
64
82 M
"24
61
64M
70
64 M
59 M
68
65
75
62 M
348
F
A xbbb2
59M
91M
66 M
54 M
93 M
137
86 M
64
93 M
A
O
bbb3
93 M
93 M
1
90
94 M
96
96 M
63
90
96 M
79
82
A
M
A
—1950
J
RR 3 Ms A—1965
A
x
O yb
D y bb
O
x
aa
2
96
*80M
1
3
Toom
100M
161" "74
98 M 101
I
column Incorporated in this
87 M
100M
57
73
y
63 M
83 M
81 M
100
60 M
18
69
*62
68
y
1941
3-year 6% notes-—
6s debentures
95
94 M
59
105 M 106M
88
85M
106 M
106
105M
97M 101
96 M
92
102
87 M
104
3
54
;
85 M
.1969
41
91
131
126M 126 M
95 M
96
105 %
105
105
54 M
bbb2
120M 123
95
104M
----
bbb3
57
126
103 M 104M
55
bbb3
120
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2
114
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cccl
y
27
117
16
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x
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102M
104M
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bb
22
*100
1962
Ark 1st 5s ser A
.1966
uisville Gas A Elec 3Ms1945
u A Jeff Bridge Co gu 4s.;
For footnotes see
52
2
——
96 M
105
3
y
!
«'•
1951
1952
4
{{♦N OTex A Mexn-c inc 5s 1935
♦Certificates of deposit.——
48
16M
14M
15
50
118
1951 A
Nashville RR.2003
Lst A ref 5s series B.
.2003
1st A ref 4 Ms series C—.2003
1st A lef 4s series D
.2003
1st A ref 3Ms series E—
.1950
CJnif mtge 3 Ms ser A ext.
.1960
lTnif mtge 4s ser B ext—
.1946
Paducah A Mem Div 4s.
.1980
4t Louis Div 2d gold 3s—
43
22
2003 4fN
.1951
debenture
ulsiana A
55
25M
Island unified 4s—.
.1949
juar ref gold 4s
1949
4s stamped——- - - -—.1944
rillard (P) Co deb 7s
ng
46 M
43
20
;gett A Myers Tobacco 7s
1951
is debenture..
-—
>n
27
22 M
AfN
2
a
b
4 Ms A'52
New Orl Pub Ser 1st 5s ser A-1952
1st A ref 5s series B
-.1955
New Orleans Term 1st gu 4s. 1953
♦1st 58 series B
AfN
aa
104M
104M
J
D
N O A N E 1st ref A imp
33
"82M "90""
46M
45
Ry ext 5s...,
1965
East 1st 50-yr 5s gu.,
h Val Term
38
14
"90"
1950
,
modified—
33
"38"
37M
1943
103
a
j
72
68
69M
aa
39
39
1943
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RR
2003
Is stamped modified---..
2003
4s registered..
2003
IMs stamped modified...
2003
4Ms registered-.-is
35 M
32
.
38
stamped—-----1954
Term guos..
bdgh Valley
42
39
b Val Harbor
high Valley
37 M
35
5s_1945 J
— —
79 M
79
D
1945 J
New Eng Tel A Tel 5s A
1952 j
1st g 4 Ms series B
1961 Af
N J Junction RR guar 1st 4s. 1986 F
NJPow A Light 1st 4Ms--I960 A
New Orl Great Nor 5s A
1983 j
♦Consol guar 4s
43 M
42
41
56 M
75
O
75 M
95
O
bb
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86
36 M
85
"55"
O
{♦Naugatuck RR 1st g 4s—1954 Af N
Newark Consol Gas cons 5s. 1948 J D
45
80
1974
stamped-
36
40
f 5s.
1954
stamped
1964
►1st A ref s f 5s
1964
5; *58 stamped-----——-1974
►1st A ref s f 5s———.
►Sec 6% notes
60 M
£3 M
66
66
24 M
24
20
146
cccl
y
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24 M
23 M
20
M
ccc2
—
1981
24
-----
c
4s ser A. -1978 F A
Nat Dairy Prod 3M8 debs—1960 J D
Nat Distillers Prod 3 Ms -—-1949 Af 8
National Steel 1st mtge 3s__.1965 A O
Natl Supply 3Ms-1954 j D
33 M
68
66
96
68
24 M
2M
ccc2
Af 8
Nash Chatt A St L
90
27 M
62 M
1944
♦5s
♦6s
2
88 M
29 M
1954
►lst A ref s
♦5s
90
2
1M
68
80 M
23 M
19
J y c
1
; '
*
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F
Pub Ser—
1st mtge 4Mb
1960
6s debentures
1965
Montana Power 1st A ref 3Ms '66
Montreal Tram 1st A ref 5s—1941
Gen A ref s f 5s series A—1955
Gen A ief s f 5s series B—.1955
Gen A ref s f 4 Ms series C.1955
Gen A ref s f 5s series D—_ 1955
Morris A Essex 1st gu 3Ms—2000
Constr M 5s series A
1955
Constr M 4Mb series B.—1955
Mountain States T A T 3Ms. 1968
Mutual Fuel Gas 1st gu 5s. 1947
Mut Un Tel gtd 6s ext at 5% 1941
98 M
gold 53
ke Sh A Mich So g
12M
13M
12 M
3i
78 M
87 M
y
1941
!d
85 M
2M
65 M
78 M
32
ccc2
JJ
9M
1
1
Monongahela W Penn
168M
^
deposit---1959 Af 8
20
43
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30
9M
20
cc
{♦Mo Pac 3d 7s ext at 4% July '38
Moh'k A Malone 1st gu g 4s_1991
86
163 M
107
A. - - - - -1951
Foundation 3% notes 1950
15
19
♦Certificates of deposit
88
88
'161"
Ma---—r----—
35 X
89
ccc3
z
1965
♦1st A ref 5s series I
"77M "81M
163 M
Co 4s series
65 M
26M
z
1949
5s series H_—1980
♦Certificates of
M
73
86
unguaranteed...
1961
County El L A P 6s.—1997
Co Lighting 1st 5s
1954
59 M
"35"
z
-1975
-1977
♦1st A ref 5s series G
18M
109M
4M8
42
7
23
35 H
♦Certificates of deposit-
♦General 4s
107 M 109
102 M
Plain
70 M
107
28 M
62
♦Certificates of deposit——.
92 M
103
J
♦Conv gold 5Ms—
1961
10
80
2
z
99 M
64
J
1962 j
D—_ 1978 J
A.-Jan 1967
{Missouri Pacific RR Co—
♦1st A ref 5s series A
72 M
18M
79 vJ
105M
96
12
95M
♦CtfS w w stmp
109M
105M
34 M
♦Certificates of deposit——
♦Ctfs w w stmp
70
67
61M
J
Prior lien 4Mb series
♦Cum adjust 5s ser
67
80
42
_
47 M
105M
41M
6
30
99
65 M
67
6
37
♦1st A ref 5 Ms series B..-1978 J
{♦Mo-Ill RR 1st 5s series A. 1959 J
Mo Kan A Tex 1st gold 4s—1990 J D
Missouri-Kansas-Texas RR1962
Prior lien 5s ser A—
1M
*76 M
1949
5 Ms
9
79 M
30
z
1949 M S
A..1962 Q F
:
85
73 H
6
z
A
A—1946
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71
16
x
X {♦MStPASSM con g 4s int gu '38 J
{♦1st cons 58- — — — — —1938 J
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•
3
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14 H
8M
7'.:8;V-
2
bb
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14M
1M
8
a
y
1940
{{♦Mil A No 1st. ext 4Mb-—1939
♦§Con ext 4MB—--------1939
{♦Mil Spar A N W 1st gu 4s. 1947
X {4Milw A State Line 1st 3 Mb.'41
{♦Minn A St Louis 5s ctfs- —1934
58
80 M
30
x
{{♦Mid of N J 1st ext 5s
arstadt
Doll A ref 5
105M 107
3Mb
---------1952 Af N
J
4Mb series C—1979 J
Michigan Consol Gas 4s
1963 M S
98 M 101
97 M 103
_
A ext 5s
4
O
1st gold
40 M
37 M
C
1956
Hydro El deb 6s—1944
5s
106M
cccl
{♦Int-Grt Nor 1st 6s ser A ..1952
♦Adjustment 6s ser A. July 1952
Laclede Gas Lt ret
106M
x
342
lef A ext mtge
bbb4
aa
14M
1M
1434
of
x
x
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"24
x
54
Toll secured 5s—
79M
x
98
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h
O
97 M
resge
98M
x
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{{♦Met W Side El (Chic) 4s.l938 F A
♦Miag Mill Mach 1st s f 73—1956 J D
Mich Cent Det A Bay City—
4s.l952
1st A ref 6
96 M
ccc3
Metrop Wat Sew A D 5Ma—1950 A
deb 4s. .1947
oppers
95 M
86
Metrop Ed 1st 4Mb series D.1968 M 8
17
ings
27 M
88
26
51M
69
lngs
25
33
96 M
47
98 M
Stamped-.
20
95 M'
47
Jack Lans A Sag 3
44
27 M
43 M
60
44
92 M
43M
51M
36 X
86 M
72
90
55
44
1941
B-1947
1955
Int Rys Cent Amer 1st 5s B.1972
1st lien A ref 6 Ms
----1947
Int Telep & Teleg deb g 4 Ms 1952
Debenture 5s
19551/)'
{♦Iowa Cent Ry 1st & ref 4s. 1951 jf
James Frankl & Clear 1st 4s. 1959 j
Kanawha & Mich 1st gu g 4s 1990 a
{{♦K C Ft S A M Ry ref g 4s 1936, A
♦Certificates of deposit
I
Kan City Sou 1st gold 3s—.1950 a
Ref A impt 5s
Apr 1950 j
ansas City Term 1st 4s_.—1960
...
86 M
z
j
O
Ref A impt
f 6s
91
27 M
61M
2
52 M
28
96M
58 M
54
I
48
34
95
A
§ ♦Market St Ry 7s ser A Apr 1940
A
(Stamp mod) ext 5s
1945
Mead Corp 1st mtge 4MS---1955 M 8
—
80
25
b
62
58
58 ser A &
A
36 %
ccc2
59 M
15
1
"59"" "65""
Ref s f 6s series
50
35 M
b
49 M
44
1M
49
y
46
♦1st g 5s series
109 M
74 M
y
{{♦Man G B A N W let 3Msl941 J
Marion Steam Shovel s f 6s„ 1947
80 M
46 M
104M
105 M
103
105
x
53M
45 M
78
55
I
105
5
*36
35M
58M
—-I
2
228
79M
36 H
8 y aa
------
90
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k
47 M
Stamped——
88
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50
62
62
6s..—---1948
4s—
1950
{♦Ind & Louisville 1st gu 4s. 1956
Ind Union Ry 3Ms series B.1986
Inland Steel 1st mtge 3s ser F1961
Internat Paper
l"05""
79M
1 271
42
112
108M
109
2
Manila RR (South Lines) 4s.l959 AfN y a
79M
Ind 111 A Iowa 1st g
Int Merc Marine s
f 58—1953 Af
39
s
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112
27
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90
89M
2
b
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51M
M
41M
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Internat
A.-.I960 J D
Feb 1 1957 M N
45 M
1951
♦1st 5s series B——
Gen mtge 4Ms series
42
50 M
N O—
ref 5s series A—1963
4 Ms series C
1963
Inter lake Iron conv
D y bb
39
4s——1951
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A. 1945 J
ser
42
*
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High
cccl
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44
41 M
112M
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bbb2
x
91
111 Cent and Chic St L &
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x
94 M
90
.—1951
—-1951
3MB.1951
registered-.--—
a
88
70
3s—1951
3s--1951
registered
*111M
Since
Jan. 1
Asked
3
x
92
42M
M'
A
Low
(Cord.)
40 M
43
2
Friday's
Bid
(Concl)
4MS--1945 M S
Ry Joint Monon 4s_1952 J
J
42 M
*30
44
Range
Range or
Sale
89 M
89 M
St Louis Div A 1'erm g
3 As
Price
94 M
—.1953
Springfield Div 1st g
Cos.
Louisville A Nashville RR
&
Indus.
Last
See k
Nft,
90
4s———--1951
4sreglstered——1951
1951
Extended 1st gold 3M8---1951
1st gold 3s sterling—
1951
Collateral trust gold 4s—- -1952
Refunding 4s
1955
Purchased lines 3 MS-1952
Collateral trust gold 4s.—-1953
4s registered
1953
Refunding 58--1955
40-year 4 Ms———Aug 1 1966
Cairo Bridge gold 4s
1950
Litchfield Div 1st gold 3s. .1951
Louisv Div A Term g 3M3-1953
1st gold 3Ms
Gold 3Ms
Railroad
Elig. A
Rating
EXCHANGE
Mob A Montg 1st g
1st gold
3 Ms registered
Omaha Div 1st gold
High
102 M
101
103
STOCK
Week Ended March 21
1
Jan.
High? No
101M
BONDS
Y.
N
Since
_
§3
Asked,
Low
V
Illinois Bell Telep 2Ms ser A.1981
Illinois Central RR—
A
Range
■8*
Friday's
Cos. (Coni.)
Indus.
Range or
|
Sale
Sea k
Week Ended March 21
1883
Week's
Friday
Dank
Week's
Friday
tabulation pertaining to bank eligibility and rating of bonda.
See k.
New York
1884
Hank
EHo. A
BONDS
N.
Y.
Friday
Last
EXCHANGE
STOCK
Sale
See i
Price
Railroad
N Y Dock
4s
Bid
& Indus. Cos. (Cont.)
F
Conv 6% notes
N Y Edison 314a ser D
A
F
A y b
O y ccc2
O x aaa4
A
A
O
1st Hen A ref 314s ser E...1966 A
N.
No. Low
Railroad & Indus. Cos.
62
Peoples Gas LAC
54
Refunding gold 5s
60
14
High
55
3
67
67
Peoria A Eastern 4s ext
2
2
41
*89
cccl
cccl
6s registered
24 K
24 K
149
23%
25%
22
23%
63
•
1
cc
27
328
20%
22
33 K
tm
5
11
5K
3K
26
367
20
106
78
84%
z
cc
0
5K
6
80
z
c
IK
IK
2
29
O y b
0 y b
A
N Y Queens El Lt A Pow 3 Ha '66 M N
*100
2
"50"
3
X
bbb4
MN
x
bbb3
j
x
aa
J
z
cc
f
A
z
F
A
50
aaa4
x
j
1958
N Y A Rlchm Gas 1st 0s A—1951
J
N Y Steam Corp 1st 3 Kb.—1903
t»*N Y Susq A W 1st ref 5s. 1937 j
mm,
*r
50
1
109 K
*109K
*105K
108K
105
105
106
106 K
36
100 K
37
4
13
13
37 K
13
cc
13
10 K
13
21
z
bb
85%
J
—.1967
d
N Y Trap Rock 1st 6s
1946
0s stamped
1940
"J
{ (»N Y West A Bost 1st 4 Ha 1946
Niagara Falls Power 3 Ha—1960 M 8
Nlag Lock A O Pow 1st 5s A. 1955 A O
Niagara Share (Mo) deb 6 Ha 1950 MN
X
aaa4
N YTelep 3Ksser B
y
bb
2
95
2
100
100
c
2
3
aaa3
3K
no
110
110%
6
109
109
109
109
3
1
103
c
2
17
c
2
17
2
c
z
aaa4
A x
61
106
17
91
126%
105%
105%
4
a
23
17
17
16%
ccc2
X
A
103K
16K
16K
17
44
105%
106%
103%
126K
105
39
23
104
9
105
4
4
1959
1974 M 8
x
aa
*115K
—
1974 M 8
x
aa
*113
z
ccc3
*70
4
115
1945 A
78
♦latgtdg 5s
105%
103»i«
0
♦1st mtge g 6s (stamped can¬
cellation of guarantee). 1946 A
♦Certificates of deposit
104 Vs
O
ccc2
z
z
bbb3
Gen Hen ry A Id g 3s Jan—2047
3s Registered
2047
y
bb
y
Ref A lmpt 4 Ha series A—2047
y
bb
2
52
Ref A lmpt 6s series B
y
2
65
y
bb
bb
y
bb
2
A ref M 3Ks._1967 f A
mtge 3Hs
1964 M 8
Northwestern Teleg 4 Ha ext 1944 j
{(♦Og A L Cham 1st gu g 4s. 1948
Ohio Connecting Ry 1st 4a.. 1943
1st mtge 4s
1965
1st mtge 4s
1907
Ohio Edison
aa
c
x
a
M
8
x
a
x
a
x
a
x
x
aa
Ontario Transmission 1st 5s. 1945 M N
x
aa
x
x
1st mtge A 4Ha.. 1962
1st A ref mtge 3 Ha ser 1
109 K
108 K
*107K
'm
-
-
-
-
-
bb
2
3
x
aaa2
Ill"
aaa2
111K
x
x
3
z
b
x
x
4KB—1955
aa
105
100K 103K
103
1
110K
114K
7
103
103 %
110K 112K
5
116
6
107 %
115K 117K
106K 107 K
83 K
89K
84%
86
17
64 %
uo%
110%
109%
60
"91
111
111K
109K
87K
27
9
28-year 4s
1903 F
.1960
Pa Ohio A Det 1st A ref 4
Kb A *77
4Kb series B
1981
Penna Pow A Lt 3 Kb
..1969
5
4
107H 109
9
108 K 110 K
*104
54 K
....
54 K
123K
2
5
95K
54%
95
*40
15
45
4Kb
debentures..
5
70
4
Pennsylvania RR
3
3
107
x
a
3
104 K
bbb3
a
4
x
aaa2
1948 MN
x
aaa2
x
aa
2
a
3
General 4 Kb series A
1965
4 Ks registered
1965
General 6s series B
O
x
x
aaa2
x
a
3
x
a
3
1968
x
a
3
1968
x
a
1970
x
bbb4
x
a
106
107
29
104 %
105K
60
*105%
*104%
For footnotes
see page
—
3
1984
x
a
1952
x
bbb4
1885.
3
104K 105 K
52 K
*105
108 %
108 %
108 %
108%
*107%
*111%
111%
94%
94%
104K
«.
-
-
—
---
—
-
-
121
106 %
123% 126
69
90 K
*119
2
2
1975 A
1977 J
1950 j
O
x
aa
J
x
aa
D
112
1960 A
106
108
1950
1960
83
81%
*106K
83%
*102 %
108%
1;
bb
3
95%
cc
1
b
3
j
aaa4
*80
110%
110K
aaa4
*218%
109%
108%
104%
5
96
3%
90
30
110%
4
aa
bbb3
66%
81%
81%
bbb2
bbb3
"83%
bbb3
103%
109%
16
104%
28
68%
20
83%
82%
25
58
x
bbb3
103%
103%
x
bbb2
*99
x
bbb3
103%
103%
x
bbb2
105 %
105
105%
57
x
bbb3
104%
104
bbb4
104 K
99
43
x
bbb3
x
99
24
104
103%
9
104"
"48
3
z
J
z
J
25
-
29K
22
18
22
4s s f
conv debentures
1952
♦Rlma Steel 1st a f 7s
—1955
t(♦Rio Gr June 1st gu 6s...1939
{(♦Rio Gr West 1st g 4s...1939
con A coll trust
4s A.. 1949
48 registered
1949
Roch Gas A El
4Kb ser
8
A
D
J
D
x
b
z
105K
103 K 104 %
105K 106
ccc2
ccc2
z
z
x
x
110
aa
D...1977
♦Certificates
of
of
aa
z
c
cc
2
92%
j
aaa2
2
*59
62
3
*59
60
x
bb
69%
z
z
ccc2
67
....
"69""
2
j y b
cccl
32
33
69%
70%
40
40
"ll%
11%
12K
648
10%
11%
11%
11%
12
233
13K
322
35
12%
13K 1036
cccl
11%
z
cccl
12%
cccl
11%
z
cccl
z
j
m'b
cccl
12%
12%
1989 MN y bb
St Paul A Dul 1st con
g 4s._1968 j
{♦St Paul E Gr Trk 1st 4
Kb. 1947 j
{(♦St P A K C Sh L gu
4Kb.1941 f
St Paul Un Dep 5s
guar
1972 /
S A A Ar Pass 1st
gu g 4s
Santa Fe Pres A Phen 1st
Scioto V A N E 1st
gu 4s
{Seaboard Air Line Ry—
2
11%
b
z
ccc2
"22%
13K
1
z
cccl
x
bbb2
J
z
cccl
A
z
x
J ybb 3
1943 J
5s. 1942 M 8 x aaa2
1989 MN x aaa3
4s unstamped
(♦Refunding 4s
1959 A
O
stamped
115
♦1st
K
cons 08
series A
♦Certificates of deposit
{|*Atl A Blrm 1st gu 4s
1945 MS
z
cccl
cccl
CC
10%
9%
1
cccl
%
"4%
.....
2
cc
z
Z
86%
*105%
*121%
2
z
1933 MS
10
4%
13%
23 K
14
64
"64
12
90 K
7%
ccc2
z
♦Certificates of deposit
99 K 105
100
104K
z
13%
*113
86%
412
45
22
"*2%
aaal
8
14
12%
I
cccl
J
22
73
*40%
z
J
J
33 %
71%
73
J
D
"69"
69%
2
z
86
69%
bb
bb
S y b
j
6
%
93
bb
cccl
87 K
93
"4
6
b
c
96
6
z
♦2d 4s lnc bond
ctfs..Nov 1989 J
(♦1st term A unifying 5s..1952 j
♦Gen A ref g 5s series
J
106
y
deposit
♦Con M 4 Kb series A
1978
*Ctfs of deposit stamped
3
14%
~~6~
2
a
108 %
.....
2
z
z
90
13
cccl
z
1950 J
108"
108 %
2
cc
z
z
116
1
aa
x
z
z
A...I960
♦Certificates of deposit
♦Prior Hen 5b series B
x
x
deposit
{♦St L Peor A N W 1st gu 5b
1948 J
St L Pub Serv 1st
mtge 6s... 1959 M
St L Rocky Mt A P 5s
Stpd.. 1955 J
{♦St L-San Fr pr Hen 4s
J
g
221
y
St Louis Iron Mtn A
Southern—
♦(Rlv A G Div 1st g 4s
1933 MN
4s registered
1933 M N
g
9%
6%
*105
x
Saguenay Pow Ltd 1st M 4Kb '60 A
St Jos A Grand Island
1st 4s. 1947 J
St Lawr A Adir 1st
g 5b
1990 J
2d gold 6s
199Q A
(♦1st
47
42
8
6%
o
115
41
"42" "l5
aa
8
8
8
M S
A O
J
4KB fltmp__.1941 J
41
cc
8
42
2
cc
z
8
106 %
*6%
1
o
111
106
bbb3
z
O
Gen mtge 3Ks series
H...1967
Gen mtge 3 Kb series I
1907
Gen mtge 3Kb Berlee J
1969
{(♦R I Ark A Louis 1st 4
Kb. 1934
♦Ruhr Chemical s f 0s
1948
{♦Rut-Canadian 4s 8tmp___1949
{♦Rutland RR
AT
F
J
J
A
A
M
M
M
M
3%
7%
113%
64
58
87
106
2
10%
10%
1%
217
7
3%
4%
81
3K
3%
26
5%
4%
6%
444
5%
13%
48
13
9
91K
Attention la directed to the column
incorporated in thia tabulation pertaining to bank eligibility and
rating of bonds.
..._
*142 %
aaa4
154
77 K
85 K
106 % 107
*3
A
75
6
aaa4
1950 a
90%
11
bbb2
Si
1950 a
Oct 1949 F
60
55
55
*99%
bbbl
(♦4s
96
54
aa
♦Adjustment 5s
169
"20
aa
120 K 125 K
95%
~55~~
*117
x
x
104 % 108%
102 K
102 %
10
100
54%
aa
A
D
D,
12
94 K
38
*102
136
101K
101%
89%
54
2
1974
1962
A...1990
103K 107
108
17
99%
*108%
52%
53
8
4
111
104%
aa
D,
A...1948
iioji
104
ybbb2
O yb
119
110%
104
El Pr 7s_1950 M N
♦Direct mtge 0s__
..1952 MN
♦Cons mtge 0e of 1928
1953 * A
♦Cons mtge 6b of 1930
1955 A O
..
106K 110K
107 K 107 K
111K 115K
11 IK 114K
92K
98
112K
110%
{♦St Louis-Southwestern
Ry—
70
56
.....
95%
102%
101K
119
aaa2
aa
107% 107%
121
106%
112
aaa2
x
♦Rhine-Westphalia
45K
52
180
aaa2
x
x
1977
♦Certificates
108K
3
x
*110%
*111%
D
-
96
109
113K
111K
95K
122K
106K
*111
aaa2
x
1970 j
♦3Kb assented
1940 J
♦Rhine-Ruhr Water Serv 6s. 1953 J
55 K
94
105
-
Debenture g 4Kb
General 4Kb series D
Gen mtge 4Kb series E
Conv deb 3Ks
80
89 K
85
104K 104K
104K 105K
3
1981
5s registered
-
3
a
bbb4
x
4s.. 1943 MN
Gen mtge 3Kb series C
1970 a
Consol sinking fund 4Kb..1960
*104K
*104K
3
May 1 '48 MN
cons g
Consol gold 4s
4s sterl stpd dollar
aa
aa
x
ser
♦1st 4s bond ctfs
x
x
1974
85
41K
123K
70
x
a
110 % 111%
108 K 110K
85
3
x
110"nll2
109
2
y
A
Pennsyl Glass Sand 3Ks_
K
110K
84
aa
x
83
109K
25
*109
aaa2
x
1960 F A
1963 F A
1964 MN
cons guar
114K 117K
Pennsylvania Company—
Guar 3 Kb trust ctfs C....1942 J d
Guar 3 Ha trust ctfs D
1944 J d
Guar 4s ser E trust ctfs
1952 MN
106
109
aaa3
b
28
27
109
Paramount Broadway Corp—
1st M a f g 3s loan ctfs
1955 f A y b
2
Paramount Pictures 3Kb deb '47 M 8 x bbb3
Parmelee Trans deb 6s
1944 A O y ccc3
Pat A Passaic G A E cons 5s. 1949 M 8
♦Paullsta Ry 1st S f 7s
1942 M 8
108K 109 %
106
85
aaa4
x
107K 109K
108 K 110 K
85
aaa4
I960
Ref mtge 3Kb series C
106K108""
3
29
19
aaa2
x
1957 M N
♦1st
102 K
*
2
(♦2d ext gold 6s
1938
Pacific Tel A Tel 3Kb ser B..1906
7
110%
114K
115K
84K
aaa2
bb
3K
106
-
b
z
110K
107 %
-
y
1966
108% 110
110
103
aaa2
107%
Richfield Oil Corp—
102 %
~
102 %
aaa2
ext g 4a.1938
"33
109
y
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G.1964
1st A ref mtge 3Kb ser H..1961
28
—
107%
109
aaa2
x
61H
24
109
aaa2
x
D
62
54%
7
5K
107K
3
Oregon RR A Nav con g 4a.. 1940 /
Ore Short Line 1st cons g 5e. 1940
Guar stpd cons 5s
1940
Ore-Wash RR A Nav 4s
D01
55
65
109K
110K
109
3
D
65
3K
4K
3K
99%
102 K
107%
*106 %
Pur mon 1st M conv 5
Kb. 1954 MN
Gen mtge 4Kb series
C...1956 MN
Revere Copper A Brass
3Ks 1960 MN
♦Rhelnelbe Union i f 7e
J
1940 j
69%
39
*10k
bbb4
A
5%
4
d
62%
7
107%
4
Oklahoma Gas A Elec 3Kb.. 1960 J
4s debentures
1940 J
Ontario Power N F 1st g 5a_. 1943 f
50%
317
54
67M
60K
60K
109
4
J
64
75K
47 K
44%
58%
42K
*95
4
1972 j
-
1st mtge 3Ks
72K
110
40
*110K
aaa3
x
75%
43%
58%
109 K
2
z
8
80 K
59%
«
4
M N
45
76
6
*104
w w '50 M S
1956 M S
Rensselaer A Saratoga 6s gu. 1941 M N
Republic Steel Corp 4 Ks ser B *01 f A
52K
45
52
58 K
4
aa
40 K
88
52%
65
K
-
-
5
5
78 %
"82
108 K
16 H
*110
Remington Rand deb 4Kb
4Kb without warrants
71
45
*73
-
-
bbb3
x
j
M
-
42%
2
x
J
-
2
x
J
113K 115
42%
78
100K
102 %
aaa2
Gen A ref 4Kb series
A...1997
Gen A ref 4Kb Berlee B...
1997
123
71
5K
aaa2
Purity Bakeries s f deb 6i__.1948
Reading Co Jersey Cent coll 4s *51
103»i« 103K
123
78
bbb2
2047
....
93%
125% 127%
104K 106K
40
bbb2
North Pacific prior Hen 4s—1997
4s Registered
1997
Ref A lmpt 5s series C
2047
Ref A lmpt 5s series D
2047
Northern States Power Co—
-MOM
77
62 K
45
ccc2
x
x
3
m.
89
41
aaa2
Public Service El A Gas
3Ks 1968 J
1st A ref mtge 5s
2037
1st A ref mtge 8b_
...2037
Pub Serv of Nor 111
3Ks
1908
107
a
a
5K
6K
x
O
{♦Providence Sec guar deb 4s 1957 MN
{♦Providence Term 1st 4s___1950 M S
106
x
x
Gen A ref 4 Ha series A
fNorthern Ohio Ry—
17
26
A
4s called bonds
12
76
18
K
5%
*4%
99%
102%
x
1942 A
Potomac El Pow 1st M
3Kb. 1966
Pressed 8tt,al Car deb 5b
1951
17
17
93%
A
North Cent gen A ref 5s
12K
12K
z
1st 6s extended to
111
126 K
105 %
1954 f
4
1st gen 58 series C
1st 4Kb series D
Port Gen Elec 1st 4Kb
108K 109K
102 % 104
z
4K
1
x
Pitts Y A Ash 1st 4s
1st gen 5s series B
97
4
...1959 f
sf g
93
a
103
17
1
cc
108
99 K
1st mtge 4Kb seriesC
95% 100 K
2K
6K
z
Norf A W Ry 1st cons g 4s—1996 O
North Amer Co deb 3 Ha
1949 f
Paducah A 111 1st
2
118
37 K
b
%
17K
cc
z
Pitts Va A Char 1st 4s guar. 1943 MN x aaa2
Pitts A W Va 1st 4 K8 ser A. 1958 J
D
y b
2
1st mtge 4Kb series B
1959 A O yb
2
9%
13
9K
13K
61K
87
108 K 111K
z
♦Ctfs of dep (Issued by reorgan¬
isation manager) 5s
1941
(♦Pao RR of Mo 1st
26
y
x
cccl
z
%
106
110K
20
102 K
Gen 4Kb series C—
Pitts Steel 1 st mtge4Ks
105%
x
♦Ctfs of dep (Issued by reorgan¬
ization manager) 5s
1961
Otis Steel
15
95
bb
z
♦Certificates of deposit
(Minn) 1st
(Wise) 1st
24
109%
y
A
f
{(♦Norf South 1st A ref 6s—1961
Debenture 3K«
Debenture 4s
3
%
87
77%
109
z
1
119
aa4
4 Kb
Gen mtge 5s series A.
Gen mtge 5s series B
48K 54 K
108K 109K
107K 108K
64
c
z
1937
—.1940
J
108 K
107 K
bbb3
Series J
105% 108 K
1943 M N
(♦2d gold 4 Ha
(♦General gold 5s
♦Terminal 1st gold 5s
aaa4
110
113K
108 K
106 %
110
x
Series G 4s guar
Series H cons guar 4s
Series I cons 4Kb
99
104 %
22
~~~5
118K
113K
120
X
7%
99
mmmm
64
108 K
J
3
4%
1%
63
2
x
1949 M B
j
f 4S..1937 J
Series B 4 Ks guar
26
80K
71
106
8
Series C 4Kb guar
1942 MN
Series D 4s guar
1945 MN
Series E 3Kb guar gold... 1949 F A
Series F 4s guar gold
1953 J d
5K
24 %
80
3
4K
77%
107K
72 %
Pittsburgh Cine Chi A St Louis—
44 K
-
24 K
cccl
9
3
Pitts Coke A Iron conv 4 Kb A *52 M S
22
112
iiih
49
5%
107%
7
107"
aa
110%
115%
6
aa
♦Certificates of deposit.
Phillips
Petrol 1Kb debs._1951 J
44 K
aa
15
Low
76
bbb4
22K
24
24K
24K
23%
27
25%
2
2
68%
x
{(♦Philippine Ry 1st
41
42%
110%
116%
67%
x
89
18
«.«
cccl
b
162
x
No
106%
108%
x
17K
17K
18K
18K
78
23
D
N Y A Putnam 1st con gu 4s. 1993 a
N Y Rys prior lien 6s stamp.
24
22%
M S
1942
{♦N Y Prov A Boston 4s
21%
21%
aaa3
II
03 <0
66%
67%
j
24 K
s
x
1941
106%
108K
*118K
H3K
~68 "
D
19
15
24
cccl
O
1955 j
♦General 4s
97
"77 h
D
Phi la Electric 1st A ref 3 Kb. 1907 M
{♦Phi la A Read C A I ref 58.1973 j
95K
24 K
24
cccl
♦Debenture 4s
1957 MJV
♦
D
1st A ref 4 Ha ser of 1927.1907
{♦Harlem R A Pt Ch 1st 4s 1954 M N
{♦N Y Ont A West ref g 4a_.1992
94
5%
106 K
22,
5C
107 K
76 H
a
1977 J
Phi la Co sec 5s series A
Hioh
5 %
cc
s
1981 j
1967 J
General g 4 Ks series C
General 4Kb series D
57 K
100
Asked
49
z
4
88
cccl
J
A
95
2
cccl
cccl
—.1948
1940
53 K
11
st5Ks..l974
F
Phi la Bait A Wash 1st g 48—1943 MN
General 5s series B
1974 f A
100K 103K
49%
54
mmmm.
24 K
22 K
23%
cccl
♦Conv debenture 0s_—-..1948
(♦Collateral trust 6s
50
Apr
Apr 1990
♦Conv deb 6s
♦Non-conv deb 3 Ha
—1954 A O
j
♦Non-conv debenture 4s. .1955 j
♦Non-conv debenture 4a—1950 MN
♦Conv debenture 3 Ha——1956 j
26 K
18
55
99 K
94
94
8
15
"51%
54
*98%
J y bb
8 y bb
♦Non-conv debenture 3 Ha 1947 M
42 K
*103K
50%
50%
N Y Lack A West 4s ser A.—1973 M N y bbb2
4 Ha series B
-—197* M N y bbb2
♦NYLEAW Coal A RR 5 Ha 42 MN z b
{♦N Y New Hav A Hart RR—
♦Non oonv deb 4s
1947 M 8
b
121
125K
114K 118K
121
A
110%
H6K
j
Pere Marquette 1st ser A 5s. 1956 J
y bb
J y bb
1st 4s series B__
—.1956 J
1st g 4 Ks series C
1980 M S y bb
Phelps Dodge conv 3 Ks deb. 1952 j d x a
114K
♦N Y L E A W Dk A Impt 6s 1943 J
N Y A Long Branch gen 4s—1941 M
y
o
Peoria A Pekln Un
114K
cc
a
107K 108K
121
aa
aa
x
107 K 110K
aaa4
x
x
1
aaa4
z
o
12
x
M N
(Cont.)
6S..1943 a
1960 a
4s
Bid
Low
108 K
♦Income
Range or
Friday's
Sale
Price
1
108 K
x
M N
See
1947 M 8
cons
Last
EHg. A
Rating
Js
3
sa.
108
5S.1948
(♦N Y A Greenwood Lake 5el940
2000
EXCHANGE
54
Purchase money gold 4s.-.1949
N Y A Harlem gold 3 Kb
STOCK
Week Ended March 21
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g
Y.
1
108 K
aaa4
x
Jan.
58
~65"
BONDS
Since
^5
60%
*
"67
Range
S 2
ft)
High
59
60%
b
y
,2
Asked
A
Low
1951
1951
1947
1965
1st gold 4a
registered
March
Week's
Friday
Bank
Range or
Friday's
Haling
Week Ended March 21
Bond Record-Continued—Page 5
Week's
See
108 % 109K
93K
97K
Volume
New York Bond Record—Concluded—Page 6
152
BONDS
N. Y.
STOCK EXCHANGE
Week Ended March 21
Last
Elig. a
S3
Rating
Price
Friday's
N5,
Bid
a
Low
Railroad & Indus. Cos. (Cont.)
Asked
Range
High
BONDS
Since
II
N.
1
Jan.
CQC/J
No. Low
See
Range or
Sale
Rating
Week Ended March 21
High
Last
Elig. A
|1
Y. STOCK EXCHANGE
Week's
Friday
Bank
Range or
Sale
See a
sfc
1885
Week's
Friday
Bank
Range
Since
Friday's
Bid
Price
A
A
109%
Low
Railroad & Indus. Cos. (Concl.)
Jan. 1
Asked
No. Low
High
5
High
108% 110
t*Seaboard All Fla 6s A ctfa.1935 F
A
z
c
3
3%
57
2%
3%
Va Elec A Pow 3%s ser B—-1968 M
2
109%
109%
1935 F
A
z
c
3k
3%
5
2%
3%
58%
58%
*83%
66
6
54%
64%
90
-•MM
84%
89%
Shell Union Oil 2Kb debe„_. 1954 J
1961 J
2kb s f debs
J
Va Iron Coal A Coke 1st g 5e. 1949 M S y ccc3
Va A Southwest 1st gu 6s_—2003 /
J y bbb2
let cons 5s
1958 A O y bb 2
*,'•"••
66%
68
30
65
69%
8hlnyetau El Pow 1st 8Kb--. 1952 J
♦8s Series B certificates
a a
2
J
aa
2
D
b
1
13
19
47%
1950
Skelly Oil 3s debs
Socony-Vacuum Oil 3s debs. 1964
bbb3
103
aaa4
105
South A Nor Ala RR gu 5s-. 1963
South Bell Tel A Tel 3%8—. 1962
a
20%
103%
9
8
71
102% 103%
106
-
1939 F
A
b
1941
z
104
{♦Des Moines Dlv lst*s—1939
z
104% 107
♦Omaha Dlv 1st g 3%s—1941
z
g 4s_1941 M 8
z
z
z
106% 108%
54
105% 108%
105%
4
104
3
101% 102%
16
105% 107%
45
46
121
37%
48%
44
16
34%
44%
Southern Colo Power 0s A-. 1947
bbb3
105
Southern Kraft Corp 4%a—. 1948
bbb3
102
102
105k
106 k
♦Ref A gen 5s seriee B
106
1970 F
A
♦Ref A gen 4 %s series C—1978 A
1949 J
4s (Cent Pac coll)
4s registered
1st 4kb (Oregon Lines) A.
Gold 4Kb
0
x
bbb4
45%
D y bb
1949
y
bb
y
I05K
bb
—
-
-
60
66
-
112
z
z
1945 J
D
bbb2
1955 A
O
bb
cc
O
1948 M
S
1941 M S
15%
22
10
7%
5
45%
12%
266
7%
12%
202
7%
12%
288
7%
53
11%
11%
O
Warner Bros Plct 6s debs
11%
11%
12%
103%
103%
24
2
79%
80%
21
92
92
5
94%
96
J
b
•»
-
—
«.
bb
95%
cc
56
"49 %
49K
50 K
320
44%
52
J ♦Warren Bros Co deb 0s
55%
47K
48
216
40%
49%
Warren RR 1st ref gu g 3 Ks.2000 f
A
b
33
47
48
287
49%
Washington Cent 1st gold 4s. 1948 QM
b
*66
46K
47 %
379
49%
Wash Term 1st gu
1946 J
58
57 K
161
48%
59
1st 40-year guar 4s.--—.1945 F
San Fran Term 1st 4s
1950 A
77 K
78 k
19
71
82
Westchester Ltg 5s stpd gtd.1950 J
Gen mtge 3%s
1967 J
64
63
64k
210
57%
64%
West Penn Power 1st 5s E—1903 M
9x aaa3
Jx aaa3
90
93%
1st mtge 3%s seriee I
1960 /
West Va Pulp A Paper 3s___ 1954 J
81%
94%
90%
51%
61
32
34
65
67
aaa3
10-year secured 3Kb
So Pac RR 1st ref guar
1st 4s stamped
Southern
bb
4s.-. 1955
1955
bbbl
bbb3
1st cons g 5s— 1994
Ry
Dlv
337
57
63%
Western
O
2
80%
77 K
80 K
110
75
82%
85 K
79
86%
78
83
1st A ref 5 %s series A
J
1977 J
West N Y Ai Pa gen gold 4s—1943 A O
:♦ Western Pao 1st 6s ser A—1946 M 8
bbb3
106
73%
78%
2
84 k
82K
81
77%
109%
J
aaa4
107%
107
{♦Spokane Internat 1st g 6s. 1955:J
J
cccl
1961|/
D
1953 J
2kb debenture
Studebaker Corp conv deb 0s 1945 /
.1950 A
O
105K
105
1G0K
100K
1
102 %
10
102 %
111
109 K
109%
4
105%
105K
aaa4
104 K
104 K
bb
4
84
a
3
108
71%
69%
70%
69 K
71
69
Gen A ref 5s series B
1977
Gen A ref 5s series C
1979
bbb3
Gen A ref 5s series D
1980
bbb3
a
2
100
J y b
2
58 %
O y cccl
20%
1900 /
-Jan I960 A
f♦Third Ave RR 1st g 58—1937
/
J y bb
99%
58 %
19
100k
3
Tokyo Elec Light Co Ltd—
1st 0s dollar series
1953 /
Tol A Ohio Cent ref A Imp 3 kb *60 /
D
b
D
bbb3
1
bb 3
Tol St Louis A West 1st 4S--1950 A O
Tol W V A Ohio 4s series C—1942 M S{x aaa2
Toronto Ham A Buff 1st g 4s_ 1946 j
1949
deb A. 1953
♦Tyrol Hydro-El Pow 7K8—1955
1st g 5s
Trenton G A El
Tri-Cont Corp 5s conv
a
x
Jy bb
MN
z
88
— _
86
106% 108%
71%
64i
71K
67
71
35
100
7
33
62%
72
62%
62%
72
58
21%
298
100K
4
100
38
42
44
45
97
97
5
74
75
13
71%
90% 100%
17%
94%
70%
*96 M
107%
~98~ "
107"
*
107%
20%
15
1962
106%
106%
106 %
!06«»j
6
103
103%
24
111K
112
36
1955 A
3 kb debs
United Biscuit
O
Serial
~i>7%
97 K
98
*29
98
25
3
3
97%
97%
103%
103 K
104%
*I05K
108%
3
83
106% 107
102% 105%
69 %
"li
84
84%
85%
82
96
100%
96% 101 %
103% 107
55
bb
82%
80%
83%
155
73%
83%
bb
80%
80
81%
167
74
81%
20%
27
50%
56%
*
20
63%
52%
54%
bb
51
50
61
S
aa
105%
107
7
103%
104
8
-
*113
117
79%
46%
52
114% 115
104% 106%
106
107%
103
104
114
114%
32%
27
32%
31
31
cccl
10
10%
41
7
9%
13
7%
Wisconsin Elec Power 3%s_. 1968
aa
c
9%
3
{♦ Wor A Conn East 1st 4 %s.l943
Youngstown Sheet A Tube—
2
♦Certificates of deposit
D.„_190O
2
109
108%
109
1
31
10%
26%
9%
108% 109%
*4
8
x
a
102%
102%
102%
28
MN
x
a
99%
99%
100%
104
—.1948 M
.
-MM-
MM
23%
31
32%
1
...
MM
24%
15
cccl
1st 4s, 1936 MN
f 3%s ser
58
105%
cc
s
M
107
-
aaa2
♦Certificates of deposit
1st mtge
U
104
ccc2
Conv deb 4s
M
107
{♦Wis Cent 50-yr 1st gen 4s—1949
er
-
3
bbb2
A
1955
bb
{♦Su A Du dlv A t
9
116
*111%
Conv deb 3%s
—1947
Winston-Salem S B 1st 4s—1960
!
49
bbb3
Wheeling 8teel 4%s series—1960 F
Wilson A Co 1st M 4s A
M-MM
15
71%
103%
102
99% 103%
Cash sale; only
week, a Deferred delivery sale;
Odd lot sale; not included In year's range.
transaction during current
transaction during current week,
n
only
t The price represented Is the dollar quota¬
Accrued interest payable at the exchange rate of
§ Negotiability Impaired by maturity,
per
200-pound unit of bonds.
$4.8484.
*
67%
82%
receivership, or reorganized
securities assumed by such companies.
Companies reported as being in bankruptcy,
Section 77 of the Bankruptcy Act. or
under
No sales transacted during current week.
Friuays Dia and asked price.
♦Bonds selling flat.
0 Cssh sa'e
ncluded In the year's range;
sold during the current week and not
No sales.
76%
90%
Corp—
a Bank Eligibility and Bating Column-—!
eligible for bank Investment-
Indicates those bonds which we believe
debentures—
1941 MN
*99 k
100%
100%
x
aa
M N
x
aa
1942 M N
x
aa
1942 MN
1943 MN
1943 MN
x
aa
x
aa
♦100
x
aa
*100
May
Nov
1944 MN
x
aa
1944 MN
x
aa
*100%
1.50s
May
1945 MN
x
aa
*100%
1.625s
Nov
1945 MN
x
aa
*100%
100
100
1 75s
May
1940 MN
x
aa
*101%
102
101
x
aa
*100%
101%
101
102
x
aa
x
aa
bank eligible due either to rating status
It speculative.
Indicates those bonds we believe are not
provision In the bond tending to make
102%
1946 M N
May
50a
1941
6258—-——Nov
May
875s
Nov
1.00s ——May
75s
T
—Nov
1.1258
1.25s
—
1 375s
—-
Nov
May 1 1947 MN
Nov 1 1947 M N
1.80s —;
1.85s
1 90s
1.95s
2.15s
2.25s
2.30s
*100
100% 101
.—-Nov
May
—Nov
101
101
100
101%
101
101
x
aa
100%
x
aa
100K
100%
aa
101K
102
101% 103
x
aa
101%
102
x
aa
101K
103
103%
100% 103%
MN
x
aa
101%
101%
101
MN
x
aa
101 K
102
101% 104
*100
102%
101% 104
101
102%
103% 103%
*100
102
May
1952 M N
x
aa
1952 M N
1953 MN
x
aa
101
101 %
x
aa
*100
102%
1953 MN
1954 MN
x
aa
♦101K
102%
aa
*100
102%
1954 MN
1955 MN
x
aa
*100
102%
x
aa
*102
102%
2 60s
May
2 65s
Un Steel Wks
x
Corp0 Kb A— 1951
z
*-----
22%
1951
z
*——_
37
♦3Kb assented A
♦Sec s f 0 kb seriee
1951
z
1951
z
31
31
31%
33%
40
28
33
31%
*
1947
z
x
bbb3
x
bbb2
Vandalla cons g 4s seriee
Cons s f 4s seriee B
A..1955
-—1957
x
bbb3
95
"93%
103%
102%
104
103%
95
103 %
104
A
x
aa
2
110
MN
x
aa
2
*110
110
the
1941
Monday
109
Total
Municipal
States
Bond
Bonds
For'n Bonds
Bonds
State
$69,000
229,000
$5,761,000
8,068.000
9,230,000
12,103,000
7,720,000
7,909,000
378,000
612,000
70,000
8,591,000
$50,791,000
$3,138,000
$555,000
$54,484,000
406,750
540.440
490,440
471,660
Friday-—-—-Total-—-
2,554,600
——
80,000
9,987,000
63,000
12,597,000
720,000
44,000
8,484,000
Jan. 1 to March 21
York Stock
1940
1941
Exchange
109
2,869,149
2,554,600
Stocks—No. of shares—
1940
1941
29,147,299
-Bonds
-
_
*
-
-
-
-
Total
$968,000
$6,116,000
$8,656,000
3,601,000
60,791,000
18,513,000
37,871,000
445,347,000
296,960,000
$54,484,000
$23,082,000
$489,334,000
$555,000
Railroad and Industrial.
incorporated in this tabulation pertaining to
40,501.560
3,138,000
-.
State and foreign——
directed to the column
8,675,000
677,000
431,000
Week Ended March 21
Sales at
Go vernment.
Attpntlnn la
Sales
$6,150,000
380,050
—-
Tuesday-----—
Wednesday -—- -—-
110
United
Miscelt.
265,260
Saturday
102% 105%
Yearly
$320,000
91%
95
102% 104%
110
York Stock Exchange,
New
Railroad A
Slocks
Number of
Shares
Week Ended
March 21,
New
F
at
Daily, Weekly and
Thursday,.-
36%
*
1951
Utah Lt A Trac 1st A
104% 104%
33
32%
33
33%
1
ref 5e. 1944
Utah Power A Light 1st 5e. 1944
♦3Kb assented A
United Stockyds 4Kb w w.
103% 104%
102% 103%
102% 104%
cccl
b
Transactions
104%
*
z
A. 1947
C
♦3Kb assented C
♦Sink fund deb 8kb eer
All Issues
100% 103%
100% 102%
x
Nov
May
Nov
May
Nov
2 658
lower are in default.
100% 102%
aa
100 H
100%
100%
x
2 35s
2 50s
ccc or
majority of the Issues bearing symbo
bearing ddd or lower are in default.
A great
102
2 40s
2 45s
of reorganization.
bankruptcy, or In process
column are based on the ratings assigned to each bond
by the four rating agencies.
The letters Indicate the quality and the numeral immedi¬
ately following shows the number of agencies so rating the bonds.
In all cases thesymbols
will represent the rating given by the majority.
Where all four agencies rate a bond
differently then the highest single rating Is shown
.
101
101
Indicates issues In default. In
The rating symbols in this
1951
May
—
z
100% 100%
1951
-Nov
2.20s
*100
1950 MN
1950 M N
May
2.10s
y
or some
1949 MN
Nov
2 05s
*99%
*100
1948 MN
1948 MN
1949 M N
May
—
2 00s
>'
90
23%
79%
259
77%
107
108% 108%
*108K
8 X aaa4
111% 114%
111
112%
106
69
4
4
24%
21%
77%
105% 107
111%
aa
United Clgar-Whelan Sts 6s_ 1952 A 0 y b
1953 M 8 y bb
United States Steel
*•
aaa3
Unlted Drug Co (Del) 5s
U N J RR A Canal gen 4s—. 1944 M
111K
I II
a
22%
22%
bb
{
103
aaa3
x
24
J
1949 M
104%
2
J
Wheeling ALE RR 4s
9,5%
90%
100
106% 107
cccl
-—2361 /
Registered
tion
x
5
b
r
90
x
73
106%
20%
30
15
1970 AO
34-year 3 Kb deb
35-year 3 Kb debenture. — 1971 M N
Ref mtge 3kb ser A——— 1980 J D
124
104%
106%
m -
J
~96% ~98~~
107%
65
aaa3
W
48%
97%
70
x
-
75
15
x
■m
65
*62 K
/
94%
104
104
24
*105
A z cccl
1947
107% 109%
112% 114
109% 111%
102
104%
*104 K
I
1
J
/x aa 3
A O z cccl
FAx aaa4
F A.x aa 3
1947 J
grant 4»
4s registered
102%
94
94%
♦Westphalia Un El Power 08.1953 /
West Shore 1st 4s guar
L—2301 /
Union Pac RR—
1st A land
9
101%
"15
1959
3s debentures
111%
128% 128%
ccc2
8
-I960 M 8
30-year 5s
104% 106%
78
1940 M
bb
104% 106%
6
1945 Af S y b
{§♦ Union Elev Ry (Chic) 5s. 1945
Union Oil of Calif 0s seriee A. 1942
111
2
aa
,
93
21
108
60
♦5a assented
108% 111%
159
74 K
1
b
86
97
aaa3
/
106%
105K
44K
4
x
8
1952 F
♦Guar sec s f 75
UJlgawa Elec Power a f 7b
(JnloD Electric (Mo) 3%S
r
M
7
1952 A
Maryland 1st 4s
Western Union Teleg g 4 Ks.1950 MN
25-year gold 5s
1951 J D
126% 128%
110% 113%
23
91
92
bbb3
Ry 1st ref 4s
27
111
aaa4
Tex Pao Mo Pac Ter 5kb a. 1964 M 8
184
126 %
*122
aa
/
45
103%
4
bbb3
Texas A N O con gold 5s.-_. 1943 j
Ave
34
26%
103% 106%
103% 105%
100% 109
100
101%
102% 106%
aaa3
/
.1965 M N
♦AdJ Income 5s
57
34
aaa4
J
Texas A Pacific 1st gold 6s_. 2000
Third
106% 109
104
bbb3
Texarkana A Ft 8 gu 5Kb A. 1950
1959
Texas ^orp 3t deb
8s debentures
28
104
bb
1953
Gen refund sfg4s
109% 110%
1
103%
aaa4
j
aa
6
13
105
/
2
81K
77%
110K
107K
104 K
104%
1944
Term Assn St L 1st cons 5s
32 K
aaa4
1950 M n
5s. 195
4
bbb3
110
Tenn Coal Iron A RR gen
13
87 k
"61%
aaa4
x
-MM-
108%
113
.i*.— *102
4
a
87%
~60K
bbb2
D
Superior Oil 3 kb debs
8wlft A Co 1st M 3 KB
Dx
128%
108%
-
-
111
~eo%
bbb2
1951
So'western Bell Tel 3 Kb B-. 1904
1908 J
1st A ref 3s series C
Standard Oil N J deb 3s
102
MM
112%
m'm'-m
3
2
bb
1996
1st g 5s
St Louis Dlv 1st g 4s
93
aa
x
-
110%
*124
aaa4
D
bb
Devel A gen 4s series A__. 1956
1950
Devel A gen 6s
1950
Devel A gen 0 Ks
Mem
92
92
Dlx
2
M
77%
108% 108%
*
Ax aaa3
bb
bbb3
1994, J
5s registered
2
A
105%
16
70
47
39%
39%
1945 F
7%
103
92%
34
47 %
3%s
12%
12%
12%
12%
91
56
47K
1969 af N y b
1981 M N y b
J y bb
O x bbb2
53
21
1968 M S y b
M~ 8
12
338
103%
80%
cc
Gold 4 Kb
Gold 4Kb
1977
18
10%
11%
11%
112
O
1955 A
57%
44
9%
1980 A
6s debentures
7
106% 108%
14%
49
Walworth Co 1st M 4s
1951 A
66
15%
11
41%
cc
♦Ref A gen 5s seriee D
Walker (Hiram) G A W—
Convertible deb 4%s
Southern Natural Gas—
41%
52%
37
cc
"""9
107%
108K
30
-
cc
119
13
24
18
—
b
{♦ Wabash Ry ref A gen 5 %s A *75 M 8
1
cc
{♦Toledo A Chic Dlv
119
211
16%
—
17
b
102
344
.mm
ccc2
b
39
86
57%
52%
54%
,' i*
z
z
41
107%
107
107
2
1954
103 K
106
1st mtge pipe line 4kb
Southern Pacific Co—
-
aaa2
z
106 K
123 K
44
aaa3
i*2d gold 5s
♦1st lien g term 4s
*Det A Chic Ext 1st 5s
27
50
x
1939 MN
105
107 K
aaa3
1979
50
aa
103
*121
3
8* 1st gold 5s
25
"50""
x
Virginian Ry 3%s seriee A—1966 M 8
{Wabash RR Co.—
78
102%
bbb2
99%
97%
54
97%
51%
*
50
cccl
...
3s debentures
97%
50
♦
Slleslan-Am Corp coll tr 7s_. 1941
Simmons Co deb 4s
1952
96
97
97 K
97%
51K
♦Siemens A Halske deb 8Kb. 1951 M S
♦Silesia Elec Corp 8Kb
1946 F A
118
96
96
S
'
bank eligibility and rating of bonds.
See note A above.
~~~
56,307,000
5361,923,000
y
New York Curb
1886-
Exchange—Weekly and Yearly Record
March 22,
NOTICE—Cash and deferred delivery sales are disregarded In the week's range unless they are the only transactions of the week, and when selling outside
of the regular weekly range are shown in a footnote in the week in which they occur.
No account is taken of such sales in computing the range for the year.
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange
beginning on Saturday last (March 15, 1941) and ending the present Friday (March 21, 1941).
It is
compiled entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
stock or bond, in which any dealings have occurred during the current
year.
for the week
Sales
Friday
Last
Par
STOCKS
Acme Wire Co common-10
Aero
Week'g Range
for
Sale
of Prices
Low
Price
19 %
High
20
Range Since Jan. 1,1941
Low
Shares
180
1
Class B
6%
Ainswortb Mfg common..6
Air Associates Inc (N J).
1%\
pref
Alabama Ot Southern..60
conv
0
s%
|
Air Investors new com...2
new
5%
16%
Mar
20
Jan
Bell Aircraft Corp com
Bellanca Aircraft com
Feb
Feb
Feb
Mar
22?*
Jan
Bell Tel of Canada
6%
6%
Jan
Bell Tel of
Jan
Jan
Mar
Hi
300
1%
1,000
4%
20
Feb
Jan
Mar
150
75%
Jan
82
109% 110%
370
103%
94 %
Jan
Jan
111%
Mar
140
103
Mar
82
103
Mar
Allegheny Ludlum 8teel-
100
preferred
Alliance Investment
%
Mar
%
Feb
Allied Intl Investing—
S3 conv pref
Class A
26
conv com
Aluminum Co common—
100
Aluminum Goods Mfg...*
0% preferred
14
Feb
16%
Mar
350
21
Feb
22%
Jan
7% 1st preferred
Borne Scrymser Co
Jan
4%
Jan
12
12%
7
7
850 zl26
50
500
150
93
100
74%
93
100
155
Jan
Feb
110
Jan
Mar
12
50
73%
Mar
113%
6%
93
Jan
%
20
7%
75
Jan
Jan
Mar
95%
Jan
%
Jan
Jan
Feb
4%
18?*
Fe
Feb
70
Amer Box Board Co com.l
35
Feb
Jan
5%
Jan
American Capital—
Class
10c
A common
%
10c
»ii
...*
S6.60 prior pref
1
......
.10
Export Lines com..l
American Gas A Elec...lO
Jan
Feb
Feb
20?*
Feb
Mar
100
Amer General Corp com 10c
2%
4?*%
preferred
S2 conv preferred
..1
%
Jan
50
3?*
13?*
Mar
?*
Feb
".6
Feb
6?*
Feb
38?*
7?*
1?*
7?*
1%
28%
800
38%
Jan
6?*
32%
17%
33%
3, 400
31
Feb
38
Jan
18
1,100
15?*
Feb
19?*
Jan
Jan
,i«
Jan
11%
350
Mar
27%
Mar
12?*
30?*
Jan
5,300
100
110%
Mar
113?*
Feb
300
2H
Feb
3?*
Jan
Class A preferred
•
Brown Forman Distillers. 1
$0 preferred
•
Brown Rubber Co com._.l
Feb
29?*
Jan
225
27
Jan
JBrown Co 6% pref
33
Jan
Amer Hard Rubber Co..50
10%
50
15%
Feb
20
Jan
"""56
*16
700
19%
300
16%
Feb
20
Jan
25
14%
13
14%
7,100
11%
Feb
14?*
20
21
70%
79%
?*
31%
400
Feb
60
Jan
5?*
6%
1,300
5%
Feb
7
Jan
3?*
3%
100
2%
%
Feb
3?*
Jan
Feb
%
Jan
0%
preferred
...25
Mfg Co common.100
Preferred.......... 100
1
Amer Meter Co
*
%
31
200
10
19
79%
700
%
Amer Potash A Chemical.*
American
Republics
10
01
5%
Amer 8eal-Kapcommon..2
Am Superpower
Corp
*
316
..*
57?*
57%
S0 series preferred
*
American Thread 5% pf..6
Anchor Post Fence
*
7%
6%
com
1st SO preferred
%
2%
1%
7,000
58%
7%
Jan
28?*
23?*
Jan
80
Feb
Mar
Jan
9%
9%
700
8%
Feb
1%
1%
1%
400
1?*
Feo
"366
30
%
200
%
Jan
%
300
37?*
11%
Feb
Jan
50?*
Jan
12
Feb
Jan
31
Jan
Jan
11?*
Jan
Jan
8?*
Jan
Jan
8?*
Jan
Jan
%
Feb
15?*
Feb
900
14
Feb
17?*
Mar
2?*
Jan
8%
8%
"foo
8
1J*
x24%
~25%
30
z24?*
1%
1%
800
1?*
Feb
11?*
*24?*
Jan
Can Colonial Airways
1
4
4
15
15
6%
Feb
Feb
Feb
1?*
8?*
96
Jan
Jan
Jan
Mar
Jan
Mar
5?*
Jan
| Associated Gas A Elec—
S32
%
1%
400
Atlanta Birmingham A
Coast RR Co pref... 100
Atlanta Gas Lt 0% pref 100
2%
20
200
210
conv
i»i6
Jan
Feb
Jan
8?*
1?*
Jan
Mar
*
B
•
7
1?*
Jan
9
600
2
Jan
2?*
17
Carrier Corp common....1
Carter (J W) Co common. 1
Casco Products
*
Jan
3?*
Jan
Jan
20
Feb
Mar
%
Jan
Jan
Jan
"l5% ~15%
6?*
14?*
Mar
4%
1%
2,500
2?*
3%
400
15%
25
Jan
16
Jan
Jan
$7 dlv. preferred....
1st partlo pref
Cent Hud G A E com
4?*
Mar
1%
Jan
Jan
Feb
3%
Mar
3?*
4H
Jan
15?*
Feb
17%
Jan
Jan
16
Jan
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West Gtil 50c
Cent States Elec com
1
4%
25,900
Feb
%
Jan
3?*
Jan
4%
Mar
33
10
"27"
33
Mar
3?*
~3~700
800
35
5%
37%
2,100
6
6%
1,200
5?*
1%
"16
~28 %
2%
1,900
900
4%
»i«
9%
1
9%
100
25
Feb
Feb
4 ?*
36
35*
Feb
Jan
31?*/ Jan
Feb
7?*
Jan
Fen
37%
Mar
Feb
6 %
Jan
•u
Jan
2?*
Mar
%
Mar
1?*
Jan
32
9?*
Jan
Jan
10?*
7?*
Jan
6?*
4?*
Mar
4?*
Mar
4?*
Jan
Jan
6%
7%
preferred
1891.
5
5
41?*
41%
106
Feb
Feb
Feb
110?*
10?*
6?*
Mar
8
19?*
2?*
Jan
3?*
350
122?*
Mar
4
Feb
5%
1,800
43%
545
107
30
35?*
Feb
96
Jan
12?*
12?*
200
12
Feb
87%
130
84
Mar
115%
175
115
Cities Service oommon_.10
$0 preferred
•
?*
Jan
13?*
Feb
Feb
7?*
Jan
City Auto Stamping
»
Jan
Jan
Jan
134
5?*
Mar
Mar
46
116?*
Mar
13 %
Jan
95
Jan
10
Feb
116?*
%
Jan
Jan
2
""% ""}
4%
4%
5
5
105"
70
165"
70
*»i
Jan
•si
Feb
150
1%
%
%
Jan
175
1?*
Feb
Feb
2?*
Jan
50
%
Mar
%
Jan
4?*
Mar
300
3?*
Feb
50
4?*
11?*
Mar
5?*
Feb
103?*
Mar
14?*
110?*
Jan
Feb
73?*
Jan
Jan
10
Jan
"56
100
67
9
•16
7%
4%
7
4?*
62%
5%
*
5?*
Feb
Jan
Mar
Feo
400
10
Chief Consol
Mining
1
Chllds Co preferred...IlOO
8?*
%
5
common
$0 preferred BB
*
Cities Serv P A L $7 pref.*
$6 preferred
*
5
111'
115
Jan
Jan
Jan
FeD
500
85?*
100
12 %
2,200
3?*
122?* 127
Cherry-Burrell common. .5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
00c preferred B
6%
Jan
7%
19
preferred
100
Conv preferred
100
Conv pref opt ser *29.100
Chamberlln Metal Weather
Strip Co
Charts Corp
Jan
Jan
Jan
Cent Maine Pow 7% pf 100
Mar
8?*
3?*
*
Jan
1
7
39
111?*
6?*
*
3?*
800
15
.....
•
Feb
Feb
6%
Castle (A M) common.. 10
Catalin Corp of
Celanese Corp ol America
7% 1st partlc pref...100
Celluloid Corp common. 15
Jan
35
110?*
109
8?*
Amer___„i
5?*
Beaunlt Mills Inc oom._10
11.60 conv Dref
20
see page
Mar
lli»
20
Jan
Feb
%
8?*
100
67?*
114?*
1,600
36
Jan
Jan
Feb
Jan
i',500
111
Feo
1?*
%
36
3?*
Beau Brummell Ties Inc.. 1
1
%
1?*
Jan
"l% "l%
*
25c
_
6
Products
Carib Syndicate...
Carman A Co class A
111
""600
Basic Dolomite Inc com.. 1
Baumann—See "Ludwlg"
For footnotes
Capital City
Jan
114?*
Carolina P A L $7 pref...*
$6 preferred
♦
Tobacco—
Beech Aircraft Corp.
1?*
1?*
*
Jan
%
A com
Mar
%
""560
Ayrshire Patoka Collieries 1
$1.20
vot
Jan
15
Jan
1
Warrants
1
non
5
Jan
Carnation Co common...*
4
Automatic Voting Mach..*
4%
37%
Jan
Jan
Feb
Jan
""%
27%
3?*
18?*
3
%
65
*
Jan
Jan
13
Jan
"I?*""Jan
Purch warrants for com.
Jan
800
li»
3,000
Assoc Tel A Tel class A..*
33
12
100
4?*
15
»u
Assoc Laundries of Amer ♦
Barium Stainless Steel
Barlow A Seelig Mfg—
Class B
Canadian Industries Ltd—
7% preferred
100
Canadian Marconi
1
Class
1
10
Feb
3?*
Canadian Dredg A D Co.*
Canadian Indus Alcohol—
Class A voting
•
Mar
3%
Mar
15?*
Jan
4%
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
1?*
Jan
1?*
400
30
9
900
12
4%
3%
Jan
300
1?*
Feb
Mar
4%
3%
15%
Feb
1?*
9?*
%
10%
1%
1%
""360
4%
"3%
%
1?*
7% partlo preferred...25
1
1
Feb
Feb
Canadian Car A Fdy Ltd—
£1
3%
Feb
%
%
9
Jan
Associated Elec Industries
"i%
•i6
Feb
1?*
Feb
8?*
15%
Jan
Mar
Feb
9?*
1
6
7% preferred
Calamba Sugar Estate..20
Caillte Tungsten Corp
1
Camden Fire Insur Assn..6
3?*
2?*
Jan
Corp warrants
Atlas Drop Forge com...6
Jan
1
%
Jan
91
Atlas
12?*
*16
5%% pref ahs £1
Mar
Feb
Babcock A Wilcox Co
Baldwin Locomotive—
Am dep
Mar
5%
common
60c
Mar
Cables A Wireless Ltd—
1?*
7%
Class A
Feb
Mar
Jan
100
1
Jan
Feb
99?*
11?*
%,
%
%
ht
5%
Corp
96 %
100
200
5%
Axton-Fisher
150
12
1,200
5%
Aviation A Trans
97?*
%
2?*
1
Avery (B F) A Sons com.6
0% preferred w w
25
0% preferred x-w
25
Mar
'16
5
6
Jan
19?*
%
100
1,800
Automatic Products
40?*
'16
500
2,300
Atlas Plywood Corp.....*
Auburn Central Mfg
*
Feb
Feb
Burry Biscuit Corp..l2?*c
1%
1%
2%
19%
Mar
Feb
Canada Cement Co Ltd..*
7%
20
Jan
Jan
1%
18?*
Cable Elec Prod oom___50c
Jan
1%
Atlantic Coast Line Co..60
Atlantic Rayon Corp....l
30
30?*
19
Jan
Feb
7%
2%
1?*
500
12
8
7%
Atlantic Coast Fisheries..1
Jan
12
97
1st preferred
Vot trust ctfs
10
Mar
Mar
Feb
Feb
Mar
Feb
1?*
*
$5
Jan
15
17?*
%
*
1%
Mar
16?*
Bunker Hill A Sullivan 2.50
Burma Corp Am dep rets
60
10
»
Jan
%
%
45
19?*
Jan
0% preferred
S5 preferred
Feb
3
7%
3
"l% "l%
]
Jan
30
Feb
8?*
40
32%
Aro Equipment Corp
Art Metal Works com
....
1?*
Feb
1?*
30?*
11?*
43
Jan
Arkansas P A L S7 pref
Class A
11?*
3,800
19
25
Feb
1%
Common
$1.60 preferred
0
non-vot..*
Amer deposit rets
6%
83*
1,800
8%
*
51
A
Ashland Oil A Ref Co
%
Feb
4?*
7?*
60
Buff Niagara A East Pow—
300
Apex Elec Mfg Co com...*
Common cl
%
Mar
4
7%
9%
5
1,600
Angostura-Wupperman ..1
Arkansas Nat Gas com...*
6?*
5
Mar
4?*
Feb
%
30
Amer Pneumatic Service.*
Mar
Feb
26%
Amer
Amer Maracalbo Co
Feb
29
38?*
Jan
%
3%
5%
Buckeye Pipe Line
10%
10%
19%
19%
20
preferred...!
27
Jan
100
Amer Laundry Mach
Amer Lt A Trac com
conv
20?*
Feb
3
Brown Fence A Wire com.l
11%
27%
28
110?* 111%
2%
2%
28% 28%
*11
Mar
5%
100
Am dep rets ord reg._10s
British Col Power cl A
•
Bruce (E L) Co common
Bruck Silk Mills Ltd
S2.60
1
300
Feb
British Celanese Ltd—
Jan
Mar
8?*
3?*
1,800
Am dep rets ord bearer £1
Am dep rets ord reg._.£l
?*
40
3%
British Amer Oil regis....*
British Amer Tobacco—
28?*
*11
11%
27%
110%
Jan
Feb
16%
♦
Feb
*i»
7
200
"2% "2%
Jan
35
18
Jan
100
08?*
100
33
Jan
15%
1
Brewster Aeronautical..
Bridgeport Gas Light Co.*
Bridgeport Machine
*
7% preferred
100
Brlllo Mfg Co common
*
Class A
....*
Jan
%
13?*
35?*
Brazilian Tr Lt A Pow__.»
Breeze Corp common
1
Jan
Jan
300
*
Mar
Jan
%
Class A with warrants.26
Class Bn-v...
J?n
Jan
Jan
34
Jan
Feb
Mar
20
Amer Cynamld class A..10
Amer
%
>u
Jan
117?*
27%
3%
15%
6%
Preferred
Jan
*u
Mar
Brill Corp class A
Class B
Jan
13?*
38?*
34
preferred
Jan
5?*
107
50
21
11?*
63%
25
Amer Foreign Pow warr...
Amer Fork A Hoe com...*
Mar
2d
24?*
1,200
100
25?*
*
Class B
7%
Jan
..25
Jan
10
Amer Centrifugal Corp
1
Amer Cities Power A Lt—
Class A.
7%
Bowman-Biltmore com...»
7% 1st preferred
100
136% 140
115% 115%
100
Common class B
H
%
Tl3% rl3%
Bourjols Inc
136%
115%
Jan
32
*
000
Mar
Mar
23?*
6?*
16%
Feb
10
23?*
*
21%
American Beverage com.. 1
S3 preferred
$3 opt conv pref
Blumenthal (8) A Co...
Boback (H C) Co com
Feb
25
23?*
50
High
19
3?*
101?*
zllO?*
1
16
4%
600
*
1
Low
Shares
1,000
Blrdsboro Steel Foundry
A Machine Co com....*
Blauner's common
•
21%
Aluminium Ltd common.
6% preferred
21
Range Since Jan, 1.1941
for
Week
4?*
104?*
104
Berkey A Gay Furniture. 1
16%
Aluminum Industries com-*
American Book Co
4%
Pa6?*% pf.100
Blckfords Inc common..
$2.60 preferred
20%
4?*
Range
zl 10 J* £l 10 ?*
1
100
21%
*
Altorfer Bros com
20%
Bliss (E W) common
Blue Ridge Corp com
A lies A Fisher Inc com..
Allied Products (Mich)..10
Price
Benson A Hedges com...*
Coov preferred
•
1%
12%
1%
25%
5%
200
81%
110
$6 preferred
7%
of Prices
Low
High
Par
102
Alabama Power Co $7 pf-*
Week's
Sale
10 %
1
.
Last
High
Supply Mfg—
Class A
STOCKS
(.Continued)
21%
i8%
Sales
Friday
Week
56?*
91
90
7?*
125
4?*
69%
1,700
6
66?*
1,200
Jan
3?*
Feb
5?*
Feb
69 %
3C0
5
100
48
Feb
150
90
Mar
Mar
£89?* 102
230
x89%
Feb
100
5%
Mar
5%
Jan
Jan
Jan
Feo
104
5%
%
7
48
Jan
Jan
10
6?*
70
100 %
97
6?*
Jan
Jan
Jan
Jan
Jan
Jan
Volume
New York Curb Exchange—Continued—Page 2
152
Last
PaT
Ktf
Week's Range
for
Sale
j
Friday
Sales
Friday
STOCKS
{Continued)
of Prices
Low
High
Range Since Jan. 1, 1941
Shares
400
38*4
"400
4*4
4*4
200
1*4
38*4
*
1*4
800
38
•
17*4
Mar
Emsco Derrick A Equip..6
Jan
Jan
*4
Jan
5*4
Jan
1*4
1*4
3
3*4
Jan
Jan
3
Feb
Eversharp Inc
Mar
2*4
Jan
Falrchlld Aviation...
*4
2*4
1*4
Mar
Fanny Farmer Candy
Fedders
400
63
Feb
60*4
Mar
1
Feb
1*4
Jan
Jan
*ie
Jan
1*4
Jan
1*4
21
300
21*4
1*4
1*4
150
Feb
2
Jan
24*4
*4
Jan
*4
Jan
Jan
11*4
Feb
13*4
Jan
*4
Mar
*4
Mar
20
Vtcext to 1646
1
Conn Gas 4 Coke Secur—
Consol Biscuit Co
1*4
1
4*4% series B pre!
4% pref series C
100
700
1*4
2*4
200
1*4
Jan
64*4
1*4
2*4
64*4
300
64*4
Feb
1*4
108
Consol Gas Utilities
1
Consol Min 4 Smelt Ltd._5
Consol Retail Stores
108
1*4
108
94*4
94
1*4
Feb
25*4
Jan
600
3*4
Jan
:
6*4
1,200
Mar
3
30
H
Jan
1*4
5*4
8*4
5*4
1
100
2*4
7*4
Jan
Feb
10*4
Jan
1,900
2*4
Feb
4*4
Jan
300
6*4
22*4
Jan
7
Jan
Feb
""206
6*4
Feb
7*4
Jan
3
Jan
Jan
Feb
25*4
10*4
8*4
69
Jan
Jan
Jan
30
825
62*4
111*4
Feb
Feb
119*4
Jan
Am dep rets ord reg__.£l
1*4
1*4
1*4
400
1*4
Jan
1*4
Jan
10*4
10*4
10*4
800
9*4
Jan
1054
Jan
Feb
11
Jan
20*4
Mar
23
*4
Jan
Ford Motor of CanadaClass A non-vot
•
Class B voting
Ford Motor of France—
9*4
33*4
6*4
1,300
32
Amer dep rets...100 free
Franklin Co Distilling
*4
Jan
Feb
Mar
98
S3 oonv stock
4%
_*
oonv preferred--.109
5% preferred
Gen Flreproofing com
Jan
Gen Gas A El 6% pref B.»
Jan
11
37
Jan
Mar
5*4
16
preferred
Mar
Feb
6*4
Mar
Feb
2*4
Feb
12*4
Mar
4*4
Feb
*4
Jan
1*4
"l*4 "T*4
"166
1*4
600
♦
6*4
6*4
6*4
""1*4 "1*4
Dayton Rubber Mfg
4*4
""4*4 "4*4
Feb
Jan
Jan
4*4
Mar
Jan
1*4
Jan
Feb
22*4
Jan
Gilchrist Co
Jan
*4
Jan
Stores
25*4
:'v
26
6*4
6
1
Dennlson Mfg cl A com..6
13
47
60
Feb
Glen Alden Coal
Jan
6*4
Mar
1
Mar
Mar
1*4
Jan
""ili "2*4
47
50*4
Feb
28*4
Feb
2*4
1*4
Jan
6*4
3*4
3" 700
Feb
75
35
Jan
99*4
Feb
10
9*4
9*4
100
9
17*4
1*4
20
2*4
50*4
105
;
Mar
30*4
*
Class B
Jan
Mar
Mar
Mar
Feb
17
preferred
Goodman Mfg Co
(3
Feb
100
1*4
Jan
100
100
*4
18*4
Feb
11*4
4
Non-vot
com
7% 1st preferred
Gulf Oil Corp
108*4 110
"~6~
2*4
74
Jan
12*4
Jan
Feb
6*4
Jan
5*4
Jan
"6
Jan
76
Jan
Feb
24
Jan
Jan
111
Jan
Feb
3
Jan
2*4
100
Mar
73
375
76*4
Jan
31
200
hi
Mar
190
54*4
Mar
61
Jan
10 2-101*4
Mar
105
Feb
Mar
"6*4
475
"400
"1*4 "1;906
""I *4~"ian
V*
Mar
7
7
500
6*4
Mar
7*4
Jan
9*4
x7
*
10
9*4
900
8*4
Feb
10*4
Jan
2*4
100
East Gas 4 Fuel Assoo—
8*4
8*4
25
9
25
6*4
S6
25
preferred
7*4
Mar
B non vot common
Corp
2,500
100
200
Helena
...25c
Rubenstein..
♦
Class A
*
2*4
Preferred
Preferred
..10
A...10
Bollinger Consol G M
5
Holophane Co common..*
Hoe (R) A Co olass
Feb
3*4
58*4
42
Jan
11*4
13*4
Jan
Horn (A C) Co common.. 1
100
*4
Jan
•ii
Jan
Horn A Hardart Baking..*
15*4
200
14
Feb
Jan
Horn
15
100
14
15*4
15*4
3*4
12*4
"3*4
3*4
12*4
3*4
100
12
Jan
12,200
3
Feb
59*4
55
60
1,900
51*4
66*4
63
68*4
8,500
59*4
11*4
*
*
12*4
950
*
Feb
Mar
10
Mar
Feb
Mar
12*4
4*4
Jan
Jan
Border's, Inc
5%
A Hardart
preferred
•
100
131*4 131*4
*4
*4
30*4
40*4
Humble Oil A Ref
*
Huyler'e new com
V t cfor 1st pref
21*4
5
1*4
105
131*4
Jan
*4
100
Jan
22
100
Illinois Iowa Power Co...*
5% conv preferred
Dlv arrear ctfs
Mar
94*4
300
68
Feb
97
Mar
95
125
72
Jan
9554
Mar
93
93
1891
Jan
65
Jan
>hi
Jan
Jan
154
5*4
500
Jan
Mar
5*4
Jan
26*4
50
5
23
1*4
400
20*4
Mar
400
1*4
Mar
2
Jan
Feo
25
Jan
Jan
Jan
26
Jan
6*4
Jan
Feb
Jan
9
Jan
Mar
Feb
Jan
5
Feb
5
Feb
12
Feb
1354
Jan
■
9
8*4
68*4
8*4
8*4
68*4
9*4
8*4
Feb
77 H
Jan
600
8*4
Feb
10 54
400
8*4
Jan
11*4
68*4
2*4
"36"
2*4
"30"
"54*1"
53*4
5*4
Jan
78*4
13*4
Jan
Jan
Feb
33*4
2*4
Mar
30
Mar
125
65
Feb
2*4
100
"so"
"50
2,000
113*4
16*4
53*4
Feb
55*4
5*4
100
5*4
Feb
300
1*4
700
"2*4 "I"
'""966
32*4
6*4
2,300
Jan
1*4
2*4
5*4
31*4
5*4
1,100
2*4
29
554
Feb
Feb
Feb
Feb
Feb
Feb
Jan
6*4
7*4
Feb
u»i
Feb
Jan
18
Mar
31
31*4
113*4
63
*4
1
2*4
"",31 *4" Jaii
Feb
Jan
7
"33 *4 ""Feb
Feb
5*4
100
Mar
25*4
Jan
Feb
26
3*4
95
Feb
*4
20
26*4
3*4
95
Mar
Jan
Feb
4
Feb
Jan
2*4
8*4
25
1*4
Feb
Jan
Feb
Mar
Mar
33 *4
110*4
115
10*4
Hydro-Electric Securities *
70
Mar
12
Hygrade Food Prod
.5
Hygrade Sylvanla Corp..*
67*4
Mar
111*4
Jan
Jan
10
30*4
109
30
Feb
Feb
310
Mar
"166
Mar
94
*4
,r
5*4
10*4
1*4
93*4
Jan
Jan
Jan
Jan
10*4
8*4
12*4
32*4
94
10*4
1*4
400
Jan
91
42
Feb
11*4
10*4
Feb
100
100
100
100
Feb
Mar
30
.....
Feb
Empire Gas 4 Fuel Co—
Mar
Mar
1*4
38
"5*4 "5*4
"io *4
1*4
11*4
6% pf 100
Feb
Jan
Feb
98
"366
28
Feb
Jan
20
21
1*4
150
Mar
6*4
"200
100
4
Jan
Feb
61*4
21*4
12
81
Jan
5
H
Hussmann-Llgonler Co..
Mar
Feb
Jan
Jan
128*4
*
...1
1
Mar
68*4
Feb
17*4
35*4
4*4
'
Hummel-Ross Fibre Corp 5
2
Jan
25
300
5
Jan
81
Jan
hi
6*4
110
114*4 114*4
32*4
------
Mar
Jan
2*4
110
12
--
Mar
7*4
13,100
"30*4 "32*4 "2*400
32*4
---
hi
Jan
hi
40
16
1
94
Jan
«!•
'
99
4
Feb
100
Hubbell (Harvey) Inc
Jan
Jan
25
Feb
19*4
14*4
*
60
13
Feb
29
Hormel (Geo A) A Co com*
50
Feb
2*4
9*4
100
Hewitt Rubber common..5
Heyden Chemical
Feb
400
Feb
Feb
Feb
100
25
ex-warr
49*4
3*4
Jan
8*4
300
25
ww
34
2*4
r3*4
4*4
Heller Co common......2
15*4
*
*
♦
Economy Grocery Stores.*
$6 preferred series B
Jan
10
'"ili "Hi ""166
50
oonv preferred
14*4
17 preferred series A
46
30*4
99
»16
._.*
Hearn Dept Stores com..6
#ia
Easy Washing Mach B
Mar
Jan
5
1
175
*
6*4
...
Hat Corp of America—
250
Jan
Mar
Mar
5*4
4*4
1
53
11 *4
Mar
100*4
30*4
£4*4
25
35*4
11*4
Eastern Malleable Iron..25
110
Jan
1*4
Hammer mill Paper.....10
51 *4
2*4
Jan
2~700
h»
*
Jan
2*4
61*4
100
100
Mar
11
98
95
1
34*4
Common.............*
Jan
Jan
*4
z3*4
Henry Holt A Co part A..*
"
Duro-Teet Corp common. 1
Jan
83
Feb
Jan
45
Gulf States Uttl *5.50 pf.*
Jan
Feb
111
2*4
78
Mar
10
8*4
Jan
Hecla Mining Co
73
Jan
Jan
90
108*4
25
Feb
21*4
100
For footnotes see page
67
2IOI *4^101*4
100
*4
21
70
Elgin Nat Watch Co
Emerson Elec Mfg
*4
*4
64 H
57
100
stock...
Guardian Investors
100
Durham Hosiery cl B com *
*4
65*4
25*4
Greater N Y Brewery....1
6%
Dubiller Condenser Corp.l
Jan
Mar
"40 *4 "Feb " 43
80*4
IP
Gray Mfg Co
Hazeltlne
100
Mar
Great Atl A Pac Tea—
Jan
Jan
5*4"Jan
10
Jan
Jan
16*4
91
*4
16
1*4
2*4
Mar
6*4
400
40
200
Harvard Brewing Co...
6*4
Jan
4*4
*4
80 *4
Mfg common.. 10
Hartford Elec Light
6*4
Jan
Feb
Jan
52*4
*4
Gypsum LlmeAAlabastlne*
Hall Lamp Co
.5
Draper Corp
Option warrants....
Electrographlc Corp
150
91
*4
preferred
Ut Northern Paper
Dominion Tar 4 Chemical*
preferred
preferred
Eleo P 4 L 2d pref A
83
88
Grocery Sts Prod oom__25c
hi
Dominion Steel 4 Coal B 26
$5
4*4
15*4
Greenfield Tap A Die...
Dominion Bridge Co Ltd.*
J6
Feb
Jan
Feb
•
Jan
2*4
Elec Bond 4 Share com..6
1*4
1*4
*4
300
Jan
50
Gorham Inc class A..
Jan
19*4
Dobeckmun Co common. 1
Eastern States Corp
52*4
Jan
1
*4
*
Jan
Am deprcts ord reg...£l
Eagle Plcher Lead
Feb
52*4
*4
•
Hartford Rayon v t 0
Duval Texas Sulphur
Feb
Godohaux Sugars olass A.*
10
8ll
Dlvco-Twln Truck com__l
4*4% prior pref
6% preferred
.*
Grand Rapids Varnish...1
Ltd-**
Duke Power Co
Jan
95
•
Gorham
2*4
Driver Harris Co.
52
Jan
•
Jan
10
preferred
preferred
18
19*4
common.
preferred
15
Jan
De Vllbiss Co common..10
Llauors..
33
Mar
90
*
Georgia Power $6 pref...*
Jan
1
2*4
Jan
1*4
10
preferred
preferred
Mar
29*4
*
Feb
12
Jan
1
Mar
18*4
Mar
100
{Detroit Paper Prod
"""4*4'
5*4
1
Detroit Gray Iron Fdy
1
Det Mich Stove Co com.. 1
Feb
9*4
105
1
Feb
25*4
1
Detroit Steel Prod
Jan
1*4
2,400
105
w w
5
""200
100
A conv preferred
Feb
"loo '"3*4"
Derby Oil 4 Ref Corp com*
Detroit Gasket 4 Mfg
Feb
50
Gladding McBean A Co..*
50
"io*4 16*4
1
Decca Records common. .1
16 prior pref
28
75
Gilbert (A C) common...*
Preferred
18*4
36
oonv
225
51*4
Goldfleld Consol Mines.. 1
5
6
Davenport Hosiery Mills.*
8% debenture
1*4
2*4
5*4
"166
32
51
100
Jan
1
Curtis Light'g Inc com 2.50
Darby Petroleum com
$3
Feb
5
6
Curtis Mfg Co (Mo)
6% preferred A
Jan
20*4
10
31
51*4
Gen Water G A E 00m... 1
*4
♦
com
Jan
6
1
125
22
31
1
*
1*4
1,100
22
25
preferred...
Jan
15*4
Common
4*4
100
1*4
1*4
Crown Drug Co com...25c
4*4
Jan
General Tire A Rubber—
*4
4*4
Crown Cork Internet A..*
41
General ShareholdingsCorp
4*4
Crowley, MUner 4 Co___*
Crown Cent Petrol (Md)_6
Feb
Gen Rayon Co A stock...*
Jan
900
*4
5
34
Gen Outdoor Adv 6% pf 100
Gen Pub Serv $6 pref
•
*4
1,600
13*4
*4
200
...*
83*4
70
3,800
12*4
4*4
41
Warrants
2*4
4*4
37
General Investment com.l
Feb
Jan
100
13
Jan
41
*
Jan
6*4
1
Jan
20#
22 *4
Amer dep rets ord reg.£l
Jan
Jan
6*4
...5
9*4
20*4
Feb
Gen Electric Co Ltd—
'A
Mar
*4
Crocker Wheeler Elec....*
Feb
Mar
19*4
...100
8*4
11*4
;
*4
250
£1
8*4
19*4
600
Gamewell Co 18 conv pf..*
Gatineau Power Co—
Mar
1*4
400
Cuban Tobacco
Mar
200
1
Jan
*4
Cuban Atlantic Sugar
Mar
21
9*4
*
Mar
1
83*4
Crystal Oil Ref com
9*4
Feb
*4
20*4
1
1
16 conv preferred
7% conr preferred
100
Conv partlo pref.....16
General Alloys Co
*4
1,100
1,000
Common
Gellman Mfg Co com
Feb
54
Croft Brewing Co
*4
*4
1
Jan
4*4
650
154
104
Feb
7*4
300
60
Adrs ord reg stock
10
*
Jan
Mar
80*4
5% oonv preferred
Courtaulds Ltd—
preferred
6*4% preferred
7% preferred
8% preferred..
200
66*4
1*4
Feb
1
So preferred A
6%
28*4
118*4
8*4
6*4
10*4
150
33
*
Cosden Petroleum com..
Empire Diet El
Mar
66
Feb
*4
10*4
6*4
*4
7%
21*4
117
Feb
Jan
89
"loo
10*4
*
Jan
Jan
Feb
""7*4 "7*4
1*4
6*4%
8
50
>
66*4
Fuller (Geo A) Co 00m... 1
1*4
94*4
0*4
Corroon 4 Reynolds
Distillers Co
Jan
Feb
Jan
117*4
(Phila>.10
Florida P A L 17 pref
Jan
3*4
Cornucopia Gold Mines 6o
7%
Jan
3
2*4
*
Fire Association
119*4
110*4
23*4
100
com...*
Copper Range Co
Diamond Shoe
7*4
...6
Fruehanf Trailer Co
100
;
»
S3 prior preference
Distilled
Mfg Co
Jan
600
100
Cont G 4 E 7% prior pf 100
Continental Oil of Mex
1
Cont Roll 4 Steel
1
Feb
1*4
3
Consol Royalty Oil
10
Consol Steel Corp com...*
Cook Paint 4 Varnish
Feb
105
Jan
2*4
73
24 *4
1*4
24
1
30
2
Jan
Feb
117
100
6% preferred
*4
20*4
Froedtert Grain A Malt-
Consol Q E L P Bait com.*
Delay
Jan
Jan
1,000
Fox (Peter) Brewing Co..5
._.*
$3 preferred
»
Conn Telep 4 Elee Corp._l
Class A
8
Mar
FeD
*4
16
Fed Compress A W'h'se 25
Compo Shoe Mach—
S6
7*4
6*4
:
Ford Motor Co Ltd—
Community Pub Service 25
Community Water Serv..l
Creole "etroleum
3*4
654
450
Fiat Amer dep rets
Commonw Distribution.. 1
Cooper-Bessemer
High
200
21*4
2*4
8*4
3*4
7
"7*4 "7*4"
Metallurgical.__*
Jan
hi
preferred
1
4*4
3,000
Warrants
8%
3*4
6*4
Feb
Commonwealth 4 Southern
...
2*4
8*4
Jan
1*4
1*4
3,000
1
Mar
60*4
58*4
1*4
Low
100
hi
16*4
2*4
1
com
8*4
Jan
59*4
6*4
*4
21*4
2*4
Jan
82*4
1
2*4
..1
Falrchlld Eng A Airplane. 1
Falstaff Brewing
1
Feb
100
Range Since Jan. 1, 1941
for
Week
Shares
6*4
Eureka Pipe Line com..60
5*4
72
78
of Prices
High
16
16
1
Jan
Feb
300
300
Week's Range
Low
*4
10c
Jan
300
75
common..
conv
Fansteel
75*4
Columbia Oil 4 Gas
Common
S3
41
Columbia Gas 4 Elec—
5% preferred
Equity Corp
preferred
EBouirelnc
£1
Colorado Fuel 4 Iron warr.
Colt' Patent Fire Arms.25
Price
Empire Power part stock.*
8
Colon Development ord
oonv preferred
Feb
1*4
Cockshutt Plow Co com__»
Cohn 4 Rosenberger Inc.*
6%
6*4
37*4
4*4
2*4
Cllnchfleld Coal Corp..100
•
Jan
Feb
*4
5*4
1
Club Alum Utensil Co
Par
High
Low
5*4
15*4
Claude Neon Lights Inc..l
Clayton & Lambert Mfg. .4
Cleveland Elec HI urn
Cleveland Tractor com
Sale
{Continued)
City A Suburban Homes 10
Clark Controller Co
Last
STOCKS
Week
Price
1887
Sales
hi
Jan
Jan
Jan
7
Jan
1*4
Feb
Jan
1*4
38
3*4
35
7*4
Jan
Jan
Jan
Jan
New York Curb
1888
Last
Week's Range
for
Sale
of Prices
Low
High
Par
Price
Illinois Zinc Co..
10%
Low
9%
Par
High
Jan
12%
Jan
Mesabl Iron Co
Metal Textile
Illuminating Hharee A—
Imperial Chemical Indue—
Am dep rote regie
£1
Imperial OH (Can) coup—•
Registered
'
Sale
(Continued)
Shares
100
11
Range Since Jan. 1,1941
Corp
54
Range Since Jan. 1, 1941
for
Mar
254
Mar
5%
Jan
654
Jan
Feb
6 54
Jan
854
Jan
Michigan Steel Tube—2.50
High
Jan
-u
154
3454
Jan
Feb
—
Michigan Bumper Corp..1
Feb
Low
54
15
0%
7%
1941
Week
Shares
700
54
25c
600
2%
"6% "o%
of Prices
High
Low
Price
1
Partlo preferred
654
Week's Range
Last
STOCKS
Week
22,
Sales
Friday
Sales
Friday
STOCKS
(Continued)
March
Exchange—Continued—Page 3
54
Jan
154
Jan
40
Jan
Metropolitan Edison—
86
10854
854
8%
"166
8
Jan
9
Jan
Line..—7%
3%
3%
100
3%
Feb
354
Jan
Micromatic Hone Corp
20%
21%
"800
54
Feb
5 54
654
200
3 54
5
Jan
Feb
654
22
Jan
354
Jan
»u
Jan
654
Jan
7i«
500
Feb
Jan
Jan
Middle States Petroleum—
21
Jan
Feb
"154"
54
54
54
10954
54
6 54
154
554
•
preferred
Imperial Tobacoo of Can.o
Imperial Tobacco of Great
Britain A Ireland—-£1
Indiana Pipe
Indiana Service
0% pf-100
preferred
21
90
13 %
Jan
2154
Jan
12C
14 %
Jan
24
Industrial
%
%
200
%
Jan
54
Mar
1
%
Vs
500
54
Jan
54
Mar
v
t 0
B
v
t c
.1
ht
Feb
54
Jan
Feb
1254
554
Jan
Internal Hydro
10
7054
00%
17%
60
Ino—1
A-.*
Internat Paper A Pow warr
6%
1%
1%
Registered shares
Jan
73 54
Jan
Mid vale Co
2054
Jan
Mid-West Abrasive
500
"i'A "2"
'5,500
4%
154
1%
Feb
Jan
Feb
Feb
o
*
•
Si 76 pref erred
S3 60 prior pref...
Vitamin—1
Jan
254
Jan
Minnesota P A L
Equip—1
1,900
8%
Jan
1054
Jan
""600
3%
Feb
454
Feb
*i«
Feb
ht
Feb
4%
Feb
<11
Jan
3%
10
254
1
*
18%
...1
Italian Superpower A..:.*
Jacobs (F L) Co
1
Irving Air Chute
%
30%
11%
30
100
3%
3%
10
11%
2%
200
0%
11%
2%
%
17%
11%
1,300
100
100
Jan
6
preferred
...100
preferred..—
100
preferred
100
Jones A Laughltn Steel. 100
Julian A Kokenge oom..*
0%
Common
Monarch
1
29%
Feb
Moody Investors part pf.*
Mar
354
Jan
Moore
54
Jan
54
Jan
1854
Mar
14
(Tom) Dlst Stmp.l
354
354
700
254
Feb
3 54
Jan
554
500
554
Jan
554
Jan
|Mountain States Power200
1454
Mar
15 54
140
Mar
1254
Mar
1754
Jan
Jan
154
Feb
25%
Feb
Feb
Jan
Jan
96
104 54
110
Jan
10
♦
1254
Muskegon Piston Rlng.2 54
Muskogee Co common
*
1254
0%
preferred
Nat
National Candy Co
National City Lines com.l
Feb
9
Jan
Feb
4
Mar
Jan
54
Feb
83
Bellas
Hess
com
preferred
conv
76
Mar
Nat Mfg A Stores oom
Jan
Jan
National P A L 86 pref
National Refining oom
•
*
Feb
Nat Rubber Mach
200
1%
%
Jan
Mar
National Steel Car Ltd...*
National
Klelnertd B) Rubber Co. 10
10
Feb
10 54
Jan
National Tea 5 % % pref. 10
National Transit..-.12.60
3 %
Feb
54
3 54
Jan
10
Mar
95
Mar
10454
Jan
12 54
Mar
Jan
13 54
Jan
10
Mar
Kresge Dept stores—
200
12%
Lakey Foundry A Mach—1
4%
12%
4%
454
400
454
22 54
454
22 54
22 54
25
2054
954
954
954
2,000
254
1054
1054
100
10 54
Jan
254
354
900
254
Feb
54
54
700
Jan
IO54
1054
300
54
954
Feb
11654 11654
10
11454
Feb
11654
454
Feb
Feb
Jan
854
Mar
54
Mar
Mar
1054
3
11654
Jan
Jan
Mar
11
Jan
5
Mar
4%
1,000
4%
98%
554
Jan
Nevada-California
Jan
10154
Mar
Jan
5 54
Jan
10 54
Jan
3854
3854
25
36 54
Jan
4154
Jan
554
Jan
6 54
56 54
Jan
Feb
Feb
cum
Jan
Jan
15
0%
4
...10
4% non-cumlOO
Pow Assoc
preferred
100
preferred..
3854
*
...*
44
ill 54
1,200
*3»
Jan
*16
Jan
26 %
%
26
2%
%
300
23%
Feb
New Jersey Zinc..
New Mex A Ariz Land
7%
Feb
2954
8%
Jau
50
Jan
New Process Co
50
16 %
Mar
19
Feb
8
8
18
18
Ino—
N
25
1
1]
400
9%
1%
9%
400
N
26
Y Auction Co com
14%
Jan
1054
Jan
N
26
22%
125
25
22
22%
650
22
4%
1,500
1%
4%
Jan
Feo
4%
20
10854
Mar
10954
»
4%
4%
109
109
Jan
Feb
%
31 %
Feb
28 54
Jan
1%
Jan
Jan
Feb
Jan
Y
Merchandise
17
80
100
preferred
21
6
21%
350
H
N Y Shipbuilding
5 54%
preferred
2754
Feb
Jan
21
Mar
24
Jan
5% 1st preferred
5% 2d preferred
1
1%
Mar
preferred
♦
ManiscbewltzlTne B) Co.*
Ma pes Co ii8ol Mfg Co
*
39%
Jan
41
Jan
26
Jan
2654
Jan
oonv
Mar
1%
Jan
6354
Feb
68 54
Jan
Jan
154
Mar
Jan
354
250
Mar
Jan
200
50
17
Mar
6
Mar
19 54
Jan
7
Feb
11054
Mar
7 54
11654
Jan
Jan
Mar
10554
2954
1,200
Jan
23
Jan
2954
Mar
10754
Jan
Mar
10554 10654
70
10554
Mar
"
'"240
654
3254
Jan
Mar
254
5,600
254
Feb
354
Jan
Jan
.5
3 3 54
36
754
42
Jan
Niagara Hudson Power—
10
254
6954
254
6954
72
575
6654
Mar
7954
61
62
20
5954
*111
Mar
Feb
6554
2,000
'e<
Jan
»i»
100
100
FeD
ht
Feb
Class A opt warrants.
Class B opt warrants
Jan
Niagara Share—
26
26
200
Marconi lutl Marine
Class B common
Class A preferred
Nlies-Bement-Pond
Communication Co Ltd.
9 %
*
3%
Marlon Steam 8bovel—..*
7
28
100
Common
%
1754
7
11054 11054
1
New York Transit Co
25%
Jan
2,850
New York State El A Gas—
Feb
ht
14 54
Corp—
Founders Shares
Mar
200
•i«
warr...
Feb
...»
21%
25
Mar
Mar
1354
103
10
7% pref-100
N Y Water Serv 6% pf.100
1st pf v t o.lOO
Jan
554
200
354
-
Feb
129 54
Mar
1
N Y A Honduras Rosarlo 10
Jan
%
18 54
Mar
4
6
Feb
200
Mar
117
»
9%
%
26%
14
30
800
Warrants
N Y Pr A Lt
%
25
11954 11954
454
554
1454
1454
65%
66
Y City Omnibus—
154
Jan
Mar
44
1
Mar
1
15
1,200
1
13 %
*
554
4754
15
46
New Idea Inc common...*
700
Jan
Eleo—
Common
3%
Jan
4%
6,800
Jan
2%
Feb
454
Mar
Feb
7u
2 54
Jan
10
354
5
354
200
354
Jan
Feb
4
Feb
89
*
Jan
9154
5654
100
Feb
60 54
Jan
10 54
Jan
54
Jan
54
Jan
9
Nineteen Hundred Corp B 1
Jan
1
ht
"i'% "l%
Massey Harris common..*
...1
32%
Mead Johnson A Co
33
Jan
1%
400
59%
1%
Jan
Feb
59 54
1%
2 54
Jan
Jan
8
8
8%
1,000
5%
Jan
954
Mar
"466
13054
4%
1554
Feb
"4% "4%
Mercantile Stores com...*
Merchants A Mfg cl A
1
Participating preferred. *
Merrltt Chapman A Soott *
17%
3%
5%
17%
3%
5
100
100
3%
200
80%
84
3%
28
Jan
Feb
Common
1
7u
54
1,100
54
Feb
*
7754
1954
8254
250
70
Feb
84
Jan
1954
200
19
Feb
23 54
Jan
19
1954
200
19
Feb
23 54
Jan
prior preferred ...50
6054
Feb
5254
Jan
54
Jan
Jan
354
Jan
54
354
preferred
North Amer Rayon ol A..*
Class B common
*
6%
Jan
Mar
1754
Mar
Mar
4
Jan
Feb
29
Jan
3%
Feb
5 54
Jan
%
Mar
54
Mar
Fep
88
Mar
7%
preferred
1891
1954
Jan
254
20
104
Feb
110
Jan
12
11154
Feb
119
Jan
8
*
4
com
Jan
112
Northern Pipe Line
10
Northern Sts Pow cl A..25
Northwest Engineering..*
Novadel-Agene Corp
4
10654 106 54
100
Ogden Corp
For footnotes see page
82
Nor Ind Pub Ser 6% pf.100
200
78
354
4 H
2,300
275
100
Jan
%
88
354
Electric
No Am UtUlty Securities.*
Nor Centra] Texas OH...5
5%
%
....
6%% A pref<rred
17%
354
Nor Amer Lt A Power—
Feb
Feb
1%
Memphis Nat Gas oom..6
I
Jan
1%
28%
148
Feb
54
6
ICO
•
54
Noma
""366
*
preferred
300
Feb
Hosiery Mills—
MoCord Rad A Mfg B.._*
MoWUllams Dredging...*
54
N1 pissing Mines
32%
32
%
86
to
Warrants
Mar
54
2 54
Electric Co
Feb
Jan
654
Jan
Corp
Jan
Mar
654
954
754
12 H
354
100
2%
Mangel Stores
454
25 54
Jan
100
82
2%
common
Jan
Mar
8
»i«
New England Tel A Tel 100
New Haven Clock Co....*
Conv 7% 1st pref
Feb
854
Feb
Packing
Feb
»i»
Ludwlg Bauman A Co com*
1
5",575
854
Mar
Louisiana Land A Explor.l
Louisiana P A L 10 pref..*
84
9954
Nestle Le Mur Co cl A...*
54
100
May
12
9554
I
12
Nelson (Herman) Corp...5
Neptune Meter class A—.*
754
100
Master
1154
9854
Jan
Jan
6
r
Feb
Feb
Jan
Jan
Feb
Mar
Jan
Lighting—
Mass Utll Assoo
11
87
1254
1254
2^4
99 54
42
Jan
Feb
0% pref class B
Mar gay Oil
Jan
4454
Jan
"l354""Feb
5
%
7% pref class A
$5
"l4 54"
Mar
1054
»
6%
Develop...25
Manatl Sugar opt
2C0
4,000
1,700
1454
15
*
Lynch Corp
1 354
1254
42
6
Conv 7%
1354
1154
Jan
New Engl
Le Tourneau (R G) Inc..1
Loudon
*
1
Common
Jan
1354;
30c
Nebraska Pow 7% pref. 100
Nehl Corp 1st preferred..*
...._*
Lone Star Gas Corp..
Jan
1754
Feb
Feb
4%
9%
Lehigh Coal A Nav
Island
Mlnee
Nat Union Radio
.....*
Locke Steel Chain
54
Jan
\2%
♦
*
Mar
L300
Langeudorf Utd Bakeries-
Long
Nat Tunnel A
54
13%
Lane Bryant 7% pref..100
Lane Wells Co common.. 1
Lit Brothers common
Jan
Jan
37
1
Llpton (Thos J)
0% preferred
Sugar Refining.*
Navarro OH Co
100
054
67
12541
•
2%
154
254
Jan
Jan
900
54
*
54
Feb
1254
Jan
16 54
54
60
National Container (Del).l
National Fuel Qaa
♦
Jan
1
Feb
Mar
•
Feb
300
Mar
0
National Breweries com..*
3
1
J). 100
50
137
"1054
07
1
Jan
Jan
7
Kress (S H) special pref. 10
400
*
Feb
300
100
10
1254
1254
100
3754
650
"70
15
140
140
Mountain Sta Tel A Tel 100
23 54
117
7%
3%
1454
*
common
Jan
4
1%
Jan
M tge Bank of Col Am shs..
Jan
23%
Jan
Jan
554
3 54
2,200
Jan
1854
26
354
Feb
Mar
174
554
2%
Mar
Feb
156
Mountain City Cop com. 5c
Feb
Mar
290
Jan
Mountain Producers
54
93%
166
102
166
Jan
Jan
Feb
100 /10054
20
107%
~97~~
Jan
Mar
1954
Ht A
Jan
3%
254
1154
1654
Lt
Feb
"95"
Feb
Mar
Pow..*
Feb
*
Jan
Jan
54
Montreal
14
1
Mar
3654
Jan
Feb
Knott Corp common
Jan
Feb
Jan
*i»
Koppers Co 0% pref...100
11054
4 54
Feb
10
14
Leonard OH
Jan
Mar
1154
Kelln (D Emll) Co com..*
Kobacker Stores Ino
1,900
Jan
Mar
Mar
A
70
2%
754
Pictures com.l
5154
1
Line Material Co
Jan
Mar
3354
654
9%
11%
2%
1
1%
2%
654
Jan
•
1165^
1%
B
93
Feb
954
854
7%
654
Montgomery Ward A
——
7%
3%
900
Jan
Feb
32
954
Machine Tool..*
Nachman-SprlngflUed
29%
9
82.50
3 54
Feb
25
—'
Feb
%
95
F '
3%
15%
102 % 104%
107% 107%
11554
354
1154
11
""GOO
100
Pub Serv com..*
1
400
Kirkl'd Lake G M Co Ltd.l
Class
Mar
10
400
"2% "2%
05
103%
100
Products—....1
Conv preferred
5554
Montana Dakota UtU
1,600
6% preferred D
Lefcourt Realty oom
7u
Feb
Monroe Loan 800
11%
Kings Co Ltg 7% pf B.100
A
14 54
Jan
4554
93
100
preferred
Monogram
Kimberly-Clark 0% pf.100
Class
225
7% pf 100
Murray Ohio Mfg Co
Ken Rad Tube A Lamp A ♦
Kreuger Brewing Co
Feb
7n
47
Jan
%
~2%
100
—5
Lake Shores Mines Ltd
Jan
Jan
%
18%
Kansas G A E 7 % pref.
Lackawanna RR (N
8
13
Mar
Johnson Publishing Co.. 10
4% oonv 1st pref.
Feb
Mock Jud Voehrlnger—
Jan
%
554%
Petroleum
Jan
7
34 54
.*
Breweries
Jan
154
Feb
29
ht
Jersey Central Pow A Lt—
Kennedy's Ino
11754
Jan
%
254
200
11%
30
Interstate Power S7 pref.*
J can net te Glass Co
1,100
Mar
154
zl354
47
*
Molybdenum Corp
1.
1154
Iron Fireman Mfg v t c
100
Mining Corp of Canada..*
Minnesota Mln A Mfg
154
754
Midwest Piping A Sup...*
Jan
Feb
Missouri
Interstate Hosiery Mills..*
Investors Royalty
154
754
10
754
254
0%
—1
Class B
110
»
60c
4J4
"3% "I"
Razor B_*
international UtUlty—
Class A
*
Kir by
Mar
Feb
Internat Safety
Kingston
8
18
Mississippi River Power—
*
--*
Coupon shares
Kingsbury
Feb
Feb
Mar
4%
International Products.—*
Home
654
17%
200
Mar
1654
64 %
5%
hi
454
»
100
2
600
1,300
Mar
Mar
div shares.*
700
International Petroleum—
Interstate
non cum
Midwest Oil Co
Pref 13.50 series
Internationa)
82
17%
Internat Metal Indus
%
554
Jan
Midland Steel Products—
71
Kleo—
Internat Industries
0%
7%
Middle West
82 conv preferred
1
7% preferred
100
Insurance Co of No Am. 10
International Cigar Mach ♦
ht
554
it
Corp com..5
Midland OH Corp—
Jan
Feb
1
finance—
V t o common
100
254
A
Class
1
A
B
Class
1
Class
Indian Ter Ilium Oil—
Non-voting class
554
654
10
Preferred-
Jan
*l"
-♦
Michigan Sugar Co
100
7%
6
Mar
854
2054
2554
254
112
954
2054
2554
254
3,200
754
Jan
Jan
954
954
Mar
Feb
23 54
Jan
200
20
500
2354
Mar
1,400
254
Feb
30
354
Jan
Jan
New York Curb Exchange—Continued—Page 4
Volume 152
Sales
Friday
STOCKS
Last
Week's Range
for
{Continued)
Sale
of Prices
Low
High
Ohio Braes Co d B com..*
Ohio Edison $6 pre!
•
Ohio Oil 6% preferred-.100
Ohio Power 6% prel
100
Ohio P 81% 1st prel
100
Price
20%
108% 109
111
111%
225
108%
150
109%
110% 111%
113% 115
330
110%
113%
22
S3
com.
conv
16
18%
19%
50% 50%
114% 114%
6%
6%
prior pref—*
Omar Inc
40
1
200
50
50
100
Overseas Securities....
*
Pacific Can Co common. _*
Pacific Q A E 6% 1st pf.25
5 %%
25
Pacific Lighting S6 pref..*
PacificP 4 L7% pref—100
1st preferred
Pacific Public Service
33%
30%
34
30%
Par
High
Jan
Mar
22
Mar
Class A $2 conv pref—60
St Regis Paper com—...5
800
110%
Jan
Jan
Mar
Mar
Feb
112
Feb
116%
Jan
118%
110%
Jan
Jan
Jan
6
Jan
18%
21%
Jan
Savoy Oil Co—
Jan
Schlff Co common..
Jan
Schulte (DA) com
Conv preferred
3%
Feb
6%
Mar
2 %
Jan
"~32%~"Feb "~34%"Jan
33
108%
Feb
Jan
86 %
Jan
Mar
1,100
60
60c
Mar
4
Mar
18%
Jan
67%
Jan
2%
Feb
3%
Mar
Jan
3
Jan
Feb
5%
Mar
30
2%
2%
10,800
400
Mar
Jan
Jan
13
6%
33
Mar
Feb
35%
Jan
32
Jan
Penn Pr 4 Lt $7
pref
-*
*
$6 preferred
Penn Salt Mfg Co
Pennsylvania Sugar
com
Jan "~2%"Mar
Mar
Shawlnlgan Wat A Pow..*
Sherwin-Williams oom_.25
38
Feb
?n
Pepperell Mfg Co
111%
112
T
109
1
115
Jan
Jan
112
Jan
Silex Co common..
Feb
182
Jan
14
Jan
250
52
Feb
57%
88
150
85
Feb
92
Jan
Mar
28
Jan
Mar
Common
3%
Pioneer Gold Mines Ltd—1
5
32
37
6%
37
14
5%
10
14
%
10
300
1
14%
3%
3%
9%
"n
Jan
3%
Jan
3%
Jan
8
8
200
8
9
Jan
%
200
1%
1%
200
46%
46%
50
%
46%
%
1%
%
200
1%
1%
100
3
74
72%
109%
1,600
74%
70
111
"""25
11
1%
Feb
7%
Boss
—
d'W:
-V
63
Jan
Jan
12%
70%
3%
8%
Mar
14%
Mar
Mar
96%
Jan
Jan
11
Mm
Mar
.25
Southwest Pa Pipe Line. 10
Southern Calif Edison—
Penn Oil—
Jan
10%
Jan
12 %
"~90
Jan
Power Corp, of Canada..*
2%
Feb
3%
Mar
100
"Feb
20
%
500
"23%""Jan
Jan
%
Jan
Inc com...*
"~8""
400
7%
Producers Corp of Nev_.20
%
Feb
8%
Jan
5i«
Jan
Feb
Prosperity Co class B
*
4
Feb
4%
Jan
Providence Gas
•
Jan
8%
Mar
Prudential Investors
»
8%
2%
Mar
9%
Jan
2%
2%
600
105%
100
100
114% 114%
20
Jan
106%
Jan
114%
Mar
114%
Mar
Public Service of Indiana—
*
*
$7 prior preferred
$6 preferred..:
116%
55%
3%
3%
700
3%
114% 119
54
56%
1,375
1,400
6% prior lien pref...100
7% prior lien pref... 100
95%
45
Jan
Jan
108%
Feb
109%
1%
37%
98%
98% 100%
50%
16%
119
Mar
58%
Feb
Jan
llV'st Mar
111%
Mar
49
52%
400
95
Feb
4,725
44
Feb
112
200
Mar!
%
1%
3%
1%
39%
Jan
30%
Jan
Mar
Feb
40%
31%
29%
%
Feb
Mar
3
400
1
300
38
37
20
Feb
30%
700
29%
29%
100
29
45
|
Feb
%
Jan
156
500
7%
Mar
4%
6%
Jan
Mar
2%
6%
Mar
165
Mar
Mar
Jan
Mar
Jan
Jan
Jan
FeD
Jan
5%
Feb
Jan
8
3
Jan
20
Feb
21%
Mar
5
Jan
5%
Jan
Jan
Jan
5%
5%
200
1
1
300
1
Feb
6%
6%
100
5%
Feb
1%
7%
1
Feb
1%
Jan
1
1
Jan
Jan
ij#
Jan
%
000
3%
Mar
Feb
5%
15%
Mar
Jan
Jan
3%
12%
3%
13
200
12%
1%
1%
200
1%
Jan
13%
13%
100
12%
7%
Jan
14%
Mar
8%
Jan
Feb
20%
Jan
Mar
Jan
.1
67%
Standard Invest $5% pref *
10
5% preferred
Jan
*
200
14%
8%
Feb
Feb
18%
8%
Jan
Feb
6%
Jan
7%
Jan
Standard Steel Spring
Jan
Standard
147%
Mar
105
30
147
Mar
159%
Jan
Feb
9%
Jan
50
6
5
ln
Feb
'it
Jan
Feb
%
1,500
7%
Jan
Jan
ht
Jan
1
5
Standard Silver Lead
13
Jan
Jan
"ik "ik
"200
»ii
Jan
2
Feb
900
7ie
Feb
1%
Jan
%
20
48%
100
44
"ik
17
13%
%
19%
i
20
200
17%
4%
Feb
Feb
Jan
21
Mar
Jan
ht
%
Mar
10%
Jan
Feb
Mar
5%
Jan
100
3%
11%
'""400
4%
1%
Jan
Mar
*11
104
Jan
Feb
104
Feb
104%
"ik
Jan
15%
"3%
Feb
Jan
Feb
107
Feb
4%
12%
5,300
"ik "ik
3%
12%
Voting trust ctfs—
4%
14 %
5
Jan
Jan
1%
Jan
7n
Jan
"l2 """Feb *"i3%""ian
"xo%
10
1%
1%
"4%
4%
10%
IK
1%
4%
400
100
Feb
9
1%
Mar
100
1
Jan
400
4%
Jan
Jan
10%
Jan
2 %
1 %
Jan
Jan
4%
Jan
%
Jan
Wholesale
54
%
Jan
«i«
Jan
28%
1,300
Jan
28%
Mar
Feb
20
19
»1#
Jan
9
Jan
21%
21%
1%
200
22
1%
100
1%
'it
Jan
Feb
20
27%
Jan
1%
Jan
Feb
Feb
20
Feb
20
Jan
%
Feb
12
Jan
2%
38%
Jan
1%
Feb
Feb
Mar
o.l
Ordinary shares
Stein (A) A Co
...
*
common..*
1st preferred.
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc..—1
Sterling Inc
—
1
Stetson (J B) Co com
*
Stlnnes (Hugo) Corp
5
Stroock (8) Co.
*
Sullivan Machinery—.—.*
Sun Ray Drug Co...
1
SunrayOil
—1
5%% conv pref..—-50
Superior Oil Co (Calif)..2fi
Superior Port Cement—
""
4%
4%
900
4%
Class B common—...*
Swan Finch Oil Corp
15
Taggart Corp 00m
—.1
Tampa Electric Co com..*
Technicolor Ino common. ♦
Texas P A L 7% pref-100
Texon Oil A Land Co
2
Thew Shovel Co com....5
Feb
3%
Feb
3%
Mar
4%
Jan
Jan
7%
%
7%
800
7%
Feb
8%
Jan
1316
200
%
Feb
1%
1%
400
1%
3%
Feb
%
1%
Jan
Feb
4
Jan
Feb
Mar
2%
Jan
1
Jan
£1
Def registered
6e
Todd Shipyards Corp—*
"
7
-
Mar
Jan
%
Feb
%
Feb
13
13
13
50
12%
Feb
15
Jan
13
13
14
700
11%
Jan
Jan
10
10
300
10
Jan
400
1%
38%
22%
Mar
14%
10%
1%
39%
Mar
28
11
Jan
12
6
Mar
"
"i'k
1%
1%
"
......
Jan
6
6
6
"""ioo
2%
2%
3
400
2%
Feb
22%
8%
112%
Mar
23%
22%
23%
600
9%
1,100
114%
2%
114%
3
16%
20
800
9
"2%
.16
100
"7 %
7%
7%
100
"43"
43""
"43""
"""ioo
2%
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Jan
7%
3%
25
Jan
Jan
Jan
9%
114%
Jan
Mar
Jan
3
Jan
Mar
16
6%
19%
Feb
8%
Jan
%
Jan
Tobacco Secur Tr—
2%
%
Jan
12
40%
9%
6%
"IOO
50
52
3
1891
Jan
Feb
109%
Me
100
Steel Co of Canada—
"IOO
54
107%
4,000
316
Phos¬
1
Tishman Realty A Constr *
Tobacco A Allied Stocks—*
Tobacco Prod Exports.—*
%
""3% "1%
50
®16
phate A Acid Wks Ino. 20
Sterchl Bros Stores
13%
109%
Standard Products Co.—1
Starrett (The) Corp v t
%
Jan
7%
28%
Standard Tube cl B——-1
80
18
%
1
Prpfprrad
70
ileoo
19%
J an
316
109
—IOO
""ioo
85
18%
Common class B
8
13%
*18%
2
Standard OH (Ohio)—
16%
147
...
1%
<1.60 conv preferred-.20
"7%
Option
For footnotes see page
Jan
4
10
Conv preferred
16%
85
100
—*
1
Rochester G4E16% pf C100
6% preferred D
100
Rochester Tel 0%% prflOO
Roeser 4 Pendleton Inc..*
Rome Cable Corp com...6
5
Roosevelt Field Inc
Root Petroleum Co
1
$1.20 conv pref
20
Rossla International
*
Royalite Oil Co Ltd
*
Royal Typewriter
*
Russeks Fifth Ave.—.-2)4
Ryan Aeronautical Co— i
Ryan Consol Petrol
.*
Ryerson 4 Hay nee com—1
Jan
Standard Dredging Corp—
Jan
Radio-Keith-Orphuern—
Republic Aviation
—1
Rbeem Mfg Co
—1
Rice Stlx Dry Goods
.*
Richmond Radiator
1
Rio Grande Valley Qas Co-
104
""7% "Feb
Feb
Feb
3
30
Spalding (A G) A Bros... 1
5% 1st preferred
*
Spanish A Gen Corp—
Am dep rets ord reg—tl
Spencer Shoe Corp..—*
Stahl-Meyer Ino
•
Standard Brewing Co
*
7%
Puget Sound Pulp 4 Tim ♦
Pyle-National Co com...6
Pyrene Manufacturing.. 10
Quaker Oats common..— *
warrants
Ry & Light Secur com.._*
Railway 4 Util Invest A. 1
Raymond Concrete Pile—
Common
*
$3 conv preferred
*
Raytheon Mfg com
60c
Red Bank Oil Co
*
Reed Roller Bit Co.—*
Reeves (Daniel) common.*
Reiter Foster Oil Corp. .60
Reliance Elec 4 Engln'r'g 6
Mar
44%
29%
44%
Southland Royalty Co.—5
Standard Pow A Lt
-♦
6% preferred
Feb
2%
Jan
24%
3
38
25
Standard Oil (Ky)
Puget Sound P 4 L—
$6 prior preferred.——*
Quebec Power Co
Southern Union Gas
Common
Publio Service of Okla—
S6 preferred
130%
Jan
Jan
Jan
Standard Cap A Seal com. 1
Public Service of Colorado
6% 1st preferred
7% 1st preferred
Jan
6%
10
*
Southern Pipe Line
Preferred A..
2%
107%
100
7% preferred
4%
7%
Jan
Southern Colo Pow el A.26
Mar
7%
Jan
2%
104
5% original preferred.25
6% preferred B
25
5%% pref series C...25
4
3%
100
Jan
2
100
2%
113
112
1
Mfg com..
South
Alexander—6
%
13
23%
2%
1%
70
100
Jan
Feb
Jan
Jan
Feb
200
Jan
Jan
1%
2%
Southern Phosphate Co. 10
1
Feb
Mar
11
Jan
80%
115%
0%
Jan
109
Jan
4%
Mar
23 %
South New Engl Tel—100
Metals of Am
71%
Jan
4%
Mar
21
7
11
Mar
6%
11
%
1%
Feb
10%
Jan
Jan
Jan
Jan
Mar
Pressed
Feb
Feb
Mar
Jan
3%
%
16
Mar
%
1%
31%
Feb
600
it
46%
Feb
Jan
Jan
Jan
6%
45%
Jan
2%
8,000
20%
Jan
%
%
1%
5%
Feb
%
1
Jan
Mar
Feb
1%
Premier Gold Mining
Jan
2%
40%
Jan
Feb
Jan
Jan
1%
Prentice-Hail
%
FeD
%
1%
41
Mar
25
11
*
Mar
%
700
Jan
Mar
200
1%
2,100
82
37
•i«
3%
"16
100
%
Pratt 4 Lambert Co
Jan
2^700
3%
1,700
118%
Feb
6% 1st preferred
Jan
Mar
%
Jan
Feb
Powdrell A
Jan
1%
%
1%
3%
1%
1%
6
14%
Feb
Mar
36
%
3%
*
%
%
Potero Sugar common
Feb
®xs
%
"64% """510
13%
78%
11
200
1%
1%
Jan
6
45
11
11
1
60
Polaris Mining Co.....26c
83
Sonotone Corp.———-1
1,100
9%
Jan
Jan
270
Solar Mfg Co
1,600
81
22
115
90
Jan
1%
Jan
Feb
Mar
89
Jan
6%
*64"
115%
Jan
Jan
Jan
1%
14%
Feb
Feb
18%
6%
"64 ""
25%
115%
37
14,500
6%
Pittsburgh 4 Lake Erie. 60
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..26
Pleasant Valley Wine Co.l
Plough Inc com
7.60
Pneumatic Scale com... 10
100
200
South Coast Corp 00m—1
Pitts Bess 4 L E RR
27%
Feb
1,500
"~1%
*
Mar
Feb
4%
Feb
Mar
Pitney-Bowes Postage
Meter
Jan
9
12
Mar
31%
1
Conv $3 pref series A.
Jan
13%
29%
550
31
3%
5%
Phoenix Securities-
Pierce Governor common.*
"11
450
200
Phlla Elec Pow 8% pref. 25
3%
%~Mar
14%
Feb
100
3%
Jan
Jan
Feb
•u
Simplicity Pattern com—1
Simpson's Ltd B stock—*
Singer Mfg Co
100
Singer Mfg Co Ltd—
Amer dep rets ord reg_£l
Sioux City G A E7% pf 100
Skinner Organ.. ..—.5
Smith Paper Mills..—*
Solar Aircraft Co
.1
115%
*
%
11
89%
<3 conv pref.———.*
Simmons H'ware & Paint. *
57%
3%
Mar
Simmons-Boardman Pub—
Jan
24
"~3%
3%
20
5% cum pref ser AAA 100
Sherwln-Wllllams of Can *
85%
Philadelphia Co common.*
Phlia Elec Co <6 pref
*
Phillips Packing Co.
Jan
57
86%
*
Pharis Tire 4 Rubber
Feb
%
13%
—100
Perfect Circle Co
Jan
171
Penn Water 4 Power Co.*
27%
Jan
Mar
85
Feb
10
Sbattuck Denn Mining...5
Mar
40
60
20
9%
dep rets ord reg... 1
40
39
Feb
2%
42
65%
64%
40
112
10
.
Mar
12
65%
70
Feb
Selfridge Provinc'l Sts Ltd-
Sentry Safety Control
1
Serrlck Corp class B.....1
Seton Leather common...*
11%
113
25
Allotment certificates.
Mar
Jan
65%
112
2%
12
6
stock
14%
11%
113
Feb
'"""%" "Jan
1
Convertible
<5.60 prior stock
Jan
%
Mar
Common........
Feb
*
common
1%
Selected Industries Ino—
Mar
Pennsylvania Gas 4 Eleo—
Class A
1%
300
%
*
2%
10%
65%
*
.*
3,200
2%
®I6
1%
Seem an Bros Inc
High
Feb
%
Warrants
Segal Lock A Hardware..1
Selberllng Rubber com...*
Selby Shoe Co
•
Pennsylvania Edison Co—
16 series pref
$2.80 series pref
825
85
2%
Securities Corp general... 1
Am
2%
80
2%
Sou)in Steel Co com.....*
4
2%
1
84
5,400
2%
*
Jan
32%
31%
%
Penn Cent Airlines com.l
2
Scran ton Lace common..*
106%
12
6%
6
32
2
25
Scranton Spring Brook
Water Service $0 pref—*
Peninsular Telephone com*
11.40 preferred
26
Pennroad Corp com
Scovill Mfg
Scranton Elec 56 pref
Jan
10
Parkersburg Rig 4 Reel—l
Patcbogue-Ply mouthM iLls *
Penn Traffic Co
25
31%
8,900
Low
1%
1
3
3%
Range Since Jan.1,1941
Shares
*
116
67%
3%
High
5
54
Jan
Jan
Feb
Paramount Motors Corp.l
Penn-Mex Fuel
1
Feb
Mar
50
113%
5%
1%
10%
—
Parker Pen Co
preferred——100
29%
"ioo
Low
Samson United Corp com.l
Sanford Mills.—.
♦
7%
Salt Dome Oil Co
10
107
107
Price
St Lawrence Corp Ltd.—*
Oil of Venezuelan
American shares
Week
800
*
_*
Han tepee
for
of Prices
83
30%
*
11.30 1st preferred
Page-Hereey Tubes
Week's Rantje
Sale
6
60
preferred
S5%
Last
108%
111%
111%
6% 1st preferred
100
Oils toeks Ltd common
5
Oklahoma Nat Qas
Low
75
22
109
Range Since Jan. 1.1941
Shares
Sales
Friday
STOCKS
{Continued)
Week.
Par
1889
Mar
57
Jan
Tilo Roofing Ino
%
43
3%
Jan
Mar
Feb
53
4%
Jan
Jan
Ordinary reg
93
92
95
"'"176 "82""" Jan "*98"" Jan
New York Curb
1890
Last
Week's Range
for
Rale
Par
of Prices
Price
Toledo Edison 6% pref 10c
High
Low
30
108
107
Low
Feb
112
114
Jan
Danzig Port A
Jan
108%
*11
Ten- pah Mining of Nev.l
1
10
Trans western Oil Co
%
---1
Class A
%
Mar
1
Jan
*
--1
fUlen A Coeer A pref
*
Series B pref
*
Unexcelled Mfg Co.—-10
3%
Jan
Mar
2%
Mar
A
%
8%
Jan
Jan
8
Jan
•Maranhao 7s
Jan
Jan
5%
Mar
Feb
35
40%
2%
Jan
Feb
7%
Jan
Feb
4%
X
Jan
A
Jan
Jan
Jan
4%
Feb
Feb
9
Jan
♦Parana (State) 7s
1958
♦Rio de Janeiro 0%s.l959
Mar
Mar
♦Russian Govt 0%s—1919
2,700
9%
10%
♦Issue of May 1927
♦Issu# of Oct 1927
♦5%s
1
10
Mar
Feb
10
Feb
8A
United Chemicals com—♦
Un Clgar-Whelan 8ts„
10c
11%
%
1
1st $7 pref. non-votlng.»
United Gas Corp com
110
109
X
80%
United G A E 7% pref. 100
United Lt A Pow com A
Feb
Feb
*11
10
6%
Jan
Feb
7
14%
Feb
9%
Jan
1,000
22%
Mar
22%
Mar
8~66o
9%
30%
Feb
10
Mar
Feb
40
Mar
17
Jan
17%
Feb
34
10
{25
Feb
Mar
5%
13%
6%
40
20%
6%
6,000
6%
Mar
7%
%
%
2.000
%
Jan
X
Jan
Feb
*%
%
X
Jan
%
Jan
8%
Jan
9%
Jan
{10
6A
1921
♦Santiago 7s
{10
1949
15
Jan
Jan
A
5,700
A
Bank
Friday
110%
X
80 %
900
106%
Feb
112%
Jan
Elig. dk
Last
Week's Range
for
200
A
Jan
%
Mar
Rating
Sale
Week
See k
Price
of Prices
Low
High
80
Mar
85
*
~28%
24%
BONDS
Jan
Mar
7ii
100
*i«
Feb
M«
Jan
24
29 %
12,300
19%
Feb
29%
Mar
2VA
24 A
25
23%
Jan
24%
Jan
Alabama
Power
x
a
x
a
1
103 %
1956
x
a
1
103
1968
y
bbbl
1967
y
bbbl
—
1st Aref 4 %s
♦11
Jan
x
aa
2
Mar
2%ssf debs
3%ssf debs
1950
5%
1960
x
aa
2
107
Jan
3%«sf debs
1970
x
aa
2
108%
Am Pow A Lt deb 6s
2010 y bb
4
108%
Appalao Power Deb 0a
600
Mar
Mar
700
%
A
5 A
A
55%
Mar
01
20
43%
7 A
4%
Mar
Feb
45%
Jan
10
Jan
Jan
5%
-.10
57
56
44%
44
58
%
1
9
5%
44 %
9
1
_
5>A
104% 100%
17,000
105%
88,000
107%
108% 108% 21,000
107% 108% 452,000
107
5X
2,600
Jan
bbb3
U 8 and Int'l Securities.
X
52'A
*
X
1,000
52%
275
3%
VA
3,000
Feb
Feb
%
Jan
4%
x
1950
x
bbb3
1953
y
b
3
48%
47%
49
x
dddl
15%
14
Mar
128%
106% 107%
*107"
24,000
*
4%
II% oonv preferred--.20
1
com
3
51
12%
12%
12%
12%
15%
15%
11%
13
12%
15%
1st 17 conv pref
2
5s registered
Jan
1955
y
b
3
65%
Atlanta Gas Lt 4%s
1955
x
a
2
107% 107%
5,000
106
Jan
Atlantic City Elec
3%«—1904
x
aa
3
108
3,000
107% 109%
1%
Jan
Avery A Sons (B F)—
5%
Jan
%
3%
*16
5
Jan
%
ex
Jan
1
Jan
Feb
7
Mar
I A
ex
:
VA
2.600
(VA
500
23
Jan
27%
Jan
21
Mar
Jan
83%
Jan
78
2X
79
2,300
150
78
%
Mar
%
*u
Feb
%
5« series
Birmingham Elec 4%i
Birmingham Gas 6e
103% 103%
4
y
x
a
"78"
1942
x
a
76%
1%
Jan
1908
x
a
Cent States Elec 6e
1948 y cc
98%
3
17,600
Jan
9 VA
99%
780
22
Jan
Feb
%
85%
9%
Jan
16%
3%
Feb
Feb
99%
Mar
0%
Wagner Baking v t o
*
8%
9
300
3%
7%
Jan
Mar
Mar
Feb
11
9
"*4% "Feb
96 %
1927
z
bb
40%;
—1952
y
bb
Conv deb 6s
5
......
"86%
1950;y b
.1958 y b
1.25
101X 101%
•
102
60
3
700
1
20
3
31
97%
12.000
40%
87 % 1
9,000
92%
40
49
86%
91%
90
21,000
83%
90
87% 370,000
83,000
80%
87%
80
86%
81%
25,COO
87%
95
225,000
79
87%
88
95%
96%
40
{90%
1909 y b
3
87%,
85%
b
4
95
I
93%
1949 y b
4
95%
3
102%
%
Jan
Feb
%
Jan
Feb
13 %
Feb
Jan
2%
1%
Jan
Community Pr A Lt 5S...1957
y
bb
Mar
Jan
Conn Lt A Pr 7s A J
*
aaa4
Feb
101
Jan
102
Debenture 5a
Cities Serv P A L 5 %s
1952
5%a
1951
y
93%
95% 123,000
100% 102% 65,000
130
130
5,000
109
2 %
Feb
3%
Jan
(Bait) 3%s ser N
1971 * aaa4
109%
3%
3%
Feb
6%
4%
Jan
1st ref mtge 3s ser P
1909ix aaa4
1976 * aaa4
107%
107% 107%
{102
102%
1964;* aaa4
126%
126% 126%
101%
101
Jan
1st ref M 2%s ser Q
Consol Gas (Bait City)—
Feb
Western Maryland Ry—
100
65
10
65
1
95
90%
Consol Gas El Lt A Power—
100
Wayne Knitting Mills...6
Wellington OH Co
1
30%
93
Registered.
Jan
Mar
%
1%
"16
18%
18%
71,000
84%
13 %
2
"16
70%
107%
57,000;
87%
——1955 y bb
i960 y b
*16
1
81
73%
69%
105
85
b
Cities Service 5s
Mar
150
102% 104
12,000!
11,000!
5,000
37,000!
151
101% 103
103% 104%
88%
y
Debenture 5s
—»
"21"
1964 y cc
fl« aeries B
Jan
2,000
79%
76%
106% 107
21%
20%
21
21%
96
97%
107
{♦Chic Rys 5s ctfa
Cincinnati St Ry 6 %s A
Jan
103
78
76%
Cent States PAL 6%S—1963
Jan
8%
4%
103
bb
2,000
81%
5 %8
Jan
100
Watt A Bond class A—..*
58%
70
Jan
20
JH11
Western Tablet A Station'y
Common
——*
18
Feb
Westmoreland Coal
20
13
Jan
17%
Westmoreland Ino
10
11%
Gen mtge 4%s
109%
88%
98 H 102%
127% 130
4,000
1,000
108% 111%
103
103
3,000
126
128%
107% 111
Consol Gas Utll Co—
6s
1
*
5%
5%
500
2%
11%
7%
5%
3
300
11%
125
7%
400
7% pf 100
14%
Feb
Mar
5%
4%
Feb
6%
6%
4%
Mar
1
7
117
Wolverine Portl Cement. 10
Wolverine Tube com
2
VA
VA
Woodley
VA
VA
4A
4%
2,900
Mar
Jan
Mar
Feb
Jan
Feb
Jan
4
X
4
2
2
x
a
Delaware El Pow 5 %•
Eastern Gas A Fuel 4s
1959
x
95%
57
101%
bbb4
2
"87%
Mar
Elec Power A Light 6s
2030
y
b
4
88%
Elmlra Wat Lt A RR fig—1956
x
a
4
8%
Jan
Empire Dlst El 6a
1952
♦Ercole MareUl Eleo Mfg—
0%s series A
1953
*
bbb2
z
cccl
117
Jan
Mar
6%
Jan
100
4%
Jan
4%
Mar
Feb
5%
4%
Jan
Feb
1958 y bb
5s
4
Mar
3
300
*4
Tobacco
y
11%
4%
4%
Woolworth (F W) Ltd—
1944 y b
ser
Cudahy Packing 3%S—..1955
4%
1
1943
Cuban
Mar
Jan
Jan
10%
b
A stamped
Cont'l Gas A El 6a
6
Williams OU-O-Mat Ht—»
Amer dep rets
5s
Wright Hargreavee Ltd—*
103%
1959 y bb
1953
1(H)
Petroleum
103
1964
GOO
Co
1968
109% 109%
151% 152
102% 103
aa
Broad River Pow 5s
3%
Wllson-Jonee
151 %
bbb3
Canada Northern Pr 5«
"ex
Wilson Products Ino
aa
x
Canadian Pac Ry 0s
Cent 111 Pub Serv 3%s
3%
Weyenberg Shoe Mfg
1
Wichita River Oil Corp.-lu
Williams (R C) A Co
*
14,000
x
x
Jan
"ex "ex
Western Grocer com
106% 112%
22,000
1900
Feb
1
Western Air Express
105% 111%
4,000
110
—.1998
C
Bethlehem Steel 0s
Mi
♦
West Texas Utll $0 pref—*
109% 127%
1%
2%
104%
18.000
Jan
13
3
100% 102
57,000
Feb
Mar
Mar
102
104
109
Mi
%
10%
104%
113% 116
1%
49
107%
110
45%
Feb
69
64%
113%
75
Waco Aircraft Co
West Va Coal A Coke
aa
700
Vultee Alrcralt Co.-
Walker Mining Co
x
45%
6
7% pref-100
Vogt Manufacturing
*
1957
2
"i%
Van Norman Mach Tool2 %
Va Pub Serv
b
~1H
1
Petroleum.._i
z
45 X
Utility A Ind Corp com..5
Conv preferred
7
preferred
1950
1st 5s series B
Jan
Valspar Corp com
{98
15%
Bell Teiep of Canada—
Mar
Utility Equities corn.._10c
$5.60 priority stock
1
108
{100
1947 y bb
Convertible 6s
Mar
Jan
214
78 x
1
1947 y bb
5s without warrants
Jan
1%
17%
2%
24,000
5s with warrants
Feb
14%
27,000
Baldwin Locom Works
Feb
14%
6
15%
Feb
Jan
Universal Products Co-.-*
Utah-Idaho Sugar
15%
15%
Universal Plotures com.. _1
Utah Radio Products
1968
15%
dddl
Feb
Feb
Feb
8
Utah Pow A Lt 17 pref.—*
1968
13%
13%
dddl
3%
A
1%
-----*
Universal Insurance
13%
♦Debenture 5a
Mar
A
1
15%
dddl
Jan
4%
Universal Cooler class A..*
Universal Corp v t c
dddl
x
z
Mar
Feb
2%
2 %
500
IX
z
1950
x
IX
600
*
United Wall Paper
1949
7,000
15% 176,000
15% 159,000
15% 195,000
1977
29%
400
United Stores oommon.60c
130
100% 107
♦Conv deb 5%s
Assoc TAT deb 5%bA
Jan
IX
VA
U 8 Stores common.—,60c
128
44%
♦Conv deb 4%s_
Jan
28%
X
1
108%
100% 108%
15%
15%
4X
IX
U 8 Rubber Reclaiming..*
106
107% 110%
70,000
♦Conv deb 6s
U 8 Lines pref
U 8 Plywood Corp—
103
105%
101% 103%
15%
{Associated Gas A El Co—
♦Conv deb 4%s
1948
Jan
01 %
Jan
A
50%
6,000
128
2024
Arkansas Pr A Lt 56
Associated Elec 4%s
1,300
10
6
$ 6 1st pref with warr
'101%
106% 107%
103% 106%
102% 105%
American Gas A Elec Co.—
United Profit Sharing..26c
United Specialties com__
US Foil Co class B
1
3,000
106% 106%
6,000
103% 103%
103
6,000
103%
7,000
103% 103%
101% 101% 127,000
1
1951
1st Aref 5e
Am dep rets ord reg
United N J RR A Canal 100
U 8 Graphite com
Since
105
1940
1st Aref 56
1st Aref 6a
United Molasses Co^—
------25
Range
Jan.
$
Co—
1st 5s
*
United Shoe Mach com.25
Sales
Jan
*ie
Products--*
1st preferred
10
»*ii
A
X
♦
$3 partlc pref
Wisconsin PAL
Jan
Jan
7%
8.6(H)
%
Common class B
7% 1st preferred
27
Jan
Feb
»»•
Option warrants--
Wentworth Mfg
Feb
Jan
X
7A
1,200
*
Class B
Jan
Jan
Jan
Jan
»n
United Elastic Corp
7% preferred
7
27
27
•
United Corp warrants
conv
{22%
♦Mtge Bk of Chile 6s. 1931
Mtge Bk of Denmark 5s '72
Un Htk Yds of Omaha. .100
$4
22%
Feb
10%
Venezuelan
22%
VA
3
9%
Class B
6%
13%
8%
6A
Union Investment com...♦
U 8 Radiator
{7%
+
1958
700
100
Preferred
15%
{13%
♦0%s stamped
300
8%
10% preferred
1958
♦MedeUin 7s stamped. 1951
7%
8A
Milk
25
3H
*
10
22
Jan
Feb
Mar
23
3%
3A
8
United
18%
14
<150
1,000
S3 cum A part pref
High
Mtge Bk of Bogota 78.1947
"300
4 %
United Aircraft Prod
7
20
J13
37 %
4
Union Gas of Canada
6%
18%
20
J2 %
♦Hanover (Prov) 6%s.l949
Lima (City) Peru—
7A
80c conv preferred
Low
$
{13
%Hanover (City) 7s.-.1939
2A
300
0
36%
Range Since Jan. 1, 1941
for
Week
{13
1947
400
Tung-Sol Lamp Works-—1
Udyllte Corp
♦Secured
1,800
8%
5%
30 %
Jan
*>«
1
Truna Pork Stores Inc...*
Tublze Chatlllon Corp—1
7ii
1941
Waterways
2%
%
2%
*je
Trl-Contlnental warrants
Jan
of Prices
High
Low
♦Ext 6%s stmp
1952
♦German Con Munlo 7s '47
Tonopab-Belmont Dev. 100
Trans Lux Corp
Sale
Price
High
Mar
107
Week's Range
Last
BONDS
(Continued)
Shares
preferred.—----100
7%
Range Since Jan. 1, 1941
Week
22,
Sales
Friday
Sales
Friday
STOCKS
(<Concluded)
March
Exchange—Continued—Page 5
5%
Jan
1956 y bb
.1907
x
a
1954
V
b
4
Banks 6s-5a stpd
Florida Power 4s ser C
Florida Power A Lt 6a
1901 y cccl
Erie Lighting 5s
Jan
94%
56%
101%
106%
87%
85%
119%
104%
102"
90% 101%
95%
89%
3 9.COO
101% 102%
102%
106%
88
1,000
107,000
90% 418,000
119%
105%
45
{109
3
Federal Wat Serv 5%s
Finland Residential Mtge
45
35,000
95% 416,COO
11,000
57%
101%
45
3,000
17,000
{40
102
~5~6og
106%
86
89%
90%
78%
119% 126
104%
2,COO'
,109%
102
60
53%
106
44
106
45
108% 109
101 % 103
42
41%
42
104%
106
1960
x
bbb3
105%
105
105%
4,000
1954
x
bbb3
106%
106
106%
83,000
104% 106%
4.000
100% 101%
Gary Electric A Gas—
FOREIGN
AND
Gatlneau Power 3%s A
General Pub Serv 5a
MUNICIPALITIES
Sales
♦20-year 7s
Apr 1940
{22%
♦20-year 7s
Jan 1947
122%
....
24
113
1951
Bogota (see Mtge Bank of)
VaUey 7s
1948
1956
bb
1948
x
ccc2
4
1953
b
I
1943 y bbb2
12
76%
1950
x
a
Jan
-—I960
x
x
aa
y
b
Green Mount Pow
113
113
22
Feb
27
Jan
Guantanamo A West 0s
22
Feb
22
Feb
Guardian Investors 5s
65
52
Jan
81
Jan
♦Hamburg Eleo 7s
120
—1963
20
25
132%
♦6 series A-.-.——1952
Danish 5%s
1956
30
25
Mar
26
Jan
23
82%
83%
49
75%
107%
80
108%
103% 106%
58
60%
58
59
22%
27
7,000
17%
27
23%
24
38,000
23%
29%
6,00c
♦Hamburg El Underground
A St Ry 5%s
1991.
80
{107% 109%
{103% 105%
a
3%s.—1963
3
82%
80%
3,00c
19,000
Grand Trunk West 4a
8%
72
23
75%
79%
Gobel
(Adolf) 4%s
99% 100%
31,000
{13
75%
Feb
Feb
"o'ooo
82%
y ccc4
23
83
98% 102%
65
100
1941
Jan
7%
79
82%
1905 y bb
Jan
99%
82%
Glen Alden Coal 4s
26%
82
78
101% 102
3
Feb
Mar
{45
l66"
102%
22*000
iTs'ooo
23
21%
22%
17%
100
14,000
102
"82%
Jan
Grocery Store Prod 6s.—1945
16%
Cent Bk of German State A
♦Prov Banks 0s B..1961
101%
y
z
100% 101
80
79%
{101
1978 y b
Gr Nor Pow 5a stpd
♦Cauoa
For footnotes see page
a
♦Geafruel 6s
Agricultural Mtge Bk (Col)
V
x
Georgia Pow A Lt 5a
Week
S
Ext 5s
1969
1963 y b
Gen Pub Utll 6%s A
♦General Rayon 6s A
Gen Wat Wks A El 6a
for
BONDS
♦Baden 7s
100%
1944 y bb
6s ex-warr stamped
GOVERNMENT
Attention is directed
to the new column in this tabulation
1958 y b
-.1948 y c
1935
z
1938
*
27
dd
{20
cccl
{16
pertaining to bank eligibility and rating of bonds.
See
t.
9
1
Volume
New York Curb Exchange—Concluded—Page 6
152
Friday
Last
Week's Range
for
of Prices
Week
Price
x
1966
♦Hungarian Ital Bk 7%s.._1963
High
1,000
110% 110%
aa
Jan
S
110% 110%
c
J2
y
b
73
73
5,000
70%
74
1949
y
b
72
72
108
|
z
Idaho Power 3lis
Ul Pr A Lt 1st 6a ser A
x
aa
1953
x
bbb3
1st A ref 5 %s ser B
1954
x
bbb3
1st A ref. 6sser C-...
1956
x
bbb3
1957
Indiana Hydro Eleo 6a .>..1958
y
bb
y
bbbl
Indiana Service 5a
y
b
2
1963 y b
2
Sf deb 5 Hs...May
1950
1st Hen A ref 5a
106%
"105"
3
100%
"78
bb
106% 108
11,000
105
105%
72,000
100% 101%
100% 100%
78%
76%
37,000
104% 106%
99% 103
2,000
100% 101%
105
a
72%
78%
42,000
71%
79%
78%
80%
92
77%
91%
17,000
Toe"
3
108
41,000
76
106
106%
9,000
1
x
107% 108%
56,000
106% 107
106
106%
91
z
♦Indianapolis Gas 5a A
1952
Indianapolis Pow A Lt 3%sl970
$international Power Bee—
See a
Price
of Prices
Low
High
Power Corp(Can)4%sB.._1959
105% 109
1st mtge
s
z
b
1964
x
aa
1949
x
bbb4
29,000
25,000
150
bb
101%
101% 102
60,000
100
101%
100%
101
61,000
y
1st A ref 4%s ser D
1950
Queens Boro Gas A Eleo—
v
98,000
98% 101%
85
28,000
84
90%
1
-18
5,000
18
28%
z
b
1958
z
cccl
Safe Harbor Water 4%s...l979
San Joaquin L A P 6s B...1952
x
aa
3
3,000
14%
21
x
aaa2
16%
2,000
15%
25%
♦Saxon Pub
Wks 6s
1937
z
cccl
16%
14%
16%
16%
15%
16%
16%
1,000
15%
23
♦Schulte Real Est 6s
1951
z
cc
1957 y b
3
71
70%
71% 186,000
29,000
40%
6"%
73
Scrlpp (E W) Co 5%s.
1943
x
bbb2
101%
38%
43
Scullin Steel
2
..1951 y b
x bbb3
"88"
Interstate Power 6s
...1952
y
ccc2
1957
Debenture 6s
y
bbb4
Iowa-Neb L A P 5a
40%
Iowa Pow A Lt 4%s
3
aa
z
cccl
1963
V
cc
1
1942
z
b
3
44
Jersey Cent Pow A Lt 3%s_1965
x
a
4
107
5s stamped
2
Kansas Eleo Pow 3%s
1966
x
aa
Kansas Gas A E
2022
x
a
2
Lake 8up Dlst Pow 3Ha... 1966
♦Leonard Tieta 7%a
1946
x
a
4
ec
6s
z
1946
x
bbb3
1957
x
a
Mansfeld
4
Bhawlnlgan WAP 4%s...l967
1st 4%s series D
-.1970
106% 107%
Sheridan Wyo Coal 6s
Sou Carolina Pow 5s
106% 107
$104
107%
Sou Counties Gas 4%s
Sou Indiana Ry 4s
1968
aa
2
"55"
2022 ybb
4
109%
108%
~3 "660
101% 106%
1
108% •108%
17,000
107
$14
y
b
4
$83%
1952
Metropolitan Ed 4s E
x
bbb2
1947
1971
y
b
2
$102
96%
x
aa
2
6s
25
35
77
86%
108%
108% 109%
109% 109%
90
2
54%
$100% 102
54%
53%
x
bbb2
105%
105% 105%
"6,000
x
bbb3
103
103%
17,000
1955
x
bbb3
106% 106%
1,000
Mississippi Power 5s
1955
x
bbb2
105
Miss Power A Lt 6s
1957
x
bbb3
105%
Miss River Pow 1st 6s
1951
x
aa
2
Missouri Pub 8erv 6s
1960
y
bb
4
MlJw Gas Light 4 Ha
Minn PAL 4%s
1st A rel 5fl
766%
Nassau A Suffolk Ltg 58...1946 x bb 2
Nat Pow A Lt 6s A
2026 y bbb2
110%
2030 y bbb2
106%
Deb 6k series B
t
f*Nat Pub 8erv 6s ctfs... 1978
6s series A
Nelsner Bros Realty 6s
8T660
50%
26
87
1966
y
b
3
87
80%
80%
3
87
80%
1957 y b
Deo 1
110%
96% 101%
100% 102%
110%
114
105% 109
24
3
86%
80%
88%
70
88%
88%
70
88%
22%
31
31%
51
ccc2
53
26
106
119
6.000
119
z.
cccl
1953
y
b
5a..1*111960
x
bbb4
107%
x
a
108%
107% 107%
107% 108%
120
118% 120
123
1948
x
bbb3
108
94%
88%
109%
98
x
aaa2
N E Gas A El Aasn 6a
y
b
4
"64%
64%
66
33,000
61
Texas Power A Lt 5s
4
64%
64%
65%
41.000
61%
66%
65,000
61
Conv deb 6s
1947
4
65%
x
aaa3
y
bb
3
"95%
y
bb
3
99
y
bb
3
v
bb
4
195
1980
1964
y
bbb2
2004
1954
x
aa
3
Nippon El Pow 6%s_..^—1953
y
b
1
New ?:ng Power 3%s
1981
New Eng Pow AsanSs ....1948
Debenture 5Hb
1954
5s stamped.
1942
♦Income 6s series A
1949
64%
65%
95
96
50"666
92
98%
99
94,000
94% 100
97%
100% 101 %
103% 105
102
7,000
104
3,000
Debenture 6s
a
4
x
a
4
x
a a a.)
104
108%
103% 104
108% 108%
104% 104%
$1.12%
42%
42%
.....
United Elec N J 4a
1949
x
aa
a4
♦United El Service 7s
1956 y bb
1
♦United Industrial 6%a... T941
♦1st S f 6s
1916
Debenture 6%s
1st lien A cons 5%s
Ogden Gas 1st 5s
1945
Ohio Pow 1st mtge 344s....1968
Ohio Public Serv 4s
1962
y
bb
2
i
aa
4
y
b
3
y
bb
2
x
aa
4
3
x
a
3%s B.....1955
x
Okla Power A Water 6s...1948
bb
4
103% 103%
104% 104%
51
i9«;9
Deb 6s series A
109%
107%
108%
106%
51%
109%
107%
109
107
Deb 6s series A
108%
96
99%
60%
25,000
59
62%
8%
6,000
3,000
7
..
25
30
25
30
30
85
98
88
99
2
2
96%
*
bbb3
103%
97%
98%
98
bhb3
119%
119
96%
V
i
*
tr»3
bb
I
3
b
1
119%
6,000
93%
117
83%
99%
121
96%
96%
51,000
4,000
101
102
19,000
103
109
26,000
101% 102
102% 102%
101
101%
11,000
102% 103
95%
106%
101
8,000
4
109
4
24,000
5
109
1,000
108
$107
1
v
99% 112,000
101% 101%
106
106%
"l"02%
3
6
■
103% 108%
101% 102%
2
x
3,000
97% 170,000
15,000
97%
98%
2,000
103% 104
3
Ju54 z c
I
16%
$16
46 y bt
0 y bb
.
9%
115% 118%
$16
*
2 >12
.»
8%
115% 115%
16%
16%
108
101
•
102
Waldorf-Astoria Hotel—
♦5s
Income
deb...
West
114
114
40
45
61 * aa
?%vt>4 x aa
West Penn Elec 5a...
iiPO * bbb3
Light 4m....
a Sf Tip..
♦Stamped 6a.*.
102% 103%
104% 105%
1966 * bbb3
.1937 * Bb I
.1947
v
117%
65
'l"05%
26*606
63% 65
105
$100
105% 105%
27,000
.
$96%
1»H
5%
109
105% 108%
108%
116% 117%
107
108
da.. I960 x aa 2
Newspaper Ur 6s ..1944 v bb 2
Wheeling Eleo Co 5s
1. 41 * a«a2
Wise Pow A
4%
,
West Penn Traction
8,000
105
101
"
GTooo
101
105
107%
97%
98
'2",600
99%
108%
116% 118%
59
67%
99
99
100%
49%
109% 113%
2,000
16,000
107% 109
18.000
8.000
108% 109%
106% 108%
103% 106%
11,000
103% 104%
97%
36%
55"6o6
105%
23~666
106% 106%
104% 104%
2,000
106
5,000
104% 106%
109
109
103%
107
11,000
8%
I
4*.
1
.
Va Pub Service 6 % A...
1st ref 6s series B___
106%
6,000
118% 121%
98
cccl
3
.
Utah Power A Light Co—
1st lien A gen 4%e
103
5.000
106% 107%
7,000
b
o2
1
107% 109%
2,000
16,000
8,000
z
bb
68 series A
1,000
103% 103%
$106% 107
bbb3
x
103%
*26%
z
74 y h
I
1.000
4^666
53%
13%
21
32%
23%
30%
Un Lt A Rys (Del) 6%s_.
United Lt A Rys (Me)—
J*York Rys Co
.......1956
1
United Light A Pow Co—
Debenture 6s
1.75 y b
32,000
"
43
60
60%
d
Washington Water Pow
No Arner Lt A Power—
No Boat Ltg Prop 3%a...1947
Nor Cont'l Uttl 6%s..
1948
b
z
101% 104%
103% 106
104%
28%
5,000
12.000
97
3
..I960
Conv 6s 4th stp
Wash Ry A Eleo 4a.
Penn A Ohio—
x
-4,--
$14%
..1979 y bb
Deb s f 6s
$99
103% 104
..
2022 y bbb2
Twin City Rap Tr 6%s...l962 y
New Orleans Pub Berv—
103%
z
Tletz (L) see Leonard—
107% 109%
$107% 108
1956
6s series A
66%
1948 y b
1950 y b
5s
119%
20
cccl
121%
123
68% " 88
25%
255,000
9,000
22%
88
y
124
109
123
46
88%
y
111%
109
2
35%
69%
1946
109
120
766
aa
58
I^Ulen A Co—
107
aaa2
50%
101
109%
105% 106
69%
1946
103% 105
102% 106
"
101% 102%
69
1950
Corp Ino 5s
Stlnnes (Hugo) Corp—
Tide Water Power 6s
New Amsterdam Gas 5s.. .1948
Okla Nat Gas
3
1967 y b
Debenture 6s
59%
3~66O
s
x
3
104
29,000
108
108
4,000
96% 185,000
94%
1981
Nevada-Calif Elec 5s..... 1966 y bb
5%a series A
3
b
Standard Pow A Lt 6s
103% 106
102% 105
106
107%
13,000
12,000
1,000
100
101%
14,000
101
101
1,000
143,000
110% 111
69,000
105% 107%
$21
....
100
~
104% 105
105% 105%
110% 110%
2022
Nebraska Power 4%s
1st mtge 3%s
b
y
Texas Elec Service
2
104%
88% 130,000
88% 163,000
81
y
1948
109% 110%
2
bb
97%
103
88% 182,000
88% 184,000
88% 229,000
81
..1961
1,000
aa
bb
y
N Y A Westch'r Ltg 4s
3
(stamped)
Debentures 6s..
108%
25
2,000
10,000
9,000
109%
$105% 107%
$35% 36%
2
15,000
5,000
x
N Y State E A G 4%s
b
7-4s 3d 8tamped
Certificates of deposit
♦Ternl Hydro El 6%s
98
.V
York
z
101% 103%
98
95%
107% 109%
104
1945
1943
1967
1978
♦Ext 4%s stamped
(stamped)
Conv 6s
1965
4s series G
Middle States Pet 6 Ha
Midland Valley RR 5s
New
1989
*3*666
104%
108
90
93
95
101% 101%
55%
54%
bbb4
-.1948 y b
90
85%
7-4s 2d
1948
4%s
x
87%
84
15,000
♦Starrett
Deb 4 Ha
oonv
..1946
6s
81
30,000
88%
Standard Gas A Eleotrio—
106% 107%
Memphis Comml Appeal—
Mengel Co
Serv
Spalding (A G) 6s
123% 128%
2,000
McCord Rad A Mfg—
6b stamped
Pub
5,000
88
104
3
1961 y bb
So'west Pow A Lt 6s
6s gold debs
1941 idd
104"
48
S'west
36%
85
$94
35%
105% 107%
49,000
20
36%
100% 102
86%
2
1957 y bbb2
x
20
19,000
101%
88
43%
3,000
101
88
25%
44
5,000
106% 109
136% 138%
85
bbb3
1947 y b
2~9~666
"36% ~2~66o
36%
26
Mln A Smelt—
♦7s mtges f
x
2
15%
$123% 123%
106% 106%
40
$14
106
106%
cccl
Long Island Ltg 6s
Louisiana Pow A Lt 6s
44
Inc 3s
105%
102% 105
$107% 109
30
$16%
30
$
x
Italian Superpower 6s
Jacksonville Gas —
103
2,000
1,000
103% 103%
1958
1962
♦Isarco Hydro Elec 7s
40
103% 103%
1961 y bbb4
5s series B
18
$13
108% 109"
136% 136%
$13
l
l
162
102%
98% 102%
99% 100%
1953
♦Ruhr Gas Corp 6%s
♦Ruhr Housing 6%s
101%
4
bb
1952 ybb
6%s series A
l
b
26
105% 109
105% 106%
154
;
b
y
12,000
152
106
y aa
1967 y b
y
26
21%
76%
..1950 y bb
1st A ref 5s ser C
1
70
2,000
/
6% perpetual certificates....
Puget Sound PAL 6%8—1949
1962
1955
Since
154
f debs 4s
Public Service of N J—
♦7s series E
♦8 %s series C
Range
Jan.
$
73%
$13
2
for
Week
106% 107%
106
106%
3%s
*7s series F
'
Range
73%
x a
♦Prussian Electric 6s
1954
Public Service Co of Colo—
72%
108
1,000
23,000
70%
1967
6s series B
Week's
Sale
{Concluded)
1
1949
Hygrade Food 6s A
Last
Since
See a
{Houston Lt APr 3%s
Friday
Rating
Range
Sale
Low
Sales
Bank
Eltg. <fc
BONDS
Sales
Bank
Ellg. &
Rating
BONDS^
(Concluded,)
1891
5,000
3,000
107% 109%
103% 103%
2.000
Pacific Gas A Elec Co—
1st 6s series
x
1941
1942
1955
Park Lexington 3s
1964
Penn Cent LAP 4%s__.—1977
Pacific Ltg A Pow 58
Pacific Pow A Ltg 6s
1979
1st 5s
Penn Electric 4s F...
1971
1962
Penn Pub Serv 6s C
1947
5s series D_...........1954
6s series H
aaa2
x
aau4
y
bbb2
z
ccc2
x
bbb2
x
bbb2
x
aa
2
x
aa
2
x
aa
aa
105
2
x
96%
$35
2
107% 107%
$108%
x
bbb2
1961
x
bbb2
1972
x
aa
3
1962
Hydro El 6%8..l960
y
bb
4
y
b
1
1953
z
b
2
1940
extended....1950
Potomac Edison 6s E
1956
4%s series F.
...1961
Potrero Sug 7s >tt>d—...1947
z
bb
2
z
bb
2
x
a
4
x
a
4
v
ccc2
B............1981
4s series D
Phlla Elec Pow 5Hb
Pbila
Rapid Transit 6s
♦Pledm't
•Pomeranian Elec 6s
95
99
35
38
104% 105%
107
107
108
108
11<|)
Peoples Gas L A Coke—
4s series
109
106% 106%
108%
104%
103%
103% 104
16,000
102
104
103% 104%
111% 111%
105
105%
16,000
102% 104%
31,000
109
115
102%
105%
17%
29%
26%
111%
105%
$17%
$13
7,000
26
25%
22%
Portland Gas A Coke Co—
6s stamped.........
58 stamped
93%
86%
110%
"85"
I
97%
1,000
89%
90%
8,000
110% 110%
$110% 112
19,000
109
~4',000
85
par
interest.
n
Deferred delivery sales not Included in year's range,
d ExUnder the rule sales not Included in year's range,
r Cash sales not In¬
value,
a
z
Ex-dividend.
$ Friday's bid and asked price.
109% 111
50
85
75
No
cluded In year's range,
97%
97%
90%
▲
*
♦
91%
110%
Nojjales being transacted during current.week
Bonds being traded flat.
§ Reported in receivership.
e
Cash sales transacted during the current week
yearly
range:-'
Venetian Prov. Bank 7s 1952, March 5 at
V
or
weekly^or
.
.
*
^
Under-the-rule sales transacted during the current week and not
weekly
Included in
yearly range:
No sales.
v
and not lnclutled in
V
17%,
v.■'"
'■■■
^
■■ 'J'" ■
•durlng.the^current^week^andinot included In
■.
.
Deferred delivery sales
transacted
-
weekly or yearly range:
No sales.
Abbreviations
UsediAbove—"cod," certificates of deposlt%"cons,"Jfconsolidated*
"cum," cumulative, "conv," convertible; "M," mortgage; "n-v,"
"v t c,'f voting trust
non-voting stock:
certificates; "w i," when Issued; "w w," with warrants; "x
w,"
without warrants.
a
Bank
Eligibility and Rating Column—x
believe eligible for
Indicates those bonds wnich we
bank investment.
Indicates those bonds we believe are not bank eligible due either to
status or some provision in the bond tending to make lt speculative.
y
z
Indicates Issues in default, in bankruptcy, or In process
the ratings assigned to each
The letters indicate the quality and the numeral
agencies so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all four
agencies rate a bond differently, then the highest single rating is shown.
kA great majority of the Issues bearing symbols ccc or lower are all In default.
Issues bearing ddd or lower are in default.
r
The
rating symbols In this column are based on
bond by the four
rating agencies.
immediately following shows the number of
'
I
t
Attention is directed to
the new column in this
rating
of reorganization,
tabulation pertaining to bank eleglhillty and
rating of bonds,
gee note a aboae.
The Commercial & Financial Chronicle
1892
March
22,
1941
Other Stock Exchanges
Sales
Friday
Baltimore Stock
Last
official sales lists
Mar. 15 to Mar. 21, both inclusive, compiled from
Sales
Friday
Last
for
Sale
of Prices
Low
High
for
»f Prices
Low
High
Range Since Jan. 1, 1941
Price
Low
High
1st
64
31c
386
40c
Mar
232
2.60
Feb
Asbestbs Mfg Co com
69
64
Mar
7194
Jan
4
117
Mar
118 34
Feb
Athey Truss Wheel cap.. A
Automatic Products com .5
Jan
1034
Mar
Aviation Corp
Jan
2734
12094
Mar
400
2734
45
117
934
73
11594
Feb
67
25
934
934
Feb
13
100
15%
Feb
i734
13
Houston Oil pref
1634
1634
100
534
17
Jan
Jan
Armour A Co common...6
(Del)
3
Belmont
Jan
119
Feb
1.60
Mar
Berghoff Brewing Corp
640
15
Feb
2434
Mar
37
2.25
Feb
3.25
Mar
Borg
1734
1734
781
1634
Mar
1.00
1.00
100
1.00
Feb
1.05
Jan
2294
2394
2,160
2134
Jan
2394
Mar
34
34
65
3334
Feb
3434
Feb
North Amer Oil Co com..l
2
Western National Bank.20
1.00
18
Feb
flatl975
37
1975
101
34
3834 $16,000
Mar
3334
Mar
Feb
13
Jan
2894
9034
Mar
580
2994
9334
200
631
534
2,600
9234
Jan
Feb
157
3694
Jan
94
Jan
16834
Jan
Feb
534
Jan
194
2
5.50
194
Jan
200
234
Mar
294
334
Jan
194
1%
394
294
194
1
Mar
194
334
2,650
334
Feb
594
Jan
434
2,750
394
Jan
4%
Mar
394
434
150
494
19
50
17
Jan
19
1094
.1
.
5
Common.
11
200
10
Jan
1194
734
100
534
36
1,600
450
794
16
*16
50
5%
Jan
Feb
33
Jan
Jan
Mar
6
Jan
Jan
3794
Jan
Mar
8%
Jan
16
Feb
1834
Jan
1634
Feb
2034
Jan
Jan
234
Jan
Jan
994
1394
1534
Mar
734
1794
1794
1834
1,161
Brown Fence A Wire—
.1
Common
400
2
2
794
*
894
834
100
5
Class A preferred
1334
1334
1434
400
1034
110
13
13
10
Bunte Bros com....
Bait Traslt Co, 4s
B 5s
1034
Warner Corp—
Bruce Co (E L) com
Bond*—
150
234
Bliss A LaughJln Inc com.5
3.25
2394
New Amsterdam Casualty2
1.60
2434
«r
1134
3534
1.60
-
11%
6
Bendix Aviation com
3.25
-
Jan
534
2234
m
Jan
1234
*
Radio Corp
1734
4*
394
Mar
494
10
1.60
«
Mar
1134
1894
Belden Mfg Co com
Jan
234
200
"234
Bastlan-Blesslng Co com
Mar
Mar
934
334
"~4%
1
2334
Maryland A Pa RR com 100
Merch A Miners Transp..*
M t Ver-Wood Mills com. 100
.
Jan
1034
13
R Fldelltv A Guar
Jan
1.65
High
Mar
300
16034 16294
Aviation A Transport cap.l
118
Ga Sou A Fla 1st pref.. 100
u
9234
Amer Tel A Tel Co cap. 100
11694 11734
934
934
1
20
American Pub Serv preflOO
2.35
934
2534
Finance Co of Am A com .5
28c
29
Feb
Mar
17
Jan
2%
29
11%
1934
Mar
6434
117
100
Fidelity A Deposit
17
64
Eastern Sugars As com vtel
Preferred vtc
1534
56
2.25
preferred v t O...100
Consol Gas E L A Pow... *
434% pref B
75
1934
30c
30c
Bait Transit Co com v t c •
16%
1934
1934
.50
250
1194
3
Alll»-Chaimers Mfg. Co..*
16
*
Arundel Corp
Atlantic Cst Line (Conn)
234
1134
Advanced Alum Castings.5
Allied Laboratories Inc cm*
Low
Shares
3
2%
Aetna Ball Bear Mfg com.l
Shares
Range Since Jan. 1, 1941
W €cK>
Adams Oil A Gas Co com
Week
Price
Par
Stock*—
Week's Range
Par
Stock* (Continued)
Week's Range
Sale
Exchange
Jan
Mar
Jan
Jan
Interstate
5%. 1945
Co 5%
1949
10134
6534
6534
102
102
Par
100
3834
102
Jan
Mar
6534
102
Feb
6534
Mar
102
Mar
Mar
Exchange
Price
Low
334
334
394
850
334
Jan
4
Jan
494
2034
1294
700
494
Feb
534
Jan
150
1994
Jan
2194
Cambl Wyant A Can Fdy*
494
2034
1234
55
1134
Feb
1434
Jan
19
19
100
1734
Feb
21
Jan
92
93
350
89 34
Jan
9534
Burd Piston Ring com
1
10
Butler Brothers
6% cumul
30
Dref
conv
(A M) com. 10
92
High
Sales
for
Shares
Low
5%
594
350
594
Jan
he
ht
350
he
Feb
34
600
4234
30
41
Jan
47
Jan
70
105
Mar
112
Jan
6
Feb
50 c
$7 preferred
Prior Hen pref
6%
2
161 %
102
1,525
Feb
Mar
34 %
Jan
Jan
5034
Jan
1934
Feb
Mar
Jan
Mar
194
Jan
Consolidated OH
45
18
1%
89
Maine—
10
com
4%
Capital
Consolidated Biscuit
Jan
234
Feb
634
Feb
6
Jan
50
534
534
534
300
434
Jan
694
Jan
234
234
134
14
100
134
Jan
294
Mar
300
94
Jan
194
Mar
221
1234
Feb
16
Jan
1734
Mar
2334
Jan
213
Feb
1994
Jan
634
Jan
Jan
2
34
Jan
V t c pref part shares
2
2
100
Jan
2
Jan
Common ptsh v t c A.50
2%
2%
Jan
234
Jan
Common pt shv t c B..»
Container Corp of Amer_2<)
Corp
.
.
12%
260
Jan
12 94
20%
264
194
194
1134
1234
Feb
2034
Jan
Mar
1.00
1.00
5
95c
Jan
1.50
Feb
Crane Co com
6%
6%
77
594
Feb
7
Jan
5%
5%
266
434
Fen
594
Cudahy Packing 7% prflOO
Cunningham DrgStores2 34
17
Decker (A) A Cohn pf.100
Common
24
2
*
2J*
210
2
Mar
334
50
Feb
58 34
Jan
"l~94
13%
*
1734
1594
1734
16
92
92
20
Jan
96
17
17
200
17
Mar
19
Jan
24
24
10
24
Jan
24
Jan
2034
21
535
1934
Feb
2294
Jan
25
894
Mar
11%
1194
1234
200
1194
Mar
1394
1394
394
3234
294
4
350
1394
334
Mar
"3%
Feb
434
Mar
33
300
28 34
Jan
Feb
700
234
Mar
33 94
3
4034
4034
50
37 34
Feb
4594
Jan
634
150
594
Feb
694
Jan
2034
2034
150
19
494
494
700
3634
3634
161
43
44
4
4
47
47
3
3
7
734
100
694
Feb
1894
85
1634
Feb
com
com
*
..
53
115
100
1
1
93
1st preferred
Preferred B
100
84
84
10
80
Jan
8734
100
60
1134
Jan
14%
Jan
100
12%
2%
12%
Adjustment..
2%
20
Mar
Elec Household Utll Corp.6
*
4%
5%
2,165
Jan
Feb
2 34
Eastern SR Lines
1J4
3 34
534
Mar
Elgin Natl Watch Co... 15
Employers Group
*
22%
23%
290
2294
Mar
Gillette Safety
•
394
96
25J4
334
Jan
Jan
4
34% prior pref
100
52%
52%
Jan
Eastern Mass St Ry—
Razor
23%
3
75c
Jan
3
Feb
1
Jan
5%
Mergentbaler
v t c
Linotype..*
Eversharp Inc com
New England Tel A Tel 100
11
40c
434
Jan
"urn
12 34
Feb
1694
Jan
Fuller Mfg Co com..
1
200
25c
Feb
52c
Jan
General Foods
*
375
1934
Feb
Jan
Gen Motors Corp
634
460
434
Jan
369
117
13
5
..250
22
5
5
26
634
Feb
129
Mar
5
Mar
Jan
com
10
com
Class A
"43""
_.*
Mar
Gillette Safety Razor com *
'16
69
he
Jan
he
Feb
Goldblatt Bros Inc com..*
26c
'""29c
434
General Outdoor Adv com*
Hi
29c
250
26c
Mar
37c
Jan
Goodyear T A Rub com..*
N Y N H A Hart RR..100
North Butte...
6
Fox (Peter) Brewing com .5
6
100
"294
*
Drive Auto.10
Jan
2134
4
.1
Fairbanks Morse com
118% 11994
21%
N arragansettRacg Assnl nel
New River com.
12 %
30c
1
Mass. Utll Ass
135
12%
100
cum pref
4%
4
*
Eddy Paper Corp (The)..*
Four Wheel
100
25
*
com
Dodge Mfg Corp com
734
18
100
13c
20c
664
9c
Jan
25c
Mar
Gossard (H W) com
*
"io"
Old Dominion Co
25
17c
17c
140
17c
Maf
17c
Mar
Great T ,akes DAD com..*
16%
Pacific Mil's Co.
*
1194
13 34
234
1194
Feb
1334
Mar
Hall Printing Co com
Old Colony RR
...60
23%
23%
2434
1,245
22
Feb
24
Reece Button Hole Co.. 10
894
8%
894
120
8
Feb
10
Pennsylvania RR
.
.
Jan
34
Stone A Webster
Jan
Helleman Brewing cap.
10
Shawmut Assn T C
1
1
18
1
Feb
134
Jan
10
110
10
Feb
1034
Jan
Hlbb-Spencer Bart
7
125
534
Feb
894
Jan
Borders Inc
United Shoe Mach Corp.26
6%
28%
38%
65%
56%
Vermont A Mass Ry.__100
99
Torrlngton Co (The)
*
Union Twist Drill Co
6
38%
United Fruit Co
*
65%
2934
195
26 34
3994
335
33 34
Feb
Feb
6794
768
6034
Feb
58
395
55
Mar
9934
Mar
15
Jan
3034
40
Feb
7
Jan
934
Jan
934
Jan
14
Jan
Mar
Houdallle-Hershey cl B
Hupp Motor Car com
Jan
Illinois ftuick Co cap
Jan
107
*
Hubbell, Harvey Inccom.5
Jan
7034
6034
Illinois Central RR
Mar
5
Jan
394
15
Feb
Jan
Feb
494
Jan
47
Mar
3
Mar
Jan
Jan
994
Feb
2034
1034
1434
Feb
17
1334
Mar
30
7
Jan
834
150
834
Mar
894
50
894
Mar
3834
1334
1134
40
3794
Feb
17
180
1294 [Mar
Jan
Jan
Mar
1694
Jan
Mar
8
934
994
Jan
Jan
40
Jan
14 94
Jan
Feb
13%
Jan
50
1594
Feb
17%
Jan
%
700
he
Mar
%
Jan
3
3
10
394
8
100
8
100
234
Feb
734
600
634
2594
Feb
89*
Feb
29 91
Jan
Feb
Jan
94
100
Mar
47
250
1334
Jan
Feb
30%
48 34
1,400
1034
1
com
Jan
434
3394
4094
17
*
com
Jan
23
70
17
894
x38%
.25
Jan
12
10
834
1
..
com
15
Feb
1294
1134
Heln Werner Motor Parts 3
10
...»
8034
1,200
1534
18
Hamilton Mfg cl A pt pf .10
50
294
1334
10
..*
Reece Fold Mach Co
15
Feb
Maine Central—
Common
85
Diamond T Motor Car cm2
Dixie-Vortex Co
Common
1
25
Continental Steel
Deere A Co
Jan
194
1,100
194
East Gas A Fuel Assn—
30
294
594
950
534
156
Mar
Jan
294
594
376
5%
29
294
5%
*
Jan
.1
2
9
Jan
•
com
5%
5
Jan
5
234
2894
2
Copper Range
Jan
72 34
28%
1(H)
..100
Calumet A Hecla
2734
994
Feb
25
..
34
534
18
5.150
Jan
Mar
Commonwealth Edison—
1
12
134
Mar
VA
*
com
100
12
Feb
134
11234
Consumers Co—
337
342
20%
3 94
434
10%
_*
750
450
Cities Service Co
Club Alum Utensil
48%
Brown A Durrell Co
4%
Jan
18%
Class D 1st pref std.. 100
Boston Per Prop.
*
Boston A Providence... 100
63 34
07%
47%
Class C 1st pref std_.l
834
362
6794
18%
1st prefst
200
65%
3034
Mar
9
834
Chrysler Corp common..6
Mar
Jan
72
Jan
Chicago Yellow Cab Corp.*
8734
73
Feb
Jan
240
Feb
71
Jan
1,682
Jan
Jan
67
111
16834
Jan
l
30
10
10234
112"
834
Jan
Feb
10
Jan
*
.*
34
Feb
72
Feb
16
Mar
%
27%
112
100
1,570
Jan
34
Jan
72
Feb
Mar
Convertible pref.
34
112
2
47%
Prior preferred
200
29
Boston Herald Traveler..*
Class A
70
Jan
8934
31%
Common std
1,050
6994
.5
.
550
94
28
Jan
3194
A
Chicago Towel Co com
com
40
734
%
28
134
31%
Boston
Chic Flexible Shaft
28
1934
15694
Boston Edison Co (new).25
Boston Elevated
100
100
Jan
45c
7
%
1
50
102
89
25c
110
350
28%
2894
161% 162%
Blgelow Sanf Cpt Co pf 100
Boston A Albany
45c
2
2
50
pref
cum
1st preferred..
50
Amer Tel A Tel....... 10f»
40c
109
*
Convertible preferred..*
40c.
34
42%
*
Chicago Corp common
Common.
6
Central A 8 W—
Cent States Pow A Lt pref *
High
Amer Pneumatic Berv Co—
Jan
pfd*
conv
Common
Common
Range Since Jan. 1, 1941
Week
Jan
1
Central 111 Secur
inclusive, compiled from official sales lists
| Friday
I Last Week's Range
of Prices
; Sale
Stocks—
1,000
2,000
Cent 111 Pub ser 36 pref
Boston Stock
Mar. 15 to Mar. 21, both
2,000
"2034
Castle A Co
Ga Sou A Fla Ry
694
125
11
3
Mar
Jan
fndep Pneumatic Tool cap*
Boston A Maine RR—
1960
434
1970
2034
2134
215
19
•
7694
77%
160
Mar
48
4934
244
7494
4634
Feb
2194
9094
5394
18
18
50
1634
Feb
18
12
1294
450
1194
Feb
14
434
434
100
4
734
794
334
100
734
850
3
4734
60
47
130
101
Feb
10694
Jan
334
Jan
39*
Feb
5
Feb
6994
SI,400
6694
Mar
7234
Jan
International Harvest com*
2494
6934
2494
Eastern Mass St Ry—
Series A 434s
1948
5s
*
com.
Inland Steel Co cap
4s
Series B
26
Indiananolls Pr A Lt
Bond*—
26
29,500
1894
Jan
253*
Jan
Iron Fireman Mfg vt c.._*
Jarvis (W B) Co cap
102J4 10234
105
10534
.....1948
8,000
10194
6,300
10234
Jan
Feb
10294
105%
1
1
18
Jan
Katz Drug Co com
Feb
Ken-RadTubeAL'p com A*
Ky Utll )r cum pref
50
6% preferred
100
"434
Kellogg Switchboard com*
Series C 6s
1948
106
106
200
106
Mar
106
Mar
Series D 6s
1948
106
107
800
105
Feb
107
Mar
"3%
394
47
102"
50
10134 102
Jan
Jan
Mar
Jan
434
894
Feb
Jan
334
Mar
Feb
5094
Jan
Jan
Mar
Jan
Leath A Co—
Common
CHICAGO
Llbby McNeillALlbby com?
Unlisted
"l%
St., CHICAGO
Jan
1534
40
Feb
1694
Jan
134
50
14%
1%
Feb
Jan
1534
1434
1,465
1334
Jan
134
1594
450
9
Jan
1434
Feb
200
394
394
5
5
5
594
1494
534
694
Last
Week's Range
for
Sale
of Prices
Shares
Acme Steel Co
com
com
*
25
For footnotes see page
47%
4634
1895
47%
4594
534
Feb
494
Jan
494
Feb
63*
Jan
694
6
150
4,200
334
Feb
6 5*
Mar
he
200
he
Feb
ht
Feb
conv
100
com
pf__ 24
Modine Mfg com
Range Since Jan. 1, 1941
Montgomery
Ward
Low
13
534
Natl Pressure Cooker
.2
534
50
335
334
Jan
934
Mar
63*
Jan
2534
Feb
2794
Jan
35
Feb
Jan
50
24 34
Mar
934
10
187
934
Mar
11
100
4
Mar
100
28
Mar
32
27
Mar
32?*
434
434
29
27
28
2.54
734
8
3,450
594
Jan
934
934
100
934
Mar
100
1034
Jan
628
46
Feb
5334
Jan
Northern 111 FInan com..*
4634
131
4434
Feb
5194
Jan
North Paper Mills com..
11
11
Feb
14%
Mar
25
29
48
5
Jan
534
10
2434
Noblitt-Sparks Ind cap..5
High
200
3794
.10
com
1,090
.
3994
2794
*3634
com
200
4J4
1334
2694
*
com
Muskegon Mot spec cl A_*
Natl Cylinder Gas com
1
National Standard
434
1334
1
North American Car com20
Abbott Laboratories
Jan
Jan
4
1,300
*16
Mpls Brew Co
Week
High
Mar
Midland Utilities—
Sales
Low
Jan
1194
394
Midland United conv pf A*
inclusive, compiled from official sales lists
Price
19*
Feb
*
Mlckelberry's Fd Pr com.l
Middle West Corp cap
6
Chicago Stock Exchange
Par
Jan
Feb
934
50
1
*
6% prior lien
Stocks—
794
1
125
1
Common..
Friday
2,250
10 %
534
134
1494
1394
Miller A Hart
Mar. 15 to Mar. 21, both
5%
1034
1534
Mer A Mfrs Sec cl A com.l
Principal Exchange*
Teletype
Municipal Dept. OGO. 521
La Saile
*
com
50
McCord Rad A Mfg A
Bell System
S.
1
3 34
Loudon Packing com
Marshall Field com
Trading Dept. OGO. 405-406
10
1034
Liquid Carbonic
Pan! R Davis hMo
Member*
534
Lincoln Printing Co com.*
Lion OH Refg Co cap
*
SECURITIES
Listed and
334
43*
8
Jan
Jan
Mar
Jan
Jan
Mar
1094
Feb
12
Jan
Volume
The Commercial & Financial Chronicle
152
Week's
Last
Sale
Stocks {Concluded)
Low
Northwest Eng Co cap
North West Utll—
*
7% preferred
7% prior lien
—
—
-
—
—
Feb
14
Jan
50
19%
Feb
22%
Jan
c
FirestoneT & R
General Electric
12
62
10
Feb
13
Jan
Goodrich (BF)
Feb
63
Feb
Mar
10
Mar
16
16
50
14
Feb
16
Jan
Halle Bros
24
706
22
Feb
24%
Jan
43
523
36%
Jan
Mar
1
%
%
%
200
%
Jan
1
10%
10%
400
9%
Feb
13
Process Corp (The) com..*
2%
2%
11%
2%
300
1%
Feb
85
210
Potter Co (The) com
Pressed Steel Car com
Quaker Oats Co
42%
83
common. •
Preferred
100
150
150
al7%
Mar
105
Jan
Mar
160
Feb
%
Jan
Sangamo Elec Co
41
Mar
43%
Jan
130
12
Feb
12%
Feb
4%
276
3%
Jan
4%
50
10%
Mar
12
Feb
19
Lamson & Sessions
*
Leland Electric.
*
80
Southwest Lt & Pow pfd.
Spiegel Inc
common
_
.
-
120
10%
Mar
*
100
20%
Mar
22%
Jan
c
73%
69%
Feb
78%
Jan
1%
1%
50
1%
Feb
1%
Jan
Ohio Brass B.__——_._*
c Ohio Oil com
*
15%
15%
50
13
15%
Jan
Patterson-Sargent.
50
Mar
18
Jan
Reliance Electric
33%
150
15%
29%
Mar
35%
Jan
c
%
180
%
Mar
%
Jan
Richman Bros
110
Jan
100%
c
11
2%
Feb
22%
Feb
6%
1
57%
Jan
8
100
17
8%
201
7
1%
%
1,019
18%
:
15%
%
100
35
8%
Mar
1%
Mar
%
11%
Jan
%
Mar
115
Feb
6
20%
Jan
15%
21%
Mar
40
6%
Mar
7%
Jan
Feb
10%
Jan
Feb
11
Jan
Mar
16%
Jan
16
75
7%
10%
15%
114
16%
Feb
22%
Jan
33%
1,238
33%
Feb
35%
Jan
a56% 058%
5%
5%
310
Feb
70%
6%
Jan
018% 019%
ol8%
com..—
33%
*
U S Steel com--.
a56%
*
c
Jan
Upson-Walton
1
Jan
Van Dorn Iron Works
*
Feb
Jan
983
25%
Mar
Weinberger Drug Stores..*
White Motcr.
50
6%
620
33
250
2
Feb
29
Jan
Feb
27%
8%
36
Jan
Jan
17%
Mar
19%
22
Mar
24%
033%
Mai
4%
Jan
8%
Mar
10%
Jan
12%
31%
31%
Feb
17%
42%
42%
Jan
55
10
Feb
Feb
5
Jan
Jan
Jan
Jan
Jan
40
Youngstown Sheet & Tube*
Preferred
100
4%
30
9
ol5% a!5%
a34
035%
a33% a34
015%
—-
4%
9
9
55
60
300
60
4%
Jan
Jan
18%
18%
18%
623
22%
22%
22%
2,700
35%
11%
35%
341
34%
Feb
11%
250
12
Jan
68
646
10%
61%
F'eb
66
Feb
70%
Jan
13%
13%
90
12%
Feb
17
Jan
63%
64%
115
61%
Jan
69%
Jan
56%
58%
70%
Jan
26
25
Onion Carb & Carbon cap •
10%
20
16
150
7%
154
_
Jan
5%
Jan
a8%
*
-.5
i.
14%
26%
7%
Feb
Republic Steel
—
70
1%
31%
Texas Corp capital
Jan
Jan
Jan
a8%
10%
Jan
13%
7%
Trane Co (The) com
Jan
Feb
o7
.
Jan
1%
31%
Swift International cap.. 15
.25
Jan
06%
12%
1%
50
200
6
Swift A Co
Mar
%
147
%
al2% a!3%
o21% 022
65
66%
Sunstrand Mach T'l com.5
Feb
%
N Y Central RR com... *
Otis Steel.!
■
25%
25
3%
26
Jan
■■■
13%
1%
Mar
11
•
18%
831
66%
20
Stewart Warner...
1%
20%
—
*
2
__1
Standard Oil of Ind
*
100% 100%
6%
5%
—- —
St Louis Natl Stk Yds cap *
Stand Dredging pref
Common
8%
National The
33
33
..25
com
Miller Wholesale Drug—.*
15%
15%
6
Sou Colo Pow cl A
Medusa Portland Cement*
Jan
Feb
100
72%
*
cap
Jan
1%
2
50
200
1%
1%
.*
8ou Bend Lathe Wks
19
3%
10%
1
!
com
10%
4%
20%
81gnode Steel StrapCommon
Mar
124
50
_
1
Sivyer Steel Castings
20%
■
Sears Roebuck <fc Co cap..*
Serrlck Corp cl B com
Jan
12%
1%
1%
V
*
com
19
Jan
Jan
46%
Jan
Feb
42%
1
50c
_i
14%
20%
12%
50
10
—
Raytheon Mfg Co 6% pf.5
Common
Feb
Feb
42
42
*
Nestle LeMur A...
Rath Packing com
Feb
23%
Interlake Steamship
149%
Feb
Feb
10%
3%
23%
Kelly Island Lime & Tr__*
40
151%
Jan
18%
35%
16
30%
11%
16%
5
com..
Jan
Mar
7
36%
20%
Jan
2%
17
95
Feb
20%
Industrial Rayon com..*
c
7
176
High
29%
100
Harbauer Co
42%
43%
%
100
cap
*
Great Lakes Towing
23%
10
50
Peoples G Lt&Coke
50
33%
16%
032% a33%
ol3% al3%
017% al8%
a32%
Goodyear Tire & Rubber.*
Low
Shares
33%
16%
*
com
8
20
Week
-.10
com
11
30
for
of Prices
Low
High
*
54%
130
60%
*»«•»
«
Week's Range
Price
Par
Eaton Mfg
10
t+W—
*
Penn RR capital
11
12
100
Penn Elec Switch cl A
50
19%
11%
19%
100
com
11%
c
Northwest Bancorp com..*
Ontario Mfg Co
Stocks (Concluded)
High
Low
Shares
High
Range Since Jan. 1, 1941
Last
Sale
Range Since Jan. 1, 1941
for
Week
of Prices
Price
Par
Range
Sales
Friday
Sales
Friday
1893
67
Onlted Air Lines Tr cap..5
W ATLING, LERCHEN
fit CO.
Members
'
U S Gypsum Co
20
—...
United States Steel com..*
56%
7%
com
117
%
150
he
%
Feb
55
181
%
Utah Radio Products com 1
1,900
120% 121%
100
pref
cum
1,150
Feb
%
130
Jan
Mar
1
New
York Stock Exchange
,.5
%
Jan
1%
200
1%
1%
•
19%
20%
275
19%
Feb
22%
Jan
21%
22%
257
19
Feb
22%
Westnghs El & Mfg com.50
95%
96%
112
90%
Feb
104%
Jan
2%
4%
3%
1,200
1
Jan
3%
Mar
4%
100
4%
Mar
5%
Jan
4%
4%
50
4%
Mar
5
Jan
65%
65%
50
65%
Mar
14%
14%
270
12%
Feb
Telephone: Randolph 5530
Jan
Westn Union Teleg cm. 100
DETROIT
Ford Building
Jan
Feb
Ji«
Chicago Stock Exchange
Exchange
Detroit Stock
Jan
Utility & Ind Corp—
Common...
New York Curb Associate
Convertible preferred. .7
Walgreen Co com
1%
3
Williams Oll-O-Maticcom *
Wisconsin Bankshrs com.*
-
Woodall Industries cap...2
-
—
-
-
—
Wrlgley (Wm Jr) Co cap.*
Zenith Radio Corp com.. •
------
1%
Jan
Detroit Stock
21, both inclusive,
Mar. 15 to Mar.
Friday
Week's Range
Last
Jan
79%
15%
Jan
Exchange
Auto
1
Last
Sale
Par
Stocks—
Carthage Mills B
Champ Paper pref
Preferred
i -.
_
*
.
-
-
«
I
*
Eagle, Pi cher
Found Investment.
-
-
.....
"27"
Part
Jan
Mar
30
Mar
16%
40
104
Jan
106
Feb
110
3%
103%
3%
Feb
4
Jan
Jan
104%
69
107%
Feb
3%
260
Mar
4
Jan
96%
73
95
Feb
99
Jan
50
2
Mar
15
30
Feb
37
9%
200
23
27%
Mar
Jan
Feb
10%
21%
Jan
23
Mar
26%
Mar
29
Jan
95
200
%
Feb
15
40
11%
Jan
1%
16%
39
12
38
Apr
45
Jan
25%
25%
24%
Feb
30
Jan
Feb
Feb
10%
10%
Feb
Feb
Mar
2%
Mar
1
-
"15"
pref-.--.,—.. .100
Hobart A
~25%
Kroger.
15
1%
356
40
10
10
10
Nash
.25
10%
10%
2
National Pumps pref-.
.10
2%
2%
100
53%
383
2%
55%
2%
534
51%
1 %
17%
7%
17%
7%
214
15
Manischewitz.
— -
_—.
55
Procter & Gamble.—.
U SPrinting.
Preferred
37
Mar
;C 8%
10
27
2%
39
*
Hatfield
'
Burry Biscuit
20
3%
23
-
Gibson Art
High
Feb
104%
2%
9
163
30
96
37
Low
Shares
— -
.50
-----....
.10
Wurlltzer..—
10%
2
10
Feb
Jan
Mar
58
Jan
Jan
Mar
2%
18
Mar
Mar
9%
Jan
—
*
-
Goebel Brewing com
1
Feb
20c
Feb
6%
22%
135
90c
91c
300
75c
Jan
97c
8
8%
1,165
7%
Feb
8%
Jan
45c
50c
500
30c
Jan
50c
Mar
64%
64%
165
64%
Mar
60c
Mar
....
w
-
— -
70c
60c
75c
3%
3%
640
85c
73c
93c
2%
2%
Unlisted—
City Ice—
Colum bia Gas
.....
*
.
AO
General Motors.—
43%
*
TimkenR Bearing—
14%
9%
196
11%
Feb
15%
Jan
4
Feb
462
4%
43
Jan
Feb
Feb
10%
4%
43%
9%
3%
40%
Jan
Jan
42%
14
._*
42%
19
13%
9%
3%
275
42
Mar
48%
51%
Jan
11%
11%
Feb
4%
4%
6%
3,325
4%
Mar
6%
8
8
8
1,110
8
Mar
8
•
-
-
-
33%
Last
Sale
Pa*
Stocks—
Price
200
33%
Feb
950
2%
6
89%
3%
bf Amer—3
pr^f
100
Brewing Corp
City Ice & Fuel
*
Cl Cliffs Iron pref
*
c Cl Graphite Bronze coml
Cleveland Ry
Cliffs Corp com
Colonial Finance
Dow
Chemical pref
100
a9%
76
100 "32"
14%
5
11%
1
100 113
For footnotes see page
High
al3% al4
Addressogrph-Mul com 10
Akron Brass Mfg
50c
Apex Elec Mfg pref
100
e
Canfield Oil
Range
of Prices
Low
1895.
6%
89%
4
100
a9% alO
73%
76
a27% a28%
29%
32%
14%
11%
113
15
11%
115
95
150
15
410
8
115
229
10
617
955
500
80
High
13%
89%
Mar
Jan
Mar
3%
Mar
4%
100
9%
72%
27%
26%
14%
11%
110
Mar
Jan
Feb
Feb
Feb
Feb
Mar
Jan
15%
6%
89%
4%
100
Jan
Mar
Mar
Jan
2%
Jan
1.00
Mar
7%
400
18%
Feb
com_..l
40c
38c
40c
700
36c
Jan
45c
Jan
Kingston Products com__l
1%
1%
1%
1,000
1
Mar
1%
Jan
1%
1%
3,060
1%
Jan
1%
Mar
20c
21c
16c
Jan
25c
Jan
60c
Jan
1.25
Mar
4.25
Jan
5.75
Mar
1%
Hurd Lock & Mfg
2%
-
19%
Masco Screw Prod com.—1
1
McClanahan Oil com
Michigan Sugar com
Preferred i
.
.
_
"~20c
1.00
—
—
1.00
1%
5.50
*
10
Mid-West Abrasive com50c
20
3,000
1,065
5.50
5%
690
—
——
-
— -
Feb
79
Jan
33%
32%
Jan
Mar
17%
Jan
13
Jan
115
Mar
20
1%
1%
Mar
6%
985
5%
Feb
2%
250
2%
Feb
478
25%
Feb
Jan
Jan
1%
6%
2%
Jan
Mar
100
com.l
"1%
1%
1%
300
1%
Jan
Prudential Invest com—1
1%
1%
1%
300
1%
Feb
1
1
300
1
Jan
2%
2%
200
Feb
2%
1%
1%
150
2%
1%
530
Jan
8%
3%
30%
1%
1%
1%
10
Murray Corp com..
—
Packard Motor Car com..*
—
m
28
Peninsular Mtl Prod
5
Reo Motor com...
2
com..*
Rickel (H W) com..
River Ralson Paper
""2%
18
28
1%
1%
1%
1%
18%
3%
1%
1%
*
11%
11%
11%
98
98
10
...1
------
...100
1
-1
1
....-
*
1
3%
— — — —
-
-
—
—
—
-
-
——————
------
Jan
Mar
4%
Jan
Feb
1%
1%
Jan
11%
99%
Feb
1%
4%
Jan
3%
1
300
1%
Mar
130
10%
Jan
Mar
98
182
1%
Jan
400
3
Feb
9%
375
8%
Feb
1%
100
1
Jan
1%
1%
550
1
3
300
\2
12c
100
Sale
Par
Price
1%
50c
Barker Bros 5%% pref..50
Blue Diamond Corp
2
Bolsa-Chlca Oil cl A com 10
Broadway Dept Store
*
Aircraft Accessories
Jan
3
Feb
Feb
13c
Feb
Jan
official sales lists
Sales
Week's Range
of Prices
High
Low
1%
31
31
2
2
1%
4
1%
31
2%
Range Since Jan. 1, 1941
for
Week
Shares
1%
50
27%
1%
817
1%
1%
200
4
4
200
High
Low
1,600
1%
4
Jan
Feb
Jan
1%
Feb
5%
11%
18%
Jan
Jan
Mar
68%
Mar
com..*
al9% al9%
60
..5
a63%
a63% a66%
120
17%
63%
Feb
Feb
Consolidated OH Corp
*
Consolidated Steel Corp..*
Preferred
*
Creameries of Amer vtc__l
5%
5%
7
19%
697
5%
Feb
5%
Feb
*
Electrical Products Corp.4
Emsco Derrick & Equip..5
Exeter Oil Co cl A com—1
6%
6%
19%
19%
6
a74%
9
6%
19c
0
0
660
925
17
Feb
6
8
20%
6
150
5%
Feb
25
68%
Feb
68%
Feb
a74% a74%
9
9%
6%
6%
1,635
100
6%
Mar
9%
7%
19c
1,300
19c
Mar
25c
19c
9
Jan
Mar
Feb
Mar
5%
31
Feb
10%
•
2%
2%
Jan
30
Douglas Aircraft Co
Jan
Jan
al0% al0%
*
Chrysler Corp
Jan
10
1%
1%
al0%
al9%
Calif Packing Corp
Jan
Feb
10c
both inclusive, compiled from
Last
Byron Jackson Co
Jan
Angeles Stock Exchange
15 to Mar. 21,
Stocks-
Jan
Jan
1%
12c
Jan
Jan
1%
900
*
Jan
20%
3%
1%
3%
9%
1%
Jan
Feb
250
20
Jan
Mar
18
2%
"1%
Mar
10%
Jan
Mar
Los
Low
Mar
75c
Mar.
Range Since Jan. 1, 1941
for
Jan
33%
6%
Wayne Screw Prod com..4
Wolverine Brewing com —1
Week
Jan
Mar
218
Cleveland
Shares
14
1,400
-
Sales
Week's
Jan
1%
33%
2%
Friday
Friday
Jan
Jan
11%
80c
Warner Aircraft com
Cleveland Stock Exchange
both inclusive, compiled from official sales lists
Feb
45c
25c
100
6%
Preferred
Mar. 15 to Mar. 21,
2%
650
75c
Tivoli Brewing com
A. T. & T. CLEV. 565 & 566
Mar
6%
Universal Cooler J3
5050
92c
75c
United Specialties...
Telephone: CHerry
Jan
6%
Stearns (Fred'k) com
(ffi RUSSELLdb.
68c
28c
-
Jan
4
2%
—
Jan
Mar
Feb
11%
—
Jan
*
Hoover Ball & Bear com. 10
Udylite
Union Commerct Binding,
75c
Jan
Mar
3
25c
Hall Lamp com
Shelter Mfg com
GILL1S
68
9,365
1,300 ;;
Simplicity Pattern com__l
Std Tube B com
.1
Members Cleveland Stock Exchange
24
Graham-Paige com...._.l
Scotten-Dlllon com
Ohio Listed and Unlisted Securities
Feb
20
1,050
3%
Parke Davis com........*
Amer Rolling Mill.-. ...25
Jan
17c
5%
64%
*
1
—10
*
Jan
225
2,300
8
com....10
Det-Michigan Stove com.l
Detroit Paper Prod com-.l
Gemmer Mfg A
6%
18c
Det & Clev Nav
Preferred
High
Jan
6%
— — —
1
Continental Motors corn.l
Federal Mogul com..
Low
5%
1,760
5%
22%
-
-
Mach--J.*
Gar Wood Ind com
Range Since Jan. 1, 1941
for
Week
Shares
91c
-
—
l
com—12%c
5
6%
Sales
18c
—
Chrysler Corp com
Consumers Steel com
.
Feb
7%
Brown McLaren com.
Burroughs Add
27
2
-
-100
-
19%
30
3%
10
_
19 %
104
96%
Cincinnati Telephone—50
_
Week
3%
—
Dow Drug
of Prices
Low
High
104
——*
Cin Gas & Elec pref
100
Cincinnati Street._.....50
Churngold
for
30
im
20
40
100
Mach
Am Laundry
Price
Range Since Jan. 1, 194
Week's Range
....*
Briggs Mfg com
6%
6%
com...5
City Brew corn
1
Baldwin Rubber com
Sales
Friday
Price
Par
Atlas Drop Forge
both inclusive, compiled from official sales list8
Mar. 15 to Mar. 21,
of Prices
Low
High
Sale
Stocks—
Cincinnati Stock
Exchange
compiled from official sales lists
Jan
Jan
Jan
Mar
Feb
Jan
Jan
Feb
The Commercial & Financial Chronicle
1894
March
Last
California Securities
General Motors
Los Angeles
STOCKS—BONDS
Bell
30
1
Pennsylvania RR
50
23%
116%
PhlJa Elec Power pref...25
Phlla Insulated Wire..-..*
Friday
Week's Range
Sale
Farmers & Merch Natl. 100
Low
391
H.gh
391
for
Range Since Jan. 1, 1941
Week.
of Prices
Price
Par
Shares
391
Low
10
43%
General Paint Corp com..*
6%
Goodyear Tire A Rubber.*
43%
6%
390
10
al7%
31%
Hancock Oil Co A com...*
643
43%
Feb
410%
Jan
Feb
6%
Jan
Feb
Jan
Feb
47%
6%
18%
Feb
19%
6
200
al7% al8%
31%
42%
60
32
416
31%
Feb
%
%
139
%
Mar
»»
Jan
Lincoln Petroleum Co.. 10c
a42c
a39c
46c
35,225
20c
Jan
46c
Mar
Locxheed Aircraft Corp__l
24%
24%
24%
235
Los Angeles Investment. 10
a6
ad
ad
Hupp Motor Car Corp... 1
21
Feb
Feb
33%
28
Jan
40
5%
Jan
6%
1%
Feb
2%
Philco Corp
2%
3.474
1
6c
6c
6c
1,000
6c
Jan
6c
1
43c
43c
43c
350
30c
Jan
43c
Mar
11%
12%
10
11
10
Elec com..26
a
6%% 1st pref
25
10
Pacific indemnity Co
Pacific Lighting com
11
11
100
10%
Feb
12%
10%
27%
30%
12%
300
12%
Mar
10%
750
10%
Mar
27%
370
26
Feb
30%
150
30
40
Preferred C
Pacific Gas
2%
12%
10%
27%
30%
..10
40
40
140
39%
36%
*
a36
Pacific Public Service com *
4
1st preferred..........*
225
a35% a36%
4
4
100
Security Co units ben Int.*
...1
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..26
40
Jan
Jan
Feb
Jan
Jan
1,565
3%
Feb
31%
82
30%
31%
3%
o5%
3%
1,195
a5%
60
1,194
Mar
Feb
25%
25%
44
44
29%
29%
427
29%
Feb
5%%prefclC
29%
29%
33 %
29%
29%
499
28%
Feb
33%
9%
278
33%
8%
Mar
19%
1,570
13%
a9%
7%
33%
9%
18%
1%
4%
13%
a9%
7%
6%
6%
So Calif Gas
Southern
6% pref cl A 26
Pacific Co
•
9%
19%
1 %
4%
Standard Oil Co of Calif..*
Sunray OH Corp
Transamerlca Corp
1
2
25
Union Oil of Calif
United Aircraft Products. 1
Universal Consol Oil
10
Vega Airplane Co
1%
1
Vultee Aircraft Inc
Feb
25%
44
585
22
1,958
Jan
2%
24%
Feb
Mar
Jan
15
171%
Mai
182%
Feb
89
114%
Mar
118
Jan
610
25%
13%
Mar
31%
Jan
Mar
15
Jan
14
20
73
11
Jan
170
12%
Feb
12%
14%
Jan
14%
25
21%
Jan
24
Jan
2%
33%
52%
Mar
3%
Jan
Jan
37%
58%
Jan
Jan
2%
150
*
Sun Oil
*
37%
51%
36%
51%
%
37%
52%
176
Tonopah Mining.
1
*
"i%
*
25%
UDited Corp com
Preferred
United Gas Improv com.. *
Preferred.......
Mar
W estm orel an d C oal
200
%
1
1%
3ie
468
18
Mar
Jan
Jan
1
260
24%
25%
8%
8%
111 % 114%
20
Jan
Feb
8
Feb
1%
30%
10%
441
111%
Mar
117%
75
13%
Jan
24%
5,517
18%
Mar
Jan
Jan
Jan
19
Mar
Pittsburgh Stock Exchange
Mar. 15 to Mar. 21,
both inclusive, compiled from official sales lists
Friday
Sales
Last
Week's Range
for
Sale
Stocks—
Par
of Prices
Low
High
Week
Price
Arkansas Natl Gas pfd.100
7%
Blaw-Knox Co..........*
Byers (A M) Co com
..*
Clark (D L) Candy Co...*
6%
8%
6%
Range Since Jan. 1, 1941
Col Gas & Elec Co
4
*
Shares
7%
8%
8%
6%
3%
Low
200
1,020
8
—
High
6%
Mar
7%
95
7%
Feb
10%
Jan
50
8%
6%
Feb
11%
Jan
188
4%
Mar
3%
Jan
Jan
7%
Feb
5
Jan
10
13
13
100
13
Feb
14
Feb
Duquesne Brewing Co
5
11
11
120
11
Feb
12
Jan
1
Devonian Oil Co.
_
.
Jan
Fort Pitt Brewing...
Jan
Harbison Walker Ref com.*
28
Jan
47%
30%
Jan
Jan
29%
34%
Mar
Jan
10%
Jan
Feb
18
8%
113 %
*
187
Jan
Feb
Jan
Mar
Jan
1%
100
1%
Jan
4%
2,293
4%
Feb
13%
1,440
Jan
5%
1%
20
*
com
Mt Full Supply Co
_
.
_
9%
10
.
Pittsburgh Brew Co pref.*
Pittsburgh Plate Glass..25
81%
Pittsburgh Screw & Bolt..*
San Toy Mining Co
95%
9%
5%
29%
80%
85%
3c
Jan
14%
Jan
9%
Mar
9%
Mar
Westlnghouse Air Brake.. *
Mar
9
1,118
8%
Jan
6%
Feb
8%
Jan
1%
Jan
1%
Mar
105
Jan
1%
Jan
21
95%
Mar
918
9%
5%
Mar
1,903
29%
82%
70
29%
Mar
31%
Jan
76
Mar
96%
7%
Jan
3c
Feb
189
Jan
10%
Mar
6
Jan
5%
1,170
3c
9,893
lc
Jan
615
2%
Jan
3
Jan
Jan
95
Mar
3
5%
Feb
Jan
Jan
6%
7%
6%
20
Jan
9%
2%
33
Mar
%
5%
3c
2%
240
20
97
1
7%
I
20
20
Shamrock Oil & Gas com.l
a9%
150
1%
20
100
Lone Star Gas Co
6% preferred
...100
6% preferred
..10
Vanadium-Alloys Steel C_*
Jan
6%
6%
a4 %
a4%
1%
100
4%
13
Feb
95
95
9%
21
80
280
9%
9%
Mar
Mar
9%
38
38
38
405
37
Mar
40
Feb
19%
19%
20%
317
19%
Mar
22%
Jan
2%
390
Jan
2%
Jan
Unlisted—
Pennroad Corp vtc
-.1
88
1%
4%
10
Jan
2%
300
Mining—
Alaska-Juneau Gold
2
7,812
11%
4
20%
1%
6%
a4%
1 %
Western Air Express Corp 1
Yosemite Ptld Cem pref. 10
Mar
2%
Koppers Co pref
25%
25
2%
7%
2%
21%
6%
Jan
44
16
Jan
Jan
38
Feb
3
5%
Origignal
preferred...25
6% pref B
26
Feb
Jan
Feb
1
Jan
4%
3%
Solar Aircraft Co.
Mar
Feb
2,083
3%
31 %
3%
a5%
Mar
7%
8%
o—1
3%
1%
6%
Mar
40
Mar
4
30%
Feb
1.40
1.40
8%
3%
*cf<>n»iiM"
Feb
16%
16%
1.40
8%
.«>
Feb
215
11%
14%
Mar
100
16%
1.40
Ry
Jan
21%
Mar
10%
28%
100
16%
1
com.
JaD
31%
465
Sal t Dome Oil Corp.
Scott Paper.
Mar
4%
17%
1%
10%
Richfield Oil Ccr p com ...»
Republic Petroleum
Jan
120
Mar
50
Jan
2%
Preferred A
993
2%
2%
2%
7%
7%
2%
2%
24
23%
170% 171
115% 117%
31%
30%
3
Jan
Oceanic Oil Co
Pacific Finance Corp com
Mar
30
Mar
Menasco Mfg Go
Nordon Corp Ltd
1
116%
48%
..50
Reading RR
2nd preferred.....
High
1
General Motors com
15
35
30%
14
High
Feb
bales
Lam
Stocks (Conclwled)
31
Low
40%
2%
7%
2%
Penna Salt Mfg....
50
PhiJa Elec of Pa $5 pref..*
Teletype LA 25-24
Range Since Jan. 1, 1941
Shares
44%
42%
116% 116%
*
Pennroad Corp v t c
Los Angeles Stock Exchange
System
Price
10
Natl Power A Light
MEMBER
Telephone VAndlke 1071
Week
LebJgh Coal & Navigatn
Lehigh Valley
....50
1921
Established
for
of Prices
Low
High
Horn & Hard (Pbila) com. *
Horn&HardartlN Y) com*
Akin-Lambert Company
639 South Spring Street,
Week's Range
Sale
Par
1941
Sales
Friday
Stocks (Concluded)
22,
4%
100
4%
Mar
10c
lc
lc
lc
2,000
lc
Mar
lc
1%
1%
1,%
100
1.20
Jan
1.50
Feb
2%c
2%c
2%c
1,000
2%c
Mar
3c
Mar
*
a6 %
ad %
a6%
..100 al61% alG0%a!62%
30
Mar
7
223
6%
157%
Jan
157%
Jan
...60
a24%
325
22%
Feb
27%
Jan
5
a4%
70
4%
Feb
St. Louis Listed and Unlisted Securities
Mar
Cons Chollar G & S Mng.l
Jan
Mar
Calumet Gold..
—
ZendaGold
1
5
Jan
Edward D. Jones & Co.
Unlisted —
Amer Rad & Rtd Sanl
Amer Tel & Tel Co.
Anaconda Copper..
Armour & Co (111)
Atchen Topk & 8 Fe RylOO
Atlantic Refg Co (The)..25
Aviation Corp
24
a21%
(The) (Del)3
3%
Baldwin Locomotive vtc..
a24% a24%
a4%
a5
24
24%
a21% a21%
3%
3%
15%
15%
78%
Established 1922
Jan
345
18%
85
21%
Feb
5%
24%
21%
225
3%
Mar
4%
Investment
Boatmen's Bank
Jan
Jan
15%
120
14
Feb
*
78%
80%
241
76
Mar
18%
83%
5
al7%
al7% al8%
70
25
a3%
40
3%
Mar
3%
Mar
Caterpillar Tractor Co...*
a44%
a3%
a3%
a44% a44%
%
Feb
%
Jan
CEntral 7600
Postal Long Distance
A. T. T. Teletype STL 593
Chicago Stock E; change
New York Curb Exchange Associate
Jan
Bethlehem Steel Corp
Phone
St. Lolls Stock Exchange
Feb
Borg-Warner Corp...
Securities
Building, ST. LOUIS
Members
Canadian Pacific Ry
Commonwealth & Sou
Jan
St* Louis Stock
38
*
%
%
%
200
Continental Motors Corp. 1
a3%
a3%
«3%
Mar.
Exchange
20
Curtlss-Wright Corp
1
9
9
9
175
7%
Feb
9%
•
33
33
33
195
32%
Feb
34%
Jan
35%
36%
al2% al2%
265
35%
Mar
36%
Mar
60
11%
Feb
13%
Mar
a26% a20%
90
a34% <z34%
17
33%
Mar
Feb
Jan
General Foods Corp.....*
35%
Goodrich (B F) Co
*
Intl Nickel Co of Canada.*
al2%
a2G%
Kennecott Copper Corp..*
Loew's Inc
*
a34%
Montgomery Ward & Co *
a37%
Mountain City Copper..5c
New York Central RR
*
3%
No American Aviation... 1
al2%
al4%
North American Co
*
al5%
Packard Motor Car Co...*
a2%
al2%
a23%
Paramount Pictures Inc..l
Pennsylvania
RR.-
50
Radio Corp of America
*
Republic Steel Corp
•
Sears Roebuck & Co
*
Socony-Vaouura Oil Co.,15
Southern Ry Co
*
Standard Brands Inc
*
Standard Oil Co (N J)...25
a35
25
22%
Texas Corp (The)
26
Union Carbide & Carbon.*
a35%
a67%
al3%
United Air Lines Transp..5
United Aircraft Corp
6
United Corp (The) (Del).*
US Rubber Co
10
U 8 Steel Corp
a38%
1%
a23%
•
56%
Warner Bros Pictures Inc 5
Westlnghouse El & Mfg.50
Willys-Overland Motors..1
165
30%
Feb
176
37
Feb
39
3%
3%
al2% al2%
al4% al5%
al5% al5%
100
a2%
a3
a96
1%
Jan
3%
12
Feb
15
Jan
60
13%
Feb
17%
17%
Jan
143
14%
Feb
Mar
30
2%
10%
Feb
11%
Jan
8
22%
Feb
23
Jan
10
al2% fll2%
o23% a23%
a4
Mar
3%
Feb
67
«2%
a4
al9%
a73%
8%
al2%
a6%
Swift & Co
32%
a37%
32%
a37
a4
25
al9% al9%
a72% a73%
8%
8%
231
al2% al2%
''
4
Feb
Jan
3
Jan
4%
Jan
18%
Feb
22%
Jan
72
Jan
72
Jan
25
126
91
8%
Feb
9%
Jan
a6
a6%
20
6
Feb
Jan
35
a35%
126
34
Jan
6%
35%
Jan
22%
22%
a35% 035%
aG7% 067%
al3% al3%
a38% a39%
145
22
Mar
23
Feb
31
37
Jan
37
Jan
45
64%
Feb
66
Mar
20
13%
36%
Feb
13%
36%
Feb
Mar
1%
Jan
Feb
21%
68%
Feb
Mar
a
1%
75
1%
400
a22% a23%
56%
56%
a3
a2%
110
410
Feb
1%
21%
56%
a 96
1%
80
a96
1%
Feb
2%
Feb
Jan
Jan
3%
10
100
1%
Mar
Last
Sale
Stocks—
Par
1%
Mar
554
48%
113
1
27%
27%
50
Pepper com
*
Emerson Electric pref.. 100
Globe-Democrat pref. .100
Griesedleck-West Br com.*
Par
American Stores
American Tel & Tel
*
100
Week's Range
for
Sale
of Prices
Price
10%
161
Bell Tel Co of Pa pref. .100
Low
High
Shares
Low
111% 111%
210
764
Feb
150%
Mar
89
110%
Jan
Budd (E G) Mfg Co
Budd Wheel Co.
*
4
4%
174
3%
Feb
*
6%
6%
15
Chrysler Corp
5
64%
1%
67%
1%
292
5%
63%
*
100
1%
Feb
Prior preferred
*
Electric Stcr Battery.. 100
33
33
31%
31%
Curtis Pub Co
com
For footnotes
see
oage
20
11
Mar
175
13
Feb
18
44
17
Feb
lcP95.
119
Jan
Feb
Feb
94
"
94
10
91
Jan
95
Feb
117
117
12
117
Mar
117
Mar
21
117
22
25
21
Mar
25
8%
"~29~~
8%
150
1.09
1.10
615
29
8
1.00
Jan
Feb
8%
Mar
Feb
1.10
Mar
Feb
29%
248
29
Mar
13
100
13
Mar
35
6
35
Mar
31%
13%
35%
McQuay-Norrls
36%
13%
14%
36%
13%
15
36
Mar
38
Jan
100
Feb
15
Feb
14%
31
Feb
16
com
*
Midwest Pip & Sply com.*
Mo Portland Cemnt coin25
Natl Bearings Metals com*
Preferred
100
National Candy com
2nd pref
19
...100
140
18
Mar
20
101
Mar
101
Mar
7
503
6
Jan
7
Mar
96
Mar
1.00
45
Scullln Steel
11
*
19
101
96
Scruggs-V-B Inc pref. .100
45
96
6
1.00
80
1.00
Mar
27
45
42%
Feb
11
11
Securities Inv com...
*
37%
Sterling Alum
1
7%
37%
7%
450
7%
26
583
24%
75
75
$1,000
75
69%
11%
70%
14,000
68%
5,200
11%
com
Wagner Electric
15
com
Jan
18
6%
St Louis Pb Srv com cl A_1
com
13%
13%
Jan
Jan
101
*
25%
24%
40
10%
25
.
37
Jan
22%
98
Jan
1.05
45
Jan
Mar
Feb
14%
Jan
.38%
Jan
Mar
Jan
Mar
8%
28
Mar
75
Jan
74
Jan
Jan
12
Mar
Jan
Jan
Bonds—-
Befv 5s
1959
____1964
Mar. 15
to Mar.
12
Francisco Stock
Exchange
Sales
Week's Range
for
Sale
of Prices
Week
Jan
Stocks—
Mar
21, both inclusive, compiled from official sales lists
Jan
Jan
13%
15%
19%
11
14
Friday
11%
168%
Mar
13
High
9%
Feb
28
13%
Last
10%
10%
160% 162%
50
Mar
35
com
San
Range Since Jan. 1, 1941
Feb
26%
*
Income
Week
Jan
13%
Knapp Mon pref $2.70 ...*
Johnson-S-S Shoe
Sales
Last
48
High
Mar
11
Huttig S & D com
5
Hydraulic Prsd Brk pfdlOO
International Shoe com..*
Low
12%
18
13%
Ely & Walker D Gds com25
inclusive, compiled from official sales list.
Friday
Stocks—
Week
Shares
12%
Chic & Sou Air Line pref. 10
St L Pub
Philadelphia Stock Exchange
High
12%
48%
St Louis Car 6s extd
Mar. 15 to Mar. 21, both
Low
Range Since Jan. 1, 1941
50
5% pref
Burkhart Mfg com
Dr
for
of Prices
Price
sales lists
Sales
Week's Range
American Invest com____l
33%
32%
32%
inclusive, compiled from official
Friday
Jan
General Electric Co...
15 to Mar. 21, both
Par
5%
Jan
Aircraft Accessories
Feb
7%
Jan
Anglo Calif Natl Bank..20
Feb
71%
JaD
Assoc Ins Fund Inc
Price
50c
1%
Jan
Atlas Imp Diesel Engine
50
32%
Feb
34 %
Feb
Bank of Calif N A
620
31%
Mar
34 %
Jan
Bishop Oil Co
10
5
80
2
Low
High
Range Since Jan. 1. 1941
Shares
1.60
1.60
1.75
8%
4%
7%
8%
575
~4%
4%
360
7%
494
109
1.25
109
1.25
680
10
100
Low
1.60
High
Mar
2.10
Jan
8%
Mar
9%
Jan
4%
Mar
5
Jan
Feb
Mar
7%
112%
Feb
Mar
1.75
Jan
6%
107
1.25
Feb
|
'
■
Volume
/
The Commercial & Financial Chronicle
152
1895
Sales
Friday
Week's
Last
Sale
Orders
open
solicited
Pacific
on
Coast
Stock
Exchanges,
which
Stocks
are
(Concluded)
Low
Price
Par
Range Since Jan. 1, 1941
for
Range
Week
of Prices
High
Low
Shares
High
until 5:31 P. M. Eastern Standard Time (3 P. ML Saturdays)
680
Feb
22%
Jan
24%
4%
Pennsylvania RR Co...50
Members
New
York
23%
23%
Radio Corp of America
Schwabacher & Co.
23%
a4%
a4
a4%
55
4
Mar
31
30%
31
277
29
Jan
31
Mar
25%
25%
675
25%
Feb
28
Jan
25
29%
29%
206
28%
Feb
29%
Jan
*
a6%
o6%
85
6%
Feb
6%
Stock Exchange
Jan
6%
6%
130
6%
Mar
8%
Jan
60
Jan
42%
100
37%
1%
Mar
1%
Jan,
300
1.00
Jan
1.30
Feb
879
56%
Mar
70%
Feb
5%% pref
Standard Brands
111
*
Schumach Wall Bd pref..*
So Calif Edison com
26
Broadway, New York
Inc
Studebaker Corp com
6%
1
United Aircraft Corp cap.5
United Corp of Del
*
Cortlandt 7-4150
Private Wire to own offices In San Francisco and Los Angeles
U S Petroleum Co
038% a38%
1%
1.10
—-1
1%
1.10
United States Steel com..*
58
Range Since Jan. 1, 1941
for
Sale
Stocks (Continued)
Week's Range
Gf Prices
2%
700
1%
Jan
2%
Mar
5
3%
3%
100
3
Feb
3%
Feb
9c
9c
100
6c
Feb
11c
Jan
80c
80c
200
70c
Feb
81c
Jan
2%
Week
Price
Par
Jan
Westates Petroleum com.l
Warner Bros Pictures
Last
1%
1.10
58%
2%
Utah-Idaho Sugar com...5
Sales
Friday
.
Jan
Low
High
High
Low
Shares
Preferred
*
Jan
9
Mar
9%
1,687
9
Mar
11%
Jan
19%
20%
1,632
17
Feb
20%
Mar
51%
51%
13
51%
Jan
62%
26%
44%
38
26%
Mar
27%
502
44%
Mar
50
3%
1,200
2.90
Feb
4
65%
65%
200
63%
Feb
71
Jan
10
40
40
155
40
Feb
42%
Feb
Coast Count G&E 1st pf 25
27
27%
114
26
Feb
Consol Aircraft Corp com.l
27
27
150
27
Mar
b Ex-stock dividend,
Odd lot sales,
c
Jan
3%
a
Jan
44%
Admitted to unlisted
trading privileges,
d Deferred delivery,
s Cash sale—not Included In range for
year,
x Ex-dividend,
y Ex-rights,
z Listed,
t In default.
J Title changed from
No par value,
Jan
26%
1
Byron Jackson Co
*
10%
Calamba Sugar com
20
Calif Packing Corp com..*
20%
Preferred
9%
50
Calif Water Service pref 25
Caterpillar Tractor com..*
Central Eureka Mln com.l
Chrysler Corp
Clorox Chemical Co
9
3%
5
com
10%
10%
120
11%
The Wahl Co. to Evereharp, Inc.
Canadian Markets
Jan
28%
(Continued from
page
1897)
Jan
Mar
27
Jan
5%
120
5%
Mar
12%
12%
13%
897
12%
Feb
15%
Jan
•
86%
86%
86%
180
86
Feb
92
Jan
Di Giorgio Fruit pref
100
7%
7
7%
90
6
Jan
7%
Jan
Doernbecher Mfg Co
*
3
3
Feb
3.00
Jan
Creameries of Amer com..l
5%
Crown Zellerbach com...5
Preferred
El Dorado Oil Works—
*
_.*
Electrical Products Corp .4
Emporium Cap well com..*
Ewa Plantation cap
5%
325
3%
Jan
9%
18%
9%
136
9%
Mar
20
Fireman's Fund ins Co. .26
6%
9%
Mar
100
19%
510
18
Feb
19%
Jan
43%
125
41
Feb
44%
Jan
6%
100
90
42%
6%
6%
Mar
Feb
96%
746
22
Feb
7
Jan
77%
100
Mar
Jan
1.25
300
Mar
1.30
Jan
com
10
43
43
43%
1,215
40%
Feu
48%
Jan
Golden State Co Ltd
*
10
10
10%
1,584
8%
Jan
10%
Jan
11%
11%
11%
15%
130
11%
13%
Jan
11%
Jan
Foster Klelser
2%
com
General Motors
Greyhound Corp
«,«.
com
*
Hale Bros. Stores, Inc
*
Hawaiian Pine Co Ltd
„
1.25
—
~
~
-
*
15%
16%
16%
170
547
Feb
15%
16%
54c
Mar
Jan
Jan
85c
90c
1,221
48c
Feb
90c
Mar
3
3%
446
1.90
Feb
3%
Mar
Hutchinson Sugar Plant.15
8
8
25
Jan
8
Mar
Langendorf Utd Bak cl A.*
16
16
319
Jan
16
Mar
10
Preferred
10
Class B
3%
110
4%
Jan
5%
Feb
22
42%
Feb
44 %
Jan
Feb
452
5%
22%
1.15
1,520
80c
Jan
8%
200
18%
753
15%
12h
160
2.35
900
6%
220
9%
20%
110
20%
27
50
Libbey McNeill & Libby.7
Lockheed Aircraft Corp._l
Magnavox Co Ltd.Magnin & Co (I) com
27
5
43
5%
5%
5%
23%
23%
24%
1.05
8%
17%
12%
2.30
—1
*
March Calcul Machine
5
18 %
10
Meier & Frank Co Inc
12%
Meuasco Mfg Co com...
National Auto Fibres
com
N atom as Co
1
*
No Amer Invest
6%
9%
9%
15
Pac Pub Ser corn
Mar
Mar
9
18%
Mar
12%
Jan
Feb
12%
2.35
Mar
1.80
5%
Feb
6%
Jan
9%
Feb
Jan
10
Jan
Jan
10
26%
Jan
22%
27%
Jan
100
7c
Mar
8c
Jan
4%
365
Feb
31%
Jan
106%
Mar
417
Mar
107%
4%
511
18%
Jan
32%
Feb
30%
30%
936
29%
100% 106%
58
4
896
98
16%
115%
Mar
120
149
149
40
148
Mar
160
102
102
10
101%
Feb
102
16%
16%
149
119
"l'.OO
*
1
1
3%
Feo
1.00
3%
160
90c
Jan
3%
90c
100
3
Jan
Ryan Aeronautical Co.__l
14
100
13%
Feb
12%
12%
310
8%
3%
1,160
12%
7%
Mar
8%
8%
3%
2,304
2 60
Jan
3.00
Jan
Pioneer
-.1
2.25
2.25
2.25
200
2.05
Feb
2.30
Feb
Powell-Rouyn
-.1
77c
77c
77c
1,300
70c
Feb
1.04
Jan
126
Jan
Jan
Jan
Jan
Jan
Feb
1.00
Mar
Feb
Jan
5
16
Jan
14%
Jan
9
Jan
3
Feb
4%
21
21%
684
20
Feb
23%
Jan
33%
33%
240
Feb
34%
10%
Jan
1,600
32%
8%
Jan
145
6%
Mar
9%
Mar
Jan
3%
Southern Pacific Co...100
9%
9%
9%
Spring Valley Co Ltd
*
Standard Oil Co of Calif. .*
6%
6%
9
Jan
3,462
18
Feb
173
16
Mar
9%
9%
266
9%
Jan
20%
19%
10%
4%
4%
4%
Feb
5%
Jan
13
14%
Jan
8
12%
Mar
19
19%
19%
16
Super Mold Corp cap...10
Tide Water Ass d Oil com 10
Transamerlca Corp—
100
16
Jan
Jan
Union Oil Co of Calif
25
13 %
13 %
13%
8,310
1,398
12
11%
12%
1,310
7%
4%
6%
7%
423
7%
Mar
9
Jan
4%
100
4
Feb
5
Jan
6%
27
28%
287% 290
100
6%
Feb
22%
Feb
2
Union Sugar com
25
Universal Consol Oil
10
Victor Equip Co com
1
Vultee Aircraft
4%
1
6%
Waiaiua Agricultural Co-20
Wells Fargo Bk&UTr. 100
290
15
Jan
287
Jan
19%
1.35
200
18%
Mar
1.50
19
Steel Co. 10
Yosemite Ptld Cem pref. 10
Western Pipe &
102
Jan
1,054
1.35
Mar
4%
15
4%
Mar
6 %c
3,500
6%c
Mar
9c
Feb
9%
3 40
Jan
17
Feb
9
9
108
9
American Tel & Tel
3.15
1
*
Riverside Silk
*
-
-
*,
Roche LL
6
200
159%
227
g3%
22
Feb
Feb
24%
39,368
2.70
Feb
15%
16%
15
15%
Mar
3 %C
1,000
3c
Feb
5c
*
Jan
166%
Jan
155
29
149%
Feb
19
19
19
50
17%
Feb
15%
Russell Ind
100
Preferred
100
8t Anthony
.—1
10c
150
1
l
2.32
2.32
2.40
3,000
6,267
...1
40c
40c
44c
19,850
*
15%
San Antonio
Senator-Rouyn
Hhawinlgan.,
73c
*
15%
180
70c
74c
6,904
9
"~1
Sherrltt-Gordon
Simpsons clA.
10c 10 Ho
9
5
4%
2
15
Oil Co
*
Elec Bond <fc Share Co
6
General Electric Co com..*
Hawaiian Sugar Co
20
51%c
Feb
64c
28c
25c
30c
4,100
25c
Mar
43c
11%C
12c
6,100
10%c
Jan
19%c
Feb
21c
I
Sladen-Malartlc
32,385
Slave Lake
21c
500
21c
Mar
30c
Feb
60c
130
50c
Mar
3%
125
2%
Feb
180
59%
Mar
70
208
67
*
South West Petroleum
*
Standard Paving
•
31
98
60c
"I* ~~~3%
Preferred
Steel of Canada
4%
98
3%
62
64
67
64
70
22,300
81c
Mar
1.78
Jan
*
4%c
4 %C
4%c
19.500
3%c
Feb
4%c
Mar
Sturgeon R
1
21c
18%c
21c
13,000
17c
Jan
21c
Mar
Sudbury Basin
Sudbury Contact
*
1.20
Straw Lake
1.10
Feb
1.65
Jan
5,000
3c
Mar
5%c
Jan
63c
1,725
57%c
Feb
63c
Jan
2.68
2.68
2.70
900
2.60
Feb
2.90
Jan
11
11
30
10
Feb
11%
Jan
52%
52%
10
52%
Feb
52%
Mar
3.10
3.15
4,640
3.10
Feb
3.75
Jan
100
1.00
♦
Tamblyn com
Preferred
2,500
3c
61c
1
Sylvanlte Gold
Teck
1.26
3c
61c
1
Sullivan.....
—50
—
Hughes
—
1
Texas-Canadian
1.00
*
Toburn
"3.15
—-1
Tip Top Tailors
1
1.00
120
9
9
1.55
75
19
Feb
21%
Jan
10
44
Mar
45
Feb
Toronto General Trusts 100
74
74
6
75
Feb
80
Feb
20
"~~ioc
Towagmac
10c
29c
32c
Uchl Gold
Union
•
"l2~
United Fuel cl A pref.. —50
__
•
United Steel
34
Feb
Mar
14%
Feb
38%
3%
965
2%
Mar
1.27
Feb
2.28
Jan
3.40
3.40
3.40
763
3.10
Feb
4.25
Jan
3.45
3.40
3.20
Mar
1,243
39%
365
38
19%
19%
20
582
19%
1
19c
19c
1,000
%
"eo"
*
Western Grocers
Jan
Feb
20%
Jan
19c
Mar
26c
Jan
1
Mar
60
"ioo
1
60
60
-
48
Mar
Jan
Mar
Feb
Mar
91%
Mar
Jan
14,210
6.85
Mar
7.00
Jan
7%
168
Jan
Jan
5
Jan
Preferred
Preferred
......
"ioo
•
"e'.oo
*
5.90
6.00
91%
Feb
9
5
Mar
5%
Feb
$5,050
101
Feb
101%
Mar
Feb
99%
Feb
Bonds—
101%
War Loan (1st)
98%
War Loan, 2d
Jan
101% 101%
99%
98%
Toronto Stock
Mar. 15 to Mar. 21,
86%
5%
Jan
Feb
6
Jan
9%
433
7%
Feb
9%
29%
240
3%
32%
100
14%
c75c
15
Par
Price
1
Brett-Tretheway
Week's Range
Range Since Jan. 1. 1941
for
Week
of Prices
TJOW
High
%c
%c
%c
4
4
6%
6%
6%
Shares
1,000
10
High
Low
Jan
1%C
Jan
4
Mar
4%
leb
6%
Mar
7%
Feb
85c
Feb
%c
Mar
30%
Jan
Can Bud Brew
*
28%
Jan
546
3%
31%
4%
Canada Vinegars
*
Mar
Feb
34%
Jan
Canadian Marconi
80c
200
Feb
27%
Jan
3%
3%
3%
2,728
2%
Feb
14%
Consolidated Paper—
*
25
*
Jan
Disher Steel
1.00
1.00
1.00
20
1.00
Mar
Dominion Bridge
*
270
22%
Feb
6%
Jan
Jan
27
Mar
34%
Mar
22
23
27
27
440
22
Mar
22
Mar
24%
Mar
27
Jan
Jan
8c
Jan
36%
2%
Jan
Pend-Oreille
Feb
3%
Jan
55c
600
19%
212
15
Jan
25%
120
25
Mar
29%
40
40
10
35
Mar
45
55c
Feb
Jan
Temlsk Mining
Jan
Jan
15%
15%
15%
100
15%
Mar
17%
17%
2%
2%
110
2%
Mar
3%
*
No par value.
50c
Feb
Feb
Mar
70c
20
Jan
Mar
Jan
Jan
9c
Rogers Majestic A
14
25
Jan
27
25%
9c
500
5c
Feb
7c
1.55
1.60
550
1.35
Feb
2.10
Jan
5%
8%c
Mar
Osisko Lake;
39%
4
1.45
25%
Ontario Silknlt pref... -100
Feb
Mar
25%
*
♦
Montreal Power
6c
750
27
Langiey's pref
22
27
145
18
Foothills..
Feb
80c
.--1
sales lists
Sales
Jan
Sale
Stocks—
98%
Exchange—Curb Section
Last
Jan
Feb
11,400
both inclusive, compiled from official
Friday
76c
Jan
3
5
5
5
30
Mar
Jan
4%
1,415
1%
60
Feb
5%
a37% a37%
3%
3%
Jan
4.10
48
35
19c
1
Western Canada Flour
6
50
Jan
57,680
1.50
Feb
3,100
Jan
1.89
Jan
24%
7c
Jan
4
7%
20
i
22c
11%
34
3.45
Wendigo
5%
45
39
Preferred.
31%
.
33%
1,115
Feb
170
15%
Jan
5,900
1.75
•
Walkers
25%
"l5%
39c
21c
4%
5%
a
Jan
■
100
a
Jan
50C
*
Walte-Amulet
300
"~3%
14c
Mar
10
85%
a4%
6c
Mar
25c
*
Ventures
270
6c
.10c
1.82
I"1
Upper Canada
27
Consol
1
Montgomery Ward & Co.*
Mountain City Copper...5
Nor American Aviation. .1
Nor American Co com ... 10
Packard Motor Co com..*
12
3
3
'
12%
19c
—.1
Gas
500
2,000
10c
32c
*
Trans Resources
34 %
M J & M & M
Jan
20
45
*
—
4%
9
27
Jan
Mar
1.80
4%
12%
Bancorporatlon..*
1.05
10
Mar
26
34%
Navigation Co.—*
Feb
Mar
8
1.60
45
27
Mateon
200
1.55
—50
Preferred
Kennecott Copper
Marine
Jan
73%
1.17
»
Jan
Jan
Feb
Jan
Mar
1.05
-25
Jan
5%
Jan
Mar
1.15
Jan
5%
90c
3%
l'.OS
Preferred..
Steeo Rock Iron Mines
Jan
Mines Corp.-l
... *
com.—*
Jan
1%C
19%
Jan
Jan
Mar
11
637
76c
Jan
64c
4%
98
Stecoe Gold
Internatl Nick Co Can
Idaho Mary
100
4%
91%
58c
12c
!ioo
Simpsons pref..
Mar
12%
a75c
Feb
Jan
Mar
64c
*
Mar
Feb
a75c
1
6
Feb
1.00
11%
32%
14%
11
1%C
390
"32%
Mar
24
1.35
28%
3%
Jan
87c
Mar
9
1.00
37%
28%
Domlnguez
17
62c
1.00
Jan
9%
Mar
15
Winnipeg Electric cl A
5%
1
Jan
Jan
85%
a4%
Curtlss-Wright Corp
Jan
59c
22%
Jan
Mar
an
2.65
Feb
5,000
4%
84
14 %C
Feb
36o
10%
1%C
27%
5%
26
Jan
2.03
91%
Feb
*
8%c
1%C
.80
6% pref '27...
100
Co com..10
Mar
10
3%
Cities Service
Consolidated Oil Corp
Mar
91%
36%
a84
Jan
15%
152
*
10
a84
Feb
i
40
12
Jan
145
*
1,063
12
14
15
W iltsey-Coghlan
86c
84c
200
15%
152
21
Westons
Jan
Mar
a3%
a3%
a35% a35%
"84c
Jan
3.35
Jan
8%
28%
300
152
5
24
Atchison Top&Santa
Holly Oil Co
a6%
4%
Anglo Nat Corp cl A com.*
FelOO
Aviation Corp of Del
3
Bendix Aviation Corp
5
Blair & Co Inc cap
.1
Bunker Hill <fe Sullivan.234
Cal Ore Pwr 6% pfd n-c.100
Feb
160
al62%
al61
a24%
Jan
3.00
154
100
Wright Hargreaves.—
a24% a24%
a6%
*
Co. 100 al61
6
3%c
E Dome
York Knitting
Anaconda Copper Mln..60
8
5
Unlisted—
Am Rad & St Sntry
Jan
4%
*
Jan
Soundview Pulp Co com..5
So Cal Gas Co pref ser A 25
Jan
6%c
25c
Pressed Metals
Preston
1.45
*
Power Corp
Prairie Royalties
Toronto Elevator
14
14
Richfield Oil Corp com...*
2.75
Feb
4
1,720
100
Rayonier iDeorp com
Jan
Feb
-----100
*
Mar
Mar
25%
4
Mar
5%
1.65
Jan
1.35
1,569i
30%
4%
28%
34%
5
1.40
120
RE&RCo Ltd com
Mar
27%
33%
*
Pig'n Whistle pref__
3H
1.35
*
1st preferred
Feb
20
10
5
5
20
27%
33%
Pacific Tel & Tel com..100
Rheem Mfg Co
Jan
1.15
Feb
1.40
0% 1st preferred
26
5%% 1st preferred...25
Pac Light Corp $5 div
*
Preferred..
Jan
Jan
2.70
Class B
21%
25
Paraffine Cos pref
28
4%
*
Pacific Coast Aggregates.6
Pac G & E Co com
Jan
7c
Occidental Petroleum...
Paauhau Sugar Plant
8
Feb
7
7c
6% prefiOO
Occidental Insurance Co.10
Oliver Utd Filters cl B
14%
875
5
43
;
Preferred
6
1.69
16%
2.70
Royal Bank
Mar
Jan
Mar
Mar
1
Royalite..
11%
14%
Pickle-Crow
Jan
Jan
1.40
10
1.48
16
Jan
150
600
28c
Feb
1.45
14
11%
7,500
16
43
11
High
Low
21c
23c 23 %c
16
Mar
11
23%c
..1
Shares
*
Mar
Honolulu Plantation Co.20
Hunt Brothers com
Cons
Range Since Jan. 1, 1941
for
Week
High
1
12%
9%
12%
Low
Perron
39%
12%
Jan
of Prices
Photo Engraving
50
40
12%
52c
51c
15
Jan
Paymaster
410
40
Honolulu Oil Corp cap...*
-
1.15
Week's Range
Price
Par
Stocks (Concluded)
50c
51c
Home F & M Ins Co cap.
Sales
Ixist
400
1
10
Holly Development
Exchange
Friday
Jan
27%
27%
99% 100
19%
43%
Preferred (w w)
60
Ensco Derrick & Equip...5
Toronto Stock
Sale
2.25
211
5%
5%
6
—.
1
*
—
1
5
—
5
5%c
5%
865
2%
Jan
5%c
1,728
4%c
Feb
Feb
Jan
The Commercial & Financial Chronicle
1896
March
1941
22,
Canadian Markets
AND
LISTED
Industrial and Public
UNLISTED
Montreal Stock
Utility Bonds
Closing bid and asked quotations, Friday, Mar. 21
Friday
(American Dollar Prices)
Last
Week's Range
Sale
of Prices
Stocks
Bid
Abltlbl P & P ctts 6s._
1953
Alberta Pac Grain 68—1946
1948
Algoma Steel 6e—
Ask
£<4
Ask
47
66*4
68
6614
68
Gen Steel Wares 4*48.1952
67
69
69*4
71
Gt Lakes Pap Co 1st 6s '65
64
66
Federal Grain 6s
1949
4*48.1960
67*4
69
70 *4
72
Canada 89 Lines 6s— .1957
67*4
69
Canadian Vlckers Co 6s '47
36
38
1961
81 J*
62*4
64
66
69
70*4
71*4
1961
Co—
1966
69*4
4s
50
73*4
70 *4
52
57*4
59
65
66*4
Price Brothers 1st 6s__ 1967
65*4
67
Quebec Power 4s
Dom Steel & Coal 0*is 1955
Donnacona Paper
N Scotia 8tl A Coal 3 *4s '63
1962
68
1951
Famous Players 4*4s_.
68 *4
Gatlneau
'
69*4
1966
73
75
Wares
Gurd (Charles)
Bid
Jan
1 1948
43
45
5s
Oct
4*4s
Oct
1 1956
42
44
6s
Sept
1 1942
5s
May
12 1949
84
86
4a
.—.June
Oct
1 1953
Provlnoe of Manitoba—
80
82
4*4s
Prov of British Columbia—
July
5s
4*48
101
1 1959
98*4
99*4
1 1962
88
89*4
93
95
1 1941
89
92
5s
June 15 1954
70
72
4*4s
Mar
2 1950
86
87*4
5e
Dec
2 1959
70
72
4s
Feb
1 1958
81
83
4*48
May
1 1961
82
84
Provlnoe of Quebec—
4
155
3*4
Mar
5
Jan
1,165
12*4
Mar
13
Jan
14*4
Jan
12*4
99
99
12
98*4
Jan
25*4
25*4
355
24*4
Mar
26*4
9*4
9*4
9*4
12*4
1,049
Feb
10*4
Jan
Feb
14
Jan
7*4
107
12*4
"l3*4
Massey-Harrls
Preferred
67
70
Noranda Mines Ltd
*
65
68
Ogllvie Flour Mills
88
91
4*48
Oct
11951
60
Ontario Steel Products
*
j.
Power Corp of Canada...*
Price Bros A Co Ltd
•
5% preferred
*
Ask
St Lawrence Corp
59*4
77*4
4*4s
Sept
1 1946
6b
Deo
1 1954
82*4
76*4
84
76
70
4*4a
July
1 1960
72*4
74
77*4
Sher Williams of Can
Bonds
1967
96*4
97
1969
5s
....Oct
1969
98*4
6s
..—Feb
1970
99
11946
98*4
3s
1 1962
90*4
92*4
80
82
Jan
51
45
50
Feb
51
Mar
25
25*4
"53*4
Par
Stocks—
for
Low
High
6*4% pref.100
*
Low
Preferred
*
25
17*4
Bathurst Pow A Paper A."
"il?4
Bell
Jan
52
155
100
Brit Col Power Corp cl A
Jan
12
Mar
35
105*4
Mar
107*4
Jan
110
1.00
Mar
1.00
Mar
25
1.00
25
.
25
Mar
27
8*4
200
7
Feb
10
6
420
6
Mar
46
17*4
17*4
15
11*4
12*4
10
45*4
Feb
46
14 *4
14*4
Jan
20
Jan
17*4
15*4
625
10*4
Feb
13
Mar
160
156*4
243
6*4
1,133
23*4
1.25
15
6*4
1.25
14*4
15
6
6*4
80
154
5*4
23
Feb
7*4
4*4
10
Feb
"12"
7*4
7*4
18*4
Preferred 7%
Jan
JaD
Mar
Jan
Mar
Jan
Jan
Canadian
100
Preferred
18*4
4*4
21*4
34*4
Cndn Ind Alcohol
Class B
Canadian Locomotive
Canadian Paclflo Ry
*
4*4
Feb
7
Jan
440
3*4
Feb
1,529
17*4
34*4
Feb
Mar
100
16*4
8*4
*
25
2
16**j
17
3654
14*4
2,572
37
15*4
Jan
18
Jan
Jan
107
2
Jan
18
275
182
Feb
35
1,185
60
246
17
Jan
Feb
15*4
9
Jan
Jan
2*4
Jan
12*4
Jan
Mar
59*4
Jan
17
Mar
9
40*4
Mar
14*4
70
Jan
55
64
Feb
73
Jan
13
50
12
Feb
13
Mar
4
25
4
Feb
4
Feb
5
115
Mar
111
Feb
9
9
3
9
Mar
11*4
16
16
75
16
Mar
18
Jan
90c
1.00
1.00
Jan
107
90c
90c
Feb
1.15
Jan
15
90c
Feb
1.00
Jan
;
Jan
5
5
10
Banks—
100
100
100
23
144
Mar
146
153
19
151*4
Mar
162
174
26
171
Mar
193
277
155"
145
153
174
100
100
Jan
145
153
277
3
277
Mar
284
Jan
154
155
36
150
FeD
166
Jan
Jan
,
Jan
Mar. 15 to Mar. 21,
both i nclusive, compiled from official sales list.
Sales
Par
Week's Range
for
of Prices
Low
High
Shares
Price
Range Since Jan. 1, 1941
Week
Abltlbl Pow A Paper Co..*
6% cum pref
Aluminium Ltd
25
High
Low
100
Bathurst Pwr A Ppr Co B *
Beauharnols Power Corp.*
2.25
2.25
152
9*4
9*4
1,538
Brit Amer Oil Co Ltd
17*4
17*4
345
24*4
34*4
24*4
34*4
135
98*4
98*4
7
75c
75c
250
•
Canada A Dom Sugar Co. •
Canada Malting Co...
*
Can North 7% cum pfd 100
Cndn Breweries
*
7%
cum pref
*
Jan
Jan
18
Jan
110
Jan
25
10
Jan
100
104
Jan
105
Mar
570
22
Feb
21*4
120
16
Mar
Feb
207
Jan
175*4
185
185
185
38
180
170
170
10
175*4
14
14
5
80c
80c
100
13
80c
Feb
Mar
21*4
13
85c
Jan
Jan
Mar
Jan
Jan
Feb
Feb
*
Catelli Food Products
12
Preferred
12
15
9*4
9*4
10
7*4
Feb
9*4
2
25
2
Feb
2
Feb
1.95
1.75
3*4
1.75
150
1.50
5*4
5
Consolidated Paper Corp.*
David A Frere Ltee cl A..*
Dominion Eng Works
*
10
2
*
Celtic Knitting Co
*
Commercal Alcohol Ltd..*
5*4
90
5*4
Feb
6
2*4
Feb
4
3*4
3*4
4,051
10
10
195
10
Mar
10*4
25
25
25
25
Mar
25
Jan
Jan
Mar
Feb
Jan
Jan
Jan
Feb
Mar
1.00
1.00
1.00
6
1.25
Mar
1.75
Feb
6*4
6*4
6*4
74
6*4
Mar
7*4
Jan
3*4
4*4
512
3*4
Feb
5*4
Jan
4
4
100
3*4
Feb
5*4
5*4
Feb
9
Jan
2
Feb
3
Jan
Mar
5*4
Jan
15*4
Jan
3
Jan
2*4
125
2
Feb
2*4
Jan
9
10
8
Feb
9
4*4
Feb
5
22
16
*
Feb
4*4
25
22
Dominion Woollens
2
8*4
95c
Dominion Woollens pref .20
Donnacona Pap Co Ltd A *
Jan
190
8
Feb
Feb
2*4
Dominion Steel A Coal B 25
70c
Feb
2
19
Feb
Mar
25
19
Jan
98
10
23
25
38
Jan
35
Jan
10*4
27*4
Mar
20*4
"11'
Jan
Mar
33*4
Jan
113*4
25
27
23*4
95
Jan
Feb
*
Jan
Feb
114
Dominion Bridge
Jan
2
36
Mar
Donnacona Paper B
*
Estn Dairies 7% cum pflOO
Falrchild Aircraft Ltd
5
7
7*4
85
2K
2*4
490
Fleet Aircraft Ltd
4
4*4
1,085
*
Jan
Ford Motor of Can A
•
1,152
35
Feb
39
Jan
Fraser
*
30
24
Feb
28
Jan
Fraser Cos vot trust
746
22*4
Feb
Mar
125
17*4
Feb
27*4
20*4
Jan
Lake St John P A P
1,461
7*4
Mar
9*4
Jan
Lake Sulphite Pulp Co
5
100
5
940
4*4
3*4
Feb
5*4
Feb
5*4
6*4
Jan
10
18*4
Feb
50
Feb
1,204
2.50
Feb
Feb
22
....100
Jan
2*4
22
5*4
7
35
9
Jan
2*4
60
105
98*4
1.90
■1554
Jan
7*4
115
Cndn Vlckers Ltd..
24
10*4
Feb
Jan
Jan
18*4
Feb
105
50c
Mar
115
4
50
2*4
3*4
Jan
18
1,045
6*4
110
85c
Jan
Feb
113
Feb
800
Jan
5*4
21*4
124
5*4
110
*
550
80c
25c
10*4
115*4
70c
2
35*4
24
2*4
14*4
Jan
104*4
14
27*4
28*4
5*4
36*4
5*4
26
22
Jan
24
*
30
13c
Feb
35
.*
Mar
500
18
105
2*4
6*4
*
Dom Tar & Chemical
11*4
12
18
Mar
65
10c
20*4
Distillers Seagrams
Dominion Stores Ltd
Mar
2
185
Consol Mining A Smeltlngfi
Dominion Coal pref
65
CndnP&PInv5% cumpfd*
9
26*4
80
Cndn Power & Paper Inv_*
2*4
5*4
65
Jan
845
105
*
Jan
Feb
7
10*4
"2*4
12*4
Jan
Cndn Industries B
24
6*4
18
100
Feb
Feb
Mar
135
114
113
9
9*4
Canadian Breweries pref.*
Cndn Dredge & Dock Co.*
Jan
23*4
Converters.. 100
Cndn Cottons pref
995
7
6*4
2,656
34*4
Cndn Foreign Investm't—*
Jan
11
24*4
Jan
23
100
5*4
Jan
Cndn Light & Power ColOO
Cnandian Marconi Co
1
7*4
4
Celaneee.—.*
Feb
105
11*4
Jan
4*4
Feb
CndnVickers7%cum prflOO
Canadian
9*4
340
4*4
Feb
Jan
Jan
"~6?4~
4*4
4*4
8*4
Jan
Feb
*
49
24*4
Mar
15*4
*
10
Jan
40
1.50
96
25
Mar
49
100
15*4
58
Preferred...
9
20
9*4
26*4
25
Cndn Car A Foundry
Jan
50
49
24*4
Feb
16
Canadian Bronze
Jan
9
49
9*4
Mar
100
50
Jan
21*4
24*4
1.25
16
preferred
57*4
Feb
*
13*4
100
6%
Feb
20
25
5
*
Can North Power Corp..*
Canada Steamship (new).*
49*4
65
100
Zellers
260
100
Preferred
Canada Forglngs cl A
7*4
1,622
154
23*4
*
*
Canada Cement.....
35
8*4
6
*
—
Building Produots A (new) *
Jan
555
565
Mar
11*4
15
Brazilian Tr Lt A Power.*1
Class B
50
50
46
8*4
Anglo Can Tel Co pref—50
Asbestos Corp
*
Associated Breweries
*
Telephone
3
12
6
100
Preferred...
Algoma Steel
Jan
53*4
Sale
52
1.00
Amal Electric Corp
Jan
38
9
49
*
High
52
105*4 105*4
100
Alberta Pacific Grain cl A *
38*4
25*4
20*4
Last
Shares
Mar
Jan
27*4
52*4
Range Since Jan. 1. 1941
11*4
52
Agnew-Surpass Shoe
Mar
115
Stocks—
Acme Glove
Feb
20
115
Week
Price
31
15
Jan
Montreal Curb Market
s
of Prices
35
120
Jan
20
*
Canadienne
Sales
Week's Range
100
33
4
Exchange
Sale
36
20*4
36
13
both inclusive, compiled from official sales list
Last
Mar
23*4
32
*
Royal
Friday
571
20
100
Montreal
Montreal Stock
Jan
50
67
Nova-Scotia
Mar. 15 to Mar. 21,
Jan
5*4
51
67
Commerce
Jan
99*4
100
3*4
30
25
Preferred
Grand Trunk Paclflo Ry—
4s
Jan
1 1962
Feb
Jan
Feb
Mar
63*4
Preferred
105*4 106*4
Feb
2*4
4*4
Jan
6*4
25
61
Canada
B
Ask
98*4
95*4
96*4
97*4
4*48... ...July
5s
July
Bid
July
468
»
Co of
Wllslls Ltd
6*48
3*4
9
Viau Biscuit
Canadian Northern Ry—
96*4
11
Jan
.
29
Winnipeg Electric cl A...*
95*4
97*4
16
Jan
4*4
Western Grocers pref.. 100
Weston (Geo)
*
101*4 102*4
(American Dollar Prices)
1 1951
Mar
6*4
20
*
8tee)
Closing bid and asked quotations, Friday, Mar. 21
Sept
11*4
100
25
Shawlnlgan Wat A Power.*
Tooke Bros pref
4*48... ....June 16 1955
1956
4*48... ...Feb
70
Q
6*4
25
*
Preferred
4*48...
13
Mar
25
St Lawrence Corp A pfd.50
St Lawrence Paper pref-100
67
Jan
Jan
15*4
89
29
100
Quebec Power
Bid
Feb
Feb
25
Saguenay Power pref.. 100
Canadian Paclflo Ry—
Canadian National Ry—
Mar
85
30
25
Regent Knitting pref
(American Dollar Prices)
Ask
13*4
13*4
88
2,283
*
Penmans
Bid
247
13*4
25*4
*
Dominion Government Guaranteed
74 *4
25*4
36
15 1946
1 1944
Feb
118
33
16 1943
5s
69*4
Mar
*
Nov
58*4
100
113
*
June
15 1944
74
Jan
9
25
6*4s
Deo
July
Jan
113
Niagara Wire Weaving
5s
perpetual debentures
Sept 15 1942
Jan
36*4
25*4
87
4*4s
25
Feb
130
100
85
4s
15*4
Mar
4*4
40
Telegraph
Montreal Tramways
69
6s
Mar
31
113*4
25*4
81
Canadian Paclflo Ry—
12*4
23
2*4
4*4
*
79
Ask
55
43
1.408
Q
„•
McColl-Fontenac Oil
67
Bid
12*4
34
6*4
16 1961
Closing bid and asked quotations, Friday, Mar. 21
Jan
7*4
23
13
25
15 1960
Railway Bonds
Jan
33*4
88
Lake of the Woods
Apr
5s
Jan
7
Jan
74
100
Apr
Sept 16 1952
—Mar
1 1960
11*4
1,145
100
12*4
4*4s
4*48..
9
23
"34"
5s
Province of Nova Scotia—
12
7*4
£1
National Breweries
Prov of Saskatchewan—
Feb
11
475
Jan
Jan
25*4
Natl Steel Car Corp
Prov of New Brunswlck-
Jan
4
Montreal
Aug
93*4
Mar
Montreal Cottons pref.100
Mont LH* Power Cons.*
4*48
Jan
Feb
88
2*4
101*4 102*4
16 1965
Jan
Jan
6*4
25
Lindsay (C W)
102
9*4
90
Feb
3
13
*
Legare pref
15 1943
5*4
Feb
4*4
3
100
Preferred
Intern Power pref
6e
Feb
5
220
Jan
27
Intl Paper A Pow pref.. 100
Ask
80
12
Inti Nickel of Canada..
Bid
220
12*4
93
International Bronze pref25
Provlnoe of Ontario—
754
♦
Intl Petroleum Co Ltd...*
Ask
province of Alberta—
Feb
90
Indust Accept Corp
(American Dollar Prices)
Jan
Feb
6
Paper
Imperial Tobaoco of Can
Closing bid and asked quotations, Friday, Mar. 21
Jan
8
6*4
10*4
7*4
Jan
93
*
Imperial Oil Ltd
Municipal Issues
45c
10
3*4
12*4
Hamilton Bridge
Preferred
Provincial and
5*4
Mar
261
81
Jan
Feb
25c
12*4
7
82
3
100
Hudson Bay Mining
70
7*4
81
5
Howard Smith
4*4s series B
4
55
7
High
Mar
73
150
11
preferred.—...100
Low
105
73
65c
1
Hollinger Gold Mines
Saguenay Power—
fucK
5*4
*
General Steel
Range Since Jan. 1, 1941
for
ry
Shares
50c
Foundation Co of Can
5%
High
TVetlr
4*4
*
Preferred
Power Corp of Can 4*4s '69
Dom Tar A Cbem 4*4-
Low
Electrolux Corp
1954
5*4s
Sales
73
Dryden Paper
McColl-Front Oil 4*48 1949
Massey-Harrifl 4*48
Price
*
Eastern Dairies
Lake St John Pr A Pap Co
British Col Pow
Par
Dominion Textile
46
Canada Cement 4*4s.l951
(Concluded)
Exchange
15*4
15*4
15*4
7*4
575
15
Jan
7*4
26
6
Feb
*
"8*4
8*4
9*4
850
7
FeD
10*4
International Utilities B..1
20c
15c
20c
1,400
15c
Jan
25c
Companies Ltd
*
8
*
65c
Jan
*
Mar
3*4
No par value,
r Canadian market.
10
65c
280
8
Mar
300
65c
Mar
8
11
85c
Jan
Jan
Jan
Jan
Jan
Jan
Volume
Che Commercial & Financial Chronicle
152
1897
Canadian Markets—Listed and Unlisted
Sales
Friday
Last
Stocks (Concluded)
Par
MacLaren Pwr <fe Ppr
Week's
Sale
of Prices
Low
High
*
Massey-Harris 6%cmpfl00
Price
Range
Low
Shares
Stocks (Continued)
High
14)4
200
11
Feb
1554
Jan
34
37
300
2634
Feb
3134
Jan
Consolidated
100
95
Melchers Distilleries Ltd.*
Melchers Dlstlrs Ltd prellO
106
95
95
5.00
Feb
Consumers Gas.......100
Jan
1.25
Jan
Cosmos
Jan
1.25
Jan
Jan
Denlson
1
3c
3c
500
2*4c
Feb
3*40
Feb
30
Mar
Dome..
*
2134
2334
1,560
21
Mar
24*4
98
Jan
Page-Hersey Tubes Ltd..*
100
100
100
100
Jan
104
30
30
100
30
Mar
90
90
70
90
Feb
10
6
Mar
Dominion Bank
6J4
18
4
1,100
434
Jan
5
Apr
105
19
103 34
Jan
105
Mar
3834
1.00
Mar
4734
Jan
Mar
1.00
Mar
Preferred
Dominion Stores
*
534
Aldermac Copper Corp...*
1
Central-Cadillac Gold
Century Mining Corp
1
Dome Mines Ltd
*
10c
Feb
17c
Jan
Duouesne Mining
1
500
534c
Mar
8c
Feb
East Crest
5c
Mar
7c
Jan
East Malartlc
1
1,500
16o
Jan
1854c
Jan
Easy Washing Machine..*
Mar
2434
Jan
English Electric cl A
East Malartlc Mines Ltd.l
2.60
Eldorado Gold Mines Ltdl
Falconbridge Nickel
1,100
2.50
Feb
2.90
Jan
32c
Feb
52c
Jan
2.62
1.06
Gold
65
1.00
Mar
1.75
Feb
2,900
10c
Feb
16*40
Jan
3 34c
2,000
3o
Mar
5c
2.65
8,800
2.45
Jan
2.95
2*4
Feb
3
Mar
29
75
25
25
25
30
24
5
534
534
20
14c
1,500
Feb
14c
Mar
Jan
Jan
iMar
Jan
5*4
16*4o
Mar
Jan
Feb
2.50
Jan
Falconbridge.
2.38
2.50
1,345
1.97
Feb
2.60
Jan
55c
Jan
Fanny Farmer
1
2634
26 34
2634
175
28
Jan
25c
Jan
Federal Kirkland
1
4c
4c
4c
2,600
24*4
3*4c
Feb
Feb
Feb
6o
Jan
18*4
195
18 H
Mar
Jan
Fernland
1
234c
334c
2*4c
Mar
6*4c
Jan
3.85
1,700
3.50
Feb
4.30
Jan
Firestone
26c
434c
434c
3,000
1,000
4o
Feb
4*4o
1.05
1.06
12,700
91c
Feb
1.16
Jan
Fleet Aircraft
434
100
3*4
Mar
6
Jan
Feb
4734
Jan
Ford
591
14*4
Feb
16
Mar
41c
3,300
360
Feb
734
60
7*4
Feb
10
49
47
21
Petroleum
4
1534
1534
A
73c
1,100
75c
Feb
1.10
Jan
Francoeur
Jan
Gatlneau Power
1.65
Jan
Gatlneau Power pref
Pickle-Crow Gold
2.75
2.75
150
2.61
Feb
3.00
Jan
3.30
3.35
300
2.75
Feb
3.35
Jan
God's Lake
134c
134c
2,000
134c
Mar
3c
Feb
Goldale
65c
70c
460
80c
Jan
84c
Jan
Golden Gate
59c
65c
8,100
53c
Feb
65c
Mar
734
Gillies Lake
Preston-East Dome
,..__*
Sherritt-Gordon
filscoe Gold
64*4c
*
27c
Mar
33c
Feb
100
1.20
Mar
1.30
Jan
58c
Feb
64c
Jan
Tech Hugees Gold M Ltdl
3.10
3.10
175
3.10
Feb
Jan
Great Lakes vot trust
Waite-Amulet Mines
1
3.40
3.40
100
3.35
Mar
4.05
Jan
Wood-Cadillac Mines
1
6*4c
6*4c
1,200
634
Mar
834o
Jan
6.00
6.05
400
6.00
Feb
7.00
Jan
65c
66c
1,500
65c
Mar
76c
Jan
2.00
700
1.70
Feb
2.55
Jan
50
Feb
2134
Jan
1.95
19*4
18
Exchange
_
50
.....
Preferred
Friday
Last
Sale
Price
Par
Week's Range
of Prices
High
Low
Range Since Jan. 1, 1941
for
High
6
1.00
Alberta Pacific Grain.___*
Aldermac Copper
834
*
Algoma Steel
Canadian
1
Exploration
100
Bidgood Kirkland
1
Feb
19*4
2c
Jan
*
50
30
29
50
;
4,700
2
25
Mar
240
Fen
5c
Jan
Jan
Feb
Mar
30
37c
Jan
25c
.....
26c
3
*
334
422
2*4
Feb
3*4
Jan
2c
16,200
1*40
Mar
2*4c
Feb
134c
200
5.40
Jan
5
Feb
202
3*4
Feb
3534
3534
15
34*4
Jan
36
Feb
70
70
10
65
Jan
70
Mar
5.20
5.20
4
334
*
3534
5)4
Jan
1
77c
5,530
75o
Mar
1.10
13
6,008
12*4
Feb
13*4
1.90
2.00
1,640
1.67
Feb
2.54
Jan
1434
Co....
1254
1434
5
Mar
16*4
Mar
26c
Oil
6
...*
Holllnger Consolidated
28c
1,900
24c
Feb
30c
2534
2534
Mar
26*4
Jan
Feb
4*4
Feb
Howey
80c
14
24*4
4
20
3)4
2
*
75
4
*
2
1
2
Jan
Jan
Jan
Mar
5
Jan
56
56
13
52
Feb
56
Mar
9
9
13
8
Mar
9
Mar
534c
Mar
1134c
Jan
Imperial Bank
100
197
197
58
192
Feb
205
Jan
1.00
Mar
1.25
Feb
Imperial Oil Co
9
Jan
Imperial Tobacco ord
Inspiration
Feb
Feb
25
1034c
Mar
Feb
7
lc
Feb
29
17C
934
134c
Jan
Jan
._.*
934
934
2,366
Feb
10*4
5
1
11*4
1234
55
11*4
Feb
13*4
Jan
25c
27c
1,250
20c
Jan
27c
Mar
Feb
Jan
International
•
3334
34
1,808
31*4
Internationa) Petroleum..*
1334
1334
905
13*4
Mar
36*4
15*4
Jan
Feb
International Utilities B.. 1
15c
15c
600
15c
Mar
20c
Feb
Nlokel
Jan
56C
Feb
81c
Jan
59c
Mar
9c
Feb
4c
500
334c
Feb
534c
Jan
Jack Waite
1
27c
Jan
1.75
1.77
5,467
1.63
Feb
2.45
Jan
Jason Mines
1
3
37c
40c
11,000
37c
Mar
45o
Mar
9c
500
8c
Feb
1634c
Jan
Jellicoe
1
3
2c
2c
1,500
l*4o
Mar
2*4c
Jan
6 34c
5,700
Jan
J M Cons
6c
176
534c
177
277
36
277
175
1
12
1~06
6,500
34c
34c
500
?4c
Mar
l*4c
193
Jan
Kerr-Addison
1
3.70
3.85
21,876
3.05
Feb
3.95
Jan
277
283
Feb
Kirk Hud
1
3
3234c
35c
20c
Jan
35c
Mar
Jan
Kirk Lake
1
3
94c
95c
4,800
3,985
86c
Feb
1.05
Jan
Lake Shore
1
8o
Mar
8c
1,000
734c
Feb
1034
1234
345
1034
Feb
lie
13
....1
12c
5,300
10c
Jan
15c
Jan
Lamanue Gold
1.09
5,350
1.04
Feb
1.20
Jan
Lapa-Cadlllao
Laura Record (new)
1,055
18*4
Mar
4.40
1,309
4.25
Feb
6.15
Jan
834c
6,000
6*4c
Mar
12*4c
Jan
934
934
175
9)4
Feb
10*4
Jan
2c
1,000
l*4c
Jan
2*4c
Feb
50c
52c
4,450
450
Feb
60c
Jan
Mar
3*4
Mar
Feb
2.06
153 34
Mar
16034
Jan
500
90c
Mar
1.00
Mar
11c
29,100
7340
Jan
1334c
Jan
Leltch
Mar
834
Jan
Levy Bros
Mar
lie
Jan
Little Long Lao
*
Feb
10.35
Jan
Loblaw
•
Feb
734
Jan
*
534
1834
Jan
Macassa
3.70
3.85
Feb
Jan
McL Cockshutt
1
1.85
1.90
Mar
1134c
Jan
Madsen Red Lake..
1
57c
57c
16,228
80
8
8
8
7c
1
7 34c
8,300
6c
9.50
*
10.25
9.90
10.25
1,060
*
634
434
1734
534
6 34
750
5
*
434
434
138
434
1634
17 34
1,005
1534
7c
Distillers.....5
7c
1,500
7c
Mar
...1
51c
A
Mines..
3
3)4
17
1.80
635
2434
2434
430
24
Mar
27
Jan
23
2334
250
23
Feb
26
Jan
5,345
3.45
Fen
4 30
Jan
3,025
1.70
Feb
2.35
Jan
50c
FeD
62c
Jan
3
....1
B
Jan
21
2c
3
163
90c
10c
1
Jan
19
4.35
834c
3
1
Lebel Oro
Feb
1834
19
*
1.05
15334 155
Feb
Mar
90c
155
"""lie
15c
Mar
4J4c
1034c
"
15c 1534c
171
8c
Brazilian Traction
British Dominion Oil
14*4
76
100
1,000
Bralorne
British American Oil
Feb
8
500
10,100
*
Bobjo
Feb
25,000
1
Blltmore
Feb
6*4c
3*4
9c
1
Berens River..
Jan
55
4c
*
Beattle Gold
80
Jan
Mar
70c
*
Bat hurst Power cl A
Mar
53)4
5*4c
534 c
Bank of Nova Scotia..100
Base Metals
67*4
22
1,000
5c
1
100
30
5434
64c
1
-
69
1.75
1
Bagamac
Jan
5c
.1
Gold Mines
205
lc
10c
67c
*
1
Arntfleld
834
lc
.1
2,100
Mar
100
210
1134c 1134c
•
4c
20% pref
2,000
80
1,600
Huron A Erie
6c
26
Jan
434c
Jan
1.10
6c
13c
Jan
55c
4
1.00
Mar
90c
170
875
26
26
100
5c
8
80c
634
6c
*
Acme Gas
6,800
»Feb
80c
6
*
100
Jan
834c
434c
B
Abitlbi
16*40
4c
Hudson Bay
Low
Feb
3
Hunts A
Week
Shares
ll*4c
1734
Honey Dew.
Sales
6,500
534c
3 34
17 34
*
Hamilton Bridge
Home
Jan
12c
*
Preferrd
Great West Saddlery
Hard Rock
both inclusive, compiled from official sales lists
39o
54*4
*
Preferred.
Hamilton Cotton pref...30
Hamilton Theatre pref. 100
Toronto Stock
Feb
68
69
H allnor
1934
1.95
*
25*4c
734c
Gunnar
Royal!te Oil Co
7,750
1134c
Haicrow-Swazey
Goodyear
Gypsum...
Home Oil Co Ltd
Jan
30c
.1
Grandoro
on—
4*40
534c
500
7,700
Anglo-Canadian Oil Co...*
Feb
4 34c
65c
6.05
Jan
3*4o
2534c
Gold Eagle
27c
Wright Hargreaves Mns..*
Jan
18,000
1
1.20
3.45
Jan
9*4
90
3 34c
100
.......
58c
6314c
...
54o
Feb
81
»
27c
Sudbury Basin Mines
Jan
80
55
80
334c
1.20
Sladen-Malartic
16
39c
*
834c
Brewers <fc
1.00
88
Mar
Jan
Co
Feb
21c
Mar
Bell Telephone
Jan
83*4
40c
1.45
Bear
Jan
Mar
10
2.00
434c
Bankfield
Jan
100
600
Bank of Montreal
4*4
500
1,000
Aunor
Feb
235
5c
Ashley
4
25c
1.47
A agio
465
42 c
1.45
Amm Gold
534
14c
434c
Preferred
5
3
25
1.45
Perron Gold Mines.....
6%
Feb
3
Extension Oil
4Hc
Pandora Cadalllc Gld Mnsl
Abitibl pref
4
9*4
2.45
6734c
Stocks—
Mar
785
Mar
25c
49
5
Mar. 15 to Mar. 21,
Mar
45c
25
7*4
3.70
Mai Gold Fields
Sullivan Cons
Mar
Mar
25
18*4
1
.....
Red Crest Gold
45c
30
825
3
*
Equitable Life
100
2.64
36
Feb
42c
25c
1
Mclntyre-Porcupine
22
107
2.40
*
Lake Shore Mines
Macassa Mines
2.58
36
Francoeur Gold Mines...*
Inspiration Min & Dev
10
22
Mar
534
1.00
*
500
22
105
2.57
1034c
200
5c
5c
Feb
1034c 1134c
Too
1034c 10*4c
534c
5*4c
1
Jan
24
334c
*
17c 18*4c
10*4c
Arntfleld Gold Mines
200
Feb
834
88
88
100
Dominion Woollens
Mine*—
Mar
17
50
25
734
434
4)4
*
Dominion Tar
45c
185
50
105
45c
25
Jan
30
1834
25
50
Dominion Steel cl B__
*4
Jan
483
187
105
100
Preferred
O'Brien
186
18
Dominion Socttish Inv.__l
4
25
186
*
Jan
104
1.00
2234
100
Dominion Foundry
Preferred
Southern Canada Power—
1.00
Jan
90c
Jan
10
25
50
500
4734
3914
Feb
2434
90c
Feb
3914
Jan
22
2434
90c
4134
6% cum pref
100
Walker-G A Worts (H)___*
Western Can Flour Mills.*
145
90c
105
104
Mar
1
45
Rogers-Majestic Corp A..*
128
Delnlte
45
6)4
Jan
146
1.05
*
6*4
Jan
134
130
Feb
Feb
Cub Aircraft..
Provincial Transport Co..*
Jan
14
39*4
290
954
70c
Jan
100
Mar
1034
37
50
534
1st pref
9*4
34*4
1.55
75c
Jan
cum
Feb
75c
534
6%
High
1.25
~~75c
85
30
Low
1,200
1.40
3434
132
Range Since Jan. 1, 1941
Shares
..*
9
Paton Manufacturing Co.*
High
934
934
3434
*
9
Moore Corp Ltd
.
5
9634
1.25
Low
1.35
Bakeries...*
Smelters
1
5.00
Week
»
Jan
95
for
of Prices
Price
Par
Conlaurum
Week's Range
Sale
Cons
pref
cum
Sales
Last
Range Since Jan. 1, 1941
for
Week
McColl-Frontenac Oil
6%
Exchange
Friday
14*4
34 H
Stock
Toronto
Montreal Curb Market
1.75
__|
1
1.69
-
Jan
*
1
"Tic
91c
97c
44,700
71c
Feb
1.10
Jan
Malartlc (G F)
1.08
6,300
90c
Feb
1.17
Jan
Broulan-Porcu pine
3.80
3.90
575
3.55
Feb
5.95
Jan
Manitoba & Eastern
*
34c
34c
2,000
*4c
lc
Jan
1
3.85
Mar
B uffalo-A nkerl te
234C
Mar
434c
Jan
Maple Leaf Mill
*
1.60
1.75
535
1.25
Feb
2.75
Jan
*
334
334
185
Mar
234
334
1,940
4*4
3*4
Jan
*
2*4
2*4
........
Buffalo-Canadian
Building Prod
Bunker Hill
._..*
*
*
Burlington Steel
Calgary & Edmonton
Calmont
Canada Bread—
Class A
Canada Cement
Canada Cement pref
1.18
Mar
2c
Feb
1.18
20c
634
9
100
534
1.25
15
Jan
35
734
Feb
1034
Jan
1,400
l.U
Mar
1.49
Jan
20c
600
2 34
50
100
634
Jan
2,114
434
Feb
60
100
105
18
36
40
80
128
80
128
128
4
Mar
Mar
9734
99
34 34
19c
2
5
105
100
Canada Packers
.......
134c
234
100
& Motor preflOO
Canada Malting
*
*
MortgagelOO
Canada Steamships......*
.—50
Preferred
Canada Wire clA
*
Canadian Breweries
*
Cndn Bk of Commerce.100
Canadian Canners cl B...*
Canadian Car & Foundry.*
Canadian Celanese pref 100
Canadian Dredge
*
Cndn General Electric..50
Cndn Ind Alcohol cl A
*
Canadian Locomotive. .—*
Canadian Oil pref
100
C P R
26
Cariboo
*
1
Central Patricia
....1
Central Porcupine
1
Chemical Research..
1
Cheetervllle
1
Cochenour
-.1
Cockshutt
*
Commoll
*
Feb
500
Preferred
Massey-Harris...
100
Preferred
2434c
234
100
634
Feb
95
10234
100
Jan
10534
Feb
34
39
2134
4834
4834
543
Feb
51*4
1
1.07
1.12
4,350
1.05
Mar
1.32
Jan
*
21c
23c
3,200
17c
Feb
24c
Feb
534
81c
5*4
Mar
*
*
534
Jan
Model Oils
1
434c
*
15
Jan
Mar
Mercury Mills
Mining Corp
....
5
47
7*4
60c
Feb
82c
Jan
1,000
4 J4c
Mar
4*4c
Mar
15
Mar
16*4
Jan
30
Jan
Mar
136
Jan
Moneta
1
50c
50c
6,660
46c
Feb
54c
Feb
5
Jan
Moore Corp...
*
4454
4534
451
41c
Feb
47*4
Feb
17
2134
Mar
5534
Mar
65c
Feb
17
14934
Mar
163
Jan
9
Jan
10
Jan
934
201
7
586
35
6
Mar
114 34
Mar
61
1.00
1034
123
Jan
Mar
Jan
Jan
Moore Corp B
1
3c
3c
3,-500
Feb
6c
1
234c
3c
3,000
2c
Feb
3*4c
National Grocers
*
334
100
32
3334
35
3*4
24*4
30*4
Mar
25
334
2534
Preferred
National Steel Car
Nay bob..
Mines
Mar
215
Jan
220
Jan
Normetal
2
Mar
3
Jan
Northern Canada
Mar
2134
20
25
*
88
2*40
Jan
Jan
Jan
279
Murphy
10
1534
Mar
266
Morrls-Klr kland
Noranda
1,040
100
2
268
268
Jan
5,190
Mar
268
Jan
434c
15)4
70c
78
334
Feb
5
25
2134
8c
126
1,572
215
Jan
5
8734
Jan
Jan
5*4C
McWatters
Mar
190
17
5*4
98
McKenzle
1.00
215
Mar
37
Feb
Mclntyre
57 34
634
1,000
Mar
6
434
11434 11434
6c
4*4
93
McDougal Seg
2134
9
—*
6c
Jan
25
Modern Containers
82
153
50
30
95
Jan
75c
152
434
4)4
Jan
Jan
1834
15234
960
37
33
94
McColl-Frontenac Oil pflOO
Feb
Feb
5534
75c
33
»
McColl
Can Cycle
Canada Perm
1334
134c
8
*
..100
5.50
134c
~uh
*
*
1
*
100
10,500
14
434c
1434
334c
1.05
..1
Jan
Jan
Jan
5
Jan
26*4
Mar
Mar
38*4
Jan
Jan
1
28c
30c
21,350
21*4o
Feb
310
*
5254
53*4
654
49*4
Feb
57*4
Jan
*
30c
30c
3
jC
Mar
40c
Jan
..*
41c
41c
1,017
1,400
41c
Mar
50C
Feb
234
73
9
57
8
Feb
9
Jan
O'Brien
1
65c
6,000
Mar
9
65c
115
9
5
118
Jan
121
Feb
Okalta Oils
*
52c
52c
800
Feb
75c
Jan
118
118
51c
118
1
50
14c
1434c
8,525
11c
Feb
16c
Jan
234
534
534
534
2,204
434
Feb
634
Jan
Omega.
2.57
2.57
2.58
200
2.35
Jan
2.91
Jan
Ontario Loan.
1.78
1.70
1.78
2,055
1.65
Feb
1.95
Jan
1234c
1234c
13c
11,300
9c
Jan
17c
Jan
Page-Hersey...
Pamour
Porcupine
15c
15c
1,100
15c
Feb
32c
Jan
Pandora-Cadillac
Partanen-Malartlc
"
L40
1.40
1.48
9,905
1.26
Feb
1.74
Jan
80c
78c
81c
11,100
69c
Feb
1.04
Jan
434
5
130
434
Mar
534
Jan
21c
21c
500
20c
Mar
26c
Jan
•
*
7
9934 100
Jan
Mar
99
106*4 IJan
Mar
105
260
105
105
100
70c
105
Jan
*
1.20
1.23
300
1.07
Mar
1.65
..1
5c
5c
500
4c
Mar
8c
Jan
334c
434c
2,800
3*4c
Feb
5c
Feb
1
334c
No par value.
Concluded
on
page
1895)
Jan
The Commercial & Financial Chronicle
1898
Quotations
15 1969...
a2?*s July
9mm
mmm
a3s
Jan
1
1977—
a3a
June
1
1980
a3?*s July
a3?*s May
1
1975—
1
1964
•
mmm
mm
1
1954—.
•
1
1960
• mm
15
1976
mm
«3?*b Nov
a8?*s Mar
a3?*a Jan
mm
Bid
99?* 100?*
102
102?*
1 1064.
a4HB Mar
a 4?*s
a4)*s Apr
109
a4)*s Feb
110?*
1 1974.
16 1976.
a4?*s June
109?* no?*
109?* 110?*
1
a 4Mb
124
125?*
124?* 126?*
125?* 127
119?* 121?*
1978.
1
Nov
1981.
114?* 116
May
1
a4s
Nov
1
1968....
1
1969
a4a
May
May
1
1977
a4a
Oct
1
1980..
a4?*s Sept
1
i960....
a4?*s Mar
1
1957...
•
mm
mm
•
•
m
mm
•
mm
a4H8 Mar
o4Hb May
a4H> Nov
1967.
115?* 117
a4HB Mar
1963.
119
aiH* June
1966.
a4YxB July
1967.
16 1971.
242
86
100
282
120?*
121?*
119?* 120?*
121?*
1967.
290
First National
1
120 J* 121?*
123% 125?*
130?* 131?*
1979.
Bank of Manhattan Co.10
Bid
3a 1981
62.05
...
62.00
...
Canal A Highway—
13.55
33?*
31?*
Highway Imp 4 ?*s Sept '63
Canal Imp 4?*a Jan 1964
61.15
Improvement—
*67
143
mmm
111?*
100
Bid
All
104?* 105?*
3?*s August.......1968
110
4th ser Deo 16 '76
38 serial rev 1963-1976..
101
103
30?*
'
125
24?*
26)*
140
6th series...1976
Bronx
61.40
Companies
365
10
54
56
Guaranty
35
15?*
19
Brooklyn.
75?*
215
100
Kings County
195
284
289
Irving
...
70?*
100
....
97?* 100?*
48?*
Preferred
30?*
38
New York...
25
25
10
12
Title Guarantee A Tr
12
Continental Bank A Tr.10
13?*
14?*
46?*
47?*
Underwriters.....
45
48
United States
39
53?*
100?* 103?*
2?*
17
Trade Bank A Trust....10
Corn Excb Bk A Tr
30
51?*
20
50
12?*
1600
37
20
Manufacturers
46?*
Clinton Trust..
Colonial
99
2.40%
11?*
10
100 1550
27
25
Lawyers
,20
Aft
100
Fulton
357
mmm
County
Bid
Par
Atk
Bid
Chemical Bank A Trust. 10
104?*
101?*
104?*
101
62.45
2?*s serial rev 1946-1962
102?*
16'77
101?*
3?* a 6th
3a
103
1980
3?* a a t revenue
General A Refunding—
3s
52
28?*
100
central Hanover
Trlbo.'ough Bridge—
Port of New York-
1'76
46
17?*
New York Trust
Bank of New York
As*
San Francisco-Oak land-
3?*s2ndser May
17?*
mmm
Pennsylvania Turnpike—■
109
16
14?*
10
60
Penn Exchange....
Sterling Nat Bank A Tr 25
1595
First National of N Y..100 1555
Rankwr*_
1976—
28?*
13
Publlo National
mmm
Authority Bonds
California Toll Bridge—
4s
27
..."
...
Bid
45
12?*
National Safety Bank. 12?*
740
Par
Public
All
mmm
137
Barge CT4?*s Jan 11945.
Bid
40
Peoples National...
181
700
Merchants Bank
137
48 Mar A Sept 1958 to
Canal Imp 4s JAJ '60 to *67
146?*
146?*
Can A High Imp 4?*a 1966
175
100
Fifth Avenue
4?*8 April 1941 to 1949.
Highway
6s Jan A Mar 1964 to'71
38?*
National Bronx Bank—50
National City
100"
As*
World War Bonus—
36?*
Par
42
85
Chase
As*
535
Bk of Amer N T A S A 12?*
16?*
15
Commercial National.. 100
bid
62.00
523
Atk
Bid
Par
Bank of Yorktown..66 2-3
3a 1974
100
FRANCISCO—
SAN
New York Bank Stocks
Bensonhurat National...50
New York State Bonds
318
89
100
Bank A Trust
308
Northern Trust Co
252
33 1-3
A Trust
125?* 127?*
126?* 128?*
120
a4?*s Deo
o4 Hb Deo
Harris Trust A Savings. 100
124?* 126?*
120
110?*
All
Continental Illinois Natl
123?* 125?*
1977.
16
a4?*s Jan
109
American National Bank
123 H 124?*
1 1966.
16 1972.
Apr
102
102?*
104?* 105?*
Bid
Par
Atk
Bid
Par
As*
120?* 121?*
121 X 122?*
122?* 123?*
115?* 116?*
a4a
a4s
1962
Chicago & San Francisco Banks
City Bonds
As*
Bid
1941
22,
Over-the-Counter Securities—Friday March 21
on
New York
March
ser Aug
20
Empire
80
100
100 1475
90
1625
United States Insular Bonds
Bid
Philippine
Bid
As*
Government—
124
O S Panama 3s June 11961
Telephone and Telegraph Stocks
Asl
126
4?*s Oct
1969
103
1952
1956
103
105
100
101
4?*a July 1952
118
121
6s
Feb
1962
105
108
68
106
108
6?*a Aug
1941
Par
Atl
Bid
Par
Bid
All
106
4?*a July
6a
Apr
101?* 102?*
99
105
Pao
A Atl Telegraph—25
16 H
110
112
Peninsular Telep com....*
Preferred A
25
31?*
18?*
34?*
30?*
82?*
Am Dlst Teleg (N J) com.*
Govt of Puerto Rico—
July 1948 opt 1943.
5% preferred
100
4?*a Oct 1966 Apr '46..
113
116
49
Franklin Telegraph.... 100
28?*
82
New York Mutual Tel..25
Conversion 3s 1947
Emp A Bay State Tel..100
111?* 113
U S conversion 3s 1946
20
107%
108?*
3?*s 1966 opt 1946..MAN
JA/
JAJ
JfAN
4s 1964 opt 1944
JA J
109 J* 110?*
Chain Store Stocks
Joint Stock Land Bank Bonds
Bid
Atlanta ?*s, l?*a
Atlantic l?*s, 1 ?*a
99
mmm
m
r9
Par
11
Chicago
r2H
2?*
Denver l?*s, 3s
First Carolina—
99?*
Ask
Lafayette ?*s, 2s
Lincoln 4?*s
99
mmm
Lincoln 5s
93
Lincoln 6?*s_.
94
mmm
99
North Carolina ?*s, ls..__
99
r39
99?*
Phoenix
6s
19
7
Phoenix
4?*s._,
23
United Clgar-Whelan Stores
r23
99
St. Louis
?*a, 3?*a
Fremont 4?*s, 6?*s
99
San Antonio ?*a, 2s
Illinois Midwest 4?*s, 6s..
99?*
72
Indianapolis 6a.
98
rl4H
Southwest (Ark) 6e
77te be»t "Hedge" security for Banks and Insurance
Circular
99
Virginian
15
99
on
Is
STORMS AND CO.
Bid
Bid
Par
Ask
.......
.....100
83
87
Llnooiu.
......
100
60
54
New York
Dallas
100
74
78
North Carolina...
Denver
100
63
67
Pennsylvania
100
Dea Moines
100
41
First Carollnas
100
14
18
San Antonio
100
100
2
5
Ask
45
Fremont
5
........
8
1
6
102
108
36
40
FHA Insured
Bid
115
6
Virginia
2?*
3?*
Federal Intermediate Credit Bank Debentures
Alabama 4?*s
Arkansas 4?*g
.....
Delaware 4?*s
District of Columbia 4?*s_
Florida 4?*s......
Georgia 4?*s._.....
H % due
H% due
H% due
11941 6 .30%
1 1941 6 .35%
Apr
May
?*% due
Aug 1 1941 6 .40%
Sept 2 1941 6 .40%
Sopt 2 1941 6 .45%
?*% due
6
40%
1 1941 6
45%
?* a due
6
45%
H% due..
?*sdue
6
.60%
.50%
?*% due...
H% due..
June 2 1941 6 .35%
?*s due
Bid
Ask
mmm
Nov
,
6
Mortgages
Bid
Asled
125
5a.
Bid
PITTSBURGH, PA.
Phone Atlantic 1170
Joint Stock Land Bank Stocks
Par
Co's.
request
91
Union Detroit 2?*s
mmm
F.H.A. INSURED MORTGAGES
25
Commonwealth Building
_
17?*
SPECIALIZING
mmm
99
Southern Minnesota..
,
100
Iowa 4?*a, 4?*a
Atlantio.
15?*
•
35 preferred
8?*
41
101
mmm
Fletcher
Atlanta..
13
89?*
101
99
la, 1*48
100
Reeves (Daniel) pref... 100
AH
99?* 100
Pennsylvania l?*s, l?*s
la. l?*s
1
6% pref
86
Oregon-Washington......
First New Orleans—
First Texas 2s, 2?*a
First Trust Chloago—
12
Kress (S H)
mmm
First Montgomery—
3s, 3?*s
Bid
100
3
J*
mmm
New York 6s
99
Bohack (H C) oommon...*
7% preferred—
mmm
1 ?*8, 28
Par
Alt
1H
2
mmm
90
B
Bid
/G Foods Ino oommon.. *
Ffahman (M H) Co Inc..*
Bid
Ask
99
Burlington..
25
110?*|ll0?*
108?*
JA/
17
19?*
155?* 158?*
25
New Eng Telep... 100
Telegraph
Bid
,
At
108?* 108?*
4s 1946 opt 1944
AS*
3a 1966 opt 1946
113
100
36 .50 1st pref
So A Atl
Sou
Federal Land Bank Bonds
3a 1966 opt 1946
3a 1956 opt 1946
Rochester Telephone—
53
110?* 112
Int Ooean Telegraph... 100
Hawaii—
Atl
1
•
1
1
102
I !iti
103
New Jersey
5b
4?*a........-
Asled
102?* 103?*
104
New Mexico 4?* a
N Y (Metrop area)
iom 102?*
4?*s..
101?* 102?*
102
103?*
New York State 4?* a
102
103?*
North Carolina 4?*s
102
4
Pennsylvania 4?*s._
__
Rhode Island 4?*a
...
103
102?* 103?*
102
103?*
103
101?* 102?*
102
103?*
South Carolina 4?*s
102
Tennessee 4?* a
Massachusetts 4?*a
102
103
Texas 4?*a
101?* 103
101?* 103?*
Michigan 4?*a
102
103
Louisiana 4?*s
Maryland 4 ?*s
1
1
Illinois 4J*s._.._
Indiana 4?* s
101?* 102?*
101?* 102?*
102
103?*
101?* 102?*
102
103?*
101
102?*
101?* 102?*
101?* 102?*
....
...
Minnesota 4?*s
Insured Farm
102?* 103?*
Mtges4?*a
Virginia 4?*s
...
West Virginia 4?*s
101
102 h
101?* 103?*
103?*
102
A servicing tee from ?*% to H% must be deducted from Interest rate.
Obligations of Governmental Agencies
Bid
Commodity Credit Corp—
H%
100 8
Aug
1 1941 100 6
1%
Nov 16 1941 100.19 100 21
?*%
May
11943 100.18 100.20
Federal Home Loan Banks
Home Owners'
?*s
15 1941 100.2
H% notes July 20 1941 100.8
151942 100.8
100.10
H%
H%
1%
Apr
1 1943 102.22 102.28
Federal Natl Mtge Aasn—
2s May 16 1943—
l?*a Jan 3 1944—
1941
at
Nov
Jan
July
101?* 101.22 101.28
a
Interchangeable.
n Nominal
tt-s
6 Basis price,
r In reoelvorshlp.
quotation,
wi When Issued,
With stock,
V
Now Hated
s
100.10
1 1941 100.15 100.17
16 1942 100.17 100.19
1 1942 100.30 101
Treasury 2 *25 w 1. 1952-54 101.6
Call May 16 '41 at 100?* 101.14 101.20
3
100.4
101.8
U B Housing Authority—
100.2
H% notes Nov 1 1941.. 100 1
1J*% notes Feb 1 1944.. 102.4 '102.6
x
d Coupon,
t Ex Interest.
Quotation shown Is for all
Ex-dlvldend.
Now selling on New York Curb Exchange.
Corp—
100.2
No par value,
/Flat prioe
maturities,
Reconstruction Finanoe
15 1941 100
Apr
2s
*
At
Loan Corp
May
Apr
?*s
?*S
Jan.
Bid
Ask
♦
on
New York Stock Exchange.
Quotation not furnished by sponsor or Issuer.
f Chase Natl. Bank announced
on
each original
ciple and 81.50
on
Deo. 31
a
distribution at the rate of 877.60
81,000 principle amount of debentures; 875.98 on account of prin¬
on account of
5?* on Sept. 25, 1939.
Interest.
Previously paid 5% on July 7, 1939, and
Volume
The Commercial & Financial Chronicle
152
Quotations
Over-the-Counter Securities—Friday March 21—Continued
on
Insurance Companies
Guaranteed Railroad Stocks
Par
Aetna Cai A Surety
Aetna
Mtmhtn "Nfv
Ask
31X
33 h
IX
28
18
78X
Ins Co of North Amer... 10
70m
23 X
20 X
Jersey Insurance of N Y.20
Knickerbocker
...6
11X
Linooln Fire.——.—..6
19
Amer Fidel A Cas Co oom 5
Tel. RE ctor
10M
American Home
2 -6600
STOCKS
Bid
75X
22X
—25
American of
...10
Newark...2M
American Re-Insurance. 10
.Sine# 1855
American Reserve
10
American Surety
.—25
ii—i
Automobile....
Guaranteed Railroad Stocks
Baltimore
..10
Boston
25
...100
....
Camden Fire
Dividend
7
5X
Home
....
Maryland Casualty...
Alabama A Vloksburg (IllinoisCentral)....—....
Albany A Susquehanna (Delaware A Hudson).....
A shed
69M
6.00
72X
10.50
107
111
6.00
76
79
Beeob Creek (New York Central)
Boston A Albany (New York Central)
2.00
29
31
8.75
Boston A Providence (New Haven)
Canada Southern (New York Central)
8.60
88 X
19
Allegheny A Western (Buff Roch A Pitts)
i'm
42X
14X
Merch A Mfrs Fire N Y..6
6X
7X
46 X
24 m
27 m
35
37
National Casualty—....10
National Fire
.....10
58 X
60 X
8
99
7
96X
599
National
National Union Fire....20
New Amsterdam Cas....2
619
Liberty
22
New Brunswick........10
New Hampshire Fire...10
23
New York Fire....
8
6
9
Northeastern..
24M
26 X
Northern
6
32
34
91
Eagle Fire
_2M
Employers Re-Insurance 10
43
23
Exoess
6
5
.....
North River..
.
—.....
47
2
...
30 X
10
65m
44 X
28 X
City Title
62m
40 X
13
20
Connecticut Gen Life
Continental Casualty
9m
3m
13X
21X
5
8X
X
2m
1
10
Carolina.
37 X
<*
Mass Bonding A Ins.. 12M
Mercb Fire Assur oom
5
City of New York—.—.10
Bid
Par in Dollars
2X
19m
71x
40m
12
American...2M
Bankers A Shippers
(Guarantor In Parentheses)
Par
.........5
Home Fire Security..... 10
Homestead Fire
10
124
63 X
Agricultural
OUARANIUS
NEW YORK
lit
Htd
120
61X
26X
_io
„
Aetna Life.....—10
Ttrk Seek Excktngf
Dealers in
10
American Alliance
10
American Equitable...—5
3o$cpb Walkers Sons
120 Broadway
1899
12 50
—.2.60
Northwestern National .25
Pacific Fire
...26
51
7X
142
8X
148
17
18M
32 X
34M
45 X
48
13M
4M
15M
5M
102
98
.100
3.00
37
39
Federal...
(L A N-A C L).. .100
Cleve Cln Chicago A St Louis prei (N Y Central). .100
Cleveland A Pittsburgh (Pennsylvania)
6.00
89M
Fidelity A Dep of Md
29
5.00
87 X
71 X
75
Fire Assn of Phlia
10
3.50
82 X
84 X
49
51
Fireman's Fd of San Fr.25
Firemen's of Newark.....5
99
2.00
Franklin Fire
5
SOX
32 X
Rhode Island...........5
23m 25
120m 125m
115
119m
39
41x
82 m
85X
15m 17m
34m 36 m
7
8X
28 X
27 m
25
24M
4
2m
General Reinsurance Corp 5
Georgia Home..
—.10
Gibraltar Fire A Marine. 10
37 X
40
St Paul Fire A Marine..25
236
22X
23X
43 X
25X
25X
45X
Seaboard Fire A Marine. 10
12m
Standard Accident
65
Stuyvesant...
.—..6
Sun Life Assuranoe—100
4
5
200
250
Travelers
.......100
395
405
U 8 Fidelity A Guar Co—2
U S Fire
4
23
24m
27
47
49
87
U 8 Guarantee
72
72m
55m
Westchester Fire
32 X
34 X
Bi:
Ask
Carolina Clinch field A Ohio
...
oom
Betterment stock
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)
.100
Georgia RR A Banking (L A N-A O L)
Lackawanna RR of N J (Del Lack A Western)—. .100
Michigan Central (New York Central)
2.00
50
5.50
48X
64 X
9.00
148 X
154
4.00
39X
42
Morris A Essex (Del Lack A Western)
-50
New York Lackawanna A Western (D L A W).„ .100
Northern Centra) (Pennsylvania)
3.875
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
23
800
X
X
9
47
49X
117
121
66 X
65X
102
8X
■
24 m
Glens Falls Fire.......—6
6.00
50
53X
Globe A Republic
4.00
96
98 X
Globe A Rutgers Fire... 15
10
9m
4.50
34 X
37
2d preferred......... 15
60 m
1.50
44
47
Great American
3.00
Preferred
IX
45
7X
67 X
600
60.00
........5
10
87
92
Great Amer Indemnity...1
Halifax
10
176 X
.100
Pittsburgh Fort Wayne A Chicago (Penna) pref
Pittsburgh Youngstown A Ashtabula pref (Penna). .100
7-00
172 X
7.00
162 X
Rensselaer A Saratoga (Delaware A Hudson)
6.64
57
St Louis Bridge 1st pref
Second preferred
6.00
140
145
3.00
70
Providence-Washington .10
Reinsurance Corp (N Y) .2
Republic (Texas).......10
Revere (Paul) Fire.....10
Seaboard Surety
.—.10
Security New Haven..—10
Springfield Fire A Mar. .25
5
5
Paolflo Indemnity Go... 10
Phoenix...............10
Preferred Accident......5
25m, 27
10
12
10
246
6M
7m
35
37
33m
35m
122 X 126m
46 m
48m
73
(Terminal RR)
Tunnel RR St Louis (Terminal RR)
—
10m' 12
Hanover
60X
X
10
25 m
Hartford Fire
10
84
Hartford Steam Boiler.. 10
6.00
140
247
250 X
8.00
48
51X
.100
5.00
55
Vloksburg Shreveport A Pacific (Illinois Central). .100
6.00
57
60 X
Alabama Mills Inc..
*
6.00
61
64 X
American Arch
*
Warren RR of N J (Del Lack A Western)
3.50
23 X
25
Amer Bemberg
West Jersey A Seashore (Penn-Readlng)
3.00
53 X
56 X
53m
.....10
2.60
144
10.00
i
United New Jersey RR A Canal (Pennsylvania)... .100
Utica Chenango A Susquehanna (DLA W)
.100
Valley (Delaware Lackawanna A Western)
Preferred...—.
Industrial Stocks and Bonds
Pari
A com.—*
American Cyanamld—
5% conv pref 1st ser._10
2d
Railroad
Bid
Bid
Ask
Ask
series..
3d
Equipment Bonds
series....
...
Amer Distilling Co 6% pf 10
American Enka Corp....*
62.15
1.60
Baltimore A Ohio4Mb
bl 65
Bessemer A Lake Erie 2Ms
Boston A Maine 5a.
bl .60
1.20
61.65
1.25
Amer
—6
62.15
1.60
American Mtg 5%
Nash Chat A St lmuls 2Ha
New York Central 4MB—.
62 15
1 65
Arden Farms
1.25
1.20
Missouri Pacific 4 Ms-5s—.
2s-2Ms and 3Ms
Central RR of NJ4M8—
S3 partio preferred......
Arlington Mills
...100
Art Metal Construction. 10
1.00
N Y N H A Hartford 3s
62.25
1 65
Autocar Co
10
15m
64.00
3 25
Northern Pacific 2M&-2MS
No W Refr Line 3 Ms-4s
61.85
1.40
Botany Worsted Mills ol AS
2X
63.25
2.60
Pennsylvania 4 M® series D
61.20
0.80
4s series E
62.00
1.50
2Mb series G A H_.
62.15
1.60
Chie A Northwestern 4 Ms.
61.60
1,20
Clinch held 2mb
62.10
62 50
1.60
Del Lack A Western 4s
Deny A Rio Gr West 4 Ha.
62.00
1.60
Erie 4 Ms
61.60
1.20
Fruit
1 75
oom
Express
11.26 preferred..—...10
3h
4m
175
Buckeye Steel Castings..*
19
Cessna Aircraft
16
180
20m
1
4
4
Chic Burl A Qulncy
100
31
34
Chilton Co common
Pere Marquette—
10
61.90
1 50
61.50
1.20
61.66
1.20
Coca Cola Bottling (NY)*
Columbia Baking oom...*
61.60
1 15
63.00
2 00
4m
5m
City A Suburban Homes 10
Reading Co 4 Ha
2)48-2948 and 4mb
61.60
4s, 4Ha and 4Xb
—
Grand Trunk Western 8s..
Ohio Match Co
4m
17m, 18m
Brown A Sharpe Mfg...60
St Louis-Ban Fran 4s-4 348.
-
Growers
t o
1 60
1.20
11X
1.20
St Louis B'weetern 4 Ma...
64 00
3 25
Shippers Car Line 5s
Great Northern Ry 2s....
61.60
1 20
Southern Pacific 4 Ms—
Illinois Central 3s_.
62.00
1 50
3s..
Lehigh A New Engl 4 Ms..
Long Island 4mb and 5s
62.25
1.70
61 65
62.00
Louisiana A Ark
62 00
$1
cum
preferred.....-*
Consolidated
1.25
1.75
Orowell-Collier
Southern Ry 4s and 4 Ms..
1.15
Cuban-Amer
1.25
Texas A Pacific «-4 Ma—
62.00
6X
65
69m
11
13
22
24m
Union Pacific 2948...
61.80
1.40
Dentists Supply
1.50
Western Maryland 2s
62.00
Western Pacific 5s.
62 00
West Fruit Exp 4
61.60
61.60
*
Pub.
61
63 m
*
43 oonv pref.....
..
354s....
62 00
Merchants
1.50
61.60
Maine Central 5s
1.25
Despatch
2M«. 4Ms& 5s
Con version... 1
Petroleum
7
10
25
Petroleum Heat A Power.*
1%
Pilgrim
2X
2H
2X
9x
5X
Exploration
1
Pollak Manufacturing...*
Remington Arms com
*
Safety Car Htg A Ltg.. .50
Soovlll Manufacturing. .25
Singer Manufacturing. .100
Skenandoa Rayon Corp..*
7X
4X
52
22
24
114
4
5X
Standard Screw....—..20
36 h
40
Stanley Works Inc..—25
45 X
47 X
Strom berg-Carlson
*
5H
6X
Sylvania Indus Corp..—*
18 H
20 H
43
46
Talon Inc
5
oom
1
Tampax Ino com....
j Taylor Wharton Iron A
♦
.*
Steel common
Thompson Auto Arms...1
---*
Time Ino
UX
2X
3X
40X 41H
126
131m
10X
8m
Tokhetm Oil Tank A Pump
oom.-.10
52 m
55 m
Trioo Products Corp.....*
32 X
1.50
Devoe A Reynolds B com *
14m
Triumph Explosives
2
3X
1 50
1.20
Dictaphone Corp...
*
Dixon (Jos) Crucible... 100
1.20
Domestic Finance cum pf.*
31 x
31m
29m
16X
34 m
34
31m
70
74
33 x
35 m
Farnswortb Telev A Rad. 1
IX
2M
Railroad Bonds
Asked
Bid
—.—..*
Federal Bake Shops.....*
11
30
Akroa Canton A Youngstown
.1945
.1945
5Ms
S«
........
Baltimore A Ohio 4s secured notes......
....
4mb
Cambria A Clearfield 4s.......................
Chicago Indiana A Southern 4s
Chicago St Louis A New Orleans 5a.,
Chicago Stock Yards 5s
...
Cleveland Terminal A Valley 4s................
Connecting Railway of Philadelphia 4s
Cuba RR Improvement and equipment 6s.......
Boston A Albany
158
/5 8
61
.1944
57
58
.1943
93 X
94 X
.1956
104 M
71
.1956
.1951
.1961
+
104
mm.m
.1995
.1951
.1960
-
59
-
•
«.
-
20
/18
49
51
15M
24M
16m
20m
Fire Extinguisher.—*
Gen Machinery Corp oom *
Glddlngs A Lewis
2
Machine Tool
Good
61
111M
394s....................
Florida Southern 4s—...
.........
Hoboken Ferry 5s..—.................
Illinois Central—Louisville Dlv
A Terminal 3Ms.
101
.1965
99 H
.1945
84
86
.1948
.1953
50
53
56
59
.1950
74X
.1978
93
Memiriils Union Station 5s....................
Monongahela Railway 3J4»
....
New Orleans Great Northern Income 5s—
New York A Harlem 3M"
.1959
113
Ferry 5s
...........
New York Philadelphia A Norfolk 4s....
Norwich A Worcester 4Ml
.1946
Pennsylvania A New York Canal 5s extended to.
Philadelphia A Reading Terminal 3 Ms—........
Pittsburgh Bessemer A Lake Erie 5b
Portland Terminal 4s
—
—
—.
.1949
.1966
New York A Hoboken
Providence A
oom..—*
.....100
—
X
100
/ll
.2000
38
.1948
101X
.1947
39
42
83
85m
2X
Bonds—
15m
Carrier Corp
24
26
2
8m
9X
22 m
24 m
68—1901
A—1946
4Ms——1948
Deep Rock Oil 7s
1937
Stamped
,
Jones A Laughlln 3M* 1961
Minn A Ont Pap 6s... 1945
Monon Coal
5s..——.1955
14m
Long Bell Lumber.——..*
86 preferred
100
15
16
83
86
13m
14m
t NY World's Fair 4s. 1941
Old Ben Coal 1st mtg 6s '48
Panhandle Eastern 3s. 1960
56 X
58 m
Scovlll Mfg3Ms deb..1950
29m
31
Shell Union Oil
..100
2Ms—1961
13m
/48m
50
96
94
50m
/55
97 X
74X
fl7
7X
98
76m
8X
50 X
49
101X 102
105X 106 X
V
98 X
Western Auto Sudd
117
12M
3%
97X
Wheeling Steel 3MS..1906
100
60
63 X
99
---•
.1947
118
.1961
90
93
97
.1965
Sugar Securities
94
104
----
101
Toledo Terminal 4Ms
108
110
.1946
90
95
.1951
106
.1968
.1954
77
45
.1990
59
6s
-
-
-
Bid
Bonos
103
.1957
7% preferred——100
5
14m
1M
♦
1
7X
47
Harrisburg Steel Corp....6
Muskegon Piston Rlng.2M
103
107X
m
5X
Worcester Salt.....—. 100
York Ice Machinery
•
Brown Co 5Ms ser
86 preferred...
60
Pittsburgh 4a
50
Amer Writ Paper
Merck A Co new com w L.
43
106
West Virginia A
Wlloox A Gibbs com
42
Martin Rockwell Corp
102X
.1942
.1967
United New Jersey Railroad A Canal 8M*-.
Vlcksburgh Bridge 1st 4-6a
Washington County Ry 8Mb——
23m
18X
Lawrence Portl Cement 100
13
.2032
.1957
Buffalo 4s........
57 x
17
56 m
45m
preferred.....—...*
King Seeley Corp oom—.1
Landers Frary A Clark..25
96
Georgia 4s.—..........
Terrs Haute A Peoria 5s........——
Toledo Peoria A Western 4s
Toronto Hamilton A
55
22
-*
2M
7% preferred—.——100
Wlckwlre Speneer Steel..*
39m
52
6X
x
2%
1%
Welch Grape Juioe oom
42 m
85
76X
7m
5X
X
Class
Great Lakes SS Co oom..*
Great Northern Paper..25
Antoia
Tennessee Alabama A
15m
3M
'
.1947
Woreester4s—...
Richmond Terminal Ry 394®--
99
2M
3m
■*| 8 X
1
Class A..—
MaUory (P R) A Co
ituiu** Illinois A Iowa 4s.....................
Oklahoma A Gulf 5s...............—..
.1966
14
Humor Corp......1
Graton A Knight
Preferred..
Interstate Bakeries oom..*
Dayton Union Railway
6M
Oarlock Packings com...*
75
«
13
Gen
73
74
5m
14X
34X
4%
Warner A Swasey
27
Preferred
Foundation Co Amer shs *
60
United Artists Theat oom. *
United Drill A Tool-
——*
B.........._—»*
United Pleoe Dye Works.*
Preferred
....-100
Veeder-Root Ino com....*
i
13
—...—5
Common
3X
2X
7m
Manganese.2
54X
28X
26 m
112
Dun A Bradstreet com...*
94s-4Ms.
Wheeling A Lake Erie 294s
12
179
Draper Corp
Kansas City Southern
11
9m
10X
I Tennessee Products
1.50
1.36
-
•
Pan Amer Match Corp. .25
5m
Aircraft—
61.65
62.40
61 60
2HB
4M
11m
18m
79m 83 m
2m
2M
39X' 42
35m 38m
1.75
1.25
45
10M
62.00
1.65
43
6
62.40
61.60
29
New Britain Machine....*
172
N Y Chic A St Louis 4s...
61.60
26
12
3m
.*
1 50
62.35
.
1
60
Permutlt Co ...........i
3 75
Chic Mllw A St Paul 5s..
Nat Papet A Type com
Pepsi-Cola Co.——.
3.75
Chesapeake A Ohio 4Hs..
Chic Burl A Qulncy 2Mb..
17X
91 X
16m
53 m
64 60
Central of Georgia 4s.....
15X
89 x
....
24m
62 25
61.60
Preferred
22 m
64 40
2Hb and 2Mb
National Casket........*
5% preferred
11M
11m
hm
3m
61.60
Canadian National 4Hs-5s
Canadian Pacific 4 Ms—
3X
34 m
50
pref 100
com v
Par
Ask
•
Products
Maize
t
2X
31m
14m
25
American Hardware
Atlantic Coast line 2Ms--
Bid
-
78 X
61X
1951
Baraqua Sugar Estates—
68
1947
Haytlan Corp 4s.—..1954
5s
.1989
New Nlquero Sugar—
8 Ms
1940-1942
For footnotes see oAge
Stocks
Par
J14X
52
S32
f!2X
124
1898.
18X
55
34
13X
Preferred
Bid
1
—.1
Ask
wx
110
27
Eastern Sugar Assoc oom.
47 X
X
Ask
Sugar/ Estates—
28
Haytlan Corp mm—.—. *
Punta Alegre Sugar Corp.*
Savannah Sugar Refg—. 1
Vertlentes-Camaguey
X
1
6X
29X
31
5
Corp..1
2H
4X
Sugar Co....
West Indies Sugar
X
7X
1
2X
4X
The Commercial & Financial Chronicle
1900
uotations
Public
March
1941
22.
Over-the-Counter Securities—Friday March 21—Continued
on
Investing Companies
Utility Preferred Stocks'
Par
Bid
Atk
Par
b\a
Ate
8.65
8.87
Series B-l
28.58
31.31
2.96
Series B-2
22.64
24.81
6.79
Series B-3
13.96
424
Series B-4
6.71
9.99
10.74
Series K-l
14.79
16.21
17.38
18.89
Series K-2
11.19
12.34
Series 8-2
11
7.50
8.15
Investors Fund C_„„
1/i
♦Amerex Holding Corp..*
2.39
2.61
Keystone Custodian Funds
1224
14/4
Amer Business Shares
2.70
Amer Foreign Invest Inc..
6.15
Aeronautical
Bought
Sold
-
.
Quoted
Jackson & Curtis
4
Assoc Stand Oil Shares. ..2
Axe-Hough ton Fund Inc..
Aviation Capital Inc—.1
ESTABLISHED 1879
Principal Stock and Commodity Exchanges
Members
Securities...
Affiliated Fund Inc
Bankers Nat
5
4/4
5/4
3.25
13.22
14.22
21.62
1
11.67
12.80
Canadian Inv Fund Ltd..l
2.45
3.25
24.30
26.12
Inc
81
12.97
8.08
8.92
3.15
3.50
5.47
6.02
Knlckbocker Fund—
1
__
.08
British Type Invest A
1
Broad St Invest Co Inc..5 121.00
Boston Fund
7.39
Series 8-4
3/4
♦6% preferred
Basic Industry Shares..10
New York City
15.33
Series S-3
Investing—
♦Common
115 Broadway
1
Manhattan Bond Fund Inc
Teletype N. T. 1-1600
Bullock Fund Ltd
Public
I
Par
Alabama Power S7 pref.
6% pref.25
7% pf—*
Amer Utll Bert
Arkansas Pr A Lt
Atlantic City El
Utility Stocks
91H
93 va.
123/4
6% pref
87 H
Birmingham Eleo 17 pre!.*
*
Cent Indian Pow 7% pf 100
preferred
100
100
99 Ji 101 Zi
108
110/4
Cent Pr A Lt 7% pref—100
U4/4 117
9/4 10/4
724
9/i
106/4 108 Zi
86
7%
preferred
preferred
Community Pow A Lt—10
Consol Elec A Gas 86 pref
Consumers Power 86 pref.*
Continental Gas A Eleo—
preferred
100
Derby Gas A El 87 pref—•
7%
45/4
46/4
Florida Pr A Lt 87 pref..*
118
Jer Cent PAL
7% pf—100
75
77
71
73/4
11/4
7% cum pref erred... 100
N Y Water Serv 6% pf.100
9/4
20/4
57 H
120
102/4 104/4
110
112/4
35
37/4
Northeastern El Wat A El
84 preferred
..*
Northern States Power—
(Del) 7%
100
pref
62/4
82/4
59/4
29
108
32
64/4
84/4
7.18
7.92
6%
7%
preferred
preferred
...100
—100
108/4
Line Co
*
*
•
Peoples Lt A Pr 83 pref.25
111
113/4 115/4
118/4 121/4
89/4
33/4
35/4
65
66/4
112/4 114/4
23 /4
25/4
Philadelphia Co—
85 cum preferred
*
Pub Serv Co of Indiana—
87 prior lien pref
*
77/4
79/4
117/4 119 H
110/4
100 x102 Zi 103
Kings Co Ltg 7% pref. 100
74 Zi 76 %
Long Island Lighting—
Republic Natural Gas
7%
100
preferred.
26
28
6%
100
6% preferred D
82
preferred
6%
conv
partic pref—60
Mississippi P A L 86 pref.*
Missouri Kan Pipe Line..5
Pub Serv 7%
16
pref
6%
*
preferred
6/4
100
Southern Nat Gas com.7 24
8'western G A E
27 %
84
5% pf.100
104
20/4
105/4
22
12/4
13/4
105/4 106/4
28/4
Texas Pow A Lt 7% pf.100
82
84/4
4 24
5/4
28/4
14/4
30/4
16/4
47/4
45/i
United
Pub
Utilities Corp
♦
83 pref
*
Utah Pow A Lt 87 pref...*
2324
25 Zi
24/4
78 Zi
2624
7924
1624
82.75 pref
1724
139
Narrag El 4/4% pref...60
Nassau A Suf Ltg 7%pf 100
54 H
55/4
West Penn Power com
21
23/4
West Texas Utll 86 pref—*
Participating
9.50
3.36
3.62
Series A A
2.35
1
2.35
Series ACC mod
Bid
Amer Gas A Pow 3-5S.1953
units
*
23 24
24 Zi
10124 103 Zi
Amer Utility Serv 6s..1964
Appalach El Pow 3/4s 197U
Associated Electric 6s. 1961
52/4
Bid
54
Atk
Kansas Power Co 4s._1964
105
106
Kan Pow A Lt 3/4s
Kentucky Util 4s
111
com.
.10
100
♦8% preferred
Income deb 4s
1978
Income deb 4/4s
1978
Conv deb 4b
1973
Conv deb 4/4s
Conv deb 5s
1973
1973
Conv deb 6/4s
1973
8s without warrants 1940
.1969
1970
1955
1524
n5
16
Lehigh Valley Tran 6s 1960
Lexington Water Pow 5s'68
16/4
Luzerne Co G A E 3/4 s *66
16/4
Michigan Pub Serv 4s. 1965
63
29
/57
58/4
N Y State Elec A Gas Corp
4s
1965
/10/4
12
Northern
/9Z4
12
Public Service 3/is. 1969
108
108/4
12
Northwest Pub Serv 4s '70
105
105/4
12
Old Dominion Pow 5s. 1951
1986
Sink fund ino 6-6s.. 1986
/9Z4
-
-
-
28
Montana-Dakota
104
104/4
105/4 106
Utll—
3/4
1961
New Eng G A E Assn 5s '62
NY PA NJ Utilities 5s 1956
102/4 103
65
96
100
Cumulative Trust Shares. •
Central Publlo Utility—
Income 5/4s with stk '52
Cities Service deb 5s—1963
1962
6s series B
86/4
88/4
106/4 107/4
106/4
3/4s 1964
10224 103/4
100/4 102
1970
6s
1950
95
93/4
9724
99/4
104/i 105
103/4 103/4
92/4
94/4
Pub Util Cons 6/48—1948
108
105
105/4
St Joseph Ry Lt Ht A Pow
PA
124
4/4s
1947
Sioux City G A E 4s-1966
88/4
Sou Calif Edison 3s_._ 1965
Sou Calif Gas 3/is. —1970
102/4 102/4
105
105/4
1951
57
56/4
3.15
4.80
5.45
62
108
El Paso Elec
64/4
t09
25o
1.03
1.14
Eaton A Howard—
Balanced Fun.d
17.26
18.34
Stock Fund
10.28
10.92
Eqult Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
Fidelity Fund Ino...
*
23.23
24.98
15.37
8.94
6.73
7.43
9.60
10.58
7.62
8.41
equipment...
6.23
6.88
6.24
6.89
Railroad
2.74
3.02
Railroad
5.32
equipment
6.11
First Mutual Trust Fund..
5.47
6.07
39/4
5.88
6.75
—
_
-
•
1.89
16.54
No Amor Tr Shares 1953.*
Series 1955
Series 1958
1
2.27
1
1.87
Plymouth Fund Inc... 10c
Putnam (Geo) Fund
Fiscal Fund Ino—
2.32
Series 1958
17
1
.32
.37
12.03
12.87
Quarterly Ino Shares.. 10c
16
5.50
6.40
2.18
2.42
3.02
3.35
Re publlo Invest Fund....
3.30
3*80
Scudder. Stevens and
Fundamental Invest Inc. 2
14.82
16.24
Fundament'l Tr Shares A 2
4.12
4.89
Bank stock series... 10c
Insurance stk series. lOo
10
Foundation Trust Shs A.l
101
100
5% deb series A
3.06
3.42
77.37
78.93
8.26
Fixed Trust Shares A
*
General Capital Corp
•
General Investors Trust. 1
Clark Fund Ino
Selected Amer Shares..2/4
7.66
3.77
Selected Income Shares..1
3.56
5.51
6T0
25.52
27.44
Sovereign Investors... 10c
Spencer Trask Fund
*
12.83
13.63
4.43
4.83
Standard
l
Group Securities—
4.24
Agricultural shares
4.67
3.66
7.59
4.68
5.16'
Chemical
5.35
5,89
Utilities Ino.50o
♦State St Invest
Corp...*
Super Corp of Amer AA—1
.16
59 54'
8.35
.21
63
2.02
4.04
6.90
Building shares
Automobile
shares
Aviation shares
...
shares
Electrical Equipment...
Food shares
7.35
8.08
3.67
4.05
2.48
2.74
Merchandise
4.51
4 97
Mining shares
4.77
5.25
Petroleum
shares
Trustee Stand Invest Shs—
2.02
♦Series
C
1
♦Series
D
1
1.95
1
4.92
1
4.43
Trustee Stand Oil Shs—
♦Series
A
♦Series
B
Trusteed Amer Bank Shs—
.47
.52
3.64
4.04
Trusteed Industry Sha 25o
.70
.79
RR Equipment shares..
3.23
3.57
U S El Lt A Pr Shares A...
14/4
4.52
4.98
4.02
4.43
.08
.18
shares
shares
Tobacco shares
♦Huron Holding Corp...1
1.23
1.35
Investors..6
13.54
2.13
.92
1.02
Class B
25c
1.81
B
Wellington
14.56
1.90
Income Foundation Fd Ino
Fund
Investment
1
Insurance Group shares.
1.18
1.29
Investm't Co of Amer.. 10
16.37
17.70
13.25
14.58
Banking
Corporations
♦Blair A Co
1/4
♦Central Nat Corp d A._*
Bank Group shares
♦Class B
•
22
20
1
2
10
14/4
15/4
10c
Z4
Z4
♦First Boston Corp
♦Schoellkopf Hutton A
Pomeroy Inc
Bid
com...
Ask
80
82
106/4
95/4
97/4
104/4 105/4
Inland Gas Corp—
71/4
73/4
105
106
105
105 H
102
102/4
Bid
—
101
Atlantic County Water—
5s
1958
104/4
—
105/4
—
1950
1st consol 4s
105/4
1st A ref 5s
1948
1st consol 5s
1948
102
Prior lien 5s
1958
1957
1948
105
107
108/4
102
Pittsburgh 8ub Water—
1951
103
Plainfleld Union Wat 5s '61
107
6s
Community
Atk
Peoria Water Works Co—
Ashtabula Water Works—
108/4
Water Service
6/4s series B
1946
87
92
6s series A
1946
89
93
Gulf Coast Water—
Richmond Water Works—
1st 5s series A
1957
1st 5s
1948
72
105/4
Ontario
1951
Water 5s
101
77
Soranton Gas A Water Co
1st mtge 3/48
1958
4/4 s
1966
105/4 107/4
1st 5s series A
1967
1st A ref 5s A
Joplln Water Works—
1957
105/4
105
103
Scranton-Sprlng Brook
Water Service 5s. 1961
Sbenango Val 4s ser B.1961
70/4
73
Kankakee Water 4/is. 1959
102
...
Kokomo Water Works—
103
1st 5s series A—
99/4 102/4
100
103
102/4
52
1950
5s
71
75
108
110
Spring Brook Wat Supply
1958
105/4
—
5s
1965
—
Springfield City Water—
Monmouth Consol Water—
5s
1956
1956
4s A
105 M
100/i 103/i
Monongahela Valley Water
Southern Count Gas 3s '71
1950
102/4
S'western Gas A El 3 /is *70
104
Morgan town Water 5s 1965
105/4
Tel Bond A Share 5s.. 1958
Texas Public Serv 58—1961
s
f
debs 3/4s
1960
United Pub Util 6s A. 1960
5.58
8.23
No Amer Bond Trust ctfs.
53/4
101/4 101/4
Toledo Edison 1st 3/4s 1968
1st mtge 3/is
1970
106
1950
8.11
7.46
Oils
104/4
5/4s
Union Water Service—
77/4
75/4
103/4 105/4
107/4 108/4
105/4 106/4
101/4 102/4
103
Utica Gas A Electric Co—
6s
1967
1965
105/4
—
6/4s
.....I960
1st 4s—
1st 5/4s
5s series B
1951
6/4s series A
1951
97/4 100/4
100
103
New York Water Service—
series A
109
104
106
1961
100
106/4 107/4
106/4 107/4
Ohio Valley Water 5s. 1954
Ohio Water Service 4s. 1964
108
1st conv 5s
101
Oregon-Wash Water Serv—
5o
1957
102
page
1898.
100
101
94
.....1956
101
5s series C_........ 1960
103/4
105
..1949
102
1952
103
6s series A
W'msport Water 5s
97
105/4 106/4
see
—
107/4
102
1950
Wichita Water—
5s series B..
For footnotes
1950
...1951
1st 5s series B
deb 6s extended
1951
103
107
1950
.
Western N Y Water Co—
New Rochelle Water—
fie
Western Public Service—
Wisconsin Public S 3/is '71
103 H 105 H
West Va Water Service—
125
West Penn Power 3s—1970
West Texas Utll 3/is. 1969
105
5s
1951
5/4s
Muncle Water Works—
110/4
1952
7.34
5.04
supplies
Metals
1
2.50
105/4 106/4
8624
Collateral 6s
55/4
Iowa Pub Serv 3/is.. 1969
Iowa Southern Utll 4s. 1970
10.74
Machinery
D
Shares
4.83
9.75
Electrical
17.01
2.64
C
Dividend
6.65
4.37
South Bay Cons Water—
54/4
'55
5.38
11.15
Insurance stock
3.98
Republic Service—
107
Dallas Pow A Lt 3/4S.1967
Dallas Ry A Term 6s. 1951
Gen Mtge 4/4 s
19/4
Pub Serv of Okla 3/4s. 1971
1962
Federated Utll 5/4s...1957
4.82
4.88
10.34
N Y Stocks Ino—
107/4 108
8ou Cities Utll 5s A... 1958
Houston Natural Gas 4s
1
Chemical
Indlanapoiis Water—
/18/4
Crescent Publlo 8ervice—
6/4s stamped
107
Portland Electric Power—
92/4
3/4s._..1970
4.35
England Fund.—
Rochester A Lake
105
91/4
Coll lnc 6s (w-s)
1954
Cumberl'd Co PAL 3/4s'66
5.32
Building
32/4
Diversified Trustee Shares
Calif Water Service 4s 1961
1962
Consol E A G 6s A
30/4
105/4 107
Indiana—
3/is
Cons Cities Lt Pow A Trao
6s
1.14
4.92
Agriculture
112
15.73
Delaware Fund
Deposited Insur Shs A...1
Butler Water Co 5s
Pub 8erv of Indiana 4s 1969
Cent Maine Power 3/4 s *70
Central Pow A Lt 3/4 b 1969
1.01
Automobile
29
97/1
Penn Wat A Pow
109
Central Gas A Eleo—
1st lien coli tr 6/48..1946
1st lien collb rust 6s. 1946
1
Bank stock
♦Common B shares...10
♦7% preferred
5s
Parr Shoals Power 6s. 1952
Cent III El A Gas 3 /4 s. 1964
27
117/4
12
S fine 4/4 s-6/48
1970
Investors Corp
97/4
30
/924
/9Z4
Boston Edison 2/4s
(Md) voting shares..25c
National
3.30
64/4
95
/27
1983
Cent Ark Pub Serv 58.1948
•
104/4 105/4
103/4 104
/15/4
/1524
/24
/26
/ 27
Sink fund Inc 5s
Biackstone Valley Gas
A Electric 3/4 s
1968
(Colo) ser B Bhares
Water Bonds
/15
Assoc Gas A Elec Co—
Cons ref deb 4 /4 s.. .1958
Sink fund ino 4/4s.. 1983
—
Crum A Forster Insurance
Assoc Gas A Eleo
Corp—
Income deb 3/<S—.1978
Income deb 3/4s
1978
—
111/4
4/4s
9.18
Fund. —10
Low priced bond series..
Institutional Securities Ltd
Atk
64/4
92 H
94/4
10524 10524
8.82
8.40
New
Independence Trust Shs.*
Utility Bonds
62 M
8.20
Invest
Aviation
♦Crum A Forster
Incorporated
Public
Mass Investors 2d Fund-
Nation.Wide Securities—
Income sfrles
1.97
.....1
18.74
Nat. Secur A Research Co
1.97
1
Accumulative series..
Series AA mod
4.20
17.43
Mass Investors Trust
Steel
Washington Ry A Ltg Co—
Mountain States T A T 100
142
8.78
2.08
Investing shares
113/4 116
94
Monongahela West Penn
Mountain states Power
18/4
5/4
Sierra Pacific Pow com...*
17/4
.*
Mass Utilities Associates—
Mississippi Power 86 pref.*
87 preferred
...»
1624
2
preferred
Rochester Gas A Eleo—
Mass Pow A Lt Associates
1
Corporate Trust Shares.. 1
Fund
B
Queens Borough Q A E—
Kansas Pow A Lt 4/4 %
*
Chemical
Commonwealth Invest..
3.30
1
Maryland Fund Ino
Steel
Ohio Public Service—
Penna Edison 85 pref
Penn Pow A Lt 87 pref
113/4 114/4
23/4
25/4
23/4
111/4 113 H
Pacific Pr A Lt 7% pf._100
Panhandle Eastern Pipe
42 %
Jamaica Water Supply...*
•
Okla G A E 7% pref—.100
44
4/4
_*
62
*
preferred—.*
5/i%„100
87 prior lien pref
86 prior lien pref
59
86.60 cum
Hartford Electric Light.26
3/4
New Eng Pub Serv Co—
9624
86 cum preferred
Ind Pow A Lt
17
47/4
94 Zi
Federal Water Serv Corp—
Interstate Natural Gas...*
16
45/4
6%pf 100
UIH 113 24
106 Zi 108/4
Atk
New Eng Pr Assn
87 preferred
•
New York Power A Light—
86 cum preferred
*
Central Maine Power—
Bid
National Gas A El Corp.10
New Eng G A E 6/4% pf-*
53 X
51H
Carolina Power A Light—
17
Par
86 cum preferred
*
New Orleans Pub Service.*
Birmingham Gas—
13.60 prior preferred..60
Century Shares Trust
Atk
10 9/4 111 24
6
6
.18
10c
Mutual
7-1600
Tel. BArclay
^
105*"
Volume
152
The Commercial & Financial Chronicle
Quotations
Over-the-Counter Securities—Friday March 21—Concluded
on
If You Don't Find the Securities
Quoted Here
Id
quotations
stocks
and
are
bonds.
carried
for all active
The classes
over-the-counter
of securities covered
Bid
Atk
Bid
are:
Alden Apt 1st mtge 3s. 1957
Beacon Hotel lnc 4s._1958
/35M
...
/6M
7M
A6
1st leasehold 3M-5s 1944
Broadway Motors Bldg—
4-68
1948
have interest, y»u will probably find them in
monthly Bank and Quotation Record.
In this publi¬
cation
Real Estate Bonds and Title Co. Mortgage Certificates
B'way Barclay lnc 2s__1956
B'way A 41st Street—
which you
our
1901
28
29
63 M
64 M
1st 6s (Bklyn)
1st 5s (L I)
17 H
Companies-
3s
Municipal Bonds—
Domestic (New York and
Out-of-Town)
Federal Land Bank Bonds
Foreign Government
Bonds
Railroad Bonds
Industrial Bonds
Railroad Stocks
Industrial Stocks
Insurance Stocks
Real Estate Trust and Land
Investing Company Securities
Stocks
Stocks
Mill Stocks
U. S. Territorial Bonds
Quotation Record
■ells for $12.50 per year.
32 M
47 M
48 M
19M
6Mb
5Mb
6Mb
5Mb
IX
50 Broadway Bldg—
1st income 3s
...1946
500 Fifth Avenue—
3
& CO., INC.
SEC
Foreign Unlisted Dollar Bonds
Due to the European situation
some
Bid
Anhalt 7s *0..—
1948
Atk
f 13
1946
fbO
Bank of Colombia 7%.1947
7s
1948
Barranquilla ext 4s
Bavaria 8Ms to
/22M
/22M
/ 32
A3
1964
1945
Bavarian Palatinate Cons
Cities 7s to
...1946
mmm
mmm
'.mmm
8s
1945
Bolivia (Republic) 8s. 1947
7s
1958
7s.
I960
mmm
Syracuse Hotel
Jugoslavia 6s funding. 1956
Jugoslavia 2d series 5s. 1956
18
4M
1940
/6
8
Brandenburg Eleo 6s. 1953
Brazil funding 6s.. 1931-61
A3
4M
4M
Koholyt 6Ms
1943
Land M Bk Warsaw 8s *41
Leipzig O'land Pr 6Ms '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
mmm
mmm
/3
mmm
38"
/54
mmm
H
/3
...
...
...
A3
/20
/32
A3
: mmm
■
A3
■
mmm
British Hungarian Bank
7Ms
1962
/3
— -
Brown Coal Ind Corp—
6Ms
1953
Buenos Aires scrip
A3
...
/45
mmm
Burmelster A Wain 6s. 1940
16
Caldas (Colombia) 7Ms '46
Call (Colombia) 7s
1947
Callao
(Peru)
7MS...1944
Cauca Valley 7Ms
Ceara (Brazil) 8s
Munich 7s to
1945
/8
A7
/3M
1946
5
/8
n
1947
9
A3
City Savings Bank
Budapest 7s
1953
/3
Colombia 4s
1946
83
Cordoba 7s stamped..1937
Costa Rica funding 5s. '51
Costa Rica Pac Ry 7Ms '49
/30
mmm
mmm
A2
14
1949
A3M
A2
14
6MB..1959
f7X
1946
...
A3
1956
1968
A3
A3
A3
15M
/8
mmm
mmm
should be
Bourse
March
Press advices this
17
A3
A3
A3
week"from both Vichy and
trading in stocks
March
...
-
19—-Trading
Re-
stricted
...
A3
A3
Rio de Janeiro 6%
1933
Rom Cath Church 8Ms '46
R C Church Welfare 7s *46
Paris
mmm
...
A3
A3
1941
6s 1936
5s
of
32
that
Saarbruecken M Bk 6s.'47
8M
Commission'and
♦
Opening
Protestant Church (Ger¬
many) 7b
1946
Prov Bk Westphalia 6s '33
open-
Persons
...
mmm
/54
/29
/3
Porto Alegre 7s
Association,
submit comments in writing,
This proposed rule has been
approved by the Association's
membership, it was announced March 7.
The features of the
rule, which is designed to govern certain phaseiof the under¬
writing and distribution of securities of open-end investment
companies, were given in our issue of Feb. 8, page 923.
...
A3
Poland 3s
being
received by him before March 28,1941,
...
/3
1946
Panama City 6Mb....1952
Panama 5% scrip
mmm
Proposed Rule
...
mmm
■
on
of the National Association of Securities Dealers, Inc. are
which should be addressed to the
Secretary of the
l
/3
1945
7s to
Oberpfals Eleo 7s
1934
Dortmund Mun UtH6Ms'48
Duesseldorf 7s to
1945
A3
/63
/60
Oldenburg-Free State—
Madgeburg 6s
Dulsburg 7% to
March 28
end investment companies, and members of the
investing public.
who are not attending the conference
—
9
Central German Power
6s
on
counter brokers and dealers who are not members of the
...
Nat Central Savings Bk of
Hungary 7Ms
1962
National Hungarian A Ind
Mtge 7s
1948
35
consider the comments of any other interested persons,
including over-the-
...
Nat Bank Panama—
9
33
notice of the forthcoming conference.
In addition to the comirients of members of the Association, the Commission will be
glad to hear and
...
A3
18
19 X
1948
given'special
mmm
'
A3
(A A B) 4s...1946-1947
(C A D) 48...1948-1949
18 X
The SEC announcement likewise stated:
mmm
/13
Munic Bk Hessen 7s to '45
Municipal Gas A Eleo Corp
Recklinghausen 7s.. 1947
Nassau Land bank 8Mb '38
1951
1st mtge 48
may
Central Agrtc Bank—
see German Central Bk
Cundlnamarca
scrip..
31
12
Corp—
Westlnghouse Bldg—
1952
Act of 1934.
A3
Meridionale Eleo 7s-.1957
mmm
A3
Montevideo
30
Wall A Beaver St
1st 4Mb w-s
Dealers, Inc., relating to the distribution and re¬
demption of securities issued by open-end management in¬
vestment companies.
The proposed amendment was filed
with the Commission by the Association on March
14, in
accordance with Section 15A (j) of the Securities
Exchange
17
A3
Mannheim A Palat 7s_1941
/ 37
49
45 M
10 M
I960
curities
P Members
Brasll funding scrip
Bremen (Germany) 7s. 1935
68 .1940
48M
3s
37 X
28
43M
the Rules of Fair Practice of the National Association of Se¬
17
A3
A3
1948
Water 7s
36 M
27
mmm
/26M
Bldg 1st 4-5s*40
Walbrldge Bldg (Buffalo)—
...
:
26
1958
Trinity Bldgs Corp—
lBtSMs
1939
39M
...
79
1955
Textile Bldg—
1st 3-5s
...
21M
(Syracuse)
1st 3s
The Securities and
Exchange Commission announced on
March 19 that a public conference will be held on March
28,
at its Washington office to consider a
proposed amendment to
...
tl
/3
mmm
19
/4
/3M
/3M
6s
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7Mb '32
Hungarian Discount A Ex¬
change Bank 78
1936
1957
...
17 X
National Association of Securities Dealers—Af¬
fects Distribution and Redemption of Securities of
Open-End Investment Companies
Atk
'Housing A Real Imp 7s '46
mmm
■
/13
A8
A7
Bogota (Colombia) 6Ms '47
Bid
I
16M
of
of the quotations shown below are
nominal.
Antloqula 8a
28
1950
616 Madison Ave—
3s with stock
15
Hold Conference
to
1947
3Ms with stock
35M
32 M
44 M
units
1st A gen 3-4s
9X
11M
2 Park Ave
1951
Lincoln Bldg lnc 6Ms w-e
due 1952 (1500 paid)...
London Terrace Apta—
Tel. HAnover 2-5422
9
81 Broadway Bldg—
....
37 M
61
AO
35
44
60
58 X
1956
1st 3Ms
35
31M
58
1957
1st 5H e(w-s)
1950
60 Park Place
(Newark)—
Lewis Morris Apt Bldg—
BRAUNL
1943
3s with stock.
35M
31M
77
60
1961
Income
Savoy Plaza Corp—
31
34 M
mmm
29X
Sherneth Corp—
...
A4
24 M
28M
'58
Roxy Theatre—
....
34M
Lefcourt Manhattan Bldg
1st 4-5s
1948
Lefcourt State Bldg—
1st lease 4-6 Mb
1948
Lexington Hotel
s
Realty Assoc Sec Corp—
16
/25
2M
Building—
37
35
57 X
fix
f ctfs 4Ms (w-s
Prudence Secur Co—
7M
35
1949
1st 4s
series F-l
1st mtge 4s
Harriman Bldg 1st 6s. 1951
Hearst Brisbane
Prop 6s' 42
Hotel St George 4s... 1950
Inactive Exchanges
S3 William St., N. Y.
52
5s
Graybar Bldg 1st lshld 5s *46
Foreljn Stocks, Bonds and Coupons
series C-2
50
34 X
Sec
...
ASM
3M
47 X
47
14
/5M
18 M
3
series BK
6Ms stamped
1st 4s stamped..... 1948
Fuller Bldg debt 6S...1944
1st 2M-4s (w-s)
17 M
....
32M
55 X
2M
35
21
68 M
2d mtge 6s
1951
103 E 57th St 1st 68...1941
165 Broadway
Bldg—
Dept. B, Wm. B. Dana Co.. 25 Spruce St., New York City.
mm
66
45
....
/33
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s... 19158
42 Bway 1st 6s
1939
1400 Broadway
Your subscription should be sent to
...
■m
series Q
Ollcrom Corp v to
1 Park Avenue—
.
33M
24
52d A Madison Off
Bldg—
1st leasehold 3s. Jan 1 *52
is published monthly and
..
31M
6Ms (stamped 4s)..1949
U. S. Government Securities
Mining Stocks
The Bank and
31
Eqult Off Bldg deb 6s 1952
Deb 5s 1962 legended
Title Guarantee and Safe Deposit
ties
12
A0M
Eastern Ambassador
Hotel units
Real Estate Bonds
Joint Stock Land Bank Securi¬
1957
1st 4s (w-s)
1948
Court A Remsen St Off Bid
1st 3 Ms
1950
Dorset 1st A fixed 2s._1957
Public Utility Stocks
1945
N Y Majestic Corp—
4s with stock stmp, .1956
N Y Title A Mtge Co—
Colonade Construction—
Public Utility Bonds
76
N Y Athletic Club 2s. 1955
Cheseborough Bldg 1st 6s '48
Canadian
Canadian
46 M
1951
S f deb 5s
Chanln Bldg 1st mtge 4s '45
Domestic
1947
Metropol Playhouses loo—
Brooklyn Fox Corp—
Banks and Trust
Atk
Ludwlg Baumann—
19;
earlier
the
on
Paris
Bourse
dispatches, which
«...
we
Berlin
was
state
resumed
published in
the
"Chronicle" of March 15, page 1670, had it that the Bourse
would resume March 17, which date evidently was incorrect.
Associated Press advices of March 19 from Berlin said*
...
...
8
...
DNB, official German
news
agency,
reports
that limited trading and
...
public quotation of stock prices was resumed on the Paris Bourse today
East Prussian Pow 6s. 1953
Electric Pr (Ger*y) 6Ms '60
6Ms
1963
European Mortgage A In¬
vestment 7Ms
..1966
7Ma Income
1966
A3
A3
A3
mmm
mmm
Salvador
/6
7s 1957
7s ctis of deposit.
A7
mmm
after
...
.
1957
4s scrip
0
M
/3
A6
1967
/3
/3
Santa Fe 4b stamped. 1942
fS
/60
A3
Santander (Colom) 78.1948
A2
plants
13
Sao Paulo (Brazil) 6s. 1943
/9M
A3
restricted to registered stocks
10^
abroad
are
are
9
Farmers Natl Mtge 7s. *63
was
In
7s Income
mmm
8s
1948
mmm
1945
French Nat Mall S3 6s '52
32
36~~
German All Cable 7s. .1946
/30
mmm
1948
A3
mmm
1938
A3
mmm
1947
Saxon Pub Works 7S..1945
German
German Central Bank
Agricultural bs
German Conversion
Funding 3s
German scrip
Grai (Austria) 8s
Guatemala 8s..
1946
A9M
....1948
38
43"
A3
Stem A Halske deb 6s. 2930
180
CURRENT
Friday to take charge of the company's business in Pittsburgh and surround¬
Mr. Friday has been associated with the company in its
Pittsburgh office since 1934 and has represented the company in Western
...
Pennsylvania outside of Pittsburgh.
■...
Mtge Bk Jugoslavia
6a
1956
A3
17
1946
A3
A3
60
in
17
1956
63
Stettin Pub Util 7b
A3
1947
A7M
Hamburg Electric 6s. .1938
A3
1898.
...
...
Western
with
that
James
associated
---
P.
with
—Victor J.
/35
Unterelbe Electric 6a.. 1953
A3
mmm
1947
A3
mmm
Wurtemberg 7s to..-.1945
A3
mmm
He will be succeeded
as
representative
Pennsylvania by Duane G. Barbour who has been associated
Harriman Ripley & Co.,
Inc., since 1935.
pfc —Greene & Co., members of the N. Y. Security Dealers' Assn. announce
---
Vesten Elec Ry 7b
40
For footnotes see page
Tollma 7a
NOTICES
ing territory
...
Uruguay conversion scrip..
1957
ex¬
...
Toho Electric 7s..... 1955
21
f6
This regulation
—Harriman Ripley & Co., Inc., announces the appointment of John E.
/q
1954
rules.
...
J*
...
new
9
2d series 5s
1953
68
A3
6Ms
State
Office
Hanover Hars Water Wks
Haiti 68
..1951
Saxon State Mtge 6e_.1947
Building A Land-
bank 6Ms
excluded under the
cluded about 20 companies, the best known being the Suez Canal Company,
...
/7M
Santa Catharina (Brasll)—
8%
Frankfurt 7s to
/9
,
8s ctfs of deposit. 1948
and government securities.
All foreign issues and securities of French companies whose most important
...
1967
shut-down of nine months.
Trading
7
/5M
a
Cleaver, formerly
them
in
their
with Randolph & Cleaver has become
unlisted
trading department.
Cevasco, Vice-President and member of the executive
com¬
•
mittee of Albert Frank-Guenther Law, Inc., is observing his 40th anniver¬
sary as a member of the agency
—Mitchell
&
Co.
announce
their Baltimore office in the
staff.
that
they have installed
Maryland Trust Building.
a
private wire to
General Corporation
NOTE—For mechanical reason* it U not
However, they
are
SECURITIES
and Investment News
ACT
It is expected that the trustees
additional registration statements (Nos. 4695
4696) have been filed with the Securities and Exchange
The amount
Commission under the Securities Act of 1933.
Ben-Hur
Products, Inc. (2-4695, Form A-2), Los Angeles, Calif., has
registration statement covering $350,000 10-year 5% convertible
1, 1951. and 13,300 shares of prior preferred stock
(no par) reserved for conversion purposes.
Wyeth-Hass & Co. has been
named as principal underwriter.
Filed, March 15, 1941.
a
debentures, due Feb.
Securities Shares (2-4696, Form A-l), St. Louis, Mo., has
registration statement covering certificates of beneficial interest
i,
'
L Xiv5 jp* *vv
computed at the sales price aggregating not to exceed $250/100.
The price
Lewis W. Thomis to be the liquidating value plus 7 % of the selling price,
son & Co. are underwriters.
Filed March 17, 1941.
American
filed
a
-
previous list of registration statements was given
The last
in
our
issue of March 15, page 1736.
x
1937
$6,562,385
4,507,426
$6,245,133
$2,054,958
$2,036,144
$8,645,085
Operating expenses...
5,469,536
$3,175,549
$2,552,779
Operating profit
$9,509,911
x3,264,778
*3,164,567
$7,703,033
5,150,253
4,208,989
110,949
89,178
92,418
67,369
$3,286,498
98,828
z765,261
183,000
$2,641,958
147,944
z445,920
$2,147,377
$10,
par
Alliance Investment
Co.
x
Income deductions
Prov. for income taxes..
Federal
excess
prof. tax.
Federal surtax
156,902
y342,149
309,204
the
1579.
Aluminum Industries, Inc.
42,000
tributed income.
income
Preferred
$2,239,408
58,604
1,623,169
dividends
Common divs. cash
Stock
$1,648,326
$2,048,094
82,055
1,422,381
$1,612,360
89,992
1.344,000
Shs.
stk. (nopar)—
com.
Earnings
per
share
$148,253
640,090
$2.43
$543,658
752,648
$557,635
755,204
$2.89
$2.61
$259,060
640,000
$2.51
c
Gross sales
Cost of sales
After
Depreciation
Sell., admin, and general
expenses (net)
prior year credit (net) of $15,851.
z Includes prior year adjustments, net,
of $4,739 in 1940 and $5,920 in 1939.
y
1939
1940
Assets—
2,101,582
accrued expenses
856,612
3,761,832
2,245,552
4,583,248
4,037,418
236,646
182,318
165,152
Trade note & accts.
receivable.
Inventories
Investments & adv
e
129,103
93,539
Shares
146,487
75,000
180,174
2,796.296
180,174
467,896
389,346
1
1
1
1,292,200
S100)
Def.
research
2,929,005
1 415.700
2 357,225
and
Goodwill
chinery, &c.
d Pat't rights, &c.
Cash
c
239,940
282,926
2,663,154
17,015,449 16,084,4401
Total
17,015,449 16,084,440
Accts.
Co.—Earnings—
Calendar Years—
1940
Gross profit from sales
a
Earnings
per
share
on
capital stock
a After
all charges including
1940.—-V. 151, p. 3384.
1939
$571,098
242,591
$2.00
Net income
Federal taxes,
$469,422
245,479
$2.02
and excess-profits tax in
Air Investors, Inc.—New Stock Listed—
The New
"York
Curb Exchange has listed
15,768 shares of convertible
Preference stock convertible in substitution, on a par) and 203,534basis, for
5,768 shares of (par $10) preference stock (no share fo» share shares of
stock
(par $2), in substitution, on a share for share bas's for
203,534 shares of common stock (no par), with authority to add to the list,
upon official notice of issuance, 298,986 additional shares of common stock.
—V. 152, p. 1578.
common
Air-Way Electric Appliance Corp.—Earnings—
Years Ended Dec. 30—
1940
Loss, after all charges, deprec., &c___
a
1939
a$39,609
b$51,462
Includes profit of $6,755 from foreign subsidiaries,
1938
$40,655
b Including loss
of $10,405 of Air-Way. Ltd., of Canada, and loss of $92,986 from
opera¬
tions and write-down of company's investment in Air-Way, Ltd.. of Eng¬
land, to nominal value of $1.—V. 151,
Akron Brass Mfg. Co.,
^Calendar Years—
Gross profit
a Net profit
p. 2930.
1940
$225,515
63,583
70,999
After all charges, including Federal taxes, and excess profits tax and
amortization of appreciation in 1940.—V. 152, p. 260.
Capital surplus
Earn, surplus
217,536
3,267,950
3,267,950
4,706,968
6,531,654
empl's
3,957,955
17,028
6,407
Treas. stock (cost)
Dr80,184
from &
rec.
378,512
30,000
21,505
23,166
129,724
142,148
Misc. Investments.
Deferred charges.
-
Total....
24,326,977 21.681,723
24,326,977 21,681,723
Total
$9,184,195 In 1939c After allow¬
of $124,443 in
1940 and $123,330 in 1939.
d After amortization of $588,440 in 1940 and
$545,454 in 1939.
e 800 shares preferred stock at cost,
x Domestic and
Canadian subsidiaries,
y Includes all subsidiaries.—V. 151, p. 3548.
After
of
depreciation
$9,600,160
in
1940
and
b Represented by 989,529 (987,436 in 1938) no par shares,
ance for doubtful notes and accounts and cash discounts
American Cyanamid Co.
(& Subs.)- —Earnings—
Calendar Years—
1940
1939
Net operating profit.--.$16,588,005 $11,392,510
Divs., int. & discount..
778,699
632,357
Royalties,
service
licenses
charges
226,596
55,228
190,106
88,213
198,102
53,336
Total income
..$17,648,528 $12,276,304
Research & process and
development exp
2,531,782
1,925,372
Int. & discount paid
457,431
532,962
Deprec. and depletion..
3,844,819
3,125,058
Prov. for income tax
3,184,766
1,110,622
Min.
1938
1937
$7,876,170 $10,141,604
434,091
1,013.320
and
Other income (net)
267,818
$8,588,580 $11,422,743
1,869,844
630,258
2,875,070
693,856
1,807,433
458,058
2,774,825
1,047,532
57.350
66,640
66,640
a$6,629,729
234,062
1,571,019
$5,524,941
104,193
c4,189,390
$2,452,912
76,680
1,526,921
$4,824,647
$1,231,358
$849,312
$1,235,666
2,618,364
2,618,369
2,618,369
2,520.368
$2.44
stockholders'
$2.07
$0.91
$2.09
int.
in net income of subs.
Prov. for contingencies
.
.
1,000,000
$5,268,255
b4,032,589-
Surplus..
Alleghany Corp.—Would Pay April 1 Interest—
The corporation has applied to the Federal court for permission to with¬
draw approximately $370,000 to be applied together with funds held
by the
of interest due April 1 to the company's
5% bonds, due 1950.
The fundp are part of the moneys held in escrow in
the J. P. Morgan & Co., Inc., account.
Federal Judge Vincent L. Leibell
has set March 25 for hearings on the motion.
L
Shs. combined class A &
B stock
Earnings
a
743,099
227.149
Miscell. reserve...
1939
$234,338
a
trustee of the issue for payment
778.946
702.947
3,665,998
Net income
Preferred sividends.
Common
dividends
Inc.—Earnings—
• .321.390'
991,428
5.034,987
Inc. in Engl, sub
Def'd note receiv.
a
Aetna Ball Bearing Mfg.
$
f ,691,900
Provision for taxes 2,087.089
Accrued liabilities.
7.218,545
A
yl939
$
5,691,900
5% pref. stock
x Common stock..
6,321,390
Accounts payable. 1,113,287
8,355,651
3,200,123
.
Officers
After
*1940
Liabilities—
S
Notes and accts.
Inventories
depreciation of $1,046,616 in 1939 and $1,134,132 in 1940b Represented by 752,613 no par shares, including 145M shares issuable
upon presentation of fractional scrip outstanding,
c Including Canadian
income tax.
d From officers and employees (partly secured by common
stock of the company).
e In consolidated subsidiary applicable to in¬
tangibles.
f Represented by 755,204 shares (no par).—V. 152, p. 1270.
a
.
7,992,628
accounts
Total
$0.57
yl939
$
receivable—...
devel. expense..
§87,436
$2.79
Land, bldgs.,ma¬
.
Earned surplus...
987.436
$2.75
Oct.
Issued
Assets—
a
Common stock..110,887,695 blO 764,195
1
989,529
$1.98
out¬
Consoliaated Balance Sheet Dec. 31
4H% cum. conv.
pref. stock (par
for¬
mulae, Ac
$3,042,075
234,170
1,696,873
17,799
b589,377
1, 1936.
b Includes Federal surtaxes on undistributed'
profits totaling $52,220 in 1937.
c Includes other income (net) of $399,256 in 1940, $235,515 in 1939, $381,200 in 1938 and $483,574 in
1937.
d Includes Federal and Canadian Excess profits taxes of $800,477.
440,000
1
Cost of invest...
$841,169
286,285
691,179
xl940
953,000
(estimated)
Prepaid exps., Ac.
stock
com.
$2,252,484
285,758
988,360
989,529
stock.
foreign Inc. taxes
employees.....
3,031,404
$3,009,476
281,465
1.978,999
5% pref. stk.
Prov. for Fed. and
142,259
Land, building &
Trademarks,
80,883
compensation to
on
on common
standing (no par)
Earnings per share
a
ployees' fund
234,322
from employees,
receivable
15*927
Received for add'l
16,314
d Accts
869,906
10,309
14,538
Notes & accts. rec.
equipment
847,819
Dlvs. payable
Due trustee of em¬
154,972
Divs.
3,705.478
48,968
dl,954,588
Net income
a
Divs.
Notes payable
Sundry rec. <fc inv.
Dep. in closed bk.
a
$
Accts. payable and
2,548,963
securs.
1939
$
Liabilities—
$
4,564,760
Marketable
1940
1939
$
Cash
4,360,710
61,381
562,479
3,486,045
50,470
2,203
182,732
4,209,646
42,986
Provision for taxes
Consolidated Balance Sheet Dec. 31
Calendar Years
1938
1937
$30,643,946 $24,503,132 $19,461,132 $29,194,237
20,718,178
17,182,006
14,215,014
20,312,417
709,072
751,718
683,498
810,478
Amortization of patents.
Interest (net)
in 1940, $135,537 in 1939, $122,138 in 1938 and $103,043 in 1937.
Inc.—Earnings—
Consolidated Income Account for
These amounts include depreciation in the aggregate totaling $148,796
x
$1.61
American Chain & Cable Co.,
1940
Surplus
$9,725
$0.10
def$34,853
Nil
—V. 151. p. 3225.
9,300
1,088,036
322,045
...
$159,969
*
1937
1938
1939
$166,965
$1.68
Net profit after all chgs.
and taxes
Earns.per sh.on cap.stk.
Net
(& Subs.)—Earnings-
1940
Calendar Years—
undis¬
on
Suit Ended—
America—Trust
of
the company, trial Jt which
longest in history before a judge, came to an end Mar. 12 in U. 8.
District Court, but Judge Francis G. Caffey said he would render no de¬
cision until just before the summer vacation period, and possibly not until
fall.
During the last seven days Walter L. Rice, special assistant to the
Attorney General, and a battery of defense attorneys have been summing
up before Judge
Caffey.
At the conclusion of the summations Judge
Caffey ordered Mr. Rice and William Watson Smith, Timothy N. Pfeiffer
and Charles Evans Hughes, Jr., defense attorneys, to file original briefs
by April 9 and final reply briefs by May 9.
Already 1,700 pages of briefs
have been filed in the case and 40,708 pages of testimony taken.—V. 152.
p.
Total income..
Corp.—Tenders—
12, 1941 the board of directors fixed a price of $86 per share
might tender to the company for
retirement, prior to the close of business April 30, 1941, an aggregate of
1,000 shares of its series A preferred stock of the par value of $100 per share,
on which
the accumulated arrearages of dividends to April 1, 1941 will
amount to $21 per share.
If tenders exceed 1,000 shares, the number of shares to be taken from
each stockholder will be reduced proportionately to the nearest number of
full shares.—V. 152, p. 816.
On March
flat at which the preferred stockholders
$2,103,513
139,948
Other income
share in
regular quarterly dividend of 25 cents per share on the capital
both payable March 29 to holders of record March 20.
Like amounts paid on Dec. 30, and Sept. 30, last; extra of 25 cents was paid
on June 29, last, and extra of five cents was paid in each of the 18 preceding
quarters.—V. 151, p. 3736.
a
was
1938
$9,726,952
Gross profit from sales
1736
p.
The four-year-old anti-trust action against
(& Subs.)—Earnings-
1940
1939
$12,981,286 $11,485,415
4,336,201
x3,782,383
Calendar Years—
Gross sales
Cost of goods sold
V.—152
The directors have declared an extra dividend of five cents per
addition to
Aluminum
Abbott Laboratories
receive credit for
Co.—Extra Dividend—
Allemannia Fire Insurance
stock,
involved is approximately $600,000.
filed
of the corporation's other two bond issues
the withdrawal of the funds for the
the 5s, 1944 and 1949, will not object to
payment of interest but will ask that the other two issues
this withdrawal when the funds eventually are disposed of.
The following
and
alphabetical order.
always possible to arrange companies in exact
as near alphabetical position as possible.
always
REGISTRATION STATEMENTS UNDER
OF
1941
22,
UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
RAILROAD-PUBLIC
FILING
March
The Commercial & Financial Chronicle
1902
outstanding..
per share
The net income
distributed
net
above does not include the equity in the 1940 un¬
income of associated companies
(50% owned or less).
as
Including such equity, the net income for the year, applicable to common
stock, would be increased $2.57 per share, or $6,395,666.
Of the net in¬
come as above, approximately 20% is applicable to operations in foreign
countries
(chiefly
Canada).
Practically all
of such
foreign net income
income receipts or
covered during the year by the dividend and other
American Cyanamid Co. relating to sucn operations.
was
Volume
The Commercial & Financial Chronicle
152
b Includes special dividends of $2,520,368
payable optionally in
cash or
™,?1lar~es of 5% cum- conv. pref. stock $1,499,588 paid in cash and $1,020,780 paid in shares of preferred stock (102,078 shares).
c Includes a
special dividend of $1 per share ($2,618,369) payable in 5%
cumulative convertible preferred stock, second series, at its par value of
$10 per share.
This special dividend required tne issuance of 259,217 such
^shares and the payment of $26,199 in cash in lieu of fractional shares.
At
the time of the payment of this special dividend, the preferred stock, second
series, had a market value of approximately $11,625 per share, so that the
actual value of cash and stock dividends declared during the year on the
•common stock amounted to
approximately $1.76 per share.
Consolidated Balance Sheet Dec. 31
1940
$
Liabilities—
Land. bldgs.,&c.27,302,583 25,143,021
Accts. receivable.. 8,214,517
6,887,621
a
Notes <fc trade
—
Marketable secu's.
Other inv. <fc adv..
Inv.
In
799,155
604,124
.
purch.
.
obligations
of foreign sub..
Divs.
191 290
.21,360,919
.
11,648,000 12,024,000
and
accept,
bank
6,490,524
191,290
705,585
451,270
c263,985
418,869
8.312,920
payable
17,276,648
& taxes..
wages
6,883,386
Res. for pref. stock
for
retire, of debs..
Inventories..
debt
8,548,610
Accts. pay., accrd.
6.826,803
fund
4,681,270
Common stock..26,183.690 26,183,690
Trade
489,828
597,812
Corp....
'Stock
82.520
14,708,612
So. Alkali
Sinking
b
$
$
Preferred stock...
Funded
ac¬
ceptances receiv.
133,949
Cash
....15,433,822
1939
1940
1939
$
.
Assets—
204,000
46,420
134,867
140,350
Res.for contlng.,&c 3,390,656
funded
tract
15,640
5,000,000
455,947
1
mitted:
on
debt
3.149,867
Earned surplus
16,506,823 15,767,301
Capital surplus... 7,181,368
7,229,796
86,417,609 77,345,777
86,417,609 77.345.777
Total
a After depreciation and depletion of 45,236,836 in 1940 and $42,688,546
1939.
b Represented by 65,943 shares of class A common ($10 par)
2,552,426 shares of class B common ($10 par), excluding 59,674 shares
in B stock in treasury,
c Trade acceptances only.
Notes—(1) The cash in banks is stated exclusive of funds ($8,263,842)
comparison is sub¬
•
1940
1939
Sales.
-$38,438,938 $22,358,740
Wages and salaries paid employees
11,934,062
8,719,494
Federal, State, municipal and social security taxes.
1,802,277
901,588
The Federal income taxes for 1940 were somewhat lessened due to a loss
carry-over from 1939.
The increased volume of sales was reflected in all
divisions of the business but more particularly in the steam and Diesel
locomotive divisoins.
As to steam locomotives, in addition to an increase
in domestic sales there was a considerable increase in foreign sales.
As to
Diesel locomotives, there has been a strong demand for our switching
locomotives, already well established with the railroads, and our new fast
passenger locomotive was well received.
Business Prosvects—In any activities of the future the vast and dominating
influence of the Defense Programs and the wars abroad must be considered—
the uncertain and unforeseeable possibilities are unlimited.
On Nov. 15,
1940 the stockholders were advised at length that the company was called
upon to assist the United States and Canadian Governments in carrying
out the respective National Defense and War
Aid programs.
We have
answered that call and are collaborating with the various governmental
units, being handicapped in our participation only by shortages of machine
tools and materials necessary to expedite production.
The unfilled orders
at Dec. 31, 1940 may be compared with the close of the previous year as
—
follows:
'
Dec. 31—
Orders
1939
1940
regular products although in some
indirectly related to Defense Pro¬
activity
$24,400,000 $12,800,000
for
ordnance
and
munition
products,
for
instances
gram
Total
(& Subs.)—Earnings—
Year Ended Dec. 31—
1,333,535
Accrued Interest
con¬
License, pats., &c. 5,000,000
Deferred charges—
556,758
•Goodwill...
1
American Locomotive Co.
William C. Dickerman, Chairman, states in part:
In connection with the year's results the following
2,373,175
Prov. for Fed. tax.
conversion rights
1903
Orders
113,900,000
directly related to Defense Programs
.
in
$138,300,000 $12,800,000
-and
held
in
trust
to
obligations
cover
incurred
construction
certain
under
•contracts.
I* (2)
Current assets and liabilities of foreign subsidiaries (Chiefly Canadian)
included in the consolidated balance sheet on the basis of year-end ex¬
are
-
change rates and foreign plants and facilities on the basis of exchange
rates prevailing at time of acquisition.
Such current assets (including
$4,388,403 of cash) amount to $8,781,580; current liabilities to $2,293,122;
and foreign plants and facilities (at cost, less reserve) to $2,092,211.
The
consolidated earned surplus includes $3,291,260 in respect of the undistrib¬
uted earned surplus of foreign subsidiaries.—V. 152, p. 418.
American Air Lines,
Inc.—February Traffic—
Company flew a total of 22,366,395 passenger miles in February, com¬
pared with 22,034,853 in January and with 15,118,819 in February 1940.
Despite the shorter month and seasonal influences, number of revenue
passenger miles flown during February showed a gain of 1.5% over January
and
47.9% over February 1940.
During February the airline carried a total of 63,514 passengers, com¬
pared with 57,788 in January and with 38,737 in February 1940.
Number
of passengers carried gained 9.9% as compared with the previous month
and 64% as compared with a year ago.—V. 151, p. 3878.
American Box Board
Earnings
per
share of
$133,411
American Encaustic
1939
$0.21
$0.12
1937
loss$20.108
Nil
Nil
;
American Hair & Felt Co. (&
$376,987
$4,958,549
bl.961,428
$1,819,694
$6,919,977
1937
$1,575,267
303,790
19,187
on
x$924,913
130,981
2,240
$7,698,403
125,399
65,961
x$765,367
55,586
970
189,330
90,825
54.730
594,363
943,279
Surtax
on
undistributed
8,637
profits
$2,085,250
$1,898,244
$1,204,537
193,475
700,000
Prov. for decline in con¬
al28,453
version val., &c
a
Provision
x
conversion
in
$4.75
Nil
Nil
$0.50
decline
for
Canadian subsidiary,
$6,113,218
2,463,727
x$950,376 x$l,302,195
Net profit for the year $2,850,913
Divs. paid on pref. stock
1,759,805
value
of net
current
assets
of
Loss.
Consolidated Balance Sheet Dec. 31
Cost of property25,198.967
1,809,299
3,528,502
Cash
&
c
Accounts payable.
741,870
5,689,344
5,000
223,774
956,090
Reserve for Fed. &
10,353,193
State
7,831,410
Reserve for contin¬
250,000
11,000,000
Sundry def'd chgs-
1,872,351
8,996,533
366,370
Capital surplus... 4,702,687
gencies, &c—
Earned surplus
11,000,000
390,804
1,632,856
7,905,426
4,702,687
59,082,436 56,131,396
Total
59,082,436 56,131,396
Total
51,500
250,609
Prov. for inc. taxes
123,234
Special cash depos.
-
1,844,595
781,459
franch.tax
contracts
4,568,280
120,457
Inventories
476,066
Adv. pay.
Oth. accts. & notes
Goodwill
2,740.999
Sundry accr'd exps
ree'd on
4,587,154
notes
(trade).--.
$
stock...35,196.100 35,196,100
Common stock.. 3,839,500
3,839,500
Preferred
24,981,257
1,931,821
741,870
—
1939
$
Liabilities—
^
1
Other securities.
1940
1939
1940
j^Lssds
depreciation of $21,572,986 in 1940 and $20,975,560 in 1939.
$157,290 for reserves for doubtful notes and accounts
in 1940 and 130,524 in 1939. c Represented by 767,900 no par shares.—V.
152, p. 1737.
a
Less
b After deducting
925,458
9,155
798,830
197,980
188,471
171,289
161,671
158,583
80,000
$992,524
655,500
437,000
$2.27
$613,135
loss$30,501
437,625
437.000
$1.40
636,220
450.000
110,786
697,001
depreciation..
reserve for
869,311
—
Prov. for Fed. inc. tax-.
Net profit for year
Dividends paid
Shares capital stock
48,021
a2,633,000
52,126
$3,431,169
1,526,350
435.800
-
$7.87
Earnings per share
Includes provision for Federal excess profits tax
eludes profits on sale of ships, $1,462,984.
a
Nil
of $1,150,000.
b In-
1939
$
$
2,105,795
Vessels in comm.
4,760,373
1940
stock
149,076
127,128
116,275
Excess of
437,444
94,444
Unexp. lnsur., &c.
189,196
201,150
•
Inv. In other
1,150,000
Cash
-
3,282,646
927,863
Acc'ts receivable—
746,610
61,231
Supplies
Misc. accts.
rec.
,
6&215
4,358,000
&
Res
Mix. claims awards
el
p receivable
2,169,026
50,000
50,344
American Securities
406,610
528,664
489,920
2,169,026
for insurance.
1,150,000
1,150,000
171,667
268,238
605,423
Earned surplus
6,397,776
Corp. (&
1939
Subs.)—Earnings—^
Calendar Years
"
1938
1937
$8,547,985
$1,636,706
soid
6,910,731
6,452,502
Operating income
a
$7,470,680
6,350,552
$796,453
$1,214,002
$1,120,128
Cost of goods
$7,666,505
6,911,278
42,725
61,823
58,983
97,984
$839,178
$1,275,825
$1,179,111
$1,734,690
Other income
3,592,751
American Investment Co. of
operating income
Net income after all charges
Earned per share of common stock
—V. 151, p. 1131.
of this department.
Sa& 8allo^am£s 1 —$7,707,184
claims
Total
16.438,025 12,994,141
$17,020,134 in 1939 and $12,941,916
in 1940.
b After reserve for depreciation of $334,279 in 1939 and $364,697
in 1940.
c Deposited with Treasurer of United States as collateral under
lease agreement,
d Not including shares in treasury 64,200.
e After de¬
ducting $2,234,536 reserve.—V. 152, p. 1417.
■Gross
page
Consolidated Income Account for
i
224,555
collection
Res. for Fed. taxes 2,686,544
...16.438,025 12,994,141
Years—
first
1940
After reserve for depreciation of
Calendar
Shares, St. Louis, Mo.—Registers
with SEC—
Total income
Total
vacant.—V, 152, p. 1417.
American Safety Razor
Capital surplus
Treasury
notes at cost—
Chairman Retires—
See list given on
awards
147,856
claims
for
mixed
$67,839,940 $63,967,459
1,108,595
897,404
$2.63
$2.13
4,370,000
862,993
ages
of
1939
1940
.
on
Accounts payableAcer, wages <fc tax.
Res.
,
all charges.
share of common stock
Harry Gould has announced his retirement as Chairman of the Board
Treasurer of this company, but will continue as a director.
Donald
R. Williams has been elected Treasurer to succeed Mr. Gould.
The chair¬
revs, over
disbursem'ts
Subs.)—Earnings—
and
uncomplet. voy¬
1,150,000
11,273,689
Insur. fund
$
($10
par)
181,805
cos..
plant
Steamer equipm't.
Earnings per
1939
$
Liabilities
d Cap.
American News Co. (&
Calendar Years—
Sales (net) _ Net profit after
manship of the board remains
Consolidated Balance Sheet Dec. 31
1940
Assets—
a
$6,730,595
967,808
of plant
retire,
come taxes
$1,076,528
263,604
Drl35,595
self-insurance
S.
x$l,125,498 x$l,200,909
360,13 1
275,996
to
Exps. incident to strikes
and labor disturbances
•c'U.
Loss
Years
72,081
Losses arising from adj.
of prior years (net)
43,040,851
676,004
$3,831,344
31,290
5,861
receivable
1938
1939
Net profit on sale of inv.
b Shore
Total income
rec.
Steamship Co. (& Subs.)—-Earns,
$23,234,300 $18,791,507 $17,165,458 $16,123,632
18,275,751
16,971,813
15,590,191
15,047,104
Total income
344,322
Idle plant expense
Interest paid
a
1939
1940
$410,109
1940
a
Profit from operations $3,487,022
b Accts.
Net prof, from oper—
Other credits
24,781,257
691,728
22,588,760
895,478
917,702
Other income-
1937
$22,358,740 $24,272,076 $50,447,450
adm., sell. & gen. exps. 34,034,214
Depreciation
Years
1938
1939
1940
Investments
1579.
Consolidated Income Account for Calendar
Prov. for
Consolidated Income Account for Calendar
Gross sales, less disc'ts &
allowances$38,438,938
Cost of goods sold, incl.
Earns, per sh. on 767,900
shs. com. stock
Subs.)—Earnings-
Calendar Years—
Net profit after all charges, taxes, &c
Approp.
option of the respective governments, it is believed the companies'
are adequately protected in such an event.
It is also felt that the
volved.
loss$71,494
American European Securities Co.—Dividend—
Operating revenues
•Operating expenses
official rate of
the
at
current year
1938
$41,104
American-Hawaiian
dollars
financial provisions of the various contracts are such that no substantial
demand will be made upon the financial resources of the companies In¬
Tiling'Co.—Earnings—
$69,897
Directors have declared a dividend of $3 per share on the preferred stock
covering the cumulative period for the 6 months ended June 30, 1940,
payable March 31, 1941, to stockholders of record March 27, 1941.
Divi¬
dend of $2.50 was paid on Dec. 27, last, and one of $5 paid on Oct. 3, last.
—V. 152, p. 418.
—V. 152, p.
States
The production under many of these
and, while they provide for cancellation
Contingencies relative to
operating
results
of
1940
Earns, per sh. on 333,♦
879shs. com. stock.._
—V. 151. p. 2931.
United
interests
$0.44
—V. 152. p. 110.
Calendar Years—
Net profit after all chgs.
at the
1939
$243,829
$1.31
stock
to
Normal Fed. & for'n in¬
1940
common
converted
contracts will extend well into 1942
3fSS6t/S
Co.—Earnings—
Years Ended Nov. 30—
Net profit after all charges
Included in the latter item are orders placed by the Canadian and British
Governments
exchange, aggregating $71,000,000.
III. (& Subs.)—Earnings—
1940
1939
$5,117,306
$4,003,156
1,439,257
$1.07
1,271,177
$3.00
....
201,338
213,498
179,897
177,185
sale of sec. (net)
lossl7,285
loss 928
Cr27,597
036,607
Foreign & Fed. inc. taxes
237,112
255,163
250,034
299,807
$806,238
$776,777
$1,294,243
Dividends
$383,443
366,440
629,280
891,480
1,048,800
Balance
$17,003
$176,958 def$114,703
524,400
524,400
$245,443
524,400
Depreciation.
Profit
on
62
United States surtax
Net
profit
b Shs. of cap. stk. outst-
523,400
$0.73
Earnings per share
a
Including selling,
depreciation),
$i.54
general and administrative
b Par $18.50.
$1.48
expenses
$2.47
(exclusive of
The Commercial & Financial Chronicle
1904
Consolidated Balance Sheet Dec. 31
$
2,368,136
491,072
561.263
hand
Marketable secur.
480,785
1,062,554
1,150.330
47,659
30,715
1,766,045
1,979,274
Accounts payable-
189,374
184,344
rec.
Inventories
Curr.
assets
94,811
215,171
Res. for foreign ex¬
684,872
Accts. A notes rec.
Sundry accts.
$
Accrued liabilities.
Cash in boohs and
on
1939
$
Liabilities—
S
2,468,931
b Fixed assets
American Viscose
1940
1939
1940
Atsets—
80,549
change fluctua's
92,570
71,128
285,311
9,701,400
Earned surplus... 4,190,405
9,701,400
Feder:) Income tax
a
Capital stock...
4,226,945
Treas. stock (1.000
(net)
shs. at cost)
Canad.
A Engl.
subsidiaries
Drll.952
261,903
92,741
Prepaid expenses.
Due trow employ's
84,326
Stock In alfll. cos.
"b',600
14,000
138,510
123,560
Cash
123,380
value of
surr.
life Ins. policies.
Misc.
175,403
34,657
10,498
21,215
7,432,063
7,432,063
Goodwill,
A
patents
trademarks..
Total
14,405,249 14,616,207
Total
14,405,249
Represented by 524,400 shares par S 18.50.
b After
preciation of $2,125,570 in 1940 and $2,777,116 in 1939.
a
14,616,207
reserve
for de¬
25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable May 15 to holders of record April 22. This compares with
20 cents paid on Sept. 30 and June 29, last, and quarterly dividend of 30
cents paid on Mrach 29, 1940.—V. 151, p. 3225.
American Smelting & Refining Co.
(& Subs.)—Earns.
Consolidated Income Account for Calendar Years
1940
1939
1938
Net
1937
mines, smelt.,
ref. & mfg. plants
$25,381,454 $23,686,044 $20,659,271 $31,418,718
Divs. from controlled cos
421,320
339,690
86,358
301,310
Other income (net)
862,103
670,479
589,997
676,706
Profits realized from sale
earns,
of investments
loss.3,150
233,197
189,242
Total net earnings...$26.664,877
$24,693,062 $21,524,868 $32,629,931
2,031,434
1,887.234
2,171,931
606,935
500,044
1,113,501
13,374,668
2,710,782
c5,010,742
f6,213,775
135,500
General & admin. exps_.
Research & exam. exps..
a
1,995,016
627,831
Corporate taxes
Interest
bonds
on
Prem. on 1st mtge. & 1st
lien 4% bonds retired.
Deprec. & obsolescence.
Ore depletion
Net income
adjust,
6,575",007
4,931*255
9,314,593
$2,180,554
24,142,574
$5,010,833
20,799,041
of
6%
b
$31,085,380 $27,877,265 $27,553,128 $25,809,874
920,000
-
Appropriation
Stanley & Co., Inc., and Dillon, Read & Co.
The transaction, which was announced March 16 by Sir Edward Peacock,
■
accurately at present.
The purchase contract, however, requires a pay¬
ment on account amounting to $40,000,000, less adjustment for minority
10%, including approximately 5% being retained by
Courtaulds, Ltd. American Viscose has been for many years an American
subsidiary of Courtaulds a British company.
Additional payments will be made to the British Government based on
the following program: from the ultimate price realized there will be de¬
ducted the initial payment ($40,000,000), expenses and certain specified
profits of the purchase group and the syndicate managers, after which
90% of the remainder will be paid to the British Government.
The capitalization of American Viscose consists solely of 491,555 shares
of common stock ($100 par) or a stated value of about $49,155,000.
Such
important details as the total assets, net worth, and earnings record of the
company were withheld at this time.
This was explained as expedient in
view of the rapidly changing situation in international affairs, the investment
and market conditions here, and the fact that the final reports of engineers
and accountants have not been completed.
It is understood that the company is valued in excess of $100,000,000.
The purchasing group of investment banking firms includes, in addition
to Morgan Stanley and Dillon, Read, the joint managers of the syndicate:
Kuhn, Loeb & Co., Mellon Securities Corp.; Lehman Brothers; Union
Securities Corp.; The First Boston Corp.; Harriman Ripley & Co.; Inc.
Smith, Barney Sc. Co.; Blyth & Co., Inc.; Kidder, Peabody A Co.; Clark,
Dodge & Co.; Dominick & Dominick; Goldman, Sachs & Co.; Hemphill,
Noyes & Co.; Shields & Co., and White, Weld & Co.
This group expects to arrange a resale of the properties but, according
to the bankers, no plans have yet been formulated.
The resale probably
will take the form of a public offering by a nation-wide under writing and
distributing group in which members of the original purchasing syndicate
in all probability will participate.
The plans for such an offering cannot
be announced for a considerable time because of the various preliminaries
that necessarily must be arranged.
Also, registration with the Securities
and Exchar ge Commission will be necessary and the completion of engineers'
studies now under way also will take some time.
Sir Edward Peacock issued the following formal announcement on the
-
transaction:
"I am now in a
8hs.com.stk.out. (no par)
Earnings per share
2.191,669
2,191.669
$4.36
$4.21
2,191,669
$3.24
2,191,669
$6.54
Including estimated United States and foreign income taxes,
b Appro¬
priation to increase reserve for revaluation of investments to provide for
possible losses, largely on foreign securities and advances,
c Includes
$170,000 for United States tax on undistributed profits,
d Net credit
resulting from adjustments of accrued liabilities for taxes not applicable
to the current year,
e Includes $2,000,000 appropriation for addition to
reserve
for
extraordinary obsolescence, contingencies, Sec.
f Includes
United States and foreign excess profits taxes (estimated) 1940, $900,000;
1939, $35,000.
a
Consolidated Balance Sheet Dec. 31
1940
1939
$
f
Assets—
Property acc't.. 52,377,815
Investments
19,211,908
Preferred stock,
c
$
50,000.000
50,000,000
Common stock 43.620,430
43,620,430
598,597
542,937
Accounts, notes,
Ac., payable.
34.490
39,234
Salaries A wages
accrued
14.180,542
18,563,603
the American side."
7,258,418
prop'y purch.
in transit
Due to affiliates
due
(not current).
292,980
116,392
Acc'ts and notes
12,138,099
11,105.290
265.569
250.947
(Fed. tax est.)
Oth. misc. assets
249,300
272,124
Mat'l A supplies
Ore concentr. on
5,589,144
5,044,378
13,002,035
12,120,358
669.923
611,525
332,766
Virginia, and Roanoke and Front Royal in Virginia.
John G. Jackson is
Chairman of the Board and William C. Appleton is President.—V. 151,
238.
at
ores
2,580,239
but
settled
for
conting., Ac..
4,001,892
2,146,594
5,397,123
5,262,490
43,333
business
354,199
355,118
16,807,962
Other reserves.-
16,807,962
1,576,330
Misc. liabilities.
687,623
18,705.907
14,023,999
32,512,774
26,085,380
27,877,265
Surplus
170,903,150 172,014,8931
Total.
1,469.045
151, p.3385.
American Stamping Co.—To Pay 12%-Cent Dividend—
Directors have declared a dividend of 12 M cents per share on the common
stock, payable Mar. 28 to holders of record Mar. 21.
This compares with
27H cents paid on Dec. 31 last; 12 M cents paid in the three preceding
quarters; 35 cents on Dec. 30, 1939; 2d cents on Sept. 29, 1939; 20 cents on
June 30 and Mar. 31. 1939: 25 cents on Dec. 25, 1938; 12H cents on Dec.
22 and Oct. 1, 1937; 15 cents on Sept. 1, 1937, and a dividend of 20 cents
on July 20, 1937.—V.
151, p. 3879.
■■
American States Utilities Co.—Initial Dividend—
Directors have declared
common
p.
an
4116.1
Comparative table of weekly output
years follows:
Week Ended—
1941
1940
Feb. 22
61,225,000 51,144,000
Mar.
1
61,282,000 50,865,000
Mar.
8
61,800,000 52,115,000
Mar. 15
61,855,000 50,439,000
—V. 152. p.
Calenaar Years—
1940
1939
$124,838,735 $114,824,009
989,602
1,153,658
Earned^jer share^of common stock
$0.76
$0.88
^American Stove Co.—Earnings—
Years—
1940
taxes
Earnings
per
share
on
539,990 shares
wipita^ stock ^(no par)
1938
40,054,000
41,135,000
40,030,000
40,178,000
1937
H
52,478.000
52,311,000
52,466,000
52,373,000
1737.
Anglo-Canadian Oil Co., Ltd.—Initial Dividend—
An initial and interim dividend of 4 cents per share has been declared by
This distribution is payable May 1 to shareholders of record
director.
April 19.
According to an official statement it is indicated that the results of opera¬
tions during 1940 were satisfactory, with an improved cash position being
achieved after redeeming, on Jan. 15 last, the balance of $300,000 bonds of
Drilling Contractors Ltd., a wholly-owned subsidiary.
A recent development, which has an important bearing on the future of
Anglo-Canadian Oil Co., is the success which has attended the drilling of
No. 3 well of the Standard Oil of B. C. in the Steveville area, where AngloCanadian Oil Co. holds a large adjoining acreage.
This No. 3 well is now
being tested in horizons where oil showings are indicated, and a very keen
interest is now being shown in the operations in this area.—V. 151, p. 2180.
F
Argonaut Mining Co., Ltd.—Earnings—
Earnings for the Year Ended Dec. 31, 1940
Net income before depletion
—V. 152, P. 670.
$40,276
-
Arrow-Hart & Hegeman Electric Co.—Common Div.—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Apr. 1 to holders of record Mar. 17.
This compares with
$1.25 paid on Dec. 20 last; 50 cents on Oct. 1, July 1 and Apr. 1, 1940;
$1 on Dec. 27, 1939; 50 cents on Oct. 2, 1939; 40 cents on July 1, 1939,
and previously quarterly dividends of z5 cents per share were distributed.—
V. 151. P.3737.
Art Metal Construction Co.—40-Cent Dividend—
Directors have declared a dividend of 40 cents per share on the common
stock, payable April 1 to holders of record March 22. Dividend of 50 cents
paid on Dec. 27, last; 40 cents paid on Oct. 1, last; 35 cents was paid on
July 1, last, and 25 cents was paid on April 1, 1940.—V. 151, p. 3737.
Corp.—Earnings—
Years Ended Dec. 31—
Net profit after all charges
share of
151, P. 3880.
per
common
1940
Tt$2.17
$
1.84
1939
$763,207
$1.63
|* Associated Gas & Electric Co.—Weekly Output—
The
Mar.
Atlantic
Utility Service
Corp.
14 net electric output of the
reports
that
for the week
Associated Gas & Electric
ended
group was
This is an increase of 14,857,866 units or 15.7%
above production of 94,545,435 units a year ago.—V. 152, p. 1581.
109,403,301 units (kwh.).
v
1938
Calenaar Years—1940
Net sales and commission
$1,173,343
'
$859,515
<
stock..
Atlantic Rayon Corp.-—Earnings—
1939
Net profit after charges, deprec. and
w
/j
1939
45,493,000
45,300,000
45,149,000
45,138,000
Co.—Stock Offered—-A block of
141,981 shares of capital stock (par $50) was distributed
March 17 by Blyth & Co., Inc., and a group of dealers at
24^g a share after the close of trading on the New York
Stock Exchange.
The stock is understood to have been
acquired from the British Treasury.—V. 152, p. 1417.
—V.
|? American Stores Co. (& Subs.)—Earnings—
^Calendar
of 50,439,000 kilo¬
of electric energy for the last five
Anaconda Copper Mining
Earnings
Sales
Inc.—
'"-OV.-..--:-';;--
Corp.,
Output of electric energy of the electric properties of American Water
Arundel
initial dividend of 15 cents per share on the
15 to holders of record April 1.—V. 149,
stock, payable April
Net income after all charges
Electric
170.903,150 172,014,893
a
Metals, at sales prices, sold under firm contracts for future delivery,
b Includes demand deposits,
c Represented by 2,191,669 no-par shares.
—V.
&
Works & Electric Co. for the week ended March 15,1941, totaled 61,855,000
3,283,580
Res've for metal
stocks
34,518,975
Total
2,329,073
obsol.,
invest., Ac
3,135,444
aMetals, at sales
prices. Ac
Metal stocks
37,507
7,447,033
treat¬
ment charges-
new
not
for...
38,123
10,001,584
Works
kilowatt hours, an increase of 22.6% over the output
watt hours for the corresponding week of 1940.
100.000
Res. for mine A
on
concentr.,
ree'd
Unearned
Res.
2,364,123
Adv. to custs'
uncl&lmed
Dlvs.
Interest accrued
co.'s
mines. Ac
Water
Weekly Output—
832,647
Acer .tax not due
Due from afflls.
hand
The American Viscose Corp. was founded 30 years ago.
It is incorporated
Delaware and has seven plants located as follows: Meadville, Marcus
and Lewistown in Pennsylvania: Parkersville and Nitro in West
p.
Note payable for
7,240,256
insurance
rec.
1939
$
Liabilities—
52,760,658
Interplant acc'ts
Notes
1940
22,342,009
Prepaid taxes A
sees.
position to state that I have completed on behalf of the
a sale to American interests of the American Viscose
British Government
Corp., which is an American subsidiary of Courtaulds, Ltd., of England,
and is the largest producer of rayon in the United States.
The sale could
only have been completed in so short a time as has been available by the
exercise of good-will and mutual trust on both sides.
I desire to express
my appreciation of the way in which this matter has been dealt with from
American
747.300
e2,658,000
reserve
b Cash
_
5,000,000
Profit & loss surplus..$26,085.380 $27,877,265 $24,895,127 $24,142,574
U. 8. Govt,
said to be the largest manufacturer of rayon in the
representative of the British Government, sent here primarily to dispose of
Britain's physical assets in this country, and Harold Stanley, President of
Morgan Stanley & Co. Inc., is the first important sale of British-owned
properties in this country and is said to be the foresunner of others to obtain
dollar exchange for the purchase of munitions.
The total price to be paid for American Viscose depends upon the amount
realized on resale by the original purchasers and therefore cannot be stated
Approp. for additions to
metal stock
Corp.—American Banking Group Pur"
British—
Hook
2d
cum.
pref. stock retired
1941
United States and probably in the world, has been bought from the British
Government by a group of investment banking firms headed by Morgan
in
d 1,230,000
Total surplus
on
829,745
82,982.138
24,895,127
accrued liabilities
Prem.
312,950
4,770,136
6,027",090
Surplus for period
Previous surplus
from
4,966,173
848,826
$3,208,115
27,877,265
Common di vidends
Credit
4,817,326
805,554
4,622.695
470,356
$12,735,205 $13,057,145 $10,611,809 $18,285,426
3,500,000
3,500,000
3,500,000
3,500,000
460,000
Preferred dividends
2d pref. dividend
The corporation,
22,
stock interests of about
non-curr. ac¬
counts recelv'le.
Deferred charges..
chases Control from
March
$1,501,848
$2.78
$47,680
$0.0
Net loss after all charges and taxes.
_
Earns, per share on 221,620 shs. com.
stock (par $1)
—V. 151, p. 3082.
1939
$7,479,552
$7,468,915
18,902 prof 131,600
Nil
$0.54
1938
$5,821,272
72,029
Nil
Volume
The Commercial ds Financial Chronicle
152
Atlanta Gas Light
Bastian
Co.—Earnings—
oZrZlL^nded DeC' 31~
fc ^ revenues
1940
$6,227,514
1939
$5,130,129
3.512,581
2,799,577
858,454
138,931
216.332
760,486
^rowdedUCtlon8
SSSSft1100-,K
b
-
?era!i" aZ V V
income
federal and State
-
taxes
Years Ended Nov. 30—
Net profit after all charges and taxes.
Earnings
per
—V. 152. p.
100,807
208,151
share
1582.
1940
1939
$752,378
$4.14
stock-
on common
1938
$567,467
$3.07
$307,843
$1.57
Bath Iron Works—New Director—
148,871
273,883
1905
Blessing Co.—Earnings—
At the annual meeting of stockholders held March 10 it was voted to
seven to nine.
Only one new direc¬
increase the number of directors from
operating iBCOme
n+t
$1,227,334
a
11,733
$898,421
282,047
22,873
13,641
$708,174
Gross income
$1,140,911
242,491
$1,023,264
280,483
Ketirement reserve accruals
28,677
$1,260,865
237,600
Gross income
$1,112,234
33,531
Other income, net
$579,858
tor
elected, however, namely, John R. Newell, son of the President
was
of the company.—V.
152,
1739.
p.
Bathurst Power & Paper Co.,
Years Ended Dec. 31—
Net sales
Ltd. (& Subs.)—Earnings
3,055,373
1938
$3,308,887
2,666,996
$1,672,436
146,029
$578,651
21,990
$641,892
18,966
$1,818,465
100,658
432,428
$600,641
90,760
415,472
$660,858
89,151
386,312
$1,285,379
5,782
$94,409
3,026
$185,395
1,872
$1,291,161
$97,435
$187,267
504,418
16,238
34,225
$786,743
400,000
$81,197
100,000
$0.20
$153,042
100,000
$0.38
1940
on
bonds.
Amortization of debt discount and expense
22,873
Other income charges
tvS®,* ^come-------Dividends
-
preferred stock
on
78 000
a
Before retirement reserve accruals,
492,161
revenue.
78 000
562,470
Common stock
Cost of sales and expenses
Non-operating
Interest
b No provision for excess profits
1939
$3,634,024
$5,458,358
3,785,922
Other deductions
Provision for depreciation & depletion
|
f
tax has been made.
Net profit before taxes
Balance Sheet Dec. 31, 1940
Assets—Utility plant, $12,913,874; sinking funds, $223,506; cash. $85,462;
Profits of subsidiary companies
dividend special deposits.
$19,530; accounts receivable, $832,581; receiv¬
ables from associated companies, $69,609; materials and
supplies, $204,997;
prepayments, $13,805; deferred debits, $426,939; total, $14,790,304.
n Liabilities—Common stock
($25 par), $2,343,625; preferred 6%. cumu¬
lative stock ($100 par), $1,300,000; 1st mortgage bonds, $322,000; general
mortgage bonds, $5,875,000; accounts payable $596,198; dividends declared,
customers' deposits, $204,573; accrued accounts—taxes accrued,
$329,813; interest accrued, $110,053; deferred credits, $28,892; retirement
reserve, $1,629,046; uncollectible accounts reserve, $164,624; other re¬
serves, $73,286; contributions in aid of construction,
$12,940; capital
surplus, $389,382; earned surplus, $1,391,369; total $14,790,304—V. 152,
p. 1738.
-
Dominion
& provincial
profits taxes
Dividend
Earnings
paid
class A share
Co.—Acquisition—
1940
ness
of Keratol will henceforth be conducted under the
Co.
Zapon-Keratol Division.
name
Atlas Powder
160,491
& accrued liabs.
616,667
26,283
,914,720
1,404,014
The manufacture of special Keratol products will be continued
and trade names will be retained.
;
,1,872
Prov. for Domln'n
Purch.
223,103
504,330
-
mon.
16,714
120,000
notes
3 042,644
2,379"451
Class A stock-—14 ,400,000
14,400.000
840.000
457,644
Reserves
&
a
44,504
44,503
b Class B stock
840.000
195,842
124,848
Earned surplus
626.541
20,086,731
18,716,219
p» other companies
Deferred charges.-
620,538
2,721
taxes...
409,445
550,495
dues
15 .988,747 15,424,297
assoc.
'
Taxes & stum page
29,216
operations
Properties
$
payable
329,583
751,403
Expend .on logging
Invest, in
The entire Keratol organization, personnel and policies will be continued
in the new division under the same management, with headquarters in
Accounts
692,013
deposits
Inventories
1939
$
Liabilities—
$
423,272
-
Trade
1940
1939
$
Cash
Acc'ts receivable.-
Company has acquired the business and assets of The Keratol Co. of
Newark, N. J., Leland Lyon, President of Atlas, announced on Mar. 17.
The new acquisition adds substantially to the facilities of the Zapon Divi¬
sion of Atlas Powder Co., according to Mr. Lyon, who stated that the busi¬
$1.97
Consolidated Balance Sheet Dec. 31
F'Assets—
,
Newark.
The Keratol
Co., established in 1898, has long been well known as a manu¬
artificial leather, upholstery and book-binding
facturer of coated fabrics,
fabrics—V. 152, p. 974.
Aunor Gold
Total
.—20,086,731 18,716,219
Represented by 400,000 no-par shares,
no-par shares.—Y. 152, p. 819.
b Represented by 300,000
Total
a
Bausch & Lomb Optical
Mines, Ltd.—Earnings—
—
Cost of Metal Production
Head office administrative and general expenses
Incorporation and organization expenses
pre-operating mine development and admin¬
$1,374,276
610,163,
18,343
51,114
Net sales
Earnings
-
Provision for Dominion excess profits tax and Provincial income
81,500
—
$477,967
Net profit
—V. 151, P.
share of
671.
common
Earnings
per
1939
1940
$6,254,660
373,128
share of capital stock
$4,923,911
,378,201
$1.16
Net income after all charges
—V.
1,387,357
$2.77
Mfg. Co.—Earnings—
Net sales
$1.54
152, p. 976.
Hydro-Electric Corp.—Must File Appli~
Bellows Falls
Axe-Houghton Fund, Inc.—Dividends—
stock
Calendar Years—-
836.
cation—
Fund, Inc. have declared a dividend of 12
cents per share on the capital stock payable March 28 to stockholders of
record March 21, 1941.
Directors of Axe-Houghton
^
per
—V. 152, p.
Belden
87,422
93,766
istrative expenses
Depreciation
1,675,773
$3.41
Net profit after all charges
Amount written-off
taxes
1940
1939
$21,858,742 $18,460,209
Calendar Years—
Consolidated Earnings for the Period Jan. 16, 1940 to Dec. 31, 1940
Revenue
Co.—Earnings—
(Including U. S. and Canadian Subsidiaries]
(Including Subsidiary)
Directors of Axe-Houghton Fund B, Inc. have declared a dividend of 20
share on the capital stock payable March 28 to stockholders of
cents per
record March 21,1941.—V. 151, p. 2794.
The Federal Power Commission has ordered this corporation to file by
May 15 application for a license to operate its project on the Connecticut
River at Bellows Falls, Vt.
Commission's order was accompanied Dy a
ruling that the Connecticut River is navigable from its mouth up to and
beyond Bellows Falls.
Companies operating projects on navigable rivers
of the United States must obtain FPC licenses.—V. 149, p. 571.
Baldwin Rubber Co.—Extra Dividend—
extra dividend of 12cents per share in
of 12)4 cents per share on the common stock,
both payable April 21 to holders of record April 15.
This compares with
40 cents paid on Dec. 24, last; 20 cents on Sept. 25, June 25 and March 25.
1940; 40 cents paid on Dec. 23, 1939; 20 cents on Sept. 25, 1939; and 10
cents paid on June 24 and on March 25, 1939.—V. 151, p. 3880.
Directors
have declared
1940
$219,882
1939
$202,007
59,886
37,382
profit after all charges and taxes
—V. 151, P. 3386.
Net
Baltimore Brick
Co.—Accumulated Dividend—
have declared
a
Net
a
a
Baltimore & Ohio RR.—Interest Payments—
has made the determinations in respect of avail¬
able net income for the year 1940 required by the supplemental indentures,
under the plan of modification.
►
From the available (net Jncome for 1940. determined as provided in said
supplemental indentures, namely $16,895,097, $3,985,265 has been set
aside in the capital fund, and the remainder, $12,909,832, will be applied
pro rata to the payment of secured'contingentlinterest payable on May 1,
1941. on the following bonds, in;the following amounts, respectively:
(a)Ref.&gen. mtge. bonds: series A, 5%, $72.67 per $1,000 bond and
$36.33 per $500 bond; series C, 6%, $87.21 pert$l,000 bond and $43.60
per $500 bond; series/D, 5%, $72.67 per!$l,000 bond and $36.33 per $500
bond; series F, 5%, $72.67jj>er $1,000 bond, $36.33 per $500 bond, and
The board of directors
M
(b) ConsoL m tge °4V2 % bonds^of Buffalo,
JcW^mtge^^lwnds of the Cincinnati,
Rochester & Pittsburgh Ry.,
Indianapolis & Western RR.,
$36.34 per $1,000 bond and $3.63 per $100 bond.
_
The board of directors has determined to pay the interest on and after
10
1941.
Holders of bonds in coupon form should present their
Mav
1
1941. contingent interest coupons, accompanied by ownership
certificates
in the usual way (preferably through local banks) on and
^
April
1. 1941, of registered
April 10, 1941, for
is
1,
effect and that no contingent interest is
after April 10, 1941.
Holders of record as of April
bonds without coupons will receive checks on or about
and need take no action in respect thereof.
Attention
directed to the fact that the contingent interest coupons dated May
such
interest
1940, are of no
ta
wfth
further force or
-
-
321,058
profit
After all charges but before
548,149
227,091
Federal income taxes.—V. 152, p. 1739;
(Del.)—Earnings—
Beneficial Loan Society
stocks—Beneficial industrial
application of the available net income for 1940 as stated,
unpaid secured contingent interest jn the amount of $1,301,consequently, no unsecured contingent interest will be paid on
Mav 1
1941, on the first mortgage 5% bonds, Southwestern Division
bonds and 30-year convertible bonds of the company.
Contingent interest accrued to Dec. 31, 1940, but not paid as of May 1,
1941
will be payable on later dated coupons as earned.
No payment will be made on May 1.1941, into the sinking fund provided
the
—
•——
from
for
reserve
Total income
-----
— .. —
debentures
Int. and charges on notes
on
25 year
4,599
7,662
payable
and
6%
$637,997
35,830
181,775
6,644
8,383
$524,859
35,588
17o,483
—
Amortization of deferred charges
Prem.
114,000
—---
Administrative expenses
on
192
54
con¬
tingent additional Federal income taxes
Interest
$514,962
8,843
$514,962
9,843
-
-
—I
credit—Transfer
Otberincome
Income
1940
1941
6 Months Ended Jan. 31—
Dividends on capital
Loan Corp
....
S1
-
Subsidiary companies
dividend of $1.50 per share on account of
accumulations on the 5% cumulative preferred stock, payable March 27 to
holders of record March 18. Dividend of like amount was paid on Sept. 27,
1940 and 1939.—V. 151, p. 1886.
Directors
Period—
Net sales
V. 151, p. 2634.
Building, Inc.—Earnings—
Years Ended Dec. 31—
Gross revenues
1 to
July 1 to
Year End.
June 30, '40 Dec. 31. '40 Dec. 31, '40
$2,540,435
$2,778,717
$5,319,152
Jan.
addition to regular dividend
Balfour
Inc.—Earnings—
Bendix Home Appliances,
an
profit-sharing
debs.
-
Provision for Federal income tax—_
_
Other deductions
Net inc. for period (before add'l int. on
Dividends on common stock
debs.)—
Balance Sheet Jan.
10,934
'ona
-
10,536
300
retired
T,026
$281,862
105,002
$393,410
105,002
31, 1941
Assets—Cash~~$213,092; investments in capital stocks of Beneficial In¬
companies, $8,318,048; land and office
building (less depreciation), $68,750; furniture and fixtures (less deprecia¬
tion), $7,559; deferred charges, $132,389; total, $8,739,838.
Liabilities—Collateral note payable, $600,000; accounts payable, $87,527;
reserve for Federal income taxes of prior years, $9,962; 25-year 6%
and
profit sharing debentures, $5,778,600; common stock (420,000 no par
shares), $175,000; surplus (before additional interest on debentures for the
six months ended Jan. 31, 1941), $2,088,749; total, $8,739,838.
Note—The collateral to the note payable, which is to a bank, consists of
common stock of Beneficial Industrial Loan Corp. which is included in
investments above at $1,077,861.—V. 151, p. 1426.
dustrial Loan Corp. and of subsidiary
Ben-Hur
Products,
Inc., Los Angeles—Registers
with
SEC—
See list given on
first page of this department.
there remains
350
and
for by
the
supplemental indentures.—V. 152, p.
Basic Dolomite,
Earnings per share
of common stock
—V.
151,
-
-
Net profit after all charges
Earnings per share of common
P.
------
1940
$3,318,031
1939
$3,220,465
89,372
87,249
*
stock
$0.74
$U.b»
3738.
Years Ended Oct. 31
- -------
1421.
Inc.—Earnings—
Years Ended Dec .31—
gales.
Bireley's, Inc.—Earnings—
Inc.—Earnings—
^TpromffterDaif cfe.
—V. 152, P.
1421.
B/G Foods
$1.27
$u.ui
Net loss after all charges
—V. 151, p.
2036, 99.
->
—
|
and
per
Marketable secure.
Atlas Powder
r
income
l?A0i4i
43,344
<
«i
a?79ioo
prof52,569
\\
]
,
:
{
Birdsboro Steel Foundry
Net sales
_
$2,743,913
2,140,673
—
$608,001
12,551
$236,799
22,020
Operating income
Depreciation and amortization
$620,552
136,569
$258,819
Other
-
income
Interest
paid
al49,711
Net income
$268,401
$69,824
bl50,000
30,000
$1.34
$0.35
b $50,000 payable Feb.
------
Dividends paid
—
Earnings per common share
-
1941.
31, 1940
Balance Sheet Dec.
Employ,
accounts
2,465,708
5,267
244,605
2.076.742
11.538
1,914,151
1,868.825
401,479
400,764
8,957,684
Investments
Land..———.
b
$724,499
$678,357
$7,920,050
433,684
100,119
50,000
440,217
87,562
50,000
5,154,456
1,049,258
600,000
4,993,603
taxes
Deferred charges.
Prop, retire, res. approp.
of limited-term
244,605
.
Total
310
309
and $112,078 in
Total oper. re venues. $24,268,625
x
noc
11
—
Operating
(itc
$23,318,885 $22,489,203 $21,801,428
i no
11
71ft
11
no a
100
1,794,173
of gas plant ac¬
quisition adjustment.
11,670,719
1.656,283
1,145,208
11,519,103
1,544,588
1,772,349
1,606,953
Prov. for depreciation.
cm
ii
11,926,976
expenses
Maintenance
11,234,122
1,835,548
727,985
50,200
3,429,486
Amort,
60,819
60,733
660,000
3,527,995
387.900
50.000
3,514,022
3,635,497
$4,691,709
55,253
$4,520,190
Dr92,099
$4,331,496
$4,636,456
2,497,900
43,968
$4,428,091
2,510,000
72.946
$4,310,958
2,510,000
90,573
$4,543,642
2,510,000
28,427
28,427
Cr4,800
Cr4,800
28,427
Cr4,800
28,427
Cr4,800
Federal income taxes
Other taxes
income
Other income (net)-_—.
983,438
600,000
Int.
on
long-term debt
Other interest charges
Amort, of debt disc, and
__
3,720
3,707
Amort, of prem on
$100,268
$1,112,629
$1,216,998
395
384
5,475
4,650
Misce.. inc. deduct'ns..
Interest on mtge. bonds.
$140,782
45,750
Other int. & deductions.
4,426
$100,652
45,750
4,229
$1,118,104
549,000
54,407
$1,221,648
549,000
52,719
$514,697
429,174
$90,606
$50,673
stocks for the period
-
$619,929
429,174
$85,523
Net income
Dividends applicable to pref.
Dr20,537
$190,755
Co.—Earnings—
Earnings for the Year Ended Dec. 31, 1940
$742,804
142,662
Total mining and milling income
Net profit before income taxes.
—V. 151, p. 2934..
Corp.—Earnings—
$4,347,485
—
243,285
Net income..-
Surplus for year
——■
——
a Earnings per share on capital stock—.—
•
55,935
$0.33
—
89,100
18,927
6,906
7,311
$1,802,591
$1,679,853
$1,913,604
1,453,460
745,364
$2.42
745,364
$2.25
745,364
$2.57
372,682
Shs. of capital stock out¬
standing (no par)
Earnings per share
In 1939 and 1938 and for retirements in
x
1937.
y
Similar provision for
1939 included in operation.
Comparative Balance Sheet Dec. 31
1939
1940
$
Utility plant: Gas plant in service-tangible prop¬
erty at "original cost"
91,673,568
Gas plant acquisition adjustments
6,399,641
Investment and fund accounts: Other physical
property, principally land held for sale
1,476,140
Other investments and special finds, at cost
222,332
Cash..
1,909,584
Special deposits
126,888
Receivables
6,621,455
Accrued utility revenues unbilled
1,242,932
Materials and supplies
2,295,316
Prepayments
80,497
Unamortized debt discount and expense
419,835
Other deferred debits
9,440
90,814,918
6,432,069
1,491,956
359,003
1,930,013
94,269
6,463,323
1,277,146
-
Earnings for Year Ended Dec. 31, 1940
Net sales
151,913
116,622
;
745,364
$2.42
Dividends.
Federal excess profits tax since
that no such tax will be payable.—V. 152, p. 1739.
Black Hawk Consolidated Mines
2,311,391
46,997
448,262
6,823
Before deducting loss on securities sold.
a
Diamond Corp., Ltd., included for the period Jan. 1 to
which date business was taken over by Blue Diamond
Corp.—V. 151, p. 3551.
Note—Blue
(Sidney) Blumenthal & Co., Inc. (& Subs.)—Earnings
1940
$2,057,157
Calendar Years—
Profit from sales
Net income after all charges
Earnings
per
741,714
$2.69
— .
share of common stock
1939
$1,567,413
* - 376,718
$1.17
112,477,629
111,676,172
37,268,200
" 48,736,000
37,268,200
49,000,000
1,750,000
1,215,045
Total
March 31, 1940, at
Liabilities—
x
Common stock
Long-term debt
Notes payable to banks
Accounts payable
1,252,450
108,175
403,344
721,832
1,165,452
3,588,915
-
-
Customers' deposits
Federal income taxes accrued.
90,810
432,528
439,380
214.879
453,434
12,038
113,052
13,644,211
980,885
565,581
1,886,983
104,519
1,159,114
2,345,512
112,477,629
Matured interest
111,676,172
Other taxes accrued
223,853
426,522
Interest accrued.
Dividends—
preferred
stock of the company, payable on account of accumulation on April 1, to
stockholders of record at the close of business on March 29.
Giving effect to the current dividend declaration, arrears will amount to
$24.50 a share.—V. 152, p. 1422.
Borg-Warner Corp.-— Stock Offered—Hornblower & Weeks
on March 20 offered 17,858 shares of common stock (par $5)
Deferred credits.
Reserve for depreciation
Amort. of gas plant acquisition ad j., excl. of franch.
Injuries and damages reserve.
...
Employees provident
Miscellaneous
Total
per share.
The stock, it is understood, was from
holdings.
Associated in the offering were Glore,
Forgan & Co. and Paul H. Davis & Co.
The issue was
oversubscribed.—V. 152, p. 1584.
745,364 no par shares.—Y. 151, p. 3228,
x
(E. L.) Bruce Co.—To Pay 25-Cent Common Dividend—
Directors
common
Vancouver, Ltd.-—Extra Div.—
Directors have declared an extra dividend of 10 cents per share in
addition
regular dividend of 50 cents per share on the common stock, both
payable May 20 to holders of record April 26. Extra of 25 cents paid on
May 20. 1940 and on May 19. 1939.—V. 151, p. 1565.
to the
100,319
Earned surplus
17%
Brewers & Distillers of
reserve
on
March 14 declared
common
1939
1940
1938
Profit from operations $3,628,057
Other income..
49,288
$3,100,456
36,072
$2,758,188
24,318
Prov. for Fed. & foreign
income taxes
for
Fed.
1937 ■
New
$3,136,528
$2,782,505
578,123
500,817
415,363
charges—
133,874
42,702
178,620
63,878
d37,973
24,247
interest,
depreciation
and
Federal
Budd Wheel
c$2,523,642 c$2,379,785
1.738.317
1,636,972
$2,217,810
1,640,149
$2,197,947
1,784,489
$577,661
682,886
$3.25
$413,458
685,368
$3.21
taxes,
x
$1,219,423
Loss.
Co.—Earnings—
a
p.
1940
Net Income
After
interest, depreciation
1938
1939
$1,005,077
and
$662,834
x$460,670
Federal taxes,
x
Loss.
1937
$618,991
—V.
152,
1422.
Bullard
Co.—Earnings—
Years Ended Dec. 31—
1940
Net sales
Net profit
Dividends paid
1937
1938
$218,037 x$l,482,442
Official—
Calendar Years—
$2,675,530
977,127
1939
$1,658,489
Appointment of Marion Law, Jr., as public relations director for this
company was announced on March
18.
Mr. Law succeeds W. Howe
Sadler, who has resigned from the company to establish his own public
relations firm.—V. 151, p. 2487.
$2,649,425
26,105
excess
profits tax
Miscellaneous
After
a
$3,677,345
....
1940
Net profit
a
Total income
the
(Edward G.) Budd Mfg. Co.—Earnings—
Consolidated Income Account for Calendar Years
Sales, less returns, al¬
lowances & discounts.$ 17,562,643 $16,040,551 $14,849,993 $15,453,092
b Cost of goods sold, sell¬
ing, advertising & ad¬
ministrative expenses. 13,934.586
12,940,095
12,091,805
12,803,667
dividend of 25 cents per share on
distributed.—V. 152, p. 1422.
a
a
a
stock, (par $5), payable March 31 to holders of record March 24.
was paid on Dec. 31, last, this latter being the first
dividend naid since Aug. 1, 1930 when 62cents per share was
Dividend of like amount
Calendar Years—
Bristol-Myers Co. (& Subs.)—Earnings—
92,348
14,841,838
1,006,577
491,737
2,038,897
reserve
Contributions in aid of construction
British
Prov.
11.167
Other current and accrued liabilities
Directors have declared a dividend of $3.50 per share on the
at
$4,524,086
Z>rl9,556
$1,802,426
559,023
Net income
Note—No provision has been made for
a
$5 par value.
d Represented
cost.—V. 152, p. 977.
1940
1939
1 938
1 937
$24,262,573 $23,313,186 $22,486,978 $21,786,263
6,052
5,699
2,224
15,164
$140,387
*
8,957,684
Brooklyn Union Gas Co.—Earnings—
Calendar Years—
Sales of gas
Other gas revenue
debt,
Prov. for employees
provident reserves
'■<
10,031,253
and discounts of $128,015 in 1940
b After reserves for depreciation of $1,893,932 in
1939.
by 24,107 (18,399 in 1939) shares at
y
Blue Diamond
In¬
Total
After reserve for doubtful accounts
a
expense
investments
present indications are
foreign
c
good¬
Trademks.,
will, &c
Amort,
Balance..
and
477,680
come taxes.
1,082,327
Capital stock
3,501,400 3,501,400
1,759,603
Capital surplus... 1,759,603
3,133,884
Earned surplus
3,918,807
d Treas. stock
Z>r855,272 Z>r612,058
15,809
Bldgs., mach'y,
equip., turn., Ac
Gross income
Oper. exps., excl. direct
Gross income
697,171
$7,797,759
Direct taxes
Net oper. revenues—
Other income
624,389
exps—
Res've tor Federal
__
accts. rec
Gas oper.
1941—12 Mos.—1940
1941—Month—1940
58.537
accrued
671,282
accts.
Inventories
Birmingham Electric Co.—EarningsPeriod End. Jan. 31—
Operating revenues
1,040,246
61,188
12,188
Accts. payable and
1940 and $1,773,557 in 1939.
c Represented by shares of
Includes shares to be issued for capital stock of Drug, Inc.
...
receivable, $595,450; investories,
$929,198; note receivable and accrued interest, customer, $1,969; invest¬
ments, $17,060; due from officers and employees, loans and advances, $4,044; real estate, plant and equipment (net), $1,484,115; prepaid and
deferred accounts, $103,769; patent licenses and patents (at cost less
amortization). $71,073; special agency deposit account (contra), $10,000.
total, $3,421,204.
Liabilities—Notes payable (banks, due in 1941), $240,000; accounts
payable, $292,538; accrued accounts, covering wages, bonuses, royalties,
commissions, &c., $132,417: provision for taxes, $202,335: dividend payable,
$50,000; advance payments on sales contracts, $45,000; notes payable
(bank). $225,000; allowance for repairs, $7,126; allowance for contingencies,
$16,791; special agency fund (contra), $10,000; common stock (200,000 no
par shares), $400,000; capital surplus, $1,147,618; earned surplus, $652,378;
total, $3,4^1,204.—V. 152, p. 976.
$204,526;
Assets—Cash,
&
Other receivables.
;
Federal excess profits tax.
Includes $32,846
27
37,790
13,455
18,685
21,036
—
Federal and State income taxes----
a
119,064
44,836
deductions
1,224,199
10,031,253
Notes
receiv. (trade)
$
$
Liabilities—
2,569,335
Marketable secure,
Other
Other
S
2,535,488
1,166,978
Cash
a
1939
1940
1939
$
A ssets—
366,440
engineering, general and administrative
and royalties and commissions.---.—
expenses
Profit
1940
1?39
407,619
Cost of sales
Helling,
M
$4,258,165
3,242,545
—_
-
-
—.
1940
31
Consolidated Balance Sheet Dec.
& Machine Co.—Earnings—
Years Ended Dec. 31—
1941 2
March
Chronicle
F
The Commercial &
1906
Net profit after all charges
Earnings
per
share of
-
common
stock
$11,025,106
1,697,408
$6.15
1939
$3,566,746
286,241
$1.04
—V. 152, p. 1274.
Surplus
Shs. com. stock (par $5)
Earnings per share.--..
$785,325
676,173
$3.73
$742,813
681,881
$3.49
After
deducting excise taxes paid on sales amounting to $196,388 in
1940, $284,151 in 1939; $397,553 in 1938, and $520,704 in 1937.
b Includ¬
ing depreciation of $171,635 in 1940; $178,438 in 1939; $175,791 in 1938 and
a
$161,294
in
1937.
c
Includes
$161,521
in
undistributed earnings of foreign subsidiaries,
tributed profits.
1940 and $99,871 in 1939,
d Federal surtax on undis¬
(F.) Burkhart Mfg. Co.—50-Cent Dividend—
Directors have declared
stock,
par
$1, payable
a
dividend of 50 cents per share on the common
April 1 to holders of record March 13.
This com-
Sares 1, 1940; and Nov. 25, 1939; 70 cents on Oct. 1, 1939; last; 50 cents on
pril with $1.50 paid on Nov. 26, last; $1 paid on July 1, 50 cents paid on
July 1, 1939; 30 cents on April 1, 1939; and 50 cents paid on Nov. 25, 1938;
this latter being the first dividend paid since Jan. 1, 1938, when 50 cents
per
share was distributed.—V. 152, p. 1422.
Volume
The Commercial & Financial Chronicle
152
Burroughs Adding Machine Co.-—Earnings—
^
Gross income from sales, rentals and service
Net profit after all charges
Earnings
share
per
on
Central Electric & Telephone Co.—Bonds Called—
of the outstanding first mortgage and collateral lien sinking fund
due Jan. 1, 1965 nave been called for redemption on
April 18 at 105 and accrued interest.
Payment will be made at the First
National Bank of Chicago, Chicago, 111.—V. 151, p. 2795.
All
Earnings for the Year Ended Dec. 31, 1940
,
$29,360,392
3,146,248
$0.63
6,000,000 no par shares of capital stock
bonds series A 4K%
—V. 152, p. 671.
Foundries, Ltd.—Preferred Dividends—
dividend of $4.50 per share on
a
the common
stock and a dividend of $3 per share on the 6% non-cumulative preferred
stock, both payable April 15 to holders of record March 31.
Dividends of
$1.50 on the common and $3 on the preferred stock were paid on Nov. 1,
last; and $3
were
Earnings for 28 Weeks Ended Jan. 11, 1941
Canadian
paid
on
stock and $4 per share on the pre¬
April 30, 1940.—V. 151, p. 2345.
Breweries, Ltd. (& Subs.)—Earnings—
1939
1940
1941
3 Months Ended Jan. 31—
Profit from operations, after all taxes,
except income taxes--.;
Other income-..
$191,746
5,986
$296,591
14,375
$261,917
$310,965
$194,277
$255,931
2,531
Provision for depreciation
24,371
119,726
26,030
29,446
119,255
117,891
$113,216
$167,044
"
a
Profit-
a
$50,181
Subject to provision for minority interest and income taxes.
—
1941
$
1940
1939
1938
$5,555,012
3,340,955
$5,047,612
2,793,215
$4,685,744
2,719,675
a Net operating revenues.
Non-operating income
$2,214,057
Dr3,276
$2,254,396
Dr4,525
$1,966,069
Drl7,766
$2,210,781
480,000
$2,249,872
511,829
$1,948,303
462,410
$1,730,781
653,212
$1,738,042
740,175
63,325
13,534
35,930
21,586
$1,485,893
842,021
5,179
21,271
$1,000,709
538,254
$940,352
538,254
$617,422
538,254
Gross
Cash
228,993
487,476
draft
291,242
Gross
2,012,150
Inventories
1,919,483
Federal
29.342
to affiliated cos.
Prepald
a
Cash
368,348
240,595
8,229.805
8,181,260
472,688
536.704
expenses,
in
hands
trustee
I
786,553
426.104
210,452
cl60,118
21,900
925,000
500,000
1,200,000
1,172,212
Capital stock— 4,914,057
4,919,489
surplus
28,863,865 28,072,827
Intangibles)
&
3,047.432
12,190,307 11,987,104
Total
12,190,307 11,987,104
depreciation of $2,308,638 in 1941 and $1,925,499 in 1940.
b Represented by 163,200 (163,428 in 1940) cumul. sink, fund conv. pref.
shares of no par value and 675,195 common shared of no par value,
c In¬
cluding purchase liability.—V. 152, p. 1422.
After
a
Canadian National
Debentures
2,486
430,714
4,720
Accounts receiv.—
480,636
462,271
Applic. on rental..
Mater. & supplies.
41,458
336,320
14,185
52.574
389,090
18,014
Taxes accrued
926,073
989,397
Other accruals
36,866
40,434
Miscell. long-term
debt...
Customers' deposits
63,000
50,000
228,643
160.351
216,498
149,181
81,639
■
credits-
105,000
1,736
8,100
19,924
65,382
Other reserves
Contrib.
in
61,358
186,052
183,465
413,083
1,315,934
_—
Capital surplus.—
Earned
66,841
413,083
950,566
.
aid of
construction
Ry.—Earnings—
*
Retirement reserve 4,348.224
Uncollec. acc. res..
105,000
2,216
266,098
78,816
10,241
17,286
4,169,540
54.661
361,811
accrued--
Deferred
Improv. to leased
property
Street lighting sys¬
tem agreementOther def. charges
42,000
Notes payable
Accounts payable-
Interest
count & expense
Total
14,760.000
2,620.000
2,876,000
331
Unamort. debt dis¬
$
6,310,570
6,310.570
mtge. bonds.. 14,750,000
406
Prepayments
-
1st
211,196
Cash..
Special deposits
distributable sur 3,053,185
$
Liabilities—
Common stock..
a
Miscell. Investm'ts
825,290
Capital
$
Utility plant (incl.
1939
1940
1939
$
Assets—
B debentures
b
40,658
bentures
Balance Sheet Dec. 31
Prov.
Min. Int. In subs-
of
stock
1940
562,675
5X% series A sink¬
ing fund debs— 1,100,000
de¬
for
and
on common
Before provision for retirements.
a
Mortgage payable34,4series
Land, buildings,
plant and equipOther investments
Dividends
352,944
Income taxes
Inv. In & advances
income
Long-term debt interest
Amort, of debt discount and expense.
S
(secured).
Accts. payable and
accrued liabils-
269,976
—
income
Provision for retirements
Bank loans & over¬
322.269
546,423
Accts. and bills re¬
(net)
S
Liabilities—
Investments
,
Net income
1940
($5 par).
Operating revenues
Operating expenses and taxes
Other income charges
1941
1940
$
share on 213,603 shares of common stock
Central Illinois Electric & Gas Co.- —Earnings—
Consolidated Balance Sheet Jan. 31
Assets—
per
Calendar Years—
a
Total income
Interest—
$416,920
$1.39
Net income after all charges
Earnings
—V. 152, p. 672.
per share on the common
ferred stock
ceivable
Inc.—Earnings—
Central Fibre Products Co.,
Canada Iron
Directors have declared
^
1907
surplus...
Earnings for Week Ended March 14
Increase
1941
Gross revenues
—V. 152, p.
—
1940
$5,247,169
$3,992,472
Canadian Pacific Ry.—Earnings—
Centra] Illinois Public Service Co.—Earnings—
Earnings for Week Ended March 14
Consolidated, Inc.—To Pay 40-Cent Dividend—
Directors have declared a dividend
stock, payable March 20 to
paid
Operating revenues
$1,272,537
Oper. exps., excl. direct
—
90,000
taxes
.-
$6,144,879
20,770
$431,716
1,083
4,502,056
1,871,783
1,080,000
$4,575,147
20,501
$432,799
191,667
6,281
$6,165,649
2,139,060
31,146
Cr3,358
$4,595,648
2,300.000
71,579
$398,706
$234,851
Dividends applicable to pref. stocks for the period
$3,998,801
$2,224,069
1,255,237
1,255,237
$536,137
143,750
Cr2,961
construct'n
Cr3,358
Gross income
Int. chgd. to
Net income
$2,743,564
$968,832
Note—No provision has been made for Federal excess profits tax since
no excess profits are indicated.—V. 152, p. 1586.
Balance
Celluloid
$4,066,519
11,236
$4,053,505
2,141,736
$4,093,435
2,431,721
$4,077,75*
2,659,06*
$2,300,781
1,423,595
income
Net
dividends
Preferred
$1,911,769
1,138,876
$1,661,715
1,138,876
$1,618,688
1,138,876
$877,186
$772,893
$522,839
$379,813
connection with operation of the Springfield
Revenues and expenses in
x
general office building, included in previous report as "other operating
revenues (net)," has been reclassified to electric revenues and expenses in
the income account for 1937 in order to conform to the classification in
effect in
1938.
table shows the electric, gas and ice unit sales and revenues
during selected years and indicates the
-
Kwh.
Revenues
ham, 111.
Corp.—Dividend—
dividend of $1.50 a share had been declared
on the participating first preferred stock, payable on April 1 to shareholders
of record of March 26.
Dividend of $3.50 was paid on Dec. 23, last, and
one of $2, paid on April 4, 1940.—V. 152, p. 1741.
Directors announced that a
Charges against surplus were made in the amount of $380,872, represent¬
ing the difference between the sale price and the gross recorded cost of the
above assets transferred to the Illinois Municipal Water Co.
Balance Sheet Dec. 31
Corp.—Earnings—
1938
1939
1940
1937
Operating revenues
Operating expenses
Depreciation expense---
$9,018,102
4,497,156
913,500
$8,258,859
4,051,606
825.000
$7,557,107
3,582,710
760,000
$7,175,390
3,279,560
Uncollectible revenues--
14,482
1,422,408
26,449
10,322
29,976
1,218.729
1,126,284
1,008,166
Operating income
$2,170,554
Non-operating income-20,109
$2,137,075
17.373
$2,077,791
49,615
$2,143,187
50,371
aTaxes
income--- $2,190,663
Interest on bonds.550,183
Other int., amort., &C—
15.052
Gross corp.
income- $1,625,427
Preferred dividends
316,383
Common dividends
1,200,000
Net corporate
a Including provision
for Federal
1940, $236,846 in 1939, $209,704 in
714,500
$2,127,406 $2,193,558
512,250
451,386
19,704
1,983
$1,634,696 $1,595,452 $1,740,189
316,384
316,385
316,385
1,200,000
1,200,000
1,200,000
income tax amounting to $402,970 in
1938 and $225,368 in 1937.
$2,154,448
512,044
7,708
Utility plant
$
39,943,869 38,243,946
Cap. stock expense
Investments
Bond red. fund—
Cash------------
$
Long-term debt...16,420,500 14,220,500
316,912
323,809
357,692
Accounts payable.
600,665
955,500
593,252
675,738
Dlvs. declared
955,500
Accrued liabilities-
1,022,056
Customers' depos.
246,061
957,241
1,470,904
Accrd. int. & taxes
Misc. curr. llabil—
1,908,594
22,224
1,074,578
893,471
1,216,929
receivable
Other
curr.
1,547,819
935,025
53,221
assets.
Utility plant
87,107,247 85,006,843
Pref. stock selling
721,221
42~637
in
b Common
stock..10,413,720 10,413,720
47,000,000 47,500,000
993,220
Long-term debt
126,054
153,579
Reserves
Bond. dl8Ct. & exp.
4,175,026
4,434,619
Prepayments...—
66,806
65,945
and exp.
Special deposits
—
12,527
5,684,566
Contrib.
a
96,439,118 94,301,258
63,146
in aid of
69,442
construction
Deferred liabils
Total.
4,470,525
63,146
Paid-in surplus
Earned surplus...
80,713
310,487
2,809,327
2,217,907
853.195
Serial
106,181
Prem. on pref.
x
$131,999 in
Total...—96,439,118 94,301,258
uncollectible accounts and notes of $79,631 In 1940
1939.
b Represented by 260,343 ($40 par) shares.—V.
p.
1124.
Central Indiana Gas Co.—Earnings1940
1939
1938
$2,769,012
2,325,212
$2,592,801
2,141,090
$2,126,894
1,687,841
$443,800
18,851
$451,711
Dr22,118
$439,053
Dr60,566
$429,592
113,346
$378,487
106,779
$349,651
139,425
81,250
10,056
$316,246
139,425
81.25G
9,352
$271,708
139,425
81,250
6,550
$118,919
Calendar Years—
Operating revenues
Operating expenses and taxes
income.
a Gross
income
Provision for retirements.
pref. stock- 7,030,000
17,020
stk.
7,030,000
Common stock--13,325,224
93,143
460,591
Deprec. reserve.— 4,092,639
2,954,835
Other reserves
315,102
277,375
Bond interest
806.196
Deferred credit.—
198,926
196,299
Note
2,616,936
3,514,191
$86,219
$44,483
$462,651
113,000
13,235,224
Total
Represented by 1,500,000 shares of no par
17,020
interest
Other income charges.
46,367.987 43.644,383
value.—V. 152, p. 1453.
327,901
After reserve for
and
Non-operating
of
construction
286,245
46.367,987 43,644,383
aid
379,096
15,526
stock..—.26,021,965 26,021.965
593,000
593,000
6% pref. stock
460,693
Contrib.
379,096
565,036
S6 pref.
993,220
comm.
Investments
230,218
477,514
984,009
558,635
Notes and accts.
Mat'l & supplies..
$
payable
Consumers' depos.
Accts.
805,123
763,317
Surplus—
Total—
1939
$
Liabilities—
357,692
Special deposits.-- 1,320,376
Marketable invest.
42,637
Accts. receivable—
871,579
Instalm't contr*ts_
47,810
Inventories
357,327
Prepayments
115,003
Deferred charges—
441,056
Work in progress.
1940
1939
$
a
152,
Comparative Balance Sheet Dec. 31
1940
Assets—
1,487,922
Cash
1939
$
IAabilities—
$
A ssets—
1940
1939
1940
Central Hudson Gas & Electric
Calendar Years—
trend of the company's business;
—Qas
IceRevenues
Tons
Revenues
Cubic Feet
$895,177 241,954 $1,669,991
1931 —260,470,833 $9,734,965 660,984,000
722,774 163,815
1.077,338
1933 —229,914,577
8,380,064 404,191,000
1,005,250
773,051 144,665
1935 -288,105,007
9,285,834 555,042,000
996,982
886,502 151,211
1937 -363,394,177 10,832,017 823,029,000
1,001,678
902,339 156,486
1939 -387,550,000 12,107,350 755,402,000
744,285
1940 ..452.957,000 13.236.309 969,263,000 1,012,959 130,758
In October, the water utility properties in and adjacent to the mu¬
nicipalities of Harrisburg, Lawrenceville, Palestine, Rooinson and Tuscola
located in the counties of Saline, Lawrence, Crawford and Douglas, 111,,
were sold to the Illinois Municipal Water Co, for $725,050.
The sole re¬
maining water utility property owned by the company is located at Effing¬
Electric
Year—
Interest on mtge. bondsOther int. & deductions-
8,303
$4,340,248
2,039,467
Gross income
The following
$535,480
657
Net oper. revenues
Other income (net)
$4,085,132
2,293
Balance, surplus
5,627,584
1,680,550
1,080,000
448,516
118,212
90,000
539,907
107,150
Prop. retire. res. approp.
Direct taxes
$4,051,212
9,597
Interest charges, &c
Co.—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$1,088,444 $14,533,013 $12,028,986
Period End. Dec. 31
$4,330,651
Operating income
Dividend of 50
holders of record March 14.
on
Carolina Power & Light
x
xl937
1938
1939
$15,210,403 $14,242,738 $13,584,003 $13,091,512
10,879,752
10,191,526
9,498,871
9,024,992
Other income
of 40 cents was paid on June 14, 1939; 50
of 40 cents paid on March 28, 1938; and a
was
earnings
Oper. exps. & taxes, &c-
of 40 cents per share on the common
Dec. 12 and June 15, last; 30 cents paid on Dec. 26,1939;
cents paid on Sept. 28, 1938;
divdend of 25 cents per share
distributed on Dec. 20, 1937.—V. 150, p. 3814.
cents were
one
$1,103,000
Gross
p.1740.
Carbons
one
$2,577,000
$3,680,000
1940
Calendar Years—
Increase
1940
1941
—V. 152,
31,018,555 30,569,265
Total
Represented by 74,242 no par shares.—V. 151, p. 2795.
a
Gross revenues
31,018,555 30,569,2651
Total
$1,254,697
1740.
a
Before provision for retirements.
"
The Commercial & Financial Chronicle
1908
Balance Sheet Dec. 31, 1940
Assets—Utility plant (includingIntangibles), $10,907,631; cash, $124,079;
special deposits, $612; accounts receivable, $400,022; receivables from
associated companies, $2,950; appliances on rental, $4,371; materials and
supplies, $138,431; prepayments, $2,713; unamortized debt discount and
expense, $10,979; other deferred debit, $1,513; total, $11,588,301.
Liabilities—Common stock (54,000 no par shares), $4,648,969; 6H%
preferred stock ($100 par), $500,000; first mortgage bonds,
$2,956,000; miscellaneous long-term debt, $52,057; advances from asso¬
ciated
company,
$1,625,000 accounts payable,
$212,087; customers'
deposits, $154,117; taxes accrued, $190,724; Interest accrued, $55,405;
customers' advances for construction, $16,414; retirement reserve, $854,103;
uncollectible accounts reserve, $44,944; contributions in aid of construction,
cumulative
$4,215; earned surplus, $274,265; total,
?* Years Ended Dec. 31—
Total Income
Net income after all charges
—
—
1940
V
$857,115
77,692
1938
$894,882
21,217
1939
$838,163
35,574
V-
—v. 151, P. 982.
Central Maine Power
1941
22,
Preferred stock...
$500,300
$516,800
b Common stock__
2,000,000
2,000,000
Notes payable—.
1,300,000
1,200,000
Plant, equpt., &c$l,325,880 $1,353,346
431,550
366,487
Munic. bonds and
accrued Int
13,358
2.011,877
1,233,183
38,204
Inventories^
Cash
29,083
697,741
637,431
857,284
$5,036,346 $5,280,724
a After
deducting reserve for depreciation of $1,565,602 in 1940 anp
b Represented by 100,000 shares of no par value.
$1,477,391 in 1939.
—V. 151, P. 2796.
reference
new
on March* 1, 1941 of collateral trust
securities of the company, we are informed that
to the retirement
issued for the purpose of obtaining funds to retire
However, supplementary funds were borrowed from local
securities
tnese securities.
were
V. 152, p. 1742.
banks.
Co.—Retirement of Securities—
Transit
Charleston
With
no
Manufacturers Trust Co. is New York Paying Agent for $19,350,000
general mortgage bonds, series L, 3^%, due 1970, of this com¬
pany.—V. 152, p. 978.
:
\
598,615
—
Total
...$5,036,346 $5,280,724
notes and first mortgage
first and
accrued items.
Surplus—^——
expenses.
Total
8,900
payable and
44,928
Insurance......
Other assets
Prepaid
Accts.
1,490,871
val. life
surr.
Trade accept'ces
27,486
35,912
rec.
1,890,103
24,802
Notes & accts.
v
Co.—Paying Agent—
1939
1940
Liabilities—
1939
1940
Assets—
a
Cash
$11,588,301.—V. 151, p. 2796.
Corp.—Earnings—
Central Investment
March
Consolidated Balance Sheet Dec. 31
:
.
Central Patricia Gold Mines,
v
Ltd.—Earnings—
$1,888,632
23,408
marketing expenses
Gross value of production
Operating costs and expenses
$1,865,225
—
809,596
..—
Operating profit
—
$1,055,628
_
.
25,777
Dividends and interest earned
Total income
—...
...—
Provision for Dominion and Provincial taxes
Outside
exploration
——.
Depreciation on buildings and equipment
...
Bal. of def'd devel. & other pre-oper. expenditures written
off..
Net profit
Dividends paid
Earnings per share of capital stock..—. —
$1,081,405
233,224
7,802
146,356
34,924
$659,099
575,000
$0.26
........
'/-fi:
Balance Sheet Dec. 31, 1940
Assets—Cash, $318,674; bullion, $95,438; investment in marketable
securities, $617,914; accrued interest on bonds, $1,510; accounts receivable
and advances, $12,768; Canadian National Ry. 3% debentures, deposited
with Hydro-Electric Power Commission of Ontario re power contract,
$24,312; inventories, $361,707; prepaid insurance and sundry deferred
charges, $10,015; fixed assets (net), $2,349,584; sundry assets, $25,705;
total, $3,817,629.
Liabilities—Accounts and wages payable and accrued charges, $49,948;
reserve for Dominion and Provincial taxes, $233,000; dividend payable,
$150,000; capital stock ($1 par), $2,500,000; earned surplus, $884,681;
total, $3,817,629.—V. 152, p. 1423.
Central States Edison
1939
$452,413
262,688
243,458
24,817
Operating expenses
Depreciation...
$293,757
10,300
$392,439
17,253
$282,695
41,798
$308,302
48,292
$304,057
48,289
$409,691
y75,068
Operating income
Previous earned surplus
Adj. prior year's taxes-
$240,897
769,189
$260,010
782,418
1,928
$255,767
724,175
3,076
$334,623
599,300
447
Total surplus
Pref. divs. paid or accrd.
Net adj. on pref. divs.
$1,010,534
$983,018
201,521
$934,645
211,784
Cr921
CV1.314
$724,175
170,000
$0.72
Total income
Expenses and taxes
.
145,675
y
$769,189
$782,418
170,000
170,000
$0.60
Surplus Dec. 31
Shs.com .stk.out. (par $ 1)
Earns, per share.
$0.41
26,397
21,519
170,000
$0.36
49,000
35,233
ket
at
$335,195
$76,786
2,584
$94,752
2,228
$85,321
2,527
1939
Reserve tor capital
stock
mar¬
tax..
$2,500
3,643,227
5,417,035
interest
83.050
receivable
2,525
2,525
1,250
1,525
Res. for Fed. taxes
6,600
Open pur. contr'ts
value—....
Accrued
$394,280
1940
Liabilities—
1939
1940
AssetsCash in bank
10,523
Res. for dlv. accr.
9,134
15,305
548,050
918,300
170,COO
Capital surplus— 2,449,484
Unapprop. div. &
interest income.
803,030
170,000
Deferred charges—
pref. stock.,
on
tax...
a
Preferred stock
__
Com. stk. (par $1)
Total
Total
$3,982,197 $5,815,365
3,922,399
769,189
—$3,982,197 $5,815,365
30,830
$69,025
3,133
.
undistributed profits.
Includes $18,410 provision fcr surtax cn
Securities
49,530
40,481
Cr811
Balance Sheet Dec. 31
30,597
51,575
721
85,000
$803,029
Common dividends
$1,044,356
190,979
Cr6,171
68,000
accrued
216,027
51,833
...
Taxes
10,300
$412,305
44,048
Maintenance
1937
$298,002
interest earned.
1937
1938
$425,951
225,447
$438,697
1938
1939
$272,395
10,300
Inc. (& Subs.)—Earnings—
1940
Calendar Years—
Total gross revenues
"Earnings-
1940
Calendar Years—
Earnings for Year Ended Dec. 31, 1940
Production
Less bullion
Chartered Investors, Inc.
a
Represented by 21,922 (36,732 in 1939) no par shares.—V. 151, p. 3390-
Chesapeake & Ohio Ry.— -EarningsNet oper. income
Non-operating income..
$72,158
2,012
Gross income..
Miscell. interest charges
Int.
on
Central States
$79,371
1,961
$87,849
2,159
$96,980
2,103
^/
;
';C;:
Edison, Inc., collateral
44,442
trust bonds
Net income...-
$25,704
45,469
$31,941
48,219
~~
$46,659
50,616
$35,074
Month of February—
Gross from railway
Net from railway....
Net ry. oper. income.
Net ry. oper. income.
—V. 152, p. 1586.
Period End. Feb. 28—
Railway
Railway
Inc.—Earnings—
1941—Month—1940
$574,313
415,531
oper. expenses-
$511,573
408,235
$158,782
23,281
oper. revenues.
$103,338
20,704
1941—2 Mos.—1940
$1,093,967
$1,025,222
834,324
831,222
rev.
from ry. oper.
Railway tax accruals
$259,643
47,894
$194,000
46,994
1939
1938
$9,975,791
4,095,432
2,996,188
$8,356,864
2.961.413
2.026.414
$7,329,989
2,129,306
1,452,086
-
..
..
20,198,263
8,200,492
5,575,864
20,736,541
8,536,341
6,461,816
17,493,302
6,366,330
4,455,885
15,895,324
5,188,192
3,496,545
Consolidated Income Account for Calendar Years
bl940
cl939
;
cl938
Manufacturing profits..a$5,545,331 a$4,850,173 a$4,702,743
Admin., sell. & gen. exp.
2,348,556
3,281,704
3,382,200
Depreciation
294,660
321,288
358,422
Profit from operations
Unrealized loss
$2,902,115
9,466
fl,305,000
$147,005
71,291
$135,501
37,388
$82,634
30,209
$211,748
86,161'
Net railway oper. inc.
$98,113
1,524
$52,425
2,544
$125,587
6,300
$75,714
1,343
$99,637
103,265
$54,969
103,161
$131,887
206,868
$77,057
207,070
$3,628
$48,191
$74,980
avail,
for
Balance, deficit......
$823,587
169,820
$793,803
543,180
$3.01
543,180
542",955
$0.33
$0.16
$3
p.
conv.
a liquidating dividend of $2 per share on the
stock, payable April 1 to holders of record March 25.—V. 150,
Cessna Aircraft
The
New
shares of
York
pref. dividends.
c
Incl.
common
subsidiary
on
subsidiary
foreign exchange
companies
,
operating
Calendar Years—
a
Other expenses
Depreciation
Federal income taxes
Federal undistrib. profits
1940
1939
1938
$2,324,250
528,323
579,848
$2,058,680
537,830
1,483,374
189,019
86,815
$2,401,739
543,212
1,483,820
211,993
84,719
7,207
1,625,106
138,634
88,212
1,333,002
157,247
86,817
641
27,031
-
Preferred dividends
Common
Deficit.
x$140,304
$238,358
36,853
bl8,840
dividends
10,000
x$67,287
40,527
40,000
Liabilities—
$
2,648,311
2,169,514
profits,
7,605,473
19,490
Divs.
83,356
245,918
liabilities & taxes 2,646,059
payable
1,710,665
176,751
Canad'n Pneumatic
517,248
Advances
Contingent reserve
23,251
28,275
1,016,822
Minority
foreign subsid—
d S3 conv. pf. stk. 2,415,133
296,337
21,800
2,415,133
Prior pref. stock.
3,161,774
3,353,203
3,261,893
3,353,203
g Capital surplus.
3,392,757
4,080,231
Earned surplus
1,620,182
1,002,201
e
consolidated
2,525,039
Land, buildings,
mach., epqt., &c 3,217,709
30,000
interest,
f Common stock..
not
Goodwill
S
61,288
Tool Co., Ltd.—
due
by off.
and employees-
bl939
Acc'ts pay. & accr.
92*762
$
Notes payable—
168,537
Am'ts
c
al940
bl939
1,035,574
3,645,779
61,035
61,035
Insur., taxes, duty
&
a
Including
230,606
291,515
17,313,107
develop, exp.
16,202,751
domestic
sales
Total
company,
17,313,107 16,202,751
b Including
all subsidiaries,
1939. d Repre¬
(67,604 in 1939)
After depreciation of $4,518,656 in 1940 and $4,936,954 in
sented by 181,135 no par shares.
© Represented by 65,529
c
$185,390
c35,520
exchange
undistributed
6,184,500
Inventories
3,500
Net loss.
on
S
rec.
Total.
taxes
countries having
2,161,357
Marketable secure.
1937
$2,195,526
Net sales.
Gen. & selling expensesCost of goods sold (net).
in
surtax
Consolidated Balance Sheet Dec. 31
al940
ptV
subs., &c
Foreign subs,
[Including Century Factors, Inc.]
(incl.
restrictions),
e
Includes $73,000 for
f Includes $543,000 excess profits tax.
&c
Century Ribbon Mills, Inc.—Earnings—
for year 1939 when Con¬
d Unrealized loss at
$82,174 applicable to certain
cos. except
1938,
31,
Net assets of for'n
„
407,010
$2.26
Pneumatic Tool Co., Ltd., was excluded,
Dec.
Co.—Listing—
Exchange has authorized the listing of 350,000
stock (par $1).—V. 152, p. 1586.
all
solidated
Long-term recelv.
Misc. investments,
Curb
172.419
After deducting cost of goods sold, amounting to $7,059,960 in 1940.
$7,303,898 in 1939 and $6,514,953 in 1938.
b Including domestic sales
Notes & acc'ts
124.
66,286
,
a
Assets—
Directors have declared
common
$1,602,316
74,187
158,253
$1,717,602
165,026
—
:
Pref. dividends, old
.Cash
.
$1,518,546
83,770
Netprofit—
dividends.
...
—V. 152, p. 1275.
Centrifugal Pipe Corp.—$2 Liquidating Dividend—
$716,316
77,487
$1,587,649
129,953
foreign
fixed
charges.
Fixed charges
dl43,584
$757,301
$1,951,164
107,618
©325,000
for'n
on
$130,014
Inc.
$962,121
9,221
93,000
Profit from operations
Income credits
subsidiary,
Otherincome
$1,247,181
7,985
202,000
exchange
Earns, per sh. on com._
Railway oper. income
Hireof equip., rents, &c.
cl937
$5,873,853
3,509,661
413,028
279,895
Other income charges
Prov. for Fed. inc. taxes
Prior pref.
Net
-
1940
$9,860,590
4,007,753
2,744,391
Chicago Pneumatic Tool Co. (& Subs.)—Earnings—
ments and
Central Vermont Ry.,
-
From Jan. 1—
Gross from railway...
Net from railway....
Consolidated Balance Sheet Dec. 31, 1940
Assets—Plant, property, rights, &c., $1,493,571; miscellaneous invest¬
special deposits, $3,329; cash and working funds, $56,599; United
States Savings bonds, $34,250; accounts receivable (less reserve for uncol¬
lectible accounts of $3,360), $51,038; materials and supplies, $30,951;
prepaid accounts, $4,437; total, $ 1,674,177.
Liabilities—Long-term debt, $870,950; 6% mortgage note (Instalment
payable in 1941), $1,000; accounts payable, $12,170; accrued interest on
long-term debt, $14,516; other accrued interest, $701; accrued taxes,
$13,936; miscellaneous current liabilities, $2,929; deferred liabilities,
$46,944; reserve for depreciation, retirements and depletion, $353,337;
contributions for extensions, $27,976; capital stock (par $1), $114,438;
earned surplus, $215,278; total, $1,674,177T—V. 151, p. 3556.
1941
-
no
par shares,
f Represented by 335,320 shares (no par),
g Includes
$14,867 capital surplus arising from purchase of prior preferred stock for
1742.
retirement.—V. 152, p.
..
Earns, per sh.on 100,000
shs. com. stk. (no par)
$220,909
Nil
x$103,451
$267,198
$13,240
Nil
$0.27
a Including income of
Century Factors, Inc., and other income, b After
deducting $19,781 charged to capital surplus,
c Charged to capital surplus,
x Profit or surplus.
$1.03
Chicago & Southern Air Lines, Inc.—Earnings—
Earnings for the Period July 1,1940 to Jan. 31,1941 |
Net loss after all charges.
—V. 152, P. 1742.
$8,889
r
Volume
152
The Commercial & Financial Chronicle
Chicago & Western Indiana RR.—Annual
Report—
Calendar Years—
Operating
1940
revenues
Income
56,354
4,788
rents
from
64
Cleveland Cliffs Iron
1937
$138,036
1,972,508
1,799,013
48,025
6,296
unfunded
securities & accounts.
$147,194
1,950,238
2,167,608
49,376
Dr8,002
1,324
70,765
411
135
69,461
79,552
858,339
$4,514,734
177,808
2,949,531
7,012
3,037
847,052
$4,033,749
172,746
2,961,686
7,053
1,800
394,173
$4,386,101
180,823
2,996,209
7,008
6,771
663,397
23,992
61,087
23,995
49,648
23,998
70,173
25,540
65,238
$4,065,851
Miscell.
$4,058,083
$3,631,629
$456,651
9.13%
$402,120
«4 aok
Operating expemesi::::
2,921,514
Joint
facility rents
Equipment rents
Tax accruals
.
8,600
4,257
v.
.
Amortiz. of discount
funded debt
Miscell.
*
.
on
_
expenses
Total
Net income.
Earned per sh.
rqo
* 188'.062
funded debt
on
Cleveland Worsted Mills
$441,117
8.82%
60,788
on com._
8.04%
1940
Assets—
1939
$
Investm'ts:
1940
$
Liabilities—
Road.81,146,846 80,931.588
Equipment
Earnings per share
151, p. 3391.
2,302,431
2,190,139
9,499
9,499
Govt, grants in aid
of construction.
Cash in sink. fund.
3,009
3,161
Non-negot. debt
ry.
on
Funded
leased
debt.....71,360,000 72,032,000
261,928
202,781
cos...
8,039,845
Loans & bills pay.
Deposits in lieu of
3,000
7,395,853
3,000
affiliated
mtged. prop.so Id
37,888
Misc. phys. prop.. 1,928,283
Inv.in affil. cos
154
64,765
1,928,283
Traffic &
car
to
serv¬
156
ice bal. payable-
675.407
610,854
Audited accts. and
1,818,035
1,813,107
Cash
Special deposits.__
Loans and bills
Traffle &
ice
;car
100
Net bal.
100
19,614
Misc. accts. pay..
Int. matur'dunpd.
16,139
serv¬
Funded
bal. receiv._
3,760
242,724
182,745
1,020,712
169,372
182,751
1,018,442
debt mat.
unpaid
Unmat. Int. accr'd
from
rec.
4,421
payable..
wages
re¬
ceivable
5,000,000
3,000
616
535
accr.
338,569
3,333
338,569
agents & cond'rs
Misc. accts. receiv.
413,568
354,055
Other curr. liabils.
Mat'ls & suppliesRents receivable-
2,957
340,659
330,658
Other def d liabils.
12,353
7,642
9,210
3,078
378,685
1,384,823
1,258,415
530,159
Deferred assets...
Unmat. rents
3,266
Tax
liability...
Accrued
Rents & Ins. prems.
deprec.—
equipment
paid in advance.
Discount on funded
2,653
1,237,313
Oth. unadj. credits
134,827
3,367
283,687
Oth. unadj. debits 1,897.268
307,698
through
1,873,237
income
and surplus
Funded
tired
1,211,451
re¬
through In¬
come &
91,261,482 90,970,7701
1,209,333
-
debt
Sink. fund
'
Total
1,260,220
141,493
Additions to prop,
debt
—V.
3,333
surplus.
54,582
8,082
8,082
759,932
666,811
Total
91,261,482 90,970,770
150, p. 2088.
Childs Co.—To Ask for Lower Rentals—New Director—
A meeting has been called
by this company of all its landlords and mort¬
effort by the management to obtain a reduction in rentals and
mortgage payments on the properties where its restaurants are located.
"Our greatest problem is the rental burden now
facing us," the company
gagees
in
states.
are
an
"These rentals, mostly contracted before
far in excess of amounts which the
now
realize from
Robert
p.
the depression period,
properties could respectively
new
R.
tenants."
Guthrie
elected
was
a
director
of the
company.—V.
152,
1277.
Cincinnati & Suburban Bell Telephone Co.—
•Earnings
Calenaar Years—
xl940
xl939
$9,573,447
1,077,504
466,116
Miscellaneous revenues.
Cliffs
Corp. —Common
Total
Uncoil, oper.
xl938
$9,195,601
995,988
438,102
1940
sales
Gross cost of goods sold
and selling expenses.
1939
1938
1937
$12,920,982 $20,475,378 $15,377,537 $17,037,586
4,390,575
7.191,844
5,230,131
8,004,711
$8,530,407 $13,283,535 $10,147,406
_
Selling profit
328,868
340,932
$9,032,876
300,817
$8,194,038 %512,954,667
$9,806,474
53,803
$8,732,058.
123,212
$9,860,277
19,926
1,855,271
516,59821,296
Admin. & gen. expenses.
336,368
Other income
30,358
Total
Prov.
for
Fed.
inc.
56,203
1,224,396 $13,010,870
620,229
637,061
16,915
26,447
Prov. for depreciation.,
a Prov. for
depl. of mine
618,886
and
excess profits taxes
Prov. for Fed. surtax on
undistributed profits.
1,326,375
1,631,608
1,167,142
887,025-
Sundry taxes
Sundry other deduc'ns..
181,549
39,955
388,480
17,689
153,671
28,511
65,460
134,968
56,118
$6,039,373 $10,309,586
5,544,000
8,064,000
$7,872,141
5,544,000
$7,173,796
4,284,000
c
Net profits.
Dividends
Balance, surplus
Earnings per share
$495,373
$2.40
$2,245,586
$2,328,141
$2,889,796
$4.09
$3.12
$2.85
Depletion of discovered increment has been charged directly to the dis¬
covered increment surplus accounts in
the following
amounts:
1940,
$1,987,549; 1939, $3,107,543; 1938, $2,341,251; 1937, $2,502,265.
b Net income is after deductions for additional
compensation paid to
officers and employees as follows:
1940, $261,340; 1939, $331,620; 1938,
$290,730; 1937, $251,725.
c Sundry taxes,
principally capital stock and franchise taxes.
a
Max Schott, President, states:
The practice of setting aside the sum of $10,000
monthly out of earned
surplus, as a reserve for self-insurance against war risk, was continued
during the year.
As at Dec. 31,1940, the total thus set aside was $480,000.
Since all foreign sales are now made against payment in this
country before
shipment and as the company no longer carries stocks of concentrates
abroad, the board resolved that this procedure be discontinued as of Jan. 1,
1941, and that the accumulated reserve be transferred to a general reserve
account.
Production during the year 1940 was slightly under 23,000,000
pounds of
Molybdenum contained in concentrates as compared with approximately
22,000,000 pounds during the year 1939.
M
Owing to the cessation of sales of Molybdenum to certain countries,
sales to
foreign countries for the
year were
approximately 64% less than
those of the previous year.
On the other hand, domestic sales showed
an increase of
43% over those of the year previous.
Total sales for 1940
were
approximately 16,300,000 pounds of Molybdenum
compared with
as
year.
Sales during the first two months
of 1941 were approximately 2,800,000 pounds of Molybdenum and indica¬
tions are that the consumption of Molybdenum in this
country in 1941 will
be
considerably in
Depreciation
Gen. & miscell. expenses
Taxes
1,605,666
1,308,008
587,451
30,530
938,059
1,937,978
Net operating income.
$2,763,261
Net non-oper. income..
18,946
expense
expenses
Commercial expenses
Operating rents
$10,613,189 $10,296,991 $10,084,008
1,866,915
1,694,894
1,736,860
1,594,319
1,574,907
1,540,698
1,362,033
1,520,218
1,614,760
512,877
475,675
461,342
31,101
70,444
107,108
824,219
809,483
845,412
1,612,639
1,475,407
1,327,512
$2,809,085
23,706
$2,675,960
62,819
$2,450,315
65,146
fixed charges
Interest
$2,782,208
52,196
Net inc. avail, for divs
Dividend
on com.
$2,832,791
55,191
$2,738,780
58,662
$2,515,461
60,275
$2,730,012
2,473,956
$2,777,600
2,473,956
$2,680,118
2,473,956
$2,455,186
2,473,956
$256,056
$303,644
$206,162
y$18,770
549,768
549,768
549,768
549,768
$4.97
stock.
$5.05
$4.87
$4.46
Balance, surplus
Shs. common stock out¬
standing (par $50)
Earnings per share
Consolidating revenues expenses and income of the Citizens Telephone
Co. arising out of its operations under lease of Kentucky properties of the
Cincinnati & Suburban Bell Telephone Co.
y Deficit.
x
,
Consolidated Balance Sheet Dec. 31
[Includes Citizens Telephone Co.]
1940
1939
$
<A.8SCtS~~~~
$
1940
Liabilities—
Telephone plant..45,856,783 45,887,541
Miscell. phys. prop
52,133
348,075
Invest, in sub. co.
32.937
32,937
Investments
7,000
937,881
1,250,486
funds...
Material & supplies
10,990
11,195
782,432
459,073
Accounts receiv.
767,756
718,806
Prepayments
29,479
41,004
Other def. debits..
23,468
11,305
Cash
Working
..
10,000
$
1939
8
Common
stock...27,488,400 27,488,400
Prem. on cap. stock
72,756
72,756
Notes
1,212,659
1,292,463
Adv.
billing and
customers' deps.
289,205
281,965
Accounts pay. and
other
liab.
532,710
641,521
1,571,787
cur.
1,232,722
615,740
615,740
Taxes accr. but not
due
Dividends declared
Deferred
credits..
9,065
3,990
13,152,367 13.249,022
Other reserves
8,543
10,171
Unapprop. surplus 3,843,567
3,585,728
Deprec. reserve
48,796,801 48,474,480
Total
48,796,801 48,474,480
151, p. 3085.
that of the year 1940.
1940
Assets—
a
1939
Acc'ts
&
Liabilities—
8,678,521
receivable
taxes
986,283
823,707
4,246,982
2,827,719
64,367
4,824,817
91,322
Fixed assets (net). 4,436,115
Discov'd Increment
1,598,983
Accounts payable.
Itec'ts
appllc.
to
66,145
future sales
61,840,250 63,827,799
1939
$
Royalties payable.
Expenses accrued.
132,327
999,323
Common stock..
39,311
z
Discovered
1,978,907
113,069
203,070
Reserves^.....-,.
appraised val.
(net)
$
Prov. for Fed.,&c.,
notes
Deferred assets...
at
1940
$
7,558,960
2,201
3,394
133,537
595,650
39,311
incre¬
ment
surplus...61,840,250 63,827,799
Earned surplus... 14,481,374 14,152,193
Total
a
79,159,913 81,046,930
Total
79.159,913 81,046,930
After
1939.
Income available for
excess of
Condensed Consolidated Balance Sheet Dec. 31
$8,677,326
1,001,686
423,709
Inventories
Total
Subs.)—Earnings—
Consolidated Income Account for Calendar Years
xl937
$8,936,988
928,412
455,268
$11,117,067 $10,629,691 $10,320,669 $10,102,721
revenues..
8,522
16,502
23,677
18,713
Total oper. revenues..$11,108,545
Current maintenance
1,937,591
-V.
Dividends—
Climax Molybdenum Co. (&
Cash
Other
1939
$550,306
$3.99
$4.24
26,800,000 pounds for the previous
Local service revenues._
Toll service revenues
Traffic
1940
$585,785
capital stock
Directors have declared a dividend of 20 cents per share on the common
stock, payable Apr. 5 to holders of record Mar. 25.
This compares with
35 cents paid on Dec. 27 last; 15 cents on Oct. 9 and
July 10 last; 10 cents
on Apr. 10.
1940; 30 cents on Dec. 21, 1939; 10 cents on Apr. 15, 1939;
15 cents on Dec. 21, 1938; 10 cents on Apr. 1,
1938, and dividends of 20
cents paid in each of the four
preceding quarters.—V. 151, p. 3885.
54,582
reserves
Profit & loss—bal.
on
—V.
$
5.000,000
property..
Impts.
1939
$
Cap.stk.—com
Co.—Earnings—
Years Ended Dec. 31—
Net profit after all charges
Net
Comparative General Balance Sheet Dec. 31
Co.—Preferred Dividend—
Directors have declared a dividend of $1 per share on the $5
preferred
stock, payable Apr. 5 to holders of record Mar. 25.
This compares with
$2.50 paid on Dec. 27 last; $1.50 paid Oct. 5 last; $1 on July 6
last; $2 on
Dec. 21, 1939: $1 on Oct. 31 and July 31, 1939, and
$2.75 on Dec. 24, 1937.
—V. 151, p. 3885.
$3,944,984
$359,843
7.19%
earnings
Total
Int.
1938
$159,005
1,979,687
2,250,761
46,494
6,697
2,196,734
Miscell. rent income
Equipment
1939
$127,233
1,979,731
Inc. from lease of road__
Joint facil. rent income,
1909
reserve for doubtful accounts of $2,009 in
1940 and $2,893
b Represented by 2,520,000 no par shares.—V. 151, p. 3555.
in
Coca-Cola International Corp.—Common Dividend—
Directors have declared
a dividend of $5.70 per share on the common
value, payable April 1 to holders of record March 22.
Divi¬
Dec. 16 last; $5.70 was paid on Oct. 1, last;
$5.80 paid on July 1 and April 1, 1940; $23.40 on Dec. 15, 1939; $5.80 on
Oct. 2 and on July 1, 1939; $3.85 on April 1, 1939; $2x.40 on Dec. 15, 1939;
$5.80 on Oct. 1, 1938, and $3,89 paid on July 1 and on April 1, 1938.—V.
152, p. 1278.
stock,
no par
dend of $21.40 was paid on
Coleman Lamp & Stove Co.—Extra Dividend—
Directors have declared
an extra dividend of 25 cents per share in ad¬
a quarterly dividend of 25 cents on the common
stock, no par
value, both payable March 31 to holders of record March 22.
Extra of
$1.50 paid on Dec. 27, last; 25 cents paid on Sept. 30, 1940; extra of 30
cents on June 29, 1940 and one of 25 cents on March 30, 1940.—V.
151,
p. 3740.
dition to
Collins & Aikman
Corp.—Wages Increased—
Corporation announced on March 11 a 10% increase in all piecework
hourly-wage rates except for learners.
The company has 6,000 em¬
ployees in
mills in Pennsylvania, Rhode Island and North Carolina.—
V. 152, p. 982.
and
Colorado Fuel & Iron Corp.—Interest—
Interest of 2H% will be paid on surrender of the coupon due April 1,
1941, from the 5% income mortgage bonds, due 1970.
Interest is payable
at office of Chase National Bank, New York.—V. 152, p. 1278.
Columbia Baking
Co.—Participating Dividend—
Directors have declared
a participating dividend of 25 cents in addition
regular quarterly dividend of 25 cents per share on the $1 cum. partic.
pref. stock, no par value, both payable April 1 to holders of record March
15.
Like amounts were paid on Dec. 16 and Oct. 1, last.—V. 151, p. 3086.
to the
Columbia
Pictures Corp.—Earnings—
(Including Domestic Subsidiaries)
Cities Service Power &
Light Co.—Dividends—
Directors have declared $7.50 on $5 preferred stock $9 on $6 preferred
stock and $10.50 on $7 preferred stock all payable March 27 to holders of
6 Months Ended—
Dec. 28, '40 Dec. 30, '39
Net profit after all charges and provision for Fed¬
eral income and other taxes
Earnings per share of
151, p. 3555.
record I^&rch 20*
^
Current payments will leave only one quarter's arrears unpaid.
Since
Dec 27
1939, the company will have cleared up, with the payment of these
dividends, 7M year's arrears.—V. 152, p. 115.
V. 151, p.
common stock
$307,006
$0.56
$215,582
$0.31
—-V
Current
assets as at Dec. 28,
1940, were approximately $12,672,000,
liabilities, $2,009,000, making net working capital $10,663,000.
3555.
and current
The Commercial & Financial Chronicle
1910
tentative
1938
Application of Statutory Standards
1937
Sales (net)
$16,140,527 $15,158,760 $i2,709,617 $15,736,247
6.823,760
6,580,527
5,536,219
6,502.954
Deprec. & depletion
2,482,111
2,231,320
1,559,405
1,497,741
Sell,, adm. & gen. exps.
2,879,347
2,757,465
2,526,242
2,801,149
comm.,
Cash
discts.,
$4,934,402
895,881
743.870
1,246,285
$4,485,328
$3,831,620
$6,180,687
diss, &c:
mantl. exps., ren
$3,087,750
858,560
—--
int.,
$3,589,447
$4,813,869
royalties, &c~
Total Income—
574,099
664,094
538,880
T
357,635
782,365
285,016
508,342
112,073
312,101
30.969
172,773
111,026
326,787
$2,857,103
$2,757,540
$4,466,250
6,090.648
6,333,760
5,986,383
of the United States.
Income tax (e3t.)-of profit appllc. to minority int--
Fed.
47,944
b654,947
Proportion
Previous earned and cap-
Excess of book val, over
cost of minority int._
In the light of the facts as they now appear to us, we proceed to set forth
tentative conclusions as to the application of the statutory standards
Commonwealth &
Surplus adjust,
(net)
$9,190,863
c681.888
— .
$8,743,923
11,106
leaseholds..
Abandoned
$9,512,163
25,999
10,366
Add'l prov. for est. Fed¬
90,000
2,472,066
eral income tax
Dividends
250,000
2,149,056
2,418*327
3,489*415
11 (5) (1)—The interpretation which we have
holding-company system (i. e., any of those located in Mississippi, Alabama,
Georgia, Florida, or South Carolina) nor any of the properties located in
Illinois or Pennsylvania.
If one or more of the properties of Alabama Power Co. is considered
be retained any of the Northern prop¬
(b)
the "single"system, there can not
erties of the holding-company system
gan,
$9,159,447
Southern Corp. and its subsidiary companies.
Effect of Clause (b) of Section
tentatively adopted of Clause (b) of Section 11 (b) (1) necessitates the
following conclusions:
(a) Ir one or more of the properties of Consumers Power Co. (located
in Michigan) is considered as the "single" system, there can not be retained
under common control therewith any of the Southern properties of the
as
770
The extent to which these operations are scattered is
our
5,045,143
assets
potice of and order for hearing in itself shows that the present holding-
particularly shown by the maps included in that notice, and the nature and
character of the operations are described in more detail in the staff report.
Various non-utility businesses are also conducted by certain of the sub¬
sidiaries of Commonwealth & Southern Corp.
684,760
$3,068,799
fixed
The
company system of Commonwealth & Southern Corp. is engaged in extensive
electric and gas operations in a number of States scattered in different parts
to
t
conclusions.
Calendar Years
Cost of sales
$3,955,309
1941 2
pending the preparation and issuance of the Commission's statement of
Columbian Carbon Co. (& Suba.)—Earnings—
Consolidated Income Statement of
1940
1939
March
(i. e., any of those located in Michi¬
Illinois, Ohio, or Pennsylvania) nor any of the properties located in
South Carolina.
(c) If one or more of the properties of Georgia Power Co. is considered as
"single" system, there can not be retained under common control there¬
Northern properties of the system nor any property located
the
with any of the
in Mississippi.
on un¬
(d) Properties of Ohio Edison Co. located in tne neighborhood of Akron
Ycungstown, O., are interconnected with and from a single integrated
public-utility system with the electric properties of Pennsylvania Power Co.
Consequently, since the Pennsylvania properties may not be retained under
common control with any property located in Michigan, the Eastern prop¬
erties of Ohio Edison Co. may not oe retained under such control within the
of certain subsidiaries
subsidiary stock by parent company.
requirement of clause (B), unless they are separated from the Pennsylvania
properties, a result which would not appear to be economically sound.
and
a
Total
earned
capital
and
$6,597,380
surpius
a
0." which
$6,090,648
$5.31
$5.71
Earnings per share
distributed income,
Adjustment of
c
to book value at date of
acquisition of
$6,333,760
$5.13
$5,986,383
$8.31
b Includes $33,539 surtax
$16,242 capital surplus,
gas properties
a
Application of Size Standard
Special Blacks
(Pounas)
yl34,862,614
yl20,244,793
34,390,576
28,810,756
28,028,748
23,711,233
117,835,192
129,833,724
106,236,020
86,636,331
74,970,394
69,390,296
72,899,643
76,804,622
23,420,405
25,478,082
21,977,194
18,417,467
18,997,774
18,088,630
15.896,520
22,009,345
23,741,849
20,853,454
13,194,593
20,824,979
26,448,060
27,779,874
32,005,751
37,815,789
Year—
1940
1939
1938.......
1937
19361935
1934.
...
1933
1932
1931
1,068,832.
16,241
6,074,407
Co.
and in Clause
Natural Gas
Gasoline
(Gallons)
x
(Cubic Feel)
65,071,128.000
60,491,810,000
57,298,364,000
61,637,436,000
58,343,724,000
55,947,594,000
46,056,961,000
33,223,966,000
31,756,446,000
39,011,853,000
x Inks and other products,
y In addition, 8,205,877 (8,313,575 in 1939)
pounds of carbon black were produced by Columbian-Phillips Co., in which
corporation Columbian Carbon Co. and Phillips Petroleum Co. each own
50%.
Natural Gas Sales
for Calenaar Years
<
Gross Rev.
Year
Cubic Feet
Gross Rev.
$6,166,349
5,439,365
4,866,090
4,749,202
4,147,448
1935
39,921,810,000
32,794,075,000
28,560,363,000
25,538,724,000
27,955.406,000
$3,052,034
2,481,350
2,166,259
2,060,648
2,340,355
Cubic Feet
Year
65,933,750,000
61,278,044,000
1938
54,529,200,000
1937
54,367.050,000
1936-—49,470,618,000
1940
1939
1934
1933
1932
1931
Consolidated Balance Sheet Dec. 31
1939
1940
Cash
1940
c
4,184,600
3,120,441
1 ,535,691
1,708,730
1,973,148
rec.
2 ,097,835
Inventories
$
Capital stock...21,849,354 21,849,354
Acc'ts pay., &c—.
797,315
813,315
Federal taxes
870,974
583,095
18.130,294
4 ,581,659
Notes & acc'ts
1939
$
Liabilities—
$
$
Assets—
Property acc't—17 ,827,423
Investments
3 ,822,087
a
Res.
for Fed.
Inc.
taxes, prior yrs.
Minority Interest.
b Marketable sees.
150,000
1,099,583
904,705
Capital surplus...
16,242
134,696
Earned surplus...
6,581,138
1
310,000
1
489,120
Other assets
1,021,587
122,085
at cost
425,747
...
Deferred charges..
31,380,606
Total...
a
Gas &
Total
31,380,606 30,699,245
$24,078,943 in 1940 and $22,150,326 in
(996,840
in
1939).
c Represented
by
537,406 no par shares, excluding 1,014 shares in treasury.
Note—The company does not consider that It has any liability under the
Excess Profits Tax Act of 1940.—V. 152, p. 1126.
Commonwealth Edison
Co.—Weekly Output—
Company has furnished us with the following summary of weekly kilowatt
hour output of electrical energy adjusted to show general business con¬
ditions of territory served by deducting sales outside of territory to other
utility companies:
—Kilowatt Hour Output-
1941
Week Ended—
.147,792,000
147,674,000
148,092,000
....150,490,000
March. 15
Mar.
8
Feb.
..
1
22
—V. 152, p.
—
1940
134,275,000
133,642,000
134,616,000
134,462,000
P. C.
Increase
10.1
10.5
10.0
11.9
1744.
Commonwealth
& Southern
Corp.—SEC Issues Sug¬
gestions for Corporation to Comply with Holding Company Act—
Disposal of Major Units Required—
At the request of the corporation that the Securities and Exchange Com¬
mission suggest how the large holding company can comply with integration
provisions of the Holding Company Act, the SEC on March 19 issued
"tentative conclusions" that would require C. & S. to divest itself of all but
one of its major systems in order to meet the mandates of the Act.
The
two group utilities that might be kept, according to the Commission, are
the Alabama and Georgia systems, operating in Southern States as the
Alabama Power Co. and the Georgia Power Co., and the Northern system,
operating as the Consumers Power Co. in Michigan.
These conclusions were recommended by the Public Utilities Division of
the SEC as required by the provisions of Clause B of Section 11 (b) U)
of the Holding Company Act.
As a result of the drawing up of these recommendations, the Commission
ordered that hearings on the issue be reconvened on April 3.
The statement of tentative conclusions of the Commission follow in part:
The
Proceedings to Date
The Commonwealth & Southern Corp. registered as a holding company
under the Public Utility Holding Company Act of 1935 on March 25, 1938.
On March 6, 1940 we issued a notice of and order for hearing pursuant to
Section 11 (b)
(1) of the Act with respect to the Commonwealth & Southern
Corp. and its subsidiary companies.
We then stated that it appeared that
the Commonwealth & Southern Corp. holding-company system was not
confined in its operations to those of a single integrated public-utility
system and to such other businesses as were
reasonably Incidental or
economically necessary or appropriate to the operations of such a system
within the meaning of the act.
Subsequent thereto, the Commonwealth & Southern Corp. and various
of its subsidiary companies
requested
that they be furnished with a
statement of the Commission setting forth the Commission's tentative con¬
clusions with respect to what action the Commission tentatively believed
would be required by Section 11 (b) (1) of the act.
The respondent's
request was similar to that made by the respondents in the similar pro¬
ceeding involving the United Gas Improvement Co., and the Commission,
by memorandum opinion filed June 1, 1940, stated that it would grant the
request in the same manner as it had undertaken in the United Gas Im¬
provement Co. matter.
The proceedings have been held in abeyance
Electric Co., and the two separated
(the Akron-Youngstown area
30,699,245i
After depreciation reserves of
b Market value $800,437
1939.
Mar.
properties of Central Illinois Light Co., Southern Indiana
properties of Ohio Edison Co.
and the Springfield area) are widely sepa¬
rated tc distance and are not coordinated with each other.
We tentatively
conclude because of the distances separating these properties and the lack
of present-interconnection or coordination between them, no combination
of any of these properties may be retained under common control con¬
sistently with the statutory requirements of localized management, efficient
operation, and effective regulation.
/
Application of Clause (A) of Section 11 (6) (1)—Under the provisions of
Clause (A) of Section 11 (b) (1) no additional system can be retained under
common control with the "single" system unless sucn additional system
"cannot be operated as an independent system without the loss of sub¬
stantial economies which can be secured by the retention of control by such
holding company of such system."
Consumers Power Co., Central Illinois
Light Co., Southern Indiana Gas & Electric Co., Ohio Edison Co. and
Pennsylvania Power Co. each have there own officers.
With the exception
of the Pennsylvania-Ohio interconnected system, they are operated sepa¬
rately and are not coordinated in their physical operations.
The only
common element of operations is the fact that each
of these companies
obtains service from the same service company and is controlled by the same
holding company.
Similarly, the Springfield Division of the Ohio Edison
Co. operates separately and is neither interconnected nor operated with the
remaining property of that company.
Under these circumstances we tentatively conclude that neither the
properties of Central Illinois Light Co., Southern Indiana Gas & Electric
Co., Springfield Division of Ohio Edison Co., the interconnected Pennsylvania-Onio property, nor the Akron-Youngstown Division of Ohio
Edison Co. nor Pennsylvania Power Co. considered separately, could qualify
for retention as an "additional system" to those of Consumers Power Co. ,
or as additional systems to each
other (except as to the interconnected
Pennsylvania-Ohio group) under the limitations imposed by Clause (A) of
Section 11 (b) (1).
.,
For the purposes of this statement we do not deem it necessary to consider
the application of Clause (A) to any of the Southern properties of the holding
The various
Q'dwill.trademks.,
&c._._—
of Sections 2 (a) (20) and Clause (C) of
(1)—Under the size limitation contained in Section 2 (a) (29)
(C) of Section 11 (D) (1) no single integrated public-utility
system, nor any combination of sucn systems permitted to be retained under
common control, may be "so large (considering the state of the art and the
area or region affected), as to impair the advantages of localized manage¬
ment, efficient operation, and the effectiveness of regulation."
We do not
deem it necessary at this time to suggest tentative conclusions as to whether
the properties now owned and operated either by Consumers Power Co.,
Alabama Power Co., or Georgia Power Co., are as to any one of these re¬
spective States, too large for localized management, efficient operation or
effective regulation.
We believe it suffices for the present purpose to reach
the tentative conclusion that each of these State-wide areas either exceeds, or
in any event approaches, the maximum size which can be so retaineU con¬
sistently with tne statutory requirements.
In this connection it may be
ooserved that each of these three companies serves an area over the major
part of the States served.
Even within such areas it may be difficult to
find that management can be localized, or to conclude tbat regulation can
be elfective over companies wnich dominate whole States.
In any event,
we conclude that no substantial amount of utility property may be retained
under common control with properties now constituting either those of
Consumers Power Co., Alabama Power Co. or Georgia Power Co.
If our tentative conclusion on this point stands, the effect will be to make
impossible the retention under common control with Consumers Power Co.
any of the other properties of the holding-company system, or the retention
under common control with any of the properties of Alabama Power Co.,
either any ot the Northern properties or any property now owned by
Georgia Power Co. or South Carolina Power Co.
Similarly, there could
not be retained under common control with the properties of Georgia Power
Co. either any of the Northern properties or any properties of Alabama
Power Co., Mississippi Power Co., or Gulf Power Co.
We leave open for
furtner consideration the question of whether any of the properties now
owned by Mississippi Power Co. or by Gulf Power Co. might be retained
under common control with any of the property now owned by Alabama
Power Co., similarly we leave open for furtner consideration the question
of whether any property now owned by South Carolina Power Co. may be
retained under common control with any property owned by Georgia Power
Section 11 (b)
Production for Calendar Years
Carbon Black
(Pounas)
^
company system.
Other Businesses—With
already
the consent of the respondents we have
directed Tennessee Utilities Corp. to sell
the various transportation and other
properties which it owns, such sale to be completed on or before July 1,1942.
The General Corporation & Transportation Securities Corp. conduct,
either directly or through subsidiaries, ice, transportation and other busi¬
nesses located in vzrious States.
Certain of the utility subsidiaries of tbe
either directly or through
businesses
businesses
are reasonably incidental or economically necessary or appropriate to the
operations of any of the electric or gas utility properties controlled by the
holding-company system or by any of its subsidiaries, and are therefore not
holding-company system also themselves operate,
subsidiaries, certain transportation, water, ice, heating and other
other than electric or gas utilities. We conclude that none of such
possible of retention within the holding-company system
holding company.
Tne Commonwealth & Southern Corp. (New York) is a
__
,
%
of a registered
,
.
,
mutual service
rendering services to all of the various subsidiary companies oi
the holding-company system.
In view of the conclusions hereafter reached,
we conclude that tne business of tnis service company, as presently consti¬
tuted, is not reasonably incidental or economically necessary or appropriate
to the operations of any of the utility properties.
,
Tentative Conclusion as to Holding Company—Summarizing the foregoing,
we conclude tentatively tnat, if the property ot Consumere Power Co. is
considered as the "single" integrated public utility system, Commonwealth
& Southern Corp. can retain no other properties; that if the
single system
is located in Alabama, no other properties can be retained with the possible
exception of those located in Mississippi and Florida; and that if the single
system is located in Georgia, no other properties can be retained with tbe
possible exception of those in South Carolina.
From this it would seem to
company
_
follow
more
Southern Corp. cannot continue to
units of property.
that Commonewalth &
than one of its major
control
The Commercial & Financial Chronicle
Volume 152
Weekly Output—
'
weekly kilowatt hour output of electrical energy of subsidiaries of
Southern Corp. adjusted to show general business
conditions of territory served for the week ended March 13, 1941 amounted
to 186,598,162 as compared with 154,275,132 for the corresponding week
in 1940, an increase of 32,323,030 or 20.95%.—V. 152, p. 1744.
The
Community Power & Light Co.—Earnings—
Period End. Jan. 31—
1941—Month—1940
1941—12 Mos.—1940
$4,883,829
$5,214,506
2,066,568
2,145,568
225,967
259,201
122,470
216,845
401,055
414,994
2,067,768
2,177,897
8,677
17,626
,
$438,142
184,179
18,607
$412,092
Fed. & State inc. taxes..
Othertaxes
22,409
36,517
Utility operating inc..
176,429
11,376
34,513
159,167
rfr2,186
Operation
Maintenance...
a
Other income (net)
rfr2,699
$173,730
45,828
Gross income
bonds—public..
bds.—parent co.
on
Int.
on
Int.
on
$156,981
$2,195,523
43,507
510,150
$2,076,444
489,754
$127,902
1,250
a Gross income
Retirement res. accruals
Int.
$113,473
1,365
66,076
$1,685,373
15,345
792,915
$1,586,690
16,840
792,915
66,076
8,915
1,027
2,492
Net income
;
7,533
1,027
2,173
97,024
12,326
30,469
68,048
12,327
31,239
$48,142
company
$35,298
$737,293
$665,320
pref. stocks:To public
104,199
1,811
104,183
1,826
$631,283
"$559^310
.
Balance applicable to parent company
Concord Gas Co.—Accumulated Dividend—
r
The directors have declared a dividend of 50 cents per share on account
7% cum. pref. stock, par $100, payable May 15
April 30.
A like payment was made in each of the
of accumulations on the
to
a dividend
of $1 per share on the common
payable March 17, to holders of record March 12. Pre¬
vious distributions were as follows:
$1.50 on Dec. 21, last; $1 paid on
July 11, June 27 and May 20, 1940; $1.50 on Dec. 18, 1939: $2 on Nov. 20.
1939; 75 cents on Oct. 15, 1939, 30 cents on Aug. 21, $1.50 on June 16, 75
cents on May 15.1939; 60 cents on March 30,1939; $1 on Nov. 14,1938; 30
cents on Sept. 26, 1938 and 70 cents on Aug. 22, 1938.—Y. 151, p. 3885.
holders of record
15 preceding quarters.—V.
151, p
3740.
.
no
have
declared
par value,
Consolidated Water Power & Paper Co.
Earnings
—V.
per
151, p.
$2,504,225
1,617,205
$2,982,315
2,111,618
$1.30
$i.70
& Power Co.—Earnings—
1,325,485
86 881
105,029
$1,531,982
492,259
$477,901
196,125
$700,053
343,336
2,000,000
100,000
$923,126
$1,039,723
$281,776 df$l,743,283
y$4.30
Dividends paid in cash
Stock dividend paid
Approp. for conting. res.
-
-
z$3.87
Miscellaneous debit
...
Surplus
share
per
on
capital stock
$6,091,640
$6,321,889
39,749
33,570
34,499
116,039
$6,353,545
1,819,019
$6,475,109
1,836,035
$6,126,139
1,737,416
Accts.receivable..
1,052,943
1,397,737
155,911
76,528
2,278,018
350,181
1,980,946
Plant Aeouip...
8,914,730
Real est. Aflowage
3,844,818
3,843,228
less prem. on dt.
Rentals A other chgs. on
113,261
111,753
123,448
124,323
leased property
Other deductions..
343,113
14,454
346,566
11,883
345,460
65,896
345,557
40,345
$4,063,698
$4,168,872
374,242
$3,853,919
374,242
$4,173,644
374,242
funded debt.
on
Cash divs.
374,242
pref. stk.
on
Bal. of net inc. avail,
for
com.
36,174
350,000
Local taxes
247,304
250,470
yl,359,212
463,980
Inc. and cap. stock
taxes
Miscellaneous
ac¬
crued liabilities.
281,178
196,687
255,976
198.659
884,081
902,296
Reserves
228,590
239,518
Contribution in aid
receiv.
125,168
303,642
of construction
130,072
150,933
Deferred income..
7,252
1,832,000
10,000,000
5,476,910
Patents
.........
stk. divs. &
6,440
.
Capital stock
Surplus
10,860
9,916
2,574,000
9,886,125
4,543,673
19,883,304 18,889,436
Total
....19,883,304 18,889,436
Total
x After
deducting reserve for depreciation of $9,707,919 in 1940 and
$9,173,097 in 1939. y Includes excess profits taxes.—V. 152, p. 1587.
Consolidation Coal Co.,
Net income
$
42,000
maturing..
depletion
Deferred charges..
Amort, of debt disc't &
exps.,
1939
368,892
Notes payable
Timber lands—less
Non-curr't
non-oper.
Gross corp. income
Interest
Bonds
8,665,774
x
681,405
$6,437,928
1,754,059
from
properties
y$1.75
376,031
Accounts payable.
047,430
1,911,591
S
Liabilities—
$
$
Assets—
Cash.
1940
1939
1940
Long-term debt...
$6,441,539
Income
y$1.19
On 400,000 shares of capital stock, $25 par. x On 395,445 shares com¬
stock, $25 par.—V. 152, p. 1587.
George W. Mead, President, states:
During the first six months of 1940 the balance of the term loans from
banks was paid. Negotiations were concluded with th j insurance companies
holding the first mortgage bonds of subsidiary, Consolidated Water Power
Co., for a reduction in the rate of interest from 4H% to 3H% effective
May 1, 1940.
The stock of Wisconsin Valley Improvement Co. acquired
by this subsidiary in 1936 in connection with the development of Big Eau
Pleine Reservoir was retired at its par value of $350,000.
y
Investments
$6,313,796
Operating income
6,600
6,484
$1,720,850
797,724
Net income
Notes receivable..
1940
1939
1938
1937
$21,182,733 $19,703,330 $18,680,810 $19,636,753
14,868,937
13,261,791
12,589,170
13,314,864
Calendar Years—
Operating revenues
Operating expenses
606,932
104,124
4,348
44,879
450,897
Prov. for income taxes..
Inventories
Connecticut Light
1937
$1,527,087
7,391
ad¬
just. & other contings.
1939
share on common stock
3232.
924
$1,434,239
661,119
183,644
18,077
6,616
50,391
Bond expense
Prov. for exchange,
Earnings
670,141
177,059
Consolidated Balance Sheet Dec. 31
1940
...
$2,882,365
Mfg. profit & other inc._ $3,889,454
Allow.for deprec.& depl.
685,481
Interest on bonds, &c
99,778
Int. on borrowed money.
78
Congoleum-Nairn Inc. (& Subs.)—Earnings—
Years Ended Dec. 31—
Profits from operations
Net income after all charges
(& Subs.)—
Consolidated Income Account for Calendar Years
1938
1940
1939
mon
Refore retirement reserve accruals.—V. 152, p. 1744.
a
Rendering Co.—Dividend—
Consolidated
Directors
on
To parent company.
new
stock of
adv. from parent
Amcrt.ofdebtdis. & exp
Other income charges
Divds.
188,269
18,766
which are expected to take
issue, plans have reached a mature state.—V. 152, p. 674.
yet been signed with the institutional investors
the
the Commonwealth &
Operating re venues
1911
Inc. (& Subs.)—Earnings—
1940
Calendar Years—
profit after deprec., deplet., int.,
taxes, &c
Earnings per share on common
—V. 151, p. 3232.
1939
1938
Net
$402,290 def$863,915 def$927,147
$0.33
Nil
Nil
other corp. purposes,
Earns,
sh,
per
on
$3,479,677
3,444,378
$3,794,630
3,444,378
$3,689,456
transferred to surpl.
Common dividends
3,444,378
$3,799,402
3,444,378
com.
$3.03
$3.30
$3.21
stock
$3.30
Balance Sheet Dec. 31
1940
921,730
922,511
special depos.
20,189
sees.
from
int
49,839,500
and
873,189
decl. A unpd.
874,112
pay..
653,691
703,891
2,003,708
267,769
7,741,864
158,792
1,499,332
316,808
6,612.221
158,976
656,781
and officers..
51,284
55,806
601
Mat'is A suppl's
1,304,350
Employ, welfare
res.
(contra).
320,089
3,562,879
339,664
3,353,748
Other reserves.
726
1,281,933
Unamortiz. debt
2,553,028
dlsct. A exp..
2,666,798
.
814,431
339,664
83,843
1939
$4,386,656
386,665
228,003
33,940
219,047
32,397
Expenses.
Interest paid
30,983
23,505
$101,435
55,000
$111,716
55,000
$1.84
$2.03
Provision for Federal income taxes
Net income
Dividends
(55,000 common shares)
Consolidated Balance Sheet Dec. 31,
1940
$4,998,984;
York State
Banking Dept.), $1,035;
Assets—Cash, $619,343; notes and acceptances receivable,
assets (prepaid interest, expenses, &c.), $11,822; New
other
bond (deposited pursuant to law with N. Y. State
furniture and fixtures, $1; total, $5,631,184.
Liabilities—Notes payable, due within 1 year, $2,275,000; long-term
payable to banks (due 1942 to 1945), $750,000; dividend payable,
$13,750; reserve (due to customers after notes and acceptances have been
paid in full), $850,298: reserve for taxes and accrued interest, $36,364;
deferred income, $218,176; general reserve, $15,000; capital stock (55,000
shares, no par), $1,100,000; surplus, $372,597; total, $5,631,184.—V. 151,
p. 694.
notes
Total...
118,791,335 117,325,228
Represented by 1,148,126 no par shares at
stated value.—Y. 151, p-
118.791,335 117,325,228
Total
1940
$4,998,984
394,362
of period
,J
Earned per share
tensions.....
820,810
894,439
736,772
85,170
320,089
accounts
Work in progress
Unadjusted dts.
Employs' welfare
_
Contribs. for ex¬
Prepd. and def'd
Banking Corp. (& Subs.)—Earnings—
income
605,336
Consumers'deps.
Res. for retire's.
Accrd. int. rec..
Credit Utility
impracticability of raising prices
higher costs, it is explained by
Calendar Years—
Gross
divs.
Earned surplus.
8,200
3,706
...
indirectly attributable to the war, and the
of gas sufficiently to compensate for tbe
A. L. Bishop, President.—V. 151, p. 3392.
Notes receivable at end
Accrued accts..
companies
Loans to empls.
x
49,531,000
bond
Matured
20,009
sub.
fund (contra)
6,804,400
46,217,240
3,208,834 Accounts
3,340,635
NotesAaccts. rec
Due
6,804,400
Common stock 46,217,240
stock........
3,539,496
3,221,302
Cash
Marketable
5H% cum. pref.
x
Funded debt
and
funds
$
Liabilities—
$
Prop., pl't A inv. 103,516,279 101,681,210
Inv. in sub. cos.
1,814,181
1,754,924
Miscell. invests.
67,557
66,056
Sink,
$
1939
1940
Assets—
1939
Consumers Gas Co. of Toronto—$2 Dividend—
of $2 per share on the common stock,
Directors have declared a dividend
payable April 1 to holders of record March 15. Previously regular quarterly
dividends of $2.50 per share had been distributed on this stock since 1874.
Reasons for the cut in the dividend were an increase in costs, directly or
3742.
Crosley Corp. (& Subs.)—Earnings—
Consolidated Biscuit Co.—Earnings—
sales
— _—..—......
Net income after all charges
Earnings per share of capital stock
—V. 152, p. 824.
Gross profit on
Consolidated Coppermines
Directors have declared a
$970,376
66,093
$0.20
$1,018,051
131,099
$0.40
Corp.—25-Cent Dividend—
24. This compares with
1940.—V. 152, p. 983.
Consolidated Edison Co. of New York,
Inc.—Weekly
announced production of the electric plants of its system
for the week ended March 16, 1941, amounting to 152,800,000 kilowatt
hours, compared with 147,400,000 kilowatt hours for the corresponding
week of 1940, an increase of 3.7%.—V. 152, p. 1745.
Company
Consolidated Film Industries, Inc.
$590,031
profit after charges and taxes
Earnings per share on
—Y. 152, p.
(& Subs.)—Earns.
1940
Calendar Years—
$1.47
preferred stock
1939
$628,297
$1.57
Corp.—May Refund $7,400,-
6% Bonds—
corporation has under consideration the refunding of its $7,400,000
first mortgage bonds throueh the private sale of new
outstanding 6%
bonds and debentures, it was learned this week.
The company proposes to issue $6,500,000 of 15-year
bonds and
Profit from oper
Other income
$900,000 of 10-year 5%
loan of about
$100,000.
14,961,575
2,402,534
13,796,750
1.745,934
11,004,754
1,475,487
16,308,433
2,138,154
x$448,760
114,429
$508,392
93,716
$511,079
98,669
$288,864
127,128
x$334,331
57,631
112,540
301
36,232
$602,108
31,959
79,412
1,500
14,722
$609,748
32,016
110,949
3,274
21,305
$415,992
98,935
49,325
12,000
7,287
17,586
343,314
1,581
goods sold
Expensed
Total income
Cash discount on sales..
Loss on bad accounts—
rights.
paid
capital assets—
Amort, of patent
Loss on
6,522
1,988
994
11,585
300,878
284,812
44.496
14,422
30,313
233,153
Flood and fire ioss
Sundry losses
Mark down of inventory
due to pricing
Prov.
for inven. adjust.
4% first mortgage
There will also be a bank
although contracts have not
debentures.
It is understood that
92,000
230,000
Slow moving & scrapped
inven. written-off
450,329
Prov. for undertermined
lia'lities
260,106
Depreciation
1279.
Consolidated Gas Utilities
The
Cost of
Interest
Output—
000
Net sales
dividend of 25 cents per share on the common
stock, payable April 5 to holders of record March
dividends of 15 cents paid in October and April of
Net
Years
1940
9039
1938
1937
$16,915,349 $16,051,076 $12,991,320 $18,735,450
Consolidated Income Account for Calendar
1939
940
Calendar Years—
Federal taxes
------
Miscellaneous deduct'ns
al4,237
b82","l65
x$376,915
x$l,589,288
$84,949
$84,901
Nil
Earns, per sh. on com—
Nil
$0.16
0$.16
a Expense of moving materials,
b Consists of $27,729 expense moving
materials; $13,568 loss on securities charged off; $13,690 provision for
royalties in advance and $27,178 provision for rebates account price
Net profit
reductions,
x
Loss.
The Commercial & Financial Chronicle
1912
$358,771
rec. (customers) 1,852,168
Accts. rec. (officers
2.621
132
8.622
5,845
Accts. pay. (trade)
1,668,896
a
and notes
A cots,
Accts. pay.
l
► and employees).
Advs. to salesmen.
398
Accrued Interest..
3,033,987
3,592,844
mach'y A equip. 2,586,664
and
Securities—
In
78,144
Accrued taxes
54,260
64,010
inactive subs.
2,500
138,454
151,159
57,693
stock (no par) was offered over the counter March 14
after the close of trading on the New York Stock Exchange
common
notes
payable
The offering, it is understood, represented British holdings.
The offering was oversubscribed.—V. 152, p. 825.
1,009,856
Cash
surr.
Common
3,000,000
capital 3,000,000
1,108,728
Surplus earned
c
3,013,276
Deposited Insurance Shares—Stock Dividend—
the series A and series B stocks,
39,625
45,825
Dividend
Automobile tooling
151,
351,335
deferred..
exps.
133,193
33,510
Sundry def'd assets
Patent rights.....
have declared a semi-annual stock dividend of 2H% on
payable May 1 to holders of record March 15.
payable in cash or trust shares at the holder's option.—V.
The directors
value of
life Insurance...
is
1719
p.
Detroit & Mackinac
1
a
Total
Total oper. revenues
Maint. of way & struc.
c
$885,445
143,950
184,640
298,028
$877,856
138,121
139,265
11,840
306,233
234
315
128
190
37,514
4,367
37,094
3,128
36,910
1,898
41,532
$226,052
41,754
$233,146
43,708
$247,256
34,889
$190,801
35,134
$184,298
048,401
$189,437
054,109
$212,367
052,312
$155,667
061,121
$135,328
$160,055
$94,546
$849,681
139,609
141,279
_
Maint. of equipment
reserve for depreciation of $2,278,602 in 1940 and $2,019,483
Represented by 545,800 no-par shares.
b After
1939.
1937
1938
1939
$876,809
129,267
168,762
11,665
299,690
$135,897
$8,161,307 $8,834,473
After reserve for loss in collection of $176,627 in 1940 and $176,149 in
in 1939.
Ry.— -Annual Report—
1940
Calenaar Years—
$8,161,307 $8,834,473 |
Total
The price was $20.50 a share.
by Hemphill, Noyes & Co.
750,000
1,235.527
14,710
Argentine Rep..
Capital stock of
Offered—A block of 14,415 shares of
Deere & Co.—Stock
103,808
2,500
Other securities.
766,666
129,117
141,376
Sundry accounts.-
Reserves-........
.
135,257
890,000
Accrued royalties.
Non-current
bJR'lest. A bldgs.,
reserve
8609.462
$677,256
(mat'ls
mdse.
transit)
Notes payable
2,616,925
Inventories
1939
1940
Liabilities—
1939
1940
$526,441
1941 2
Liabilities—Accounts payable, $6,094; accrued expenses, $65,658; loca
improvement taxes, $3,299; deferred income, unredeemed tickets, $33,451;
for replacements of portions of bridge structure and equipment,
$90,000; common stock (par $1), $207,648; capital surplus, $2,498,679;
earned surplus, $93,817; total, $2,998,647.—V. 151, p. 1430.
Consolidated Balance Sheet Dec. 31
Assets—
Cash
March
11,332
Traffic
Transportation—rail line
Miscellaneous operations
Shipments—
General
of Crosley refrigerators during February, 1941, showed an
increase of more than 125% over the sales total for the corresponding month
in 1940, while the sales of Crosley radios during the past month were 118%
greater than for February, 1940, it was announced by Robert I. Petrie,
Vice-President and General Sales Manager of the corporation.
These figures revealed that the increases in sales of both Crosley re¬
frigerators and radios during February were even greater than during
January, 1941, as compared with January, 1940, when the sales increases
were 107% for refrigerators and 86% for radios, Mr. Petrie said.
Shipments of Crosley washers were 28% heavier in February than in
February, 1940, Mr. Petrie announced.
fcfcThe backlog of unfilled orders in both the refrigerator and radio divisions
is still of record proportions, Mr. Petrie said.—V. 152, p. 675.
Shipments
Transp. for invest.—Cr.
Net oper. revenues
Railway tax accruals
Railway
oper.
_
income.
.
11,415
313,699
782
rents
30
30
30
Miscell. tax accruals
1,085
113,222
1,064
114,280
979
861
115,163
95,547
10,296
Miscellaneous
30
funded debt
on
unfunded debt..
22
20
989
Miscell. income charges.
Reynolds Corp.—Accumulated Dividend—
a
on
Int.
&
Corroon
Directors voted
Int.
1,912
3,853
3,139
2,062
$19,627
$16,080
$39,754
def$14,250
dividend of $2.50 per share on the $6 preferred series A
Net income
stock, payable April 1 to holders of record March 24, leaving arrears on the
issue of $27.50.—V. 151, p. 3885.
Crown Cork International
The directors have declared
Corp.—10-Cent Class A 7>'v.
dividend of 10 cents per share on account
a
of accumulations on the $1 cum. class A stock, no par value, payable
April 1 to holders of record March 20.
Like amounts paid on Dec. 30,
last; dividends of 15 cents paid on Oct. 1 and on July 1, 1940; and dividends
of 25 cents were paid in preceding quarters.—V. 152,, p. 423.
Cuneo Press, Inc.—Interest Rate on
The
various
interest
rates
on
the
Debentures—
$1,650,000 serial debentures recent
placed privately are as follows:
Interest
Interest
Amount
Maturity
Feb. 1,
Feb. 1,
Feb. 1,
Feb. 1,
p. 1746.
$210,000
210,000
210,000
210,000
—V. 152,
Amount
Date per Ann.
1942
M%
1%
1943
1944
1H%
m%
1945
$210,000
200,000
200,000
200,000
Maturity
Feb. 1,
Feb. 1,
Feb. 1,
Feb. 1,
Date per Ann.
1946
1947
2 H%
1948
1949
2^%
Condensed Balance Sheet Dec. 31
Preferred stock—
$7,194,612 $7,172,711
174,040
3,340
4,540
Gr'ts
9,063
3,936
17,783
13,394
20,540
178,654
Traffic A car serv.
recelv.
rec.
27,060
Mat'I & supplies..
177,318
Deferredasset3
balances
wages
Years Ended Dec. 31—
1940
1939
$138,720,000 $48,598,000
Unfilled orders.
716,971,000 143.282,000
Operating profit (before taxes)
43,818,000
6,778,000
Federal income & excess profit taxes.
27,886,000
1,456.000
Net profit (incl. minority share).
15,932,000
5,322,000
_
568
Misc. acc'ts pay..
8,620
8,324
Int. mat'd unpaid.
3,340
9,323
1,471
Other current llab.
1941—Month—1940
1941—12 Mos.—1940
$7,060,647
$6,928,551
224,392
112,342
15,983
219,150
31,616
2,694,128
1,349,430
274,979
2,554,764
1,183,792
496,437
$228,960
$226,779
$2,742,110
$2,693,558
taxes
res. approp.
Net oper. revenues
101,119
960
320
Gross income
21
$229,280
46,667
1,827
income.
$2,743,070
560,000
146,254
$2,693,579
$133,508
$2,036,816
507,386
$1,605,058
507,386
$1,529,430
on mtge. bonds
Other int. & deductions.
$226,779
46,667
46,604
$180,786
Int.
Balance
560,000
528,521
expenses
1941
1940
..$67,586,021 $60,449,067
50,130,155
44,665,157
Income from utility operations
$17,455,866 $15,783,911
171,004
87,300
Other miscellaneous income
Gross corporate income
$17,626,871 $15,871,211
6,121,149
5,784,884
049,893
0 70,168
484,498
355,155
Interest
on funded and unfunded debt
Interest charged to construction
Amortization of debt discount and expense.
Total
...$11,071,116
$7,577,153 $7,576,739
Stove
Co.—Time
Stock
Exercise
to
As part of its original listing application (New York Curb Exchange),
Nov. 12, 1936 company applied for, and the Exchange granted,
authority to add to the list 60,000 additional unissued shares ($1 par)
common stock upon official notice of issuance thereof on payment by John
A. Fry, the President of the company, and Florence C. Fry, his wife.
The
60,000 shares were issuable to, or upon the order of Mr. and Mrs. Fry
under a commitment dated June 1, 1936, whereby said parties were com¬
mitted to purchase the 60,000 shares for an aggregate total of $135,000
on or before Dec. 31, 1938.
18,750 of such shares were paid for and issued
in Dec., 1936, and added to the list.
Mr. and Mrs. Fry had been granted extension of time to Dec. 31, 1939,
and Dec. 31, 1940, within which to pay for the balance of 41,250 shares of
common
stock at varying prices aggregating $105,000.
None of the
balance of 41,250 shares were taken down during 1940, and that the directors
of the corporation have granted the purchasers a further extension of time
to Dec. 31, 1941, within which to pay for the 41,250 shares of common
stock remaining unpaid for of the original 60,000 shares.—V. 152, p. 1280.
dated
Detroit Steel Products Co,—25-Cent Common Dividend—
now outstanding, payable April 10 to holders of record
March 31.
Dividend of $1 was paid on Dec. 23, last; 50 cents paid on Oct. 10, last;
an initial dividend of 25 cents was paid on July 10, last.
Dividend of
25 cents was paid on the old no par stock previously outstanding on April
10, 1940; a dividend of 75 cents was paid on April 10, 1939, and dividends
and
of 25 cents per share were
V. 152 p. 1747.
Dixie-Vortex Co.
$9,801,339
Including all operating and maintanance charges, current appropria¬
to retirement
(depreciation) reserve and accruals for all taxes.
and
taxes
July 15, last, and
Jan. 15, 1940; $1 paid Oct. 16, 1939; $2 paid on July
15, 1939; $1 on
April 15, 1939; a final dividend of $2 paid on Jan. 16, 1939; $1 on Oct. 15,
1938; $2 on July 15, 1938; $1 on April 15, 1938; $2 on Jan. 15, 1938, and
previously regular quarterly dividends of $1 per share were distributed. In
on
Earnings
International Bridge Co.
(& Subs.)—Report
Operating expenses, $88,386; administrative expenses, $51,073;
prop., franchise, cap. stk. & social security taxes, $103,206..
Profit from operations
Other income
Total income
Allowances for depreciation of furniture, fixtures & autoT
equipl
Allowance for replacements of portions of bridge struc. &
equip.
income
$275 519
242,664
$950,522
209.916
$2.48
per
share
in
United
States
10 denied
an
Circuit
Court
of
income tax refund
Appeals at Richmond, Va., on
of $2,366,628 to this company,
from the $190,000,000 refinancing of the Dodge concern in
1925, which concern later was merged with the Chrysler Corp.
Judge Armistead M. Dobie said amortization claims on a $10,000,000
valuation of the design and goodwill of the old four-cylinder Dodge auto¬
mobile could not properly be deducted in the tax returns for the years
a
suit arising
1925 28, inclusive.
Judge
"
a
Dobie'8 opinion also denied the corporation the
discount" in the sale of $75,000,000 in
debentures.
right to deduct
The court held
that the "great profits for the underwriters" could not be regarded as true
value of the securities in question, which were a part of a total of $190,500,-
assets and
& Co., underwriters, after
the automobile company's
goodwill.—V. 127, p. 3252.
Doehler Die Casting
Co.—Common Dividend—
Directors have declared dividend of 25 cents per share on the common
$32 854
3
[457
$36,311
1,495
20,000
stock, payable April 18 to holders of record April 1.
This compares with
50 cents paid on Dec. 24, last, and 25 cents paid on Oct. 25, July 26 and
April 18, 1940, this latter being the first dividend paid on the issue since
April 18, 1938, wh,en a dividend of 20 cents per share was distributed.—
V. 152, p. 3234.
Douglas Aircraft Co., Inc. (& Subs.)—Earnings—
$14,817
Consolidated Balance Sheet Dec. 31, 1940
Assets—-Demand depos ts in banks and cash on hand, $373,149; accounts
receivable, $1,764; prepaid insurance and supplies, $16,779 fixed assets
.(net), $2,606,954; total, $2,998,647.
1937
$734,999
202,666
$1.42
000 issued by the corporation to Dillon, Read
Dillon, Read had paid $146,000,000 in cash for
Consolidated Income Account Year Ended Dec. 31, 1940
from tolls.
1938
$856,200
202,666
$2.02
Dodge Brothers, Inc.—Tax Refund Denied—
March
addition,
an extra dividend of $1 was paid on July 15 and Jan. 15,1937, and
1936.—V. 152, p. 1279.
1939
$820,229
202,666
$1.84
—V. 151, p. 3748.
The
dividend of $1 per share on the capital stock,
par $100, payable April 15 to holders of record March 28.
This compares
with $2 paid on Jan. 15, last; $1 paid Oct. 15, last; $2 on
(& Subs.)—Earnings-—
1940
Calendar Years—
$1 Dividend—
a
paid in each of the four preceding quarters.—
Net profit after all chgs.
tions
Directors have declared
Total....
...$7,577,153 $7,576,739
1,856,947
-V. 152, p. 1430.
Shs.com. stk. outst'g...
Net income
1,176,737
stock
(& Subs.)—Earnings—
12 Months Ended Feb. 28—
Gross earnings from utility operations
Net
1,856,947
1,159,462
Directors have declared dividend of 25 cents per share on the new $10 par
Detroit Edison Co.
revenue
954~221
and surplus
—V. 152, p. 1588.
Gross
983,161
income
Profit A loss deficit
$1,097,672
Dividends applicable to pref. stock for the period.
Detroit
credits.
Commitments Extended—
$578,664
Other income
x
25,000
Unadjust.
% Increase
185
400
•
546
1,815
199
$581,677
Direct taxes
Utility
9,523
4,525
Deferred liabilities
Detroit-Michigan
Period End. Jan. 31—
x
39,918
8,493
29,540
11,032
through
Light Co.—Earnings-
Operating revenues
Operating expenses, excl.
Net
42,996
54,914
_
Unamt'd int. accr.
-V. 152, p. 1588.
direct
payable.
Add'na to property
Shipments
Prop, retire,
235.000
46,526
payable
""867
...
debits
Curtiss-Wright Corp. (& Subs.)—Earnings—
Dallas Power &
313
2,622,000
175,000
._
Audited acc'ts and
33
assets.
Unadjusted
313
2,622,000
con
affiliated cos
from
ag'ts A cond'rs.
Miscell. acc'ts rec.
curr.
in aid of
Long-term debt
car serv.
balances
Net bal.
1939
$950,000
2,000,000
Non-negot. debt to
Special deposits...
Traffic A
Q4n
$950,000
2,000,000
Common stock
136,078
Cash
Other
i
Liabilities—
1939
1940
As set s-
Investments
Calendar Years—
1940
Net after chgs. &taxes._$10,831,971
Earns, per sh. on cap.
stock
—V. 152, p. 1748.
$18.05
1939
$2,884,197
$4.81
1938
1937
$2,147,392
$1,081513
$3.76
$1.84
Volume
The Commercial & Financial Chronicle
152
(W. L.) Douglas Shoe Co.—EarningsMonths EndedPeriod—
Pr°f$l,313
l?l"p"l720
—V
Equitable Investment Corp. of Massachusetts (Boston)—20-Cent Dividend—
-12 Months EndedDec. 31. '40 Dec. 31, *39
Dec. 31, '40 June 30, *40
_
£Hbirector8 have declared a dividend* ofJ20~cents per share^oxTtheYommon
stock, payable March 27 to holders of record March 20. This compares with
40 cents paid on Dec. 27, last; 25 cents paid on Sept. 27. last; 20 cents on
June 29, last; 15 cents on March 29, 1940; 45 cents on Dec. 30, 1939; 15
cents in each of the three preceding quarters; dividend of 20 cents paid on
Dec. 30, 1938; 15 cents on Sept. 30, 1938, and 10 cents paid on June 30
and March 30, 1938.—V. 151, p. 3888.
$514,538
$201,253
$202,565
Dresser Mfg. Co. (& Subs.)—Earnings—
Calendar Years—
Net profit after charges and taxes...
Dividends
Earnings
per common
1940
1938
1939
$765,611
$53,212
225.000
$2.55
$1,196,683
635,000 "
share$3.57
~$0.17
Erie RR.~ -Annual Report—
—V. 152, p. 1588.
Operating Statistics for Calendar Year
1940
1938
,
.1939
2,283
2,265
2,290
Duquesne Light Co.—Earnings—
Years Ended Dec. 31—
Operating
a
ODeration..
Maintenance and repairs.
Appropriation for retirement
reserve
Amortization of leaseholds, &c
Taxes (other than income taxes)
Provision for Federal and State income taxes..
Net operating revenue.
Other income (net)
b3,650,000
Gross income
_
Coal and coke...
All freight—
b Includes provision for
freight carried 1 mile.8056313197 7320888085 6239901688 7878247067
rev. per ton per mile
0.946 cts.
0.964 cts.
0.951 cts.
0.915 cts.
rev. per ton mile
$9,147
$9,128
$8,451
$8,550
No. of passengers carried 13,762,280
14,498,695
14,902,933
16,211,345
No. pass, carried 1 mile.314,460,148 318,416,806 326,916,679 357,940,975
Av. fare per pass, per m.
1.488 cts.
1.461 cts,
1.503 cts.
1.491 cts.
Pass. tr. rev. per train m.
$1,393
$1,448
$1,431
$1,570
Gross rev. per mile of rd.
$38,221
$35,568
$30,358
$36,884
Income Statement for
.
.
-
Gross oper. revenue..$86,606,612
$9,701,912 $10,262,723
$1,375,000
$1,375,000
8,180,746 > 8,288,388
excess
7,722,501
_
Maint. of equipment...
Traffic----.
profits tax under the
Transportation
Miscell. operations
Dec. 31,
$65,789
General
....
Transp. for
inv.—^Cr
16,054,071
2,143,113
32,587,266
172,789
3,044,629
62,325
1939
1940
$103,232
$195,453
30,321
$6.44
preferred
$6,605,308 $17,411,342
3,300,070
3,865,054
Net joint facility rents,
debit balance........
Cr4,777
36,092
90,910
Cr67,720
income.$13,853,996 $11,464,135 $ 3,214,328 $13,614,008
Non-Operating Incomg—
Dividendincome.
123,506
425,866
300,988
124,177
436,512
322,875
112,875
Dr265,948
443,722
210,862
462,249
361,263
29,144
43,380
148,337
19,095
47,649
170,558
89,710
42,161
109,747
437,179
40,169
151,135
$1,071,221
14,925,218
$1,120,867
12,585,003
$1,009,077
4,223,405
$1,186,046
14,800,054
1,454,709
445,157
97,231
12,508,863
404,994
1,164,804
290,909
106,223
12,433,632
1,991,250
513,624
91,835
12,382,492
21,998
1,988,354
537,017
101,836
12,563,256
42,884
$14,263 x$l,449,521x$10,777,794
x$433,293
;
MisceU. rent income
Inc. fromlease of road..
Miscellaneous income
$3.40
Total non-oper.
Gross income
Kootenay Power Co.—Accumulated Dividend—
Directors have declared a dividend of $1.75 per share on account of
accumulations on the preferred stock, payable April 1 to holders of record
March 19.—V. 152, p. 984.
inc..
Deductions—
Rent for leased roads...
MisceUaneous
rents
Miscell. tax accruals
Interest
Inc.—Weekly Input-—
Miscellaneous
client operating
companies of Ebasco Services Inc., which are subsidiaries of American
Power & Light Co., Electric Power & Light Corp. and National Power &
Light Co., as compared with the corresponding week during 1940 were as
For the week ended March 13 ,1941 the system inputs of
follows:
Balance, income
38,956
Deficit.
x
Comparative General Balance Sheet Dec. 31
_
1941
135,821
64,410
92,390
1940
15,658
4,693
11,541
120,163
59,717
80,849
Invest,
%
Amount
&
13.0
7.8
1940
-
a Net profit.
Earnings per share on common stock—...
.....
—.
Federal taxes, and Federal excess profits tax in
Revised.—V. 151, p. 1589.
After all charges and
2d preferred..
11,730
construction..
2,963,427
Equip, obliga'ns 15,205,000
mtgd. prop'ty
1,500
1,930,775
2,058,829
Stocks
45,580,991
Bonds
Notes
29,198,202
600,000
45,610,391
29,198,202
Advances
17,219,400
and
after
March
19
definitive debentures
of this company 2M%
17,037,913
RFC reg. ser-l
Equip, obliga'ns
collat. notes
772,283
2,231,679
Sold—Lazard Freres
announced March 19, purchased and placed
privately all British holdings of $6 pref. stock (no par),
amounting to over 19,000 shares.
The closing price of the
stock March 19 on the New York Curb Exchange was 673^.
—-V. 152, p. 826.
& Co., it was
Electric Products Corp.—$2
Dividend—
of $2 per share on the common stock,
27 to holders of record March 20.
This compares with
50 cents paid on Dec. 21 and on July 16, last, and dividends of 50 cents
paid during the year 1939.—V. 146, p. 107.
Directors have declared a dividend
Electric Storage Battery Co .—New DirectorPercy C. Madeiia Jr., has been nominated director of this company to
Erie Lighting
1589.
'
Operating revenues
Operating expenses.
"""664
906,614
3,701,805
39,844
698
1,477,381
Int. mat'd unpd.
Divs. mat'd un¬
Net
recelv..
1,927,752
Misc. acc'ts
rec.
Mat'l & supplies
Int. <fc divs. rec.
Work, fund adv.
Ins. & other fds.
Other del. assets
1,467,105
2,386,980
3,806.558
89,003
2,615,948
3,666,886
80,472
1,008,521
44,278
373,329
513,532
43,596
373,329
advance
——----
--
Other income
income..-...------—
1
- -
Amortization of debt discount and expense.
Interest charged to construction-—--
141,175
2,061,275
Other
Preliminary.—V. 152, p.
1589.
31,634,115
6,032,396
23,850,401
6,228,419
6,240,141
liability—
5,867,757
Acer,
deprec.—
Equipment
61,509,907
—
59,283,049
unadjust¬
ed credits..
2,998,973
2,630,479
2,663,025
2,637,681
1.897,626
1,876,637
--
1,888,426
1,372,949
prop,
$596,574
5
through inc. &
surplus
Sinking fund res.
Approp. surplus
not specifically
$1,782,348
723,385
87,699
181,951
;
65,731
1,491
125,518
$597,360
230,050
14,008
10,113
$596,579
232,256
20,598
10,210
Cr236
Crl4
$343,425
—
fault.—.
Other def. liab—
Add'ns to
$333,528
50,000
50,000
64,582,795
62,584,195
invested
Profit
&
loss-
Debit.—
Total ——564,538,045 552,080,176
x
debt.
661,967
264,711
Mat'd int. in de¬
226,410
1939
Dr68
Federal excess profits taxes
Other interest-
644,852
319,401
rents
accrued
Other cur. liab.
through Inc. &
$597,428
Provision for retirements—
Federal income taxes
Operating income
(net)-—-
Unmat'd
1,813,663
;;
710,153
130,866
186,643
122,423
45,756
130,135
- - -
Other taxes—
685,100
surplus..-—
$1,923,404
—-—
11,804
771,399
ac¬
crued
1,868,430
1,684,691
35,425
11,804
Tax
paid in
Other unadj. deb
161,241
car-serv,
TJnmat'd Int.
1,579,728
Rents and lnsur.
prems.
Traf. &
paid
bal. recelv.
from agents &
conductors-...
4,612,889
152,271
1,172,542
wages payable
Misc. accts. pay.
2,159,609
4,903,819
Audited accts. &
Traf. & car-serv.
bals.
2,552,316
bals. payable.
7,434,636
1,586,128
4,183,000
1,000,000
7,000,000
3,377,668
Fund, debt ret'd
xl940
Maintenance.
Net income
Loans & bills rec.
664
903,541
Co.—Earnings—
Years Ended Dec. 31—
Interest on long-term
Special deposits-
Other cur. assets
payable March
succeed John R.Williams.—V. 152, p.
.
Miscellaneous
4,183,000
5,700,000
6,800,000
3,872,769
ctfs.—
14,616,650
Cash..
Electric Bond & Share Co.—Stock
Coll. tr.
L'ns & bills pay.
80
standing temporary debentures.—V. 152, p. 1749.
'
bonds. 106,753,000 106,768,000
15,369,000
15,369,000
RFC notes™
740,363
Notes
2,843,606
18,233,000
in default:
Mtge.
1,070,471
2,165,764
Advances
47,904,400
15,857,000
bonds.-118,259,700 118,259,700
Income bonds._
98,000
98,000
Long-term debt
Other invest'ts:
issue due 1950 will be ready for delivery at the office of Central Hanover
Bank & Trust Co., 60 Broadway, New York City, in exchange for the out¬
$
Mtge.
Bonds
Co.—Definitive Debentures Ready—
1939
151,106,700
Grants in aid of
Stocks
Electric Auto-Lite
preferred- 47,904,400
15,857,000
60,919,887
Inv. In affil. cos.:
$26,481,080 $24,911,899
xl,041,223
897,055
x$2.51
$2.14
$
Common stock. 151,106,700
Non-cum. stock:
1st
railway prop. 61,140,379
Sinking funds
2,530
Deps. In lieu of
Misc. phys. prop
1939
^
equipment.371,699,875 369,085,688
sold..——_
Subs.)—Earnings—
Year Ended Dec. 31—
Net sales.
Liabilities—
$
road
Impts. on leased
14.3
The above figures do not include the system inputs of any companies not
appearing in both periods.—V. 152, p. 1748.
Edison Brothers Stores, Inc. (&
in
1940
1939
Assets—
Increase
Operating Subsidiaries of—
American Power & Light Co
Electric Power & Light Corp..
National Power & Light Co
1940
KilowattrHours——
Thousanas of
x
22,927,922
5,516,580
3,582,368
from unfunded
securities & accounts-
—V.
Gross
13,405,779
6,800,470
Income
Calendar Years—
Net profit after charges and taxes
Preferred dividends
On
7,182,471
16.643,360
2,109,351
31,703,600
100,506
3,297,806
39,293
4,111,107
Inc. from funded securs-
Corp.—Earnings—
Ebasco Services,
21,844,453
6,761,857
Operating income—$17,960,325 $15,082,596
Net ry. oper.
George J. Macklin, also of the Yale & Towne unit, has been elected
on
Net operating revenue.. 24,944,567
Railway tax accruals...
6,984,241
...
Assistant Manager and a director, and will assume bis new post at once.
Preston Upham also has been elected a director.—V. 151, p. 1570.
x
7,390,939
14,910,438
2,026,937
28,738,732
120,119
2,984,721
68.605
Net hire of equip, rents,
debit balance.
former President, will continue with the
company.
1940.
7,359,495
16,121,165
2,108,640
30,733,210
135,864
2,957,362
42,826
Total ry. oper. exps__$61,662,046 $59,372,910 $56,103,282 $60,997,804
Sulphur Co.—25-Cent Dividend—
H. Lee Murphy, Manager of the Sager Lock division of Yale & Towne
Mfg. Co. at Chicago, has been elected President and a director of this com¬
pany. He will assume his new office July 1, until which time Eliot Farley,
a
$81,217,363 $69,509,060 $83,925,726
Operating Expenses—
Maint. of way & struc.
Eagle Lock Co.—New President—
East
Calendar Years
1937
Operating Revenues—
1940
1939
1938
......$60,516,959 $55,435,546 $45,966,577 $56,447,545
15,726,668
15.170,168
13,404,650
15,633,029
Passenger
4,594,556
4,785,298
4,874,471
5.325,104
Mail, express, &c
5,768,430
5,826,351
5,263,362
6.520,049
Merchandise
Coal......
Directors have declared a dividend of 25 cents per share on the common
stock, payable March 31 to holders of record March 24. Like amounts were
paid on Dec. 10, Sept. 5, and May 31,1940.—V. 151, p. 2939.
Earnings per share
152, p. 1128.
2,275
21,519,035
15,803,868
37.322.903
Freight
applicable to that period on the settlement of Federal income taxes for
the period from Sept. 1, 1930 to Dec. 31, 1932 made during 1940 and
charged to surplus.—V. 152, p. 984.
Eastern
14,766,965
13,403,464
28,170,429
.
Second Revenue Act of 1940 in the amount of $475,000.
Note—In the above statement interest charges for the year ended
1939 have been adjusted to include interest in the amount of
Duval Texas
18,412.649
14,418,922
32,831,571
Av.
2,079,000
.
20,984,728
14,862,853
35,847,581
Total number of tons all
.$12,591,848 $13,224,751
2,450,000
2,450,000
315,941
315,903
98,476
30,153
10,446
7,708
Cr31,456
Cr52,436
69,300
69,300
49,321
69,306
Net income
Dividends on 5% cumulative first pref. stock....
Dividends on common stock..-
Preliminary,
Merchandise........
....$12,270,648 $12,814,989
321,199
409,762
....
......
Interest on funded debt
Amortization of debt discount and expense
Interest on Federal income tax settlements....
Other interest
Interest charged to construction.
Taxes assumed on bond interest
Miscellaneous
;
a
1939
1940
1937
Miles of road operated-No. tons freight carried:
$34,443,846 $32,226,929
10,657,591
9,889,785
2,069,575
2,296,588
3.078,154
3,255,508
667
690
2,294,758
2,312,821
revenues
1913
Total —664,538,045 552,080,176
regulations of the Interstate
obligations for debt and accrued interest
In accordance with revised accounting
Commerce Commission, certain
appearing on the balance sheet as of Dec.
comparative purposes.—V. 152, p. 1589.
31, 1939 have been restated for
Equities, Inc.—Promoter Pleads Guilty—
_
The Securities and Exchange Commission and the Department of Justice
reported on March 14 that James M. Brown of New Orleans pleaded nolo
contendere to an indictment charging him with violation of the fraud section
The Commercial & Financial Chronicle
1914
of the Securities Act of 1933 in connection with the sale of the preferred
stock of Equities, Inc., to numerous investors in and about New Orleans.
Brown received a suspended sentence and was placed on probation for two
The indictment was nolle prossed with respect to the defendant,
George Victor Ashton, a salesman.
The 11-count indictment, which was returned by a Federal grand Jury
in the U. S. District Court at New Orleans, included counts under the mail
fraud statute and charged that the stock was sold by means of misrepre¬
sentations and other fraudulent devices.
The indictment charged that
in carrying out the fraud payments were made to stockholders which In
some instances were called dividends and in other cases were called dis¬
bursements, at times wnen the company's capital was impaired, and despite
the fact that the company never had a surplus or any earned income from
which to make the payments.
years.
Ex-Cell-O
Dividends
Both plans call for
1940
i—-
—
$1,982,555
and taxes
„.
.
-
-
Earnings per common share-------—V. 151, p. 3235.
Exolon Co.—To Pay
cancellation of outstanding stock and unsecured claims.
The committee said these were "without value."—V. 152. p. 1750.
Franklin Process Co.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
value, payable April 1 to holders of record March 18.
This
with $1 paid on Dec. 24, last; 50 cents paid on Oct. 1, July 1
1, 1940; $1.40 paid on Dee. 23, 1939; 50 cents paid Oct. 2, July
1, and April 1, 1939; $1 paid on Dec. 23, 1938; and dividend of 25 cents
paid on Oct. 1, July 1 and April 1, 1938.—V. 152, p. 266.
stock,
no par
compares
and April
Fraser Cos.,
Ltd. (& Subs.)—Earnings—
1940
Calendar Years—
1939
-
-
—
-
$872,382
913,804
394.750
$2.21
-
$4.99
— ...
1941 2
cost and four shares of stock for $10 a share.
The du Pont trustees also
offered to buy 400,000 shares of stock for $4,000,000.
Corp.—Earnings—
Calendar Years—
Net profits after charges
March
Net profit after
1939
1938'
depreciation, deple¬
tion, interest, taxes, &c
Earns, per sh. on common stock—..
$369,237 loss$208.638
$0.99
Nil
loss$18.352
Nil
—V. 152, p. 425.
Fyr Fyter Co.—Earnings—
30-Cent Dividend—
stock, payable March 25 to holders of record March 15. Like amount paid
on Dec. 16 and Nov. 15, last; 25 cents on Aug. 15, last; 20 cents on May 15,
last; 15 cents paid on Feb. 23, 1940 and regular quarterly dividend of 30
cents paid oh Nov. 15, 1939.—V. 151, p. 3395.
Falstaff Brewing
Cor p.—Earnings—
1940
Calendar Years—
Net
profit after taxes
sold
Selling and administrative expense...
$649,813
$1.33
Total
income
Deductions from income
Prov. for Fed. inc. & undist. prof, tax
Fansteel Metallurgical Corp. (& Subs.)—Earnings—
Calendar Years—
Gross
profit
1940
sales
on
-
— ..
Selling, general and administrative expenses..
$546,977
223,454
Net profit from operations
...
...
long-term indebtedness
Net loss on disposition of fixed assets
Expenses re 1937 strike and court proceedings re¬
lating thereto—
in¬
payments made under agreement of canceled debs.
Prov. for deprec. on plant & equipment for year...
Fed. income and excess profits taxes
—
...
......
Miscellaneous deductions
„
;;—
.
$125,931
28,159
34,587
Securities at cost..
$323,523
15,970
$384,775
4,200
9,081
$339,493
6,947
2,206
Inventories
222,897
Bldgs. and equip.-
444,359
9,969
2.000
Defened charges..
2,556
39,037
48,086
Treas. stock cl. A.
Notes
and
41,617
113,616
721
$45,808
9,257
6,617
$21,803
6,757
2,601
$29,933
$12,445
176,248
Patents
10,258
1
1
9,493
22,492
12,263
...
22,489
Earnings per share on common stock
.......
$215,540
37,625
$0.86
for
Assets—Cash, $79,608; accounts and notes receivable (net), $239,673;
inventories, $819,101; investments, $324,508; fixed assets (net), $762,067;
prepaid expenses, $6,590; goodwill, trade names, trade marks, patents,
patent rights and ramet development costs, $915,722; total, $3,147,269.
Liabilities—Notes payable, $35,000; accounts payable, $84,392; accrued
liabilities,
$147,697:
long-term
indebtedness,
$105,000;
appropriated
surplus for extinguishment of intangible assets, $500,000; preferred stock,
$677,250; common stock (206,434 no par shares), $1,034,770; surplus,
$563,160; total, $3,147,269.—V. 151, p. 549.
Federal Mining &
Cash
$1,252,632
Accts. receivable..
248,259
Inventories
457,871
..
Liabilities—
dep.
Accts. pay., trade.
Accrd. liabilities..
588,030
Due for pref. stock
retirement
45,459
40.183
52,661
37,684
Prepaid royalties &
Mineral lands, oth.
lands & leaseh'ds 1,345,747
a
Bldgs. & equip..
684,174
112,596
Investments..
3,333
10,219
1,881
13,409
tax
2,100
2,084
208,573
196,310
443,500
234,574
443,500
187,883
Total........ .$1,050,654
$899,288
assessments
Res. for deprec...
Cap. stock (20,000
pref. class A no
40,000 shs.
no
par)..
Surplus
Total.........$1,050,654
$899,288
377,964
4,247
4,451
1,714
67,023
Res., employ. Uab,
b Common stock..
95,631
Capital surplus...
493,280
835,916
Earned surplus...
2,239,688
(Robert) Gair Co., Inc. (& Subs.)*
dl940
Calendar Years—
1937
...$15,885,642 $14,734,891 $16,060,828 $21,654,806
13,699,835
12,779,890
12,941,244
17,386,806
1,516.632
1,555,260
2,126,761
2,211.754
73,151
119,726
selling price
Cost of production
$669,175
234,297
Total income.
Prov. for depreciation..
on bonds
Interest
Int.
Int.
on
Divs.
$919,672
127,036
195.818
$526,776
See note
pref. stk. of sub.
pay., &c._
39"666
52,286
61,585
for
loss
on
91*745
39,000
95,582
15,000
b Loss from sale of inv.
of
on
102,668
39,000
84,210
23,700
com¬
mitments for purch. of
materials..
raw
Loss
$2,107,134
842,301
18,300
391666
$1,936,520
170,614
$1,115,490
850,664,
See note
15,370
bonds of subs.—
on
on notes
Prov.
$399,741
$903,472
Other income
2,118
56,377
1,431,137
818,595
184,929
Report—
1938
Admin., sell. & gen. exp.
Idle plant expenses
93,647
493,280
917,164
1,759,347
-Annual
dl939
Finished goods produced
for customers, at net
^Trading profit—
1939
$104,824
267,969
Due to subsidiary-
connec¬
with
self-
insurance......
$83,934
Other liabilities...
In
Insurance
1940
$345,979
252.638
U. 8. Treas. bonds
tion
-Bal. Sheet Dec. 31-
Smelting Co.
1939
1940
sales
26,356
—V. 151, P. 2351.
Consolidated Balance Sheet Dec. 31, 1940
Assets—
''
17.630
14,594
accounts
Res.
par,
$238,660
47,031
$1.02
1939
$26,371
4,610
19,662
97,228
164,143 Other accr. Items.
432,387 Res. for doubtful
class B
Net income...
Preferred dividends
1940
$93,351
Dividend payable.
Accrued dealers and
distrib. profits..
Acer. Fed. taxes_.
accts.
Goodwill
.
$96,904
10,683
21,413
Liabilities-
$ 137,034
receivable
on
$13,086
8,717
Accounts payable-
deposit &
on
hand
$375,452
9.323
....
Net income
Interest
1939
1940
Assets—
Cash
on
Miscellaneous income.
$39,893
5,915
316,761
Comparative Balance Sheet Dec. 31
1939
$641,629
266,176
1938
$665,146
364,826
287,233
1940
$942,865
537,651
$88,453
Net profit on sales
Other income
1939
$522,239
$1.05
Earns. per share on common
—V. 151, P. 3088.
———
Cost of goods
1939
8,450
12 Months Ended Dec. 31—
Net sales billed
$646,829
339,434
267,501
$64,806
Directors have declared a dividend of 30 cents per share on the common
105,972
sle & retirement
18,468
39,029
194,660
a9,704
c731,418
3,600
a24,820
182,193
236 906
$461,728 loss$633,862
loss$23,388
$557,128
417,582
capital assets
Prov. for interest on inc.
Total
...-$4,199,398 $3,699,177
Total.........$4,199,398 $3,699,177
x After reserve for depreciation of $3,983,116 in 1940 and
$4,531,773 in
1939.
b Represented by shares of $2 par.
Earnings for the calendar year, 1940, appeared in the "Chronicle" of
March 15, page 1750.
Federal Mogul
Corp.—Earnings—
....
Prov. for Govt. inc. tax.
190,308
144,780
Other charges
Profit for year...
Divs.
on
pref. stock
Provision by subsidiary companies for Federal and foreign income taxes,
b Loss from sale of inventories and other charges incident to discontinued
a
Calendar Years—
1940
Net profit after charges and taxes
Earnings per share on capital stock.
notes
$593,987
$2.12
.
1939
$648,325
$2.54
—V. 151, P. 2940.
operations.
resulting from sale of scrapping of capita)
estimated realizable values of capital assets held
resulting from exchange of capital stock of a former
affiliated company for debentures of its successor company.
d Company and domestic subsidiaries only.
Note—-Depreciation provided during 1940 amounted to $681,011 and
1939 to $619,664.—V. 152, p. 1750.
c
Consists of $656,418 charges
assets and write down to
for sale and $75,000 loss
Fonda Johnstown & Gloversville
Period End. Feb. 28—
Net
rev.
from ry. oper.
Railway tax accruals
Railway
oper,
RR.—Earnings—
1941—Month—1940
Railway oper. revenues.
Railway oper. expenses.
income
Net rents—Dr
Net ry. oper. income.
Other income..
Total income
Miscell. deduc. from inc.
1941—2 Mos.—1940
$42,764
31,708
$42,080
34,739
$89,046
64,879
$87,919
69,754
$11,056
2,206
$7,341
3,323
$24,167
4,721
$18,165
$12,139
6,025
$8,850
374
$4,018
$19,446
503
871
1,202
$8,476
$3,515
$10,938
591
606
$18,574
1,237
$9,067
774
$4,121
1,352
$19,811
1,834
$11,774
2,660
$8,294
$2,769
$9,114
1.375
23,336
837
Income avail, for fixed
charges...
Net deficit.
—V.
152,
p.
612
800
11,655
11,663
493
493
986
986
$4,466
Rent for leased roads
Interest deductions
Other deductions
$17,977
1,162
23,325
$10,187
$7,495
$16,582
1590.
Florida East Coast Ry.—Plans Submitted—
Garlock Packing Co.—To Pay
Sept. 30, June 30 and April 28,1939; a dividend of 75 cents paid on Dec. 24,
1938, and dividends of 25 cents per share were distributed in each of the
quarters.—V. 151, p. 3746.
three preceding
Gar Wood Industries,
Inc.—Listing—Change in Capital¬
ization—
the listing of 160,000
and 800,000 shares of
preferred and common stock will be
issued and outstanding upon official notice of issuance, in substitution or
outstanding shares of common stock (par $3).
•
At a special meeting held on March 15, 1941, the stockholders of the
company voted to approve a plan of recapitalization, originally proposed
and recommended by the directors, and pursuant to said plan voted to'
amend the articles of incorporation in such manner as to authorize two
The New York Stock Exchange has authorized
shares of 5% cumulative preferred stock (par $10),
common
stock (par $1) all of which
....
classes of stock, to wit:
,
Shares
One plan was submitted by the deposit committee for the first & ref.
mortgage 5% bonds, series A. The other was offered by trustees of the estate
of Alfred I. du Pont as one of the bondholders.
5% cumulative pref. stock (par $10).
Common stock (par $1)
Shares to
Authorized
Two reorganization plans for the road, each designed to take the com-
Jany out of receivership,Interstate Commerce Commission. before R. H.
ewell. Examiner of the were outlined March 17 at a hearing
75-Cent Dividend—
Directors have declared a dividend of 75 cents per share on the common
stock, payable March 31 to holders of record March 22.
This compares
with $1.25 paid on Dec. 24, last; 75 cents paid on Sept. 30 and June 29, last;
50 cents paid on March 30, 1940; $1 on Dec. 23, 1939; 50 cents paid on
160,000
1,000,000
.
Value of
Issued Stock
Be Issued
Par
^600,000
800,000
800,000
The amendment requires that all holders of an aggregate of 800,000 shares
of the old common stock (par $3) surrenderer all of their outstanding stock
result of ncgcliations with an "institutional
in pro rata exchange for an aggregate of 160,000 shares of preferred stock
(par $10) and 800,000 shares of new common stock (par $1).
Upon sur¬
render of certificates representing old common stock for such purpose, each
holder of old common stock is entitled to receive, in lieu of and in exchange
for each share of old common stock so surrendered, one share of new
involved."
Both the committee and du Pont plans called for issuance of $12,000,000
of new first mortgage bonds to be delivered to the holders of the present
common stock and l-5fch of a share of preferred stock.
The aggregate par value of the preferred and new common stock so issued
is identically the same as the aggregate par value of the 800,000 shares of
old common stock of the par value of $3 per share.
Sales of the company and its subsidiaries during the past five years have
Arthur M. Anderson of New York, Vice-President of J. P. Morgan &
Co., Inc., and Chairman of the Deposit Committee, said its plan was the
group" composed of six insur¬
ance companies holding $5,397,000 of 4H% bonds.
Mr. Anderson con¬
tended that it represented "fair and equitable treatment of the holders of the
4K% bonds and of the 5% bonds, giving due consideration to all factors
$12,000,000 of 4H% bonds.
Under the committee plan holders of
$45,000,000 of 5% bonds would
receive $200 in new 4H% income bonds and 10 shares of capital stock for
each $1,000 bond.
The du Pont trustees proposed to give the holders of the 5% bonds $200
of new income bonds for each $1,000 bond, plus four shares of stock without
been as follows:
Year—
1936.
193?::::::::::::-:
1938
.
Amount
$9,458,311
9337,612
7,085.384
Year-—
1939-mo....
-
Amount
$7,894,633*
12,884,804
Volume
The Commercial & Financial Chronicle
152
Mf. Wood to Sell Common Holdings to John J. Bergen & Co.
As of March
individual or
-corporation owning, directly or indirectly 10% or more of any class of
voting stock of the company.
On that date he owned 57.055% of tne old
common stock, which he is about to surrender and exchange, under the
terms of the plan of recapitalization, for 57.055% of the outstanding pref.
stock and 57.055% of the outstanding new common stock.
He has accepted
an offer from John J.
Bergen & Co., Ltd., of New York City, to purchase
456.000 shares of new common stock when and as the same shall be issued
and
15,
1941,
Garfield
A,
Wood
the only
was
duly registered.
Management—At the stockholders' meeting held March 15, 1941, a
resolution was passed increasing the board of directors from three to five.
It is anticipated that the board of directors in the near future will elect
John J. Bergen (Pres. of John J. Bergen & Co., Ltd. oi N. Y. City) and
Steps have been taken to effect
during 1941.
Taxes—The amount
provided out of income for total 1940 taxes was
$54,943,000, or more than was ever previously required for such purposes;
and represented an increase of $33,930,000, or 162%, over the amount
provided in 1939.
This amount included $18,006,000 as a provision for
estimated Federal excess profits tax for 1940.
The amount provided for
total 1940 taxes was more than one-third of the total earnings of all com¬
pany's employees for the year and was approximately, equal to the profit
available
$2,892,057 compared with $2,964,435 for 1939.
This was due mainly to
a substantial increase in provision for Federal and foreign taxes together
with a decrease in income from its Investments.
Dividend payments
Manufacturing Corp. of Williamsport, Pa.) to fill the
directorships so created.—V. 152, p. 1750.
1940 amounted to $2,400,000, compared with $1,700,000 during
1939, and these amounts included $350,000 and $156,929, respectively,
paid on the 50,000 shares of preferred stock which were acquired by G. E.
Employees Securities Corp. during the latter part of 1939.
The remaining
50,000 shares of preferred and all of the common shares are owned by
during
Gaylord Container Corp.—Offices Moved—
offices to 111
North
General Electric Co.
Corp. (& Subs.)—
::■■■'V'-;. "■''.v-f
General American Transportation
Earnings—
During 1940 the International company sold all of Its holdings ($10,000,000) of the participating debentures of Siemens & Halske Aktiengesellschaft
(Germany).
These debentures were acquired in 1930.
1937
1940
1939
1938
$43,395,673 $27,820,624 $27,090,181 $45,935,454
Calender Years—
Gross sales
Canadian General Electric Co., Ltd. reported a profit, expressed
4,242,405
Shares
com.
3,004,899
4,542,656
1,032,315
$4.11
stock
3,214,043
1,032,315
$3.11
1.032,315
$2.91
1,022,905
$6
$4.44
1938
1939
Electrical Securities Corp. had net income of $2,814,413 compared with
$259,912
$63,431
$0.18
$291,447
$0.20
_
$0.04
$2,530,189 for 1939.
Cash dividends of $2,552,000 were paid in 1940
compared with $1,856,000 paid in 1939.
This corporation has no preferred
stock outstanding, and all of its common stock is
All outstanding long-term notes of Electrical
General Cigar Co.,
Inc.—Earnings—
Plant
1937
Gross profit
$4,574,740
Sell., adnt. & gen. exps.
2,916,519
Deprec. A amortizat'n..
See a
Federal, Ac., taxes
420,925
$3,884,098
2,941,810
160,161
225,403
$1,237,296
$782,128
97,120
$1,107,165
100,017
$1,699,021
b74,908
$879,248
8,530,895
$1,207,181
8,444,677
$1,673,930
8,539,693
132,191
Other income
$1,369,488
8,232,426
Previous surplus
See
a
945,964
Total surplus
(7%)--.
Preferred divs.
Profit & loss surplus..
Shs.
$9,410,143
350,000
827,719
$9,651,859 $10,213,623
175,000
350.000
945,964
1,418,946
$8,305,948
472,982
$2.15
$8,232,424
472,982
$1.12
$8,530,895
472,982
$1.81
$9,601,912
350,000
dividends
Common
outst.
com.
(no par)
Earned per sh. on com..
472,982
$
3,639,607
2,056,348
1,591,689
on
hand
1,775,415
2,815,777
2,256,903
15,324,565
14,285,617
47,750
50,750
Accounts receiv.
Inventories
Mortgage receiv..
Goodwill,
use
cigar
19,561,248
47,855,416
7,728,562
7,479,437
14,183,127
582,399
222,829
774,973
165,295
280,067
636,375
375,152
366,94 1
261,780
871,434
298,789
56,241,083
41,470,402
234,758
28.044,558
315,229
63.812,041
265,279
x Net inc. for year..56,241,083
Earned surplus at begin¬
41,235,644
27,729,329
63,546,762
Inc. from marketable
429.838
177,309
5,006,000
5,298,410
Cuban inc. taxes
Special cap, res.
5,298,410
3,899,658
1,000,000
Insurance reserve.
500,000
1,000,000
500,000
Earned surplus...
8,305,948
8,232,424
Total surplus.
180,551.119 163,907,031
Cr708,059
40,305.054
on com.
Earned surplus at end
of year
128,351,357
124,310,036 122,671.387 121,456,521
Earns, persh. on 28,845,927 shs. com. stk. (no
x
389,274
114,859
586,387
116,745
25,143,675 24,664,227
In'l939, $15,632J)00
undistributed profits in 1937.
Balance
25,143,675 24,664,227
Total
Including miscellaneous accounts 1940, $83,342; 1939, $262,900, less
reserve for doubtful accounts and for discounts 1940, $75,773; 1939, $75,893.
b Less reserve for depreciation of $3,196,240 in 1940 and $3,120,706 in 1939.
c Less reserve for amortization of $2,620,137 in
1940 and $2,552,825 in
d Accumulated pursuant to requirements of charter.—V. 152, p.
1939.
1282.
General Electric Co.—Annual Report—
Reed,
"
Sheet Dec.
1940
»$)
...
'
1939
3
i'
v
109.531,515 110,047,402
Acc'ts & notes receivable, less reserves—Customers 34,904,448
22,021,159
Affiliated companies
8,195,540
8,231,182
Other.
1,388,714
1,931,227
Installation work in progress, less reserve—
13,252,216
11,395,515
Inventories (less reserves)
98,381,585 74,644,677
a
Cash and marketable securities
„
265,654,018 228,271,162
and Charles E. Wilson, President, state
Chairman,
31
'■
Less:
23,220,982
Advance collections on contracts
2^,537,432
1940, for the first time in more than a decade, company s
productive facilities approached full utilization.
Following the announce¬
ment of the national defense program, the volume of orders received in¬
creased so rapidly that enlargement of capacity of several of company's
plants was undertaken.
The urgent need for getting defense production under way, coupled with
rapidly increasing commercial requirements, created problems that were
both numerous and complicated.
They involved not only manufacturing
but research, engineering, commercial and other activities as well.
Many
of these problems have already been solved and the great task of obtaining
maximum output with minimum delay is well in hand.
The employees
who are engaged in defense activities seem thoroughly to understand the
importance of the job to be done and are doing their part with energy
•
Total current assets..
b Marketable securities
to which
company
is participating in the national defense
in escrow
-.242,433,036 205,733,730
(market value
-
1,551,000
$1,671,301)
Acc'ts & notes receivable not current, less reserves.
Orders Received—The volume
99,835
158,785
Prepaid expenses
167,969
Deferred charges to income for pensions
5,000,000
Investments—Affiliated cos. (incl. advances);
International General Electric Co., Inc.
25,757,273
Investment companies—
76,671,803
Mfg., sell., real estate & other companies— 52,020,872
231,884
6,000,000
49,036,555
3,953,701
3,734,008
Advances to employees
for traveling expenses
General Electric Co. common
Less: Reserve
of new business booked in 1940 amounted
1940
Orders Received—
First quarter....
Second quarter
'Third quarter
Fourth quarter
-
$97,490,047
115,163,267
185,156,837
256,379,491
,
1939
$86,882,953
82,188,693
79,510,205
112,166,535
...
Increase
12%
40
133
129
$360,748,386
81%
Net Sales Billed—Shipments billed to customers during 1940 amounted to
$411,938,259, an increase of 35% over the billing during 1939.
The
iincrease in sales was not as great as that shown for orders received, first
because such a large proportion of the total new business was booked in
the final quarter of the year, and secondly because so much of the heavy
and special equipment ordered during 1940 was scheduled for production
and shipment over a period of two or more years, and thus was not avail¬
able for billing in 1940.
Notwithstanding these facts, the volume of pro¬
duction and of shipments was materially increased in the latter part of
1940 with the result that net sales billed in the final three months of that
year exceeded the total for any previous quarter in the company's history.
Year
$654,189,642
84,685,547
653,732
1,078,709
159,057,381
to
.
26,293,717
stock—32,276 shs.
164,828,536
16,044,236
24,267,198
(market value $1,069,144)
Co."
$654,189,642, a total greater than that for any previous year in the com¬
pany's history, and was equivalent to an increase of 81% over the corre; sponding total for 1939.
This resulted partly from the unusual demand for
equipment for defense purposes, for which orders amounting to approxi¬
mately $250,000,000 were received, and partly from an increase in regular
^commercial business.
The following tabulation shows the quarterly figures in comparison with
those for corresponding periods in 1939:
•
745,513
59,922
175,367
of defense products
and in the air, than is the General Electric
1,598.000
1,660,894
Loans to employees
of no other company
program may be summed up Dy saying that "we know
"in the country which is manufacturing a greater variety
for use on land, at sea
w
Miscellaneous
and enthusiasm.
The extent
in 1940, $21,013,000
After provision of 54,943,000
a
In the year
300,066
63,273,796
in
charges.
D.
615,815
25,898,64 8
stock 53,294,446
1938 and $23,266,000 in 1937 for total taxes, Including $18,000,000
estimated Federal excess profits tax in 1940 and $570,000 Federal surtax on
and
Total
Philip
in part:
149,185,850 185,030,383
Reval. of investments..Crl,094,679
3,899,658
603,275
124,310,036 122,671,387 121,456,521 121,483,621
ma¬
royalty contracts
Deferred
revs.
year
Cash divs.
operated
lease
sec.
Tota lincome
7% cum. pref. stk. 5,000,000
Com. stock (4-72,-
d
2,495,699
32,660,103
& miscell. invest.
Financial charges
556,426
1937
11,923,561
cos.
ning of
Capital surplus
1
buildings,
chines
under
709,820
982 shs. no par)
machinery, Ac.. 2,260,515
Cost of license to
Net income from sales 42,777.321
& divs. from affil.
Pro v. for Fed. and
trade¬
Ac
marks,
b Land,
and ac¬
crued liabilities.
1938
1939
Int.
1939
Accts. pay.
Cash in banks and
TJ. S. Govt, secur.
Calendar Years
Costs, expenses and
charges, except plant
depr. & financial chgs.354,355,443 258,126,983 228,268,430 289,817,426
Depreciation
14,805,495
13,893,184
11,654,663
12,066,672
$
1940
Liabilities—
$
its
$
$
$
411,938,259 304,680,270 259,484,341 349,739,514
all
Royalties & sundry
1939
1940
Assets—
or
$
Int.on bk. bals. Arec'les
Consolidated Balance Sheet Dec. 31
c
Income Account for
1940
$2.80
de-
Government
years.
'
% >8,444,677
a Includes
provision for depreciation and amortization,
b After
-ducting $132,922 loss on sale of non-operating properties (net).
a
approximately $25,000,000 will be paid by the U. 8.
agencies.
Company has applied for permission to amortize part of its
expenditures in its income tax returns over a period of not more than five
Net sales billed
b
'
expenditures for plant and equipment
Equipment—Capital
1940, compared with $11,024,485 during
The 1940 expenditures included about $15,000,000 for the normal
requirements of the business and about $5,000,000 for buildings, equipment,
&c., required in connection with production for national defense.
The total cost of the contemplated program for the expansion of plant
facilities for defense production is estimated to be $50,000,000, most of
which will be expended during 1941.
Of this amount, it is anticipated that
1939.
$5,986,232
3,640,782
466,149
280,279
$4,297,277
2,964,710
a
and
amounted to $19,837,803 during
$18,966,345 $20,154,402 $21,723,666
15,737,434
15,082,247 al5,857,125
See
owned by General Elec. Co.
Securities Corp. were held
by the General Electric Pension Trust.
Consolidated Income Account for Calendar Years
1940
1939
1938
Gross sales, less disc.,&c.$19,185,362
Cost of sales
14,6*0,622
Net income
stock, dividends of $8 a share were paid for 1940 compared with
share paid for 1939.
with $1,390,849 for 1939.
Cash dividends of $1,663,750 were paid in 1940
compared with $955,000 paid in 1939.
This corporation has no preferred
stock outstanding and all its common stock is owned by General Elec. Co.
1940
Calendar Years—
Net income after charges and taxes.
Earnings per common share
V. 151, p.3237.
a
G.E. Employees Securities Corp. had a net income of $1,901,628 compared
Co.—Earnings-
Net
Cana¬
common
out¬
standing (par $5)
Earnings per share
—V. 152, p. 827.
General Box
in
dian currency, of $2,308,019 compared with $2,150,028 for 1939.
Regular
dividends of 5% were paid on special employees' preferred stock and on the
Net inc. after all charges
and taxes
for dividends.
International General Electric Co , Inc., conducts the export and foreign
business of company except in Canada.
Although the net sales billed by
the International company during 1940 increased 47% over the billing
for the preceding year, its profit was slightly less, having amounted to
Albert I. Lodwick (Vice-Pres. and director of Aviation Corp. of N. Y. City,
Company announced the removal of its general
Fourth Street, St. Louis, Mo.—V. 152, p. 1282.
further substantial increase in the rate
a
of output
and also of Aviation
two additional
1915
Total
for investments
—
-.143,013,145 140,561,338
investments.
Plant and equipment, at
—212,651,425 199,436,585
171,150,018 162,342,713
cost
Less: Depreciation reserves
41,501,407
1
Fixed assets (net)
Patents and
franchises
Total assets
—
-
435,562,741 392,222.958
1940
Liabilities—
payable
Taxes, payrolls and current accruals
Accounts
988,678
payable and accruals—not current
Collections under employee plans
Charles A. Coffin Foundation
Miscellaneous
reserves
General reserve
Common stock
(28,845,927 shs., no par)
Earned surplus
a
The latter at the lower
laws
$
10.847,578
27,617,434
1,644,898
7,438,426
7,303,208
4,524,641
400,000
18,843,515
17,417,504
4,214,283
400,000
15,787,241
19,Ml.234
Io0.287.046 180,287,046
128,351,35-, 124,310,036
435.5o2.741 392,222,958
Total liabilities
of par or market—$66,580,197 (market value
b Deposited as guarantees
and under contracts.—V. 152, p. 1751.
$67,160,812).
1939
$
14,490,314
62.821,265
Due to affiliated companies
Accounts
37,093,872
1
under
State
compensation
The Commercial & Financial Chronicle
1916
General
Co.
on
Foods
British
Corp.—Stock Offered—E. F. Hutton &
a block of 28,412 shares of common
March 19 offered
stock (no par) at a
oversubscribed.
It
fixed price of 36 Y%.
is
understood
the
holdings.
further growth of the public debt and upon the financial position of the
1940—3 Mos.—1939
1940—12 Mos.—1939
....$40,535,532 $35,279,218 $152924.209 $145615.242
Cost of goods sold..„
27,067,107
Selling, administrative
7,853,655
b
Profit from operations
Other income
Profit
Net
on
fore.
on
$5,894,551
1.360,059
C'r296i348
168,750
Earnings
per
share
675,000
675,000
$2,478,647 $14,569,077 $14,443,063
$0.47
$2.77
$2.75
$0.89
Including provision for depreciation and freight charges,
b And
genera] expenses and other charges (incl. proportionate share in results of
operations of controlled companies),
c
On 5,251,440 common shares
outstanding.
Note—It is not expected that there will be any Federal excess
profits tax liability for the year ended Dec. 31, 1940.—V. 152, p. 1433.
a
General Motors Corp.—1940 Annual Report—
effective.
Alfred
P. Sloan Jr., Chairman, in the corporation's annual report as
17, revealed that in 1940 General Motors had gross sales
products throughout the world chat showed an increase of 30% over
1939.
At the same time, income and excess profits taxes mounted
to
levels that showed an increase of 180% over the income taxes provided in
1939.
Earnings after taxes were increased only 6.7% and dividends but
7.2%.
■
'
'
^4 '
The 1940 payroll for the entire corporation was $492,246,017, an increase
of $105,953,814 over the 1939 payroll and a gain of $31,794,273 over the
1937 payroll, which was the previous high in history.
In addition, regularly
employed General Motors hourly workers last year received the highest
average annual earnings in the history of the corporation, $1,804 for 1940
compared to $1,503 for 1939.
Taxes accrued or paid by General Motors and its affiliates in 1940 to the
various taxing authorities in the United States, including excise taxes
paid
on products sold by the corporation and in turn passed on to the
consumer,
totaled $210,411,000, it was reported.
This is more than twice the direct
ascertainable tax bill of $101,884,000 in 1939.
Financial—Mr. Sloan reported that in 1940 General Motors produced
and sold to the distributors of its products throughout the world merchandise
with a net vaiue of $1,794,936,642, an increase of
30% over 1939.
Pas¬
senger cars and trucks produced by the corporation's United States and
Canadian plants and sold throughout the markets of the world in 1940
totaled 2,025,343, an increase of 31%.
Sales of non-automotive products
"The forces that lead to inflation are numerous.
In all probability they
be controlled by preventing credit excesses, by a policy of
increasing
yield of taxes through increasing the productive output of the nation
released March
can
of its
'
also showed substantial increases in 1940.
The corporation's sales to dealers within the United States of
1,860,354
and trucks in 1940 increased 36% over 1939 and constituted a new
cars
all-time record, exceeding by 11% the previous record in 1936 of
1,682,594
units.
Likewise, sales by General Motors dealers to consumers in the
United
States of 1,827,241 cars and trucks in 1940 increased
34% over
1939 and constituted a record, exceeding by 6% the best previous record
in 1936 of 1,720,213 units.
During the year, the corporation's proportion
of
the
by utilizing its full productive capacity, by preventing abnormal increases
purchasing power in relation to
and by other means.
The pre¬
vention of credit excesses requires the promotion of
savings and their
investment in private productive enterprise or in Government bonds.
The
control of consumer purchasing power in relation to the
availability of
consumer goods suggests special excise taxes on those goods of which
the
in wage rates, by controlling consumer
the available supply of consumer goods,
full production is in conflict with the needs of defense.
"Another important problem that arises as a result of the impact of
national defense on the economy is the danger of a collapse upon the
liquida¬
tion of the defense program.
No more constructive step could be
taken,
at this time, than to develop a comprehensive and constructive
economic program for the period of reconstruction which must
necessarily
be faced sooner or later.
There should be brought to bear the maximum
even
intelligence, experience, courage and statesmanship available, for in the
treatment of the problem may well lie the future of
democracy and free
enterprise—the real objectives which the nation is now united in its deter¬
mination to
45.6% of the industry.
The more important figures with respect to
stockholders, earnings and
dividends are tabulated below for 1940 and, for comparative
purposes,
for 1939:
Stockholders—
1940
Earnings—
386,100
$
General Motors proportion of net income
income and excess profits taxes
Less income and
1939
397,928
Total number of stockholders at end of year
products
sold by the corporation and in turn passed on to the consumer.
tax bill was equivalent to:
excess
.320,649,462 228,142,411
125,027,741
44,852,189
profits taxes...
195,621,721
183,290,222
Earnings
per share of common stock, after deduct¬
ing dividends on $5 series preferred stock
Amount of Dividends Paid—
On $5 series preferred stock.
$4.32
$4.04
$
$
107.6% of net earnings available to stockholders;
$4.87 per share of common stock while earnings were $4.32 per
share;
$12.13 for each $100 of sales in the United States;
Total
171,043,144 159,497,902
Percentage of earnings disbursed through dividends
87.4%
tainable direct tax bill of $210,411,000 would have been reduced
by approxi¬
mately $71,500,000 if the tax structure applicable to 1939 had existed in
1940.
This is a measure of the increase in taxes
during the past year,
"It is recognized that the cost of the program of national defense must be
met, involving not oniy increased national indebtedness but also
drastically
increased taxes," Mr. Sloan stated.
"Nevertheless, too much attention
cannot be concentrated
$5.00
$3.75
$3.50
Earnings Retained in the Business for its Protection
and Expansion—•
Total.
$24,578,577 $23,027,468
Per share of common stock
$0.57
The
earnings were reduced in the amount of $15,000,000 to provide an
additional special contingency reserve due to the continuation
of disturbed
conditions abroad.
In 1939, earnings were reduced
$10,000,000 on this
account.
In addition, it is the
policy to exclude those profits realized
$3,930,634.
The corporation continues to
maintain
Consolidated Income
Net
strong financial position.
Net
Ec°nomic3—The better business prevailing in 1940 is reflected in
following summary of General Motors employment and
payrolls.
The
increase in average annual
earnings of the regularly employed hourly wage
4.u
the
employee in the United States results
principally from the increased number
of hours worked.
Average hours worked per week by hourly
wage
employees in the United States
Average annual earnings of regularly
employed
hourly wage employees in the United States..
increased purchasing power of above
annual earn¬
ings over annual earnings in 1929
Avge.no. of employees on the corp'n's
sales...
Account for
Calendar
Years
payrolls..
Total salaries and
wages paid to all corporation
1940
$1,804
$1,503
53%
249,386
220,434
391,960,662
289,893,116
190,669,428
45,971,036
43,092,427
47,019,404
44,453,041
Balance after deprec...
Gen. Mor. Gorp.'s equity
345,989,626
246,800,689
143,650,024
248,058,728
eDrl.088,972
2,267,857
eZ>r9,657,345
7,094,602
344,900,654
fl5,000,000
249,068,546
fl0,000,000
133,992,679
255,153,330
4,546,619
2,635,879
in
undivided
losses
$492,246,017 $386,292,203
Sloan, who has been making periodic progress
the important part General
Motors is taking in the national
National Defense—Mr.
reports on
defense program,
made this observation in his annual
report:
„A®
the management of General Motors Corp., its policy is
very
definitely established.
It proposes to do not
only its part, but more than
Its part.
It proposes to contribute to the
utmost the services of its highly
organized units of Industry together with the
experience and ability of its
ting and technical staffs, particularly in the
development of the many
additional specialized production units
that are demanded of a
program of
this character.
It believes that the
emergency involves two prime objec¬
foremost, to make America impregnable to attack from
without; second, to maintain the strongest and most
virile economy based
upon the fundamental principles of free
and
we are
preparing
292,511,769
profits &
of sub.
cos.
not
consolidated
Net profit from oper. &
investment
Prov.
for
possible
losses
under empl. ben. plans.
Empl.
savs.
and
Invest.
fund
(net)
Employ, bonus & pays, to
Gen. Mot. Mtg. Corp.
Amts. provided for em¬
ploy. bonus pay. by cer¬
tain
228,331
340.431
144,238
161,900
4,132,920
g7,557,491
g3,259,009
8,725,071
for'n subs, having
separate
bonus plans..
250,033
279,156
279,062
457,500
24,157,903
20,812,957
3,682,309
9,344,471
320,742,751
228,255,589
130,310,370
245,808,859
Prov. for U. S. & foreign
inc. & excess prof, taxes hl25,027,741
44,852,190
28,000,334
d49,107,135
Total
Net income bef. income
PYPP8K
Net
While
$
nrnffta foYPS Ar
income
195,715,009
183,403,399
102,310,036
196,701,724
proportion
of net income
195,621,721
196,436,598
,9,178,220
183,290,222
9,943,072
102,190,007
c$5serlespref. stock dlvs.
9,178,220
9,178,220
186,443,501
173,347,150
93,011,787
187,258,378
$4.32
$4.04
$2.17
$4.38
29%
employees
enterprise.
1937
$
deprec. of real
surtaxes
34.9
1938
$
est., plants &equipm't.
Prov. for
1939
39.1
1939
.1,794,936,642 1,376,828.337 1,066,973,000 1,606,789,841
Profit from oper. & inc.
from investments.....
a
Special contingent res've.
a
at the close of 1939.
Cash and marketable securities totaled
with $289,921,683 at the close of the previous
year.
Thus the cash position at the end
of 1940 showed an increase of
$143,286,039
over that at the end of the
previous year.
This increase is accounted for
in part
by special deposits of $38,500,351 held on Government contracts
and is accompanied
by an increase of $79,681,854 in the amount of taxes
payable within a year.
i
Government
$
of 1940 was $477,940,113, compared with
$433,207,722, compared
hirst
in the cost of
post-defense problems
an entire reorganization of the tax
structure, particu¬
larly reflecting the principle that more
equitable methods and reduced rates
might well result in increased revenues, just as lower prices expand volume
in Industry.
Far too many fail to recognize that the cost of government
is paid for in the cost of goods and services, just as is the cost of labor."
abroad which cannot be remitted to the United
States due to exchange
restrictions.
The net balance so excluded from
earnings for 1940 amounted
tives:
appalling increase
great encouragement to the future of enterprise.
"Probably no more fundamental attack on the
$0.54
Earnings in 1940 are reported after providing for excess profits taxes of
$40,766,505 computed in accordance with the Revenue Acts of 1940.
to
the
1940
On common stock
HS&t&L capital at the close
on
as reflected in the trend of recent
years. If it could be assumed that the
economy were to be relieved of what might be referred to as 'emergency
taxes' on the liquidation of the defense
program, it would be a source of
87.0%
$5.00
Dividends Paid per Share—
On $5 series preferred stock
$875 for each employee in the United States, and
$42 for each $100 of wages and salaries paid in the United States.
This tax bill definitely ascertainable for 1940 is more than twice the
direct ascertainable tax bill of $101,884,000 in 1939.
The 1940 total ascer¬
could be made than
9,178,220
9,178,220
161,864,924 150,319,682
On common stock..
The 1940
Mr. Sloan pointed out.
$
before
Earnings available for dividends.
defend."
Cost of Government—Mr. Sloan revealed that the tax bill
definitely ascer¬
for 1940 totaled $210,411,000.
This tax bill comprised taxes
accrued or paid directly to the various taxing authorities in the
United
States by General Motors and its subsidiaries, together with its
propor¬
tionate share of direct taxes paid by manufacturing companies in
which
a substantial interest is
held, and included excise taxes paid on
tainable
new
passenger cars and trucks sold to consumers in the United States,
as measured by
registrations, also was the highest on record, amounting to
and
con¬
goods appear to be possible without handicapping the program of
national defense.
As we pass,
however, from the initial stage to the
point where we are employing in general, our idle resources to the point
of their fullest practical utilization, it may well develop that further ex¬
pansion of consumer purchasing must be restrained in certain lines in order
to permit an increased output of defense materials.
"One of the greatest calamities that can befall a nation, and one that is
especially liable to occur during a situation such as now exists in the United
States, is inflation.
A moderate increase in the average of commodity
prices is natural and not unduly harmful, because the increase in prices
tends to increase the available supply and to retard demand.
On the other
hand, a drastic and general increase in the price level may be disastrous.
It particularly prejudices most wage earners and those with fixed incomes.
It invariably leads to more serious deflation with widespread
unemployment
and the wiping out of values when the time for liquidation comes, as it
inevitably must.
History shows that all great efforts, such as the national
defense program, have been accompanied by a phenomenal rise in the
prices of nearly ail classes of goods and commodities.
History also shows
that, if inflation is to be averted, it must be controlled at its incipience.
If that is not done, it is unlikely that any subsequent control can be made
$2,647,397 $15,244,077 $15,118,063
Net prof. appl. to com.
stock.....
$4,662,090
c
"In its first stage, an appreciable expansion of consumer income
its capitalization through expanded output largely within the area of
sumer
$3,636,214 $20,288,411 $18,861,013
679,307
4,971,700
3,433,440
309,510
72.634
309.510
168,750
(c) the possibilities of a great inflation of the price level;
the liquidation of the
Government;
and (d) the danger of a collapse of the economy upon
artificial influence of the defense program.
94,052,135
33,603,421
$3,374,153 $19,470,591 $17,959,686
262,061
817,820
901,327
279,781
pref. stk
ex.
profit
Prov. for div.
$5,614,770
99,797,771
33,655,847
$4,830,840
Provision for income tax,
Prov. for loss
24,092,817
7,812,248
1941
Economic Revieu>—liThe impact of the program of national defense on
the economy," Mr. Sloan cautioned, "raises at least four important ques¬
tions: (a) The extent of the readjustments that may be required in the
economic life of the nation; (b) the effect of the financial cost upon the
Period End. Dec. 31—
a
22,
peace."
The offering was
represented
stock
Consolidated Earnings for the 3 and 12 Months Ended Dec. 31
Net sales
March
aggression from without, we must not overlook
the importance of defending our way of living.
We must win not only
the defense, or if need be the war, but in doing so we must not lose the
to defend ourselves against
G.
M.
Corp.
Amount earned
mon
on com¬
stock...
bAmt. earned per share of
$10 par com. stk. outs..
a
Profit from operations and income from investments (Including dividends re¬
from subsidiary companies not consolidated), after all expenses incident
ceived
thereto, but before providing for depreciation of real estate, plants and equipment,
b On average number of shares of common stock outstanding
during year, viz.:
43,165,398 in 1940, 42,942,833 in 1939, 42,921,603 in 1938 and 42,783,554 in 1937.
c Less dividends
applicable to treasury stock.
Incl. in 1939 $764,852 for an addi¬
tional month's accrual to provide for the full amount of the dividend payable Feb. 1,
1940.
Volume
The Commercial & Financial Chronicle
152
d Includes provision of
So,736,906 for surtax
undistributed profits,
For the years 1940 and 1938 dividends received were in excess of the corpora¬
e
on
series, due 1966.
f Provided in view of disturbed conditions abroad.
g
After deducting
h Includes $40,766,506 for U. S.
v
Glen
treasury stock distributable as bonus,
excess
profits taxes.
•
,
1939
Jlj}
' •'
'•
'
_
Total surplus..._....632,886,077 596,762,258 487,801,529
Cash diva, on com. stk._ 161,864,923 150,319,682
64,386,421
555,339,603
160,549,862
Surp. at end of period.471,021,153 446,442,576 423,415,108 394,789,742
'Consolidated Balance Sheet Dec. 31
,,
265,000,682
Sight drafts and C.
Notes receivable..
a
cf
188,732,828
_
—
_
Accounts receivable and trade acceptances..
Inventories
Investments in subsidiary cos. not consolidated
Other investments.
Miscellaneous assets
;__
Capital stock in treasury.
c Real estate,
plants and equipment
Prepaid expenses and deferred charges
Goodwill, patents, &c._
191,291,823
42,376,575
11,090,653
D. items
O.
154,919,034
132,002,116
3,000,533
10,625,184
1,501,494
81,654,875
233,764,789
40,163,947
14,978,352
15,419,632
385,859,609
282.924,743
148,982,806
1,300,172
8,522,687
1,521,476
116,093,800
b8,541,816
402,618,488
____
7,887,118
of its
____________
$
107,710,640
79,226,059
66,419,579
Accounts
payable.
Taxes, payrolls, warranties and sundry accrued
items
Special deposits
46,464,601
300,000
38,500,351
126,621,183
Government contracts
profits taxes.
Employees savings funds, payable within 1 year
Dividends payable on preferred capital stock._
d Employees bonus
Taxes, warranties and miscellaneous
Reserves—Employee benefit plans
on
U. S. & foreign income & excess
_
2,294,555
4,132,920
18,253,700
6,930,665
recent
Cash
15,767,642
U. S. Treas. bonds
187,536,600
435,000,000
1,888,613
Accounts receiv'le.
471,021,153
446,442,576
cers
Cash
the
109
109
A
88,231
36,524
24,931
57,891
44,607
388,000
136,113
219,581
14,200
State
&
Inc.
taxes
Custs.
deposits on
machs. ordered.
Retained percents.
850
2,286
and empl's.
surr.
value of
on
construction
40,108
contracts
insur. on lives of
95,444
554,790
Deferred charges.-
19,383
Com.
80,505
941,705
42,321
stock
(par
Cap.
surp.
$3,797,807 $1,586,3591
Total
200,000
600,000
value $2)
(paid in)
Earned surplus
—V. 151, p.
1939
$62,902
struct. contracts
429,192
Fed.
.
1940
$94,579
—
General taxes
1,958
officers
1,407,698
336,028,
767,578
865,194
$3,797,808 $1,586,359
Total
3396.
Gilmore Oil Co., Ltd.—25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
payable March 20 to holders of record March 13. Dividends of $1.25
was paid on Dec. 23, last, and regular quarterly dividend of 25 cents was
paid on Sept. 20, last.—V. 152, p.120.
stock
Globe Hoist
Goebel Brewing Co.—New President—
Offered
offered
$543,961
221,568
Operating expense- — Amort, of storm damage
$521,477
214,369
a.v
in
:0."' a.
61,087
60,657
21,690
General taxes
Federal normal inc. tax_
the
x^on-oper. income -
Graniteville Co.—Earnings-
217,803
§72-307
V< 612,996
101,500
$1,923,879
30,592
$1,954,471
~~$165,846
Drl29
$1,927,376
28,534
$1,955,910
$152,267
$165,717
_
31,106
30,576
370,425.
364,793
""WSijSgftA.4?:
71.353
71.353
856.238
856,238
-
081
Other interest
r
Balance---
a
Available for common
---
4,068,,
$718,206
38,910
$729,372
$679,296
stock and surplus.—Y. 152, p. 120
$63,788
3,242
3,242
Georgia & Florida
$45,884
$60,546
38,910
(est.)
$24,250
$21,750
$2,500
Glen Rock Electric
Shares of com. stock outstanding ($10
Privately—The Securities and Exchange Commission on
March 14 exempted the company from the provisions of
Section 6 (a) of the Holding Company Act in connection with
the issue and sale of $325,000 first mortgage bonds, %V2%
1752.
—V. 152. P.
Greater
par)
1940
$3,824,996
1,189,354
$2.92
7 777:;7
'
New York Brewery,
The Committee on Listing
,7.
Inc.—Listing—
of the New York Curb Exchange has approved
of company for the listing of 51,036 additional shares or
stock (par $1) upon official notice of issuance in acquisition of
Horton-Pilsener Brewing Co., Inc. (New York); 90,000 additional shares
the application
common
of its common stock (par
$1) upon official notice of issuance in acquisition
of City Brewing Corp. (New York); and 48,964 additional
common stock (par $1) upon official notice of issuance to
certain directors of the corporation for services rendered.—V. 152, p. 986.
of the stock
shares
of its
Great Northern
Paper Co. (& Subs.)- Earnings—
1940
$2,865,667
Calendar Years—
depletion,
152, p. 426. ■
After
—V.
Great West
have
1939
_
Net
Directors
Light & Power Co —To Sell Bonds
1941 •
$3,542,210
1,189,254
$2.68
Earnings per share
a
—V. 152, p.
$375,999
$3.83
(W. T.) Grant Co. (& Subs.)—Earnings—
Years Ending Jan. 31—
protit
Earnings per share of common
Increase
Jan, 3, *40
$451,090
$4.51
>
Net income after all charges & taxes
a
RR.—Earnings
Earnings for Week Ended March 7
1941
1940
Jan. 4, '41
after charges and taxes
Earnings per share
—V. 151, p. 1721.
$690,462
$49,127
-
on$5pref.stock_-
a
11,041
Inc.—Accumulated Dividend—■
Years Ended—
Net profit
:
747,669
656,443
135,360
$54,223
$0.05
$0.25
of $1 per share on account of accumula¬
7% cumulative preferred stock, payable April 1 to holders
of record March 21.
This compares with $4 paid on Dec. 30, last; $1 on
Oct. 1, July 25 and April 25, 1940; $2 paid on Nov. 9, 1939 and $6 paid on
Dec. 27,1937.—V.151, p. 3889.
••
$150,737
1,530
Net oper. income-—
Goulds Pumps,
$0.25
Directors have declared a dividend
1941—12 Mos.—1940
$6,407,548 $6,096,956
2,690,553
2,568,470
21,667
228,479
Feb. 28 '38
$54,178
$56,998
$0.26
$55,014
tions on the
;
18,971
58,226
52,840
11,225
Feb. 28'39
Feb. 29 '40
deprec'n.
foreign exch
Earns.per sh. on com.stk
—V. 152, p. 1283.
loss on
the
„
1940------7,222
20,999
Maintenance
Provision for retirements
Feb. 28 '41
3 Mos. Endea—
Net profit after
(& Subs.)—Earnings—
1941—Month—1940
been elected
W. F. Haas.
(H. W.) Gossard Co.—Earnings—
share.
Asso¬
Stern,
See also V. 151, p. 3561.
General Public Utilities, Inc.
Period End. Jan. 31—
Gross operating revenues
the common
no par
E. J. Anderson, Vice-President and Sales Manager has
Acting President and General Manager to succeed the late
—V. 152, p. 985.
of directors held March 13 there was declared
close of business March 24, 1941.
Co.—12]4r0ent Dividend—
value, payable March 15 to holders of record March 10. This
compares with 25 cents paid on Dec. 10 and Sept. 14, last; 12^ cents paid
on June 10 and March
15, 1940; 25 cents on Dec. 15, 1939; 15 cents on
Sept. 15, 1939; 12^ cents on June 15 and on March 15, 1939 and 15 cents
on Dec. 15, 1938.
See also V. 151, p. 1721.
common
dividend of $2 per share on account of the accumulative dividends on
class A stock of the company.
Said dividend to be paid March 31, 1941, to stockholders of record at
a
Operating revenues
1752.
$3.58
Payr., comms. &c.
61,972
189,324
Plant & equipment
Dividend—
-
100,000
$3.96
Liabilities
offi¬
&c.,
pense,
Corp.-—7fy-Cent Dividend—-
At a meeting of the board
_
100,000
Accounts payableAmts. due on con¬
Advs. for travel ex¬
stock,
Inc.—Stock
—Blyth & Co., Inc., and associates, on March 20
13,700 shares of class A stock (no par) at $47 per
The stock, it is said, represented domestic holdings.
ciated in the offering were Jackson & Curtis and
Wampler & Co.
Net income
24,813
$358,441
Directors have declared a dividend of 12 H cents per share on
General Outdoor Advertising Co.,
Divs
30,964
$395,727
400,000
$316,617
99,000
99,COO
699,528
Treasury bonds
s
1940, $1,630,940, 1939, $1,850,075.
Directors have declared a dividend of 75 cents per share on
Gross income.
.
54,000
Int. accr. on U. S.
stock, payable April 1 to holders of record Mach 19.
This compares with
65 cents paid on Dec. 28, last; 35 cents paid on Oct. 1, last; 25 cents on July 1
and April 1, 1940; 45 cents paid on Jan. 2, 1940; 25 cents paid on Oct. 2,
1939, and previously regular dividends of 15 cents per share were paid,—V.
151, p. 3747.
Charges of subsidiaries.
$460,552
1,794
75,503
.
$495,165
.
1939
1940
Inventories
meeting, Gerald E. Donovan of
New York and Herman Neff of the
Inc.,
Co.,
General Machinery
incurred
___,
$1,749,069
Sundry accts. rec'le
Rider Co., Cleveland were elected directors.
expense
$555,695
31,589
97,414
137,511
199,000
135,000
stockholders
annual
&
$1,020,676
stock outstanding
21,400,201
General Industries Co,—New Directors—Rockefeller
$456,363
4,189
Balance Sheet Dec. 31
17535,916,531 T7323,382,388
the
$538,109
17,585
Revised.
x
b 349,271 shares common, $5,274,597, 39,722 shares $5 series no par pre¬
ferred, $3,267,219.
cAfter reserve for depreciation of $411,600,780 in
1940 and $383,557,809 in 1939.
d Based upon cost of acquisition of stock
distributable as bonus,
e Including
special reserve: 1940, $25,000,000;
1939, $10,000,000.
f Represented by 1,875,366 no par shares,
gin
preference stock of subsidiary company.
Note—Contingent Liabilities—Claims in respect of back taxes, patent
infringements and other matters incident to the ordinary course of busi¬
ness, together with other contingencies, involve amounts totaling approxi¬
mately $10,500,000.
There is no way of determining the amount for which
these claims may eventually be settled but, in the opinion of management
and counsel, amounts included in other liabilities and reserves on the books
of the corporation and its consolidated subsidiaries are adequate to cover
all settlements that may be made.—V. 152, p. 1751.
H.
com.
187,536,600
435,000,000
1,888,613
Minority interest
Earned surplus. ___________________________
g
At
1,753,165
48,719
1938
$1.65
Shares
Assets—
f $5 series preferred stock
Common stock (810 par)
Geo.
1,784,833
53,441
$1,005,727
14,949
.
._
36,987,386
General
Schroder
2,638,335
60,610
_
Excess profits tax_______
3,340,472
Total
__,
Wisconsin State income and surtax.
24,418,769
Less reserve for doubtful accounts:
$2,258,246
deductions.
18,857,431
2,578,756
3,057,985
Contingencies and miscellaneous:
Allocable to foreign subsidiaries
a
_
Total income...
Income
46,939,329
8,070,649
2,294,555
7,557,491
4,859,946
Deferred income
e
•_■
xl939
$2,376,383
Federal income tax
_____
pay
selling
Non-operating income
1939
8
Liabilities—
to
Co.yEarnings—
1940
____________
1,323,382,388
1940
the sale
$3,704,672
Operating charges, including
and general expenses.
Depreciation
50,322,686
1,535,916,531
Giddings & Lewis Machine Tool
Years Ended Dec. 31—
Net sales
Net income
Total.
owned by the parent.
are
The company represents that $285,235 of the net proceeds from
the bonds will be used for the following corporate purposes;
$240,000 to Lawyers Trust Co., New York, representing the unpaid balance
of a presently outstanding demand note to the company, dated Nov. 1,
1937, bearing interest at the rate of 43^% to pay the open account in¬
debtedness of the company to Edison Light & Power Co., an associate
company, which as of Nov. 30, 1940, amounted to $45,235, and the balance
is to be used for new construction.—Y. 152, p. 1433.
7,878,315
50,322,686
;
:
industrial and utility purposes.
1921, in Pennsylvania, and con¬
operations in that State.
Company is a wholly owned
stock, all of which
1939
1940
Assets—
Cash
.a
U. S. Government securities (short term)____
Other marketable securities (short term)
\.
:
electric utility, engaged in the purchase, distribution
an
subsidiary of NY PA NJ Utilities Co.
As at Nov. 30, 1940, the assets of Glen Rock totaled $923,466, of which
$883,604 was represented by plant and property.
As at the same date
Glen Rock had outstanding debt in the principal amount of $300,235, of
which $240,000 was represented by a 4H% demand note to the Lawyers
Trust Co., New York, dated Nov. 1, 1937, and the balance of $60,235
was represented
by indebtedness to associates.
Of this latter amount
$45,235 arose in connection with the purchase of electric power from Edison
Light & Power Co.
In addition, Glen Rock had outstanding 1,000 shares
($50 par) $6 cumulative preferred stock and 2,000 shares ($50 par) common
1937
'$
1938
Surplus forward.__J___446,442,576 423,415,108 394,789,742 368,081,225
Surplus for year._
....186,443,501 173,347,150
93,011,787 187,258,378
_
"'V..
Rock is
all
ducts
$
..
Life
Mutual
and sale of electric energy for light, heat,
The company was organized on Aug. 10,
Surplus Account for Years Ended Dec. 31
1910
are to be sold at par
Insurance Co. of Mil¬
The proposed bonds
Northwestern
waukee.
1939 and 134,611 in 1938
87,004,067 in 1940, S3,714,867 in
excess of award basis over cost of
the
to
tion's equity in earnings (net) of
subsidiary companies not consolidated.
a,
1917
$2.87
stock.
depreciation,
interest,
Federal
income
$2,727,442
$2.73
taxes,
&c,
Saddlery Co.—Preferred Dividends—
declared
a
dividend of $2.25 per share on account of
accumulations on the 6% cumulative first preferred stock,
to holders of record March 21.
This payment clears up
payable April 4
all accruals on
tJbiis Issue#
declared a dividend of $3 per share, on account of accumu¬
second preferred stock, payable April 4 to holders of record
This will be the first dividend paid on this class of stock In
time.—V. 151, p. 3889.
Directors also
lation on the
March 21.
some
The Commercial & Financial Chronicle
1918
as
.....
Net
revenue
$510,734
29,263
Total income
Tax, rents, &c
....
Net income...
—
...
74,702
$383,986
57,133
$545,794
302,289
$441,119
268,102
$509,413
201,302
$243,505
$173,017
30,000
$308,110
30,000
105,000
125,000
Debenture A interest... 1
Debenture B interest
Common dividends....
190,000j
125,000
Comparative Balance Sheet Dec. 31
1940
1939
$
$
Assets—
Road..
1940
Liabilities—
......
Equipment
%
90,595
phy .prop..
Investments in af¬
-
Social sec. & retire.
Misc, accts. rec...
227,355
104,719
12,015
68,601
Matls. & supplies.
228,478
Due from railroads
Due from agents..
14
52
Other curr. assets.
328
4,071
10,819
41,273
300.706
50,559
514,395
10,521
44,312
1,469,250
surplus
struction
15,629
7,483
Profit and loss
686,790
1,468,997
635,724
unadjusted
debits.
On March 11, 1941, the U.S. District Court for the Southern District of
New York granted to Mr. Sylvester a temporary injunction restraining
the company from paying counsel for directors and officers for legal expenses
incurred by them in defending a law suit against
the directors; and from
adopting a by-law at the annual meeting of stockholders held on March 12,
1941, authorizing the management to reimburse its directors and officers
for any expense in defending law suits in the future which might be brought
against them.
The chairman of the committee stated that though the stockholders have
had absolutely no equity in the company for years, the company has been
managed entirely by stockholder interests and stressed the need for pro¬
m the reorganization.—Y. 145, p. 1420.
tection of the bondholders' Interests
Guardian Public Utilities Investment Trust—50-Cent
Directors have declared a dividend of 50 cents per share on the preferred
stock, payable April 1 to holders of record March 17.
Previously regular
semi-annual dividends of 40 cents per share were distributed.—V. 139,
P. 1869.
Guardian Rail Shares Investment Trust—Dividend—
Directors have declared a dividend of 85 cents per share on the series I
preferred shares payable April 1 to holders of record March 17.—V. 145,
p. 2075.
Guilford Realty
12,974,4331
Total
...13,397,629 12,974,433
a dividend of 75 cents per share on account of
the 6% cumul. pref. stock, payable March 31 to holders of
record March 20.
Like amounts paid in preceding quarters.—V. 151, p.
3562.
to Dec.
1940
Net profit after all charges
Earnings per share-.
—
—
1939
$1,695,431
412.925
$1.76
Gross profit from sales
$1,066,355
202,390
$0.28
1941
3 Mos. End. Jan. 31—
Subs.)—Earnings—
1940
1939
$422,799
58,284
153,646
Interest.
3,422
3,908
$344,236
60,784
138,772
5,681
$154,315
63,427
135,184
7,552
Sundry deducts, (net)..
1,405
5,309
$248,421
2,492
3,581
$201,653
3,765
3,365
$138,998
c9,910
781
loss$51,847
c9,511
2,187
$254,493
b84,000
$208,783
35,000
$149,689
d24,000
........
.
(net)
I
Add'l prov. to reduce net
curr. assets in Canada
to rate of exchange in
5,119
4,484
$165,374
2,686,749
$169,299
2,399,408
$125,689
1,882,181
loss$45,649
1,841,171
$2,852,124
$2,468,708
$2,007,871
$1,795,522
179,200
179,200
51,200
51,200
$2,672,924
$2,289,508
$1,956,671
Dividends paid on class
A common stock.
Balance Jan. 31
a
mm
mm
mm m
m
mm
After deducting cost of goods sold,
b Including $20,000 excess profits
c Dividends
and interest,
d No provision is made for surtax on
undivided
for the period of July 1, 1940,
1593.
1939
1938
122,065
$157,984
114,456
$156,913
114,358
$44,264
Dr4,153
$43,528
Dr3,258
$42,555
Z>r4,759
$40,110
14,400
$40,270
14,400
$37,796
13,361
$25,710
14,378
1,024
$25,870
14,550
920
$24,436
14,550
$10,308
$10,399
$8,936
Calendar Years—
Operating
Operating
a
1940
$166,328
revenues.....
expenses
and taxes
Net operating revenues...
.
Non-operating income
a
Gross income
...
Provision for retirements
Gross income
.......
Bond Interest....
Other interest
Net income
a
—
949
Before provision for retirements.
Assets—Utility plant, $866,187; cash, $21,784; accounts receivable,
$20,619; receivables from associated companies, $5,723; appliances on
rental, $1,598; materials and supplies, $177,38; prepayments, $419; deferred
debits, $541; total, $934,610.
Liabilities—Common capital stock ($100 par), $200,000; 1st mtge. bonds,
$266,000; accounts payable, $8,868; customers' deposits, $13,610; taxes
accrued, $2,444; interest accrued, $9,998; retirement reserve, $200,291;
uncollectible accounts reserve, $3,510; other reserves, $3,192; contributions
in aid of construction, $10,246; earned surplus, $216,448; total, $934,610.
—V. 151, p. 2801.
$1,744,322
.
Balance, Oct. 31
tax.
annum
Balance Sheet Dec. 31, 1940
!
effect....
Net prof it
on
Hagerstown Gas Co.—Earnings—
loss$40,149
d5,500
Profit
Interest earned
per
the general mortgage income bonds, series A, due 2015,
i, 1941, at office of
on
surrender of coupon No. 1, due April
Chemical Bank & Trust Co., New York.—V. 152, p.
1938
$486,190
63,462
169,480
Manufacturing profit.
Depreciation.
Sell., gen. & adm. exps_.
a
31. 1940,
will be made
On 143,525 shares of no par value common stock.—V. 151, p. 3889.
Greif Bros. Cooperage Corp. (&
the rate of 5%
Interest at
Corp.—Earnings—
Calendar Years—
Other income
on
Gulf Mobile & Ohio Ry .—Interest—
Greenfield Tap & Die
a
Co.—Accumulated Dividend—
Directors have declared
—V. 152, p. 1433.
a
compared with $623.62 on a like basis Dec. 31,1939.
On such basis there
no value remaining for any class of capital stock."
was
accumulations
8,204
7,762
..13,397,629
Total
as
489
30,995
457,581
Additions to prop,
through inc. and
301
Working fund adv.
Projects under con¬
17,069
follows:
"The cover behind the capital obligations, with securities owned at market
Dividend—
.
debs, unclaimed
14,360
274,616 Other curr .llab...
59,981 Sundry def. llab..
11,237 Tax liability
44,413 Accrued deprec
172,601 Oth. unadj. credits
13,715
Cash
payable.
Misc. accts. pay..
Mat, payments on
276,112
275,977
filiated cos.....
139,609
16,741
Due to railroads..
Audited accts. and
90,595
wages
taxes
60 379
7,600.000
-
-
■
2,500,000
7,600,000
56,872
138,255
8,430
Fund, debt unmat.
..10,733,467 10,700,285
1,640,490
1,310,995
....
Misc
Other
1939
$
Capital stock..... 2,500,000
in:
Investments
22, 1941
value (or appraised value for assets with no quoted prices) for each $1,000
principal amount of 20-year 5% gold debentures was $417.68 Dec. 31,1940,
$446,969
62,444
$253,498
....
$471,092
$539,997
286.499
....
Other income
March
insolvency of the company and annexing a copy of the company's annual
report.
This report, dated Jan. 28,1941, stated, the committee points out,
Green Bay & Western RR.—Annual Report—
Calenadr Years1940
1 939
1938
1937
Gross earnings
$1,769,110
$1,696,277
$1,660,211
$1,687,013
Operating expenses
1,258,376
1,225,185
1,176,225
1,240,044
profits for the period.
Hallnor Mines,
Ltd.—Earnings—
Earnings for the Year Ended Dec. 31, 1940
Metal recoveries
$2,649,275
19,102
—
Income from investments
Consolidated Balance Sheet Jan. 31
1941
Assets—
Cash
1940
$403,826
Marketable secur.
144,161
1941
Liabilities—
$397,746
143,173 Accounts payable.
acc'ts receivable
Inventory
Officers, employ. &
misc.
notes
acc'ts
1,075,910
2,895,738
844,498
2,874,689
and
100,130
life insurance...
131,010
41,306
38,420
36,842
21,911
181,062
Timber property
700,545
Permanent assets 1,390,337
195,073
541,363
U. S. Treas. bonds
Invest. & advs. in
a
b
1
Deferred charges..
a
222,793
an
sub..
27,432
pay.
(noncurrent)
Contingency res' ve
Insurance reserve,
2,491,113
376,329
Earned surplus... 2,672,924
2,491,113
2,289,508
1
$7,089,467 $6,535,520
After allowance for depletion,
$1,485,198
Balance Sheet Dec. 31, 1940
100,000
Common capital
stock
83,132
132,796
274,117
—
Net profit
100,000
422,565
678,500
14,634
Administrative and general expenses
Amt. written of pre-operating mine develop. & admin, expenses
Reserved for depreciation.
Reserved for income and production taxes
11,979
64", 752
by 64,000 shares class A
class B stock (no par).
mint charges
300.000
1,284,461
44,883
73,148
....
Patents
Total
278,938
to
$2,668,377
production, incl. mining, milling, delivery and
Cost of metal
Notes
c
cos...
Goodwill
pay.
unconsol.
receivable
600,000
taxes, In¬
terest, &c
Acc'ts
Cash surr. value of
affiliated
Accrued
$
$143,798
900,000
Notes payable
Customers' notes &
Total revenue...
1940
$
$196,495
Assets—Cash, $900,996; bullion on hand at mint, $162,086; accounts and
receivable, $8,456; investments, $675,837; deferred and .prepaid
interest
items, $143,081; properties, $362,500; buildings, plant and equipment
$342,921; discount
expenses less
capital stock, $662,500; total,
on
$4,002,020.
Liabilities—Accounts payable and accrued charges, $53,682; accrued
$12,139; provision for taxes, $276,000; capital stock (2,000,000 shares
of $1 each), $2,000,000; earned surplus, $1,660,200; total, $4,002,020.
—V. 151, p. 988.
wages,
Total
$7,089,467 $6,535,620
b After depreciation,
cum. common stock
c
Hamilton Gas Corp.
Represented
(no par) and 54,000 shares of
(& Subs.1—Earnings—
$545,778
—
Non-operating income (net)
Directors have declared
1940
Consolidated Earnings (Preliminary) for 3 Months Ended Dec. 31,
Operating revenues
80-Cent Class A Dividend—
626
——
a dividend of 80 cents per share on the $3.20
class A common stock, no par value, payable April 1 to holders of
record March 22.
This compares with $2,80 paid on Dec. 28, last; 80 cents
Operation
paid
on Oct. 1, July 1, April 1, 1940; $2.80 paid on Dec. 28, 1939; 80 cents
Oct. 2; July 1 and April 1,1939, and on Dec. 29, 1938, 40 cents paid on
Oct. 1, July 1 and April 1, 1938, and 80 cents paid on Dec. 21, Oct. 1 and
Maintenance
on
General taxes
Federal income taxes
July 1, 1937.
Interest on long-term debt
Amortization of debt discount and expense
Other interest...
cum.
Dividends
are
in arrears.—V. 152,
p.
1433.
Group Corp.—Accumulated Dividend—
Directors have declared a dividend of 75 cents per share on account
of accumulations on the 6% cumulative preferred stock, payable
April 1 to
holders of record March 24.
This compares with $1.75 paid on Dec. 16,
last; 75 cents paid on Oct. 1, July 1 and April 1, 1940; $1.75 paid on Dec. 28,
1939, and dividends of 75 cents paid on Oct. 2, July 1 and April 1, 1939.
—V. 152, p. 678.
Guardian
Investment Trust—Accumulated Dividend—
Directors have declared a dividend of 55 cents per share on account of
accumulations on the $1,50 cum. pref. stock, payable April 1 to holders of
record March 17.
Similar payment was made on Oct. 1 and April 1, 1940,
and Oct. 2, 1939.—V. 151, p. 2046.
Guardian
Investors
The formation of
a
Corp.—Protective Committee—
committee for the protection of holders of the series A
gold debenture bonds of the corporation was announced March 18.
The
committee is composed of Albert L. Sylvester, Boston, Chairman; Luke L.
Benz, New York, and J. A. M. Thomas, Boston.
George Hampton, 120
Broadway, New /ork, is Secretary of the committee, and Rosenberg,
Goldmark & Colin and Samuel A. Mehlman, 165 Broadway, New York,
are
counsel.
Corporat
on was
publicly financed in 1928 and has outstanding $2,057,000
series A gold debentures due May 1, 1948, and 1,061 shares of $7 dividend
series 1st pref. stock, 43,050 shares of $6 dividend series 1st pref. stock,
59.997 shares of 2d pref. stock, and 509,915 shares of common stock.
Under the auspices of the new committee, a
petition for reorganization
pursuant to Chapter X of the Bankruptcy Act has been filed in the U. 8.
District Court for the Southern District of New York, alleging the present
(net),
$743,643; pre-operating mine development and administrative
amounts written-off,
Total income
$546,405
;
—
...
13,753
30,873
300
85,700
10,716
A9§
..
Depletion and depreciation
Amortization of plant acquisition adjustment
Non-productive well drilling
231,509
-
-
- -
expense
Abandoned leases
—
150,216
17,256
24,404
4,663
$23,090
Net loss
—V. 151, p. 3238.
Hamilton Mfg. Co. (Two Rivers,
Wis.)—Earnings—
Years Ended Dec. 31—
a
b Net income....
1940\ ■
$4,006,668
309,490
^
Gross sales
—-—
-
Less discount, returns and allowances,
Federal income taxes, and excess profits tax
a
$2,897,493
146,960
b After all charges, including
in 1940.—V. 151, p. 702.
Hartford Gas Co.—Plea Denied—
"
The Securities and Exchange Commission on
March 13 denied the appli¬
cation of this company for an order declaring It not to be a subsidiary of the
United Gas Improvement Co, the United Corp. or the Connecticut Gas &
Coke Securities Co.—V. 148, p. 3848.
Hatfield-Campbell Creek Coal Co. (& Subs.)—Earns.
1940
Calendar Years—
Net Income after charges and taxes.
Dividends on prior preferred stock.
Dividends on
.
participating preferred stock
—V. 151, p. 1144.
1939
$57,348
11,292
24,399
$38,200
11,292
/olume
Houston Oil Co. of Texas—Earnings—
Hartman Tobacco Co.—Stock Delisted—
The New York Curb Exchange, effective March 10, removed the common
stock (no par) from listing and registration.
Permission to delist the stock
had been granted by the Securities and Exchange Commission.—V. 151.
P.
3890.
[Including Houston Pipe Line Co.]
Gross income
——
Net income after all charges
Earnings
a
Period End. Feb. 28—
Operating
Operation
$48,508
29,105
2,680
8,211
Balance-
—
813
,
;
$9,325
_
?
2,917 a
accruals
res.
$551,016
359,200
29,755
79,188
$84,363
9,778
$82,872
7,628
$94,141
35,000
$90,500
35,000
!;■: $7,329
Net oper. revenues
Non-oper. income (net).
Retirement
$549,600
345,148
34,086
86,003
$47,900
31,234
2,819
6,518
$8,512
revenues
Maintenance
Taxes
Dr 122
$7,207
2,917
ft
per
share
On 1,098,618 shares of common
a
1941—12 Mos.—1940
1941—Month—1940
income
Interest
$55,500
$59,141
$6,409
$4,290
50
43
737
610
$4,247
$58,404
Hudson & Manhattan RR.—Interest—
April 1, 1941, on the 5% adjustment in¬
bonds, due 1957, on surrender of coupon No. 56, due April 1, 1941.
Interest of h % will be paid on
come
Interest is payable at office of
1753.
P.
Chase National Bank, New York.—V. 152,
(!
.
Hummell-Ross Fibre
Corp.—Earnings—
$6,359
Earnings per common share
—V. 152,P. 1753.
>'•
Directors have declared
increase in
stock from
1,000,000 shares.
Directors were reelected.
,
Hayes management has no present intention of issuing any of the addi¬
tional 1,000,000 shares of $2 par value common stock authorized at the
annual meeting.
It is felt, however, that with the company's present
large volume of business and prospective additional substantial orders there
may arise the necessity for increasing working capital.
With a large
authorized capital, future financing could be expeditiously handled without
waiting to hold a special stockholders' meeting, it is said.—V. 152, p. 1594.
Hazel-Atlas Glass Co.
dividend of 50 cents per share on the common
a
Industrial Brownhoist Corp.—Earnings—
depreciation, taxes, and interest in
charges in 1939 and 1938.—V. 152, p. 830.
After
a
and taxes.
Earns, persh. on cap. stk
—V. 151, p. 2647.
ftvft
$2,597,815
$2,884,149
$5.98
$6.63
1937
$2,157,962
$2,897,506
$4.97
$6.67
f
accumulations
Pro v.
Federal
for
Canadian
inc.
Net profit
Cash dividends;
$536,068
$141,646
167,133
177,850
dividend of 20 cents paid on July 1, last; 15 cents
April 1, 1940; and dividends of 10 cents were paid on Jan. 2, 1940 and
1 and Jan. 3, 1939.—V. 152, p. 1284.
on
Oct. 2, July 1, April
Inspiration Consolidated Copper Co.—Earnings—
$653,809
$53,442
161,493
xl09,679
x
57,431
......
loss$25,487 loss$108,052prof$481,580
m-: -ftftftft-V;: "'-'ft.'
-
1,045
174,350
571
43,239
131,111
pref. stock.
556,675
-
....
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $132,819; trade notes, acceptances and accounts
receivable,
$2,076,036; miscellaneous investments, $86,975;
property, plant and equipment (less reserve for depreciation of $2,787,757),
$3,849,693; goodwill and patents, $1; deferred charges, $92,298; total,
inventories,
$7,815,054.
payable, $150,000; drafts against letters of credit,
$13,636; accounts payable, $509,730; accrued taxes, interest, &c., $62,424;
Federal and Canadian taxes on income—estimated, $57,431; 5% 10-year
Liabilities—Notes
registered debenture bonds, $577,500; series B 1st preferred stock (par
value $25), $3,487,000; common stock (par value $25), $1,500,000; un¬
Dec. 31, 1936, $1,145,137; earned surplus accumulated
1,1937, $312,194; total, $7,815,054.—V. 152, p. 1283,
classified surplus at
since Jan.
1937
y$825,658 loss$324,616
$1,899,661
charges, but before depletion,
y Equivalent to approxi¬
mately $1.87 per share in 1940, 70 cents per share in 1939, on the 1,181,967
shares of capital stock.—V. 152, p. 1435.
x
62,550
$303,787
taxes
Excluding $26,614 charged to income from rented properties.
$1,577,232;
1938
1939
1940
y$2,212.688
Net profit—
After
all
Hinde & Dauch Paper
Ltd.—Initial
Inspiration Mining & Development Co.,
Dividend—
!
.
■
share on the common
stock, payable May 30 to holders of record May 1.—V. 146, p. 3955.
Directors have declared a dividend of two cents per
Ltd.—Dividends—
Institutional Securities,
Stock dividend:
x
of 20 cents per share on account of
stock, par $25, 1940 payable April 1 to
This compares with 25 cents paid on Jan. 2,
and
Series A 1st pref. stk...."
Series B 1st pref. stk..
Series B 1st
Corp.—Accumulated Dividend—
the 6% cum. pref.
Years End. Dec. 31—
1937
Total
income, incl. inc.
from rented properties
Depreciation
1940, but before interest
last, and on Oct. 1, last;
on
1938
1939
1940
on
holders of record March 20.
Heywood-Wakefield Co. (& Subs.)- -EarningsCalendar Years—
loss$83,780
Directors have declared a dividend
1938
1939
1938
$68,033
$164,368
Net earnings
a
1939
1940
Calendar Years—
(& Subs.)—Earnings—
1940
ftft" i;.'
;■
stock, payable March 29 to holders of record March 19.
This compares
with 75 cents paid on Dec. 30, last; 50 cents paid on Oct. 1 and July 1,
last; 40 cents paid on March 29, 1940; $1 paid on Dec. 28, 1939 and pre¬
viously quarterly dividends of 25 cents per share were distributed.—
V. 151, p. 3748.
:
>
Industrial Securities
Calendar Years—
Net profit after charges
$53,450
$0.03
$192,144
$0.39
Independent Pneumatic Tool Co.—To Pay 50-Cent Div.
—V. 152, p. 1434.
Stockholders at their recent annual meeting authorized an
authorized capital to 2,000,000 shares of $2 par value common
1938
1939
1940
$566,628
$1.34
,
Hayes Mfg. Co.—Stock Increase Voted—
Dec. 31
Dec. 28
Years Ended—
$54,891
charges
Net income
1939
$7,444,812
870,557
1,010,531
$0.30
$0.43
stock, $25 par.-—V. 151, p. 3239.
Net profit after all charges
Gross
1940
$6,835,492
Years Ended Dec. 31—
Haverhill Gas Light Co.—Earnings—
^
1919
The Commercial & Financial Chronicle
152
dividend of 35 cents per share on the Aviation
Group Shares payable May 15 to holders of record April 30.
Dividend of
25 cents paid on Nov. 15, last.
:
Directors also declared a stock dividend of 2^ % on the Insurance Group
Shares payable March 31 to holders of record March 31.
Like amount
paid on Nov. 1, last.—V. 151, p. 2195.
Directors have declared a
International Business
Calendar
Years—!
Machines Corp. (& Subs.)—
1940
1939
1938
1937
..$46,294,255 $39,474,982 $34,717,604 $31,787,241
Gross income-
Net income after all chgs.
and taxes
9,431,013
9,092,692
8,660,034
8,082,513
898,178
$10.50
855,408
$10.63
814,674
$10.63
775,880
$10.42
Shares capital stock out¬
standing (no par)
Earnings per share
—V. 152, p. 830.
Co. (& Subs.)—Earnings—
ButtOn-Hole
International
Sewing
Machine
Co.—
"
1940
Calendar Years—
1939
$975,458
Earnings per share on
—V. 151, p. 2499.
$1.89
(A.) Hollander & Sons, Inc. (& Subs.)—Earnings—
1940
1939
$441,195 def$244,765
$2.10
Nil
Calendar Years—
Net profit after chgs.
& taxes
Earnings per share on common
—V. 152, p.
Hollinger Consolidated Gold Mines, Ltd.—Earnings—
1940
Calendar Years—
—V. 152, p.
$5,682,429
5,412,000
5,412,000
987.
Homestake Mining Co. (&
Subs.)-—Earnings—
1940
1939
$6,091,137
Earnings per share on capital stock
7,080,316
$3.03
Dividends
$7,103,698
6,093,309
from opers. after taxes, &c
—V. 151, p.
$3.53
3398.
Hoover Ball & Bearing
Co.—To Pay 5Q-Cent Dividend—
dividend of 50 cents per share on the common
$10, payable April 1 to holders of record March 22.
This
compares with $1 paid on Dec. 21, last; 50 cents on Oct. 1, last; 30 cents
on July 1 and April 1, 1940; $1 on Dec. 22, 1939; 30 cents paid on Oct. 1
and on July 1, 1939; a dividend of 20 cents paid on April 1, 1939, and one
of 30 cents was paid on Nov. 1, 1938, this latter being the first dividend
paid since Dec. 22, 1937, when a regular quarterly dividend of 30 cents per
share was distributed.—Y. 151, p. 3562.
Directors have declared a
stock,
par
Houdaille-Hershey Corp.- -Earnings1940
Calendar Years—
Net
Class B dividends
$2.42
Lighting & Power Co.—Earnings—
1941—Month—1940
Direct taxes
235,110
Prop, retire, res. approp.
152,108
Net oper. revenues—
Other income
$344,123
5,519,436
1,570,960
1,312,348
$3,874,845
$331,128
$4,051,989
919
17.439
26,034
$344,721
80,208
14,448
$332,047
80,208
13,473
$4,069,428
$3,900,879
962,500
167,543
962,500
171,390
$250,065
$238,366
pref. stocks for the period.
$2,939,385
$2,766,989
315,078
bonds
Other int. & deductions.
Net income
5,138,454
2,337,065
1,560,620
598
Gross income
Divs. applic. to
383,344
1941—12 Mos.—1940
$1,033,557 $13,088,228 $12,277,589
527,149
123,574
51,706
———-
Int. on mtge.
435,012
588,750
$1.34
1,177,521
,
Operating revenues
$1,114,685
Oper. exps. excl. direct
taxes
$1,487,607
435,012
Earnings per share on class B.
-V. 152, p. 1283.
Houston
1939
$2,333,086
profit after charges and taxes —
preferred dividends...
Class A
Period End. Jan. 31—
315,078
Balance.$2,624,307 $2,451,911
Note—Includes provision of $41,794 and $217,704 for Federal excess
profits tax in the month of January, 1941, and in the 12 months ended
Jan. 31,1941, respectively.—V. 152, p. 1593.
"
'
Directors have declared a dividend of 30 cents per share on the common
20. Like amount paid
1, 1940, and previously
30 cents per share were distributed.—V. 151,
stock, payable April 1 to holders of record March
on Dec. 27, last; dividend of 20 cents paid on April
regular quarterly dividends of
p.
3891.
-V
-
International
In his remarks to
Nickel
Co. of
■
Canada, Ltd.—Report—
shareholders, Robert C. Stanley, Chairman and Presi¬
dent, states: "In the following review of the company's activities during
a year of national emergency it will be noted that many items mentioned
in prior reports have been omitted or condensed.
This course has been
followed to conform with the company's policy of withholding publication
of any information
and the Empire."
that might prove
detrimental to the interests of Canada
Tops any Prior Year—Notwithstanding necessary
governmental and war-time restrictions of its markets, the company pro¬
duced and sold a greater volume of metals in 1940 than in any prior year.
Producing facilities were increased and nickel output was larger than for
Nickel Output in 1940
Calendar Years—
Net profit
1939
$5,771,099
operations
,
1938
$200,281
Nil
1131.
Net profit from
Dividends paid
30-Cent Dividend—•
$682,384
$2.21
Net profit after taxes, &c
any
previous year.
•
and United States Defense Needs Met
company's business, Mr. Stanley says in
part: "War requirements of His Majesty's Governments in Canada and
Great Britain were fully and promptly met, as subsequently were the
demands of the defense program in the United States.
Peace-time In¬
dustries within sanction areas were supplied under Government permits.
"To further assure an adequate supply of nickel, additional facilities
were installed in Canada, enabling the company to refine not only the
increasing output of its mines but also the accumulated matte stock and the
current matte production of Falconbridge Nickel Mines Ltd. and thus
make available to the Empire this source of supply which had been lost
through the invasion of Norway.
Furthermore, emergency adaptation
of existing equipment in the United States, and alterations and extensions
thereto now under way, will provide for the treatment of intermediate
products and furnish additional nickel during this period."
World Nickel Consumption at New Peak in 1940—"World consumption
of new or primary nickel established a peak in 1940 and your company's
share in the total world deliveries registered an increase over prior years,"
Mr, Stanley states.
"Marked increases in nickel consumption," he con¬
tinues, "occurred in the British Empire and the United States.
"Prices of primary nickel products remained stabilized at the levels
prevailing for many years.
Nickel consumption during 1940 including
that for war requirements, was well distributed among the principal con¬
suming industries—steel and non-ferrous mills; iron, steel and non-ferrous
foundries; alloy manufacturers: electroplating and chemical industries.
Steel mills absorbed an increase proportion, due to British war requirements
Canadian-British War Reauirements
—Commenting further on the
and the United States
defense program."
Working Capital Increases—In accordance
with the accounting practice
financial statements are expressed in
capital on Dec. 31 was $74,999,980,
compared with $66,519,563 on Dec. 31, 1939.
Earned surplus on Dec. 31,
1940, was $75,747,752 after deductions of $1,933,899 for preferred divi¬
dends and $29,156,338 for common dividends.
At the end of 1939 earne
surplus was $71,293,217.
Outlook—In conclusion, Mr. Stanley states: "Urgent demand for the
company's products was fulfilled both as to quantity and quality.
More¬
over, the utmost diligence was exerted at all times to prevent exports of
nickel from this continent not specifically licensed
by the Canadian
of the company in past years, the
United States dollars.
Working
Government.
company's plants are being operated at full capacity under condi¬
all respects.
Your company's established policy of a
nickel continues unchanged.
"Primarily all efforts are being directed towards meeting the war require¬
"The
tions satisfactory in
stable price for
ments of His
Majesty's Governments and the program for defense of the
Britain.
Surplus production will be available
United States and aid to
TheCommercial & Financial Chronicle
1920
to
meet
important peace-time demands which have expanded from year
to year.
"Research and technical development activities are being continued un¬
abated in the belief that this policy will strengthen the company in the
post-war period.
"Perplexing
problems
for
Industry will continue to arise
progresses and are certain to be faced when peace returns.
times it is gratifying that the
the
as
the
war
1939
560,651
Total Income
Adm. & head office exp
Provision for income and
1937
$50,298,299 $70,497,235
538,475
538,979
384,089
$70,997,393 $60,319,512 $50,836,774 $71,036,214
1,695,872
1,668,935
1,624,539
1,614,131
franchise taxes
21,130,703
Prov. for deprec. & depl.
7,631,020
11,322,121
7,343,620
8,090,916
7,017,039
10,350,890
7,003,782
3,137,370
1,715,218
1,757,379
Retirement, insurance &
4,995,026
reserves
Net profit
$35,544,772 $36,847,466 $32,399,470 $50,299,624
Earned surplus beginning
of year
71,293,217
Total surplus
Transferred
72,259,896
70,950,662
59,896,144
$106,837,989 $109107,362 $103350,133 $110195,767
to
for
res.
expenditure in Finland
1,933,899
29,156,338
1,933,899
29,156,338
4,510,326
1,933,899
32,800,880
1,933,899
29,156,338
adjust, in consol,
in suspense
2,461,542
Earned surp.end of yr.$73,286,210
2,481,079
$68,812,138 $72,259,896 $70,950,662
Earnings per share on
14,584,025 no par shs,
common
a
_____
197,658
$1,261,646
Total income..
Interest expense
L.
____^
Prov. for Fed. inc. taxes (incl. $16,991 for excess profits taxes)
Minority interests in profits of subsidiary companies.
£
Consolidated net profit
Balance Dec. 31, 1939
Total surplus
dividends
$798,708
$3,522,666
■.
90,000
450,000
Preferred
$2,982,666
$4.73
Balance Dec. 31, 1940
per
share
12,374
313.122
137,443
2,723,958
(.
Common dividends
Earnings
$1,063,988
*
on common.
above
statement
includes
charges
for
depreciation
aggre
gating $201,368.
system reserve
Preferred dividends
13,689,259
1,670,755
Net profit from operations....,
Other income
Note—The
6,723,908
Transferred to retirement
Common dividends
$16,424,002
1
Warehouse, selling, administrative and general expenses
1938
Earns of all properties_$70,436,742 $59,935,423
Other income.
Exch.
Earnings for the Year Ended Dec. 31, 1940
sales
Cost of goods sold
[Including Wholly-Owned Subsidiaries]
other
Joslyn Mfg. & Supply Co. (& Subs.)—Annual Report—
Net
Consolidated Income Account for Calendar Years
a
Jones & Lamson Machine Co.—Special Dividend—
Directors have declared a special dividend of 65 cents per share in addi¬
tion to the regular quarterly dividend of 20 cents per share on the common
stock, both payable Marco 25 to holders of record March 20.
Special
dividend of 96 cents was paid in previous quarter.—V. 151. p. 3748.
period and with the reestablishment of peace, its progress should
continue."
1940
2
In these critical
company's resources are such that, during
war
March
stock
$2.30
$2.39
$2.09
$3.31
After deducting manufacturing, gelling expenses, ordinary repairs and
Consolidated Balance Sheet Dec. 31, 1940
Assets—Cash, $378,216; receivables (less reserve for doubtful accounts of
$62,443), $2,398,915; inventories, $3,222,043; prepaid expenses and de¬
ferred charges, $93,751; investments, advances, &c., $981,995; plant and
equipment (less reserves), $2,657,647; total, $9,732,568.
Liabilities—Notes payable,
$300,000; accounts payable, $1,004,389;
accruals, $518,301; mortgage note payable of subsidiary company, $10,000;
long-term debt, $600,000; minority interest in subsidiary companies,
$902,716; 6% cum. pref. stock, $1,500,000; common stock (shares of $5
par value), $750,000; paid-in surplus, $1,164,494; earned surplus, $2,982,665;
total. $9,732,568.—V. 151, p. 1147.
maintenance.
Consolidated Balance Sheet Dec. 31
1940
$
1940
Liabilities—
Prop, (lessres.).158,121,001 169,605,502
Investments
617,026
880,821
Sec. held against
retire,
system
16.228,717
14,465,655
Inventories
32,502,616
30,696,145
Accts. and notes
receivable
9,295,281
Treasury bills 24,401,802
10.063,084
Govt, securities.
540,916
Time deposits &
Cash...
31,278,799
35,133,540
600,464
475,377
operations
Total.i.....279,164,908 261,156,321
27,627,825
60,766,771
6,595,431
6,117,901
Prov. for taxes.. 21,618,816
Pref. div. pay..
483,474
12,608,028
Insur.,
483,474
system
16,231,418
14,486,968
5,324,555
reserve
Ac.,
Chgs. to future
5
7% pref. stock.. 27,627,825
Common stock. 60,766,771
Accts. payable A
Retire* t
12,861,353
2,553,131
1939
$
payrolls
reserve
)
Joy Manufacturing
1939
$
Assets—
2,922,808
contlng.
reserves.
Res. for expend.
in Finland...
6,723,908
6,723,908
Capital surplus. 60.606,500
60,606,500
Earned surplus. 75.747,752
71.293,217
Exchange adjustz>r2,461,542 Z>r2.481,079
Total
279,164,908 261,156,321
-V. 152. P. 1594.
International
chase
Power
Securities
Corp.—Offer to Pur¬
Defaulted Coupons—
W On March 12, 1941 the U. S. District Court at Newark, N. J., approved
the petition of the corporation's trustees to sell the defaulted interest
coupons upon the series C secured 6 % % bonds, due Dec. 1. 1955; series E
secured 7% bonds, due Feb. 1, 1957; and series F secured 7% bonds,due
Jan. 15, 1952, held in the treasury of the corporation on the
following
basis: $25 for a $35 coupon, $23 for a $32.50 coupon.
NAsa result of this sale, the corporation's trustees have realized $104,380
in cash for $146,235 defaulted coupons, or
approximately 70 cents on the
dollar.
The
due
following interest coupons are in default: series C, semi-ann. Int.,
1, 1940; series E, semi-ann. int., due Aug. 1, 1940; series E,
15, 1940;
Dec.
semi-ann. int., due Feb. 1, 1941; series F, semi-ann. int., due July
series F, semi-ann. int., due Jan. 15, 1941.
^*If
any bondholder desires to make a similar arrangement to sell his de¬
faulted interest coupons, he should forward such coupons at once by reg¬
istered mail to Joshua Morrison, Secretary of the committee, 20 Exchange
Place, N. Y. City.
The offer for these coupons has been obtained by the committee, in bahalf
of bondholders, from the New York representative of an Italian banking
institution, which has reserved the right, however, to withdraw such offer
at any
time and without notice.—V. 152, p. 1594.
International Silver
f
Co.—Earnings—
Calendar Years—
1940
Net sales
Earnings per share of
—V. 151, P. 3398.
Interstate
r"
common
1939
$17,698,145 $17,021,399
1,225.072
837,692
$9.45
$4.98
Net profit after all charges
stock
Hosiery Mills, Inc. (& Subs.)—Earnings—
Calendar Years—
1940
Earnings per share of
—V. 152, p. 1284.
common
stock
1939
$257,082
Net profit after all charges
$223,989
$2.27
$2.66
(Byron) Jackson Co.—Earnings—
Calendar Years—
1940
Gross profit
N et prof it after all chges.
Earns per sh on cap.stk.
1939
1938
1937
$1,133,230
405,617
$1.07
$1,281,632
511.747
$1,360,304
$2,244,452
1,262,924
$3.33
$1.35
574,065
$1.51
—V. 151, p. 2501.
Jefferson Lake
Sulphur Co., Inc.—Earnings—
Calendar Years—
Net
income
before
1940
U.
S.
and
1938
$1,074,921
262,720
$1,528,685
203,450
$976,693
155,300
$812,201
98,948
349,570
578,953
2,236,672
come taxes
Provision for U. S. & State
1939
$1,325,235
262,992
465,291
651,269
$821,393
116,994
State
inc. taxes.
Dividends, preferred stock
Dividends, common stock..
Earned surplus, year's end
Net liquid position, at year's end
1,981,182
511,214
1,083,532
Balance Sheet Dec. 31, 1940
Assets—Cash, $1,904,656; accounts receivable (trade), $503,951; notes
accounts receivable
(officers and employees and others), $12,981;
and
inventories of sulphur and supplies, $245,933; investment, $14,850; fixed
assets, $772,641; treasury stock (46,317 shares of preferred stock and 21
shares of common stock at cost), $298,880; deferred items, $13,433; total,
$3,767,325.
Liabilities—Accounts
payable, $35,870; accrued expenses, $394,979;
$100,000; 7% cumulative preferred stock. $1,stock (25 cents par), $233,085; paid-in surplus, $340,278;
earned free surplus, $578,953; reserve for depletion, $271,150; total, $3,767,325.—V. 151, p. 2501.
reserve
for contingencies,
813,010;
common
dividend of 25 cents per share on the non¬
$25, and a dividend of $1 per share on the
a
voting common stock, par
shares, par $100, both payable March
founders'
March
14.
See also.—V.
'<
.
151,
p.
3748.
Month
5 Mos.
$113,358
charges
including
$479,406
$0.30
$1.25
Federal and
Earnings
per
share of common stock
Note—No provisions
have been made for Federal excess profits tax.—
Jones &
Laughlin Steel Corp. (& Subs.)—Earnings—
H. E. Lewis, Chairman, states in part:
The business of the corporation for 1940 improved
materially over that
of approximately
of the preceding year; operations were at the average rate
85% of steel ingot capacity as compared with an average operating rate of
60% for the year 1939.
Operations during the last half of 1940, at the
average rate of 94% of steel ingot capacity, were much better than the
first six months of the year, when operations averaged 76%.
The produc¬
tion of iron ore, limestone, pig iron and steel ingots exceeded that of any
previous year in the history of the corporation.
Operations for the year 1940, after the deduction of all expenses and
charges, including taxes, resulted in a net profit of $10,277,029, compared
with a net profit of $3,188,944 for the previous year.
Of the total net
profit earned for the year 1940, $7,000,773 resulted from operations during
the last six months of the year, as compared with $3,276,256 for the first
six months.
The better showing in the last half of the year was due prin¬
cipally to the increased volume of business with resultant lower costs and
to some improvement in prices realized from certain products.
The re¬
sults from operations in the year 1940 were the best for any year since 1929.
Rolled steel products sold and shipped during the year 1940 totaled
2,320,210 net tons and sales and earnings for the year amounted to $153,052,249.
This compares with 1,711,740 net tons sold and shipped and
$113,323,602 of sales and earnings for the previous year.
The total payroll for the year 1940 was $55,810,570, compared with
$44,491,746 for the previous year.
The average number of employees on
the payroll for the year 1940 was 32,187, compared with 27,307 employees
for the previous year.
The tax burden for the year 1940 amounted to $9,327,344 compared
with $5,797,715 for the year
1939, including Federal income taxes of
$3,155,992 in 1940 and $562,403 in 1939 and taxes for unemployment in¬
surance and old age benefits under the Federal Social Security Act and the
Federal Railroad Retirement Act of $2,107,088 for the year 1940 and
$1,750,047 in 1939.
The total taxes for the year 1940 amounted to 16.7%
of the total payroll as compared with 13.0% of the total payroll in 1939.
These taxes in 1940 took 47.6% of the net income before taxes and are
equivalent to $15.89 per share on the outstanding 7% cumulative preferred
stock, or to a full year's dividend on the 7 % cumulative preferred stock and
$9.05 per share on the outstanding common stock.
There was expended during the year 1940 for maintenance and replace¬
ments $17,788,097, compared with $14,245,828 for the previous year,
la* Net expenditures for capital additions and improvements during the
year 1940, completed or in progress at Dec. 31, 1940, excluding prepaid
royalties on ore, amounted to $10,132,866.
At Dec. 31, 1940 the unex¬
pended balance on uncompleted, authorized construction amounted to
approximately $3,100,000.
in June,
1940 certain property of the Hajoca Corp. in Philadelphia,
consisting of approximately seven acres of land upon which are erected
several buildings, was purchased for the location of a future warehouse
operation.
Corporation has a ten-year contract to supply the require¬
ments of steel products manufactured by it to the Hajoca Corp., which is
a large distributor of pipe and other steel products with stores serving the
Atlantic seaboard from Newark, N. J., to Tampa, Fla.
On Oct. 1, 1940 the corporation purchased from McKeesport Tin Plate
Corp. the latter's tin plate plant located at Port Vue, Allegheny County,
Pa., consisting of real estate, machinery, equipment and manufacturing
materials and supplies, together with the goodwill of the tin plate division
of McKeesport Tin Plate Corp.
At the present time this plant is not oper¬
ating, although studies are being made to determine its future use.
Cor¬
poration has a sales contract with McKeesport Tin Plate Corp. expiring
Oct. 1, 1958, covering 90% of the latter's requirements of tin, terne and
plate.
1940 the Gulf Coast Steel Barrel Co. was incorporated in
sale of steel barrels and drums
Texas.
The funds necessary to
and operate this plant were advanced by the corporation, which
*On Oct. 3,
Texas to engage in the manufacture and
at the plant constructed at Port Arthur,
construct
stock of Gulf.
1940, Frick-Reid Supply Corp. made arrangements with
instalment bank loan notes
maturing 1941 to 1950, inclusive.
The proceeds of these notes, together
with funds from its treasury, were used to redeem the $1,560,000 15-year
6% sinking fund gold debentures due June 1, 1943, and $3,375,000 4%
serial bank loan notes due 1941 to 1943.
Prior to the redemption of
these debentures and bank loan notes, $60,000 of the debentures had been re¬
deemed through the sinking fund operations and $675,000 of the 4% serial
bank loan notes had been prepaid.
AAA AAA
Under date of Jan. 14, 1941, a contract covering the sale of $28,W0,000
of first mortgage bonds series C, 3%%, due Jan. 1, 1961, at 97% ($27,370,000) plus accrued int. from Jan. 1, 1941, was entered into with an under¬
writing group headed by Mellon Securities Corp., and arrangements were
made with seven banks to borrow $14,000,000, evidenced by instalment
notes due Jan. 21, 1942-1948, bearing interest at 2%% per annum.
The funded and long-term debt of the corporation outstanding after the
sale of the series C bonds, the issuance of the instalment bank loan Botes
and the redemption of all the series A and B bonds and the Frick-Keia
On
the entire capital
May 31,
four banks for the issuance of $4,750,000 3%%
,
notes is as follows:
Jenkins Brothers—Dividends—
Directors have declared
after
—V. 152, p. 1284.
owns
Net income.
profit
State income taxes
black
[Formerly Jefferson Lake Oil Co., Inc.]
Co.—Earnings—
Period Endea Feb. 28, 1941—
Net
28 to holders of record
J* First mortgage bonds, series C, 3M%, 1961___
Instalment bank loan notes, 2%%, due Jan. 21, 1942-1948
Inter-State Iron Co.
purchase money mortgage
^28,000,000
^'999'on2
452, zuo
Payments on account of arrearages of dividends on the 7% cumulative
referred stock of $4 per share and amounting to $2,348,o5b were made
Volume
during the
The Commercial & Financial Chronicle
152
1940.
year
$45 per share,
Dividends in
arrears
at Dec.
31, 1940 amounted to
$26,421,255.
or
1940
:
1
$
153.052,249 113,323,602
Mfg. A producing costs & eper. exps_117,121,0^6
89,817,233
Taxes, other than Fed. inc. taxes
6,171,352
5,235,312
Selling & administrative expenses
6,856,873
6,268,983
Profit from operations
Total
22,902,938
1,159,649
24.062,587
8,091,147
447,448
13,077.666
6,711,439
326,060
2,239,056
562,403
2,258,262
5,788,406
183,473
2,058,211
66.342
8,177
charts
Provision for Federal income taxes.
49,764
41,788
2,082,794
_
_
Minority interest in profits of subsidi¬
aries
consolidated
__
Profit for the year
10,277,099
2,348,556
Preferred dividends
Earnings
per share on common
1,342,930
915,332
1,075,592
3,155,992
——_
Provision for depreciation
Provision for depletion.
Interest
75,410,901
63,705,221
4,313,110
6,049,640
12,002,074
.....
income
3,188,9441oss5,879,958
"Nil""
$10.70
...
"Nil"
Note—^The foregoing consolidated statement of income does not reflect
corporation's proportion of the decrease in equity in subsidiaries not con^
of
,amounting to $8,925 in 1940. $16,409 in 1939 and
an
$62 in 1938.
increase
Consolidated Statement of Surplus
Pp^^%^esti.nsub^SonsoL-r-
59,319
Recovery of exps. charged to organiz.
expenses prior to Jan. 1, 1923
Balance end of year
135,643
7,143
Surplus—
Balance beginning of year
$17,529,654 $14,574,661 $20,356,447
10,277,029
3,188,9441oss5,879,958
Profit for year...
Total.-------------------*27,806,683 $17,763,605 $14,476,489
of moving, changing and dis¬
mantling existing plant, &c
142,344
Cost
retirement of fixed assets
on
standing 6% junior preferred stock.
The company proposes to offer to the holders of its outstanding 7% pre
ferred stock and 6% junior preferred stock the privilege of exchanging thei
shares for the new 5% preferred stock with a cash adjustment for the dif
ference between the redemption price of the shares now outstanding and the
initial public offering price of the new 5% preferred stock.
Shares not
taken under the exchange offer are proposed to be offered publicly by
Central Republic Co. and other underwriters.
The voting rights proposed to be accorded the 5% preferred stock to be
issued will have the effect, in certain contingencies, of decreasing the voting
power of the shares of common stock of the company now outstanding.
—y. 152, p. 1594.
.
.
Kansas City Southern
Period End. Feb. 28—
Railway
Railway
Net
Ry.—-Earnings-
49,311
200,000
Approp. for pensions payable
100 795
$2,576,813
1,600,334
$2,339,685
1,468,004
$428,235
98,000
$976,478
220,000
$871,680
196,000
$379,120
$330,235
$756,478
57,301
rev.
$1,136,457
708,222
$489,120
110,000
45,601
114,206
7,678
oper. expenses.
14,535
16.070
$276,956
$627,737
$566,694
fr. ry. opers.
Railway tax accruals
Railway oper. income.
Equipment
rents
(net
_
Joint facility rents,
debit
Net ry. oper. income.
—V. 152, p.
a
V
of carrying value of certain
to the lower of cost or
quoted market prices....
$313,255
Dr81,375
326
$2,381,793
6,956
35,964
$2,707,681
400,470
201,730
108,433
506,295
130,315
61,500
$2,315,353
269,859
189,738
106,199
523,456
120,195
35,528
$2,424,713
$1,421,938
342,752
$1,141,433
247,222
$1,283,675
285,663
$894,211
15,465
$1,060,921
33,040
$2,248,133
Ry. oper. revenue.
Maint. of way & struct.
177,566
Maint. of equipment
148,570
105.705
-
488,087
134.966
__
32,651
Transp. for invest.—Cr.
292.504
187,368
108,521
530.436
116,855
94,646
90,625
Railway tax accruals—
49,219
securities not now required_
Adjustments
Adjust, of accr'l for taxes of prior yrs.
Excess of principal amount of bonds
acquired or called for redemption
a
Total oper. income
Other oper. income
$940,226
16,910
$1,079,186
41,891
Gross oper. income...
Deducts, from gross inc.
$957,136
222,844
$1,121,078
256,169
$909,676
217.633
$1,076,683
244,643
Net oper. income.._.
Non-operating income.-
$734,291
$864,909
42,059
$692,043
41,950
$832,040
39.029
$/<3,320
$906,968
$733,993
$877,508
486,291
1
222,754
15,762
49,500
cost thereof
over
Dr48,750
1937
327
$2,272,340
5,640
37,373
$1,225,889
against sundry
reserve
1938
327
$2,670,561
4,908
32,212
All other oper. revenues.
Traffic expenses.
Ry.—Annual Report—
1939
Calendar Years—
1940
Avge. miles of road oper.
327
Freight revenues.
$2,210,307
Passenger revenues
4,786
securities
Reduction of
92,916
1285.
Transportation expenses
$27,664,339 $17,514,294 $14,375,694
$675,680
,
net
General
Adjust,
1941—2 Mos.—1940
1941—Month—1940
$1,272,539
783,418
oper. revenues.
Kansas Oklahoma & Gulf
99,999
$31,010,055 $30,850,737 $30,715,094
Jsarned
ceeds therefrom, together with other moneys of the company, to the re¬
demption of $2,000,500 outstanding 7% preferred stock, and $644,900 out¬
debit)
Cai%Z<Ym1940
1939
1938
gtX7Sa?ia^Kr^ctto£Vf,3°'850'737 $3°'715'094 ,3°'707'95^
Loss
subsidiary of The Middle Wes
a registered holding company, pursuant to authorization by the
Kansas State Corporation Commission, proposes to issue and sell 26,450
shares of 5% preferred stock cumulative (par $100), and to apply the pro¬
1938
$
1939
■
Gross Mies and earnings
Other income.
The Kansas Electric Power Co., a direct
Corp.,
Consolidated Income Account for Calendar Years
1
1921
16,529
63,692
58,550
901
418
573
Balance..
$28,136,185 $17,529,654
Dividends paid on preferred stock.__
2,348,556
$14,574,661
Minority interest in surplus adjust¬
ments of sub. consolidated-
..
.
Balance end of year
Interest
...$25,787,629 $17,529,654 $14,574,661
Of
depreciation provisions and property additions for the
and 1937, arising from settlement of Federal inclome taxes.
a
Gross income
years
1936
on
...
45,468
J
1st mortgage
281,146
244,515
245,722
239,716
$492,174
$488,270
474,038
$662,453
531,492
387.857
$637,792
531,488
$18,136
$130,961
$100,413
$106,304
bonds, &c
Net income
Dividends paid
Comparative Consolidated Balance Sheet Dec. 31
.
A
y
1940
j
?/*/<?
cp
Cash—.
15,426,720
17,226,475
47,743,025
...
Notes and accounts receivable
...
Inventories........
....
Real estate sales contracts,
Balance
1939
CP
General Balance Sheet Dec. 31
11,522,485
14,884,884
43,794,715
long-term receivables
$
Assets—
2,508,237
3,067,679
311,875
398,750
companies.
466,3^3
631,232
Investments in and advances to subsidiaries
733,328
732,878
Land, plants, mineral reserves, steamships, rolling
stock, Ac
153,985,330 153.653,162
Deferred charges.
2,076,709
2,179,514
ore
$
...
240,478,022 230,865,299
Liabilities—
Accounts pavable, trade
Accrued liabilities—Payrolls..
5,680,635
2,028,109
380,326
3,8^3,058
3,405,996
675,507
Interest
Taxes—Other than Federal income taxes......
Federal income taxes
Other
Advance collections
Accident
within
on
sales contracts
compensation
and
one year.
549,191
Cash....
._
subsidiary consolidated
...
■
....
Capital surplus
Earned surplus....
Mat'ls & supplies.
1,444,624
2,043,546
561,480
1,289,118
45,408,935
2,691,000
1,432,709
2,043,546
208,621
58,713,900
57,632,000
30,850,737
17,529,654
.
240,478,022 230,865,299
—
(& Sub.)—Earnings—
Net sales
Net
profit after all charges
Earnings per share on capital stock
—V. 152, p. 268.
Kansas City Power &
....
$6,731,156
49,490
$0.16
1941—12 Mos.—1940
$1,494,280 $17,100,474 $16,487,289
(inc. main¬
exps.
770,288
Net earnings...
Interest
charges.-.
—-
Amort, of disc. & prem.
Depreciation
Amort,
— ..
of limited
707,240
8,207,358
7,958,274
$831,552
119,865
8,540
182,305
$787,039
120,630
8,540
$8,893,116
1,443.034
102,478
$8,529,014
1,438,783
102,478
177,686
2,152,521
2,119,020
114.335
1,562
5,489
109.054
19,372
67,085
1.308 401
19,103
66,024
895,428
$399,255
$364,074
$3,800,223
$3,888,176
$0.72
$0.66
$6.78
$6.95
term
_
1,569'
5,680
investments.
Miscel. income deduct'ns
Fed. and State inc. taxes
Net
Earns,
mon
profit
—
share
per
after
inc.
comtax
in the above for Federal excess profits
1941.—V. 152, p. 1755.
Note—No provision has been made
taxes,
if any, for the year
Kansas
Electric
Power
Co.—New
Preferred
Issue
to
Refund Existing Issues—
March 20 permitted to become effective the application and
declaration of the company filed pursuant to the Public Utility Holding
Company Act of 1935, regarding the following:
The SEC
on
133,634
4,674,000
198,000
Current liabilities.
32,170
201",476
241,663
302,466
300,658
366,590
Accrd. depreciation
Other unadj. cred.
Corporate
290,974
49,437
60,149
s'urplus. 2,044,110
2,068,909
19,168,880 19,496,919
Total...
19,168,880 19,496,919
Total
152, p. 1437.
Kansas Pipe
Line & Gas Co.—Acquisition—
This company and Nebraska Natural Gas Co. have filed an application
the Federal Power Commission for a certificate of convenience and
with
necessity authorizing the Kansas company to purchase and operate all of
propei ties now owned by the Nebraska company.
Purchase price,
according to an agreement filed as part of the application, is $1,700,000.
Merged company will be known as Kansas-Nebraska Natural Gas Co., Inc.
—V. 152, p. 1285.
the
Kaufmann
Department Stores, Inc.—Earnings—
Calendar Years—
JJ§9
12^0,™
......
................. _
Net income after all charges.
.$27,271,860 $25,103,801
1,418,778
1,243,517
$2.07
$1.66
— .. .—...
1594.
Corp. (& Subs.)—Earnings-
Kennecott Copper
1938
1937
$
%
89,061,386 138.853,644
1939
$
1940
$
Calendar Years—
Sales of metal and metal
--.167,098,085 127,009,387
products
and taxes
43,837,330i
Shs. cap. stk. outst'g— 10,821,653
Earnings per share.--..
$4.05
—V. 152, P.1285.
Years Ended Dec. 31—
22,689,660
10,821.653
33,947,443
10,821,653
$3.14
Keystone Public Service Co. (&
tenance and gen. prop¬
erty tax)
133,634
4,674,000
Net inc. after all charges
$1,601,841
Gross earnings
588,104
Light Co.—Earnings—
1941—Month—1940
Period End. Jan. 31—
1939
$1.96
:
1940
$8,158,248
Calendar Years—
for
Res. for taxes
40,264
unadjust. debits
—V. 152, P.
Kalamazoo Stove & Furnace Co.
281,700
5,745,400
2,605,000
4% serial notes
Earnings per share of common stock
—V. 152, p. 1755.
Oper.
liability
conversion
First mtge. bonds.
&
Net sales.
Total...
Stock
9,253
180,218
12.595
184,933
-V.
45,449
58,713,900
57,632,000
31,010,055
25,787,629
Fire insurance reserves...
Reserve for contingencies
Minority interest in capital stock and surplus of
833,243
855,514
526.171
Other investments
419,933
payable
Funded and long-term debt pay. within one year..
975,118
Funded and long-term debt—
—42,224,118
Accident compensation and pensions payable
2,693,000
6% non-cumul..
281,700
C,
6% non-cumul.. 5,745,400
Preferred stock
2,605,000
Pref. stock, ser
1,688,787
3,250,092
947,776
510,347
1,345,761
pensions
7 % cumulative preferred stock.
Common stock
5.688.064
21,175
855,748
23,872
property
assets
$
2,831,100
Pref. stock, ser. B,
on
miscell. physical
Deferred
"
S
6% cumulative. 2,831,100
leased prop, and
Other curr. assets.
Total
Liabilities—
Pref. stock, ser. A,
Investments: Road
Improvements
1939
1940
1939
equip.& gen.exp.17,525,529 17,565,112
and sundry securities
Investments in other corporations
Invest, in & advances to associated
1940
$2.10
Subs.)- -Earnings1939
9«q $1,397,591
*on
•$1,420,468
Operating revenues
Operating expenses
Electricity purchased for resale
Maintenance
-
Federal income taxes.......
505,183
—
62.174
116,394
80,290
7,900
.
—-
Provision for retirements....
-
-
...
Federal excess profits taxes
Other taxes.
long-term debt.
■—
Amortization of debt discount and expense.....
Interest charged to
construction (Cr)
Net income.
—
Dividends on preferred stock
— -
x
Preliminary.—V. 151, p. 2945.
47,800
107,315
$405,437
45,681
$469,890
210,609
6,756
6,611
3,382
$451,119
202,636
6,749
6,372
$249,295
Gross income
Interest on
63.361
$426,642
43,248
——
Other interest
551,956
115,239
76,482
110,910
$235,361
33,429
—
Operating income.
(net)..
Other income
49,822,394
10,821,652
$4.60
33.429
—
.
The Commercial & Financial Chronicle
1922
Kendall Co.
Lane-Wells
(& Subs.)—Earnings—
March 22, 1941
Co.—Earnings—v'.
1939
1940
Calendar Years—
Calendar Years—
1940
1939
1938
Net sales
——$25,459,650 $24,886,546 $21,598,338
Net profit after all charges and taxes.
869,834
934,043
98,166
Net profit after taxes and charges—
—V. 152. P.1132.
1938
—V. 152, p. 1437.
—
Earnings
per common
1940
$29,322,195
23,609,948
Cost of sales
Operating profit
Depreciation
-
4
57,3,047
.
$3,561,857
353,547
832,741
Total income
Bond interest
Estimated Federal taxes
Net Income after taxes
Net loss
owned
$2,375,569
Bonifas Lumber Co.
of William
subsidiary).
estimated
72,080
24,528
,
profit
...
stock
a
Including
.....
b Based
$167,000 excess profits tax.
488,173 shares.
on
Kingston Products Corp. (& Subs.)-
-Earnings—•
1940 '
$7,747
p.
a
including minority interest.,
Leland Electric
1939
V
Loss.—V. 151, p. 3092.
1940
1939
$119,686
$2.74
—
—
$102,205
$2.35
Corp.—Earnings—
1940
1939
$42,499,001 $40,500,217
Years Ended Jan. 31—
8 ales.
-
Net profit after charges
1,415,806
$318
and taxes
share on common
1595.
1,535,318
$3.48
(The) Le Roi Co.—20-Cent Dividend—
declared an initial dividend of 50 cents per share on
stock, payable March 1 to holders of record Jan. 25.—V. 149,
2517.
x
Years Ended Dec. 31—
Earnings per
—V. 152, p.
_
Co.—Earnings/—
Net income after all charges
have
common
1940,
$756,955 x$1,548,180
After all charges
Lerner Stores
Kinney Mfg. Co.—Indial Dividend—
Directors
less30«.510
mm
(& Subs.)—Earnings—
Years Ended Dec. 31—
1939
161,373
$0.12
Nil
Earnings per share of common stock
—V. 151, p. 2945.
the
1
Net income
Earnings per share on capital stock
—V. 152, p. 1438.
—V. 151, p. 3241.
Years Ended Dec. 31—
Net profit after all charges
loss46.815
rlin
.
Ik Lehigh Valley Coal Corp.
$1,681,181
$3.44
-
b Profit per share
18,674
1,101,854
—V. 151. t>. 3564.
597,780
preferred stock
on
1940
1939
1938
1937
$23,181,586 $22,016,867 $19,618,929 $20,324,600
Calendar Years—
Gross earnings
$2,278,961
....
on common
3893.
Net inc. after all charges
and taxes
a
Net income
Net
p.
Lehigh Coal & Navigation Co. (& Subs.)—Earnings—
(wholly-
North Star Timber Co. (60% of loss)
Provision for dividends
151.
1,218
$71,163
$2,988,810
Other income
a
1,456
...
Net loss
—V.
Profit from operations.
$18,297
$8,242
$54,260
Federal income taxes
$5,712,246
2,723,436
.
General and selling expense....
1939
$35,704
88,508
3 Months Ended Dec. 31—
Earnings for the 12 Months Ended Dec. 31, 1940
Net sales (exclusive of fnterplant sales)
profit
$473,489
$1.31
Lefcourt Realty Corp.—Earnings—
Kimberly-Clark Corp.—Earnings—
Gross
$428,769
$1.19
$605,977
$1.68
share
Directors have declared a dividend of 20 cents per share on the cammon
stock, payable April
10 to holders of record March 29.
Dividend #f 50
paid on Dec. 23, last, and 25 cents paid on July 15, 1939, this latter
being the first dividend paid since Dec. 24, 1937 when a distribution of
50 cents per share was made.—V. 151, p. 3565.
cents
Koppers Co. (&
Subs.)^— Earnings—
Calendar Years—
Sales and
1939
1940
revenues
Net profit after all charges
& taxes..
1938
$55,633,086 $51,424,975 $47,253,764
3,934,832
2,374,650
1,224,753
Lessings, Inc.—Earnings—
1940
$330,883
and general expenses.
Other charges
Provision for State and
y325,548
y329,851
C'rl,767
GY3.003
—
Laclede Steel Co.—Common Dividend—
Directors have declared
dividend of 15 cents per share on the common
a
$20, payable March 31
dends of 80 cents paid on Dec. 31,
and March 30, 1940: 55 cents paid
of the four preceding quarters; 65
dends of 15 cents paid in each of
stock,
par
to holders of record March 18.
Divi¬
last; 15 cents paid on Sept. 30, June 29
on Dec. 27, 1939; 15 cents paid in each
cents paid on Dec. 12, 1938, and divi¬
Directors have declared
a
20, 1939; 3 cents on Sept. 30; 2 cents on June 30 and
1939, and 3 cents on Dec. 22 and Sept. 30, 1938.—V. 151,
31,
p. 3749.
Co.—Earnings—
per
1939
$365,475
$1.09
...
share of common stock
$5,353
Nil
—V. 151, P. 990.
Lambert Co.
y
—
(& Subs.)—Earnings-—
Earnings
per
1939
1938
1937
$1,261,836
$1.69
$1,277,798
$1.71
$1,152,187
$1.54
1940
Calendar Years—
Net profit
$1,173,054
$1.57
share—
After depreciation and taxes,
—V. 151, p. 2649.
x
y
1940
1939
$4,286,652
2,766,018
351,538
1938
$3,392,744
2,546,218
220,961
1937
$3,689,201
2,835,402
162,241
$1,147,569
201,472
22,394
$1,169,096
211,666
22,646
$625,565
181,429
24,193
$691,558
178,082
31,826
$1,371,435
Joint facility rents, &c-151,761
$1,403,408
145,438
$831,187
101,013
"
$39,288
86,443
Nil
-----
$45,378
90,000
$0.03
$55,826
90.000
$0.20
366,229
30,015
369,578
22,798
oper.
income.
x No provision is required for Federal surtax on undistributed profits*
Includes depreciation on fixed assets of $7,748 in 1940, $9,558 i* 1939
$10,402 in 1938.
Balance Sheet Dec. 31, 1940
demand deposit & on hand, $39,741; notes receivable,
from sale of store fixtures, $700; accounts receivable, trade, $73; inventories,
Assets—Cash
on
$11,110; notes receivable, $600; prepaid expenses, $3,978; fixed assets,
$77,993; goodwill, $1; total, $134,197.
Liabilities—Accounts payable, $11,445; accrued expenses, $4,706; reserve
for Federal and State taxes on income and capital, $1,850; capital stock
(par $1),
85,423; earned surplus, $30,772; total, $134,197.—V. 152,
employees retirement plan, as a supplement to the Federal Social
Security system, was approved on March 10 by more than 99% of the voters
of all classes of stock at the annual meeting of stockholders of this company.
Eligible for participation in the plan are employees who are 35 and who
have completed at least 15 years of service.
at the normal retirement date will
Those receiving $3,000 a yeai or less on Jan. 1,
may
become contributing participants.
Effective on Jan. 1, 1947, the retirement, age
—V. 152, P. 682.
_
deductions
344,777
30,854
.
..
372,786
30,333
(&
"'Calendar Years^ ~
Sales....
on
Net income
$844,043
Dividends
$337,798
84,404
612,000
86,173
476,000
33,780
68,000
$299,554
$236,018
$276,650
$382,944
...
68,000
1940
Inv. In road&eq..21
1939
$
Assets—
%
,516,013 21,379,097
Sinking funds
778
5,000
35,772
102,848
1,038,109
Other Investments
1 ,146,502
—
Special deposits...
1939
■■
Capital stock
6 ,800,000
Campbell Hall Con¬
nects RR. mi¬
of construction
.
Fund
.
debt unmat.
208,155
247,955
Sundrydebits
Excess profits tax
83,882
55,872
from
3,100
$4,004,157
262,441
254,340
281,358
313,250
$2,364,980
187,182
y61,231
$1,435,762
133,173
$4,317,407
263,863
382,063
196,549
x821,171
1,446
—•—
421,410
Net profit
$2,514,381
206,700
1,368,924
20,609
8,953,000
9,145,276
$1,106,041
263,023
1,013,360
$3,232,373
211,838
2,026,719
$501,883 def$170,342
$2.23
$1.33
$993,816
$4.47
$1,733,059
206,705
1,024,471
3,100
90,304
>
346,392
274,324
146,376
Misc. accts. pay
Int. mat'd unpaids
142,752
11,720
26,450
..
22.639,683
$1,154,404
—
Preferred dividends
Common dividends
payable..
payable
Federaltaxes....
6,800,000
Traffic & car-serv.
wages
17,363,679
$2,110,640
$4,085,717
193,880
34,270
921,775
Total income-—
Surplus
12,468
agents & cond'rs
Misc. accts. rec'le.
Mat'ls & supplies.
28,297
438,276
23,008
Unmat'dint. accr.
450,935
Other curr. liabs..
39,916
Int. & diva, rec'le.
191
236
Deferred liabilities
475,393
24,554
5,276
Other curr. assets.
22
106
Tax
388,849
44,496
39,165
31,447
11,658
40,000
48,683
$3.37
Includes $113,000 provision for Federal surtax on undistributed profits,
y Unrealized loss arising from fluctuations of Canadian exchange rates.
x
—V.
151,
p.
3400.
Lion Oil Refining
Co.—Earnings—
r Calendar Years—
1940
1939
~
1938
1937
$10,777,760 $10,831,474 $11,329,784 $10,555,066
5,834,506
6,193,552
6,546,058
6,341,412
&c___
2,162,273
2,077,207
2,196.137
1,906,566
257,696
Deferred assets...
$938,757
Earns.per sh.on com.stk.
Audited accts. and
vice bals.receiv.
20,839,341
$
Govt, grants in aid
balance
712,500
car ser¬
rec.
$
nority interest.
cos
Cash——
37,113
5,000
35,102
92,048
prop. sold.
Inv. in affll.
621
37,108
Misc., phys. prop.
Dep. in lieu of mtg.
1940
Liabilities—
mm
24,817,067
Divs. paid on pref. stock
of Speeder Mach.Corp.
Consolidated Balance Sheet Dec. 31
of all employees will be 65.
.
$3,823,276
Unrealized loss.
Income balance
;
Subs.)—Earnings—^3
Other income—.—
38,294
$147,639
—
$861,727
m
1940
1939'i
1938
1936
.$28,640,342 $22,949,981 $18,518,084 $26,643,840
Cost of sales.incl. deprec.
Operating profit
Income applied to sink¬
ing & other res. funds.
1941, automatically become
$3,000 a year
non-contributing participants; those receiving in excess of
Link Belt Co.
Total interest accrued
funded debt
p.^124.
Liggett & Myers Tobacco Co.—Retirement Plan Approved
$901,466
115,403
Railway
Equipment, rents, &c—
Other income
Net bal.
13,500
4,409
228
55,179
and
On 746,371 shares of capital stock.—
Lehigh & New England RR .—Annual Report—
Calendar Years—
Traffic and
$73,826
18,000
An
Railway oper. revenues. $4,427,029
Railway oper. expenses.
2,779,450
Railway tax accruals,&c.
500,009
Other
$58,878
$30,772
85,423
$0.06
Balance, Dec. 31
Shs.cap.Btk.out.(par $1)
Earnings per share
y
1940
Years Ended Dec. 31—
Net profit after all charges
x
$43,925
.
Lamson & Sessions
Earnings
x4,401
$18,646
970
common
Dec.
on
March
1,786
$3,052
55,826
Miscell. deductions
the
on
_
835
$44,630
12,888
share
355,514
Cr2,496
loss$l,452
45,378
Total surplus-—
Dividends paid-
per
y337,536
Cr2,365
1,760
Co.—Two-Cent Dividend—
dividend of two cents
1937
$376,066
$5,342
39,288
.
the three preceding quarters.—V. 151,
stock, payable March 31, to holders of record March 20.
This compares
with 8 cents paid on Dec. 24, last, 3 cents on June 29 and March 30, 1940;
4 cents
Federaltaxes
1938
$340,009
_
Operating profit.....
Previous surplus
p .13748.
Lava Cap Gold Mining
1939
$326,230
Years End. Dec. 31—
Sales
Cost of sales, operating
—V. 152, P. 1285.
Rents & insurance
premiums
on
Prem.
fund. dt.
on
Insur. and casualty
paid
reserves
in advance
Discount
liability
72,824
26,590
81,771
460
2,504
107,109
114,217
Oth. unadj. credits
48,057
87,874
Add'ns to property
fund¬
ed debt.
Other unadj. debits
Accrued
deprec.—
equipment
3,509,687
57,555
3,379,469
104,383
48,905
Adm. & gen. exp.,
Balance
$2,560,715
93,796
$2,587,589
121,941
80,293
$3,117,378
Res. for depr.& depl., &c
1,692.605
Interest payable, &c
304,672
Federal and State taxes.
663,227
$2,654,511
1,639,943
348,995
13,221
$2,709,530
1,316,741
271,191
193,903
$2,387,382
1,074,693
164,574
al90.610
Drl5,2l2
2>rl2,170
$912,483
434.847
$2.10
$945,335
640.149
$2.17
r
through
cos.
of
240,626
reserve.
Profit and loss....
of sub.
applicable to int.
minority common
stockholders
income
and surplus
Total income..
A int. of net inc.
Fund, debt retired
Sink, fund
85,182
3,135,523
154,610
86,794
2,992,260
Net profit
Dividends paid
Earns, per sh.on com.stk
Total..
24,503,999 23,620,431
-V. 152, p. 1595.
Total..
....24,503,999 23,620,431
$2,307,089
$2,780,981
336,397
Miscellaneous income...
48,905
through inc. and
surplus.....
Gross oper. income
Cost of sales
N
p.
a
Includes-$5,*260
3242.
$456,873
435.049
$1.05
Federal
surtax
$652,352
434,989
$1.50
on
undistributed
profits.—V.
151,
The Commercial & Financial Chronicle
Volume 152
Lone Star Gas Corp.
Calendar Years—
Operating revenues
Operating expenses
Magazine Repeating Razor Co.—Accumulated Dividend
Subs.)—Earnings—
1940
1939
Directors
1937
1938
$22,378,903 $20,447,894 $19,546,198 $21,045,799
11,197,085
11,083,171
10,495,910
10,432,528
Operating income
$11,181,827
1,015,315
Other income.
$9,364,723
$9,050,287 $10,613,271
911,673
1,050,376
1,211,240
$9,961,960 $11,663,647
1,255,054
1,494,882
$12,197,142 $10,575,962
x
1,044,743
1,138,396
Deprec. and depletion..
3,206,513
3,259,727
2.755,911
2,747,977
(estimated)
1,491,661
774,600
640,832
493
368
6,058
$5,402,871
$5,304,104
$6,820,788
Includes
and other non-operating de¬
ductions.
of Subsidiary—
Corporation has filed with the Securities and Exchange Commission an
(File 70-272) regarding the proposed sale of $206,500 of 6%
gold bonds, due Jan. 1, 1949, of its subsidiary. Northwest Cities
According to the application, Northwest Cities Gas Co. defaulted
in interest payments due on the bonds on or about Jan. 1, 1938, and a pro¬
ceeding for the reorganization of the company is now pending in the U. S.
Lone Star Gas Corp. proposes to sell the bonds to Ban A. Bywaters for
$5,0C0, subject to the right of Northwest Cities Gas Co. or any company
that may succeed it as a result of reorganization to purchase the bonds from
Mr. Bywaters at a price of $5,000 cash plus interest at the rate of 6% per
annum and an escrow fee not to exceed $100.
The option to purchase the bonds by Northwest Cities Gas Co. or a
successor
par
Mandel Brothers, Inc.—Earnings—
Net sales,
Is to continue for one
company
from the date Mr. Bywaters
year
1939
1938
$17,798,545 $19,377,722
1940
1941
$18,506,099 $18,089,250
Net profit after all chgs.
and taxes
269,128
$0.99
application
District Court for the Eastern District of Washington. Southern Division.
256,208
$0.86
'
Manning, Maxwell & Moore, Inc.—25-Cent Dividend—
Directors have declared
a
dividend of 25 cents per share on the common
of
12lA cents in addition to regular quarterly dividend of 12% cents per
was paid on July 3, last.—V. 151, p. 3894.
share
Mapes Consolidated Mfg. Co. (& Subs.)—Earnings—
Net profit after charges and taxes
Earnings per share
—V. 151, p. 3401.
of 20
dividend
a
cents
on
the common stock
par $10, payable April 15 to holders of record March 31.
Dividend of
30 cents was paid on Dec. 23, last; 20 cents paid in each of the three pre¬
ceding quarters; special of 20 cents and regular of 20 cents paid on Dec. 20,
1939; dividend of 20 cents paid on Oct. 2, and on June 24. 1939, and regular
quarterly dividend of 15 cents paid on April 1, 1939.—V. 152, p. 1133.
Maracaibo Oil
Exploration Corp.—Earnings—
1940
1939
1938
$1,190,805
512,200
$1.93
and taxes.
Com.8tk.outst. (par $25)
Earnings per share
—V. 151, p. 2945.
$1,084,066
520,000
$1.69
$988,074
520,000
$1.50
;?=
per
share
Louisiana Power & Light
$733,593
520,000
$1.01
67,170
$189,307
1,650
$203,204
658
$1,935,112
12,524
$2,012,349
11,017
$190,957
$203,862
72,947
6,259
$1,947,636
$2,023,366
72,928
7,041
875,210
—...
Cr805
Crl,114
875,420
82,595
Cr4,030
$125,461
$992,926
356,532
Net oper. revenues...
$3.27
$2.94
$1.79
$3.50
1937
1940
1939
1938
$30,663,337 $24,169,468 $12,417,417
9,350,484
18,840,929
21,595,950
3,066,932
5,328,539
9,067,387
$7,839,356
6,252,490
1,586,866
x$4.94
442,008
1,144,858
$1.32
share of stock for 1940 were $4.94, after riving effect
the 1941 amendments to the excess profits tax.—V. 151, p. 3894.
x
to
_
717,577
2,349.355
$2.15
1,217,933
4,110,605
$3.75
3.642.897
5,424,489
charges.
after all chges
Earnings per share
Net profit
The earnings per
774,685
Massachusetts
Other income (net)
$807,740
(Glenn L.) Martin Co. (& Subs.)—Earnings
$1,069,381
356,532
69,685
1937
$423,399
on
Calendar Years—
taxes & other
4,021,559
950,386
res. approp.
1938
$674,958
Federal and State income
$7,758,979
$8,261,513
391,915
92,812
1939
$741,883
stock
Operating profit
4,350,735
1,166,153
809,513
382,463
105,603
taxes
Direct taxes
Machine Co. (& Subs.)—Earns.
1940
Net sales
1941—12 Mos.—1940
$755,101
$747,058
Operating re venues
Oper. exps., excl. direct
$11,131
$0.03
—V. 151, p. 3894.
1937
Co.—Earnings—
1941—Month—1940
1939
$13,950
$0.04
.
Marchant Calculating
Calendar Years—
Net profit after all chges.
and taxes
Cost of sales
Period End. Jan. 31—
Prop, retire,
Earnings per share on common
—V. 151, p. 2804.
common
1940
$406,019
$3.21
$355,492
$2.81
.
on common
Calendar Years—
Earnings
Loose-Wiles Biscuit Co.—Earnings—
Calendar Years—
Net income after all chgs.
1939
1940
Calendar Years—
Net profit after charges and taxes
Directors have declared
413,925
$1.39
144,536
$0.49
151, p.3749.
stock, payable April 2 to holders of record March 31.
Dividend of 17H
cents paid on Dec. 26, last; 25 cents paid on Oct. 3, last, and extra dividend
effects the purchase of the bonds from Lone Star Gas Corp.
If the option is
not exercised within the one-year period, Mr. Bywaters will own the bonds
without any condition or qualification.—V. 152, p. 1755.
Loomig-Sayles Second Fund, Inc.—20-Cent Dividend—
share on account of
per
a dividend of $7.50 per share on the common
$50, payable April 1 to holders of record March 24.
This com¬
$15 paid on Dec. 30, last; dividends of $7.50 paid on Oct. 1,
July 1, and April 1, 1940; dividend of $15 paid on Dec. 29, 1939; $7.50
on Oct. 2, 1930; $6.25 on July 1, 1939, and $4 per share paid on April 10,
1939.—V. 151, p. 3565.
—V.
1st mtge.
Gas Co.
of $1.25
pares with
Earns, per sh. on cap.stk
interest, amortization charges
To Sell Bonds
dividend
Mahoning Coal RR.—$750 Dividend—
Years Ended Jan. 31—
Net income....
x
a
Directors have declared
8,022
$6,453,731
come taxes
declared
the preferred stock, payable March 27 to holders of record
151, p. 3749.
on
March 20.—V.
591,978
Min. mt. in net mc.ofsub
Provision for Federal in¬
have
accumulations
stock,
Gross income.
Income charges
1923
Fund,
Second
Investors
Inc.—Net
Value—
Asset
net assets of $6,704,390 based on market value of
close of the first quarter of the present
This was equivalent to $8.12 per share on 825,647 shares out¬
standing and compared with to.al net assets of $7,172,541, equal to $8.66
per share, on the shares outstanding on Dec. 31, 1940.—V. 152, p. 684.
The company reports
Grossincome
Int.
mtge. bonds
Other int. & deductions.
on
Int. chgd. to
construct'n
$110,988
NetiMCome...
Divs. applic. to
80,614
pref. stock for the period
$712,849
$636,394
Balance
Note—Includes
in
the
months
12
ended
Jan.
31,
provision
1941,
of
$42,205 fer Federal excess profits tax applicable prior to Jan. 1, 1941, but
includes no subsequent provision for such tax since no excess profits are
indicated.—V. 152, p. 1438.
Lynch Corp.—Earnings—
Earnings for Year Ended Dec. 31, 1940
$1,988,625
Gross sales
Net
profit after all charges and taxes..
—V. 151, p. 3092.
McCraw Electric
_
290,846
Co.—Earnings—
1940
1939
$1,454,933
$3.08
$1,413,182
$2.99
Calendar Years—
and taxes
Earnings per share
—V. 151, p. 3565.
Net after charges
1938
$891,858
$1.88
securities held on Feb. 28, 1941, the
fiscal year.
Massachusetts
Power
Associates—Plan
Light
&
to
Simplify Structure Filed With SEC—
The company and its parent company, New England Power Association,
have filed with the Securities and Exchange Commission a plan for capital
simplification of Massachusetts Power & Light Associates under whi<n it is
proposed to effect an all common stock capitalization.
In its proceedings
against the International Hydro Electric System the Securities and Ex¬
change Commission had alleged among other things that tne corporate
structure of Massachusetts Power & Light Associates unnecessarily com¬
plicates the structure of International Hydro and unfairly and inequitably
distributes voting power among security holders of International.
In the Massachusetts Power & Light plan holders of the $2 preferred
stock would receive share for snare in new common stock.
The $2 second preferred would receive three new common shares for
each 10 shares of second preferred and rights to subscribe to new common
at $20 per share in the ratio of one share for each six of second preferred.
Present outstanding common would be canceled, the holders of such shares
other than New England Power Association, to receive rights to subscribe
to new common at $20 per share in the ratio of one new share for each 50
of old
common.
of outstanding open account indebtedness to New England Power
Massachusetts Power & Light would issue new
share for each $20 of indebtedness.
If prior to simpli¬
fication of Massachusetts Power & Light the secured notes of North Boston
In place
McKesson & Robbins,
Inc.—Sales—
Association of $1,360,000,
6.38% over
sales in the like period of 1940, according to preliminary figures released
on March
17 by William J. Wardall, trustee.
Total sales for the month
were $12,621,239, compared with $11,863,825 the previous year.
Sales ef the drugs and sundries department showed a comparative in¬
crease ef 7.02%
over Feb.,
1940, being $9,351,263 against $8,737,948.
Wine and liquor department sales of $3,269,976 were 4.61% above those
of $3,125,877 for the same month, according to the preliminary figures
Consolidated net sales for the month of February increased
for
Feb., 1941.
Sales of $26,746,802 for the first two months of 1941 compare with
$24,762,688 for the same period in 1940, or an increase of 8.01%.—V. 152,
p-1438.
,v,
7 ■.,7
Macassa Mines,
Ltd.—Earnings1940
1939
$1,054,077
profit after taxes
Dividends
......
$1,005,676
937,324
870,372
.
—V. 151. p. 3401.
Macon Gas
$499,710
391,631
$146,536
26,464
$127,259
19,300
$108,079
$172,999
$146,559
$125,550
28,515
28,196
18,928
$144,485
46,181
$118,363
46,540
$106,621
45,559
— -
$98,304
1,000
$71,822
1,000
— -—-
83,212
71,325
$61,062
1,000
60,626
Gross income
..
-
Provision for retirements
Grossincome
-
— ---
Deductions from income
NetineomePreferred dividends
a
dividends
Before
1938
$619,168
491,909
Net operating revenues..
Common
1939
1940
$743,870
597,334
..
Non-operating income
a
17,470
provision for retirements.
Balance Sheet Dec. 31,
1940
$4,174; cash, $31,940;
$32,715; prepayments.
and expense, $56,535; other deferred
Assets—Utility plant, $1,590,715; sinking funds,
receivable, $148,216; materials and supplies.
accounts
$282;
to
way
Light common when
unamortized debt discount
exercisable after said date.
($100 par), $475,500; 5% 2nd preferred
$20,000; 1st mtge. bonds, $709,000; advances from parent
$140,000; accounts payable, $75,511; payables to associated
companies, $5,001; customers' deposits, $27,400; taxes accrued, $49,102;
interest accrued, $4,146; other accruals, $600; retirement reserve, $148,247;
uncollectible accounts reserve,
butions in aid of construction,
$1,864.693.—V. 152, p. 1756.
.
,
Maytag Co.—Earnings—
Calendar Years—
Net
sales.....
$37,280; other reserves, $5,594; contri¬
$2,209; earned surplus, $165,102; total,
■
cl938
1940
bl939
$12,344,453 $11,740,843
148,083
119,566
307,271
483,589
on securities sold..
deductions
Depreciation
Surtax on undistributed
net income (est.)
Loss
Net profits
1st pref.
dividends
pref. dividends—
Dividends on com. stock
Cum.
43",941
39,930
253,716
Other
cl937
$9,957,620 $17,314,784
8,746,849
14.266,286
397,320
184,589
18,859
a25,000
41,973
38,397
270,641
279,817
9,851,179
9,928,216
Provision for taxes
.
$9,839,526 $16,984,966
118,094
329,818
$12,492,536 $11,860,409
Total
Mfg., sell. & gen. exp...
AA
this plan will expire 90 days
150, p. 3981.
Bights to subscribe to new common under
of rights to the depositary.—V.
259,033
27,000
--
$1,787,085
196,095
834,900
$682,967
227,955
853,425
$1,398,981
206,835
839,325
$2,292,706
228,000
855,724
808,962
242,688
-- — $400,020
$352,821 def$398,413
$513,402
1,617,922
1,617,921
1,617,921
1,617,921
$0.74
$0.22
Nil
Earns, per sh. on com..
$0.46
a Provision
for loss on consigned inventories,
b Does not include
Canadian subsidiary,
c Consolidated statement.—V. 151, p. 3401.
Surplus
Shs.
com.
outst. (no par)
Mead
Corp.—25-Cent Dividend—
Directors have declared a
dividend of 25 cents per share on
the common
Like amount paid
Dec. 20, 1937,
stock, payable April 15 to holders of record March 28. t
on Dec. 10 last, this latter being the first dividend paid since
when a
distribution of 50 cents per share was
stock ($100 par),
company,
Upon this
accompanied by the appropriate warrant.
Elan becoming effective, such common stock option warrants will not be
,ight will be canceled and consequently such of Massachusetts Power &
Co.—Earnings—
Operating revenues
Operating expenses apld taxes
by the former company and indebted¬
banks has been incurred, such notes and indebtedness would be in
affected by this plan.
New England Power Association has issued warrants—expiring March 1,
1942—whereby it has agreed to deliver one share of class A stock of Inter¬
national Hydro in exchange for four shares of Massachusetts Power &
no
Other income
Calendar Years—
a
Lighting properties have been assumed
ness
from delivery
Calendar Years—
Net
common shares, one
Merrimack Mfg.
Calendar Years—
Net profit
after charges and taxes
Preferred dividends....—....—...
—V. 152, p.
1439.
made.—V. 151, p. 3244.
Co.—Earnings-—
j
1%0
$576,716
206,250
*939
$251,143
......
1924
The Commercial & Financial Chronicle
Michigan Consolidated Gas Co.—Earnings—
Years Ended Dec. 31—
Operating revenues
x^Operating expenses and
1940
-
taxes
—
Net operating income.
—
$4,636,512
26,349
$4,662,861
1,700,889
19,237
259,178
28,424
$2,655,133
120,000
1,784,130
$2,335,712
120,000
1,784,130
$6.21
—
Interest on long-term debt.General interest
Amortization of debt discount and expense
Miscellaneous other deductions-.
—
Net income
6% preferred dividends
Common dividends.
Earnings
($100)
x
share
per
--
on
----
356,826 shs. of
depreciation, maintenance,
State, local and Federal
and other operating expenses.
would have the
Utility plant
34,448
8,861,305
1,888.061
Accts. receiv. (net)
2,204,266
2,096,273
1,162,245
1,195,796
Materials and sup¬
plies
Prepaid taxes,
In-
surance, &c
1,222,516
132,476
640,206
—99.893.958 95.532.344
1940
1940
1939
351
$1,318,426
22,978
$1,383,007
19,891
$1,364,992
22,106
$1,341,403
160,197
Maintenance of equipm't
114,916
$1,387,099
161,431
31,076
374.608
80,190
7,538
$1,402,898
178,266
115,216
30,849
371,698
74,593
4,167
Monsanto Chemical
$587,954
133,636
$636,443
141,959
$630,315
141,540
$707,586
$454,318
71,289
$494,484
73,771
$488,775
77,097
$601,433
77,286
$525,607
$568,255
$565,872
$678,719
179,161
170,026
157,101
184,144
$346,446
117,970
$398,230
95,267
$408,771
74,425
$494,576
92,873
$464,416
335,750
117,180
1,474
5,544
$493,497
335,750
121,575
$483,196
335,750
$587,449
335,750
121,575
Total oper. revenues
Maint. of way & struc—
Traffic
Transportation
General expenses
Transport, for in v.—Cr_
from oper
Railway tax accruals
Total oper. income
Total other oper. income
Gross oper. income
deductions
from
gross income
Total
Net oper. income
Total non-oper. income
-
Gross income
Int. on 1st mtge. bonds.
Int. on adj. mtge. bonds
Int. on unfunded debt..
Miscell. income charges.
income.
1940
$
Investments, road,
&c_19,200,198 19 ,250,024
129,009
131,621
Co.,
1,084,408
1,084,408
Sebastian Co. C'l
436
483,900
483,900
11,067
150,000
11,269
100,000
1,105,954
,104,501
199,178
54,865
5,520
$19,915
Dec.
-
Mat'l & supplies..
Other curr. assets.
22.444,667 22,514,272
Mullins Mfg. Corp.
Midwest Oil
1940
$
stock
Current liabilities.
liabilities
Reserve for taxes.
Accrued deprecia'n
The
equipment
1,552,500
879,000
370,999
37,099
24,423
Corporate surplus. 4,560,388
Calendar Years—
Divs. & miscell. income.
Gen. exp., taxes and int.
289,760
31,635
1940
1939
1938
1937
$481,416
82,400
$580,456
86,136
$385,319
81,470
$512,703
$494,320
174,384
202,182
$303,849
174,384
101,091
$431,231
174,384
202,182
$72,996
1940
$117,754
$28,374
$54,665
1939
$
$
266,222
199,430
owned, at cost._10,488,131
10,488,101
1940
Liabilities—
6%
Secure, of affil.cos.
1940
1939
$882,294
Miscell.
$990,281
901,207
securities
owned, at cost..
99,645
109,444
116,042
Advs. to affil. cos.
x
480,000
480,000
$
($100 par)
2,906,400
Com. stk. (202,no
Notes
par
shs.). 6,941,500
payable
affiliated
1940
Accrued
Surplus
1939
$958,385
$1.91
$1.02
350,000
deprec'n.
Ry.—Plan
$322,065
A plan for reorganization of the
road which would
terminate its bank¬
ruptcy was filed March 19 with the Interstate
Commerce Commission in
Washington and with the United States District Court at
Minneapolis by
the trustees.
The oroDosals would reduce the carrier's
fixed-interest obligations by a
$120,052,033, and provide for sharp reductions in the annual
fixedinterest charges from $6,577,907 to
$322,065.
The capital of the
total of
new com¬
350,000
6.000
31,208
19,972
1,232,342
1,159,346
Muskegon Motor Specialties Co.—Earnings—
Calendar Years—
Net profit after charges and taxes
Class A dividends
Common dividends
Earnings
to
/
6,941,500
.11,461,450 11,383,218
Total
11,461,450 11.383,218
x 38,250 shares
Muskogee Co. common stock owned by its subsidiary.
Midland Valley RR.—V. 151, p. 3245.
15-Cent Dividend—
Charges Reduced
S
2,906,400
Total
Directors declared a dividend of 15 cents
per share on the common stock,
par $1, payable April 21 to holders of record
April 10.
Dividend of 20 cents
was paid on Dec.
10, Aug. 1 and April 5,1940 and
regular quarterly dividend
of 25 cents was paid on Dec.
15, 1939.—V. 151, p. 3402.
Marie
1939
to
cos
Reserve for taxes..
$511 719
81.472
cum. pref. stk.
182
117,652
Real estate
901 201
'
Minneapolis Brewing Co.—Earnings—
3402.
Balance Sheet Dec. 31
Cash.....
_
$6,577,907—
p.
$399,016
174,384
151,636
Net income
Preferred dividends
4,630,109
22.444,667 22,514,272
Net income after
charges and taxes
From
151,
Muskogee Co.—Earnings-
2,420
Surplus.
Total
Ste.
1938
directors
Common dividends
Paul & Sault
Filed with ICC—Fixed Interest
1939
$149,213 def$598,497
60,356
pares with 45 cents
3,999,250
1,687
34,762
306,647
Calendar Years—
Minneapolis St
1940
$291,650
98,698
common
6,715,000
364.509
Other unadj. cred.
capital stock
and
have declared a dividend of 30 cents
per share on the
stock, payable April 1 to holders of record March 21.
This com¬
paid on Dec. 20, last; 25 cents paid on Oct. 1, July 1,
and April 1, 1940; 50 cents
paid on Dec. 20, 1939; 25 cents paid on Oct. 2
and July 1, 1939; 45 cents paid on Dec.
24, 1938; 15 cents paid on April 1,
1938, and 30 cents paid in each of the four
preceding quarters.—V. 152,
p. 1759.
1939
4,006,500
Assets—
per share on
on
Line, Inc.—To Redeem Scrip—
share of common stock.—V.
$
4,006,500
Preferred stock.._ 3,999,250
1st mtge. 5% bds. 6,715,000
Adj.mtge. 5sser. A 1,552,500
AdJ. mtge. 5s ser.B
879,000
Net income after charges and taxes
share
Murray Ohio Mfg. Co.—30-Cent Dividend—
Liabilities—
Calendar Years—
per
Guaranty Trust Co. of New York, at its corporate trust department, is
prepared to redeem Munson Line, Inc., scrip on the basis of
$0.0659 for
each unit consisting of 1-100 of a share of
preferred stock (class B) and
1-100 of a share of common stock, and at the rate of
$0.0184 for each unit
consisting of 1-100 of a share of preferred stock (class C) and 1-100 of a
Co.—Earnings—
Dividends paid
—V. 151, p. 3402.
cents
(& Subs.)—Earnings—
Calendar Years—
Net profit after charges and taxes—
Preferred dividends paid
—V. 152, p. 991.
31
—V. 152, p. 1439.
Earnings
1598.
un¬
adjusted debits.
53 H
Secretary; C. W..
Anderson, Treasurer: Alton McDonald, Asst. Secretary-Treasurer and
Comptroller; J. N. Whitfield, Supt. of Transportation; A. B.
Bowman,
Supt. of Equipment, and W. H. Rucker, Claim Agent.
Directors—H. L.
Bollum, Steven H. Fifield, Henry C. Church Jr., E. P. Owen, C. G.
Schultz,
T. T, Phillips, and George A. Stevens.—V.
151, p. 2357.
38,031
_
of
May 1 to holders of record April 15.
May 1, 1941.—V. 152,
the period from March 15 to
Motor Transit Co.—Personnel—
$124,110
$26,676
Sheet
covers
The following officers and directors were
recently elected:
H. L. Bollum, President;
Henry C. Church Jr., Vice-President
General Manager; C. W. Edwards, Vice-President and
5,786
241,029
69,488
26,087
p.
227
5,477
Deferred
Mining Co.
This dividend
106,152
4,018
Common
Misc. phys. prop..
Other investments:
Total
121,575
1939
$
Assets—
139,088
30,336
357,625
77,820
9,517
Directors also declared an initial dividend
the new 4)4 % preferred stock, payable
Munson
$4,467
General Balance
Def'd assets &
Co.—Transfer Agent—
Directors have declared an extra dividend of $2
per share in addition to a
regular quarterly dividend of 75 cents per share on the common
stock,
both payable April 15 to holders of record March
31.
Similar payments
were made on March 25, 1940 and March
24, 1939.
$1,535,243
195,108
147,212
30,634
385,984
79,516
10,797
—
revenues-
.
per
Guaranty Trust Co. of New York has been appointed transfer agent
preferred stock, series C.—V. 152, p. 1758.
$1,506,637
28,606
revenues
.
of $2
a meeting of the board of directors held
March 10 the directors de¬
a dividend of $1
per share on the common stock of the company,
payable April 15 to stockholders of record at the close of business on
March 28.
Like amounts were paid on Oct.
15, and April 15, 1940, and
on Oct. 16, 1939.—V.
151, p. 2804.
1937
351
Miscellaneous
,
dividend
a
(Philip) Morris & Co., Ltd .—Extra Dividend—
1938
351
Loans receivable
Cash
403,608
def$5,788
Missouri Gas & Electric Service Co.—Common Div.—
$103,014
$0.86
351
stock & bonds
$456,749
At
Midland Valley RR .—Annual
Report-
&
$397,820
403,608
for the cumulative
Calendar Years—
Aver, miles of road oper_
common stock
$1,384,254
816,225
111,280
clared
1939
$180,020
$1.41
—V. 151. p. 3750.
Muskogee
$1,310,245
800,000
112,425
share on account of ac¬
cumulations on the $6 1st pref. stock, no par
value, payable May 1 to
holders of record April 15.
Like amount was paid on Feb. 1, last; Nov. 1,
Aug. 1, May 1, and Feb. 1, 1940, and on Nov. I, 1939; dividend of 50
cente was paid on Sept.
1, 1939, and dividends of $1.50 per share were
paid on Aug. 1, 1939, and in each of the 12 preceding
quarters.—V. 152,
p. 1439.
Micromatic Hone Corp
.-—Earnings—
equipment,
$162,248
66,667
8,428
Accumulated Dividend—
3,392,658
Total.
Calendar Years—
Net income after charges and taxes
Earnings per share on common
Net
$144,206
66,667
8,725
Directors have declared
388,981
/
rev.
$1,379,428
4,826
indicated.
9.803,087
of
Michigan Gas & Electric Co.—Dividends—
Net
$1,307,918
2.327
$53,141
Note—-Includes in the 12 months ended Jan. 31, 1941,
provision of $7,800
excess profits tax applicable prior to Jan.
1, 1941, but includes
no subsequent provision for such tax since no
excess profits are
Directors have declared a dividend of
$1.75 per share on the 7% prior
lien stock and one of $1.50 per share on the
$6 prior lien stock, both payable
May 17 to holders of record April 15.
Dividends are in arrears on both
issues.—V. 151, P. 2804.
Freight
$158,987
3,261
904.175
761,667
for Federal
-V. 152, p. 1134.
Miscell.
127
Net income
$68,814
$87,153
Divs. applicable pref. stock for the period
206,767
99,893.958 95,532,344
4.356.945
Balance
Earned surplus.— 4,214,247
Total--
1941—12 Mos.—1940
$7,777,665
$7,402,215
4,661,562
1,026,518
781,667
$144,079
Gross income
Interest on mtge. bonds.
Other int. & deductions-
495,808
construction
company
622,654
317,358
aid
new
not slated for
any
409,983
79,839
65,000
99.004
66,667
Other income
1,137,908
635,943
Fed. Inc. taxes
921,710
Miscell. curr. llabs.
74,970
Reserves
—.11,118,685
In
437,435
res. approp.
Net oper. revenues—
$
State, local &
Contrib.
1941—Month—1940
$747,185
$713,809
taxes
6% cum. pref. stk.
($100 par)
2,000,000
2,000.000
stock
(par
$100)
—35,682.600 35,682,600
Long-term debt—41,720.000 40,490.000
Gusts' depos., Ac.
575,722
419,407
4% ser. notes,curr.
770,000
760,000
misc. Fed. taxes
are
Mississippi Power & Light Co.—Earnings—
Com.
Acer.
General creditors
1939
5
Accounts payableAccrued interest.-
862,028
share.
a
Period End, Jan. 31—
taxes
1940
84,250,767 81,456,461
right to purchase 25% of the stock of the
Direct taxes
TAahUUles—
Miscell. Investm'ts
16.683
Deferred charges.. 7,532,336
Cash
3,865,632
par)
Operating revenues.
Oper. exps., excl. direct
Prop, retire,
1939
1941 2
stock.
alloted to others at $2
Balance Sheet Dec. 31, 1939
1940
March
of
participation in the plan.
A voting trust would be set up in which all of the stock of
the new com¬
pany would be placed until Dec. 31, 1950.
Of five voting trustees, two
would be selected by insurance companies and savings banks
holding Soo
bonds and three by the Canadian Pacific.
Current holdings of the C. P. R.
are about 52% of the Soo's present preferred and common
stock, both of
which have equal voting rights.—V. 152, p. 1439.
stock
com.
-
Includes
common
$4,298,229
1,667,500
9,092
263,497
22,427
-
consist
The plan embodies an agreement to assure continuance of traffic
between
the new company and the Canadia Pacific Ry., under which the C.
P. R.
$4,294,911
3,318
$7.10
-
Gross income-
1939
$24,140,479 $21,620,532
19,503,967
17,325,621
—
Other income
would
$2,663,829 of equipment trust certificates to be
assumed by the new company; $8,051,631 of
4% first mortgage bonds;
$20,129,076 of 4% general mortgage bonds; and 719,319 shares of (no
pany
per
share
on
class A stock
—V. 151, p. 2653.
I
Mutual Telephone Co.
1940
$219,904
120,000
67,500
$3.66
1939
$187,613
180,000
""$3.13
(Hawaii)—To Pay 20-Cent Div.—
Directors have declared a dividend of 20 cents
per share on the common
stock, payable March 15 to holders of record March 5.
Dividends of 40
cents was paid on Dec. 16, last; 20 cents
paid in each of the three pre¬
ceding quarters, 30 cents paid on Dec. 11. 1939; 20 cents paid on Sept. 15,
June 15 and March 15, 1939; 30 cents
paid on Dec. 10, 1938, and 20 cents
paid on Sept. 15. 1938—V. 152, p. 126.
The Commercial & Financial Chronicle
Volume 152
Nanaimo-Duncan Utilities Co.—2o-Cenl Dividend—
Directors have declared a semi-annual dividend of 25 cents per share on
the common stock,
payable April 1 to holders of record March 15.
Pre¬
viously semi-annual dividends of 20 cents
151, p. 2948.
National Acme
share were distributed.—V.
Co.—Earnings—
Calendar Years—
Net profit after all chgs.
1940
■
and taxes.
per
Earns.persh.oncap.stk.
$1,426,413
$2.85
$182,914
$0.36
$578,994
$1.15
$4.40
1937
1938
1939
.$2,199,148
—V. 151, p. 3246.
National Bond & Investment Co.— -Earnings—
Calendar Years—
1940
Operating income
1939
1938
$6,415,540
.
$4,703,882
$4,084,961
1,371.639
$1.75
1,213,450
$1.49
•Net inc. after all charges
and taxes-
1,722,882
$2.32
_
Earns.persh.oncom.stk.
1937
$6,858,268
2,595,959
$3.74
—V. 151, p. 3402.
New Britain Machine Co .—Extra Dividend—
Directors have declared
New England Confectionary
$204,720
$0.35
and taxes..-
Earns.per sh. oncom.stk
1939
$679,096
New
—V. 151, p. 309o.
Directors have declared a dividend of 50 cents per share on the common
stock, payable May 15 to holders of record April 30.
Dividend of like
amount was paid on Nov. 15 and May 15, 1940, and one of 75 cents was
paid on Nov. 15. 1939.—V. 151, p. 1903.
151,
a
year ago.
.
Newmont Mining
Corp.—Earnings—
1939
1938
1937
$2,243,462
$2,422,105
$2,867,841
531,646
$4.22
531,646
$4.55
531,646
$5.39
1940
charges and taxes.
$1,869,820
Shares capital .stock outstanding (par $10)-1,063,292
Earnings per share.____
$1.76
—V.
152, p. 1289.
$3,087,702
$3,065,285
Period End. Jan. 31—
795,671
$2.40
357,945
$1.08
125,903
$0.38
311,931
$0.94
Operating
revenues
taxes.
832,344
380,274
199,285
res. approp.
Net oper. revenues
950,287
333,049
197,086
8,974,849
3,978,274
2,363,595
8,895,395
3,384,314
2,369,900
$549,333
—
Direct taxes-...-
Prop, retire,
$527,213
250
$5,090,149
2,716
$4,573,824
1,091
$5,092,865
2,176,054
264,687
$4,574,915
2,274,746
251,031
$2,652,124
544,586
$2,049,138
544,586
$2,107,538
$1,504,652
Other income (net) —241
1940.—V. 151, p. 1436.
Interest
Gross income—$549,574
on mtge. bonds.
Other int. & deductions.
National Enameling & Stamping
Years End, Dec. 31—
1940
Sales billed to customers $9,510,580
y Cost of sales
8,842,640
1938
1937
$7,751,857 $10,181,126
7,822,125
9,373,329
$667,940
82,960
$358,679
71,782
loss$70,268
61,037
$807,797
91,983
Repairs,
$750,901
310,997
$430,460
293,625
loss$9,231
288,125
$899,780
418,081
200,496
15,272
4,030
193,205
192,771
44",329
47,473
163,904
25,331
14,380
& maint.
Prov. for deprec. of oper.
properties-.
Prov. for Fed. inc. tax—
Expenses
Net profit for year..
$220,106 loss$100,699 loss$537,599
57,137
•
Dividends
$278,084
228,550
Depreciation, taxes, &c., less income of inactive properties held for
disposal.
Covers inactive property in St. Louis, New Orleans, Chicago
and New York in 1937, 1938 and 1939, and at Milwaukee for a portion of
1938 and 1939.
y Including sales allowances and selling, publicity and
administrative expenses, &c.—V. 151, p. 3568.
Balance Sheet Dec. 31
1940
$380,648
rec.al,122,589
Accts. & notes
Stock
of
973,316
on
1939
$430,583
5450,281
40,847
36,945
40,136
34,671
Acer. State, local &
cap.stk.taxes—
Accrued social sec.
hand & In
transit
1940
Accts.pay. & payr.
mdse.,
mat'ls & suppl's
H
Liabilities—
1939
$397,429
—
taxes
2,533,642
2,324,822
Prov. for Fed. inc.
Investments
154,898
cOper. props.(net) 3,100,913
c Non-oper. props,
498,708
Del. assets <fc chgs.
22,533
161,804
3,266,554
Reserves
—
b520,699
26,461
tax
15,272
-
d Capital stock-.-
64,567
5,738,750
62,069
5,738,750
Capital surplus... 1,337,589 bl,337,589
Earned surp. (since
Jan. 1, 1940)
162,968
b
--..$7,830,713 $7,660,306
Total
-$7,830,713 $7,660,306
Includes $119,343 payable in American money by customers abroad,
is being collected currently.
All other assets of the company are
located in the United States,
b Adjusted, as of Jan. 1, 1940, to reduce
a
which
certain non-operating properties to estimated net realizable sales value, to
charge such write-down to earned surplus and to charge the resulting
earned surplus (deficit) against capital surplus, in accordance with action
by the stockholders at the annual meeting held on April 9, 1940.
depreciation reserves, d Represented by 114,775 no par shares.
c
After
Balance..
dividend of 25 cents per share on the common
a
stock, payable March 31 to holders of record March 24.
Dividend of 50
cents was paid on Dec. 26, last, and on Dec. 23, 1937.—V. 151, p. 3568.
National
Gypsum
Vote
Co.—To
on
Additional
Com¬
P Stockholders at annual meeting on March 25 will vote on proposals to
provide additional compensation for a group of executives and indemnify
directors, officers and employees against liabilities incurred by them as a
result of their connection with the company.
fc; Under the plan, additional compensation for officers would
Common Dividend—
Directors have declared a dividend of 35 cents per share on the common
stock, payable April 1 to holders of record March 24.
Dividend of 25
cents was paid on Jan. 2, last, and 10 cents paid on Oct. 1, last, this latter
being the first dividend paid on the common shares since Jan. 3, 1933,
when 14 1-6 cents per share was distributed.
More than 80% of the
common shares are owned by the Electric Power & Light Corp.—V, 152,
P. 1442.
•-■•'
Newport News Shipbuilding & Dry Dock Co .—Annua
amount
National Malleable & Steel Castings
Co.—Earnings-
1939
1938
1937
Gross sales——.———$17,765,293 $14,213,587
$7,675,728 $19,210,454
Net profit after all chges.
*
* and taxes-1,475,956
1,260,670 lossl390,504
1,945,723
Calendar Years—
✓Earns.per sh.on com. stk.
—V. 152, p. 1441.
$2.60
$3.05
Ferguson, Chairman, states in substance:
Although company has been engaged in business for more than 50 years
it was not until August, 1940 that it became publicly owned.
Accordingly,
this is the first public annual report of the company's directors.
Earnings—Net earnings for the year 1940 amounted to $4,383,176Company's primary source of income is the building of ships under contractCompany follows the practice of recording estimated profits or losses on
shipbuilding contracts during the period of construction, which varies from
approximately one to more than four years.
The Second Revenue Act of 1940 suspended the profit-limiting provisions
contracts for the construction of naval vessels imposed by the VinsonTrammell Act and the Act of June 28, 1940, with the result that the esti¬
mated shipbuilding profits (before taxes) for the year 1940 were materially
increased.
A new excess profits tax was imposed and the normal corporate
income tax rate was increased, both effective Jan. 1, 1940, by the two
Revenue Acts of 1940, as amended in 1941, with the result that the com¬
pany's Federal income and excess profits taxes for 1940 were also materially
increased.
The provision for Federal income and excess profits taxes and
State income tfax for the year totaled $5,165,000.
In addition $1,222,000
of other taxes were paid or accrued during 1940 so that the year's taxes
totaled
more
than
$6,300,000.
dividends aggregating $1,497,282 were paid by the
in 1940.
Of this amount $599,990 was disbursed prior to the
recapitalization of the company in August, 1940.
The remaining $897,292
was paid as follows:
The initial quarterly dividend of $1.25 on the pref.
stock was paid on Nov. 1, 1940, requiring a net amount of $97,292, and
dividends of 40 cents and 60 cents per share, amounting to $800,000, were
Dividends—Cash
company
on
Nov. 1 and Dec. 28, 1940 on the new common stock.
The quarterly dividend of $1.25 per share on the preferred stock paid
Feb. 1, 1941 was declared in Dec., 1940.
A dividend of 40 cents per share
on the common stock was paid on March 3, 1941.
The quarterly dividend
payable May 1, 1941 on the preferred stock was declared in Jan., 1941.
Vessels Completed and
Delivered in 1940—During 1940 the company com¬
(a) The America, the largest passenger liner built in the United States,
(b) The President Jackson and President Monroe,
(c) The Santa Ana and
Santa Teresa,
(d) The Esso Richmond, Esso Raleigh and Esso Columbia,
high speed, national defense type tankers.
substantial
Billings—Year 1940—During 1940 the company received
from the United States Government for the con¬
the expansion of the
part of the National Defense Program,
These new contracts
contracts
struction of additional naval vessels in connection with
Navy
as a
cover
seven
aircraft
carriers and four cruisers at
Nil
$4.02
all charges and taxes.
share on common stock—
1939
$7,728,599
1938
$6,111,985
697,586
$3.92
700,401
$3.89
401,871
$2.28
aggregate contract
follows:
Shipbuilding
Contracts
Unbilled balance of contracts at Jan. 1, 1940-—$111,151,312
Additional contracts received during 1940---'— 396,326,000
Net addition to contract prices by contract changes
Hydraulic
Turbine
Contracts
$2,207,623
214,530
— -
-
463,686
388
$507,940,998
during 1940-
$2,422,541
--
Subs.)—Earnings—
1940
$8,274,924
Calendar Years—
Net sales
Net profit after
an
price of $389,176,000.
In addition/contracts were received for three cargo
vessels for private owners at an aggregate price of $7,150,000.
Details of the company's contracts and billings for the year 1940 are as
and adjustments
National Oil Products Co. (&
Earnings per
V
Homer L.
1940
-
Y
' :
Report—
Contracts and
be provided
equal to 10% of annual net earnings, after deducting all taxes,
dividends on preferred stock and an amount equal to $1 a share on out¬
standing common stock. However, such additional compensation shall not
exceed $250,000 in any one year, nor shall it be set aside unless during
the fiscal year common stockholders have received a dividend equal to at
leastJ50 cents a share.—V. 152, p. 1599.
an
profits tax since
pleted and delivered the following ships:
pensation—
In
—
—
Note—No provision has been made for Federal excess
present indications are that no such tax will be payable.
paid
25-Cent Dividend—
Directors have declared
«
on
—
Total
$527,463
184,031
35,276
178,778
37,857
Net income
$332,939
$308,156
Divs. applicable to pref. stock for the period
x
Cash
-
Co.—Earnings—
1939
$8,614,795
8,256,116
Profit from operationsi
Other income
_
Inc.—Earnings—
1941—Month—1940—
1941—12 Mos.—1940
$1,961,236
$2,007,635 $20,406,867 $19,223,433
Oper. exps., incl. direct
National Department Stores Corp.—Accumulated Div.
x
•;
120,128,000 cu. ft., an increase of 7,546,000
ft., or 6.70% above production of 112,582,000 cu. ft. in the corre¬
sponding week a year ago.—V. 152, p. 1760.
Directors have declared a dividend of 30 cents per share on account of
accumulations on the 6% cum. pref. stock, par $10, payable April 1 to.
holders of record March 24.
Like amounts paid on Oct. 1 and April 1,
renew.
i:.v
This is an increase of 2,112,209
25.09% above production of 8,420,128 kwh. for the corresponding
cu.
1937
$4,864,163
3096.
p.
Association—System
For the week ended March 14, New England Gas & Electric Association
New Orleans Public Service
1938
$5,984,615
Net profit after all chges.
and taxes.---------Earns, persh. oncom.stk
—V.
1939
Electric
reports electric output of 10,532,337 kwh.
National Container Corp.—Earnings—
1940
&
Gas
.1
Calendar Years—
Net income after all
National Casket Co.—50-Cent Dividend—
Calendar Years—
Net merchandise sales-
England
Output—
$462,884 los&$570.111
$1.69
Nil
$2.81
Co.—$1.80 Dividend—
Directors have declared a dividend of $1.80 per share on the common
stock, payable March 28 to holders of record March 21.
Regular quarterly
dividends of $1.50 per share were previously distributed.
In addition,
special dividend of $2.50 was paid on Dec. 27, 1940.—V. 151, p. 3896.
Gas output is reported at
1937
1938
1940
extra dividend of 50 cents per share in addi¬
a
quarterly dividend of 50 cents per share on common shares, both
payable March 31 to holders of record March 21. Extra of 75 cents paid on
Dec. 20, last; extras of 50 cents paid on Oct. 1 and June 29, last; extra of
25 cents paid on March 30, 1940; one of $1 in addition to 50-cent dividend
was paid on Dec. 21, 1939, and previously regular quarterly dividends of
25 cents were distributed.—V. 152, p. 1599.
week
Calendar Years—
ISiet profit after all chgs.
Subs.)—Earning s-
an
tion to
kwh., or
National Candy Co. (&
1925
58,336,536
878,148
Unbilled balance of contracts at Dec. 31, 1940-$449,604,462
$1,544,393
Less buildings during 1940
— —
Shipbuilding Contracts at Dec. 31, 1940—The following table summarizes
of vessels uncompleted
31, 1940:
aApproz.
b Total
the construction contracts of the company in respect
—V. 152, p. 1599.
at Dec.
National Tea
Calendar Years—
Sales.
Co.—Earnings—
Nlfdtax^f an.- —-8
346,391
def369,080
loss982,313 lossl365.280
—V. 152, p. 1599.
Natomas
Co.—Earnings—
1939
1938
Nchi?Sflndftox«..--
$1,342,715
$1,432,887
$1,283,945
1442.
1937
$959,791
—
-
—
—
—
—
Total
Contract
\Zpwp1
(1) Vessels for U. S. Navy Department-(2) Vessels for U. S. Maritime Commission
(3) Vessels for private owners--—
Total---.--
1940
Calendar Years—
—V. 152, p.
No. of
1940
1939
1938
1937
.$61,919,443 $56,824,450 $55,545,216 $62,100,160
TrmnnriP
FYICPK
13
5
3
286,100 $470,466,000
46,275
18,407,738
21,800
7,246,985
21
354,175 $496,120,723
a The tonnages stated are estimated standard displacement tonnages for
naval vessels and estimated gross tonnages for merchant vessels.
b The total contract prices shown reflect all contract price adjustments
approved to Dec. 31,1940.
Billings have not been deducted therefrom.
The Commercial & Financial Chronicle
1926
Of the vesslels included in the foregoing one aircraft carrier (Hornet) and
two C-3 type passenger-cargo vessels were launched prior to Dec.
31, 1940.
An additional C-3 type passenger-cargo vessel and the first of the vessels
for the Matson Navigation Co. have since been launched.
Special Additional Facilities—At the present time all of the company's
eight shipways are in active use.
To expedite the construction of the 11
naval vessels contracted for in 1940, instalation in the company's yard of
certain special additional facilities was begun in September of 1940.
The
$14,000,000 and will be borne in full
will own the facilities.
They include
1940
Assets—
1939
19412
1940
Liabilities—
$
Inv.jnrd. &eq--.84 ,358,342 85,026,665
Impts.
860.791
property
Sinking fund
ry.
by the Navy
Other
$
60
60'
60
stock...58,113,983 58,113.983
Long-term debt.-29,023,530 29,032,049
Non-negot. dt. to
64,035
15,960
affiliated cos...
1,170,000
4,816,492
1.170,000
225,560
96,000
Govt, grants
Loans <& bills pay.
Traffic & car serv.
225.560
96,962
166,448
1,055,650
1,057,000
Cash
225,901
Special deposits-.
204,967
151.533
156,740
102,605
car serv.
balance receiv..
Int. & dlvs.
1939
$
—
4 ,815,175
investments
Traffic &
872,414
6C
Misc. phys. prop..
Inv. in affil. cos..
Preferred stock
Common
leased
on
cost of these facilities is not to exceed
Department, which
principally two large modern submerged shipways, upon which work is
being urgently pressed in order to have both in use by Sept. of 1941, and
an
outfitting pier,
shops,
warehouses, machine tools and handling
equipment.
March
Balance Sheet Dec. 31
balances payable
Audited accts. and
waged
220,502
2,304,574
payable.
256,300
1,884,575
1,143
1,143
Misc. accts. pay'le
20,732
76,583
Int. mat'd unpaid-
5,112,247
3,824,400
cond'rs
76,622
77,752
Funded debt mat'd
Mat'ls and supplies
Misc. accts. rec..
423,875
511.344
unpaid
sion, and the Commission requested company to undertake the construc¬
234,291
196,460
Unmat'd
tion of 25 of these vessels.
Other
244
299
Emergency Ship
Construction by
a
New
Subsidiary Company—Early in
1941 the President of the United States requested the United States Mari¬
time Commission to provide emergency shipyard facilities for the construc¬
tion of 200 cargo vessels of a standard type to be specified by the Commis¬
It is impracticable to build the vessels in the Newport News yard.
After
considering several possible sites, it was determined that Wilmington,
N. C. offfered an advantageous location for the construction of a
yard in
which to build these ships.
A subsidiary company, North Carolina Ship¬
building Co., has been formed and the necessary working capital will be
supplied by this company.
The subsidiary company has entered into an
agreement with the U. S. Maritime Commission to lease to the Commission
the shipyard site which the subsidiary company has acquired at
Wilming¬
ton, and to equip the site, at the Commission's expense, with facilities
suitable for the construction of the vessels, at a cost which is not to exceed
$5,140,000.
The construction of the 25 vessels for the Commission will be covered
by
separate agreement, which is expected to be of the cost plus fixed fee type.
A maximum of about 4,000 employees will
probably be required in the
a
Wilmington shipyard.
Statement of Income for Calendar
1940
Gross inc.
on
contr., &c.$58,337,922
1938
1937
$36,490,288 $23,442,509 $21,670,648
Cost of work preformed
contracts, &c
on
Net oper.
48,972,873
profit
—
Other income
Net oper. profit...
Other deductions....
33,287,548
21,420,222
20,349,228
$9,365,049
272,250
„
$3,202,740
257,666
$2,022,287
147,991
$1,321,420
168,283
$9,637,299
89,122
Net profit
Prov. for Fed.
$3,460,406
168,304
$2,170,278
179,929
$1,489,703
159,328
$9,548,177
..
"$37292402
$1,990,349
$1,330,375
Net profit
$4,383,177
197,292
1,399,990
Preferred dividends
Common dividends
Indludes Federal
a
excess
811,292
828,554
$2,480,810
$1,161,795
$1,330,375
999,950
99,995
99,995
profits tax of $1,735,000.
Comparative Balance Sheet
Dec. 31/40 Apr. 30,*40
Assets—
$
Cash
$
Marketable secur.,
at
2,839,970
11,120
2,905,500
33,947
receivable.
3,397,895
1,252,280
4,629,919
4,641,924
939,044
a
Accrued
Dec. 31, *40
Apr. 30/40
3,107,758
1,956,522
452,775
389,832
787,081
358,976
1,304,959
wages...
Accrued add'l com¬
cost
Acer. int. receiv..
Accts.
Liabilities—
Accounts payable.
55,388,003 51,827,480
Expenditures
Other
expendlturesb3,981,659
Inventory
1,932,333
Employees retire¬
ment allow, fund
pensation
Accrued
taxes
Accrued Int.
mtge.
Investments..
cl51,949
208,349
9,669,906
Profit
on
7,137
355,740
Deferred charges..
8,104
180,446
32,900
com¬
42,805
completed
508,422
66,847
3,900,078
1,719,915
541,469
1,495,461
1,880,000
Prov. for retirement
177,011
allow, for empl.
90,720
allow, for empl.
Funded debt
Preferred stock... £8,000,000
Common stock
h3,500,000110,000,000
5,167,090
3,966,137
Earned surplus
32,265,532 23,485,521
Total
...32,265,532 23,485,521
a On shipbuilding contracts and estimated
profits recorded thereon, less
billings applicable thereto,
b On uncompleted hydraulic turbine and other
contracts, less billings $1,074,2.58; for materials for account of U. S. Navy
Dept. (less receipts), $726,050; for special plant facilities for account of
U. 8. Navy Dept. (less receipts of $575,992), $2,181,252.
c Participation
certificate in a trust consisting of certain former assets of a bank in
Newport
News, Va., at cost less receipts of $280,000 and less reserve of $315,000,
$105,000; other security investments, at approximate cost less write-downs,
$40,847.
d Buildings, dry docks, machinery &c.,
substantially at cost, $16,181,272; less reserves for depreciation, $9,286,250; net amount, $6,895,003;
at cost, $977,501; small tools and staging, at approximate costless
depreciation determined on basis of annual inventories, $1,339,678; special
plant and equipment acquired for construction of Navy vessels in progress
(excess of cost over amounts charged to related contract costs). $357,705.
land,
e
Provision for
possible additional Federal income and excess profits taxes
and State income taxes for the
year
1934 through
1939.
f On ship
contracts in excess of expenditures and profits recorded thereon,
g 80,000
shares (no par).
New
h Shares of $1
i Shares of $100 par.—V. 152, p. 992.
par.
York
Chicago & St. Louis RR.—Note Exchange
April 30—
Extended to
The time for accepting the plan for
retiring the 3-year 6% notes due
Oct. 1, 1941 has been extended to April 30 by action of the board of direc¬
Previous deadline for acceptance of the plan was Mar. 31.
tors.
Under the plan the road offers to give in
exchange for the notes
in cash and 80% in new
10-year debentures due Jan. 1, 1950.
The offer of the
20%
Chesapeake & Ohio to forego the cash payment and
accept
debentures for the $3,583,750 of notes held by it, conditioned on the ex¬
change of $8,000,000 publicly held notes, has been extended by its board
of directors until April
28.—V/. 152,
New York
&
Honduras
p.
1442.
Rosario
Mining Co.—Interim
Dividend—
Directors have declared an interim dividend of 50 cents
per share on
the capital stock, par $10,
payable March 29 to holders of record March 19.
This compares with 90 cents paid on Dec.
28, last; 75 cents paid on Sept. 28,
June 29 and March 20,
1940; $1.25 paid on Dec. 29, 1939, and $1 paid on
Sept. 30, June 30 and March 25, 1939.—V. 152, p. 686.
New York
A total of
Shipbuilding Corp.—Bonds Called—
p.
1940
Report—
1939
1938
1937
Operating revenue
$5,466,414
Operating expenses5,296,846
Equip, rents &c. (net)__
886,344
56,014,157
5,519,525
991,307
$6,439,655
5,974,156
1,064,995
$6,480,030
5.799,171
x855,675
$716,777
18,954
$496,675
32,607
$697,823
1,367,922
$464,068
1,418,716
$2,065,745
$1,882,784
Other income-
Net deficit
x
Includes
nder
credit
Railroad
adjustment of $121,949 for
Retirement Act and not paid.
U
551,529
277,238
Other
curr.
Deferred
166,977
319,671
327,301
and
liabils.
9,438
11,887
liabilities
140,563
137,025
Accrued deprecia'n
Other
unadjusted
3,719,41$
3,914.519
326,682
230,735
159,561
160,863
credits
Ins. and
cas. res..
Add. to prop, thru
Income & surplus
82 278
Profit and loss, def 9,869,914
Total
92.344,753 92,902,464
Total
81,785-
7,733,341
92,344,753 92,902,464
—V. 152, p. 1442.
New York State Electric & Gas
Corp.—Rate Reduction
The
New
York
Public
Service
Commission
on
March
4
approved
a
$1,200,000 annual reduction in electric rates of the New York State Electric
& Gas Corp.
At the same time the company announced a $2,!500,000 to
$3,000,000 "change-over" program.—V. 152, p. 992.
North American Co.—Annual
Report—
The company's 51st annual report, mailed to stockholders March
17.
shows 1940 consolidated net earnings of $20,316,500, equal after
preferred
dividends to $1.92 per share on 8,572,626 shares of common stock out¬
This compares with $20,718,862,
or
$1.99
a common
share, for
1939.
Corporate net earnings of North American Co. only, excluding its equity
in undistributed earnings of subsidiaries, were
equal to $1.52 a common
share, against $1.57 the year before.
Tne report is divided into sections which are supplemented by tables and
cover a
summary of the year's results, data concerning taxes and electric
operations of subsidiaries, an analysis of the sources of the company's
income, its part in supplying power for national defense, and the relation¬
ship between customers, employees and investors.
In presenting the report to the stockholders, Edward L. Shea,
President,
said that "the record made during the year 1940 by the
company and the
operating companies in the North American System cannot be measured
adequately by the ordinary standards of production and earnings.
"Their role in the national defense program expressed by the greatly
enlarged appropriations for additional plant capacity, is an important part
of this record.
The year was one in which the electric utility industry found
further opportunity to demonstrate its economic usefulness, which is more
than ever necessary in these times of emergency as a contribution to na-
tional
as
well
as
local welfare.
major field of operations, our subsidiaries reached new peaks of
electric output and revenues.
Even though net earnings were somewhat
lower than in 1939, the record shows greater service to consumers and for¬
ward planning to make sure that no power bottlenecks will occur in our
various operating areas to hinder national defense preparedness."
"Taxes of all kinds reached
a total of $23,640,733, an increase of $4,187
21K % over 1939." the report states.
"This increase in taxes alone
more than half of the increase in the year's
operating revenues.
Income taxes, reflecting the rise in Federal income tax rates from 16 ^
% to
24% were $3,798,202 greater, or 76% more than in 1939.
Total taxes took
18 cents out of each dollar of operating revenue, and were equivalent to
$2.76 per share of North American common stock, or over 1 1-3 times con¬
solidated net earnings per common share.
Next to payroll. taxes were the
largest item of expense and were equal to approximately 80 cents for each
dollar of operating payroll."
In calling attention to the company's forward planning, Mr. Shea said;
or
absorbed
"While our companies had ample facilities to supply power and other
forms of service for normal growth, the addition of new capacity during 1940
the enlargement of the system's construction program reflected our
and
anticipation of increasing needs of national defense.
The service our com¬
panies are in position to furnisn consumers in their operating areas. especially
those working on defense orders that run into hundreds of millions ol dollars,
is in a wider sense service to the whole country.
The opportunity for usef ulness will increase as the scope of the defense program broadens and
spreads
the work among a greater number of smaller
shops_and factories.
""""For
______
years
the companies in the North American
SystenThave
built
new
power plants and extended their distribution lines in order to supply a service
that has played a vitally important part in reducing manufacturing costs
and improving the standards of American living.
Now, world events have
Drought the additional task of supplying the substantially increased amount
needed in producing the means for defending these standards.
responsibility which the North American System accepts and to
which it is devoting its efforts and resources."
of power
This is a
_
w
Gross expenditures for enlaTged"power plants and other
utility facilities
by the five groups of companies in the North American System aggregated
$35,300,000 last year, the largest total for any year since 1931.
Con¬
struction planned at the beginning of 1941 totaled over $75,000,000, of
which it is estimated approximately $57,000,000 will be spent
during the
current year.
Power plant projects totaling 185,000 kilowatts are expected
to be completed during 1941.
Others totaling 282,000 are scheduled for
completion in 1942.
These additions, together with three totaling 90,000
kilowatts completed in 1940, will mean an increase of 2,5% over the total
generating capacity—2,130,000 kilowatts—which the system had available
at the beginning of 1940.
Total electric output of the North American System in 1940 was 8,055,812,910 kwh., an increase of 11M % over 1939.
Electric customers at the
end of the year numbered 1,390.929.
Reflecting the spur of national
defense orders, sales of power to industrial customers were
17% ahead of
sales in 1939.
Sales to commercial customers increased about 8H %. and
sales to residential customers increased
%.
The report points out that residential customers of the North American
System used
an average
of 1,080 kwh. of electricity during 1940 and paid an
kwh., compared with a national average usage
average price of 3.17 cents a
of 952 kwh. and a national average
price of 3-81 cents a kwh.
In discussing the operation and
growth of the system, Mr.
that "more than 147,000 stockholders and more than
Shea noted
combine their capital and their labor to serve more than 1,500.000 cus¬
tomers."
The stockholders of the North American Co. alone at the end of
1940 numbered 57,685 holders of common stock and 15,446 holders of
pre¬
ferred stock.
3405.
New York Ontario & Western RR.- -Aiinual
Calendar Years—
551,840
312,282
174,418
int.
rents accrued
21,000 employees
$177,000 first mortgage 30-year 5% sinking fund gold bonds,
dated Nov. 1, 1916 have been called for
redemption on May 1 at 102 K and
accrued interest.
Payment will be made at the Union Trust Co. of Pitts¬
burgh, Pittsburgh, Pa.—V. 151,
Deferred assets
Unadjusted debits
819,
Reserve for retire-
Total
curr. assets-
"In their
61,292
contract
f Billings
amortization
e522,887
1st
on
pensation claims
8,502,016
Patents rights, less
100,000
bonds...
Workmen's
1,495,461
d Fixed assets
5,616,679
Pref. dlv. payable.
Prv. for add'l taxes
1,494,405
rec
due from
&
standing.
excess pro¬
fits and State inc. taxes a5,165,000
agts.
Voted—
Years
1939
Net bal.
'
$599,496
22,729
$174,816
48,587
$576,767
1,417,547
$126,230
1,549,056
$1,994,314
$1,675,286
,
taxes
accrued
in
1936
The companies in the system have an aggregate property and
plant account of nearly $800,000,000 and operate in Missouri, Illinois,
Iowa, Wisconsin, Michigan, Ohio, Kansas and the District of Columbia.
Mr. Shea cited as striking evidence of the mutual interest of investors and
employees the fact tnat "it has been necessary to invest an average of more
than $37,000 to make each job possible."
The syetem's payroll approxi¬
mated $35,000,000, of which about
$29,600,000 was operating payroll, an
increase of $1,400,000 over 1939.
Reductions of electric rates were put into effect by various companies in
the system during 1940 with estimated annual
savings to their customers
aggregating approximately $2,400,000.
Fuel used in electric and heating
plants cost $13,200,000, an increase of more than $1,900,000, or 17%,
reflecting greater electric output and greater use of fuel necessitated by
reduced hydro-electric generation because of low water conditions.
Depre¬
ciation appropriations, against wear and replacement of facilities, were
$17,041,249, an increase of $1,375,440 and equal to 13.08 cents for each
dollar of operating revenue, against 12.81 cents in 1939.
In
addition,
$1,250,000 was set aside, as in 1939, for contingent losses on railway property.
Volume
152
The Commercial & Financial Chronicle
Consolidated Statement of Earned Surplus Year Ended Dec. 31, 1940
Balance, Dec. 31,1939
Balanceof income, year ended Dec. 31,1940
Trans er by sub. from reserve for undetermined liability
additional taxes.
Other additions
Total
Par value of
common
Consllidated Balance Sheet Dec. 31
Property and plant:
Utility subsidiaries
or
442,993
418,458.
1,027.780
147,141,821 147,625,083
28,384,166
25,661,124
2,984,000
1,984,000
net,
on
investment
in
securities of North American Light
& Power Co. and subsidiaries
Cash
1,819,077
and
securities
on
deposit
6,289,641
with
trustees
2,002,323
Investments (at cost or less)
10,286,814
652,088
146,228,532
Cash
Time deposits
Short-term investments, at cost
stock of Wisconsin Electric Power Co., a
sub., issued as a premium in connection with the exchange of
its 6% pref. stock, issue of 1921 for its new
4^4 % pref. stock..
iortion cf surplus of Wisconsin Electric Power Co. and subs,
applicable to minority interest created in connection with the
exchange of its preferred stock
Premium (net) paid on retirement of preferred stocks of subs.,
and commission and selling expense on original issue thereof..
Doss on sale or abandonment of property of subs
Sundry adjustments applicable to prior years
Other deductions
$
$
674,119,392 670,172,659
26,990,509
26,985,907
Premium,
$96,770,552
.
al938
al939
$
683,880,153
22,876,354
Other subsidiaries
225,560
301,858
_
1940
Assets—
$75,926,634
20,316,500
.
Dividends—On serial preferred stock, 6% series.
5h % series
On common stock, cash dividend
a Special dividend on common stock
1927
43,809,448
3,384,000
(ap¬
988,425
2,515,092
1,012,656
2,527,699
802,696
1,269,129
4,653,566
1,520,761
12,626,280
11,052,272
18,955,963
8,513,112
1,520,761
12,115,832
10,834,851
19,539,088
3,645,547
1,520,761
11,812,828
10,540,557
22,027,067
912,517
1,602,533
867,783
1,365,911
654,475
1,337,349
proximate market)
1,672,180
U. S. Govt, securities, at cost
1,632,366
Deposits by subs, consol. for redemp¬
tion of pref. stock and payment of
matured interest, and other deposits
1,176,603
1,517,277
238,852
Accounts and notes receivable (net)..
Material and supplies
Dividends receivable
Discount and expense on funded debt.
and selling expense on
170.137
Commissiion
Balance. Dec. 31,1940
$75,602,835
a Includes $365,175
paid in certificates or participating units of beneficial
ownership of common stock of Washington Ry. & Electric Co. distributed
at the rate of l-100th of a participating unit per share of common stock of
the North American Co., and $286,913 paid in cash in lieu of fractions of
pref. stocks of subs, consolidated
•Organization expense of subs, consol.
Prepaid accounts and other deferred
charges
participating units.
Combined Income Statement
1,466,778
Other
4,612
Interest—On advances to subs, consol
On bonds of subs, consolidated
Other
1,056
495,956
70,772
....•
Divs.
Legal.
Rentals
General
Prov. for taxes—Federal income tax.
Other taxes
_
—
Interest on debentures
Amortiz. of discount & exp. on debs..
Other interest charges..
$16,892,767 $17,326,508
Net income
Earnings
54,305
6,423
per common
Funded debt of subs,
Liabilities—
$
S
Sees,
of
Other current and accrued liabilities._
30,317,950
5%% series.-
34,819,000
34,829,000
85.726,260
Funded debt... 70,000.000
70,000,000
Sees, of affil.,
not consol..
14,571,774
14,176,599
Common
Pac.G.dc E.
63,765,419
Int.
29,822,316
29,822,316
Taxes accrued
Det. Edison
Divs.
Other security
investments
5,008,629
8,462.387
4,624,286
1,384,318
Other current &
11,006,314
8,079,862
Reserves for con¬
Jan.2
accum.
of
rec.
501,735
506,328
.
Res.
Reserve
Pac.G.AE.
1,490,311
rec. on
Int.
rec. on
302,437
260,659
...957,063,677 939,697,839 934,650,765
Represented by 8,572,626 shares at Dec. 31, 1940 and 8,573,467 shares
31, 1939 and 8,574,136 shares at Dec. 31, 1938, after deducting, at
both dates, 27,412 shares in treasury.
Offered—Union Securities Corp. on March 19
15,000 shares of common stock (par $10) at 15
the last sale on the Stock Exchange.
The origin of this
block was not disclosed.—V. 152, p. 1762.
Stock
offered
North American Cement
subs.
for
Net sales
327,094
—V. 151. P. 2950.
North American Oil Co. of Baltimore—Earnings—
1640
Net profit after charges and taxes..
un¬
12,911
'I..
312,503
44,132,991
41,955,033
744,299
£•:••v.-''
■'
Calenaar
■
•
1940
Years—
deprec., deplet., Fed., &c., taxes..
Earnings per share on common
—V. 152, p. 686.
Office furnlsture
j;
North American Oil Consolidated—Earnings—
Net profit after
625
691,076
...
'
133,510
143,680
312,994
taxes
12,994
2,000
not consol
*939.
$39,405
$0.13
$33,444
$0.11
—
Earnings per share on common......
—V. 152, p. 272.
Earned surplus.
& notes of affil
1939
$3,441,636
76.626
1940
$3,667,462
Calendar Years—
860,611
Paid-in surplus-
Other int. receiv
-
-
Net loss after all charges
Federal income
bds.
bds.
Corp.—Earnings-—
Calendar Years—
invest¬
bility for add'l
1,490,311
199,732
Edison Co
of sub. consol.
1,697,604
at Dec.
32,801,970
determined lia¬
Co. A Detroit
Int.
for
206,713
32,801,970
llabs..
ment in
onstks
587,787
....
tingencies
in¬
vests., at cost.
Dlvs.
solidated
hand <fc
•
955,458
614,030
Due to sub. con¬
Other invests.
in banks
1,098,958
955,314
-.
914,042
current
on
1,098.958
813,348
...
on
899,042
consol., not
Short-term
85,734,670
on
pref.
stocks, payable
Advs. to subs,
Cash
accrd.
debentures
Cap. stock of
1,833,835
stock
63,765,419
Co
1,968,135
Reserves—Deprec. and retirement of
property and plant
..146,085,757 142,326,067 134,123,137
For contingent losses on investment
in transportation property
5,721,218
6,720,557
6,793,189
For contingencies
32,801,970
32,801,970
32,801,970
For casualties and insurance
4,338,466
4,386,588
4,319,214
For undetermined liability for addi¬
tional taxes
2,364,481
1,632,332
4,171,913
Other
1,770,684
1,687,475
1,910,875
Paid-in surplus
312,994
312,503
Earned surplus
75,602,835
75,926,634
82,669,684
x
(510 par)
Com. stock of
4,533.066
9,341,031
5,554,325
1,479,087
3,590,000
1,778,922
2,196,663
Contributions by customers for con¬
struction of property
Total
30,317,950
169,627,971
4,115,248
4,206,109
10,187,302
5,811,044
1,845,106
2,231,500
1,662,721
1,527,698
$
$
(par $50)—
6% series
subs.
'
Dividends accrued
$1 57
Serial pref. stock
consolidatedl69,989,418
282,072
5,246,049
13,695,265
5,717,342
1,837,634
2,135,000
1,635,456
1,477,028
Funded debt payable within one year.
Customers' deposits
$15,770,312^
1939
5,174,814
5,147,488
13,216,880
12,715,149
7.0,000,000
23,913,000
consolidated—303,165,950 297,529,950 338,387,700
Interest accrued
140,781
649,500
304,814
3,405,145
117,964
44,153
1940
1939
1940
5,736,197
for redemption—
North American Edison Co.
as subsidiary holding company which was
liquidated on Feb. 8, 1939) for the period from Jan. 1, 1939 to date of
liquidation.
Balance Sheet Dec. 31 (North American Co.)
Assets—
85,741,360
141,440,112
on
Accounts payable
Taxes accrued..
Note—The income statement for the year 1939 combines the income
account of North American Co. for the full year with the income account of
Investments—
declared
Pref. stock of sub. consolidated called
22,261
57,101
$1.57
$1.52
share
not
$
30,317.950
16,519,122
Funded debt of North American Co._ 70,000,000
$403,275
$448,933
67,790
58,967
230,373
405,000
452,441
2,710,988
60,233
114,642
$553,540
118,502
47,034
337,785
658,500
310,531
2,637,500
1938
1939
Minority interests in common stock
andsurplusof subs, consolidated
Expenses—
Salaries
but
accum.
pref. stocks of subs, consolidated
800
139,063
521,262
98,870
$21,616,887 $21,875,875 $20,915,306
Total income
1940
$
$
6% series (after deducting 319 shs.
in treasury)
30,317.950
30,317,950
5%% series—
34,819,000
34,829,000
x Common stock ($10 par)
85,726,260
85,734,670
Pref. stocks of subs, consolidated
107,786,812 103,707,212
4,005,540
1,466,778
4,005.540
1,466,778
2,606
128,958
521,263
83,418
4,005,540
1,294,162
934,650,765
Serial pref. stock ($50 par):
stock of Pacific Gas &
common
Electric Co
On cap. stock of Detroit Edison Co.
1,361,800
939,697,839
Liabilities—
for Calendar Years
Income—
1940
1939
1938
Dividends—On stocks of subs. consol.$12,910,322 $12,493,327 $11,509,008
On stocks of Washington Ry. &
Etee. Co. an affiliate not consol.
2,661,851
3,173,985
3,173,985
On
1,614,788
.957.063,677
Total....
1939
$184,442
$0.67
$309,466
$1.12
Amlscell. prop
Discount & exp.
on
North
debentures
302,189,789 299,643,306
Total...
Total_--._.-302,189,789 299,643,306
Consolidated Income Statement for the Year Ended
Gas.-J_
10,471,850
_
Net operating revenues
revenues—Dividends.
222,504
income
Interest on funded debt.
Other interest charges
of subs
—
surplus
preferred stock—
--
Cr210,034
Cr72,124
5,433,164
to property & plant..
Minority interests in net income
Balance for dividends and
64,274
135,971
$43,466,392 $45,106,719
13,725,944
14,140,345
1,202,601
1,200,512
74,145
114,940
Amortization of bond discount and expense
Other deductions
108,240
50,001
87,103
........
Gross income
Int. during construe, charged
Preferred dividends of subs..
£.974,570
1,674,072
1,250,000
1,582,220
1,447,394
.$20,316,500 $20,718,862
3,821,400
3,643,822
$16,495,100 $17,075,040
Common dividends
blO,938,902 all,367,652
Earnings per share of common stock..
$1.92
$1.99
» a Includes cash dividend amounting to $10,285,511 and special dividend
amounting to $1,082,141.
b Includes cash dividend amounting to $10,286,814 and special dividend amounting to $652,088.
c Includes $268,000 for
Balance for common
excess
dividends and surplus
profits taxes.
&
Power
Co.
(&
Subs.)—
Allan Van
Wyck in his remarks to stockholders states:
March, 1940 issued and sold 2,666,667 shares of common
District Court for the Southern
District of New York, and the $4,000,000 of 5% notes of North American
Light & Power Co. held by the North American Co. were surrendered and
canceled.
As a result, North American Light & Power Co. now has out¬
standing 6,288,059 shares of common stock of which the North American
Co. owns 5,327,067 shares or approximately 84%.
'
In October, the company redeemed $3,990,500 of its 5H% debentures,
represented by $2,990,500 of series B, the entire amount outstanding, and
$1,000,000 of series A, and in addition, reacquired $103,000 of its 5M%
debentures, thereby reducing its total outstanding funded debt to $13,732,500. Funded debt of subsidiaries at Dec. 31,1940 amounted to $39,393,200,
of which $520,000 is due in 1941.
The board of directors of the company on March 4, 1941, authorized the
stock in accordance with decrees of the U. S.
.
,
redemption in May, 1941, of $2,732,500 additional of its 5H %
series A, and the redemption in July, 1941, of $2,000,000 (the
of its 5% debentures, series C.
Consolidated Income Account for Calendar
220,459
113,734
-
on merchandise sales
Net income from rentals..
on
15,665,809
4,988,338
..$33,557,574 $34,651,073
—.
9,435,476
9,926,702
profit
Dividends
7,720,625
14,464,576
17,041,249
Appropriations for depreciation reserves
7,928,138
14,854,193
c8,786,540
...
Taxes, other than income taxes
Provision for income taxes
Other
1,705,640
$130,274,856$122,325,169
48,107,162 44,834,748
Maintenance
Interest..,
9,835,793
4,206,932
4,380,855
1,828,727
c___
Total operating revenues—
Operating expenses
Non-operating
9,731,406
9,724,068
......
.....
Miscellaneous
Net
1939
$ 100,291,262 $93,751,883
3,578,094
3,093,515
Operating revenues—Electric
Heating
—
Light
The company in
Dec. 31
1940
Transportation
Coal.:..-
American
Annual Report—
1940
Operating revenues
Operating expenses
Maintenance
Taxes
Provision for income taxes
Approp. for deprec'n reserves
Net operating revenues
Non-operating revenues
Gross income
Int. charges of subsidiaries (net)
Divs. on pref. stocks of subsidiaries._
Int. charges of
No. Am. Lt.&Pr. Co.
Net income..
x
,
J
^
debentures,
entire issue)
Years
1939
1938
$15,786,740 $15,099,237 $14,744,462
6,055,104
5,906,067
5,743,994
596,442
633,846
755,429
1,179,525
1,184,578
1,137,876
xl,517.450
321,056
597,700
2.362,977
2,269,032
2,203,509
$4,075,242
1,103,559
$4,784,658
1,183,498
$4,305,954
912,621
$5,178,801
$5,968,156
$5,218,575
1,585,435
916,741
923,433
1,743,617
893,329
992,599
1,861,133
893,329
1,025,037
$1,753,192
$2,338,611
$1,439,076
Includes $253,000 for excess profits taxes.
adjustment (not reflected in
the accounts included in the annual report for that year) to eliminate charge
in amount of $200,000 in that year on the books of North American Light
<fc Power Co. for interest accrued on notes payable to the North American
Note—Statement for the year 1938 reflects
Co.
The Commercial & Financial Chronicle
1928
Consolidated Balance Sheet Dec. 31
1940
1939
$
3
Assets—
Prop.
plant,
A
lncl.
1940
intang..
78,408,853 Comjstk.($lpar)
79,812,470
Securities of Illi¬
but not decl'd
164,192
143,668
13,732,500
Fd. dt. of subs.. 38,873,200
Aects. payable.
551,075
17,820,000
39,394,200
443,232
nois Iowa Pr.
Co.& subs...
N.A.Lt. A Pr.
6.804,365
0,865,866
....
Bee. from North
-
Divs. pay, on pfl
stks.ofsubs..
587,787
American Co.
Short
in¬
term
480,689
506,328
Cash.....
10,242,978
318,081
1,692,802
961,826
8,807,986
237,149
1,517,141
930,906
Accrued interest
Deposits
a
b Receivables..
Mat'l A
supplies
1,655.249
95,931
Fund.dt.of subs.
i
due currently.
Cust'ers'
520,000
3.634,650
Other assets....
426.610
Deferred charges
213,746
3,708,343
437,149
233.083
465,000
322,386
330,502
230,507
depos.
Other curr.liabs.
Discount A exp.
on fund debt.
133,178
Contribs. by cus¬
tomers for con¬
strue. of prop.
207,858
Res, for deprec.
A retirement.
Other reserves..
8,825,585
104,105
Prem.
on
Deficit..
122,638,6881
196,635
7,917,523*
77,790
cap.
stock of surp.
Capital surplus.
Total.... ...124,802,232
218.201
824,194
102,188
226,560
Accrued taxes—
vest, at cost..
Total
—
30,039
16,688,270
1,093,605
15,407,468
1,721,904
124,802,232 122,538,688
For payment of dividends on preferred stocks of subsidiaries and
other deposits,
b After reserves for uncollectible accounts of $133,810 in
a
1940 and $138,397 in 1939.
c
advances.
(d)
19,974,270 Funded debt of
20,013,484
Other invests. &
advances
4,000.000
14,004,400
Pref.stk.of subs. 18,878,100
c Divs.
accum.
205,268
293,370
18,655.021
3,621.392
......
(a) Redemption of 169,403 shares of old 6% preferred of Ohio now in
public at the redemption price of $110 per share, but said
of exchange.
(b) Purchase for cancellation of 28,662 shares of old 6% preferred of
Ohio from American Gas for $2,882,746 (being American Gas* cost of such
shares), plus an amount equal to accrued dividends on said shares to date
of delivery thereof.
(c) Payment of $1,456,936 due American Gas by Ohio on open account
shareholders will be offered the privilege
S
6,288,059
Adv.by N.A.CO.
Cash on deposit
with trustees.
On preferred stocks of subsidiaries.
The N. Y. Curb Exchange has been notified that $2,732,500 30-year s. f.
gold debentures, series "AT' 5H%, due July I, 1956, have been drawn by
lot for redemption May 9, 1941, at 102% and int. to and incl. May 9, 1941.
Debentureholders who wish to do so may present their debentures with all
interest coupons maturing subsequent to Jan. 1,1941. to City National Bank
and Trust Co., Chicago, or to Irving Trust Co., New York City, for re¬
demption and payment in advance, prior to May 9, 1941, and upon doing
so will receive the full redemption price thereof plus interest to and
including
May 9, 1941.—V. 151, p. 2950,
of
Earnings per common share
—V. 152, p. 1443.
North Texas Co.
for the certain purposes.
The remainder of the
net proceeds will be used to reimburse Ohio's
expended for the construction of additions to its
property and will be available for general corporate purposes.
Prior to, or concurrently with, the issue and sale or exchange by Ohio
of the new securities, American Gas will make a capital contribution to
Ohio of $1,456,936.
Prior to, or concurrently with, the issue and sale or exchange by Ohio of
the new securities, provision will be made for the redemption and(or)
purchase and cancellation of all of Ohio's old 6% preferred and, upon such
redemption and cancellation, the charter of Ohio wilj be amended so that
the authorized shares of Ohio will consist of 300,000 shares (par $100) of
cumulative preferred stock, issuable in series, and 5,000,000 shares (no
par) common stock. Thereafter, upon the issuances of the new cumulative
preferred stock, the stated capital of Ohio will be increased by an amount
equal to the par value of the new cumulative preferred stock so issued plus
$6,182,745 for the common stock so issued. The proposed charter amend¬
ment will alter the voting rights pertaining to the outstanding common
treasury for amounts
stock of Ohio.
In connection with the redemption and cancellation of Ohio's odd 6%
preferred, Ohio may obtain a temporary loan of not to exceed $18,500,000.
The note representing such temporary loan, if made, will be both issued
and discharged on the same day on which the new preferred stock is issued.
—V. 152, P. 1762.
' ' '
...
_
Operating income be¬
fore depreciation—-
$23,468
Other income (net)..;
Gross
income
$3.18
1941—Month—1940
$118,054
$113,498
62,285
64,202
17,396
17,291
319
1,300
13,605
13,529
.......
_
$1,781,426
.....
1939
$2,010,252
$3.62
1941—12 Mos.—1940
$1,362,033
748,475
202,699
13,545
148,469
$1,367,058
753,926
194,735
2,355
145,892
$248,846
1,076
2530.
Ottawa Electric
Ry.—New Director—
A. J. Major was elected a director of this company, succeeding W. H.
Mclntyre.
Announcement was made that company has lent $200,000 to
the Government, interest free until the money is needed by the company.
—V. 151, p. 252.
v
Y;:'
■■
Otter Tail Power Co.
(Minn.)—To Pay $2.50 Dividend—
Directors have declared a dividend of $2.50 per share on both classes of
company's common stock, payable March 22 to holders of record March 15.
Dividend of $3.50 paid on Dec. 21, last, and previously regular quarterly
dividend of $2.50 per share were distributed.—V. 152, p. 1600.
Oxford Paper
Co.—Earnings—
1939
$673,787
$0.42
1940
$249,922
132,739
$270,158
148,944
$807,449
$0.77
—V. 152, p. 839.
$12,161
$7,641
$117,182
$121,214
2,728
1,091
Calendar Years—
Income from int., divs., Ac
2,858
856
33,359
11,387
40,112
$8,342
$3,925
first collateral lien bonds, 3% income
$72,435
33,276
$69,872
37,930
$39,159
$31,941
......
.
Balance........
Net income..........
-V. 152, p.
......
992.jaalfttei*kH
11,229
Pacific Finance Corp. of
1940
$4,362,502
2,026,638
212,109
436,286
Interest
383,088
25,483
300,000
-
Federal Income taxes, Ac
Provision for contingencies
$978,898
288,493
511,146
$892,961
314,789
513,567
$1,050,125
359,264
515,447
$179,259
$64,605
$175,414
March 26 at its Washington offices, on the declaration and
(File 70-255) filed under the Holding Company Act by the
Surplus
Comparative Consolidated Balance Sheet Dec. 31
1940
S
(Del.)—Weekly Output—
1940
$
Liabilities
Federal
mobiles (est .real¬
izable value)
Norwich Pharmacal Co .—Earnings—
Calendar Years—
....
Earnings per share on common....
-V. 151, p. 2508.
kc
„
—
1940
1
$757,883
1
$0.94
advs. to
1939
$782,282
$0.97
29,930
92,435
Ogden Corp .-^Master Rules in Favor of Company—
wholly-
owned subs—
600,000
_——
Furniture, fixtures
&
2
133,645
equipment.
Deferred charges.
'•n.v.
.
2
96,468
**
239,403
77,611
Income.
2,250,514
Equities in loans &
repossession loss
1,117,751
1,351,483
1,547,381
reserve
and
John R. Heath, special master for the Federal District Court at Chicago,
March 19 recommended that a motion of Frank J, Lewis of Chicago
for leave to file a petition for the impounding of certain debentures and
stock of Central States Power & Light Corp. and Central States Utilities
income
capital stk. taxes
Unearned
-
kte
%
6,174,920
4,408,096 Notes payable, un¬
secured—^
Loans and discts. .45,742,830 30,050,230
32,695,000 17,650,000
690,062
Other ree'le
225,756
60,812 Accounts payable- 1,129,273
Divs. payable
48,342
47,840
Repossessed auto¬
—
Investment in and
N et profit after taxes, Ac
1939
$
1939
Assets—
Cash.
Electric output of the Northern States Power Co. system for the week
203,989
$3,731,522
1.518,056
236,497
432,362
252,296
242.186
Common dividends
Net profit
ended March 15,1941, totaled 31,204,913 kilowatt hours, as compared with
28,116,970 kilowatt hours for the corresponding week jast year, an increase
of 11.0%.—V. 152, p. 1762.
1938
1939
$3,435,339
1,605,697
223,827
304,344
204,539
Preferred dividends
trustees of the corporation and two subsidiaries, Associated utilities Corp.
and Northeastern Water Cos., Inc., regarding the
proposed liquidation
and dissolution of Northeastern Water Cos., Inc.—V. 152,
p. 1289. *
Northern States Power Co.
California—Earnings—
Operating expenses, Ac
Ordinary taxes
Curr. provision for losses
te;;
Northeastern Water Co., Inc.—Hearing on Dissolution
Exchange_Commission March 12 announced a public
The Securities and
on
—V. 143, p.
10,515
..... .
bonds, 3% fixed.
Int. on equip, notes, Ac.
application
Silknit, Ltd.—Accumulated Dividend—
a dividend of $1 per share on account of accumu¬
the preferred stock, payable April 15 to holders of record Mar. 31.
Earnings per common share
\
hearing
on
$18,156
Gross income.
on
Ontario
Calenaar Years—
Net profit after taxes, Ac
Interest on 1st coll. lien
Interest
covering certain officers and employees of this
$23,914
11,752
...
'
Equipment Co.—Profit Sharing Plan—
profit sharing plan
profits taxes, in excess of $850,000 will be distributed among participants.
Participating in the plan are:
C. R. Messinger, Cal Sivrivht. A. King
McCoid, T. A. Freeman, J. M. Tucker, M. S. Tucker, B. Haugen, J. A.
Fix and C. H. Running.—V. 152, p. 435.
$270,151
$18,156
446
before
depreciation
Depreciation.
Oliver Farm
A
company was adopted recently by directors.
Under the plan, an aggregate
of 9h% of consolidated net income, before Federal income and excess
lations
(& Subs.)—Earnings—
Period Ended Jan. 31-
Operating revenues
Operation
Maintenance-
Federal income taxes..
Other taxes......
1940
$15,000,000 in cash which may be withdrawn, used or applied by Ohio
Directors have declared
Corp.—Earnings—
Calendar Years—
Net profit after charges and taxes.
Deposit with the corporate trustee under the first mortgage of Ohio
under which its new first mortgage bonds, series due 1971, are to be issued
$2,732,500 Series A hlAs Called May 9—May Be Prepaid—
North American Rayon
1941
22,
the hands of the
1939
Liabilities—
$
"i •
$0 cum. pf. stk. 18,655,021
March
Reserves
2,741.586
4,923,220
4,273,950
1,900,790
1,054,433
Pref. stk. ($10 par)
Com. stk.($10 par)
4,865,020
4,254,750
Paid-in surplus... 2,311,026
Earned surplus
1,833,692
on
Total
The securities in question were those involved in an
agreement of Dec. 18,
1939, between the trustee of Utilities Power & Light Corp., predecessor
Ogden Corp., and Mr. Lewis, providing for their
purchase by the latter for $1,600,000 subject to approval of the Federal
District Court and the Securities and Exchange Commission within 90
days.
While the condition approval of the Court was given, no approval
was obtained from the SEC,
although the 90-day time limit for the contract
was extended to Aug. 19, 1940.
The effect of the master's recommendation, if
adopted by the Court,
would be to leave clear title to the securities to the
Ogden Corp.—V. 151,
p. 3405..
Vv
company of the present
.
Ohio Power
Co.—Hearing
on
on
the
The first mortgage bonds are to be sold to underwriters who will make a
public offering of such securities.
The entire 202,403 shares of preferred stock will be offered publicly by
underwriters subject, however, in the case of 169,403 shares to an exchange
offer to be made by Ohio to the holders, other than American Gas & Electric
Co., of old 6% preferred on the following basis of exchange: For each share
of old 6% preferred, one share of new preferred and a cash payment equal
to the difference between the public offering price of the new
preferred and
the redemption price of $110 per share of the old 6% preferred, plus accrued
dividends to the date of redemption of the old 6% preferred less accrued
dividends to the date of delivery on the new preferred.
American Gas proposes to buy for $6,182,745 in cash not to exceed
1,236,549 shares of common stock of Ohio.
The proceeds of the sale of the new securities and the capital contribution
are to be applied to the following:
1940
—
.
—
.52,309.589 35,245,538
-
-
Total income.
-
-
------
Expenses, taxes, Ac
Depreciation
.
-
Netprofit.
Dividends
_
.
Earnings
per
1937
1938
$375,469
44,348
$136,224
60,649
$1,274,245
$1,086,699
744,081
51,300
$419,817
$196,873
320,164
27,569
$1,318,628
loss$ll ,597 loss$150,860
$269,059
313,725
$150,860
$44,666
$0.13
$291,318
— —
_
-Earnings—
1939
$1,042,003
44,696
_
Other income.
.
;.
—
392,801
38,613
44,383
.
$291,318
—
$11,597
$0.14
share.
Nil
Nil
978,616
70,953
Consolidated Balance Sheet Dec. 31
Utility Holding Company Act of 1935 by the Ohio
stock (no par)
[Interest rate on the bonds and dividend rate
preferred stock will be furnished by amendment.]
mon
_
Deficit------.
Power Co. and American Gas & Electric Co. concerning the
following:
The Ohio Power Co. proposes to issue and sell (1) $15,000,000 first
mortgage bonds, series due 1971; (2) 202,403 shares of cumulative preferred
stock (par value $100) and (3) not in excess of 1,236,549 shares of its com¬
Total.
Park Utah Consolidated Mines Co.
Calendar Years—
Ore sales.
Proposed Financing—
A hearing will be held March 24 at the Securities and
Exchange Com¬
mission's Washington office on the declarations and applications filed pur¬
suant to the Public
52,369,589 35,245,538
-V, 152, p. 839.
Corp. be denied.
Assets—
x
1940
1939
Prop, and equip.$4, 369,986 $4,410,282
Cash——
Notes & accts.
ree.
Invests, in bonds.
Inv. in other cos..
Deferred charges..
1939
Liabilities—
1940 ^
y Capital stock.—$2,091,864 $2,091,700
1,607
i 1,772
Minority stock—
42,773
Accounts payable33,001
369,740
80,794
192,018
676,984
386,605
37,415
691,909
Accrued
385,919
Divs. unclaimed—
28,328
Accrued Federal A
80,187
payroll.
-
State taxes..—
Unclaimed divs...
Paid-in surplus—
Deficit
Total—---—$5,921,524 $5,789,244
x
—
20,507
19,423
43,832
19,423
4,441.115
729,825
I 0,598
r
17,242
4,441.115
811.956
Total--- —-.—$5,921,524 $5,789,244
After depreciation of $564,230 in 1940 and
$513,475Iinil93§.
ylPar
value $1.—-V. 151, p. 3249.
To
Pay 10-Cent Common Dividend—
Directors
declared
a
dividend of
10
cents
per-share on the common
stock, payable April 24 to holders of record April 1.
Like amount was
paid on June 7,1940, this latter being the first dividend paid since Dec. 20,
1937, when 15 cents per share was distributed.—V. 151, p. 3249.
Volume
The Commercial & Financial Chronicle
152
Pacific Tin Consolidated Corp.—lo-Cent Dividend—Directors have declared a dividend of 15 cents per share on the common
®iodc, payable March 31 to holders of record March 24.
This compares
with 20 cents paid on Jan. 27, last; 10 cents
paid on Dec. 28, and on Sept. 30,
last, 20 cents paid on June 29 and on March 30, 1940, and a dividend of 15
cents paid on Dec.
27, 1939.—V. 152, p. 1138.
Panhandle Eastern Pipe Line Co .—Listing—
The New York Stock Exchange has authorized the listing of $12,000,000
istmtge. & 1st lien 3% bonds, series B, dated Nov. 1, 1940, and due Nov. 1,
I960, all of which are now outstanding.
(See also V. 152, p. 841)—V. 152,
Philadelphia Co. (& Suhs.)—Earnings—
Years Ended Dec. 31—
Operating
_
1939
$340,054
$1.11
1940
—_
share
per common
$221,115
_____
$0.45
___________
151, p. 3098.
—
received funds for the payment of the March 15, 1941 interest on these
bonds.
Payment will be made on and after March 15, 1941 upon pre¬
sentation and surrender of the March 15, 1941 coupons at the
Peninsular
Telephone
Co .—Stock
Offered—Bodell
&
was
(J. C.) Penney Co.—Sales—
Sales for
the month of February, 1941 were $18,345,282 as compared
$16,029,389 for February, 1940.
This is an increase of $2,315,892
14.45%.
Total sales from Jan. 1 to Feb. 28, 1941 inclusive were $38,641,247 as
compared with $34,322,389 for the same period in 1940.
This is an increase
of $4,318,858 or
12.58%.—V. 152, p. 1763.
with
or
Calendar Years—
Net profit after charges and taxes
Dividends on preferred stock
—V. 151, p. 3249.
1940
.
_
..
_
_
$3
121,200
_
_
1939
$675.335
_._
j
1,786
______
xl940
1939
Operating re venue.s
.—..-$12,171,797 $11,409,381
Operating expenses..
3,691,613 " 3,717,568
Electricity and gas purchased for resale,_________
776,825
776,503
_
_
_
Maintenance
780,785
1,194,236
684,605
245.756
872,171
610,123
998,231
369,426
1,492
883,978
Operating income
(net)-
$3,925,805
11,529
$4,052,060
10,782
Gross income^
$3,937,334
1,809,655
170,958
68,946
CV5.316
$4,062,843
1,811,861
175,508
69,043
Cr21,753
$1,893,092
$2,028,184
Provision for retirements.
__
_
_
_
_
Federal income taxes
profits taxes------______________
Other taxes.
Other income
Interest
on
long-term debt
Other interest
Amortization of debt discount and expense—
Interest charged to construction._______________
__
Net income.
x
5,464,046
072,128
522,324
044,713
523,047
d Guaranteed payments—
— 69,192
Taxes assumed on interest and dividends—199,489
199,973
__________________
Preliminary.—V. 151.
p.
2952.
—
_
_
______
;
.
.
Other store income.____
c
Appropriation
—
;
507,985
131,888
18,361
69,192
91,192
65,099
$7,835,416
$7,636,562
1,599,875
4,563
1,588,437
3,011
$6,230,978
$6,045,114
Miscellaneous.
Net income—
Dividends on capital stocks of subsidiaries.-----Minority interest in undist. net income of a sub-- _
—
—-----
—
Consolidated net income
—
b Includes provision for excess profits tax under the
1940 in the amount of $475,000. c To reserve for
payments (made to others) on obligations of street railway companies
guaranteed by Philadelphia Co.
d On the Consolidated Gas Co. of the City
of Pittsburgh preferred capital stock,
e Before deducting amounts applic¬
able to minority interests.
'
Note—In the above statement the income account for the previous year
has been adjusted to reflect changes in the classification of certain items
and to certain items applicable to the period charged directly to surplus
during 1939 and 1940.—-V. 152, p. 994.
a
Preliminary,
Second Revenue Act of
Pirelli Co. of
Italy—May Increase Capital—
28 will consider increasing
the capital stock from lire 300,000,000 to lire 400,000,000.
Holders of American shares desiring to give direction for voting, must in
accordance with deposit agreement, give written instruction to the City
Bank Farmers Trust Co., not later than 12:00 o'clock, noon on
1941 (accompanied by funds sufficient to defray cable charges,
March 22,
if any).—•
Pond Creek Pocahontas
Co.—Output—
Postal
Telegraph, Inc. (& Subs.)—Earnings-
Month of January—
1941
Telegraph and cable operating revenues— —
$1,893,883
Repairs.
-----114,119
Depreciation and amortization.--——
200,697
All other maintenance.
121,056
Conducting operations.
— L432.493
Relief departments and pensions.48,164
All othex general and miscellaneous expenses..--45,175
—
-
—
Net telegraph and cable oper. revenues
$67,821
5.500
92,026
(loss)..
-------
...—
iv -----
.
_
-
-
-
—
119,010
>,
5,000
90,360
$212,597
247,775
$460,372
-------
— — —
— —
_
-
-
-
1,773
$188,806
— -
— — — -
$214,370
23,578
- -
--------
-
------
Appropriations of income
_
50,882
38,876
$165,347
U_9
—
___
Deficit
125.671
1,350,321
$165,228
Operating loss
Non-operating income
Net loss.
$1,717,449
110,725
159,984
------
Uncollectible operating revenues
Taxes assignable to operations.
.
^
—
___
Deductions from gros* income.-----
1940
1939
1938
1937
$23,979,909 $22,775,927 $21,734,863 $22,383,144
340.277
302,155
289,432
305,360
in Janu¬
Company mined 185.102 tons in February, against 194,772 tons
and 144,570 tons in February. 1940.—V. 152, p. 1765.
ary
Loss
Peoples Drug Stores. Inc.—Earnings—
Calendar Years—
Net sales..
—
V. 150, p. 3672; V. 149, p. 1485.
Pennsylvania Electric Co. (& Subs.)-—Earnings—
Years Ended Dec. 31—
$14,571,442
5,491,299
508,226
37,890
14,567
-
___
Stockholders at their annual meeting on March
Pennsylvania-Dixie Cement Corp.—Earnings-—
excess
Gross income-— -----$14,697,469
Interest on funded debt
Amortization of debt discount and expense
Interest on Federal income tax settlements
Other interest
e
announced March 14, pur¬
chased from the British account a block of 8,450 shares
common stock (no par), which is
being distributed at $32.50
a share.—V.
150, p. 3898.
Federal
$15,089,379 $14,841,556
Dr391,910 Dr270,115
office of the
fiscal agents.—V. 151, p. 22C2.
Co., Providence, R. I., it
22,930
3,043,821
2,296,200
b3,970,050
Provision for Federal and State income taxes
Interest charged to construction.-
are notifying holders of
refunding mortgage 7% sinking fund gold bonds that they have
1939
14,985,708
3,193,427
5,646,527
—
——
-
_
Paulista Railway—To Pay Interest—
Ladehburg, Thalmann & Co., as fiscal agents,
nrst and
r
Net operating revenue
Calendar Years-—
Net profit after charges and taxes
—V.
•
_
Other income (net)
Parkersburg Rig & Reel Co. (& Subs.)—Earnings—
Earnings
»1940
$48,012,200 $44,030,171
revenues
Operation
16,335.538
Maintenance and repairs
;
3,609,473
Approp. for retire.'and depletion reserves—
—
5,955,989
Amortiz.
of
limited-term
investments,
utility
leaseholds, &c
17,543
Taxes
3,034,229
1601.
p.
1929
-
-
~
$ 188,806
$460,372
$4,755,586
—V. 152, P. 1765.
Total store
a
income._.$24.320,186 $23,078,082 $22,024,295 $22,688,504
Cost and expenses—.. 22,876,120
21,822.586
20,989,026
21.401,060
Pfeiffer Brewing
Co.—Earnings—
1940
1939
$6,365,044
$6,203,787
$5,903,471
456,409
616,454
565,089
340.-465
$1.06
$1.43
$1,32
$0,79
Calendar Years—
Operating income—__
Other income..
$1,444,066
$1,255,496
89,569
74,604
...
$1 035 268
62,659
$1,287,444
65,484
Sales-.
-
Net income after all
and taxes.---._
Total income——
Miscellaneous
charges.
_
$*,533,635
92,368
357,692
Federal income taxes.__
Surtax
Fed.
on
undist.
excess
prof—
prot. taxes
Net profit— .—
dividends
194,642
53,071
14,466
$1,020,071
38,537
429,579
—.
$435,432
$3.27
$386,491
$4.07
$271,318
Earns, per sn. on com__
$1,059,692
59,426
613,685
$551,964
$3.99
397,390
$858,606
55,038
368,136
$2.18
Includes depreciation and amortization—V,
Perfect Circle Co.—40-Cent
Directors have declared
a
152,
p.
Dividend—
dividend of 40 cents per share on the common
quarterly dividends of 50 cents per share
Pet Milk Co.
Net
sales-——
were
Previously regular
distributed,—V. 151, p. 35/2.
(& Subs.)—Earnings—
1940
—
-$34,900,875 $29,711,501 $28,555,164 $29,702,594
27,852,044
23,403,767
22,885,393
24.449 373
4,370,760
4,159,152
3,886,890
3,736,439
770,348
712,766
712,511
642,499
Sell., gen. &adm.exps-
Operating income.-.-
$1,907,723
$1,435,816
~$1,070,370
Dividends received----
17,896
11,405
97,765
$874,283
135,080
$1,925,620
$1,447,221
$1,168,135
$1,009,364
2 ,672
2,463
25,838
2,319
51,846
206,806
2,176
Total income
Proportion applicable to
minority int. in subs—
Interest paid
34 ,075
643 ,167
—
Federal taxes..
—
Prov.
267,692
62,053
140,518
un¬
for surtax on
distributed profits. — _
for income tax,
45,000
20,611
prior years..—
on disposal of capi¬
—
728
4,993
—
6,164
15,955
$1,240,712
Balance, surplus
Shs.com.stk.out.(nopar)
Earnings per share
—V. 151, p. 3250.
$1,129,888
441,354
$901,001
441,354
$699, x55
441,354
$688,534
441,354
$459,647
441,354
$2.04
$257,801
441,354
$1.58
$799,358
441,354
$2.81
44i,354
Subs.)—Earnings1940
1939^.
$1,526,970 loss$688,603
Procter & Gamble
$2.34
—
Co.—Tax Claim Settled—
Prudential
.
„
Investing Corn .-Two-Cent
Philippine Long Distance Telephone Co.—$1 Dividend
Directors
have
declared
stock, payable March 31 to
a
dividend
of $1
per
share
holders of record March 27.
$5 per share were paid on this stock during
on
the
common
Dividends totaling
p. 113.
1, 1939.—V. 151, P. 3754.
Oct.
Jersey—Earnings
Feb. 28 {Including Subsidiaries)
1941—Month—1940
1941—12 Mos.—1940
Public Service Corp. of New
Earnings for Month and 12 Months Ended
Period End. Feb. 28—
12,408,433
11,557,908 141,776,582
°W^::iept:
8.810,825
8,274,621
Net income from oper.
Bal.avail. fordivs. & sur.
3,597,607
2,418,005
3,283,286
2,093,514
152,
p.
Pullman
135,316,947
iot687.389 95.853.016
38,089,193
23,416,511
39,463,931
25,736,439
1446.
Co.—Earnings—
Month of January—
_
Total expenses
Operations)
VH\aa
«
Ant0***
Net revenue------!
Auxiliary operations: Total revenues...
Total expenses---.—
$5,602,253
$1,058,139
$231,314
163,981
—
$5,756,744
4,761,904
$994,840
Sleeping car operations; Total revenues
$222,243
160,541
4,544,114
1940 and 1939.—V. 151,
$67,333
$61,702
$1,062,173
474,058
$1,119,842
462,093
$588,115
$657,749
Pay 30-Cent Dividend—-
Directors have declared a dividend of
stock, payable April 25 to holders of
25 cents paid on Oct. 15, July 10 and
and 15 cents paid on March 25, 1939
—V. 151, p. 3573.
Dividend—
share on the common
of record March 20.
This compares with
four cents paid on Dec. 30, last; two cents paid on Oct. 1, last; three cents
on April
1, 1940; seven cents on Dec. 28, 1939, and four cents paid on
stock, payable April 1 to holders
Net revenue.-------
Pierce Governor Co .—To
.
Directors have declared a dividend of two cents per
(Revenues and Expenses of Car and Auxiliary
$2.56
NU
v.;.'
V"
Claims against the Government, filed by company, in 1938 for approxi¬
mately $1,000,000 allegedly due as refunds on processing taxes on coccanut
and palm oils, were settled out of court.
•
.
According to R. R. Nevin, U. S. Court Circuit Judge, action has been
fully compromised and dismissed.—Y. 152, p. 688.
—V.
Net profits
-----Divs.oncom.stk. (cash)
w»u
i
and taxes
44,508
Loss
assets._—-
Pressed Steel Car Co., Inc. (&
"{939
$428,172
Nil
— -----
Calendar Years—
Gross earnings.
Prov.
tal
.1940
$11,779
and taxes
Earnings per share on common.
—V. 151, P. 1154.
.
1937
1938
1939
Cost of goods sold—_
Depreciation.
Phillips Packing Co. (& Subs.)—Earnings— •
Net profit after charges
Earnings per share on common
—V. 151, p. 3099.
stock, payable April 1 to holders of record March 21.
Calendar Years—
Earns, per sh. on cap.stk
—V. 152, p. 1764.
Net profit after charges
1602,
—
___
—
Calendar Years—
$ 1,069,108
Common dividends--—
a
50.384
-----
Preferred
Surplus.
$1,352,928
45,613
188.937
______
—
— —
$1,097,928
$1,330,100
80,207
229,821
chgs.
30 cents per share
on
the
common
record April 12. This compares with
March 15, last, and on Oct. 16, 1939
and on Aug. 5 and on April 11, 1938.
Total net revenue
Taxes accrued
Operating income—V. 152, p. 1765.
...
—
1937
1938
1939
1940
From Carrier Business—
$60,604,266 $58,924,968 $64,287,199
47,782,613 46,271,146 a48,854,615
9,781,657
10,251,355
10,149,556
Operating revenues----.$60,143,649
Operating expenses
.
47,084,054
depreciation.. 10,088,289
Chemical
The
Years
Consolidated Income Account for Calendar
principal amount general mortgage, 4H% bonds, series C. Bonds have been
designated by lot and win be called as of May 1, 1941 at 102K% of the
principal amount together with all interest accrued and unpaid thereon to
May 1, 1941.—V. 152, p. 1294.
Copper & Brass, Inc. (&
Revere
Net
$5,650,927
$2,504,267
$2,630,298
operating income. $2,971,307
Manufacturing Business—
From
$29,692,655 $33,102,137 $72,261,847
Net sales & oper. revs—$63,097,791
Cost of goods sold and
25,175,984
2,204,901
1,893.422
2,292,881
2,034,861
58,890,850
2,401.095
1,910,787
$239,933
$9,059,115
$1,931,711
2,118,669
2,322,526
28,534,461
$418,349
52,139,242
operating expenses...
Prov, for depreciation..
.Selling & adinin. exps—
$1,100,351
$872,757
23,829
85,732
1940
and taxes
7% preferred dividends
5H% preferred dividends
$713,649
miscellaneous income.
—
Definitive Bonds Ready—
The Commercial National Bank
$28,802
income deductions
35,394
Admin, expense of Pull¬
246,067
212,219
213,598
229,339
$438,779
$1,684,099
$862,923
$557,687
$9,927,439
Provl for Fed. inc. tax.. 12,443.313
Prov. for Fed. surtax on
undistributed profits—
$4,732,746
723,270
Inc
man,
....
Net invest, income...
Tot. earns., all sources
$3,607,123 $15,267,729
1,311,294
2,655,184
336,595
......
Credit adjustment
d Add'ns to surplus
$2,295,829 $12,275,950
41,807,828
39,958,356
b3,542,020
$4,009,476
35,295,477
51
38,201,960
$7,484,126
39,593,490
40
Balance of earnings—
......
25,260
C767.896
h727,084
Other credits....
$47,804,740 $77,506,963 $44,971,553 $55 801,587
Total
Less
have
of
manu¬
1,880,494
458,979
239,391
122,779
12,084
facturing properties.,
surplus
of
French subsidiary
296,886
33,143.225
530,344
Earned
f Write-off............
Approp. for pens, trusts.
Loss on final liquidation
&
declared
res.
234,885
.....
Add'n to gen. reserve—
411,716
3,552,440
5,252,941
surp.,
3,820,238
5,730,327
500,000
1, 507,436
10, 505,828
paid
on
Earnings per
...
Includes credit of $799,774 accruing from remission of 1936 taxes under
b On account of reduction of pension reserve,
Railroad Retirement Act.
Upon application, Charles M. Storey, has
Commission as an additional member of a protective com¬
mittee for holders of the first terminal and unifying mortgage bonds due
state Commerce
152.
Jan. 1, 1952.—V.
p.
1604.
c Includes reserve for depreciation—linen prior to Jan. 1,
$411,716; ticket sales balance prior to March 1, 1934, $337,412;
unclaimed salaries, prior to Jan. 1, 1933, $15,114; and unclaimed checks
prior to Jan. 1, 1933, $3,653.
d From reduction in stated value of capital stock from $50 to $40 per
share approved by stockholders April 19, 1939.
e Taken into consolidated
surplus up to Dec. 31, 1938, eliminated from consolidation in 1939.
f Ol
balance of 1927 appraisal increase in valuation of carrier properties ap¬
proved by board of directors April 19, 1939.
g Adjustment of revalued
carrier property units retried,
h Adjustment of overaccrual of general
taxes in previous years,
i No provision has been made for any excess
profits tax, which under the Second Revenue Act of 1940 is not applicable
any part of consolidated net income for 1940.
Note—The accounts of the French amnufaeturing subsidiary have not
been consllklated in 1939 or 1940.
Income from security investments for
the year 1939 Includes dividend of $52,786 received from that subsidiary
and paid out of its then current earnings.
1908,
.1939
1940
Calendar Years—
and taxes—
Earnings per common share.
...........—Nil
—V. 151, p. 2512.
$0.03
Scullin Steel Co.—Interest—
%
interest will be made on April 1, 1941, to
3% fixed and 3% income, due Oct. 1, 1951:
(a) Fixed interest of $15 per $1,000 bond, upon surrender of fixed interest
coupon No. 9 maturing on April 1.1941; and
(b) Additional interest of $30 per $1,000 bond upon surrender of income
interest coupon No. 4 maturing on April 1, 1941.—V. 152, p. 1142.
The following payments in
Assets—
have
declared
Other mkt,
872,809
&
1,396,494
10 495,888
9,662,718
Acer .taxes,
notes
trust
Credito e
with City Bank Farmers Trust Co., 22 William St., to whom bondholders
wishing to accept the offer have been advised to forward their bondc and
coupons,
the offer
with a letter accepting the
expires.
tion
other def.-pay.
7 911,683
4,981,907
InveutorieB(cost) 22 6^3,671
20,213,202
car accounts..
Cash
on
Empl.
affil.
other
cos.
and
fire
6,692,102
b Equpt. & prop 126 ,586,939
Prepaid exps. &
def'd charges
276,351
128,466,858
&
742,779
stallations
642,324
642,324
.
4,807,697
3, 190*836
Genera]
Other
678,535
83,999
reserves..
Air-condltloning
rev.
deferred6 285,146
4,370,614
1 102,703
1,678,190
Capital stock. 152 807,760 152,807,760
Capital stock,
6,167
6,327
41 ,088,053
39,593,490
Pullman Co..
Surplus
..232,403,835 221,885,1881
Total
Advances
on
munition
contracts,
-.232,403,835 221,885,188
Total
b After
$204,713,054 in 1940 and $200,061,561 in 1939.
194 no par shares.—V. 152, p. 436.
Rath
depreciation reserve of
c Represented by 3,820,-
Packing Co.—Common Dividend—
Directors have declared a dividend of 37 He. per share on the common
stock, payable April 1 to holders of record March 20.
Like amount paid
on Jan. 2, last, and previously regular quarterly dividends of 25c. per share
were distributed.
In addition, extra dividend of 50c. was paid on Oct. 28
last.—V. 151, p. 3899
Real Silk Hosiery
Mills, Inc.—Earnings—
Calendar Years—
1939
1940
Net profit for years
—V. 151, p. 1155.
Drug Co.—Five-Cent Dividend—
123
18,684
18,013
$135,448
111,120
$18,612
13,890
$85,968
65,978
$44,892
$24,328
$4,722
$18,684
Expense of extension of
mtge. bonds.
1,305
Cash..
—
eqpt.$1,789,849 $1,789,849
47,246
61,879
10,485
15,400
Misc. accts. receiv.
Deferred assets.
_
18,055
—
152,
—...
Current liabilities.
8,555
8,598
15,400
4,684
Unadjusted credits
Corporate surplus.
24,587
44,892
35,886
24,328
tion to the regular quarterly dividend of 25 cents per share on
the common
value, both payable March 31 to holders of record March 22.
Extra of 25 cents paid on Dec. 24, last; 15 cents paid on Sept. 30, last, and
extras of five cents per share paid on June 30 and March 31, 1940.—V.
...$1,881,035 $1,871,812
Total
Sharp & Dohme, Inc. (&
Subs.)—Earnings—
Consolidated Income Account for Calendar
Years
1940
Manufacturing profit
Sell. & adpain. expense
19.39
1938
1937
$6,381,627
4,833,452
$5,602,052
4,450,019
$5,206,034
4,174,393
$5,618,125
4,244,832
127,522
128,945
See a
See a
$1,548,175
$1,152,033
$902,695
87.466
119 885
92.525
98.578
$1,635,641
Other deductions......
267,887
Prov. for Federal tax
bl92 852
$1,271,918
303,308
66 338
$995,220
305,053
22.000
$1,344,349
$999,168
Depreciation..
....
Operating income.
Income credits
Total income
$1,174,902
$902,271
801.797
$1,245,771
$668,168
801.797
Net profit
Preferred
801,797
dividends
269,181
76.000
601.352
$100,474 def$133,629
$397,816
Surplus
$373,105
Earns, persh. on 776.627
shs. com. stk. (no par)
$0.48
$0.12
Nil
c$0.25
a Depreciation charges, totaling $123,554 in 1940 and $145,947 in 1939.
are included in other figures,
b No provision required for Federal excess
profits taxes,
c
After preferred dividend requirements of $801,797Consolidated Balance Sheet Dec. 31
$
1,054,891
U.S.A.Trea8. notes
400,000
...
Notes
and
1940
1939
Liabilities—
$
1,099,218
400,000
$
374,052
Accruals
608,071
381,663
223,019
295,839
in
fixed
reserve
of
2,204,039
respect
4,515,259
4,258,955
property
(at cost)
486
a Fixed property.. 3,057,538
Trademarks, pats.,
486
Res. for losses from
co.
Prepd. & def. ctags.
1939
306,050
2,517,550
copyrights, Ac..
S
Accounts payable.
Special
accts.
recelvable.net
Investment In affil.
dividend of five cents per share in addi¬
414,000
414.000
Long-term debt
1767.
p.
Inventories
Reed Roller Bit Co.—Extra Dividend—
Common
Total—...—$1,881,035 $1,871,812
—Y.
1940
19»9
stock.—$1,389,000 $1,389,000
Liabilities—
1939
1940
Assets—
Inv. In rd. &
Cash
Directors have declared a dividend of five cents per share on the common
stock, payable April 1 to holders of record March 15.
Previously quarterly
dividends of 10 cents per share were distributed.—V. 151, p. 2809,
no par
$67,954
$107,397
62,505
1940
an extra
2,100
$130,726
V 4.722
$169,536
loss$341,956
Directors have declared
2,100
$83,069
24,328
Assets—
Reed
2,100
_
^
def $72
Other def. cred.
c
15,244
16,560
18
2,100
Rents receivable.
Contingencies
769,418
381,071
388,682
and in¬
cars
274,928
.
Other assets
1,950,469
2,205,155
cas'ty llab.
Experlmental
4 ,292,260
(cost)
69
16,560
3
Balance Sheet Dec. 31
benefit
Unlns.
securs.
1937
$103,000
Cr26
unfunded debt..
Maint. of investment or¬
on
Surplus, Dec. 31
7,433,804
plans......
Inv. in & adv. to
$18,660
35,946
16,560
8
16,560
Int. on funded debt
Reserves for:
7,433,804
1939
$185,340
297
contracts
(contra)
dep.
(contra)
1938
1940
p
4,652,082
5. 701,353
muni¬
on
1941,^when
$102,000
Calendar Years—
Income from lease of rd.
Taxes...
Int.
offer, on or before June 30
Ry.— -Annual Report—
Sbaron
Net income....
for Fed.
prov.
7H%
Inversiones as agent for the first mortgage
10,416,628
lncl.
Income tax
Ad vs.
&
Corp.-—Tenders—
Sevilla-Baltimore Hotel
Banco de
sinking fund gold bonds due Nov. 1,1937, has offered to purchase any of the
outstanding bonds with May 1, 1931 and subsequent coupons attached, at
the rate of $8.12 per $100 principal amount.
lunds have been deposited
Total surplus.
Dividends..
11 467,851
payrolls
$6 first
dividend of $1.50 per share on the
amount was
Frevious surplus
$
$
Accts. payable &
8,919,627
sees.
receivable
Equip,
40,634.672
8 ,827,637
a
stock payable April 1 to holders of record March 20.
Like
paid on Oct. 1 and April 1, 1940; dividends of $1 were paid on
Oct. 2 and April 1, 1939. and on Oct. 1. 1938, and dividends of $2 per share
were paid on April 1, 1938, and on Oct. 1, 1937.—V. 151, p. 1585.
preferred
Miscell. income charges-
Liabilities—
$
42 ,263.474
U. S. Govt, sees
(Denver)—$1.50 Pre¬
Security Investment Trust, Inc.
ferred Dividend
1939
1940
1939
$
Cash
Dividend—
on the
ganization
Consolidated Balance Sheet Dec. 31
1940
stock,
Co.—Earnings—
Mountain & Pacific
Net profit after charges
the Puilman Co.
a
Ry.—Committee Member—
been approved by the Inter¬
St. Louis Southwestern
Directors
Dec. 31...$41,088,053 $39,593,490 $35,295,477 $41,907,828
stock.W.
3,820,194
3,820,194
3,820,189
3,820,189
share.
$1.93
$1.03
$0.59
$3.17
Shares capital
a
dividend of five cents per share in
regular quarterly dividend of 10 cents on the common stock,
April 1 to holders of record March 20. Like amounts were
Dec. 16, Oct. 1, June 25 and April 1, 1940.—V. 151, p. 3408.
both payable
of $2 per share on account of accumu¬
5% cumulative preferred stock, payable April 1 to holders of
record March 20.—V. 151, p. 2513.
for conttng.
Dividends
Accts.
presently outstanding, at l\»
152, p. 129.
Inc.—Extra Dividend—
extra
an
Seagrave Corp.—Accumulated
Adjustment
a
--——
addition to
lations
Savings Bank
Add'n to
Bal,
_ .
Directors have declared a dividend
of The Pullman Trust
g
.
holders of mortgage bonds,
Abandonment
e
$1,615,069
Co.—Annual Report—See page 1940.
Roberts Public Markets,
St. Louis Rocky
Balanceof Burp. Jan. 1—
1939
$2,916,011
86,055
247,05o
& Trust Co. of New York is prepared to
H% sinking fund bonds in exchange for
temporary bonds of that issue, which are
office at 46 Wall St., New York, N. Y.—V.
Directors
off, int. paid & miacell.
—
....
Reynolds Metals
sold & other
on securs.
Bal. in closed banks writ,
Subs.)—Earnings—
Calendar Years—
Net profit after charges
deliver definitive first mortgage 3
manufact'g profit $6,517,353
From Security Investments—
Inc. from securities, prof,
Net
$76,500,
has called for redemption
Co.
Trust
&
Bank
1941
22,
Called—
Republic Steel Corp.—Bonds
Pullman, Inc. (& Subs.)—Earnings—
Prov. for
March
The Commercial & Financial Chronicle
1930
1
138,781
3,128,948
oper.
in foreign
112,749
42,623
countries
b Cap. stk.
1
out par
21,204
9,000,000
9,000,000
1,504,743
1,131,638
(with¬
value)..
Earned surplus
151, p. 3575.
Total
Republic Petroleum Co. (& Subs.)—Earnings—
Calendar Years—
1940
Net loss for year
Earnings per share
—V. 151, p. 2809.
■
on common
.
.
_
.
a
1939
$1.52,795prof $119.643
Nil
$0.29
11,684,506
11,204,3961
Total
11.684,506 11,204,396
After deducting depreciation of $2,143,496 in 1940 and $2,115,748
b Preference—Authorized, 500,000 shares; issued and outstand¬
in 1939.
ing, 229 085 2-5 shares; $3.50 cumulative convertible preference on liquida¬
tion.
$75
per
share plus accrued
dividends.
Common—'Authorized,
2,000,000 shares; issued and outstanding, 776,627 shares.—V. 152, p. 1296.
Volume
The Commercial & Financial Chronicle
152
(Frank G.) Shattuck Co. (& Subs.)—Earnings—
Calendar Years—
Net sales
1940
——
Costs and expenses..
Profit
Other
—
—
income
(net)
—
$1,085,938
(A. CO Smith Corp.—Earnings—•
1938
3 Months Ended Jan. 31—
95,188
$1,356,651
90,769
$1,361,346
106,300
$1,181,126
743,272
140,000
$1,447,420
770,804
119,000
$1,467,646
824,628
106,058
$297,854
492,830
$557,616
500,720
$536,960
630,820
$194,976
—
sur$56,896
$93,860
——
Total income
Depreciation and amortization
Federal income
1939
.$20,264,729 $19,459,492 $19,361,552
19,178,791
18,102,841
18,000,206
—
taxes
Total
_
,
________
—V. 151, p.
2955.
Wilson, President of the
company, announced that
$3,000,000 of
the company's outstanding $6,000,000 of
3H% coliateral trust notes would
be called for redemption by lot on May 15, next, at 101 and accrued mterest.
Both principal and interest are payable in Canadian funds
omy.
"The decision to retire half of the
outstanding collateral note issue at
this time, ' Mr. Wilson said,
'is based on the fact that we have accumu¬
lated cash resources in excess of present requirements."
Payment of the notes,
he added, would release funds for possible in¬
s War Loan.—V. 152, p. 1142.
vestment in the Canadian Government
dividend of 15 cents per share on the common
1 to holders of record March 25.
Dividend cf 12^
a
stock, payable April
share was paid on Jan. 2. last, and previously regular quarterly
dividends of 10 cents were distributed.
In addition, extra dividend of 20
cents was paid on Dec. 23. last, and on Dec. 23, 1939.—V.
152, p. 1450.
cents per
Sheffield Farms Co.,
Sierra Pacific Power
Operating
Co.—Earnings—
1941—Month—1940
$195,998
$173,267
revenues
ment res.
accruals
71,651
64,616
Net income
$2,295,684
$2,133,605
841,028
713,217
912,168
777,732
68,655
57,375
—
Earnings
1940
1939
$1,167,047
695,800
$2.35
1143.
■'
Sivyer Steel Casting Co.—Earnings—
Years Ended Dec. 31—
1940
1939
$728,314
49.399
$504,360
71,772
1938
$189,802
60,967
Gross profit after prov. for deprec.
Selling and administrative expense.
$678,914
290,871
$432,588
211,418
$128,835
197,252
Net profit from operations —.
Other income—
$388,043
7,178
$221,169
4,714
loss$68,417
5,889
$395,222
$225,884
15,874
loss$62,52S
11,208
Gross profit
Provision for
depreciation
-
_
—
—
—
—
_-
—
$651,572
179,556
$394,823
51,115
$978,617
$472,016
$343,708
$1.96
$0.94
$0.69
—
—
-
——v
—
Includes
results
of subsidiaries,
subsidiary.—V. 151,
6,254
b
Includes results
of wholly-owned
3900.
p.
Report
for 1940—The income account and balance sheet for 1940
will be found in the advertising pages of this issue.
Our
usual comparative tables for calendar years was given in
"Chronicle" of March 8, page 1605.
Harry J. Bauer, President, in his remarks to stockholders
in part:
says
Year
1940—Outstanding facts concerning
company
opera¬
tions in 1940 may be summarized as follows:
While 1940 was a year of increased business activity, due in large part to
the current and prospective Government expenditure upon armaments and
other preparation for defense, this activity did not notably Increase com¬
pany's earnings in 1940.
The gross operating revenue for the year 1940 amounted to $46,393,847.
This is an increase of $607,864 over the gross of $45,785,983 for the year
At the end of the year 1940 there were 573,523 meters connected to the
This is a record high, and represents an increase of 28,761 meters
during the year 1940.
The total kilo watt-hours marketed during the year
1940 was about equal to the output for 1939, but a larger percentage was
lines.
By supplemental agreement made in 1940 the original agreement with
the Pacific Gas & Electric Co.
was extended to include the years 1942-43-44
and the capacity which we are to keep available for that company during
those years was increased to 150,000
entered into a contract with the San
for
that
company
37,000
work
on
kilowatts.
Also during the year we
Diego Gas & Electric Co. to provide
kilowatts of stand-by capacity and completed
our part of the enlarged interconnection for this
delivery.
power
$1,553,866
1,043,700
$3.12
per common share
—V. 152, p.
$1,432,853
454,236
—
—
the construction
Co.—Earnings-
Calendar Years—
Net profit after charges and taxes
Dividends
.--
sold to domestic and industrial customers.
1767.
Simonds Saw & Steel
—
per share on 498,800 shares
capital stock—
of
1941—12 Mos.—1940
Gross income after retire¬
—V. 152, p.
$388,568
1939.
Inc.—Obituary—
Lawrence Decker, 50, a director of this company and Sales Manager of
its retail division, died on March 13.—V. 148,
p. 2443.
Period Ended Feb. 28—
$632,406
19,166
Earnings
Operations,
Shawmut Association—15-Cent Dividend—
Directors have declared
$1,409,922
—22,931
Southern California Edison Co., Ltd.—Annual
Shawinigan Water & Power Co.—Notes Called—
James
$651,704
263,135
Federal and State income taxes
a
Deficit
—
1939
$907,181
274,775
-
income..-
income--
v
bl940
$1,677,704
267,782
__
Balance
Non-operating
!
al941
Operating income—
Depreciation-
Net income.
Net profit
Dividends
1931
Operating expenses for the year 1940, exclusive of depreciation, amounted
to $20,627,433, an increase of $1,404,250 over the year preceding.
Taxes
were again the outstanding item.
The bill for the year normally would
have been $9,149,892, which is an increase of $1,212,936 over the tax bill
for the year 1939.
However, an adjustment downward from this figure
was made because of deductions for discount, redemption premium and
expenses incident to the refunding of bonds.
On Oct. 15, 1940, company completed another large bond refunding
operation whereby we called for redemption on Jan. 1, 1941, the outstand¬
ing 3 % % bonds in the principal sum of $108,000,000.
The gross reduction
in annual bond interest thus accomplished is $810,000.
The net saving
will be considerably less than this sum because of the premium paid to
redeem the called bonds (5%), the expenses of the refunding operation,
and the increased taxes resulting from the samller interest payments.
The
savings nevertheless will be substantial and company now has the benefit
of one of the lowest interest rates of any public utility in the country.
Operation and Construction—Because of favorable precipitation in the
season in the watershed supplying the Big Creek plants, all storage
were filled.
Company was enabled thereby to generate 75.6%
of its total production in its Big Creek and base hydro plants.
Production
at
Boulder amounted to an additional 18.7% of the total production.
These figures combined result in a total of 94.3% produced by hydro-plants,
which permitted material reduction in expenditures for fuel.
In spite of the loss of business in the territory transferred to the City of
Los Angeles in 1939 and a decrease of approximately 120,000,000 kilowatthours in sales to the Pacific Gas & Electric Co. during the year, the total
production for 1940 exceeded that for 1939 by approximately 31,400,000
1939-40
_
Other deductions
14.277
Prov. for est. State & Fed. inc. taxes
159,600
36,400
$221,345
Net profit for the year
$173,610
79,880
$2.17
Dividends paid.
Earnings
share
per
99,850
$2.77
...
loss$73,736
29,996
Nil
Balance Sheet Dec. 3i, 1940
Assets—Cash in banks and
on hand, $234,811; notes and accounts receiv.
$205,790; inventories, $279,226; cash surrender
$93,145; property, plant and equipment
(less, reserve for depreciation of $1,007,276), $955,816; other assets and
deferred charges, $13,915; total, $1,782,703.
Liabilities—Accounts payable, trade and sundry, $10,599; accrued sals,
and wages, $23,143; accrued payroll taxes, &2,356; accrued
property taxes,
$7,712; accrued State occupational taxes, $1,921; accrued Federal capital
stock tax, $5,000; provision for estimated State and Federal income and
excess
profits taxes, $159,600; common stock (80,000 shares, no par),
$1,200,000; common stock in treasury (120 shares at cost), JDr$l,001;
earned surplus, $873,373; total, $1,782,703.—V. 151, p. 3253.
(less
of
reserve
of
value
life
$7,915),
Calendar Years—
1940
1939
1938
1937
$2,160,311
815,795
196,721
$1,726,894
$2 ,976.745
849,932
—
bank loans
230,123
33,167
131,683
b499,229
undis. profits .
Other income—
Net income
Common dividends---..
line
transmission
and
two
Miscell. debits
or
the
switching station at
between
the
Boulder
Boulder
system
and
to
the
Chino
main
was
commenced
connecting lines as of the end of the
year.
Reinforcement of the present interconnection of the Pacific Gas & Elec¬
tric Co.
begun during 1940 with the construction by that company of
a
100,000 kilowatt substation at Piedra, which will connect directly with
the company's Big Creek lines.
was
Output—The transmitted output from the company's gen¬
204,617
23,184
Kilowatt Hours
'
19)0
Water power plants
I ""I
$1,677,795
241,111
595,908
$943,178
345,813
297,954
$589,645
360,183
99,318
$1,474,827
Purchased power
cl,113,825
148,977
Power exchange—Received------
$840,776
7,115,998
Dr343.752
$299,411
6,822.868
Dr6,282
$130,144
6,690,597
$212,025
6,495,150
7J/T6.577
—
credits
Internal combustion engine plants
CY2.127
177,800
48,443,238
15,198,185
655,000
20,970,408
4,991,900
3,622,973,103
plants
-
— —
— ------
—
-
—
— -------
-
-
1939
3,035,068,514
561,287,281
— --
Cr35,898
Steam
.3,446,710,536
143,866,277
—3,654,396,036
,
Total
Balance, surplus
Surplus at Jan. 1
from
connections
during the spring of 1940 and at the end of the year the line stood approxi¬
mately 30% completed.
Only preliminary work had been done on the
Transmitted
on
Preferred dividends
volt
Substation
transmission system between Big Creek and Long Beach.
These connec¬
tions will be 220,000-volt transmission lines between the company's Barre
erating plants and other sources was as follows:
—
Prov. for Fed. inc. taxes
Surtax
generator at Boulder Power Plant for the use of the company.
The addi¬
tion of this generator is expected to be completed early in 1942.
This addi¬
tional generating capacity also requires the construction of a second 220,000-
50,892
266,627
17,797
Exps. in connect'n with
readjust, of pref. capi¬
tal stock-
the year necessitate an increase in the company's generating
capacity which will be met by the addition of a third 110,000 horsepower
897,922
146,853
8,782
Depreciation
Depletion-.Int. on underlying liens
on purch. property—
on
Indicated load growth and the additional commitments above referred to
made during
and Lighthipe, and Chino and Laguna-Bell substations.
Work on the second Boulder-Chino transmission line
Earnings—
$3,221,948
819,692
243,334
r
•
Gross income...
Int.
kilowatt-hours.
insurance policies,
Sloss-Sheffield Steel & Iron Co.a
reservoirs
Deliveries—The foregoing output was absorbed by the various classes of
service as follows:
•
Kilowatt Hours
% of To to l.
1940
1939
540,744,010
512,482,627
1,129,033,558 1,056,186,125
Agricultural397,549,242
403,406,526
Railways
•—
228,723,554
243,261,356
Domestic heating and cooking.
152,582,186
153,732,083
18.4
38.5
13.6
7.8
5.2
1 7.2
35.5
13.5
8.2
5.2
Other electric corporations
14.5
2.9
1940
Surplus at Dec. 31--- $7,613,021
$7,115,998
$6,822,868
$6,690,597
of operation, research, administra¬
tion, repairs and renewals, taxes, other than Federal income tax.
b In¬
cludes $44,648 State income tax.
No provision has been made for Federal
excess profits tax.
c Including special dividend of $11.21 per share.
After the deduction of all expenses
a
Total
1939
5
$
1,751,073
Cash
3,248,792
Notes & accts. rec.
(less reserve)
Investments
919,221
996,675
1,988,054
—
Inventories-.
13,200
1,595,978
13,200
25,907
31,690
-----
Other assets-----a
Real est.,
and
bldgs.
equipment-19,599,038 19,679,894
59,650
25,944
Deferred charges-.
1940
Liabilities—
488,656
100,950
Taxes accrued
683,893
Interest accrued.
405,966
32,276
~3~5~923
922,617
Wkmen's com.
82,813
Power
66,299
530,607
25,907
res.
2.4
2.9
2,375,428,356 2,458,053,005
7,323,985
exchanged—delivered---7,684,546
4.774,280
81.0
.3
.3
82.6
2,931,180,897 2.975,309,912 100.0
100.0
—
—
31,690
con¬
-.24,356,144 25,592,173
Total
depletion and depreciation
1940 and $15,819,037 in 1939.
a
After deducting
1,300,000
2,864,700
5,729*300
9,931,800
9,931,800
7,115,998
7,613,021
with
compared
.2
1939;
1940
Meters
—
-
.
Connected load in horsepower—Lighting
Industrial.
—
_
Agricultural
Railways-
24,356,144 25,592,173
reserve
—
—
—
At a meeting of the board of directors held on March 4, A. Key Foster of
Birmingham, Ala., was elected a member of the board.—V. 152, p. 1451.
Total
I
152,
—
573,523
849,906
844,685
317,714
140,315
631,260
1939
544,762
779,985
806,672
320,757
140,315
p.
1767.
171,939
24,075
85,480
607,153
122,341
137,476
81,485
3,065,374
Municipal for resale—
Municipal—miscellaneous
—V.
—
—------
------
Domestic heating and cooking.
Other electric corporations
;
of $16,859,414 in
New Director—
—
Connected Load—The following is a comparative statement of the number
connected load in horsepower at the close of the year 1940
as
—
Total
2.8
of meters and
Land rentals
Com. (par $100)..
Earned surplus
10.6
86,451,233
82,389,678
Total delivered-.-..
tingencies
Notes payable
Preferred stock
432,626,004
70,5.37,792
84,659,776
922,617
306,765
Research and
—
312,342,248
Total power
Power loaned
Repairs and
relining.
-
Municipal for resale,-.
Municipal—miscellaneous..---
730,777
2,744
_
Workmen's comp.
Res.:
1939
91,195
—
—
$
Accounts payableUnpaid wages
1939
-
Power—Industrial
Comparative Balance Sheet Dec. 31
1940
Assets-
lighting
2,996,184
;
The Commercial & Financial
1932
Soundview Pulp Co.
$565,346
$1,821,994
126,052
854,437
and taxes
dividends
Common
125,931
122,063
—V. 151, p. 3901.
Southern Canada Power Co.,
Ltd.- -Earnings—
1941—5 Mos.-~ 1940
1941—Month—1940
$236,699
$222,096
62,443
80,381
57,799
39,378
111,834
111,798
Period Ended Feb. 28—
Gross earnings
Operating expenses.
Taxes
Int., deprec, and divs...
$1,220,068
345,783
292,392
562,728
$1,104,785
352,352
167,823
558,340
def$9,461
$19,165
$26,270
1,623
Surplus
1941
and financial structure, the nature of its holdings,
of constantly changing conditions and factors.
consist principally of common stocks of operating
public utility companies or of sub-holding companies, which, in turn, own
such common stocks.
Many of the corporations whose common stocks are
owned (notably Philadelphia Co., stock of which is company s largest asset)
have outstanding bonds, debentures and preferred stock, which, of course,
are prior in rank to the common stock held by company.
The bonds, de¬
bentures and preferred stocks of majority owned subsidiaries aggregate
approximately $406,000,000 of face, par, and stated values.
Company, as the holder of subordinate, equity securities
is therefore
constantly confronted with many uncertainties.
Actions by regulatory
authorities requiring adjustments by operating companies which dimmish
their earnings or stated property values are usually reflected first in reduced
earnings from, and value of; their common stocks- The existence of separate
corporate structures in many instances results in a duplication of income
and the effect thereon
1939
1940
Net profit after charges
Preferred dividends
22,
in view of its corporate
(& Subs.)—Earnings-
Calendar Years—
March
Chronicle
—V. 152, p. 1296.
The assets of company
taxes
a
The duplication of income taxes became
result of changing tax laws and further changes
and administrative expenses.
factor in recent years as a
easily increase this extra burden. Such duplications should
be eliminated when possible without otherwise detrimentally affecting the
interests of the security holders concerned.
The only sound solution is
to simplify the corporate and financial fetructure through the gradual and
judicious disposal of equities, with concurrent reductions, and ultimate
eliminations, of debt, and through other corrective measures
Such a
program will permit a full realization of values of assets and afford a realistic
means of securing maximum ret urns for the holders of the securities of your
in the laws could
Pacific Golden Gate Co.—Delisting—
Southern
Exchange Commission announced March 18 that it
granted the application or the San Francisco Stock Exchange to strike
from listing and registration the $1.50 cum. class A stock (no par), and class
B stock (no par) of this company.
The Securities and
had
application stated, among other things, that a substantial part of the
reprsented by its subsidiary, Southern Pacific Golden
which was adjudicated bankrupt on April 12, 1940.
It further stated that liquidation of the subsidiary in satisfaction of its
creditors will leave little or no equity for the stockholders of the parent
company.
The Commission's order granting the application becomes
effective at the close of the trading session on March 29.—V. 151, p. 566,
The
company* assets is
Gate Ferries, Ltd.,
Ry.—Court Grants
Certificate Holders—
Southern
&
M.
0.
Request
Staying
of Road
The Appellate Division of New York Supreme Court on March 21
granted the company's motion for a stay, against holders of Southern Ry.
Mobile & Ohio stock trust certificates, from suing the Southern to enforce
payment of interest, pending the determination of the appeal on condition
that the sum of $116,806 (interest plus additional interest thereon) be
deposited with J. P. Morgan & Co. incorporated
subject to the further order of the Court.
prior to April 1, 1941,
Deposit of Mobile & Ohio Stock Trust Certificate9
As\ed—
Ry .-Mobile & Ohio stock trust certificates are
their certificates under the deposit agreement which has
been executed by the committee.
Certificates of deposit, which have been
registered under the Securities Act of 1933 and the Securities Exchange
Act of 1934, and have been listed on the New York Stock Exchange, will
be issued upon the deposit of stock trust certificates.
In the action instituted by Southern Ry. in the New York Supreme
Court one of the counsel for the committee, appearing for certain certificateholders, moved for dismissal of the complaint on the ground that the facts
alleged did not constitute a cause of action.
This motion was granted.
Another of the counsel for the committee, appearing on behalf of other
certificatebolders, moved for judgment on a counterclaim seeking a declara¬
All
holders of Southern
asked to deposit
also granted as well as motions made on
At the request of counsel for the com¬
mittee judgment has been entered dismissing the complaint of Southern
Ry. and declaring that the stock trust certificates constitute an obligation
of Southern Ry. to the holders of the stock trust certificates to pay the
amount specified in said certificates in perpetuity.
From this judgment Southern Ry. has taken an appeal to the Appelate
Division of the New York Supreme Court.
If unsuccessful there, Southern
•will doubtless seek a review in the Court of Appeals of New York.
In the Federal Court suit commenced at the instance of the committee,
Southern Ry. has filed an answer and the case is awaiting trial.
If judg¬
ment is granted against it in that suit, Southern will doubtless also appeal
tory judgment.
This motion was
behalf of other certificateholders.
Under these circumstances, it
that the committee represent as
is in the interest of all certificateholders
alrge a number as possible.
Jan. 1 to March 14—1941
1940
Id Week in March
1941
1940
$2,546,274 $33,135,501 $27,425,368
earnings (est$3,333,347
—V. 152, p. 1769.
Gross
South Penn Oil Co .—Not
a
company
a Feb.
15 '41
a Feb.
17 '40
Feb. 11 '39
Feb. 21 '38
Net profit after taxes and
charges.b$461,999
$714,975
Earnings per share on
capital stock
$0.91
$1.40
a Includes
operations of foreign subsidiaries,
tax.—V. 151, p. 3410.
Standard Commercial Tobacco Co.,
349,281
$10,194
$0.02
b Before excess
$0.69
profits
Inc.—Stockholders*
Committee—
Shelby Carter of the First New'England Corp. announced Mar. 20
formation of a protective committee for the common stock of the company.
The committee has been formed, Mr. Carter said, because of the impending
sale of more than 70% of the class B stock of the Acton-Fisher Tobacco
Co. to satisfy liens of about $750,000.
Axton-Fisher is owned by Standard
Commercial Tobacco.
a
grave
V.
151,
Sale
p.
of
the
Axton-Fisher
stock
1912.
Standard
Fuel
is
scheduled
for
May
15.—
.
Co., Ltd.—Preferred Dividend—
Directors have declared a dividend of $1 per share on the QlA% pref.
stock, payable April 1 to holders of record March 15. Similar amount was
paid on Jan. 2, last; Oct. 1, July 1, April 1, and Jan. 1, 1940, and on Oct. 2,
1939,^and^a regular^ quarterly dividend of $1,623^ per share was paid on
Standard Gas & Electric Co.,
Inc.—Proposes to Liquidate
Holdings with Exception of Philadelphia Co. Assets—
Leo T. Crowley, Chairman, in a letter to the stockholders
March 20, outlines the plans in view for integration and
recapitalization of the company.
The letter follows:
AU
The management has continued to devote its attention to the two major
problems affecting the company; nameiy, integration and recapitalization.
The solution of these problems has been viewed not merely as a means of
compliance with the requirements of the Public Utility Holding Company
Act of 1935, w«th which they are so often associated in the public mind, but
also as a necessary and practical treatment of obvious corporate needs.
The two problems might well be classed as one in view of their equal import¬
ance from many standpoints.
The method of solution of the first—inte¬
gration—seems to present the only feasible way of meeting the second.
Company has outstanding today approximately $64,000,000 principal
amount of notes and debentures, and aiso $6 and $7 cumulative prior
preference stock and $4 cumulative preferred stock having an aggregate
priority of approximately $131,000,000 in capital and accumulated divi¬
dends, over the common stock. Earnings of the operating companies have
improved and substantial values are indicated for the prior preference and
preferred stocks, after provision for the senior securities, namely, the notes
and debentures.
However, the realization of these values and of the full
measure of the earnings on the securities owned by the company is difficult
,
the Future
it is at
of the
end of accomplishing a further reduction in
improve Standard's equity and render it more readily saleable than
present.
This plan of refinancing, simplification, and ultimate sale
equity will be pursued to the
Standard's debt.
;
,tl
The holdings in Oklahoma Gas & Electric Co. will
further debt reduction accomplished thereby.
x
.
,,,
,
_
_.
ultimately be disposed
In the meantime,
of and
operating economies are being effected by that company which are improv¬
ing the sale value of the common stock owned by Standard.
Since the plan of integration was filed with the SEC, the holdings of
Standard in Northern States Power Co. (Del.) have ceased to represent
sufficient voting interest to make that company a part of the Standard
system.
A plan has been proposed for resetting the common stocks of
Northern States which, if made effective, will render Standard's holdings in
readily saleable.
foregoing steps and disposal of various other
Standard will own only the common stocks of Phila¬
delphia Co. and the Wisconsin Public Service Corp.
Standard's debt
should then have been reduced to a point where the remainder can be
eliminated through the use of the equity in Wisconsin Public Service
that company more
Upon the completion of the
miscellaneous assets,
Corp. Stock of this company is a valuable asset which should have improved
in the meantime through full realization of the benefits of its recent re¬
,
j
A
.
j
substantial property in the Standard
been determined definitely to establish it as the basic
Of itself, Philadelphia Co. is a holding company owning
Duqueene Light Co., all of the securities of Pittsburgh &
Co., and certain other properties. The latter two com¬
panies serve a populous industrial area comprising the City of Pittsburgh
and its surrounding municipalities.
Future possibilities in this area are
system
and it has
integrated system.
all of the equity of
West Virginia Gas
considered to be excellent.
them
Co. and Duquesne Light Co. have comprehensive
for refinancing which would accomplish substantial savings to
with certain other funds which will also be available,
Philadelphia
Both
programs
These savings,
Philadelphia Co.'s debt, and to provide for other
respective companies, all of which
of those corporations and,
changes in the capital structures of the
would greatly improve the financial condition
consequently, of Standard as the holder of substantially all of the common
stock of Philadelphia Co.
It may be necessary under the law to consider the electric properties and
the gas properties in the Philadelphia Co. group as two utility systems.
.
If
this
does
become
ultimate separation of Philadelphia's
an
necessary,
Co
holdings is possible. In the meantime, every effort will be put forth to
improve the condition of these properties so that, whether or not separation
is necessary, all stockholders of Pniladelphia Co. will realize the maximum
benefits possible.
.
.
Thus, concurrently with an orderly step-by-step disposal of various
,
,
,
,
holdings for the purpose of ultimately eliminating Standard's debt, the
debt of Philadelphia Co. also will be in the process of substantial liquidation.
Standard would ultimately be free from debt, would own only the common
stock of Philadelphia Co., and would have reached a point where one
holding
company
could be eliminated.
The elimination of one holding
structure and accomp¬
would greatly simplify the then corporate
and other expense savings.
lish material income tax
Commercial Tobacco will be sold for the line of $750,000, leaving no assets
for the stockholders, or perhaps even the remaining creditors," Mr. Carter
declared.
_
„
„
The Program for
plan is being formulated for refinancing and simplifying the corporate
structure of the Louisville properties in a manner that will preserve and
company
danger that practically the entire assets of Standard
1940
A
,
C.
"There is
Standard.
would be used to reduce
Spencer Kellogg & Sons, Inc.—Earnings—
24 Weeks Ended—
.
Progress During
comprehensive plan for integration of the company's holdings was filed
with the Securities and Exchange Commission in June, 1940.
.
.
Advantage has been taken of the existence of low money rates to refund
certain of the operating companies' securities and similar plans are under
consideration with respect to other companies. Many operating economies
have been effected and other programs for savings have been initiated.
Increased provision
for depreciation has been made, where needed, in
keeping with current trends.
The companies have met rate reductions
without serious impairment of earnings. All of these measures have streng¬
thened the system and have improved the position of Standard.
The large debt of Standard works to the disadvantage of its stockholders.
It is one of our primary objectives to liquidate this debt as rapidly a* we can
obtain reasonable prices for the securities to be disposed of.
The first
move in this direction was made in offermg the exchange of San Diego Gas
& Electric Co. common stock for Standard notes and debentures.
This
offer, which has been wed received, is substantially reducing Standards
debt and at the same time is giving to those who exchange their notes or
debentures income-producing equity in a sound operating company. Nego¬
tiations for the disposal of the securities of the other western properties,
namely, the California Oregon Power Co., Mountain States Power Co., and
Southern Colorado Power Co., are taking place and will be continued.
Results are possible in the relatively near future.
The proceeds from the
disposal of these properties will permit further reductions in the debt of
A
financing.
The Philadelphia Co. unit is the most
Holding Company—
has been declared exempt from the provisions of the
Public Utility Holding Company Act by the Securities and Exchange
Commission because it does not own or control at least 10% of the voting
shares of a public utility company,
in the same opinion the SEC declared
that South Penn Natural Gas Co., wholly-owned subsidiary of South Penn
Oh Co., is primarily engaged in the production and sale of oil and gas at
wholesale and is not to be classed as a gas utility company merely because
it sells small amounts of gas at retail to isolated consumers near its wells
and gathering lines.—V. 152, p. 3254.
The
company.
Recapitalization
a plan will have been developed or
stock of Standard. The purposes of this
capital structure representative of the assets of the
company and consistent with modern corporate practice, to distribute the
voting rights equitably, to stop the accrual of dividend arrearages, and to
place the company in a position to distribute whatever earnings become
available for its stockholders. Corporate simplification is not only desirable,
but is also a necessary adjunct to the integration program.
This comprehensive undertaking, designed to provide equitable treatment
of all, deserves your support and cooperation, particularly those of you who
own prior preference or preferred stock.
Present studies of asset values
indicate that there is full value for the note and debenture holders and sub¬
stantial intrinsic value for the holders of prior preference and preferred
stocks plus the potentialities which will be theirs as the ultimate equity
owners.
As such owners, they would acquire substantially all, and event¬
ually all, of the voting rights of your company.
A determination of the
assets which will ultimately represent the stock which they will receive under
the plan of recapitalization and the removal of impediments to the receipt
as
dividends of earnings applicable to such stocks, should change their
status from that of a body of security holders with minor representation,
holdings of relatively small and fluctuating market values, and no prospect
cf income on their investment as now constituted, to a group vested with
corporate management, representative and stable market values for their
holdings, and income to the full extent at the time justified.
The success of this program depends upon its steady, orderly and co¬
operative execution.
Given this, it is the considered judgment of your
management that maximum values will be realized and that, in addition,
company will have met the requirements of the Public Utility Holding
As the foregoing program progresses,
the readjustment
of the capital
plan will be to provide a
Company Act of 1935.
San Diego
Exchange Date Extended—
Company announced, March 19, that approximately $6,500,000 of its
notes and debentures had been exchanged for the common stock of the San
Diego Gas & Electric Co. under
the terms of the offer whereby Standard had
Volume
The Commercial & Financial Chronicle
152
undertaken to reduce its funded debt through the exchange of 58 shares of
San Diego common for each SI,000 of debt.
The plan of exchange, which was declared operative two months ago, has
been extended until May 15. with the consent of the SEC.
Consolidated Income
Account
Consolidated Balance Sheet. Dec. 31
1940
Years Ended Dec. 31—
1940
1939 b
a
.$100,273,366 $93,705,188
revenues
(including electric power and gas pur¬
chased and amortization of leaseholds, &c.)_„__
m
depletion
depreciation
32,935,898
30,779,488
6,498,279
Maintenance and repairs
Appropriation for retirement,
6,296,350
and
12,209,500
3,675,187
5,325,062
572,077
of purch. money
451,438
430,297
_
Res've for possible
taxes, int. & roy¬
Notes and accts.
Deferred charges.
Non-curr't receiv¬
_
.
accrued..
alties
obligations
loss
Land & bldgs. not
royalty &
516,370
pat. claims, &c.
Pur. money obllg.
Other reserves
_
c
1
1
&c
on
6,725,356
used in operation
500,670
L'd, bldgs., machin'y & equip.
6,922,300
Pats., trademarks,
b
goodwill,
wages,
13.474,662
Capital stock...
Surplus (earned)..
Dr330.395
$31,194,730
10.947,505
10,967,859
1,379,315
56,192
Appropriation to reserve for payments
anteed obligations
Sundry Amortization and miscellaneous
1,383,564
244,578
522,324
928,355
on
Total
Dr274,292
$32,037,634
Gross income..
Interest on funded debt
Amortization of debt discount and expense
Other interest (net)
523,048
903,937
20,786,964
20,786,964 18,464,655
Total
18,464,655
a After
reserves of $348,444
in 1940 and $388,813 in 1939.
b After
depreciation of $7,954,288 in 1940 and $7,890,921 in 1939.
c Represented
by shares of $5 par value,
d Represented by 57,519 shares purchased
at a cost of $802,709, the difference having been charged to surplus.—V.
152, p. 1770.
guar-
_
Superheater Co. (& Sub.)—Earnings—
1940
Calendar Years—
Net earnings after charges and taxes
Dividends
....$18,203,943
$17,171,744
9,105,785
...
9,128,882
283,664
252,173
capital stocks held by public.
on
Minority interest in undistributed
net income
Balance of income of sub. public utility copanies
Other income of Standard Gas & Electric Co
„
taxes of Standard Gas & Elee.
Corporate, fiscal and administrative
Legal service
Extraordinary professional service
$8,814,494
$7,790,689
682,371
406,449
$9,496,870
Total
Expenses and
$8,197,138
on
367,002
expenses..
a
45,000
19,251
52,000
60,617
funded debt..
....
b For comparative
296
4,276,110
94,319
51,431
10,829
$4,584,719
....
Consolidated net income
Preliminary,
292,940
75,103
99,597
Amortization of debt discount and expense
Taxes assumed on interest..
Other interest deductions
c
4.236,838
93,483
54,318
$3,250,155
the figures for the year
ended Dec. 31, 1939 have been revised to reflect equalization of adjustments
recorded subsequently, but which are applicable to that period,
c Includes
approximately $483,000 for the year 1940 required to be retained in surplus
by a subsidiary company pursuant to order of the Securities and Exchange
Commission and approximately $793,000 for the year 1939 reserved by a
subsidiary company for revaluation of assets and other purposes.
purposes
Weekly Output—
V Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Mar. 15, 1941, totaled
144,276,049 kilowatt hours, as compared with 122,716,555 kilowatt hours
for the corresponding week last year, an increase of 17.6 %.—V, 152, p. 1769.
Standard Oil Co. of N. J.
(Del.)—New Official—
John E. Skehan has been made a Vice-President of this company, domestic
operating subsidiary of Standard Oil Co. (N. J.).
Mr. Skehan, who is
Sales Manager, was already a member of the board.
George H. Mettam, Manager of the New Jersey refinery for the same
company, has been elected a director to fill a vacancy.—V. 150, p. 3837.
Standard
Wholesale
Phosphate
Works—
Acid
&
Extra Dividend—
an
extra dividend of 40 cents
in addition to the
regular quarterly dividend of like amount on the common stock. The extra
will be paid on May 24 to holders of record May 17 and the reguiar quarterly
on
per
share (904,8.55 outstanding)
...
__
$1,328,667
$1.46
June 14 to holders of record June 5.—V. 151, p.
568.
25-Cent Dividend—
Directors have declared
dividend of 25 cents per share on the common
a
15 to holders of record April 5.
Previously regular
quarterly dividends of 12K cents per share were distributed.
In addition,
year-end dividend of 90 cents was paid on Dec. 23, last, and extra dividend
stock, payable April
of 10 cents paid on Dec. 27,
1939.—V. 1.51, p. 3902. 2811.
Superior Steel Corp.—Earnings—
1940
Calendar Years—
Net profit after charges and taxes
Earnings per
—V.
common
share.
....
$349,674
$3.08
-
Directors have declared a dividend of 60 cents per share on the common
stock, payable Mar. 31 to holders of record Mar. 17.
This compares with
$1 paid on Dec. 18 last; 60 cents on Sept. 30 and June 29 last; 40 cents on
Mar. 30, 1940; a year-end dividend of $1.50 on Dec. 15, 1939; 40 cents
paid Sept. 30 and June 30, 1939; dividends of 25 cents paid in each of the
three preceding quarters, and regular dividends of 40 cents per share pre¬
viously distributed.
In addition, an extra dividend of $1 was paid Dec.
15, 1937.—V. 151, p. 3577.
Starrett Corp.—Interest—
The following payments in interest will be made on April 1, to
registered
secured income bonds, series of 1950, due April 1, 1950, of
on March 15: (a) Fixed interest of $18.75 per
$1,000 bond; and (D) income interest of $2.50 per $1,000 bond—V. 152,
p. 1770.
holders of 5%
record at the close of business
Sterling Aluminum Products, Inc. (& Subs.)—Earns.
1940
1939
$390,521
$1.58
$391,077
$1.58
Calendar Years—
Net profit after charges and taxes
Stone &
on
capital stock
page
Iron
&
Steel
Co.
(& Subs.)—See
1940.
Terminals & Transportation
Co.—$7.50 Dividend—
a dividend of $7.50 per share on account of
preferred stock, payable March 31 to holders of
record March 15.—V. 151, p. 2059.
Directors
have
accumulations
on
declared
the $3
Texas Cities Gas Co.—Sale of Gas System—
Securities and Exchange Commission on March 17 permitted to
a declaration filed pursuant to the Public Utility Holding
Company Act of 1935, regarding the sale by Texas Cities Gas Co. (a sub¬
sidiary of Lone Star Gas Corp.) of a gas distribution system and related
assets in and adjacent to the City of Brenham, Texas, to Texas South¬
The
become effective
western Gas Co.—V.
147,
p.
1505.
Corp.—Annual Report—Consolidated net profit for
after deduction of all charges, including interest,
Texas
1940,
depreciation, amortization, depletion, and taxes (including
provision for Federal income and excess profits taxes)
amounted to $31,547,662, equivalent to $2.90 per share,
as compared with $32,886,807, or $13.02 per share, for the
previous year.
During 1940, income was charged $9,700,000 for reserves for losses on foreign investments.
Net working capital (excluding European subsidiaries) at the close of the
$124,231,625.
Total current assets on Dec. 31, 1940 amounted to
$185,440,591, and total current liabilities were $61,208,966.
W. S. S. Rodgers, President of the corporation, tcld stockholders jn the
annual report for 1940 that the corporation experienced its most successful
year in domestic producing operations, gross and net production of crude
oil being the largest in its history.
Gross production last year was 99,070,778 barrels and net production
was 84,596,800 barrles.
Despite this record production in 1940, crude oil
reserves were greater at the end of last year than at the close of any previous
y 6ctr.
The
said, was due principally to operations in
and production is unrestricted.
during the latter part of the year
rapid decline in production took place, which always occurs where there
increased
S. Webster, .co-founder of Stone & Webster, Inc., was today
elected Chairman of the Board of Directors of that corporation, the position
of Charles A. Stone.
The office of ViceChairman of the Board, formerly held by Mr. Webster, was eliminated.
—V. 152, p. 1770.
left vacant by the recent death
1940
Subs.)—Earnings—
1939
Years
1938
1937
Sales, less returns, &c_ .$29,272,500 $25,825,829 $22,561,450 $30,960,718
22.941,611
Cost of sales
Gross profit...
Sell., adm. & gen. exp..
Balance, profit.
Miscellaneous income.__
21,278,324
19,054,794
23,759,834
$6,330,889
4.012,376
$4,547,505
3,815,006
$3,506,656
3,751,072
$7,200,884
4,056,035
$732,499 def$244,416
$3,144,849
$2,318,513
18.171
$2,336,684
Total profit
Prov. for depr. & obsol.
Fed. & Can. inc.tax, &c.
See a
701,407
126,6.30
Excess profits tax
11,394
a
is
no
restriction.
Regarding Illinois operations, Mr. Rodgers said:
.
"During 1939, intangible development costs in Illinois were amortized
at 50% per annum.,
Since in 1940 production in Illinois continued un¬
restricted and there was Jittle hope in that year of a conservation law in that
State, the unamortized balance of such costs capitalized prior to 1940 and
all intangible development costs incurred during 1940 were charged to
operating costs. As a result, charges to income for 1940 were approximately
$8,000,000 more than they would have been under the practice followed
in 1939 "
Mr.
Rodgers told stockholders that during
...
—...
$3,144,849
793,965
398,811
b86,066
11,513
Interest charges
Exp. of non-oper. prop.
Adj. of prior year's taxes
Loss on sale of capital
22,086
15,757
Net profit for year.._
$1,470,804
621,531
38,335
CV28.185
——
>
Dividends
17,548
11,046
c21,832
$553,224 loss$294,323
310,462
$1,844,176
1,241,847
48,406
$242,762 def$294,323
$602,329
1,243,063
1,241,847
1,241,847
$0.45
loss$0.24
$1.48
a The total
provision for depreciation amounted to $1,077,084 in 1940,
$1,007,871 in 1939 and $974,513 in 1938, of which $536,100 in 1940,
$519,697 in 1939 and $536,661 in 1938 represents depreciation of build¬
ings. machinery and equipment (including non-operating property); the
balance, $530,984 in 1940, $488,174 in 1939 and $437,853 in 1938 represents
amortization of jigs, dies and tools on a short-life basis,
b Surtax on undis¬
tributed profits,
c After deducting reserve of $67,000.
Surplus......--.--.stock (par $5).
Shs. cap.
Earnings per share.
_...
$849,273
1,243,063
$1.18
1940 the corporation's manu¬
of high octane aviation gasoline was substantially increased by
completion, near the end of 1939, of a sulphuric acid alkylation plant at
Port Arthur, Texas, and he mentioned the construction of a similar plant
facture
be completed early in 1941.
The latter plant,
principally to meet the requirements of national
Los Angeles which will
Rodgers called attention to the fact that due to conditions imposed
war the accounts of European subsidiaries of the corporation were
financial statement. He said the corpora¬
tion's investments in European subsidiaries at Dec. 31, 1940 were carried at
$19,289,749 against which a reserve of $7,000,000 has been provided for
actual and possible losses.
While the extent of property and inventory
losses sustained by such European subsidiaries is not definitely determinable,
incomplete information indicates that such losses amount to at least $1,300,000.
To cover such losses and also actual and possible additional losses
in 1940 in accounts receivable and other assets of such subsidiaries, the
corporation's income account for 1940 was charged with $4,000,000 which
is included in the reserve of $7,C00,000 referred to above.
Non-European
subsidiaries located principally in Central and South American countries
have been included in the consolidated balance sheets in the amount of
Mr.
by the
not included in the consolidated
$27,907,478.
showed that the corporation and its subsidiaries have invest¬
advances to non-subsidiary companies operating in foreign
$92,235,076, of which $39,015,1431 is ini companies
operating in South American countries and Canada, $53,C82,7o7 is in
companies operating in Far Eastern and other non-European countries,
and $137,176 is in companies operating in European countries.
The report also shows that the Bahrein Petroleum Co., Ltd., 50% owned
by the corporation, will have an estimated consolidated net profit for 1940,
after taxes and all other charges, of about $7,000,000.
The corporation s
share in these estimated earnings, amounting to $3,500,000, is not reflected
in the financial statements included in the corporation's report.
Due to the reduction in production and increased depreciation and deple¬
tion charges resulting from a downward revision in the estimate of crude
oil reserves in the Barco concession (jointly owned with Socony-Vacuum
Oil Co., Inc.) the corporation's proportion of the net losses of the com¬
panies operating the Barco concession amounted to $3,700,000 in 1940,
which was charged to the income of the corporation.
It was further exThe report
in and
ments
countries amounting to
......
$743,893 loss$244,416
See a
See a
124,715
17,198
conservation law
no
dcfciisc
r Edwin
Consolidated Income Account for Calendar
he
output,
Illinois where there is
he said, is being erected
Stewart-Warner Corp. (&
,
And he called attention to the fact that
at
Webster, Inc.—New Chairman—-
assets (net)
1939
$175,192
$1.54
151, p. 3902.
Taylor-Wharton
,
Stanley Works—60-Cent Dividend—
Earnings per share
—V. 151, p. 3577.
1939
$602,618
$0.66
year was
Directors have declared
distribution
Earnings
Co.:
Taxes (other than income taxes).
Provision for Federal income taxes
Interest
6,502,910
6,502,910
5,451,951
5,451,951
3,946,785 3,097,512
Dr287,595 d£>r287,595
$32,368.029 $31,469,022
(net)..
Balance
120,000
Capital surplus...
d Treas. stock
Net operating income
Other income
110,000
1,183,574
120,000
Current maturities
633,035
60,000
85,747
1,409,655
4,115,272
5,834,742
958,261
80,000
receivable
Inventories...
11.685,366
16.263,660
reserves
Taxes..
$
1,268,042
1,845,716
Comm'ns,
hand
ables, &c
Operation
$
1,631,795
1,220,305
Subsidiary Public Utility Companies—
Operating
Liabilities—
Accounts payable.
2,329,506
on
Valley Traction Co., in receivership, and its subsidiary)
$
Cash in banks and
a
and the Beaver
1939
1940
1939
$
Assets—
for Calendar Years
Exclusive of Deep Rock Oil Corp., Pittsburgh Rys. Co., the subsidiaries
of those companies, street
railway subsidiaries of Philadelphia Co.
1933
Elained that while exploration oil reservescontinuingdiscovered, the corpora¬
opeful that additional crude work was would be and the management is
tion has provided an additional contingent reserve
surplus to cover possible additional losses based on
of crude oil reserves in the concession.
of $16,000,000 from
the present estimates
Taxes paid and accrued by the corporation and its subsidiaries last year
totaled $123,008,134, equal to $11.31 a share on the outstanding stock,
compared with $109,779,425, equal to $10.09 a share in the year before.
Of the larger sum, $102,584,277 represents taxes on gasoline and lubricating
oil paid by the consumers of the corporation's products.
the tax, has declined
that a dollar bought 7.84
1940 compared with 3.36 gallons in 1920, which was an
The average weighted price receJ ved by the company
last year was the lowest in 20 years.
Financing operations during the year, Mr. Rodgers said, which resulted
In the redemption of the corporation's $60,000,000 of
debentures due
in 1951, saved the company an estimated $1,600,000 in cash to the June 15,
1951 due date.
The corporation's total funded debt of $100,000,000 is
now in two issues of 3% debentures, $40,000,000 of which is due in 1959
1965.
'
•
1937
$
1938
$
1939
$
deplet.)-238,238,864 277,899,106 279,300,619 276,202,522
12,088,857
13,561,183
13,484,654
11,819,214
predation &
-
of drilling costs
producing wells and
exp. incurred on dry
holes
22,207,821
10,106,236
*
6,514,899
Profit
77,724,871
"63,745,494
49,621,875
82,903,353
6,826,863
8,293,040
9,620,428
10,293,185
84,551,734
72,038,534
59,242,303
93,196,538
3,170,181
368,457
Deprec. & other amortiz. 23,984,877
6,249,133
Deplet. & leases forfeited
Deductionsc9,700,000
Prov. for Fed. inc. tax.- a8,335,060
3,089,496
517,287
26,307,665
5,132,915
2,208,815
475,206
24,646,308
4,839,384
2,208,767
587,145
23,687,319
4,217,860
2,685,000
2,710,000
892.890
Balance
Non-oper. income (net)-
depletion
...$10,962,343
1,821,456
Int. & amort, of disct. &
exp. on funded
term debt
& long-
Other interest charges.
_
Provision for Federal un¬
825,000
distributed profits tax
24,062,590
923,559
34,306,172
1,419,365
55,395,447
821,128
earned surplus acct.
Dividends paid
(par $25)-
Earnings per share
31,547,662
21,751,988
10,875,994
$2.90
54,574,319
26,419,972
10,875,006
23,139,030
21,750,322
10,876,882
$2.13
32,886,807
21,752,278
10,876,139
$3.02
profits taxes,
b In addition, State gasoline and Federal
were paid (or accrued) to taxing authorities in the amount of
$102,584,277 in 1940, $93,533,242 in 1939, $88,162,358 in 1938 and $85,990,195 in 1937.
c As follows:
(1) Provision for possible loss in 1940 on investments in
European subsidiaries not consolidated $4,000,000; (2) Proportionate share
of estimated net losses of Colombian Petroleum Co. and South American
Gulf Oil Co. for 1940, $3,700,000; (3) Possible loss in 1940 on investments
in other non-subsidiary companies operating in foreign countries, $2,000,000
Consolidated Balance Sheet Dec. 31
a
S
if
b
354,847,255 cCap.
65 336,676
—
1 ,623,793
2,317,756
32 ,943,706
38,184,555
Long-term ree.
d Notes & accts.
271,899,850 271,903,475
18,316,915
Prov. for Fed'l
payable..
6,353,943
5,427,783
Notes payable..
6,007.828
Income
Divs.
Inv. In & adv. to
in
Accts.
tries:
Funded
Cos. not subs.670 535,076
13,105,352
taxes.
5,430,232
7,406,097
payable. 14,003,884
foreign coun¬
&
102.521,409
25,084,053
25,991,466
6,325,133
6,956,489
Reserves
1106577,814
Inv. in & adv. to
16,129,258
long111,834,697
term debt
European subs
not consol.fl2, 289,750
cos.
$
(par
Accr'd liabilities 21,263,401
e
receivable
cos. oper.
stk.
$25)
65,475,023
1939
•$
Liabilities—
S
Tot. fix assets.365 ,656,093
Cash
1940
1939
1940
n
Cap. and surplus
of minor, int.
Deferred
not subs
1,209,349
1,422,408
are
Earned
-.630 ,866,892
oper.
U.S., which
(unapprop'd). 127,747,630
Capital
surplus
130,133,899
69,887,091
69,902,160
In
80,,820,602
78,208,987
6 ,339,607
1 ,340,984
6,790,206
7,,353,589
Merchandise
credits
surplus
7,161,274
Mat'ls & suppl's
e Pats, at cost--
(paid-in)
1,504,164
Deferred charges
to
operations
Total
a
$7,847,483
31,705,143
$6,963,633 $11,589,281
32,421,510
31,392,229
Net income—
...$41,013,513 $39,552,625 $39,385,143
9,600,000
7.680.000
7,680,000
Total surplus..
...
surplus.
$31,413,513 $31,872,625
Shares of capital stock
outstanding (no par).
3,840,000
3,840.000
Earnings per share
$2.38
$2.04
Earned
675,196.768
661,067,0331
Total
675,196,768 661,067.033
After depreciation, depletion and amortization reserves of
1940
1939
deposit—$13,259,707 $10,767,457
2,171,894
2,725,256
Notes and trade acceptances receivable
2,788
12,007
Miscell. receivables and advances
89.933
104,397
Inventories of sulphur above ground
16,568 732
16,480,036
Inventories of materials and supplies
382 336
432.145
Investments in and advances to sub. & auxil. cos..
1,143,667
997,093
Miscellaneous assets
73.367
90.419
hand and on demand and time
on
Accounts receivable—Customers
z
Lands and
Texas Pacific Coal & Oil Co.
f Calendar Years—
(& Subs.)—Earnings—
1940
1939
1938
1937
Operating expenses-...
$3,341,145
2,038,475
$3,799,580
2,228,019
$4,049,381
2,306,799
$3,957,975
2,412,756
Operating profits....
$1,302,669
$1,571,561
29,486
$1,742,582
32,995
$1,545,219
34,050
$1,601,047
103,072
2,750
605,987
$1,775,577
114,008
$1,579,269
105,566
1,408
488,992
Other income
15,833
$1,318,503
141,759
Federal taxes
Depreciation, &c
Loss
from
disposal
properties
charges!
650,654
675
625,295
of
I
$62,354,671 $61,915,942
Total
$540,619
Net income
$479,815
354,921
Balance, surplus.
$889,238
354,904
$1,035,599
354,877
$124,894
$534,334
$680,722
outst.(par $10)
888.236
888,236
Earns, per sh.oncap.stk.
$0.54
$1.00
888,236
$1.16
com.
$983,303
354,838
Operations of the company accounted for the payment of $768,000
injFederal, State and local taxes.
Of this amount $521,271 was collected
from customers of the company for Federal and State gasoline and lubrieating oil taxes, and $246,731 (28 cents a share) was paid by the company
for ad vaiorem and other taxes.
No provision necessary for Federal income
and excess profits taxes.
420.000
1,557,051
26,175,000
31,413,513
1940
$62,354,671
Capital stock._ J
Earned surplus
Total
x
After
1940.
$
properties-10,554.446 10,379,294
Investments
Cash.......
1940
Capital stock
6,250
5,274
406,711
amortization
p.
for depreciation of $5,047,842 in
reserve
$
of
3256.
in Brenham, Texas, and for additions to working capital.
Southern Union
Gas Co., the parent of Texas Southwestern Gas Co., will donate approxi¬
mately $309,000 as a contribution to the company's capital, as well.
Under provisions of a sinking fund, subject to postponement under
certain conditions, the company will set aside $25,000 annually from 1942
through 1946 and $75,000 annually from 1947 through 1955 to be devoted
to property additions or to the redemption of the new bonds at prices
ranging from 102 before Jan. 16, 1946, to 100 after Jan. 15, 1951, plus
interest.
Otherwise the bonds are redeemable at prices ranging from 105
before Jan, 16, 1944, to 100 after
Jan. 15, 1953, plus interest.
Company, with main business offices in Dallas, Texas, is principally
engaged in the purchase, transmission, distribution and sale of natural gas
in 20 cities and towns in Texas and Oklahoma, and the sale of gas appli¬
ances in Texas.
The number of gas customers served in 1940 was 8,407
compared with 8,027 in the previous year.
;
t
Upon completion of the prasent financing, the funded debt of the company
will consist of $850,000 of 4%% bonds and a $250,000 serial bank loan.
Capitalization will comprise 16,115 shares of outstanding common stock.
—V. 152, p. 1144.
,
, .
Thermoid Co.
(& Subs.)—Earnings1940
1939
1938
1937
$8,609,478
2,681,317
$6,692,803
2,107,150
$5,165,617
1,569,600
$2,025",491
602,740
432,304
19,952
120,677
Calendar Years—
Gross sales
Gross profit
Net inc. after all
charges
and expenses
—V.
152,
._
1771.
p.
Thompson Products Co. (& Subs.)—Earnings—
1940
$25,225,963
19,727,247
2,507,759
Other deductions (net)-144,384
Depreciation
See note
Federal taxes..
al,175,729
Surtax on undist. profits
Net sales...
Cost of products
Net profit
Preferred
Shs. com. stk.
$1,232,199
89,447
293,290
293,290
$3.90
$14,576,616
11.431,673
1,712,928
143,892
215,102
142,706
24,500
$905,813
48,546
494,881
$435,241
45,933
73,323
293,290
293,290
$2.92
$1.33
$7,561 over provision for prior year,
under provision for prior years.
Note—Provision for depreciation for the year 1940 amounted to
1939, $293,071.
,
$26,760
$404,787,
Consolidated Balance Sheet Dec. 31
1940
Assets—
857,143
Canada
a
Trade
war
bonds
notes,
Inventories.
b Prop.,
Notes pay. to bks_
Accounts
45,655
Prel. div.
ac¬
receiv'le
2,188,601
4,480,613
152,344
106.047
5,258,148
4,040,693
plant and
4,119
fj 1939
$
600,000
1,658,379
alties, &c
for Federal
118,972
92,417
1,190,160
74,541
311,421
30,981
prior pref. stock 2,829,000
2,997,910
2,894,500
Prov.
Reserves
c
S5 cum. convert.
2.374,989
11,627,410
'
taxes on inc. est.
6,448,050
20,071
2,900.000
payable- 1,739,922
payable.
35,361
Accrued taxes, roy¬
2,813,653
and other
equipment....-
$
Liabilities—
617,007
ac¬
&
ceptances
counts,
1940
1939
?
Cash
22,127
316,388
Surplus
155,496
171,796
11,703,691
11,627,410
Total
11,703,691
Patents
—
at
taxes, advertls'g,
catalogues, &c._
151
4,024,959
2,932,IKK)
3,013,124
Capital surplus
72,793
364,240
16.012,025
63,185
101,200
101,200
138,776
11,634,9221
Total
16,012.025 11,634,922
$104,047 in 1939.
b After reserve
for depreciation of $2,116,441 in 1940 and $1,777,004 in 1939.
c Rep¬
resented by no par shares,
d 295,456 shs. (no par) in 1940 and 293,290
shs. (no par) in 1939.—V. 152, p. 845.
a
and amortization.—V.
Earned surplus
d Common stock..
cost
Total
for depletion, depreciation
1937
b Includes
Prepaid insurance,
205,632
(no par).share
158.131
Deferred charges..
reserves
per
1938
$15,570,893 $10,682,313
11,911,754
8,567,393
2,009,177
1,550,477
112,237
53,268
See note
b305.526
75,934
$1,670,844
142,502
516,508
295,457
$5.17
•
Calendar Years
1939
Includes
135,708
3,821
2,499,883
After
dividends
Common dividends
less amortization
Accrd. sal. & wages
Deferred credits..
'•>665.
sold.._
Sell., gen. &adm. exps..
187,739
347,945
a
sinking
& Sons,
Net proceeds of the sale, together with the proceeds of a $250,000 serial
bank loan, will be used by the company in part for the redemption of the
company's presently outstanding funded debt comprising $766,750 1st &
ref. 5lA% bonds, series I and II, due 1945, to be redeemed at 100 plus
interest, and $48,045 of purchase money instalment obligations, to be
redeemed at 103 plus interest.
The remainder of the funds will be used
by the company for the purchase of properties of Southwest General Pipe
Line Co. and Crane Gas Co. and of the gas distribution system and franchise
159,790
302,383
Total...
Offered—Public
Co.—Bonds
Gas
Southwestern
Texas
offering was made March 20 of $850,000 1st mtge.
fund bonds, 4%% series due 1956, by E. H. Rollins
Inc., at 100 and interest.
8,882,361
Inventories
(less reserve)
1939 and $5,718,246 in
by 3,840,000 no par shares,
z After reserve for
$8,064,960 in 1939 and $9,001,081 in 1940.—V. 151.
Represented
y
8,882,361
Accounts payable.
Accrued taxes
Notes & accts. rec.
1939
$
Liabilities—
479,483
—
— ..
$61,915,942
—
_
_
assets
1939
S
Assets—
202.500
1,556.100
26,175.000
31,872,625
__
Reserve for contingencies
Invests,
Consolidated Balance Sheet Dec. 31
Total
1,574,234
(for payment to be made
Liabilities not current
over term of years
$628,465
888,236
$1.11
a
a
$535,483
2,248,488
payable
Accounts and wages
Earnings
46,276
Dividends paid
25,794,495
3,839,001
673,637
Liabilities—
a
Shs.
24,527,245
3,149,169
985,832
development—Contract rights
Plants, buildings, inach. and equip, at cost....
Doferred
x
Consolidated Income Account for
Lease, rentals, int., &c_.
3,840.000
$3.02
3,840,000
$1-81
$320,884,078
b Includes $344,316 (1939, $492,939)
employees stock purchase accounts, less reserve of $250,000 ($350,000 .J?
1939).
c After deducting 510,259 (510,114 in 1939) shares held in treasury
at $12,756,475 ($12,752,850 in
1939).
d After reserves of $600,000 in
1940 and $650,000 in 1939.
e Includes undistributed profits taxes after
reserves of $1,497,212 in 1940 and $1,379,607 in
1939.
f After reserves
of $7,000 000.
g Cost $92,235,0/6 (of which $63,205,301 applies to 50%
owned companies, less reserve of $1,300,000).
h Of which $7,117,000
applies to 50% owned companies less reserve of $1,300,000.
i Of which
$65,159,690 applies to 50% owned companies.
Gross income
10,560,000
$31,705,143 $32,421,510
Comparative Balance Sheet Dec. 31
in 1940 and $315,642,900 In 1939.
Gross earnings
$42,981,510
Assets—
Cash
$5.02
excess
excise taxes
A
$7,736,133 $12,959,210
772,500
1,369,929
y
profit carried to
Includes
1,175,500
stk. tax.
Provision for current taxes
for year— 32,744,087
Profitapplic. to min. int.
1,196,424
Net profit
a
$9,022,983
$9,140,888
31,872.625
Total profit
$7,614,706 $12,770,807
121,426
188,403
399,357
.
^
and
Fed*1 income taxes.
Shs. cap. stk.
$8,623,625
.
Bal. before int., deprec
Net
729.079
.$10,635,379
326,965
—
Fed. inc. & cap.
6,275",000
-
10.706.087
300,000
530.212
13.092,926
300,000
661,015
Amortization;;
5,313,218
on
and
11,522,33d
300.000
630,055
815.177
-
Dividends paid..
(excl. of de¬
b Taxes
-
income—350,260,413 365,312,019 348,922,047 376,238,307
"
Gross oper.
Amort,
-
.
Previous surplus.
Costs, oper., selling and
gen. exps.
Depreciatimi-
342,810,695 359,065,600 342,472,467 370.672,259
7,449,718
6,246,419
6,449,581
5,566,048
Net salesMiscellaneous income—
'
$26,038,375
8.468.830
300.000
427,926
577,522
Other income
1940
$
*
.—$25,582,211 $20,889,004 $17,388,984
Oper. costs & expenses._
Prov. for contingencies.
Calendar Years
Consolidated Income Account for
1937
1938
1939
1940
Cafendar Years—
gallons of gasoline in
increase or 133.33 %.
and the remaining in
1941
22,
Sulphur Co.- -Annual Report—
Texas Gulf
Rodgers said that the price of gasoline, excluding
Mr.
16.99 cents, or 57.13% from 1920 to 1940, and
March
Chronicle
The Commercial & Financial
1934
After
reserve
of $121,049 in 1940 and
vkumc
The Commercial & Financial Chronicle
152
General Balance Sheet Dec.$31
(John R.) Thompson Co. (& Subs.)—Earnings—
Calendar Years—
,
1940
Loss after charges
—V. 151, p. 2364. 2201.
Tilo
1938
$243,076
1939
$26,646
_
$238,904
1940
______
Net income.
Earnings
—
1939
$4,018,167
$3,775,524
526,226
$1.08
f
529.612
$1.19
—
share
per
_
After all charges including Federal taxes,
shares of common stock at Dec. 31. 1940.—V.
a
b On 462,126 outstanding
151, p. 2812.
6 Mos. End.
Year Ended
Calendar
1939
1938
$8,389,564
$5,052,519
2,336,045
1,849,158
$2,143,156
1,394,299
$5,512,857
323,632
..
Total income
$6,053,519
$3,203,361
169,585
$748,857
280,758
$3,372,946
650,000
69,244
140,000
61,580
$3,649,059
1,980,050
3,214,763
$2,653,701
b57,831
1,979.169
$828,035
143,763
492,075
$.$79,460
$434,296
$616,701
$192,197
991.975
$2.58
988,075
990,075
$2.62
986,150
$0.69
Surplus
stock
com.
out¬
standing ($10 par)...
per share.
$3.69
b From Jan.
1,
a Including $1,600,000 Federal excess profits tax
1939, to June 1, 1939, date of retirement.
Note—Provision for depreciation amounted to $310,571 for 6 months
ended Dec. 31, 1940; $548,515 or year ended June 30, 1940; $588,744 for
calendar year 1939; and $615,716 calendar year 1938; and amortization
to $34,706 for the 6 months
ended Dec. 31, 1940; $69,445 year ended June
30, 1940; $68,717 calendar year 1939; and $67,744 calendar year 1938.
,
Consolidated Balance Sheet Dec. 31
1940
Assets—
a
Land,
45,241
Net
;
1939
$
$
1940
Liabilities—
buildings,
1939
$
$
Common stock
9,919,750
9,900,750
4,453,316
Accounts payable.
2,684,288
1,048,513
Payrolls, corn's, &c
328,194
169,108
126,707
70,421
Accrued expenses.
b State taxes, &c—
239,178
55,106
5,219,491
677,312
Res've for conting.
478,355
277,213
accrued interest
Trade accts. & con¬
81,860
74,048
Deferred income—
66,164
Capital surplus
96,805
45,628
tracts receivable
5,114,198
2,767,267
Earned surplus
4,261,421
2,884,819
8,458.863
5,610,325
..—23.293,647
15,866,383
Gash
—3.287.790
Time deposits and
accrued
interest
Marketable
&
sees.
Inventories
64,582
Dies, Jigs, fixtures
and patterns..-.
1
Goodwill, &c
1,172,746
1,277,158
Other assets
257,373
340,350
Deferred
281,233
224,985
>
charges-
M
ft. Total
23,293,647 15,866,383
Total
a After
depreciation cf $3,816,561 in 1940 and $4,908,529
b Includes Federal and Canadian taxes.—V.
151, p. 2958.
Timken Roller Bearing Co. (&
in
1939.
Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1940
Mfg. prof.
Selling,
1939
1938
deprec..$22,360,700 $12,523,621
inc.
admin.
&
1937
3,854,757
Operating profit.....$17,874,003
338,670
$8,668,863
383,329
$1,229,411 $12,428,805
537,453
484,329
Total income
$9,052,193
$1,766,863 $12,913,133
268,125
1,917,500
70,836
97,427
Other income....
Other
$18,212,674
7,977,815
1,239,647
Loss
or
deductions.
on
assets sold
cap.
\
-
1,504,339
259,943
3,192,575
3,734,934
'
60,840
...
Dividends..
—.
$8,995,211
8,452,830
Surplus......
capital stock out¬
standing (no parj....
Earnings per share.
$542,381
Shs.
—
$7,287,911
6,032,950
$1,254,961 def$983,477df$l,219,534
2.415,380
2,413,380
$3.72
..
$1,427,903 $10,837,366
2,411,380
12,056.900
$3.02
2,411,380
$0.59
2,411,380
$4.49
Note—Provision for depreciation for the year 1940 amounted to $1,716.027
$1,791,357.
(1939,)
$
1940
y
Cash.
11,381,921
—
$
6,860,567
Acc'ts payable, &c.
6,351,191
15,034.057
12,784,404
651.069
1,056,194
294,692
293,889
.
payments on
sales contract..
Prov.
6,073,500
1,221,066
2,467.670
953,800
for Federal,
—
tingencies
x
56,375,999
.
1,485,000
288,312
y
46,913,214|
Total
—56,375,999 46,913,214
1940 and $23,464,336
no par shares.—
Represented by 2,415,380 (2,413,380 in 1939)
Truscon Steel
Co.—Earnings-
Calendar Years—•
Net profit after all chgs.
and taxes.
Earns,
mon
per
1940
1939
$1,330,389
1938
$560,249 Ioss$813,057
1937
$439,718
sh. on com¬
stock
—
Total
\ ' !
■
$1.43
$0.43
Nil
1940
W Railway oper. income.
$151,213
267,027
Gross income
—
Other deferred lia¬
456
772
127,991
100,001
bilities
Tax liability
tlon
.
deprecla>-
equip¬
on
486,167
512,686
ment
10,783
15,222
2,293,352
2,263,511
12,868,265 12,773,693
Total
■
Union
Carbide
&
Carbon
Corp.—Annual Report—
Corporation reports for 1940—excluding unrealized foreign
earnings and after deductions for taxes, depreciation, de¬
pletion, and interest—a net income of $12,247,274, equal to
$4.55 per share on 9,277,788 shares of capital stock out¬
standing.
This compares with a net income of $35,847,400
for 1939, equal to $3.86 per share.
The net income before
deductions amounted to $83,071,101, as compared with
$55,422,917 in the previous year.
During the year, $19,676,293 was expended for construction. Although a
large part of this amount is required to meet the increased demands from
industry for established products, a considerable portion is to provide
facilities for the manufacture of newer products.
The increased use of
synthetic organic chemicals and plastics required additional production
facilities.
At present,
to
well over 150 synthetic organic chemicals
are
being supplied
Among the new products added during the year, butadiene
synthetic rubber are of
particular interest.
Sales of plastic materials continued to show a sub¬
stantial increase and many new uses were developed for these products.
Flexible sheeting made from "Vinylite" resins is finding wide application
for shower curtains, raincoats, and other wearing apparel. Plastic materials
made from styrene are being supplied to industry and a plant is being
constructed for the production of urea formaldehyde resins.
The use of ferro alloys showed a very substantial growth due in part to
the increase in the total production of steel and also to the larger require¬
ments for stainless and other alloy steels for National Defense and for the
many new uses which have been developed for these materials.
The demand for carbon and graphite electrodes by the electric steel,
metallurgical, and electrochemical industries increased with the greater
production of alloy and electric steels, and with the larger output of ferro¬
alloys, calcium carbide, and other electric furnace products.
Larger volumes of oxygen were used in 1940 than in any previous year,
particularly "Driox" liquide oxygen in the steel and related industries.
The use of the "Unionmelt" automatic electric welding process was ex¬
panded in the shipbuilding industry and in the manufacture of other welded
steel products. The sales of calcium carbide were increased by the greater
industry.
and other intermediates used in the production of
of the
oxy-acetylene processes and by its growing importance as a raw
material for the manufacture of chemicals.
were intensified on carbon, graphite, and "Karbate" struc¬
of their unusual resistance to attack by most
acides, alkalies, and solvents, are ideal for use in the chemical and metal¬
lurgical industries. Sales of the "Eveready Mini-Max" battery for portable,
battery-powered radios were particularly heavy during the year.
Consolidated Income Account for
1940
Netincome
1938
$863,518
565,550
134,714
238,985
$611,160
496,655
104,351
$10,154
218,181
$228,335
261,000
8.782
22,642
6,406
13,031
53
67
46
2,515
2,528
2,604
$402,240
$131,283
$107,213
1937
$42,247,274 $35,847,400 $25,173,412 $42,782,128
81,402,780
70,012,001
72,619,626
71,873,052
—
Previous surplus
Increase in market value
7,941
354,453 Drl,229,160
$123,708,916 $105867,342
Adj. of fixed asset values
$99,987,945 $113426,020
8,392,879
10,604,153
of marketable securs.
Adjust, to cost of
quired
stock
58,862
reac¬
written-
down in prior years—
1,840,454
Total
of foreign
assets
Pay'ts on accts. of past
service retirem't plan.
Prem. paid on securs. of
b212,225
bl,483,162
454,254
308,732
237,436
1,079,301
4,189,646
4,706,774
1,662,570
768,373
g348,860
—
& Carbon Corp. stock.
L
742,313
Cr372,911
18.066,336
28,490,042
—
$824,931
575,065
117,939
23,658,359
Profit & loss surplus..$95,648,685
18,274,326
$81,402,780 $70,012,001 $72,619,626
Shares capital stock out¬
a9,277,788
$4.55
standing (no par)
Earned per share.
$131,926
274,650
$406,576
261,080
3,962
33,548
-
78
2,664
def$54,752
$105,242
9,073.288
$2.77
a9,277,788
c$3.86
d9,000,743
$4.75
Not
including 136,649 shares in 1940 and 1939 and 153,649 shares
in 1938 held by the corporation.
b Adjustment resulting from decrease in dollar value of foreign net current
assets through conversion at exchange rates on Dec. 31.
c On the number
of shares outstanding, including 187,500 shares issued on Nov. 21, 1939, to
acquire the assets of Bakelite Corp. d Not including 226,167 shares owned
and held by Union Carbide Co., a subsidiary, e After surtax on undistrib¬
uted profits,
f After deducting income and excess profits taxes amounting
to $23,656,235.
g Unamortized discount and premium paid on retirement
of bonds of a subsidiary company.
Consolidated Balance Sheet Dec. 31
1940
1939
ft
ft
2,737,741
Receivables
26,690,809
25,757,696
Inventories
50,232,038
55,493,375
Net
securs.
curr.
S
Liabilities—
48,735,809
3,400,169
78,566,747
Market,
1937
261.007
$418,240
261,001
4,562
18,826
1938
$48,764,902 $36,582,424 e$52996,286
11,677,530
10,396,490
9,435,490
1,239,972
1,012,522
778,668
Accts.
payable.
Dividend
pay'le
12,025,276
6,958,341
1939
$
7,083,174
4,638,894
Deb. due within
year
...
900,000
Taxes accrued..
assets
25,736.782
accrued
250,000
9,216,832
400,000
liab.
1,170,603
1,223,014
located outside
$163,255
Calendar Years
1939
Earnings after provision
forincometax
b$59,414,866
Deprec. and depletion— 15,925,865
Interest.
1,241,728
Interest
U.S.& Can ..yll,377.653
Other
Fixed assets(net) 186,771,305 181,510,364
5,985,061
19,954,795
Deferred charges
2,308,175
1,992,328
1
accr.
3% s. f. debens. 29,100,000
40,000,000
x Capital stock.192,879,842
192,879.8*2
Earned surplus. 95,648,685
81,402,780
1
Pats., tr.
marks
and goodwill.
Total.
364,669,529 336.844,537
Total
364,669,529 336,844,537
Represented by 9,277,788 shares (no par) capital stock not incl. 136,649
by the corporation,
y Including $2,019,879 due from United
States and Canadian subsidiaries.—V. 152, p. 1453.
x
shares held
Netincome
43,500
dends of 50 cents per share were distributed.—V. 152, p. 1298.
Investments
Rentals
Hire of equip, (dr. bal.)_
Mis cell. tax accruals
Mis cell, income charges.
3,132
43,500
Inter¬
est accrued
Underwood Elliott Fisher Co.—50-Cent Dividend—
Cash
1939
$910,000
593,320
165,466
Interest
15,117
3,501
unpaid
Directors have declared a dividend of 50 cents per share on the common
stock, payable March 31 to nolders of record March 22.
This compares
with 75 cents paid on Dec. 16, last, and previously regular quarterly divi¬
$0.27
RR.—Earnings-
Operating revenue
Operating expenses——
Railway tax accruals
Non-oper. income
la
7>r254
46.525
11,314
.
Interest—matured
Accrued
12,773,693
.
1940
Calendar Years—
I
1,673
1789.
A nnArfn
r
18,726
7,420
12,868,265
—V. 150, p,
2364.
Toledo Terminal
.
Surplus
a
V. 152, p. 998.
—V. 151, p.
12,886
debits
4,504
60,178
..
payable
Misc. accts. pay'le
194,089
2,250,000
1,712,119
—35,523,217 34,980,836
After depreciation amounting to $24,296,625 in
in 1939.
141
Miscellaneous adjustm 'ts
Divs. on Union Carbide
7,968,605
Surplus
—
110
subs, redeemed
Cndn. and State
Income taxes.
Accrd, taxes, &c—
Reserve
for
con¬
Total.
68,705
4,201
subs, toexch. rates...
Adv.
3,575,103
Other assets
payable
wages
Obsolete prop.abandon'd
6,
1,171,000
8,118,440
.
Inventories.
Deferred charges.
S
Capital stock
4,971,703
....
secur.
_
1939
Liabilities—
xlProperty acc't.. 16,924,118 15,991,867
Marketable
ances
Audited accts. and
Oth. unadj. credits
curr.
1939
S
Assets—
5,800,000
Dec.in dollar value of net
Consolidated Balance Sheet Deo. 31
1940
Receivab les.
4,393
—
scrapped.
Net profit
Long-term debt
5,800,000
Car
service
bal¬
tural materials which, because
4,486,697
Federal taxes.
4,000,000
Sales efforts
gen-
depreciation
keral, &c\, exps., incl,
r
93,529
85,017
Deferred assets
use
$4,421,985 $16,163,738
21,031
109,212
18,959
$
$
4,000,000
Capital stock
Unmatured
due
account.
Unadjusted
1,720,263
mach.,eqpt.,&c. 4,584,476
balance
50,000
from agent
and
Net profit....
Preferred dividends
Common dividends
Shares
Time drafts & dep.
Trefflc balance
Cash
$1,029,615
2,500,000
75,360
$2,559,500
Canadian
State taxes
$6,224,419
a3,250,000
26,989
Federal,
Other deductions
Earnings
170,900
$5,836,489
....
Special deposits...
3,947
310,027
5,768
50,000
35,007
Int. and dlvs. rec.
Years
$7,356,076
1,843,219
..
800
14,321
cos...
Fuel account
Dec. 31, *40 JuneSO, '40
Gross income......
Expenses
800
3,887
391,431
6,345
Material
Consolidated Income Account
Other income
12,130,134
14,321
Inv. inaffil.
Misc. accts. recelv.
Timken-Detroit Axle Co. (& Subs.)—Earnings—
Operating profit
Inv. In road & eqptl2,133,923
mtge. prop, sold
Misc. phys. prop..
Roofing Co. (& Subs.)—Earnings—
b
Liabilities—
$
$
1939
1940
1939
1940
Assets—•
Deposits In lieu of
Calendar Years—
Sales
a
1935
The Commercial & Financial Chronicle
1936
Union Oil Co. of California
Calendar Years—
Net profit after all chgs.,
taxes & deprec. & depl.
$4,600,790
$5,846,241
Earns, per sh. com. stock
$0.99
$1.25
—V.
152,
Cost of goods
2,o£n'§Q?
5?o'ono
$565,414
419,298
62,111
Profit from
$795,455
3,455
$125,276
4,762
$84,004
5,207
$798,911
Net sales.
: '
Other
72,099
270,631
operations.
income
$794,050
$3,630,936
i
sold-..-Selling, general, &c., expenses
$6,862,758 $12,061,332
$1.47
$2.58
439.
p.
1938
1939
1940
1937
1938
1941
22,
Ended Dec. 31
Income Account Years
—Earnings—
1939
1940
March
credits.
Union Pacific RR.—Earnings—
Period Ended Feb. 28—
Freight
revenues
Passenger revenues
Mail
1941—2 Mos.—1940
1941—Month—1940
$10,727,726
$9,209,534 $22,426,632 $19,279,632
2,738,009
2,274,479
1,225,957
966,838
127,909
298,953
Express revenues.
All other transp. revs
Incidental revenues
910,781
257,565
648,802
341,227
416,624
113,397
442,948
revenues
299,868
157,847
162,426
$130,038
$89,211
6,036
2,393
411.785
22,933
2,094
15,777
$381,088
$104,712
$71,340
Income
a
862,710
236,631
636,109
345,348
charges
Provision for Federal income taxesNet income
a
1940 includes $223,401 excess profits taxes.
1940
Balance Sheet Dec. 31,
$11,164^108
Ry. oper. revenues
$12,985,919
Maint. of way & strucs..
1,404,249
Maintenance of equip't.
3,421,270
Traffic
380,924
1,017,795
2,381,669
368,990
4,218,673
228,520
436,795
-
Transportation
4,619,541
252,297
— -.——
Miscell. operations
General....
460,980
......
$27,323,016 $23,634,909
2,606,002
1,842,074
6,729,390
4,581,825
805,601
781,288
9,852,735
8,924,671
535,262
484,590
936,626
887,485
Assets—
Liabilities—
J-'-
Cash
$361,173
323,456
634,653
5,494
-
Accounts
receivable——---
Inventories———...
Invest. In land not used
-
637,753
Property, plant & equip, (net)
Patents, trademarks, &c
revenue
from rail¬
$2,446,658
1,499,955
Ry. oper. income
Equipment rents (net)..
Joint facility rents (net).
$946,703
467,084
45,141
$1,177,627
529,903
62,520
Net ry. oper. income.
—V. 152, p. 1453.
$434,478
$5,857,400
3,016,355
$2,511,666
1,334,039
$585,204
Union Wire Rope
Net sales
1930
Cost of goods
sold..
$1,702,240
$2,209,374
113,023
earns,
before
earns,
—
$1,691,639
1,597,618
1,078,570
783,955
$519,047
242,973
$362,158
58,389
$457,713
167,249
$555,807
255,629
210,336
176,159
13,102
10,051
137,184
109,817
229,275
147,833
after all chgs.
(& Subs.)—Earnings—
1940
$534,987
$1.75
Subs.)—Earnings—
Inc. (&
United Chemicals
Net after charges and taxes.
—V.
152,
1939
$221,766
$8.77
1940
—$170,751
$7.30
Calendar Years—
:
998.
p.
Inc. (& Subs.)—Earnings—
United Drug,
1940
1939
1938
1937
—$90,298,133 $89,356,381 $87,867,228 $93,358,258
profit after all chgs.
and taxes.
1,103,945
1,063,249
518,432
1,312,314
Earns.per sh.on cap.stk.
$0.79
$0.76
$0.37
$0.94
—V. 151, P. 2959.
Calendar Years—
Net
Corp.—New Routes—
—
Transfer agents: Marine Midland Trust Co., New York, and
National
Bank, Los Angeles.
Registrars: Commercial
SecurityNational
Co., New York, and Bank of America National Trust &
Savings Association, Los Angeles.
Each share of preferred stock is con¬
vertible into 1 1-3 shares of common stock at any time prior to redemption,
provision being made for adjustment of conversion rights in certain events.
Dividends are cumulative from Jan. 1, 1941, payable March 1, 1941, and
quarterly thereafter.
Entitled, in preference to the common stock, to
$20 per share upon liquidation, whether voluntary or involuntary, plus
First
accumulated
dividends.
Redeemable
in
whole
or
in
—
—
Sold—Lazard Freres & Co., it
purchased from British
holdings over 42,000 shares of $7 pref. stock (no par) and,
in association with Laurence M. Marks & Co., has placed
the stock privately.
The closing price of the stock on the
New York Curb Exchange March 19, was
110*4.—V. 152,
p. 694.
announced
March 19, has
on
United Gas Improvement
Co.—Weekly Output—
U. G. I. system companies
week last year are
ending Mar. 15, 1941, 121,858,206 kwh.; same week last
kwh., an increase of 14,760,011 kwh. or 13.8%.-—V. 152,
The electric output for the
closed
the figures for the same
and
United Printers & Publishers Co.—15-Cent Dividend—
payable Feb. 28 to holders of record Feb. 20.
This compares with
24, 1940 and on Feb. 25, 1939.—V. 151, p. 116.
10 cents paid on Feb.
United States Pipe &
Foundry Co.—Annual Report—
1940
$16,187,282
Calendar Years—•
Net sales.
1Q3Q
IQ'tg
1Qt7
$14,460,756 $11,702,249 $13,434,452
Operating profit—
.--
10,982,581
415,094
9,413,495
407.856
10,683,685
385,457
$3,168,744
$3,063,080
$1,880,898
$2,365,310
191,940
150,101
248,644
$3,359,252
Deprec'n & amortization
12,597,901
420,637
190.508
Costs and expenses
$3,255,020
$2,030,999
$2,613 954
X151.741
533,0Q0
50,616
326.145
338,193
$2,570,279
10,722,706
$1,654,238
10,460,314
Other income
Total income.--..
Interest-_v—— —.y.
thereof.
History and Business—Organized in 1929 iri Ohio.
Company is engaged
the design, manufacture and sale of aircraft accessories.
In 1940 it
acquired the business and assets of Aircraft Precision Products, Inc.,
whose products help to round out the company's line.
It now has plants
in Dayton, Ohio, and at Vernon, Los Angeles, Calif., in which it manufac¬
for the week just
follows: Week
as
year. 107,098,195
p. 1772.
Directors have declared a dividend of 15 cents per share on the common
stock
part
anytime on 30 days' notice at $21 per Bhare and acc. divs.
Pennsylvania
personal property tax refundable to holders of preferred stock resident in
Pennsylvania, not in excess in any one year of 8 mills on each $1 of assessed
—
United Gas Corp .—Stock
was
Trust
at
value
1939
$746,211
$2.4.j
Sales
United Aircraft Products, Inc.—Stock Offered—New
capital financing for the company was carried out March 17
with the public offering of 75,000 shares of 53^% cum. conv.
pref. stock by an underwriting group headed by Burr & Co.,
inc., and John J. Bergen & Co., Ltd.
The stock is priced
at $20 per share plus divs.
Other members of the under¬
writing group are Krause, Barrows & Co.; Dempsey-Detmer
& Co.;
Lester & Co.; O Melveny-Wagenseller & Durst;
Stroud & Co., Inc.; Sidney S. Walcott & Co., Inc.; Hill
& Co., and Young & Co., Inc.
case
—$1,991,962
Total
$1,991,962
—
152, p. 1298.
United-Carr Fastener Corp.
inc.
United Air Lines Transport
either
199,745
335,200
466,081
Calendar Years—
1937
$1,221,445
1,146,113
Company has filed formal notice of intention to apply for a writ of con¬
venience and necessity to operate, mail, passenger, ana express planes be¬
tween Denver, Grand Junction, Colo., Las Vegas, Nevada, and Los Angeles.
The proposed Denver-Los Angeles direct route would supplement its ex¬
isting Chicago-Denver-Halt Lake City route.
Company also filed application to include Long Beach, Calif., as a stop
on its Han Diego-Seattle route.—V. 151, p. 2959.
Bank &
583,113
surplus..
Net prof.t after charges and taxes
—.
Earn ngs per share on capital stock-- ——---;—
—V. 151, P. 3411.
—V. 151, p. 3102.
in
Total
—V.
1,135,739
Earnings per preferred share
taxes
Net
1,043,954
94,851
1938
$1,640,222
1,561,744
1,104,030
$1,811,001
1,699,324
1,143,517
Gross profit.........
Oper. profit after deprec.
Net
equipment-—-----Accounts payable—————
Deposits on sales contracts
Earned
"$2,841,045 ~SM58,136
1939
1940
........
$6,132,976
2,674,840
Corp.—Earnings-
Calendar Years—
Gross sales
8,705
203,365
45,753
of
Paid-in surplus
operations
Railway tax accruals—
way
payable for purch.
Contracts
9,640 Accrued liabilities-.19,794 Capital stock..
Prepaid exps. & def'd charges.
Net
$ 150,000
Notes payable—-—
Federal income taxes.955,447
40.006
in
Net profit
Previous surplus
Bal. in res. for amounts
tures fuel pumps,
strainers, oil dilution systems, oil temperature regulators,
hydraulic units or assemblies such as landing gear struts, tail wheel shocks,
wing flap cylinders, and hand operated hydraulic pumps.
Among the company's principal customers are: Boeing Aircraft Co.;
Consolidated Aircraft Corp.; Curtiss Aeroplane Division; Douglas Air¬
craft Co., Inc.; Grumman Aircraft Engineering Corp.; Lockheed Aircraft
Corp.; The Glenn L. Martin Co.; North American Aviation, Inc.; Republic
Aviation Corp., and Wright Field U. S. Army Air Corps.
Sales—The business of the company has increased during its
11
years
of operation as shown by the following schedule of its net sales:
.$64,280
128,682
87,760
121,672
1932.
1933
The net sales for
1934........$133,167
1935
255,011
1936.289,575
1937....-.— 564,683
_
—
1938
1939-.1940
$565,414
794,050
3,630,937
a
Authorized
Of these shares 61,088 are reserved for common stock
this
financing to be borne by the
company.
Undencriters—No firm commitment for any part of the issue has been
The principal underwriters have agreed, severally and not jointly,
set after their
respective
or
find
purchasers
for the preferred stock
names:
Burr &
Co., Inc
Bergen & Co., Ltd.
Krause, Barrows & Co.
Dempsey-Detmer & Co
22,500
15,000
7,500
5,000
5,000
5,000
5,000
5,000
John J.
Lester &
Co.
O'Melveny-Wagenseller
Stroud & Co.,
&
Durst
Inc
SidneyS. Walcott & Co., Inc
Hill
Earns, per sh. on com
xLoss on sale of securities,
debentures, &c.
&
Co
Young & Co., Inc
.
interest
and
premium paid
1940
Assets*
a
Cash
4,870,432
Marketable
Other
...
1939
$
Prop, and plant.18,297,941
on
convertible
1940
Liabilities—
§
18.343,741
secur.
131,266
69,424
203,683
314,188
Accounts payable
4,179,147
-
475,174
eral Income tax.
2,348,607
2,496,572
29.654
1,042,539
618,5S2
550,040
456,346
Capital surplus.. 2,000,882
2.000,882
11,553,177
Accrd. wages, roy¬
2,761,187
25,229
13,918,460
438,322
Provision for Fed¬
and notes
receivable
•S
13,918,460
S20)
5,118.
investments
1939
$
Common stock (par
alties, &c
c
Earned surplus
made.
their best efforts to sell
$11,553,177 $10,722,706 $10.460 314
695 923
695.923
695 923
$3.45
$3-69
$2.38
$3.21
12,217,174
war¬
While no exact
allocation of such proceeds has or can be made at this time, it is the inten¬
tion of the board to devote proceeds to the following purposes: (a) Equip¬
ment, machinery, &c., of Los Angeles plant, $339,800; (5) equipment,
machinery, &c., of Dayton plant, $476,000; (c) for additions to working
capital needed to carry increased inventory and payrolls, &c., $534,200.
use
CY88.465
-----
Profit & loss surplus.. $12,217,174
Shs. com. oui80.(par $20)
695 923
Deferred charges.
purchase
1941; 2,500 shares are reserved for the exercise of
option expiring June 20, 194i, and 100,000 shares are reserved for con¬
of the preferred stock.
with
demolished,
Inventories..
Proceeds and Application—The net proceeds to be received by the com¬
pany in the event of the sale by it of all of the 75,000 shares of preferred
stock are estimated at $1,350,000, before deduction of expenses in connec¬
to
facil.
ant
Outstanding
None
version
tion
193,656
$13,956,982 $13,292,985 $12,114,552 $12,450,927
1,739,807
1,739,808
1,391,846
2.079,078
less deprec. prov. and
salvage recovered
199,745 shs.
*
75,000 shs.
a400,000 shs.
rants, expiring June 19,
an
Total surplus.
Plommon dividends
b A ccts.
lows:
pref. stock (par $20)
Common stock (par $1)
10.021,515
returned to surplus—_
1940 do not include the net sales of Aircraft Precision
cum. conv.
$2,235,756
Comparative Balance Sheet Dec. 31
Products, Inc., prior to Aug. 5, 1940.
That company began business
Nov. 18, 1938.
Its net sales for the period beginning on that date and
ending Dec. 31, 1938 were $70,611; for the year 1939, $332,771, and for the
period Jan. 1 to Aug. 5, 1940, were $383,460.
Capitalisation—Capitalization of company as of Jan. 31, 1941, is as fol¬
5)4 %
$2,403,805
11,553,177
Total.
30,204,270 28,985,770
debentures.—V.
1940
Total
Provision for Federaj income and
shs.
2.500 shs.
2,500 shs.
Net
profit
Preferred dividends.
expense
excess
$930,222
13,703
$480,637
8,288
income
$6,562,361
5,632.139
$460,976
19,661
Other income.
1941
$4,813,903
4,352,927
shs.
shs.
shs.
Corp.—Earnings—
9 Mos. Endea Jan. 31-
Interest charges, &c__
Development and research
shs.
30,204,270 28,985,770
152, p. 847.
United States Plywood
shs.
shs.
shs.
Total-.--.
After deducting depreciation of
i,770.226 in 1939 and $7,071,418 in
b After deducting reserve for doubtful accounts of $128,196 in 1939
and $123 281 in 1940.
c Arising through
the conversion of convertible
a
1940-
$943,925
83.895
322,275
$388,454
48,315
$535,146
37.300
$340,139
191,511
$497,846
$1.78
$2.22
—
profits tax
/
mh
Earnings applicable to common stock
Average number of shares of com. stock outstanding
;
Earnings per share
—V. 152, p. 133.
___
_
16,311
70.193
224,421
Volume
U.
S.
152
The Commercial <£ Financial Chronicle
Smelting, Refining & Mining Co.
Calendar Years—
1940
_
1939
$7,624,070
2,408,162
$6,573,718
2,459,344
$5,215,908
8,742,440
year...
9,412,322
Earnings
$15,362,497 $13,958,347 $12,495,318
1,637,818
1,637.818
1,637,818
3,172,590
2,908,208
2,115,060
Earned surplus, end of year
per share on common
$10,552,089
$9,412,322
$6.77
$8.16
After all charges but before
tion and amortization.
a
providing
1940
1939
$808,348
$5.34
$901,658
$6.06
Feb. 22, '41
$222,458
71,798
Feb. 24/40
$232,354
41,822
$150,660
$0.75
$190,532
$0.95
per common share
reserves for
^
Veeder-Root, Inc.—Earnings—
r
Earnings
Co., Inc.—Earnings-
Calendar Years—
Net profit after all charges and taxes
—V. 151, p. 2812.
$5,950,175
Total surplus
Preferred dividends
Common dividends.
1937
$4,114,374
8,380,943
2,177,933
Previous earned surplus..
Van Raalte
1938
$8,128,108
Consolidated earnings
Deprec., depl. and amortization
a
^ Profit for
(& Subs.)
8 Weeks Ended— .
Net earnings before Federal income
taxes
Federal income taxes
$8,742,440
$4.68
Net earnings
Earnings per share
on
.
capital stock
depreciation, deple¬
Comparative Balance Sheet
Estimated Consolidated Earnings Two Months Ended
February
1941
Cross earnings.______
a
Property
$620,359
$526,261
245,572
$605,867
272,970
"$280,689
$392,784
272,970
272,970
$97,374
$332^897
$7,719
$119,814
$370,344
Balance.
but before
$0.18
$0.63
$0.01
rec.
Invest'ts
in
Traction
Co.,
Albany—Committee for
taxes,
Total
196,584
121,736
Cap. stk. (200,000
208,203
208.203
Earned surplus
shs.
.
2,500,000
1,470,360
par)
$5,625,060 $5,212,564
Total
701,334
2,500,000
1,399,287
701,334
$5,625,060 $5,212,564
a dividend of 30 cents
per share on the $5
par common stock, payable March 31 to holders of
record March 21.
This
compares with 45 cents paid on Dec.
27, last; 35 cents paid on Sept. 30,
last; 30 cents paid on June 30 and March 30, 1940; 65 cents
paid on Dec. 27,
1939; 25 cents paid on Sept. 30, June 30, and March
31, 1939; 35 cents
on Dec. 27, 1938; 20 cents on
Sept. 30, 1938; 15 cents on June 30,1938,
and 20 cents on March
31, 1938.—V. 152, p. 1607.
.
committee states
that
the
Albany Ry.
bonds
are
the
paid
Victor
the
plan
of reorganization
to
were
dated
Virginia Iron, Coal & Coke Co.—Earnings—
Feb.
Consolidated Income Account Years Ended Dec. 31 (Incl.
Subs.)
receive fixed interest
1940
1939
1938
1937
$1,404,302
1,279,733
$1,109,585
1,057,813
$1,237,385
$1,555,143
1,254,540
1.502,052
$124,570
122,684
$51,771
114,358
loss$17,155
105,623
$53,091
133,889
General & adminis. exps.
Other deductions
$247,254
69,362
77,924
40,408
$166,129
66,382
82,189
56,327
$88,467
53,459
77,740
52,201
$186,980
49,936
74,330
77,392
Other income.
x$59,560
9,915
$38,769
4,132
$94,931
5,347
$14,678
5,362
X$69,475
$34,638
$89,584
$9,316
68",155
68", 388
2,448
1,099
2,225
2,423
69,450
5,341
8,979
$2,223
$107,673
$173,353
Operating
expenses
Total oper. income
Non-oper. income
Tot. op. & non-op. inc.
ment of these notes.
Selling
The United Traction Co. has been in
receivership for more than 11 years.
No interest was paid on the
Albany Ry. bonds and unpaid interest now
amounts to over $700 per $1,000 bond.
The committee states:
"We are advised by counsel, that the
Albany Ry.
bondholders are legally entitled to a
prior lien on all of the assets of the
United Traction Co. to the extent that
earnings of the Albany Ry. were
diverted during the receivership.
This lien constitutes
expense
security for your
bonds in addition to the value of the
property expressly subject to your
Loss
mortgage."—V. 149, p. 2385.
United
and
a
Net loss-
1940
Assets—
a
Recoverable
royalties
Inactive
$144,924; total, $381,183; less overhead recovered from
side interests in joint leases, $10,278.
Depreciation and depletion
Profit
Work
_
10,264
min'l
paid..
10,968
11,287
invent'ies
$1,231,555
Notes
rec. not curr.
rec.
(not
940
555
54,017
1,412
6,832
9,310
Cora, scrip, outst'g
3,277
2,700
2,829
2,700
liabilities..
comp.
payable
Unclaimed
1st mtge.
66,952
(due
wages.
130
193
1,364,000
1,364,000
30,000
6,659
30,000
13,492
5% gold
bonds (due 1949)
Real estate serial
Other liabilities.._
Deferred credit
380
2,000,000
2,obb~666
D/-15.200
Drl5,200
10,000,000 10,000,000
Capital surplus
2,684,567
2,674,470
General surplus...
86,376
88,655
Equity in min. int.
Preferred stock
cur¬
Treasury stock
8,931
rent)
1,000
370,905
263,643
Total income.
S
143*305
notes
917
$597,006
12,689
a
1939
Dlvs.
10,264
out¬
Other income
Common
stock
subsidiaries:
Cap. stk., com.
Gen, surp. (def.)
25,700
2,597
43,200
9,061
$609,696
Intangible development
costs,
$236,849; abandonments, $21,-
520; dry hole expense, $20,000; interest expense, $3,215
Production, property and miscellaneous taxes, $91,421;
provi¬
sion for Federal income taxes, $8,500
Net income
Total
281,584
Balance Sheet
as
99,921
31, 1940
Assets—Demand deposits in banks and cash
on hand, $46,888; accounts
principally for oil, $194,569; inventories, $13,592; materials
supplies, $16,607; investment in wholly-owned subsidiaries, $130,482;
other investments, $84,471; producing oil lands, leases and
equipments,
(less allowance for depletion and depreciation of $5,858,294), $897,297;
non-producing and undeveloped lands and leases, $299,081; prepaid ex¬
penses and deferred charges, $75,871; advances recoverable out of future
production, less for allowance ($8,919), $38,829, total, $1,797,676.
Liabilities—Accounts payable, including trade accounts and oil and
gas
royalties, $95,134; accrued items, principally taxes and wages, $53,759;
Federal income and State franchise taxes payable on prior years'
earnings
and accrued interest thereon, $33,785; unclaimed dividends, $2,264; common
stock (par $10), $2,000,000; surplus from operations, incl. $13,009 undis¬
tributed profits of wholly-owned subsidiary (after application on March 31,
1937 of $143,714 surplus resulting from reduction of stated capital to oper¬
ating deficit existing as at that date), $581,594; dividends from depletion,
Dr $968,859; total, $1,797,676.—V. 151, p. 2812.
receivable,
and
Universal-Cyclops Steel Corp.—Earnings—
Period End. Dec. 31-—
1940—3 Mos.—1939
Net profit
$338,892
$0.68
b Earnings per share
After depreciation,
$416,807
$0.83
1940—12 Mos.—1939
$1,088,671
$864,219
$2.18
$1.73
Federal and State income taxes, &c.
b On 500,000
shares of capital stock.—V. 152, p. 1773.
Milk Co.—To Pay25-Cent Special Dividend—
Directors have declared a special dividend of 25 cents per share on the
stock, payable April 1 to holders of record March 24.
Dividend
common
Dec. 24, last; 25 cents paid on Oct. 1 and March 25,
1940; Dec. 22 and Oct. 2, 1939 and dividend of 50 cents per share was paid
of 50 cents was paid on
1938.—V. 151,
p.
3758.
16,436,727
in
16,414,8461
Total
16,436,728 16,414,846
reserve
$636 in 1939.
$1.14
at Dec.
After
for douotful accounts and notes of $408 in 1940 and
After reserve for depreciation and depletion of $1,415,856
~
1940 and $1,349,598 in 1939- -V. 152, p. 999.
""
"
a
$228,190
99,977
-----
Earnings per share on capital" stock
March 25,
156,102
15,744,678 15,715,084
65,376
70,687
(at idle plants)Other assets..—-Acct.
Total.
$91,175
50,000
128,080
65,822
during year)
affiliated cos.).,
$1,189,762
41,792
Production costs, $236,258: general and administrative
expense,
Van Camp
174,285
Deferred charges.
Production of crude oil and natural gas,
$1,720,548; less royalty
interests, $530,786
221,851
Accr'd
Invest, (sec. of un-
equipment
Consolidated Income Statement Year Ended Dec.
31, 1940
$
Notes pay., secur.
Accts. pay. (trade)
b Real est.,plant &
[Includes Wholly-Owned Subsidiary, Lost Hills Water
Co.]
1940
Liabilities—
173,615
216,253
Inventories
,
Co.—Earnings—
Water sales
5
203,089
Notes and accts.
receivable
such Joan, together with other funds, will be used to
redeem and retire all
of the outstanding 4]4% sinking fund debentures of the
company, in the
aggregate principal amount of $756.100.—V. 152, p. 1299.
1939
$
Cash & cash items
and at
proceeds of
Universal Consolidated Oil
402
10,547
Consolidated Balance Sheet Dec. 31
bear interest at the rate of
2j^% per annum until maturity
the rate of 5% per annum after
maturity until paid.
The net
to
1,459
69,450
Profit.
x
Illinois National Bank & Trust Co., such loan to be evidenced
by 10 promis¬
sory notes, in the principal amount of $50,000 each.
Said notes are to be
dated April 1, 1941, are to mature
serially at the end of each semi-annual
period from the date of said notes for 10 successive semi-annual periods, and
Dividends
stock of Doe Val¬
Bond interest
Other interest paid
Prov. for income taxes,_
Exchange Commission on March 19 permitted to
declaration filed pursuant to the Public
Utility Holding
Company Act of 1935, with regard to the following transactions:
United Utilities, Inc., proposes to borrow $500,000 from the
Continental
become effective
on
ley Assoc. (liquidated)
Utilities, Inc.—To Borrow $500,000—
Securities
1939
$1,387,504
lossl28,213
The
20, 1939, Albany Ry.
mortgage bonds having a first
lien on all of the property of the
reorganized company.
However, this plan
was amended on Nov.
16, 1940, so that instead of mortgage bonds they are
now to be offered unsecured
income notes.
Moreover, the P. S. Commis¬
sion, in an opinion rendered on Feb. 21, 1941, recommends further
changes
in the plan which adversely affect
Albany Ry. bondholders' investment by
postponing the time when interest on the income notes will accumulate and
by very substantially reducing the sinking fund payments for the retirebondholders
1940
.,414,600
178,629
Net income after all
charges and taxes
—V. 152, p. 1454.
grossly
inadequate.
Equipment Co.—Earnings—•
Calendar Years—
Gross sales
underlying
bonds of and a mortgage on the heart of the
United Traction system.
treatment afforded these bonds under the
proposed amended plan is
on
no
Victor Chemical Works—30-Cent Dividend—
holders.
a
183,612
161.995
The directors have declared
approximately $1,000,000 of the $6,000,000 funded debt of United Traction.
The committee contends that
greater participation should be provided for
a
156,412
contracts
on
-V. 152, p. 1607.
Albany
'
,
are
$80,574
347,757
Capital surplus...
William Van A. Waterman and
George A. Rogers have formed a com¬
mittee to represent holders of
Albany Ry. consolidated mortgage 5%
bonds, due 1930, and general mortgage 5% bonds, due
1947, in reorganiza¬
tion proceedings of United Traction
Co.
These obligations account for
The
803,600
1,876,379
sub.
companies, cost.
Feb. 24,'40
$66,689
568,270
serves. miscell._
Customers' depos's
1,008,887
304,308
302,836
964,018
1,818.950
Inventories
Feb. 22,'41
1941.
Bonds—
<
1,120,121
Liabilities—
Current accts. pay.
Accrd. taxes, pay.
Accruals
and
re¬
$0.22
deducting all charges and taxes, including Federal income
United
Under
$889,451
Fixed assets, net..
Other assets
(2) No provision has been made for United States excess
profits taxes for
1940 or for the first two months of
1941, it being believed that none will be
required.—V. 151, p. 3412.
The
Feb. 24,'40
$1,014. 348
obligations
Notes & accts.
deducting property reserves.
No/ex—(1) Dredging operations at Fairbanks started about the middle
of March,
Feb. 22 ,'41
U. S. Government
$638,904
246,120
Earns, per share on 528,765 shs. of com. stock.
After
Assets—•
Cash..,
1938
$861,782
255,915
250,015
Pref. div. requirements.
a
1939
272,970
reserves._____
Net earnings.
t,
1940
y
,
Vlchek Tool Co,—10-Cent Dividend—
Directors have declared
a dividend of 10 cents per share on the common
stock, payable March 31 to holders of record March 24. This compares with
20 cents paid on Dec. 27, last; 10 cents paid on Sept. 30 and June 29, last;
25 cents paid on Dec. 26, 1939; 10 cents on Sept. 30, 1939, and on Dec. 27,
1938; 50 cents on Dec. 24, 1937; 15 cents on Sept. 30 and on June 30, 1937,
and
previously regular quarterly dividends of 10 cents per share was distrib¬
uted.—V.151, p.3904.
•
Wabash
Ry.—Reorganization Plan—
At the hearing before the Interstate Commerce Commission held Dec. 16
and
1940, upon the application of Wabash RR. (the new company
organized in Ohio to be the successor in reorganization of Wabash Ry.)
for authorization to carry out the plan of reorganization dated as of July 3,
1940, as amended (Dec. 6, 1940), permission was granted to the applicant
to file a complete plan on or before Jan. 10, 1941.
At the last-mentioned
date the plan had not been completed for the reason, among others, that
certain differences between the major interests had not been adjusted.
This has now been accomplished and the complete plan dated as of March 15,
1941, has been submitted to the Commission.
The adjustments reflected in the complete plan are designed to meet
objections interposed at the hearing before the ICC by Reconstruction
Finance Corporation, the trustee under the first terminal trust agreement
and the Pennsylvania Co.
These adjustments involve the following changes
17,
iB
to)6parity
of treatment is to be given the receivers' certificates series A
B, necessitating an increase from $4,491,411 to $4,533,206 in
1H% notes which are allocated to receivers'
certificates, series A and series B, for 50% of the principal of their respective
claims, the balance of such principal being adjusted through the issue of
75% in the new first mortgage 4% bonds and 25% in general mortgage
4% income bonds, series A;
(b) Interest on all receivers' certificates, part of which was to be funded
is to be paid in cash, this adjustment involving additional cash in the
amount of $431,684;
and series
the amount of serial collateral
The Commercial
1938
-Will Receice-
(c) The holders
their claim in new
first
•
Stock
$12,500,000
$1,250,000
$3,125,000
10%
25%
65%
6,416,667
641,667
1.604,167
41,708
10%
25%
65%
1,550,000
3.875,000
100.750
10%
25%
65%
729,792
1 824.479
47,437
10%
25%
65%
1,786.700
4,466,750
1)6,136
10%
25%
165%
1,859,285
48,341
holders of refunding
bonds:
Refunding & gen. mtge.
-
15,500,000
7,297,916
17,867,000
7,437,139
743,714
10%
25%
65%
1,500,000
3,750.000
97,500
25%
6,937,500
10%
693,750
1,734,375
10%
25%
per
receivers' certificates give effect to the
provisions of the RFC Act by counsel
for RFC.
The increased allotment of new first mortgage 4% bonds to the
holders of first lien terminal bonds is in line with the suggestion made at
the hearing by counsel for the first lien terminal trust agreement.
m
All other changes are made in adjustment or reconciliation of differences
heretofore existing between the Pennsylvania Co., and the refunding and
general mortgage group and, if these changes are adopted, they have
Indicated that they will interpose no objection to the consummation of the
plan.
The Pennsylvania Co. has agreed, subject to authorization by the
ICC, to exercise its full rights to purchase common stock provided not
less than 50% of the voting stock as represented by shares of common
stock placed in escrow are made available for purchase.
Adequate machinery has been set up and put in motion for a prompt
reorganization as soon as the necessary authorizations and approvals are
the treatment of
interpretation placed upon certain
changes in
ICC and from the Court.
Capitalization
Comparison of
Jan.
62,502,447
39,220,071
192,638,498 101,722,518
*192,638,498
debt
interest
debt
— _—
Total debt
Preferred stock
Common
... _ .
_ .
.
Includes
$38,826,678 of interest accrued
stated at $100 per share.
& scrip..
and scrip
payments—represent
Cash
a
70,918,592 31,106,677
67,202,175 c59,818,600
90,925,277
138,120,767
stock shall in the first instance be deposited
Each person entitled to receive new common stock
b The new common
a
depository.
as
may
therein provided withdraw
from escrow
10
reduction
stock at the rate of 8 Yx shares of new common stock for each
present preferred A, such rate to be subject to proportionate
shares are withdrawn from escrow.
Holders of the present common
shall be entitled to purchase in proportion to
stock not so purchased by the preferred stock at the
stock of the Railway company
price per share.
Of the $12.75 per share
the purchasers of the new common stock,
Co.- -Earnings—
Vulcan Detinning
1940
$3,571,071
1939
$3,928,923
1938
$3,207,278
3,182,071
2,644,737
1937
$3,652,775
2,840,132
$730,939
200,638
$746,852
164,217
$562,541
27.029
$434,902
41,304
$931,577
a250,000
25,000
146,379
5,606
$911,069
160,000
20,000
272,227
7,146
$589,570
$476,205
75,000
$504,592
104,004
$451,695
448,344
$286,824
238,667
$331,647
290,029
$400,588
$3,351
$48,157
$41,618
$11.10
$5.99
$7.21
&c._
Expenses, deprec.,
Existing
Jan. 1, 1941
$300,000
7,091,362
Fixed rentals
Fixed interest
—
Improvement fund
Contingent interest
Sinking fund
Proposed
$300,000
2,258,418
1,000,000
1,623,078
196,100
(maximum)
...
36,880
$6,777,396
preF Vco^dividendsl I
Earns, per sh. on
OLD FOR NEW SECURITIES
OF EXCHANGE OF
Income A
First
......
2,250,000
340,000
75%
210,000
60,000
61.8%
17.6%
1939
$171,268
23,359
238,667
tin
for
Res.
price
20,000
decline
300,000
payable
&
756,993
other govern¬
mental
300,736
in
general
Res.
agt.
purch.
2,544,677
5,897
3,849
paid expenses..
60,000
Pref.
stock
127*733
133,339
Price equallz'n res.
($100
,
1,522,300
3,225,800
par)
1,522,306
Com .stk(par $100) 3,225,800
107,925
107,925
1.237,234
Capital surplus
Earned surplus
50%
170,353
forward
commit¬
tee for tin
2,544,677
199,935
170,353
charges.
Res. for conting. &
836,612
177,750
50%
1940
$173,123
Dividends payable
Res. for inc. taxes
50%
177,750
31
& accr.
Liabilities—
Accts. pay.
Notes
222,665
31,807
20.6%
50%
1,120,000
204,800
12,800
134,400
6.3%
65.6%
70%
Interest
28.1%
10%
11,062
35,951
3%
370,569
9.7%
90%
323,556
87.3%
699,650 9,095,450 4,197,900
13,993,000
5%
65%
137,015
1,781,192
65%
30%
822.089
30%
140,228
60,098
70%
30%
47,760
33,432
14.328
200,000
140,000
2,740,296
5%
200,326
6% deb. ser. B.._
Interest..
70%
1,875 shares in
x
30%
57,600*
316,050 2,844,450
3,160,500
Interest
480,000
1940 and 1,865 shares in 1939.
obsolescence—July 1, 1929 to Dec. 31,
1940 and $2,472,405 in 1939.
and
in
$7,254,170 $6,620,594
Total
$7,254,170 $6,620,594
Total
1,600,000
Interest
702,394
1,777,500
355,500
2d mtge, 5s_.
424,238
1,315,562
investments
& in¬
tangible
assets,
incl. goodwill—
Def'd chgs. & pre¬
70,000
1,777,500
Interest
Om. Div. 1st3 Mb.
1,219,021
processes
25%
3,555,000
Des M. Div. 1st 4s
1939
$714,951
223,867
29,929
Plant & equlpm't
Patents,
licenses,
69,559
profits taxes.
pref.
own
y
10%
3,000,000
Interest
Co's
Other
8,3%
750,000
31,000j
66,159
100,588
Condensed Balance Sheet Dec.
1940
Cash
$415,487
Marketable secure.
308,431
Accts. receivable..
384,395
Inventories
1,363,697
Adv.payments agt.
tin importations
662,227
stock—at cost..
23,050
75%
Includes $75,000 for excess
a
x
184,400
207,450
46,100
16.7%
$12.74
shs.com.stk.(par$100)
3,217,874
105,000)
32,258
-
21%
90%
1st lien term 4s—
Stock
25%
63.2%
1.659,600
15.8%
Tol ,&Ch .Div. 1st 4s
Surplus
3,389,100 1,129,700
.
276,600
AY%
Pref.
$
$
25.418,250 8,472,750
75%
Interest
B
A YiS
$
5,366,075 847,275
Det.&Ch.ext.lst 5s 1,844,000
Income
As
As
$
33,891,000
5s
Interest..
50-Year
40-Year
SO-Year
a Cash
i
price equalizat'n
Assets—
Will Receive
1st mtge.
....
Res. for
$3,167,750
Outstanding
$
Govt.chgs.
Other reserves
Total cash requirements
Wabash RR.:
Res. for other
$5,377,596
1,399,800
Reorganization expenses and taxes
New equipment (uown payment)
Existing
Total income
Res. for Fed. inc. taxes
$2,000,000
1,167,750
Total annual requirements.
Cash Requirements
Securities
...
$ 10,974,172
Dividends—Preferred stock-.
TABLE
Net oper. income
Other income
$7,428,242
3,545,930
Total
their
same
provided to be paid to the depository by
the depository shall pay $11.75 per share
to the owner of the stock and $1 to tne reorganization managers for the purposes of
the plan of reorganization.
If, after all stockholders have exercised their rights
under these provisions, any new common stock remains in escrow, the stocknolders
who have exercised their rignts shall have the further right to purchase such remain¬
ing stock in proportion to their subscriptions.
For the purpose of these provisions,
the present convertible preferred stock B shall be treated as converted into present
preferred stock A and common stock in accordance with its terms.—V. 152, p. 1457.
holdings any new common
Calendar Years—
■
under the plan
New common stock
such stock from escrow.
shall be subject to sale to
in the event any
Sales.
'
in escrow with
and purchase by the holders
of the present preferred and common stock of the Railway company in the order
of their respective priorities at the price of $12.75 per share, to be paid to the de¬
pository.
Holders of the present preferred stock A shall be entitled to purchase
not so withdrawn
and unpaid,
Comparison of Annual Requirements
order
Jan. 30. 1940.
598,186 shares
■
See Note b.
See Note b.
See Note b.
interest authorized by court
69,830,850
1,087,742
67,202,175
payments of
i.
and scrip
Common stock
65%
19,970
. — --
profit-sharing
Pref. stock A 5%
.330,759,265 192,647,795
capitalization
Total
*
_——
..
Total stock.....
c
....—;
- —
stock
miscell. claims—
Pref. stk. B 5% conv.
shares of the
Proposed
$
1,1941
$
Contingent interest
Reserved for
65%
45,094
such new common
Existing
j
81.250
15,000,000
1
feneralshare shall bonds, $11.75 per share shall managers to the seller and
mortgage be paid to the reorganization be paid for the purposes
Fixed
Shares
Stock
Wabash Ry.:
A;
and general mortgage bonds
series B, remains un¬
they are to receive is
reduced from $31,134,678 to $22,239,056, and the number of shares of
common stock (taken at $100 each) is correspondingly increased; provision
being thus made for the full principal of and accrued interest on the re¬
funding and general mortgage bonds; and
(e) The new common stock, consisting of 598,186 shares (no par) is to
be placed in escrow subject to sale, unless withdrawn by the parties entitled
to receive it under the plan, to the holders of preferred stock and common
stock of the present Railway company at the price of $12.75 per share.
Of
the purchase price of the stock sold for present holders of refunding and
,
Common
Inc. BAWs
Inc. BAM*
Existing Securities
$8,895,623 of general mortgage income bonds,
changed* the amount of new preferred stock which
obtained from the
e
H%Pref.'
Outstanding
of
°fThe
4
50-Year
terminal 4% bonds are to receive 50% of
mortgage 4% bonds and 50% in general mortgage
of first lien
4% income bonds, series
(d) The allocation to
*
1941
22,
March
Chronicle
& Financial
y
After depreciation
1940, amounting to $2,647,886
SI .50 Dividend—
declared a dividend of $1.50 per share on the common
March 29 to holders of record March 25. Dividend of $2.50
Directors have
stock, payable
was
and previously regular quarterly dividends of
distributed. Year-end dividend of $4 was paid on
paid on Dec. 20, last;
$1.50 per share were
Dec.
151, p. 3103.
20, 1939—V.
Waldorf System,
Inc.—Annual Report—
1940
1939
1938
$14,100,942 $13,696,683 $13,310,793
12,861,118
12,666,760 12,449,406
Calendar Years—
Total sales
Cost of sales.
1937
$14,785,373
13.692,686
30%
Income from
operation $1,239,824
30%
Income credits
20,107
$1,029,924
29,265
$861,387
30,046
$1,092,687
42,123
1,600
17,733
7,600
5.9%
65.9%
28.2%
$1,259,931
$1,059,189
$891,433
$1,134,810
Social security taxes
373,367
187,822
Other State & Fed. taxes
26,933
Interest
60,000
70%
Col. & St. L. 1st 4s..
144,376
382,839
192,792
93,041
Wab.-St.Chas. Bdge.
Will remain undisturbed
Wab.-Hannibal Bdge.
1st ser. 3 Yx % notes
50,000
Net
-Will Receive
Existing Securities
Outstanding
b Cash
AO-Year
Serial Coll.
1st 4s
Inc. A As
income
...
(RFC)
582,986
Earns, per sh. on com..
$7,687,500 $2,562,500
75%
51,564
Interest
(RFC).
25%
ceivable
37.5%
260,211
Interest
571,875 $2,287,500
12.5%
50%
260,211
497.250
663,000
....
39,060
25%
1,684,279
4,491,411
75,102
75,102
100%
561,426
12.5%
4,034,819
4,082,148
26,492
32,240
26,458
Miscell. assets
25,959
$502,703
426,115
$76,588
2,298,386
426,419
$1.17
2,245,706
50%
Goodwill
Total
x
stock..
"
payable.
Federal
taxes
Notes
and
540,532
136,169
for
50,000
82,500
394,271
con¬
tingencies, &c_.
76,148
stk. 3,108,300
Com. capital
Surplus
2,440,750
63,135
3,108,300
2,382,739
$6,751,682! Total
$6,686,595 $6,751,682
461,610 no par shares.—V. 152, p. 1454.
$6,686,595
Represented by
x
73,761
198,650
250,000
payable cur.
pay'ble non-
current
79,489
275,533
540,532
53,342
State
accrued
Reserves
74,929
1939
$457,464
78,413
accrued
99,167
286,949
1940
5437,758
46,575
Expenses and taxes
Notes
account:
taxes, rent, dec..
Treasury
37.5%
4% (banks)
56,722
Prepaid insurance,
39,060
100%
Interest
Land, bldgs. & eq.
Accounts
471,681
Agawam
165,750
75%
Interest
35,833
473,049
.
Deposit on lease..
Suspense
100%
Serial 4s (RFC)
(net).
Inventories
1,715,625
$0.62
$0.91
Wages accrued
Acct. and notes re¬
51,564
4,575,000
426,419
LiabUuies—
1939
$1,188,065 $1,087,676
Cash
226.646
100%
Series A 4%
_
1940
Assets—
679,937
906,583
213.058
Comparative Balance Sheet Dec. 31
$582,986
75%
(RFC).
$52,022
2,334,548
$1.30
25%
100%
2d series 4%
2,440,750
424,600
Profit and loss surplus.
Wi 1 remain undisturbed
10,250,000
$265,080
$134,846
2,382,740
426,419
$193,440
Com. shs. outst. (no par)
$8,540,000
632,107
62,098j
$390,516
2.55,670
$554,366
360,926
Common dividends.
Balance, surplus
Eqpt. tr. ctfs. 2Y% K
Receivers' certificates:
Interest
189,616\
1)4 %Noles
Wabash Ry.:
1st series 4%
374,639)
W11 remain undisturbed.
30-Year
Series B
Gross income
Depreciation
2,025,000
1st series 4s
Volume
The Commercial & Financial Chronicle
152
Walworth Co.—Business Up—Plants at
Capacity—
Business of this company thus far in 1941 is
running about 10% ahead
of the fourth quarter of last
year, it was reported by W. B. Holton, Jr.,
President of the company, at the recent annual
Chase National Bank is inviting tenders for the sale to it of first
mortgage
5% gold bonds due June 1, 1960, at prices not in excess of 110% and accrued
interest, sufficient to exhaust the sum of $50,000 on deposit with the bank
meeting of the stockholders.
The company's
backlog of specifications for shipment has gained each
month since July, 1940. and sales of
heavy-duty, high-pressure products
as
successor
trustee.
Proposals will be received at the principal trust
bank, 11 Broad Street, New York, up tp noon on April 3,
1941.—V. 151, P. 1740.
office of the
during January and February were at the highest level in the
company's
history.
All plants are currently operating at capacity due both to direct
national defense business and to orders from industrial
customers working
on defense orders.
Wheeling Steel Corp.
^Installation of equipment for new plant facilities at the Kewanee Works
is proceeding
according to scheduie, and the company expects to be in opera¬
tion by the middle of
April on Government orders for ammunition com¬
ponents, Mr. Holton said.
A retirement plan recommended
by the directors
was
annual meeting
1939
$
$
bldgs.,
mach'y., &C-, 75,514,835
Inv.
adopted at the
in
adv.
73,303,487
to
Funded debt
3,178,497
Bal. due fr.
ployees
stk.
3,376,258
plan
pur.
248,276
Sink.
Earnings
a
per
Based
share
on
Misc.
on
1940
1939
shares of new $4.25 dividend preferred
voted by stockholders of this company at their annual
meeting
on March 10.
Not more than 30.000 shares are to be issued this
year and
proceeds are to be used for additions to plant and facilities.—V.
152, p.
1300. 1147.
(& Subs.)—Earnings—
2,214,847
1,707.040
2,226 077
Capital surplusSurplus (earned)
1,681, 490
Treas. stock
Total
a
Nil
--130,064,944 124,021,444'
After
reserves
1940
$1,015,017
930,092
100,417
84,723
$60,075
Cr480
14,678
Dr2,101
$45,877
def$l,900
expenses
Net profit.
Cash dividends
a
Earnings
a
per
on preferred stock
share
1939.
$202
8,121
$0.09
8,524
Nil
Payment will be made
To
redemption price of $100 per share, plus accrued unpaid dividends
to
redemption date of $33 per share.
The time within which
6% cum.
pref. stock may be exchanged under the plan of
recapitalization expired
on March 14, 1941.—V.
152, p. 1775.
paid
Oct.
28 and Sept. 30, last; Aug. 28, 1939, and March 15, 1939,
and on Oct. 28 and Sept. 10, 1938, this last
being the first dividend paid
on tnese shares since Sept. 1,
1937, when 10 cents was also distributed.—
V. 151, p. 3413.
on
Calendar Years—
Net coal sales
Corp.—Earnings—
1940
$4,454,069
Net profit after all charges & taxes.-
97,453
1939
1938
$3,906,820
loss160,030
loss529,734
—V. 152, p. 1608.
Net sales
Cost of goods sold
Deprec'n
and equipment
a
Western Newspaper Union—New Director—
At special meeting of directors held March 3, Louis Walker
director.—V. 151, p. 3259.
elected
was
268,224
287,951
234,689
344.774
5,489,531
447,071
5,406,260
333,837
7,061,547
$2,413,716
353,9b0
x$61,962 x$2.189,256
.>45,750
406,800
x$ 158,304
307,811
$2,767,696
$283,788 x$l,782,456
$149,507
35,039
Operating profit
47.652
6,409,234
-
-
Total profitInt. & amort, disc t
debs,
of
on
White
Motor Realty Co
on
instalm't contr. sold—
Prov. for Can. exchange
Prov. for
Fed. taxes
income estimated
b758,236
1941
Telegraph and cable operating
Telegraph and cable operating
$8,394,402
7,218,624
expenses
Net telegraph and cable operating revenues
Uncollectible operating revenues
7,780
--$1,952,728
$3.12
Gross
1940
$7,727,896
6,887.536
prior year,
x
$840,360
30,912
490,260
$319,188
95,084
Deductions from gross income
Net income
109,566
$428,754
595,649
1
$
"
Plant & equlp't.
Cash
b Accts,
&
Invests.
&
1939
%
6,789,250
7,551,186
1,516,822
1,308,928
6,114,613
3,109,449
11,356,847
notes
receivable
11,935,909
other
assets
212,322
Westinghouse Electric & Mfg. Co.—Earnings—■
Period End. Feb. 28—
1941—Month—1940
1
567,422
279,069
874,826
439,430
5
2,349,101
658,948
349,609
inc.,
estimated
750,000
Deferred income..
Contingent
182,347
on
1939
625,000
reserve
75,000
318,736
743,400
210,455
725,000
Res. for ad).to val.
of branch land &
225,479
buildings
634,677
Res. for insurance.
804,138
300,000
296,151
Capital surplus-—20,180,151
Deficit
352,417
20,180,151
2,305,145
27.318,686 23,968,408
Total...,.. —27,318,686 23,968,408
a After reserve for
depreciation of $10,952,207 in 1940 and $10,944,026
in 1939.
b After reserves.—V. 151, p. 2060.
(H. F.) Wilcox Oil & Gas Co.—Earnings—
1941—2 Mos.—1940
$3,571,765
incl. accr. exp-Accrued taxes
137,450
patterns, dies &
special tools
Deferred charges-_
1940
Liabilities—
8
Com. stk. (par $1)
625,000
Acc'ts pay. (trade) 2,804,883
Other acc'ts pay.,
Fed. taxes
G'dwill, pats., &c.
Unamort. cost of
Total..
Ernest E. Norris was on March 11 elected a director of this company.
Mr. Norris succeeds W. Averill Harriman.—V. 152, p. 1608.
Net project
$1,840,790
$1,276,234
a After taxes and charges.—V.
152, p. 1774.
$65,854
$0.10
provision for
$148,094 loss$166,895
New Director—
a
Nil
Loss.
Inventories
$736,834
588,740
income
x$l,825,275
$0.17
Including depreciation on general office and branch
buildings and
equipment amounting to $163,353 in 1940, $188,606 in
1939. $206,442 in
1938 and $232,404 in 1937.
b Includes $8,237 additional
a
A.8 SCt 8'
$641,750
Operating income
Non-operating income
$107,473
Earns.per sh.on com.stk.
a
$1,175,778
33,578
500,450
Taxes assignable to operations
36,000
red. of debs
Net profit
-
revenues
75,000
on
Consolidated Balance Sheet Dec. 31
Telegraph Co., Inc.—Earnings—
Month of January—
59,066
42,250
for
Fed.
tax
of
White Mot. Rlty. Co.
1940
Western Union
56,731
Prov.
on
1937
268,043
Sell., gen. & adm. exps.
6%
1938
255,336
Other income
extra dividend of
$1 per share in addition to
the regular quarterly dividend of 75 cents per share on the common
stock,
both payable April 15 to holders of record March 20.—V. 150, p. 1010.
an
mfg. bldgs.
on
1939
$37,573,956 $23,512,020 $19,393,219 $30,684,564
28,227,627
17,471,453
15,441,193
23,212,796
Amort, of dies, patterns
and special tools
Prem.
Western Grocers, Ltd.—Extra Dividend—
Directors have declared
a
1940
Int. exps. & discount
West Virginia Coal & Coke
Subs.)—Earnings—
Consolidated Icnome Account for Calendar Years
Pay 10-Cent Dividend—
dividend of 10 cents per share on the common
stock, payable March 20 to holders of record March 10.
Like amount was
bonds, series A, due
May 3 at 105 and accrued
Irving Trust Co., New York City,
the
White Motor Co. (&
a
at the
Outstanding 6% Preferred Stock Called—
of
Directors have declared
124,021,444
The company's annual report contains the
following:
As of Jan. 29, 1941, all of the
381,547 shares of the 6% cumulative pre¬
ferred stock, with the exception of
14,156 shares which were
outstanding
on July 14,
1937, when the stockholders approved the plan of
recapitaliza¬
tion dated June 8, 1937, had been either
exchanged under the plan of re¬
capitalization or otherwise acquired by the
company.
On that date the
board of directors passed a resolution
calling for redemption on April 1,
1941, all shares of the 6% cum. pref. stock
outstanding on that date, at
the
Balance Sheet Jan. 31, 1941
$1,738,959; investments, $8,000; property not
business, $108,124; fixed assets, $199,612; deferred
charges and prepaid expenses, $31,908; total, $2,086,604.
Liabilities—Notes payable. $400,000; accounts payable, $13,643; divi¬
dends payable
(preferred stock), $8,121; accrued taxes and expenses,
$87,538; convertible preferred stock (no par), $441,247; common stock
($1.25 par), $512,520; earned surplus, $599,141; paid-in surplus, $26,582;
cost of 200 shares of preferred stock purchased and in
treasury, Dr$2,189;
total. $2,086,604.
conduct
130,064,944
for
Bonds Called—
"
On 410,016 shares of common stock, $1.25 par.
in
18,170,426
14,767,681
c£>r753,776 dDr588.712
b Represented
Assets—Current assets,
used
Total
729,875
All of the outstanding first
mortgage s. f. 4H%
Feb. 1, 1966 have been called for
redemption on
$1,300,512
1,140,019
Net operating income
Other income, less other deductions
Provision for Federal income taxes
and
depreciation of $54,513,331 in 1940 and $51,465,056
by 583,884 ( 583,827 in 1939) no par shares,
c Includes 1,383 shares of
preferred and 14,210 shares of common, at cost,
d Represented by 14,210 shares of common
stock, at cost.
Note—Earnings for the calendar year, 1940, appeared in the "Chronicle"
of March 15, p. 1775.
in
$12,156
1941
Selling, general and administrative
677,429
Res. for conting.
299 625
Wentworth Mfg. Co.—Earnings—
—-
1,673,355
674,554
9,839,731
300,773
9,361, 461
sec
receivable
interest.
Cost of goods sold
674,847
1,388,986
long-
1939
$159,678
$0.30
—V. 151, p. 2961.
3 Months Ended Jan. 31—
Net sales
556,000
of
term obligat'n
Res. for rellnlng
Accts. and notes
Inv. in mkt.
Cash
1940
700,000
ment
33,341, 943
1,000,000
instal¬
rebuilding
furnaces, &c_
of 90,000
Webster Eisenlohr, Inc.
3,720,824
fd.
78,890
was
Calendar Years—
Net profit after charges and taxes
Earnings per share on common
2,860,167
2,000,000
4,623,758
134,496
a$.32
151, p. 3580.
Washington Gas Light Co.—New Stock Issue Voted—•
An authorized issue
stock
31,500,000
4,658,449
Deterred charges
$1,864,553
$4.19
capital stock
36,926,449
and
notes
accts. recelv'le
$3.371,283
present capitalization.—V.
11, 936
Inventories
Co.—Earnings—
Calendar Years—
Net income after charges and taxes
30,800,000
Accrued liabil
340,277
1,628,400
36,305.100
29.191.325
—
Notes payable to
banks
under
'
payable.
Accts.
em¬
Depos. in closed
1608.
%
1,616,900
$5 cum. pref. stk 36,316,600
bCom. stock.. 29,194,200
associated and
other cos
1939
.$
6% pref.stock—
banks
Warner & Swasey
1940
Liabilities—
Land,
a
employees of the company and its subsidiaries above 13.000 a year, and will
be financed by contributions
by the company and the employees.
Annual
pensions are provided up to 40% of the employees'
measuring compensation
P.
■Consol. Balance Sheet Dec. 31-
1940
Assets—
by affirmative vote of a majority of the outstanding shares.
The plan provides pension and death benefits based on
regular earnings of
in excess of $3,000.—V.
151.
1939
West Penn Traction Co.—Tenders—
$2,234,975
Calendar Years—
Net profit after depreciation, depletion, &c
Earnings per common share
—V. 151, p. 2962.
1940
1939
$165,035
$361,261
$0.77
$0.35
-
Westmoreland Water Co.—Accumulated Dividend—
Directors
have
accumulations
on
a dividend of $1.50 per share on account of
$6 cumulative preferred stock, payable April 1 to
declared
the
holders of record March 20.
Arrears after payment of current dividend will amount to $2.25
a
share.
Willson Products.
—V. 151, p. 3905.
Bonds Called—
Inc.—Earnings—
Years Ended Dec. 31—
Net profit after deprec., Fed., &c. taxes
Earns, per sh. on 128,162 sks.of cap.stk
1940
1939
$219,023
$1.71
$147,725
$1.15
1938
$3,351
$0.02
<
Company has called for redemption all of its outstanding first mortgage
5% gold bonds, series A, due Dec. 1, 1952, on June 1, 1941 at 101 and ac¬
The bonds will be paid at the office of the Chase National
Bank, successor trustee, 11 Broad Street, New York.
Holders of the bonds
may surrender the same and receive the same premium immediately,
together with interest to June 1.—V. 151, p. 3581.
crued interest.
Winnipeg Electric Co.—Interest Payment—
Directors have authorized payment on
May 1, 1941, of interest on the
company's general mortgage bonds and debenture stock series B at the
rate
of 4% in rdSpect of the year 1940.
Series B bonds and debenture stock are on a
4% income basis until
Jan. 2,1942, and interest payments at
the4% rate have been made
annually
Westvaco Chlorine Products
Calendar Years—
1940
1938
$9,321,862
$8,592,081
803.675
339,362
784,744
353,132
1,252.064
339,362
$2.96
$2.91
$1-52
Net profit after all chges.
and taxes
_---
Shs. com. stock o".tst
-
out of available income as defined in the trust deed
since the 193«> reorganiza¬
tion.—V. 151. p. 3413.
1937
$12,945,846 $10,802,534
Net) sales
Earnings per sha.e
—V. 152, P. 1147.
Corp. (& Subs.)—Earns.
1939
Winn & Lovett
Grocery Co.—$1 Dividend—
Directors have declared
1,316,401
339,362
$1.46
a dividend of $1 per share on the class B
common
April 1 to holders of record March 20.
Dividends of 75
cents paid on Dec. 26, last, special dividend of $1
paid on Nov. 9, last and
regular quarterly dividend of 25 cents was paid on Oct. 1, last.—V. 151.
p.3905.
shares payable
The
1940
March
Chronicle
Commercial & Financial
be reimbursed
will be the
the
subsidiaries
for equipment,
4% serial first mortgage bonds; (b) $651,654 to
by Defense Plant Corporation for expenditures in con¬
construction of a plant, which, when completed,
property of Defense Plant Corporation, and will be leased to
company
with option to buy; and (c) $90,552 to be reimbursed to two
during 1941, by the U. S. War Department for expenditures
amount of its
Corp.—Six-Cent Dividend—
Directors have declared a dividend cf 6 cents per share on the common
stock, payable March 10 to holders of record March 1.
Dividend of 15
cents
paid on Aug. 15, last, and 10 cents paid on April 20, last, and on
Aug, 25, 1939, this latter being the first dividend paid on the common
Winters & Crampton
was
shares since
Aug. 20,
27j^ cents per share was
1937, when
distributed.—
'
718.
V. 151, p.
25 cents per share in addition
the common stock, both
March 12. Like amounts paid on
Oct. 1,1940 and quarterly
distributed. In addition, extra
last.—V. 151, p. 3581.
declared an extra dividend of
regular quarterly dividends of like amount on
payable April 1 to holders of record
Jan. 2, last, and compares with 50 cents paid on
dividends of 25 cents per share previously
dividend of 25 cents was paid on July 1,
Reynolds Metal
R. 8.
Co.—Annual Report—
Reynolds, President, states In part:
for income and excess profits
$4,045,044, as compared with
profit
consolidated
profit for 1940 was $2,428,277 as compared with $1,526,891 for 1939.
Consolidated net current assets at the end of 1940 amounted to $8,971,925.
year the management recognized the impending threat to our
national security and at that time our full resources of man power and
essential facilities were made available to the Nation against the emergency
which is now upon us. Months ago, without encouragement or firm orders,
placed the plant space then available on a war basis and equipped certain
plants for the production of supplies for our armed services. We sought no
subsidies but, in addition to a cash outlay of over $3,000,030, we mortgaged
certain of our fixed assets and stock in wholly owned subsidiaries for a 4%
loan of $20,000,000 from the Reconstruction Finance Corporation.
As part of the execution of our program, a new aluminum lefining plant
started six months ago at Lister, Ala., near Sheffield, which in the
spring is expected to begin operations as the country's second source of
supply of virgin aluminum. Through the Defense Piant Corporation about
$2,500,000 has been made available to build an extrusion piant for that
corporation at Louisvhte, Ky. It wi.l be leased and operated by Reynolds
Metals Co. which will have an option to purchase under specified cir¬
This plant, along with other new and revamped plants at
Louisville costing a total of approximately $5,500,000, will give the com¬
greatly increased capacity for the rolling of aluminum alloy rod and
sheet and for the extrusion of rod, tubes, and shapes.
In addition, equip¬
Before provision
1940 was
deduction for
for
taxes, consolidated
$1,940,751 for 1939. After
profits taxes, the
estimated income and excess
company
the
to
nection with
the War Department.
shipments.
(at cost), $947,817;
title to which will be retained by
b Duty drawbacks on export
c Investments
in subsidiaries
net
Last
we
was
net
amount,
one
to
to
a
the business under option to
loss from the operations of the
mined the cost of
pany
time (in 1938) of
On Jan. 2, 1941,
convert a portion of our factory at Richmond, Va.,
from the exclusive production of pure aluminum, which is used In the manu¬
facture of domestic articles, to the production of strong alloy sheet for
be placed to
defense uses.
$2,000,000 fuse loading plant
aircraft and other
is being built for the Navy at Macon,
Reynolds Corp., an affiliated company, and
completed the plant will be operated by
Reynolds Corp. In addition, at governmental request, we have made plans
calling for the construction for the Defense Plant Corporation of a $13,600,000 plant to fabricate strong aluminum alloy sheet, operation of which
should begin by July, 1941, and which will be owned by Defense Plant
Corporation and leased and operated by a wholly owned subsidiary of
Reynolds Metals Co., whicn subsidiary wld have an option to purchase
A
Ga., under the
it
the
supervision of
contemplated that when
is
plant under
specified circumstances.
of supply will be
One of the new sources
of nearly
area
one-half square
the Lister plant, located on an
mile in the heart of the Tennessee Vahey
Authority power territory, where the company
from bauxite, the metal bearing clay.
From
tracted after which the refined ingots are made.
will make ingot aluminum
the ore, alumina is first ex¬
Aside from the development
at Lister, there is only one other United States producer of ingot aluminum.
Company is also planning another aluminum reduction piant in the Bonne¬
ville area.
The Lister and Bonneville plants will produce, it is estimated,
100,000,000 pounds of virgin aluminum a year.
Last year the Reynolds Metals Co. fabricated more
pounds of aluminum. This year production totais are
more than 10,000,000 pounds a month.
than 40.000,000
expected to cilimb to
Consolidated, Income
1940
sales,
Net
less
returns,
allowances, &c
Cost of
a
$29,157,971 $20,495,787
Inc. from
operations--
Otherinoome
Total income
a
-
Sundry losses and
13,901,907 17,744.498
302,114
331,586
24,828,297
540,003
18,016,343
$3,789,670
489,435
$2,028,493
120,153
$4,279,105
$2,148,645
120,790
$911,466
114,393
81,644
c.5,460
38,232
d22,243
450,951
expense..93,707
Interest
1937
$15,033,267 $20,179,579
goods sold, sell¬
ing, adm. & gen. exp_.
Other expenses
a
Account for Calendar Years
1939
1938
de¬
140,354
ductions
Other deduction
$829,247
82,220
$2,103,495
59,183
$2,162,678
104,102
50,012
Special charges
for
Prov.
Fed.
State
&
bl,616,767
Net profit
Div.
on
Div'ds
413,860
165,482
e329,179
$2,428,277
inc. taxes-.,.
$1,526,891
$571,115
275,000
$1,515,920
com.
stock
991,955
1,023,662
1,023,662
1,022,742
$1.23
out¬
1,023,662
standing (no par)
$0.29
$1.21
$2.10
Earnings per share
275,000
153,407
307,090
Cash
Shares
275,000
275,000
pref.stk. (cash).
stock—•
on com.
1940, $570,921 in
1939, $487,408 in 1938 and $589,550 in 1937 for property, plant, and
equipment, and $216,043 in 1940, $138,237 in 1939, $134,430 in 1938 and
$121,700 in 1937 for amortization of intangible assets, b Including $546,000
for Federal excess profits taxes, c Adjustment upon translation of operating
results of Cuban subsidiary from pesos into United States dollars at ap¬
proximate rate of exchange at Dec. 31, 1939. d Writing down insured flood
damaged merchandise to amounts of claims filed,
e Including $10,225 for
a
Includes provision for
surtaxes on
depreciation of $647,805 in
undistributed profits.
1940
Assets—
S
1939
1,787,894
2,636.993
4,430,691
169,447
1,671,207
396,641
148,272
(not current)
a
b
Expended
U.S. duty
1940
S
d500,000
I
Liabilities—
S
3,737,705
Notes & accts. rec. 2,693,678
Inventories
6,575,430
Sub. & alfil. cos.—c2,087,984
Sundry receivables
Sheet Dec. 31
Dt. due within yr.
1939
$
250,000
2,454,337
1,088,183
1,615.000
Accounts payable-
414,758
Fed. & oth income
taxes
2,037,060
Divs. on pf.
Custs.
68,750
stock
deposits on
461,831
orders
Dem.
68,750
pur.
money
64,550
9,037,215
Accrued accounts.
46,750
800,708
mtge. note.
Property,
bldgs.,
mach'y & equip.11,332,262
392,655
Notes & accts.pay.
2,216,546
2,205,893
plants, &c
412,656
511,708
Deferred assets
761,552
831,541
Pats., trade marks
Devel. of products,
137,559
2,000,000
947,950
15-yr. 3)4% deb.ser. 1st mtge
4%
money
11,500
23,500
245,124
197,604
5,000,000
5,000,000
for dismantl.
conting., &c
5)4%
cum.
pref.
stk. (par $100).
8,980,607
8,980,607
Capital surplus
1,023,699
Earned surplus--- 4,914,992
3,068,806
Common stock
23,627,267'
Total
1,003,699
32,055,108 23,627,267
facilities, Inventories of raw materials, &c. to be reimbursed
by United States governmental department and agencies
This amount
comprises (a) $929,000, subsequently reimbursed to the company by the
RFC, upon issuance to that agency by the company of a like principal
152, p. 134.
Co.—Stock Offered—A group headed by
Carl M. Loeb, Rhoades & Co. on March 18 offered in the
over-the-counter market after the close of trading on the
New York Stock Exchange, a block of 15,670 shares of
common stock (par $10) at a fixed price of $28 a share.
The stock which, it is said, represented British holdings,
was oversubscribed.
Associated in the offering were Kidder,
Peabody & Co. and Ward Sterne
Coach Mfg.
Yellow Truck &
Directors have
declared a dividend of
payable April 17 to
and common stocks,
150, p. 3905 for record
—V. 152, p. 1455.
& Co.—V. 152, p. 1608.
Co.—Dividends—
Taylor-Wharton Iron &
a$348,603
$414,303
82,907
Total
25,000
1,128
26,048
5,945
$195,443 loss$l 12,916
$280,732
87,470
5,423
1,166
37,500
9,534
_
86,245
3,004
85,763
10,079
2,874
13.746
(net)
Expenses of leased plant
Loss
on
sale of Phila.
properties
Miscell. exps. (net)
Prov. for State inc. taxes
Other int. & disc't
a$248,739
a$148,4081ossa$ 139044
28.200
Bond interest
1937
1938
1939
37,500
vestments
Miscellaneous income
-Earnings
Steel Co. (& Subs.)-
1940
Operating profit
Inc. and profit from in¬
class B
See V.
both of the above issues.
25 cents per share on the
holders of record April 1.
of previous payments on
2,327
132,346
15,329
63,000
6,000
Prov. for Fed. taxes
2,663
-
-
b27.909
10,502
loss$46,121 loss$204,494
Disct.
on
$156,100
1,204,773
1.023,870
1,023,870
1,112,905
$1,017,574
$1,250,894
$1,204,772
$1,023,870
83,832
$2.77
83,832
83.832
83,832
1,250,894
bonds red
023,591
67", 065
Dividends paid
com.
on
Dec. 31
stk. (no par)__
After depreciation
surtax on
1939, $142,295, and in
undistributed profits.
$1.86
$147,356; in 1938,
1940, $129,744.
b Includes $6,500
of plant and property
$143,620; in
Nil
Nil
Balance Sheet Dec.
of pl't, obsoles.,
32.055,108
preceding quarters.—V.
Woodward Iron
a
U.S.
Foil Co.
Res.
For plant
provides among
issued except to RFC,
shall, within 150
days after the end of each calendar year subsequent to 1940, pay to the
trustee under the mortgage, that part, if any, of one-third of the company's
net income for such calendar year, which exceeds in amount the principal
amount of bonds maturing in that year, such payment to be applied to
redemption of outstanding bonds; and (c) Dividends set aside by the com¬
pany for payment to its stockholders in any calendar year shall not exceed
one-third of the company's net income. The loan agreement and the mort¬
gage contain certain other provisions upon default of which all the out¬
standing bonds may become immediately due and payable.
The loan
(except as it was permitted to be used to pay prior bank indebtedness and
prior expenditures made for facilities to produce aluminum alloys and other
products) may be used only for acquisition or construction of facilities for
production of aluminum ingot, including raw materials.—V. 152, p. 1766.
Wood, Alexander & James, Ltd.—Accumulated Dividend
The directors have declared a dividend of $1.75 per share on account
of accumulations on the 7% cum. 1st pref. stock, par $100, payable May 1
to holders of record April 15.
Like amounts were paid in each of the
Earnings per share
110,000
Accts. pay. to
a
$500,000 annually in 1941 and 1942, $750,000
1943 to 1954 incl., and $10,000,000 on Aug. 1, 1955, but at the
the company the bonds may be redeemed in whole, or in part,
annually,
option of
at designated times in any year.
The loan agreement between RFC and the company
other things that:
(a) None of the bonds shall be
without the prior written consent of RFC; (b) Company
Shs.
mtge.
notes
Total
lien on all like property acquired
proposed increase in the au¬
(The mortgage contains clauses creating a
execution). The bonds (after the
after its
Deficit
d4,718,500
bonds
Pur.
equip¬
thorized issue) wil lmature
Previous deficit
payable for
money borrowed
Dec. 31, 1940.
the U. S. Navy
plus stipu¬
be
Department.
$20,000,000, against
principal
of
the
and it is contemplated
operation,
(b)
144,004
947,950
to affil. cos.-...
Notes
the company. The company
transferred business from the
the assumption by it of such
to
this affiliate entered into a contract With
Department, to erect a fuze loading plant on the basis of cost
a
lated fee.
Upon completion, it is contemplated that the plant shali
operated by Reynolds Corp. under lease from the Navy
d These bonds were issued to the RFC. The RFC has agreed to lend the
company, from time to time, sums not in excess of
delivery to the lender by the company of equivalent
amounts
the company's 4% serial first mortgage bonds.
An issue of bonds in
principal amount of $18,000,000 has been authorized,
that an increase of such issue to $20,000,000 will be authorized. As security
for the authorized bonds (a) the company has executed a mortgage on all
of its real estate and on the buildings, structures, machinery and
ment located thereon and being a part of such realty, and
the capital
stocks of the company's wholly owned subsidiaries have been pledged.
Calendar Years—
Consolidated Balance
Cash
has sustained a
16
163,465
accounts receivable $1,020.-
on
cumstances.
ment is to
„
^
other affiliates (in¬
$708,000.
The amount for investments in subsidiaries comprises (a) $430,317 for
approximately 61 % of the outstanding capital stock of Richmond Radiator
Co.; (b) $367,500 10-year 5% convertible debentures due 1948 of that
subsidiary; and (c) $150,000 for the cost to a consolidated suosidiary of
the entire outstanding common stock of American Thermometer Co.
Based
balance sheets of these subsidiaries at Dec. 31.1940, the company's
equity in the subsidiaries' net assets exceeded by $71,724 the cost to the
company of these investments.
- « ^
^
Company's share of 1940 net profit of Richmond Radiator Co. and
American Thermometer Co. (unconsolidated subsidiaries) amounted to
$210,780, of which only the dividends ($46,875 received from American
Thermometer Co
by the consolidated subsidiary which owns all of that
company's outstanding common stock were taken into 1940 consolidated
profits.
The
($827,221) for investments in capital stocks of other affiliates
represents cost, except for investment in one affiliate, which is carried at a
written-down nominal value of $1.
The ultimate disposition and value of
the investment in, and the realizability of receivables from, these affiliates
is presently uncertain. While a reserve for possible losses has been provided,
this is not to be construed as a definite determination of the value, or an
appraisal, of these investments and receivables, or as any abridgement of
qualifications contained in this note. In 1938, the company acquired from
of these affiliates (Reynolds Corp., in which the amount of the invest¬
ment, including receivables, is $1,139,493) the right to operate, with option
purchase, tne portion of that affiliate's business pertaining to certain
building products. Company agreed to operate the business so transferred
it for
period of time (the expiration date of which was extended during
1940 to April 15, 1942), and to pay Reynolds Corp. one-fourth of the
profits derived therefrom, or under certain conditions, on 60 days' notice,
return the business to Reynolds Corp.
Reynolds Corp. has not yet deter¬
capital stocks $827,221; notes and
945),$1,848,167 total, $2,795,984; less reserve,
vestments in
Dividend—
Co.—Extra
Wiser Oil
Directors have
to the
1941
22,
in i937,
31, 1940
for
Assets—Cash, $655,932; accounts and notes receivable (less, reserve
doubtful accounts and notes of $20,146), $395,586; employees' accounts,
investments,
other accounts, $15,715; inventories, $586,689;
$77,012; plant and properties (less, reserve for depreciation of
$2,165,315; deferred charges, $10,560; total, $3,907,827.
Liabilities—Accounts payable, $152,246; accrued wages, taxes, com¬
missions, &c., $109,179; provision for 1940 Federal and State income
taxes, $69,000; provision for interest, $38,887; sinking fund
$67,588; funded debt, $969,411; deferred credit, $45,089;
(83,832 no par shares), $2,125,050; capital surplus from
May 15, 1934, $1,348,950; deficit at Dec. 31, 1940,
$1,017;
$4,686,266),
payment,
capital stock
reduction of capital.
$1,017,574; total.
$3,907,827.—V. 151. p. 568.
Volume
The Commercial & Financial Chronicle
152
1941
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Cocoa—On the 15th inst. futures closed 13 to
V
10 points
higher. Sales totaled 299 lots.
The market's strength
today was due largely to buying by manufacturers and com¬
mission houses.
Profit taking was heavy, it was also learned.
Business in actual cocoa was also brisk last week.
Large
quantities were reported purchased by Russia at premiums
over
the futures market.
Offerings by the primary pro¬
ducers were limited.
Flavor grades also participated in the
advance and business was fairly active.
Local closing*
Mar., 7.13; May, 7.18; July, 7.27; Sept., 7.36; Dec., 7.45.
On the 17th inst. futures closed 12 to 13 points net lower,
with sales totaling 438 lots.
Prices rallied strongly in the
cocoa market until they
touched new high levels for the
season.
The tight ocean freight situation was the spring¬
board for the rise.
Early gains extended from 10 to 12
points with May selling at 7.30c.
Later, much of the rise
was lost.
During early afternoon May stood at 7.22. The
net
Friday Night, March 21, 1941.
Coffee—On the 15th inst. futures closed 2
to
points higher
1
point lower.
For the week the market was 21 to 23
points net higher.
Trading volume in the coffee futures
market held up well today, totaling 97 lots for the short
session, with prices moving within a narrow range.
The
market continues to be influenced by the firmness in Colom¬
bian prices, which were selling f.o.b. at $1 a
bag over official
minimum prices, the prospect that Brazil will consider ex¬
port minimums at a meeting of planters on Mar. 22, and the
firmness and growing scarcity of
shipping space.
On April
1 the rate
on
coffee will
bag.
On
higher for
the Santos contract, with sales totaling 248 lots.
The new
Rio contract closed 8 to 9 points net
higher, with sales
totaling 12 lots.
Santos coffee rose sharply higher just after
the noon hour.
Brazilian buying was heavy.
During early
afternoon the market stood 20 to 22 points net higher, with
all months at new seasonal highs.
In Brazil the official
spot price on Rio 7s advanced 500 reis, bringing the net
gain for the week to 1.5 milreis per 10 kilos.
Santos prices
were
unchanged.
The possibility of higher freight rates
and The question of Brazilian minimums were evidently
the important factors.
Colombian coffees were selling at
fully $1 a bag above the minimums as announced last week.
Registered spot sales in Santos last week, for shipment to
the United States, were 382,000 bags, against 110,000 the
week before.
On the 18th inst. futures closed 36 to 47 points
net higher for the Santos contract, with sales
totaling 460
lots.
The Rio contract closed 23 to 32 points net
higher,
with sales totaling 30 lots.
In the early trading Santos
coffee advanced 37 to 44 points net higher in the heaviest
trading in several years.
New seasonal highs were reached
by all positions.
Sept. in early afternoon was selling at
9.50c., up 48 points.
Brazilian buying led the advance
and short covering and new speculative buying
appeared
later.
In Brazil the spot price of Rio 7s advanced 500 reis
for a total gain of 2 milreis per 10 kilos over the last 10
days.
Cost and freight offers from Brazil were scarce and
higher.
On the 19th inst. futures closed 3 points off to 7
points net higher for the Santos contracts, with sales totaling
326 lots.
The Rio contracts closed 7 points off for the Mar.
delivery, while the rest of the list closed 8 to 11 points net
higher, with sales totaling 29 lots.
Santos coffee sold at
10 (the Mar., 1942, contract) for the first time since Oct.,
1937.
Gains of up to 21 points were registered, putting
all positions at new seasonal highs.
Later, profit-taking
reduced the advance somewhat.
In the early afternoon the
market was up 13 to 17 points.
Twenty-nine notices were
issued against Mar. contracts, bringing the total to date
above 200 lots.
Official Santos spot prices were 1 milreis
per 10 kilos higher for hard and soft Santos 4s and 1.5 milreis
up on type 5 "Rio" while Rio 7s were up 500 reis.
Cost
and freight offers from Brazil were 15 to 25 points higher,
with the freight situation no better.
On the 20th inst. futures closed 10 to 17 points net higher,
move
the 17th inst. futures closed
up
20c. to $1.10
with sales of 225 lots in the Santos contracts.
four contracts traded in the
a
19 to 15 points net
new
There
Rio contract, July
were
delivery,
which closed 2 points net
higher. Santos coffee was 5 to 7
points higher in early afternoon after having been 9 to 15
points lower in early trading. Strength of the actual market
was the supporting factor.
Three "D" and two "A" notices
were issued.
In Brazil official Santos spot prices were up
200 to 400 reis.
Cost and freight offers from Brazil were
10 to 15 points higher in most instances, with Santos 4s at
from 8\i to 8%c., depending on description.
Roasters
were reported turning more and more to Brazilian coffees,
with most mild coffees either nearly sold out on their quota
or
at prices rated too much above the current Brazilian
quotations. Today futures closed 1 to 5 points net lower,
with sales totaling 292 lots in the Santos contract.
The Rio
(new A) contract closed unchanged to 3 points net higher,
with sales totaling 30 lots.
Santos coffee scored new highs
at the opening, with gains of up to 17 points.
Later, profit
taking and hedging cut the advance in half.
The market
stood 6 to 8 points higher in early afternoon.
The actual
market
was
firm.
Seven Santos notices
Brazil the Santos spot
reis higher.
Everyone
prices
on
were
issued.
hard and soft 4s
were
In
100
is waiting for the meeting of coffee
producing interests in Brazil tomorrow under the auspices
of the Federal authorities.
It is believed the question of
prices and the regulations to apply to the new crop will be
discussed and a program adopted.
§
Rio coffee prices closed as follows:
March, 1941-.———— 6.021 July
May
—
—
——————6.48
6.271 September.6.66
as follows:
8.92 September
-9.13 December
July——————9.35
Santos coffee prices
March, 1941-——--———
May----
closed
_
_
9.56
—9.77
turnover
when it
house
to
was
that time
seen
stocks
was
300 lots.
The setback ensued
that other markets had fallen off.
Ware¬
decreased 3,500 bags.
They total 1,339,960
bags against 1,082,438 bags a year ago. Local closing: May,
7.06; July, 7.14; Sept., 7.21; Dec., 7.32. On the 18th inst.
fixtures closed 13 to 20 points net higher. Sales totaled 562
lots.
Rumors of the presence of German submarines in the
Western Atlantic started
a fresh rise in cocoa, which carried
16 to 17 points by mid-afternoon. Reports of
additional shipping losses by the British, accentuated the
the
price
up
movement.
facturers
Wall Street
also
was
active
on
the bull side.
Manu¬
buyers.
Warehouse stocks decreased
14,200 bags.
They total 1,325,731 bags against 1,082,438
bags a year ago.
Local closing Mar., 7.18; May, 7.26;
July, 7.32; Sept., 7.40; Oct., 7.43; Dec., 7.50;|Mar., 7.61.
On the 19th inst. futures closed 5 to 7 points net higher, with
sales totaling 669-lots.
After hesitating this morning cocoa
resumed its rise under active bidding by Wall Street and
manufacturers' prices being forced up 11 to 12 points into
new high ground with May at 7.37c., up 11 points.
Trading
was active, sales to mid-afternoon totaling 475 lots.
Fifteen
March notices were stopped by manufacturers.
Warehouse
stocks continued to decrease.
The overnight loss was 4,800
bags, reducing them to 1,320,936 bags, against 1,087,941
bags last year. Since Mar. 1 stocks are down about 70,000
bags.
;
-i';
On the 20th inst. futures closed 10 to 11 points net lower,
with sales totaling 403 lots. News of a downward readjust¬
ment in
Prices
at
war
were
risk rates to Africa caused
time
cocoa
to
weaken.
20
points net lower.
During early afternoon losses had been cut to a range of
7 to 13 points, with May at 7.24, off 7 points.
Manufac¬
turers were buyers on the break. Trading to early afternoon
totaled 225 lots.
Warehouse stocks decreased 8,900 bags.
They now total .1,342,043 bags against 1,087,237 bags a
year ago. Bahia cabled that the S.8. "Halcyon" had cleared
for Manizanillo, Cuba, with a cargo of 53,332 bags of cocoa
to be trans-shipped at that port to a Russian vessel for
Vladivostok. Local closing* May 7.20; July 7.28; Sept. 7.35;
Dec. 7.45; Mar. 7.56.
Today futures closed 9 to 18 points
net lower, with sales totaling 802 lots.
Cocoa prices moved
over a wide range in an active market.
Early in the day the
market broke 25 to 30 points.
Then came a report of a big
bag of convoyed ships sunk by German U-boats.
That
caused a flurry in the trading.
Later, the market quieted
down, standing unchanged to 6 points net lower this after¬
noon.
Warehouse stocks continued to decrease.
They lost
6,OCX) bags overnight.
They now totwl 1,306,063 bags
against 1,086,374 bags a year ago. Local closing* May 7.11;
July 7.19; Sept. 7.26; Oct. 7.28; Dec. 7.36; Mar. 7.47.
one
were
as
mucn
as
Sugar—On the 15th inst. futures closed 1 point higher to
point lower—for the domestic contract. Total sales were
266 lots.
The world sugar contract continued firm to close
^ to 1 point higher, with sales totaling 209 lots.
Spot raw
sugar advanced 10 points to 3.30c. duty paid basis during
the week ended Mar. 14, according to B. W. Dyer & Co.
Refined sugar also advanced 10 points and is now quoted at
4.85c. less 2%, including processing tax in all territories
except the Pacific Coast, where the quotation is 4.60c. On
the 17th inst. futures closed 3 points to 1 point net higher
for the domestic contract, with sales totaling 469 lots.
The
world sugar contract closed 2 to 3^ points net higher, with
sales totaling 177 lots.
In the raw market about 25,000 to
30,000 tons of Cubas, Philippines and Puerto Ricos were
offered at 3.35c.
Bids were around the last price, 3.30c.
There was nothing new in refined other than reports that
manufacturers were taking on additional sugar at the current
$4.85 price.
The freight situation continued tight.
For
space from Cuba to North Hatteras 48c. was reported paid
and 50c. asked for April clearance.
World sugar futures
pushed higher with a steady stream of Cuban selling, evi¬
dently hedging, coming out. The only fresh news was week¬
end intimations that Britain and the United States might
1
adopt
unchanged
On the 18th inst. futures closed
points net higher for the domestic contract, with sales
totaling 371 lots. The world sugar contract closed unchanged
to 1 point higher, with sales totaling 75 lots. Domestic sugar
futures advanced to new seasonal highs as the market was
cleared of all raw sugar offerings at 3.35c., up 2 points from
the previous day.
In the raw market about 15 lots of Cubas,
Puerto Rieos and Philippines, were taken by refiners at
3.35c., totaling about 35,000 tons.
It was believed total
sales will exceed 50,000 tons by the time all returns are in.
Yesterday's sales at 3,33c., announced today, were 4,000
tons of Philippines, in port, to American and 3,500 tons of
Philippines due May 9 to Sucrest. On the 19th inst. futures
closed 1 point up to 1 point off for the domestic contract,
to 3
with sales totaling 488 lots.
The world sugar contract closed
totaling 158 lots. Domes¬
tic sugar was in new high ground as refiners, overnight,
raised refined prices by a further 10c. per hundred pounds to
$4.95 to meet the latest advance in the raw product. Gains
of 2 to 4 points were held in early afternoon.
One sale of
*4 to 2 points net lower, with sales
raw sugar was reported—24,000
bags of Cubas, first half
April shipment, at 3.35c. to American. Among the sugars
offered were a cargo of Mar. Cubas at 3.37c. and two for
April clearance at 3.40c. in addition to two parcels and two
cargoes April Puerto Ricos at the latter figure.
Refiners
were said to have booked a good volume of orders yesterday
at $4.85.
The freight market is steady with space from the
north side of Cuba available at 48c.
On the 20th inst. futures closed 2 to 4 points net
lower for
The
domestic contract, with sales totaling 763 lots.
world sugar contract closed 2 points off to unchanged,
the
with
opened 5 to 6 points
United States sugar
quota for 1941 had been increased by 235,072 tons, but by
the end of the third hour the market stood only 1 point under
last night's prices, with September at 2.44c. against a low
sales totaling 271 lots.
Domestic sugar
lower on the overnight news that the
Traders as a whole realized two important facts
(1) that consumption in 1941 will be ample to take care of
the increased quota and (2) that the increase in the supplies
available except as they
applied to mainland sources, did
of 2.39c.
not alleviate the
tight shipping situation. In the raw market
reported bidding no better than 3.30c. Today
futures closed 2 points to 1 point net higher for the domestic
contract, with sales totaling 135 lots.
The world sugar con¬
tract closed 434 to 3 points net higher, with sales totaling
435 lots.
Sugar futures were again edging toward the sea¬
sonal highs made earlier in the week.
There were rumors
that prompt Cubas sold late yesterday at 3.34c., or 3 points
off the best paid this year.
Today a cargo of Cubas, loading
March 26th, was offered at 3.35c., another early April cargo
at 6 points over May futures or about 3.33c.; while three
parcels of Puerto Ricos for early clearance, totaling 42,000
bags, were held at 3.35c., and one or two cargoes at 3.40c.
Refiners are willing to pay 3.30c., it was said.
The freight
situation is still tight.
World sugar futures scored gains
of 234 to 534 points in heavy trading.
were
Prices closed
follows:
as
March————
May
July————
Effect
of
The
—.2.36 September
2.38 January
—2.41
-
2.44
2.41
Increased
Ocean Freight Rates
Analyzed by B. W. Dyer & Co.
advance
average
in
freight
ocean
Sugar
on
rates
on
sugar,
when
weighted by quota percentages of the various areas
selling in the domestic market, has been calculated as
approximately 25c. per 100 pounds, according to B. W. Dyer
& Co., New York, sugar economists and
brokers, as will be
noted by the table below:
Average
Rate
Rate
Advance
Mar. 7,
1941
August
in
Total
Cost for
1939
Rates
Quota
All Sugar
0*373
0*350
0*023
0.1418
0.200
Producing Region
0.160
0.040
0.1206
Domestic beet-...———
Mainland
Puerto Rico
—
Virgin Islands
Philippine Islands,
_
.
No ship
ments dur
1.340
ing 1940
0.0048
0.0013
0.301
1.039
0.1522
0*1681
0.290
0.2825
0.8190
Da ta unavall able
,
1.0000
0.2481
Northside Cuba.
In
creased
the
market
recent
a
question
whether
analysis, the Dyer firm raises the
Government will consider these in¬
the
freight costs and to explain the point quotes from
last clause
of
Section 201
of
the amended
Sugar Act
follows:
as
.
Act
shall not
make
-
and
.
in
order that
the
result
as
he may deem
necessary in the amount
determined to lie needed to
eo
that
in
average
the
supply of
prices
domestic
to
sugar
commerce
provided by this
in excessive prices to consumers, the
Secretary shall
such additional allowances
of sugar
regulation of
sugar
the requirements of consumers,
meet
made available
consumers
industry
as
in
a
excess
to
of
consumers
those
shall
necessary
The
law
certainly
indicates
not
maintain
result
that
a
the
Administration
level in
should
But for
1938-39
the domestic
that
this price was
industry as a whole.
1941
22,
not higher than necessary
to
It certainly would seem 1941
1940 to at least make up producer
the yardstick of 1938-39, would give a theo¬
retical average price around 3.13c.
Should the Administration permit an
average price much higher than this it would be tantamount to admitting
they were wrong in permitting the low levels of 1938-39—this on the
strict interpretation of the law.
But regardless of the apparent plain
language of the law, it is, of course, possible the Government would elect
prices should average sufficiently over
losses in
to
1940, and. this, on
figure otherwise.
Lard—On the 15th inst. futures closed 20 to 27
points net
higher.
The lard market at Chicago was very firm again
today and new highs for the season were established. Expec¬
tations of a fairly large export deal with the United Kingdom
being concluded in the near future and the firmness in sur¬
rounding markets, attracted heavy covering. Western hog
receipts today totaled 13,400 head, compared with 18,500
17th inst. futures
in grains and the
report from Washington that the Government was opposed
to higher prices on commodities, influenced a fair amount
of liquidation in lard futures at Chicago at the start of the
week.
However, prices managed to finish a little above the
inside levels of the day.
Steadiness in hog prices at the
principal Western centers early today helped to discourage
selling lard.
However, when grains and cottonseed oil
turned easy, profit taking sales made their appearance in
this market.
As a result of the latter pressure, futures de¬
clined 15 to 17 points.
Chicago hog prices were mostly 15c.
to 20c. higher.
Hog sales ranged from $7.55 to $8.20.
Western receipts totaled 69,800 head, against 84,800 head
for the same day last year.
On the 18th inst. futures closed
17 to 20 points net higher.
Chicago lard was firm through¬
out the session under new speculative support, stimulated by
expectations of a heavier export movement of fats and oils
to the United Kingdom within the next few months, and
confirmation of the purchase of 11,750,000 pounds of lard
by the Surplus Marketing Administration on Monday was
also considered a helpful factor.
Hog receipts at 11 of the
principal packing centers in the West, including Chicago,
last week totaled 360,236 head compared with 422,124 head
for the corresponding week last year.
Weekly receipts have
fallen below last year for the past 12 weeks. Receipts of hogs
at the principal markets today in the West were heavier
than the same day last year and totaled 85,700 head com¬
pared with 71,100 head last year.
Hog sales ranged from
same day a year ago.
On the
closed 7 to 10 points net lower.
Weakness
head for the
On the 19th inst. futures closed 15 to 17
$7.90 to $8.05.
points net higher.
Further sharp gains were registered in
lard futures at Chicago under new buying influenced by
reports circulated that additional bids were asked by the
Surplus Marketing Administration on lard, presumably for
export to tne United Kingdom, and also to other allied
countries.
Western hog marketings totaled 87,600 head
against 76,300 head for the same day last year.
Prices on
hogs at Chicago dechned 10 to 15c. owing to the heavier
marketings.
Sales ranged from $7.40 to $8.15.
On the 20th inst. futures closed 5 to 7 points net lower.;
The market for some time past has enjoyed a good advance,
but profit taking was the order of the day, and prices fell
off rather sharply from the highs of the day.
Maximum
gains of 10 to 12 points were scored in the early trading,
but heavy realizing caused a reaction of 15 to 22 points from
the peak levels.
Production of lard has declined consider¬
ably with reduced hog marketings during the past three
months, and is expected to continue substantially smaller
than a year earlier throughout 1941.
In Feb. the average
price of prime steam lard at Chicago was about 40 % higher
than in Dec.
Receipts of hogs were smaller than the same
day last year at the principal packing centers in the West,
and prices at Chicago advanced 10c.
Sales ranged from
$7.45 to $8.25.
Western marketings totaled 70,200 nead,
against 79,200 head for the same day last year.
Today
futures closed unenanged to 5 points lower.
Trading was
fairly active.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
7.10
7.00
7.17
7.35
7.30
7.30
March
May....-July.
September.
—
—
-
—
„
...
7.22
7.40
7.60
7.12
7.30
7.50
7.32
7.50
7.70
7.47
7.67
7.85
....
7.40
7.57
7.77
7.37
7.55
7.72
....
Pork—(Export), mess, $25.25 (8-10 pieces to barrel),
$19.25 (200-pound barrel).
Beef: (export), steady. Family
(export), $21.25 per barrel (200-pound barrel). Cut meats:
picnics, loose, c. a. f.—4 to 6 lbs., 13c.; 6 to 8 lbs., 1234c.;
8 to 10 lbs.* 1234c*
Skinned, loose, c. a. f.—14 to 16 lbs.,
1934®-; 18 to 20 lbs., 1924c. Bellies: clear, f. o. b. New York
—6 to 8 lbs., 17c.; 8 to 10 lbs., 1734c.; 12 to 14 lbs., 1534c.
Bellies: clear, dry salted, boxed, N. Y.—16 to 18 lbs., not
quoted. 18 to 20 lbs., 1234c.; 20 to 25 lbs., 1234c.; 25 to 30
lbs., 1234c. Butter: 2834 to 3234c. Cheese: State, held '39,
2434 to 2534; held '40, 2134 to 2234Eggs: mixed colors:
checks to special packs: 1734 to 21c.
the average price of raw
sugar was
2.957c.,
oil
deliveries
continue
in
good
volume,
reports state;| but the expected spring impetus has not yet
occurred.
increase
of those necessary to
But the Philippines and
excess
the domestic industry as a whole.
Cuba, where the major advance in freight rates has
occurred, are not part
of the domestic industry.
What price would maintain the domestic
industry as a whole has never
been stated.
maintain
'
maintained
Oils—Linseed
.
rise to
was
to maintain
whole."
The analysis continues:
quotas when average prices
it
October
0.0039
Total-
the
0*6O33
0.130
.
...
Other foreign areas
*
Increased
of
0.0635
—„
——
Cuba
Pan
0.2342
cane,
Hawaii
and
lenient attitude on the shipment of necessary
a more
foods to France.
refiners
March
The Commercial & Financitl Chronicle
1942
Quotations, Chinawood, Tanks, Spot-—28c. bid;
Coconut, Crude, Tanks, nearby—.0434®.
bid; Pacific Coast—.0434 bid.
Corn, Crude, West, tanks,
nearby—.07 bid.
Olive, Denatured, Drums, spot—$2.40
bid. Soy Bean, Tanks, Decatur basis—.0634 bid, nominal;
New York, Lei. raw—.084c. bid.
Edible, Coconut, 76
degrees—10c. bid.
Lard, Ex. winter prime—934®. offer;
drums—29c. bid.
*
Volume
The Commercial & Financial Chronicle
1S2
strained—9c. offer.
Cod, Crude—not quoted.
Resins- $2.21 to $3.41.
4434 to 48K.
Turpentine,
Cottonseed Oil sales yesterday, including
contracts.
Crude,
follows:
April
May
E.,
val.
6%
n.
'■
switches, 309
Prices closed as
7.65©
n
August
7.78 @
7.67© 7.70 September...
7.87©
October
7.90©
7.77©
n
7.74© 7.75 November....7.95©
June
July—
S.
-■
.
_____
n
.V
n
Rubber—On the 15th inst. futures closed 8 to 5 points
net
higher.
280 tons
Sales totaled 40 tons
were
traded in the
new
on
the old contract, while
As
standard contract.
a
result of the uncertain
shipping conditions and the tight free
rubber available, importers and dealers have not been offer¬
ing freely.
Today the actual market was inactive, with
prices steadier.
Spot standard No. 1-X ribbed smoked
sheets, in cases, was quoted at 22 J^c. The off-grade, par¬
ticularly the ambers and the browns, moved higher last
week.
Certificated stocks in licensed Exchange warehouses
increased 10 to 880 tons on Saturday.
Total rubber ship¬
ments from the Dutch East Indies during the first month
this year was a substantial increase from the previous period.
Exports to the United States rose to 33,586 tons as against
23,510 tons in Dec.
Local closing: New contract: Mar.,
22.67; May, 22.48; July, 21.95; Sept., 21.45; Oct., 21.36.
Old contract: Mar., 22.67; May, 22.48.
On the 17th inst.
futures closed 27 points lower to unchanged, with the
greater loss registered in the Mar. positions.
Activity was
light and was mostly made up of switching operations.
Sales totaled
the
new
100 tons in the old contract and 300 tons in
standard
contract.
The
London
rubber
market
strong entirely due to the absence of sellers, a cable
stated.
Locai closing: New contract: Mar., 22.40; May,
was
22.41; July, 21.85; Sept., 21.43; Oct., 21.36; Dec., 21.20.
On the 18th inst. futures closed 43 to 30 points net lower for
the new standard contract, with sales totaling 45 lots.
The
No. 1 standard contract closed with sales of 22 lots, all in
the
May delivery, which closed 60 points net lower.
The
decline in rubber continued, the market standing 18 to 35
points lower during early afternoon.
Reports that shipping
would be made available for transporting rubber from the
East Indies probably inspired the selling.
Presumably such
rubber would be shipped by way of the Pacific to escape any
fresh submarine menace.
London closed unchanged to 34d.
higher. Singapore was unchanged to l-32d. higher. On the
19th inst. futures closed 45 to 15 points net higher for the
new standard contract,
with sales totaling 63 lots.
There
were 29 lots traded in the No.
1 standard contract, May
delivery, which closed 45 points net higher.
Rubber was
bid up as much as 40 points in sympathy with strength in
London, where the| close was l-16d. to 5-16d. higher.
It
was reported in the trade that allocation of
space for rubber
shipments on American ships would start May 1.
The
Rubber Reserve Corporation, buying for the Government,
will get first call at 50%.
Manufacturers will get 30% and
dealers the remaining 20% of the total space available. Sales
to early afternoon totaled 51 lots, including 10 lots exchanged
for physicals.
May old sold at 22.20c., up 40 points. Singa¬
pore closed unchanged to l-32d. lower.
Local closing: New
standard: May, 22.25; July, 21.75; Sept., 21.25; Dec., 21.05.
On the 20th inst. futures closed 18 to 24 points net higher
for the new standard contract, with sales totaling 97 lots.
There
were
7 contracts traded in the No
1 standard contract,
May delivery, which closed 17 points net higher.
Specu¬
lative buying attributed to the higher prices quoted in Singa¬
pore, caused rubber to advance 15 to 25 points.
Sales toi
early afternoon totaled 56 lots, of which 53 were in the newcontract.
Forty tons were tendered for delivery on March
contracts.
Certificated stocks in warehouses licensed by the
Exchange increased 60 tons to 970 tons total.
London
closed 34 to 3-16d. lower.
Cables reported that the recent
rise in that market was caused by buying to replace stocks
in fear of difficulty in gaining future supplies.
Singapore
closed 34 to 5-32d. higher.
Local closing: New Standard:
May, 22.43; July, 21.95; Sept., 21.49; Dec., 21.24.
Today
futures closed 20 points up for the July contract, while Sep¬
tember closed only 1 point net higher, in the new standard,
with sales totaling 55 lots.
There were 16 contracts traded
in the No. 1 Standard contract, May delivery, which closed
13 points net higher.
Rubber futures fluctuated uncertainly.
Early prices were 2 to 5 points lowrer in sympathy with a
decline in Singapore and news that a fleet of ships had been
assembled by the United States Government to bring over
rubber.
Later, the market rallied on trade buying with
prices standing about 16 points higher this afternoon, with
July new at 22.11c.
Sales to that time totaled 37 lots.
London closed firm 34 to 3-16d. higher.
Singapore was
l-32d. lower.
Local closing: New Standard: July, 22.15;
Sept., 21.50.
Hides—On the 15th inst. futures closed 33 to 25 points
With the passing of the lend-lease bill last week
hide futures started to move higher.
It is generally believed
that more leather, raw hides and possibly shoes will be
net
higher.
shipped to Great Britain and create a further burden on the
already heavy domestic consumption. Chicago packers sold
about 50,000 hides at slightly higher prices last week. Since
then, packers have been offering at higher levels.
Tanners
were active
buyers of resale hides in the New York and
Boston markets also at slightly better prices.
Sales on the
Exchange during the two-hour session today totaled 140
lots.
Certificated
1943
in licensed warehouses
stocks
decreased
by 2,849 hides to 308,188 hides. Local closing: Mar., 13.98;
June, 13.97; Sept., 14.00; Dec., 14.00.
On the 17th inst.
futures closed 33 to 22 points net lower, with sales totaling
164 lots.
The opening range was 5 to 16 points higher. The
market ruled easier during the morning and at 12.30 p. m.
was about 12 points lower.
Transactions totaled 111 lots up
to that time.
There were 400,000 pounds tendered for
delivery against the Mar. contract. Certificated stocks of
hides in warehouses licensed by the exchange decreased by
637 hides to 307,551.
Local closings: Mar., 13.65; June,
13.70; Sept., 13.73; Dec., 13.78.
On the 18th inst. futures
closed 15 to 22 points net higher.
The market was strong
today on reports that the British were buying large quan¬
tities of United States hides.
Gains of 30 points were regis¬
tered in the Sept. delivery, but subsequent activity weakened
the market from the best levels.
During the final hour there
were
82 lots
traded and the volume for the
amounted to 164 lots.
Commission house
the bulk of the transactions
entire session
sources
made
up
Certificated stocks of
today.
hides in licensed warehouses decreased 622 hides to 306,929
hides today.
Local closing: New standard contract: Mar.,
13.80; June, 13.88; Sept., 13.92; Dec., 13.93.
to 14 points net lower.
On the 19th
After ruling
as much as 22 points higher, profit taking during the last
hour of trading caused
slump that sent prices to the lows
of the day, or 3 to 14 points net lower.
Sales totaled 220
lots.
The Sept. delivery continues to rule stronger.
In the
actual market at Chicago there were 2,500 Mar. native
steeis sold at 1334c. and 3,000 light native cows at 14c.
These were special grades, but indicate a stronger undertone.
In general packers are still asking 34c. higher prices for cow
selections, while tanners are bidding steady levels.
The
Argentine market was closed today in observance of St.
Joseph Day. Certificated stocks in licensed Exchange ware¬
houses decreased 2.652 hides to 304,277 today.
Local
closing: Mar., 13.70; June, 13.75; Sept., 13.87; Dec., 13.85.
inst. futures closed 3
On the 20th inst. futures closed 25 to 10 points net lower,
with sales totaling 94 lots.
Raw hide futures opened un¬
changed to 21 points lower. The market strengthened during
the morning and prices at 12.30 P.M. were 2 to 17 points
higher.
Transactions totaled 2,280,000 pounds.
The spot
broke
market
240,000
when
ixmnds
contracts.
six
notices
for
tendered
Local
13.70; Dec. 13.70.
were
issued.
delivery
There
were
against the Mar.
closing- Mar. 13.45; June 13.65; Sept.
Today futures closed unchanged to 5
points off, with sales totaling 112 lots.
Raw hide futures
opened about 5 points lower. The market was steady during
the morning and prices by 12.30 P.M. were 1 point lower to
5 points higher.
Transactions totaled 47 lots.
Certificated
stocks of hides in warehouses licensed by the Exchange de¬
creased by 676 hides to 303,601.
Yesterday a tanner was
reported to have paid 1434c. for river point light native
cow hides, up 34' of a cent.
Local closing- Mar. 13.45; June
13.63; Sept. 13.65; Dec. 13.70.
Freights—Business during the past week has been
largely to Western Hemisphere trading. Charters
included: Time: Two to three months, West Indies, Cana¬
dian trade, Ma^ch, $7.50 per ton.
Another vessel, same
details; Hatteras to Panama, March, $7.50 per ton.
Four
months, West Indies trading, end March, $7.50 per ton;
charters option four months' extra at $9 per ton.
Linseed:
Plate to North of Hatteras, $18 minimum per ton.
Ore:
South African to Hatteras, $17 f.i.o. per ton; Brazil to
Sydney, N. S., $12.50 per ton; Takoradi to Baltimore, $18 to
$18.50 per ton, $17.50 asked.
Philippines to Baltimore,
offers scarce.
Sugar: Philippines to United States Atlantic,
$25 bid, asking $30.
Queensland to Halifax—St. John, $21
per ton.
Time Charter: West Indies trade, $8 to $8.25 per
Ocean
confined
North of Hatteras South African trade, $7.50 to $8.00
ton.
asked per ton.
Canadian trade, $8 to $8.25 per ton. North
of Hatteras East Coast South America, $8.25; West Coast,
$7.
United States Pacific-Far East, $8.25
per
ton.
Coal—Pennsylvania anthracite production for the week
ended March 8th
crease
was
estimated at
1,119,000 tons,
an
in¬
preceding week, the Depart¬
Compared with the corresponding
of 29,000 tons over the
ment of Interior
reports.
week of 1940 there
was
an
increase of 85,000 tons
or
about
8%.
The National Coal Association, from incomplete car
loading reports from the railroads, estimates bituminous
coal production in the United States for the week ended
March 15th, as approximately 11,150,000 net tons.
Pro¬
duction for the corresponding week in 1940 was 8,442,000 net
tons; 1930, 7,792,000 tons.
Percentage of increase over 1940
was 32.1; over 1939, 43.1.
The report of the bituminous coal
division of the Department of the Interior shows production
of 10,790,000 tons for the week ended March 1st, and 10,800,000 for the week ended March 8th.
Wool
net
Tops—On the 15th inst. futures closed 1 to 7 points
Sales
estimated at about
250,000 pounds.
lower.
Trading was moderate for a Saturday short session, with
prices slightly on the easier side.
Spot certificated tops
were quoted at 128.5c. nominal with no trades here.
Price
of raw wools held generally steady.
The average price of
10 types of apparel wools in the Boston market was quoted
on Friday at 100.5c. per pound, unchanged from the previous
two weeks.
Wool top futures closing: Mar., 128.0; May,
124.0; July, 121.0; Oct., 118.0; Dec., 116.0.
On the 17th
inst. futures closed 2 points up to 6
points off. Wool tops
moved
slightly
irregular
in
a
moderate
turnover
today.
esti¬
mated in the trade at about 225,000 pounds of tops, against
265,(XX) founds in all of Saturday's abbreviated session.
At the best levels of the morning active contracts recorded
no change to an advance of 2 points over the closing levels
of the previous trading day, while at the lows they were
1 point above to 7 points below Saturday's last quotations.
Interest was centered mainly in the July delivery.
Trading
in grease wool futures was inaugurated at noon.
Business
was conducted in the May,
July and Oct. options on the
opening.
Fifty lots changed hands during the first hour.
Local closing: May, 124.2; July, 120.8; Oct., 117.6; Jan.,
116.0.
On the 18th inst. futures closed 1 point off to 5
points net higher.
There were no dealings in the Mar.
position.
Boston was reported on both sides of the market
and ring traders reported a somewhat better tone.
There
were no sales made in the spot market here.
Grease wool
spots were 98c. bid and 98.5c. asked, based on the Exchange
standard, against a 97.5c. trading price Monday.
Spot
certificated tops were SI.28 bid and SI.29 asked, the bid
price being unchanged and the offering level down 10 points
or
lc.
The wool futures markets here were higher, with
volume of dealings somewhat lighter than on Monday.
In grease wool on an advance of 7 to 16 points about 40
contracts representing 240,000 pounds clean weight of wool,
were sold,
while in wool tops, sales totaled about 30 con¬
tracts, or 150,000 pounds.
Local closing wool tops: Mar.,
128.1; May, 124.1; July, 121.2; Oct., 118.1; Dec., 116.5.
Grease wool futures: May, 97.0; July, 96.3; Oct., 95.6.
On
the 19th inst. futures closed 1 point off for the Mar. delivery,
while the rest of the list closed 5 to 8 points net higher,
with sales estimated at 350,000 pounds, against 300,000
officially reported for Tuesday.
Grease wool futures closed
unchanged to 4 points higher, with salesjestimated at
60 lots, or 360,000 pounds, clean weight of wool, comparing
with 240,000 Tuesday.
In the wool market Oct. traded
4 to 5 points higher on the opening and values moved up
during the morning to highs of 7 to 10 points over previous
finals.
Topmakers were the principal buyers while grease
wool dealers were sellers.
In wool tops there were no sales
on the opening, and prices during the session varied from
highs of 5 to 10 up to lows of 3 to 10 up.
Spot houses were
fair buyers of the May position, with selling scattered.
In
the spot market here 1 lot of certificated of 5,000 pounds
was sold at a basis of 129.5c. a pound for standard grade.
Wool top closing: Mar., 128.0; May, 124.8; July, 121.7;
Oct., 118.8.
Grease wool closing: May, 97.0; July, 96.4;
Total sales
on
the New York Exchange to midday were
Oct., 96.0,
On the 20th inst. futures closed 1 to 3 points net decline
in a range of 9 to 10 points
the market closed near the
levels of the previous finals. Sales were estimated at 30 lots
of 180,000 pounds clean weight, against 360,000 the previous
day. Wool tops closed 5 points up to 1 point off, with sales
estimated at 30 contracts or 150,000 pounds, against 345,000
officially reported for Wednesday. The top market was very
steady throughout the session, but trading was dull and
for grease wool.
After moving
the more active deliveries,
for
there
were
no
new
features
to
the market.
In
the spot
market two lots of grease wool or
12,000 pounds clean con¬
tent, were sold at 97.5c. and 98c. a pound. A single lot of
5,000 pounds of minus one top was sold at a basis of 129c.
for standard top. Grease Wool closing: May 96.8; July 96.3;
Oct. 95.7.
Wool top closing: Mar. 128.5; May 124.8; July
121.9; Oct. 118.7; Dec. 117.3.
Today futures closed 4 points off to 5 points net higher.
Trading in wool tops showed a slight improvement today.
At the best levels of the morning active positions showed ad¬
vances of 2 to 6 points over the closing levels of the previous
day, while at the lows they were 1 point below to 4 points
above yesterday's final quotations.
Trading interest was
centered in the
more
distant contracts.
straddling appeared to have taken place between the wool
Local closing: March, 128.1;
May, 125.0; July, 122.1; Oct., 119.1; Dee., 117.8.
Today
futures closed unchanged to 3 points net higher.
Dealings
in grease wool continued quiet today.
At the high point of
the morning the list was 3 to 5 points above yesterday's
closing levels, while at the lows they showed a decline of
3 points to an advance of 4 points from the last quotations of
the previous day.
The May contract was the most active
to midday.
Local closing: May, 97.1; July, 96.3; Oct., 96.0.
tops and grease wool markets.
Silk—On the 17th inst. futures closed 1^ up to YiC. off.
Sales totaled 29 lots, all in the No. 1 contract.
Silk futures
steady on reports of decline in shipments and firm
primary markets, with some speculative buying reported.
During early afternoon May silk stood at $2.80, up 3c. Sales
to that time totaled 19 lots.
The price of crack double
extra silk in the spot market dropped a cent to $2.85 a
pound. Prices on the Yokohama Bourse closed 3 to 7 yen
were
Grade D silk in the outside market advanced 10 yen
to 1,525 yen a bale.
Local closing: No. 1 contracts: May,
2.7SV2; June, 2.78^; July, 2.79; Aug., 2.79^; Sept., 2.80;
Oct., 2.79H. On the 18th inst. futures closed 3% to 4c. net
higher for the No. 1 contract, with sales totaling 24 lots.
Cables reporting strength in primary markets caused silk to
advance 3 to 4c. here in moderate trading.
Sales to early
afternoon totaled 19 lots.
Mar. contract.
Ten bales
were
tendered
on
the
higher uptown center raw silk futures moved sharply
to new high levels in a fairly active session today.
and commission house interests were
reported
pound.
The
as
upward
Dealers
the principal
There also was some purchasing from hosiery mills
noted.
Selling came from Japanese sources and profit-taking.
The spread between the nearbys and forward deliveries
narrowed today.
Both primary markets ruled stronger and
active.
Futures at Yokohama ranged 23 to 9 yen up,
buyers.
grade D advanced 45 yen to 1,570 yen higher. Spot
amounted to 610 bales, while futures
while
sales in both markets
transactions equaled 12,100 bales in Yokohama only.
Local
closing': Mar., 2.88; May, 2.88; June, 2.88 H; Sept., 2.89H;
Oct., 2.89.
On tne 20th inst. futures closed 1 point up to
for the No. 1 Contract, with sales
2H points off
Declines
totaling 87 lots.
primary markets and inactivity of the spot market were
suggested as reasons for selling, which caused silk to decline
1 to 3c. on a turnover of 52 lots.
Seventy bales were tendered
in
The price of crack
market was 2 He.
a pound.
Prices in Yokohama declined 11 to
18 points.
Grade "D" silk in the spot market was 10 yen
lower at 1,360 yen a bale.
Local closing* No. 1 Contract*
March, 2.86; May, 2.86; July, 2.87; Aug., 2.88H; Oct., 2.87.
Today futures closed 1 to 2c. net lower, with sales totaling
17 lots, all in the No. 1 contract.
Traders in silk appeared
to be perplexed as the market showed indecision, partly
caused perhaps by absence of Japanese quotations on account
of a holiday over there.
During early afternoon the market
was 2c. higher to lc. lower, with June selling at $2.88, up 2c.
Sales to that time totaled six lots.
Sixty bales were tendered
on the March contract.
In the spot market crack double
extra silk was unchanged at $2.90 a pound.
Local closing,
No. 1 Contract, March, 2.84H; May, 2.85; July, 2.85H;
for
delivery
on
the March contract.
double extra silk in the New York spot
lower at $2.90
Sept., 2.85.
COTTON
Friday Night, March 21, 1941
The
of the
Movement
Crop,
as
indicated by
our
tele¬
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 57,485
bales, against 53,542 bales last week and 55,790 bales the
previous week, making the total receipts since Aug. 1.1940,
2,782,338 bales, against 6,424,835 bales for the same period
of 1939-40, showing a decrease since Aug.
1, 1940, of
3,642,500 bales.
grams
4",893
Houston
Corpus Christi.
New Orleans
Mobile
4,025
Total
1,820
13,443
15,084
540
4",434
3",655
3",551
28,760
10
91
3
7,531
12,441
57,485
2,051
102
102
_
39
37
_
3
Savannah
2
2
Norfolk.
Totals this week.
The
1,555
8",202
2,000
1,786
1,418
7,462
5
4,837
2,466
1,582
1,010
Fri.
Thurs.
Wed.
Tvues.
Mon.
Sat.
Receipts at—
Galveston
7,488
6,529
15,544
7,952
following table shows the week's total receipts, the
1940, and the stocks tonight, compared
total since Aug. 1,
with last year:
Stock
1939-40
1940-41
Receipts to
This
This
Since Aug
Week
Mar. 21
Since Aug
1, 1940
Week
1, 1939
571,808
15,596
15,084 1,088.149
102
148,545
8,588
795,888
28,760
10,529
"91
28,177
22,467 1,636,623
41,153
12",296 1,910,288
178,592
66,915
33,309 2,203,622
758
Galveston
51,618
1,812
62,245
38,462
45,919
8,043
15,607
13.443
Brownsville
Houston.
Corpus Christi
Beaumont
New Orleans
Gulf port-,.
Mobile.
Pensacola, &c
5",789
26
Jacksonville
18
Wilmington
45,560
15,517
29,138
5,600
""12
Norfolk
18,459
978
Savannah
Charleston
Lake Charles
1
147",849
951,823
728.369
42,034
92,405
744,175
72,427
105,352
546,185
61,051
53,241
1,971
1,011
148,018
35,432
26,249
11,000
29,574
16,087
Baltimore
57,485 2,782,338
Totals.
1940
755,770
899
Boston
*
1941
989,195
760
1,660
New York
74,870 6,424,835 3.035,848
75,394
95,835
*
1,606
122,803
32,711
4,294
10,258
26,407
1,000
1,380
1,225
2,735,666
Included in Gulf port.
In order that
Orleans
Mobile
.
Savannah
Total this wk.
1936-37
9,655
9,898
26,988
6,353
1,864
1,311
1935-36
14,337
10,745
16,352
1,287
2,124
1,509
91
775
9,879
8,986
21,665
2,638
3
18
796
264
1
15
661
12
3
978
52
763
743
901
460
2,567
1,433
3,662
1,945
21,973
47,032
61,190
48,797
15,084
28,760
Wilmington..
All others
1937-38
4,634
6,964
6,167
Charleston
Norfolk
be made with other years,
22,467
12,296
33,309
5,789
13,443
Houston
may
1938-39
1939-40
1940-41
Receipts at—
Galveston
New
comparison
2
102
57,485
74,870
The price of crack double extra silk in the
New York spot market advanced 2c. to $2.87 a
Nevertheless
higher.
Yokohama Bourse closed 25 to 34 yen
1941
22,
grade D silk was unchanged in the spot market at 1,525
yen a bale.
According to the Japanese Government Silk
Intelligence Bureau, production of silk in Feb. reached
55,279 bales against 42,951 bales in Jan., while consumption
amounted to,28,993 bales against 25,082 in Jan. Local clos¬
ing: No. 1 contracts: Mar., 2.813^; May, 2.81
July,
2.82Sept., 2.84.
On the 19th inst. futures closed 6 He.
to 5c. net higher.
Stronger primary markets and the slightly
A certain amount
of
lower.
March
Chronicle
The Commercial & Financial
1944
Since Aug. 1.. 2,782,338 6,424,835
558
38
3,164,026 6,683,790 5,775,107 6,177,234
Volume
The Commercial & Financial Chronicle
152
The exports for the week
ending this evening reach a total
bales, of which 318 were to Japan, 100 to China.
In the corresponding week last year total exports were 63,679
of 418
bales.
For the season to date aggregate exports have been
682,684 bales, against 5,029,547 bales in the same period
of the previous season.
Below are the expots for the week:
*
Week Ended
Mar. 21,
Britain
France
Italy
many
....
5,215
13,928
Total 1939.....
418
318
....
Total 1940
Total
Other
China
Japan
100
318
Los Angeles
Total...
100
418
63,679
86,112
10,046
12,026
12,151
5,970
5,216
18,271
34,073
6,490
9,605
13" 702
3,098
Aug. 1 1940 to
Mar. 21,
1941
Ger¬
Great
Other
China
Total
Exports from—
Britain
Galveston....
Houston.....
21,723
142,983
1,617
8,207
Corpus Christi
New Orleans.
23,225
113,139
1,680
600
25,505
2,280
43,000
158,419
Mobile......
28,461
Norfolk
France
many
Italy
Japan
33,131
352 140,156
415
3,559
"""974
reduced
35,024
11,286
was
2,313
63,574
further
20", 970
6,606
4,461
5,846
137
Francisco
Total
Total
difficult
more
26,712
3,827
25,420
137
26,198 258,187
682,684
Seattle
Total
generally expected.
The Commodity Credit Corpora¬
3,122,941 bales under the loan as of Mar. 14;
repossessions 417,852 bales, leaving loan stocks of 2,705,089.
According to complete returns on Mar. notices, 13 firms issued
122 notices, which were all stopped.
Sales in leading spot
markets were 19,725 bales, compared with 8,135 bales last
year.
On the 19th inst. prices closed 6 to 9 points net
higher.
A strong Worth Street gray goods market and
continued discussion in Congress about further aid to the
farmer, resulted today in the highest cotton close of the
season.
The opening range was 1 to 5 points higher, and
at one time during the morning session gains of 6 to 12
points were recorded, May rising to 10.88c., or within 2
points of the highest level of the season made last Saturday.
Trade houses continued to absorb near months, as it became
2,313
Los Angeles..
338,205
60,094
----
1939-40 1681,158 720,365
1038-39 401,807 366,270
33,456 474,226
382,818 255,082
724,011 347,845 1048486 5029,457
726,391 64,022 552,866 2749,256
to
obtain
spot cotton.
Certificated stock
13,390 bales.
There was no
4,069 bales
to
in
known
just what plans are to be made in view of the shipping
shortage.
The CCC reported that through Mar. 15 there
were 3,123,065 bales pledged for cotton loans; repossessions
totaled 423,648 bales, leaving the net loan stock at 2,699,471
light
shed
Washington
the
on
developments
respect to shipping cotton to Britain, and it is not
bales.
In addition
exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
to above
On
Leaving
Ger¬
Other
France
Foreiyn
wise
Galveston
"802
Houston
Total
3,000
1,251
Savannah
Norfolk
Other ports
..
Total 1940....
1939
986,195
949,770
545,285
148,018
35,432
53,421
29,574
282,380
Mobile
Total 1941
3,000
2,053
900
900
Orleans..
Charleston
Total
Stock
Coast¬
many
Great
New
28,086
5,076
i
„
points net lower.
Hedge selling against repossessed cotton was believed to
have been the main cause of a sell-off in the market.
The
On the 20th inst. prices closed 11 to 20
opening was strong at net gains of one to three points, with
Shipboard Not Cleared for—•
Mar. 21 at—
Britain
negotiations
nearly completed for the Government to take over all im¬
portation of cotton and that the futures market probably
would be closed.
According to the Agricultural Marketing
Service, if consumption continues at the Feb. rate, the total
for the season will be 9,500,000 bales.
This figure is larger
26", 398
314
Boston
San
56,886
291,698
28,461
....
3,559
New York
rise in cotton
tion reports
Ger¬
Great
farmer has not ended, brought about a sharp
in
late
trading today.1 Liverpool reported
than
Exported to—
1941
Exports from.—
1945
1~,950
2,260
3",751
1,702
43,476
32,465
4,251
5,194
7,345
5,953 3,029,895
78,706 2,656,960
50,897 2,137,158
Speculation in cotton for future delivery was increas¬
active the past week, with the market showing
strength during most of the period.
Prices of actual cotton
ingly
in Southern markets rose to new high
levels for the season.
10.90c. and tem¬
firm tone. Trade buying
of old crop deliveries furnished the chief suriport.
It was
supplemented by Wall Street buying.
The final census re¬
port on ginnings was ignored as a market influence.
It
estimated the supply at
12,553,968 equivalent 500-pound
bales, compared with the final Government's crop figure of
12,686,000 bales estimated on Dec. 9.
On the early bulge
selling unexpectedly reached large proportions.
Some of it
originated in Bombay.
Southern hedge pressure also in¬
May duplicating the season's high price of
porarily" the market maintained
creased noticeably.
As
a
result the abrupt turn in events
a
prices dipped sharply during the forenoon.
Sales in South¬
ern spot markets yesterday totaled 29,000 bales.
Today prices closed five to nine points net higher.
Re¬
newed trade buying rallied the cotton market following yes¬
terday's shake-out.
Prices during early afternoon stood
five to seven points net higher.
The market opened one
Spot sales in Southern spot markets are holding up well,
and this, together with the improved inquiry for and sales
of goods in the Worth Street market, together with more
encouraging developments in the discussions of how the
point lower to three points higher in mixed trading.
Hedge
sellers and Bombay interests furnished the contracts, while
farm program may
Census Bureau's report on consumption of cotton by manu¬
be handled, were the influences largely
responsible for the market's strength.
On the
near
months
was
in evidence at the outset
as
mills covered
against additional large business booked in the cotton goods
market after the close of futures trading on Friday.
This
demand was supplemented by continued Bombay buying
of new crop deliveries as the East Indian market rose further.
Trading turned quieter, however, when there was no followthrough to the foreign or domestic buying.
The market
paused after May and July deliveries had touched 10.90c.
and the Oct. discount under July was narrowed to 2 points
as compared
with Friday's closing difference of 10 points.
The differences tended to widen in the later trading, however,
when spot houses bought nears and sold distant deliveries.
Spot cotton sales for the week were sharply higher at 209,465
bales, compared with 122,185 in the preceding week and
42,072 in the corresponding week of last year, at the 10
designated spot markets.
On the 17th inst. prices closed
19 to 29 points net lower.
Heavy selling by Bombay brokers
on reports that the Roosevelt administration will not favor a
higher cotton loan, brought about a sharp decline in cotton
prices today, and final figures were 19 to 29 points net
lower.
The opening range was 11 to 19 points net lower,
and then recovered about half the early losses.
Later the
market turned sluggish and continued to sag tp the close.
Liverpool continued to reflect emergency conditions in
England, and cables reiterated reports that the futures
market is expected to close for the duration of the war at
the end of the current month.
Bombay brokers were
credited with selling 30,(XX) bales of all active months, most
of which were in Dec.
Recently the Bombay interest had
been increased from 75,000 bales to around 200,000.
There
was no material weakness in the spot markets, where it is
said offerings continue light in the interior.
On the 18th
inst. prices closed 19 to 21 points net higher.
The opening
range was 5 to 10 points higher on buying of 10,000 bales
of Mar. by Bombay brokers.
Hedge selling continued light,
and the market gradually turned upward.
Reports that
$100,000,000 would be spent to send cotton to Britain, and
indications that the fight for parity payments for the cotton
brokers
sold
facturers
15th inst. prices
closed 2 points off to 3 points
higher.
The advance in cotton futures was extended 6 to
14 points further into fresh seasonal highs during the early
trading today, but reactions followed under week-end profitFurther trade covering
taking and Southern hedge selling.
in
trade and mill accounts gave most of the support.
market.
the
during
trade demand
been
February
Bombay
positions.
The
December
and
had
no
special
effect
the
on
After the opening the price trend developed defi¬
upward
nitely
October
replacement
under
until
established.
buying and persistent
of 9 to 11 points had
bulge hedge selling and
maximum gains
On
that
fresh
local selling was sufficient to check the advance and cause
minor
a
setback.
The stream of hedge sales is connected
here with the continued activity of the Southern spot cotton
markets.
The official
quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat.
Mon.
Tues.
Middling upland 15-16 (nora'l) _11.14
10.95
11.14
March 15 to March 21—
Thurs.
Wed.
11.20
11.09
Fri.
11.15
Premiums and Discounts for Grade and Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15-16 inch,
established for deliveries
on
contract
Premiums
on
and discounts for
grades and staples are the average quota¬
tions of 10 markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
discount for % inch and 29-32 inch staple and 75% of the
average premiums over 15-16 inch cotton at the 10 markets
on
Mar. 20.
29-32
Inch
15-16
31-32
1 Inch
Inch
Inch
Inch
and Up
White—
Middling Fair
.34 on
.44
on
.59
.78
on
Strict Good Middling
Good Middling
.28
on
.38 on
.53
on
.60 on
.73
on
.22
on
.31 on
.47
on
.54
on
.67
on
Strict Middling
.10
on
.35
on
.21
.66 on
.42
on
.55
on
off
.12 off
Basis
.06
on
.17
on
.72 off
.63 off
.52 off
.47 off
.37 off
1.44 off
1.38 off
1.32 off
1.28 off
1.25 off
Middling
Strict Low Middling
Low Middling
.19
on
on
Extra White—
Good Middling
Strict Middling
.22
on
.31 on
.10
on
Middling
.21 off
Strict Low Middling
Low Middling
.47
on
.5^
on
.67 on
.19 on
.35
on
.42
on
.55
on
.12 off
Even
.06
on
.17
on
.72 off
.63 off
.52 cff
.47 off
.37 off
1.44 off
1.38 off
1.32 off
1.28 off
1.25 off
.34 off
.26 off
.12 off
.07 off
.02
.46 off
.37 cff
.24 off
.19 off
.11 off
1.00 off
.92 cff
.79 off
.74 cff
.68 off
Spotted—
Good Middling
Strict Middling
aMiddllng
a
on
Middling spotted shall be tenderable only when and If the Secretary of Agri¬
culture establishes a type for such a grade.
New York Quotations for 32 Years
quotations for middling upland
nominal at New
York on March 21 for each of the past 32 years have been
The
as
follows:
-
The Commercial & Financial Chronicle
1946
..10.80c.
1925 .*•' ...25.50c.
...27.35c.
1924
...29.55c.
1923
1930 ... ,.15.70c.
1929... ..21.05c.
.19.85c.
.14.30c.
1927
.19.05c.
1926...
...12.35c.
1921
...42.00c.
1920
1919......27.65c.
...34.40c.
1918
1941 *
11.15c.
1933
194CJ
10.84c.
8.92c.
1932
1931
1939
1938
8.67c.
1937 .—.14.63c.
——
1928
1936..
11.51c.
1935 —..12.40c.
—
1934
*
..
—
...
6.50c.
..
...
..
...
1916
1915
...17.85c.
1922
...
...
...
...
12.20c.
1917
..
...
6.60c.
1914
1913
1912
1911
1910
..
—
19.30c.
12.05c.
—
9.30c.
...
..
...13.50c.
...12.60c.
..
..
..-10.65c.
..
..
—
—
—
14.60c.
15.15c.
March
1941
22,
Supply of Cotton—Due to war conditions,
permitted to be sent from abroad.
The Visible
cotton statistics are not
We
obliged to omit our usual table of the
of cotton and can give only the spot prices
therefore
are
visible supply
at
Liverpool.
1938
1939
1940
1941
March 21—
Middling upland, Liverpool.....
Egypt, good Giza, Liverpool.
8.95d.
13.34d.
7.55d.
11.56d.
6.16d.
4.97d.
Market and Sales at New York
Broach, fine, Liverpool....
Peruvian Tanguis, g'd fair, L'pool
8.05d.
9.85d.
6.90d.
3.92d*
*4*10d~
8.15d.
5.3 Id.
6.12d.
each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also show how the
C. P. Oomra No. 1 staple, super¬
8.05d.
6.87d.
4.17d.
4.22d.
the movement—that
is, the
1941 is for 15-16.
The total sales of cotton on the spot
market for spot
and futures closed
the
on
days:
same
Futures
Spot Market
SALES.
Closed
Conlr'ct
Spot
Total
Barely steady..
Nominal.
Barely steady..
Monday
Nominal...
Steady
Tuesday
Steady
Wednesday- Nominal
Thursday... Nominal.......— Easy
Nominal
Steady
Friday
"600
*800
600
5*566
9.600
6,400
33,600 113,661
80.061
lowest and closing prices at New
week have been as follows:
Saturday
15
March
Monday
Wednesday
March 19
Tuesday
March 17
March 18
Friday
March 21
15,122
46,953
24,722
146
7,371
94,918
16,081
37
8,858
1,967
1,461
57,764
1.317
74,428
161
51,066
399
28,086
168,899
1.518
58,884
3.595
151,020
109,859
33,737
328
1,163
34,173
37
730
39,051
2,572
40,353
10
8
Helena
12,836
110,193
51,939
340
24,488
45
4,906
132,571
1,290
9,244
102,798
792
32,134
95
38.560
7,593
75,710
881
1,171
36.837
5
91
11,016
102
730
2,798
40,435
36,137
10*164
8,667
...
Rock
4,881
Newport...
110
4.010
Bluff
817
20
151,925
65,707
10.81-10.83 10.6210.63 10.81
10.87-10.88 10.76
—
10.82
■
Range..
10.82m
Closing.
July—
Range..
Closing.
10.79M
10.82-10.83 10.58-10.59 10.78
10.84
—
—
10.72
—
10.80M
10.55M
10.75M
10.82M
10.68M
10.78M
10.52M
10.72M
10.80M
10.64M
10.70M
Range..
October—
10.77-10.88 10.47-10.71
10.53-10.74 10.72-10.81 10.60-10.80 10.59-10.70
10.77
10.69 '
10.50
—
10.78
—
—
10.60
—
10.67
1,162
10.76m
10.49M
10.69M
10.59M
10.77M
132,872
1,798
2,320
31,265
82,571
02,669
160
14,498
39,471
131,168
748
14,907
200
43,303
4,929
125,257
3,738
130,942
300
30,600
294
32,314
37.937
5,000
213,478
2,207
29,700
400
33,958
249
16,182
250
39,008
65
114,148
5,209
80,616
100
3,764
65,979
1,010
80
28,142
100
3,985
1,224
138,680
12,000
36,706
16,447
107,686
157,075
18,835
1
138,545
14,061
184,217
20,586
5,133
7
19,457
14*296
172
5,357
3,237
429,504
103,309
37,636
100
500
05,548
3,125
56,036
36,196
79,852
100
89,860
2,000
232,422
1,215
16,610
100
18,202
11,362
32,858
7,257
500
56
132
14.607
345
14,418
"*87
26,932
489
18,232
32,901
776
32,023
46,858
2,421
37,710
355.564
14,237
2,881
7*550
279,010
7,523
5,800
52
2,465
214
4,275
188
2,190
15 towns *.
1,990
12,326
1,423
306,435
104,584
2,964
324,433
8,440
226,084
2,320
101,529
2,630
75,542
83,194 1016,507
42,312
297,892
26,919
50,590
743,185
20
10,052
1,851
86,268 3473,504
Dallas
135
900
10.73-10.86 10.45-10.69 10.52-10.73 10.72-10.79 10.58-10.79 10.58-10.68
10.75
—
10.77M
10.69
10.58
10.67
10.73-10.79 10.50-10.67 10.53-10.67 10.71-10.76 10.67-10.69 10.58-10.67
.
22
.
Rob8town__
22,464
210
62,13
149
2,799
18
15,640
1.657
69.050
2
Brenham
10.48
1,902
Austin
Closing.
(1942)
814
38,332
20,118
10,743
59,228
Paris
10.67M
Range..
52,554
33,898
544
694
2,073
11
6,778
7,392
"*68
1,949
48,968
816
34,307
75,174
1.596
25.917
10.73n
10.47m
10.67
10.76M
10.56M
10.65M
10.45M
—
578
6.518
2,581
10.66M
10.74M
10.54m
10.64M
Marcos
"*15
8.080
124
2,964
"*99
4,088
Texarkana.
393
50,063
4,760
16,935
161
36,726
1,162
26,326
Waco......
10.74
355
39,516
764
28.260
109
56,008
186
13,745
San
10.75-10.82 10.43-10.61 10.49-10.65 10.68-10.76 10.57-10.75 10.53-10.63
10.44M
10.73n
10.65
10.74
10.53M
10.63M
Nominal.
*
Includes the combined totals of
The
above
decreased
Range for future prices at New York for the week ended
Mar. 21, and since trading began on each option:
15 towns in Oklahoma.
show
stocks
interior
the
that
have
bales and are tonight
396,976 hales more than at the same period last year. The
receipts of all the towns have been 72,516 bales more than
in the
Range for Week
Option for—
totals
1,483
79,679 5789,993 118,201 2666,756
Total,56towns 152,195 6447.366 176,722 3063,732
(1941)
during the week 24,527
same
week last year.
Range Since Beginning of Option
Overland Movement for the Week and Since Aug. 1—
1941—
We give below a statement
April..
May....... 10.61
Mar. 17 10.90
Mar. 15
8.00
July
August..
September
10.58
Mar. 17 10.90
Mar. 15
8.59 Aug.
October
10.47
Mar. 17 10.88
Mar. 15
8.70 Oct.
May 18 1940 10.90
Mar. 15 1941
June..
7 1940 10.90 Mar. 15 1941
18 1940 10.88
showing the overland movement
Aug. 1, as made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
for the week and since
1942—
Since
Aug. 1
Since
Mar. 21—
10*4*5" Mar.*17 10.8*6* Mar." 15 *9728 Deo." 19*1946 16*8*6* Mar" 15*1941
1939-40
1940-41—
Mar. 15 1941
November..
Deoember..
3,763
35.936
29,624
135,412
1,179
Texas, Abilene
Jan.
Closing.
1,253
45,275
323
4,929
S. C., Gr'vllle
December—
Range..
259
Tenn., Memp.
Range..
Range..
Closing.
February—
Range..
Closing.
Columbus..
41,564
1,715
Oklahoma—
November—
.Closing.
La., Shrevep't
Miss., Clarksd
1,577
233
Yazoo City
Mo., St. Louis
N.C., Gr'boro
10.73M
September—
Range..
Closing.
36
32,013
66,969
40,742
400
Vicksburg..
10.77
August—
Closing.
562
Atlanta...
Natchez
10.81-10.90 10.58-10.72 10.66-10.84 10.81-10.86 10.71-10.86 10.71-10.81
Range..
Closing.
500
221
Rome
10.74M
10.85M
10.79M
10.60M
Augusta...
16,694
34,428
103,010
235,286
20,500
25,608
Greenwood.
10.81-10.90 10.61-10.76 10.69-10.85 10.80-10.88 10.76-10.90 10.75-10.85
Closing.
—
4,606
3,740
Columbus..
Range..
June—
n
978
1,942
Athens
May—
Mar
1,200
57,554
Ga., Albany..
10.84m
774
137,230
39,487
,
Jackson
10.78M
10.89M
10.83M
10.64n
17
76
714
Macon
10.84M
23,571
l'iii
Walnut Rge
Closing.
21
3,059
768
Ark.,Blythev.
Forest City
Pine
April—
Range..
47,825
45,627
465
Little
Season
,
2,561
Jones boro..
Thursday
March 20
'
Week
50,690
Eufaula....
Hope
Mar.
ments
Week
9,442
Ala., Blrm'am
Montgom'y
Futures-—The highest,
21
Stocks
Ship¬
Mar.
Week
Season
Week
Receipts
Stocks
merits
Towns
Selma
York for the past
Ship-
Receipts
700
3,200
week.
Since Aug. 1
Total
Movement to Mar. 21, 1940
Movement to Mar. 21, 1941
600
1.100
600
5.800
300
300
700
.....
corresponding period of the previous year—is set out in
detail below:
.C'
800
—
...
Towns,
.
800
Saturday— Nominal
Interior
the
At
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
Market
Closed
fine, Liverpool...
Week
Shipped—
Aug. 1
Week
275.545
17 1941 10.79 Mar. 15 1941
14,237
6,700
356,930
ViaMounds. &c.
193,480
1*7
Via Rock Island
Via Louisville
1,188
1,293
17,264
16,841
320
Via Virginia points
January.... 10.50 Mar. 17 10.79 Mar. 15
February
10.4*3
March
7,523
3,160
4,493
5,580
118,394
431,359
3.193
Via other routes, <fcc
8.000
215,560
8,733
7,259
128,840
612.359
.33,491
1,134,268
22,196
1,248.296
186
2,285
6,692
176
.17,370
464,725
5,545
16,109
6,607
209,288
.17,556
473,702
5,721
232.004
Leaving total net overland.*_____ 15,935
660,566
Via St.
Mar. 17
1*6.8*2*
9.49 Feb.
Mar. 15 10.43
Mar.
1941
"16.8*2"
Mar. 15 1941
Volume of Sales for Future
Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
Louis_^___
Deduct Shipments—
Overiand to N. Y., Boston, &c
Between interior towns
*
■
16,475 1,016,292
Including movement by rail to Canada.
Open
New York
Mar. 14 Mar. 15 Mar. 17 Mar. 18 Mar. 19 Mar. 20
Contracts
Mar.
20
1941—
March
_i_.
May
July
9,000
63,200
October
31,300
62,000
December
31,000
28,800
30,000
33,600
26,900
40,000
70,100
46,100
39,000
33,400
25,000
32,300
25,700
32,100
43,400
17,800
16,200
16,600
45,300
281,200
328,000
31,900
20,900
The
foregoing shows the week's net overland movement
has been 15,935 bales, against 16,475 bales for
last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 355,726 bales.
this year
the week
275,100
181,200
January
7,400
2,700
1,100
800
March
2,300
8,500
7,900
1,300
4,300
Sight and Spinners'
Takings
32,400
Receipts at ports to Mar. 21__
5,900
20,300
Net overland to Mar. 21
Southern consumption to Mar. 21.190,000
Mar. 12 Mar. 13 Mar. 14 Mar. 15 Mar. 17 Mar. 18
Contracts
Mar.
18
1941—
March
500
October
...
December.........
500
5,450
5,600
3.500
May
July
11,300
15,400
10,870
4,500
3,100
4,100
2,550
25,156
7,850
13,400
5,200
18,050
5,000
11,150
44,450
60,950
8,300
4,200
27,550
1,000
5,600
6,050
15,400
2,500
300
700
100
100
100
1,600
600
2,200
3,500
500
750
450
8,400
38,250
68,900
26,800
38,100
23,450
10,050
1942—
January
...
...
March
Total all futures
8,967,904
1,105,155
236,345
*38.522
12,251,127
236,707
952,188
_.
—...
862,534
197.823
238,893
44,050
6,800
consumption to March 1
6,424,835
1,016,292
4,810,000
660,566
263,420
Came into signt during week
Total in sight Mar. 21
Aug. 1
5,525,000
Interior stocks in excess....
*24,527
Excess of Southern mill takings
over
Since
Week
74,870
16,475
145,000
2,782,338
57,485
15,935
Total marketed
Open
New Orleans
Since
Aug. I
Week
800
Total all futures.... 203,900 122,400 206,400 117,300 123,200
121,400 1,118,200
1939-40-
1940-41
In
1942—
25,850
*
33,350,368
11,025,247
Nortn.spinn's'takings to Mar. 21 46,566
1,903,785
16,098
1,224,893
Decrease.
Movement into sight in previous years:
188,000
Week—
1939—Mar.
1938—Mar.
1937—Mar.
Bales
22
2526
139,014
129,342
147,943
Bales
Since Aug. 1—
1938.
1937
1936
-
.....
9,247,984
13,395,367
12,564,541
Volume
The Commercial & Financial Chronicle
152
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern principal cotton markets for each
day of the week:
Below
furnishing to the Bureau the necessary basic information
covering their operations for the six-month period July 1
to Dec.
31, 1940.
COTTON
Closing Quotations for Middling Cotton
reek Ended
Saturday
Monday
Tuesday '■;> Wednesday
1947
CONSUMED
JULY
1
TO
DEC.
31,
Friday
Thursday
United States
Mar. 21
.15-16
fl0.37i 10.57
Galveston
%
,15-16
J4
In.
In.
In.
In.
10.13
15-16|
I In.
In.
I
.15-16
Vt
.15-16 % |15-16
j In. \ In.
In.
%
■'./;' 'v/
I,'-''
;-k
In.
In.
36 10. 56 10.42 10.62 10 31 10 51 10 37 10.57
856,004
Duck
232,156
5.5
219,910
4,378
7,868
Tire fabrics and cords
313,615
7.4
273,512
35,163
4,940
Narrow sheetings and allied fabrics-.
Wide fabrics
568,629
13.5
538,479
21,078
9,072
Augusta.
Memphis
10.87 11.12 10.67
10.92 11.17,10 .81 11 06 10 87 11.12
9.95
10.20 10.45 10 10 10 .35 10 15 10.40
Napped fabrics
189,250
10.40 10.60 10.20
10.40 10.60 10 30| 10 .50 10 35 10.55
10.20 10.40 10 .10 10 30 10 .15 10.35
Colored yarn fabrics
294,922
Towels
20.5
236,617
10.15 10.40
Houston
92,364
Little Rock.. 10.15 10.35 10.00
Dallas
10.12 10.37
9.92
40|10
60 10 45 10.65
10.17 10.42 10 06 10 .31 10 12 10.37
New Orleans Contract Market—The
leading contracts in the New Orleans
the past week have been
cotton market for
Saturday
Monday
Tuesday
March 17
March 18
Wednesday
Thursday
March 21
10.86
10.91
10.84
10.87-10.88 10.79
CCC
10.81-10.82
10.57
10.76
10.83
10.72
10.53
Futures
n
Steady
Steady
10.72-10.73 10.81-10.82 10.68-10.70 10.695-.70a
..
Nominal,
Steady
Steady
Quiet
Barely st'y
b Bid.
a
16,706
5,274
2,260
5.6
78,383
158,234
4.5
150,970
37,259
7.0
271,145
22,589
1,188
2.2
88,134
2,196
2,034
169,981
4.0
143,103
20,219
6,659
*448,921
10.7
348,631
56,019
44,271
486,509
115,329
10.69-10.70
Steady
200,032.16
loan
Steady
1940-41
on
Cotton
and
3,117,779
on
bales.
aggregates 2,741,015 bales.
State
Asked.
Bureau
on
Cotton
No.
be turned
after the March
out
canvass.
The
3,257.194.24
5,033,593.92
355,660
17,727,963.10
151
Georgia
7,320.73
7.867.954.22
164,524
Louisiana
97,551
72,262
11,646
Mississippi
Missouri
New Mexico
4,718,665.67
3,318,630.96
540,539.34
5,392
248,196.80
41,128
North Carolina
1939
GINJNED, CROPS OF 1940, 1939 AND 1938
$5,614,089,22
69,508
106,050
Florida
1.947.557.23
7,859.308.87
Oklahoma
166,503
South Carolina
crop
REPORT OF COTTON
Amount
of Bales
115,171
California
ginning (excluding linters).
This report shows that for the
present season there were 12,553,968 500-lb. bales of lint
cotton ginned, including 58,610 bales which
ginners estimated
yielded 11,815,759 and the 1938 crop 1,944,340. Taking
linters into consideration, this year's crop will probably
amount to 13,400,000 bales.
This computation is based on
the report of the Bureau of the Census, which shows that
895,119 running bales of linters were produced from Aug. 1,
1940 to Feb. 28, 1940.
The present report in full, showing
the production of lint cotton by States, in both running
bales and the equivalent of 500-lb. bales is as follows:
follows:
are as
Arkansas
Ginning—The
Bureau of the Census of the Department of Commerce at
Washington issued on March 20 its final report on cotton
would
Com¬
Cotton remaining under
Cotton loans completed
Alabama
Report
Loans—The
reported to the Corporation by States
Steady
Steady
Quiet
Steady
Reports
Arizona
Census
1,021
modity Credit Corporation announced March 13 ? that
through March 10, 1941, loans made on 1940-41 crop cotton
by the Corporation and lending agencies aggregate $150,-
10.825-.84a 10.855-.86a
Tontr~
.....
73,700
Friday
March 20
March 19
10.805-.82a 10.515-.52a 10.725-.73a 10.805-.81a 10.665-.68a 10.675-.69a
10.805-.81a 19.505-.52a 10.695-.70a 10 77
10.625-.64a 10.645-.66a
March
Spot
265.415
441,583
*
1942—
January
8.4
10.7
Included in "All other products" are 174,000 bales of cotton distributed
by
the Surplus Marketing Administration under various mattress
projects.
10.65
-—
19,310
4,207,457 100.0 3,605,619
Total
1941—
10.68
50,340
355.881
cluded above)
closing quotations
786,354
449,117
Other woven fabrics and specialties..
All other cotton products (not in¬
follows:
as
March 15
10.83
<
10.77 10.92|10 66 10 81 10 72 10.87
Print cloth yarn fabrics
Fine goods
10.86
Other
71
10.50 10170 10
December.
(Bales)
Sales yarn..
10.65 10.85 10 ,55 10 .75 10 60 10.80
October
(Bales)
10.47 10.67 10 36 10 56 10 42 10.62
10.45 10.65 10.25
July...... 10.89
States
(Bales)
41 10
Montgomery.
10.895
States
Total
Bales
Norfolk,.... 10.55 10.75 10.35
May
New
England
States
of
%
/{V..'1 v;.\'
.■'
66 10 86 10.71 10.91 10 62 10 82 10 65 10.85
New Orleans|10.69 10.89 10.48
Mobile
110.42 10.62 10.22
Savannah
10.71 10.86 10.53
for
Cotton
Growing
Class of Product
%
In. i
(RUNNING BALES)
1940
on-
116,363
12,671
5,881,609.81
1,472,010
70,572.243.90
Tennessee
Texas
Virginia..,..,....
618.703.93
699
33,573.35
2,807,289
310,490
$135,147,145.29
15,052,886.87
3,117,779
323,893
52,871
$150,200,032.16
15,402,278.97
2,624,771.98
2,741,015
$132,112,981.21
—...
Total
-
Loans by cooperatives
.
"
Total...............
Repayments
Cooperative repayments.
... -.
Net totals.
Census
Cotton Ginned (Exclusive of Linters)
Report of Cotton Consumed, on Hand, &c.,
February—Under date of March 14, 1941, the Census
Bureau issued its report showing cotton consumed in the
United States, cotton on hand, active cotton spindles and
imports and exports of cotton for the month of February,
1941 and 1940.
Cotton consumed amounted to 793,626
bales of lint and 106,937 bales of linters, as compared with
661,771 bales of lint and 86,161 bales of linters in February,
in
Running Bales
Stale
(Counting
Round as
*1940
Alabama..
.
Arizona
Half Bales)
*1939
768,551
Equivalent, 500 Pound Bales
*1938
769,696
1940
1939
775,489
1,064,422
781,602
1938
1,081,936
189,768
California..
199,830
191,888
195,517
202,502
196,164
1,476,330
Arkansas
1,359,884
435,085
1,301,275
1,509,438
540.372
1,421,694
442,327
1,358,182
415,466
527,412
Florida.!
424,532
17,915
9,671
21,950
17.501
9,026
20,867
1,006,675
908,990
850.691
855,721
4,130
2,332
1,015,494
3,758
919,349
3,751
Kentucky
11,224
11.604
10.886
10,906
Louisiana
448,984
1,237,966
13,037
717,921
651.537
456,874
4,360
12,632
744,898
673,520
1,536,263
1,655,956
1,250,094
1,585,149
1,706,906
Missouri.
394,089
427,824
329,401
382,931
431,774
331.434
New
114,588
93,831
92,275
95,320
93,502
461,715
398,467
Oklahoma
748,177
764,067
117,835
743,245
511,850
545,196
788,646
517,373
556,545
South
Carolina
945,667
852,081
641,679
968,235
873,288
649,132
Tennessee-ii—i.
502,662
432,383
473,761
445,489
487,494
Texas........
3,107,956
2,736,764
2,964,238
507,064
3,249,300
2,858,525
3,093,911
21,331
10,345
11.083
21,289
10,285
10,812
Georgia......
_
Illinois
Mississippi—.
Mexico..
North Carolina
Virginia
460,166
2,360
390,416
1940.
February consumption of cotton includes 29,000 bales
by Surplus Marketing Administration through
distributed
various
cotton
mattress
programs.
The following is the
statement:
FEBRUARY REPORT OF COTTON CONSUMED, ON HAND, IMPORTED
AND EXPORTED, AND ACTIVE COTTON SPINDLES
(Cotton in running bales, counting round as half bales, except foreign, which is in
500-pound bales)
Cotton Consumed
United States 12,287,113 11,481,300 11,623,221 12,553,968 11,815,759 11,944,340
*
Includes 32,187
bales of the
counted In the supply for the season
bales of the crops of 1939 and
of
1940 ginned prior to Aug.
Cotton on Hand
Feb. 28—
During—
Cotton
which was
of 1939-40, compared with 137,254 and 157,865
crop
1
Seven
Months
Year
1938.
Ended
Feb.
The statistics in this report for 1940 are subject to revision.
Included in
the total for 1940 are 58,610 bales which ginners estimated would be turned
In Con¬
In Public
Spindles
suming
Storage
Establish¬ & at Com¬
Feb. 28
ments
(Bales)
(Bales)
Active
During
presses
(Bales)
{Bales)
February
(Number)
out after the March canvass;
round bales 3,471 for 1940; 175,189 for 1939;
American-Egyptian bales 32,359 for 1940; 26,826 for
1939, and 20,503 for 1938.
Sea-Island, 4,866 for 1940; 2,192 for 1939, and
4,300 for 1938.
1
The average gross weight of the bale for the crop, counting round as
half bales and excluding linters is 510.9 pounds for 1940; 514.6 for 1939;
and 513.8 for 1938.
The number of ginneries operated for the crop of 1940
is 11,643 compared with 11,885 for 1939; and 12,279 for 1938.
and 157,979 for 1938;
United
States
Cotton-growing
....j
States...j
New England States
j
All other States
I
For
February,
1941, cotton consumed amounted to 793,626 bales'
imports "for consumption" 14,210 bales, exports of domestic cotton,
excluding linters, 60,597 bales, cotton spindles active 22,769,368; and stocks
end of month in consuming establishments 1,905,413 bales and in public
storages and at compresses 14,038,917 bales.
1941 674,204 4,461,271
The world's production
of commercial cotton, exclusive of linters, grown
compiled from various sources was 27,875,000 bales, counting
478 pounds lint, while the
consumption of cotton (exclusive of linters in the United States) for the
as
78,166
574,529
214,618
56,502
5,018,682
1941
25,195
147,711
134,201
51,233
53,414
9,675
18,460
7,274
618,044
611,830
Included A hove—
{
1941
_.
4,906
1940
Egyptian cotton.
44,714
17,530
1941
14,371
14,299
15,024
1,608
1941
106,937
726,442
542,112
83,587
86,161
629,357
442,187
144,784
41,103
18,957
8,799
I
'
10,257
•
•
•••
7,431
Not Included Ahove—
Linters............
j
Imports of Foreign Cotton
(500-Pound Bales)
Consumption of Raw Cotton by Classes of Products
Manufactured—The Bureau of the Census of the Depart¬
7 Mos. Ended Feb. 28
February
Country of Production
new
products in which the cotton is used.
Totals on all raw
cotton consumed have been published monthly
by the
Bureau since September, 1912, but this report is the first to
distribute total consumption by classes of products manu¬
factured.
Such detailed data have been made possible by
the cooperation of
cotton consuming establishments in
4,707
7,688
25,028
29,879
23,260
28,536
1940
1940
cotton..j
ended July 31, 1939, was 27,748,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 145,000,000.
report compiled by the Division of Cotton and Oils, showing
data on consumption of raw cotton by classes of manufactured
31,814
32,957
4,555
6,705
5,735
2,277
1941
year
following
<
'
.
1940
Other foreign cotton.....!
American in running bales and foreign in bales of
ment of Commerce on March 21 released the
1,568,923 13,701,424 17,229,032
1940 565,145 3,994,977 1,432,362 12,112,957 17,170,214
1941
611,935
285,257
94,227
327,818 4,922,292
1940
Amer.-Egyptian
World Statistics
1939
5,220,917 1,905,413 14,038,917 22,769,368
1940 661,771 4,703,707 1,700,394 12,176,733 22,800,726
1940
United Slates Consumption, Stocks, Imports, and Exports
in
1941 793,626
1941
Egypt
2,944
Peru
—
China....
.
..
.
....
...
...... .
3,406
482
...
Total
Linters
equivalent
.
.
bales.
42,921
646
8,633
31,954
85
2,509
1,518
36,613
71.637
102.594
.....
9,768
242
imported during six months ended Jan. 31,
500-pound
1940
1,907
42,551
T,66s
....
-
j
2,222
14,210
India... .......
22,448
~
"*"774
Ail other............
1941
163
...........
Mexico
B r itish
1940
48,876
1941, amounted to 91,295
!
The Commercial & Financial Chronicle
1948
of Domestic
Exports
ings, Common
to Finest
1940
1941
192,631
339,988
.
...
74,404
Belgium.
Other
—
......
..
..
Europe
Japan
31.300
42,236
... ... .
„.
.v.
.
.
164,042
518,350
3—
15.70
12
91,990
77,170
49,456
20,920
675,180
11—
15.68
12
17—
15.71
12
37,884
102,926
24..
15.63
12
40,064
47,397
355,378
257,079
163,086
31—
15.68
12
60,597
...
_
746,680
724,729
4,916,511
15.65
12
..
d.
s.
s.
d.
d.
Nominal
Nominal
8.43
9
16X@16X 12
8.53
@12
6
8.78
8.70
9
1940
Jan.
28,791
V 8,461
@12
1941
9,986
... .
d.
d.
d.
s.
6
available
Not
27..
*8*435
.
d.
12
2,658
.
........
All other
s.
15.25
20-
18,137
— .
.
..... ......
China.............
Canada
385,132
18,992
221,442
178,040
_.................
...
Uplds
Dec.
617,904
.......
............
Spain....—
Middl'g
to Finest
1940
1,525,928
130,230
France
ings. Common
Twist
Upl'ds
d.
12,920
_.;
Cotton
32* Cop
Middl'g
Twist
1941
Germ any...
8'4 Lbs. Shirt-
Cotton
32* Cod
7 Mos. Ended Feb. 28
February
Italy
1939
1940
814 Lbs. Shirt¬
Country to Which Exported
.......
1941
22,
Linters
Cotton—Excluding
(Running bales; see note for linters)
United Kingdom.
March
i*$
9.29
8.74
Nominal
12
3
8.98
Nominal
12
@12
@12
11$ @12
1*$@12
4
8.75
3
6
8.75
4J$
4*$
8.30
1*$ @12
11$ @12
11$@12
1!$@12
4J$
41$
41$
8.30
41$
7,99
41$
3
8.03
3
7.55
16X®17X 12
8.77
7>$@12 10H
7J$@12 10H
7)i@12 10H
@13
6
7J$@12 10J4
7J$@12 10*$
8.69
Nominal
12
8.65
Unquoted
12
10*$
8.56
Unquoted
10J$
10*$
10H
8.58
Unquoted
8.56
Unquoted
12
12
12
8.64
14.54
12
8.66
14.54
12
8.90
14.18
12
11$@12
@12
8.95
14.20
12
@12
8.29
Feb.
Total
— — ... -
.... -
.
.
21-
15.65
12
9
14-
15.83
21-
16.06
12
15.55
estimated world's production of commercial cotton, exclusive of linters,
in 1939, as compiled from various sources, was 27,875,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while the con¬
sumption of cotton (exclusive of linters in the United States) for the year ended
The
July 31, 1939, was 27,748,000 bales..
The total number of spinning cotton spindles,
145,000.000
by Telegraph—Telegraphic advices to
this
us
8.12
8.04
Mar.
@12 13
12
9
@12 13
12 10H@13
1H
.
grown
Returns
12
7-
211,826 bales In 1940.
The distribution for February, 1941, follows: Canada, 749;
Panama, 5; Japan, 708.
both active and idle, is about
12
15.55
14„
jSole—Linters exported, not included above, were 1,462 bales during February in
1941 and 47,254 bales in 194Q; 15,736 bales for 7 months ended Feb. 28, 1941, and
World Statistics
15.49
28-
7*$@12
7J$@12
7*$@12
7*$@12
7—
shown
News—As
Shipping
on
previous
a
7.68
the
page,
exports of cotton from the United States the past week
have reached
418 bales.
The shipments, in detail, as
made up from
mail and telegraphic reports, are as follows:
Bales
evening indicate that it has been wet along the Gulf Coast
LOS
Rain
Texas—Gal veston
Rainfall
Days
Inches
High
Ism:
4
6.05
73
35
0.01
55
16
54
36
2.16
74
33
54
1
.
0.15
76
29
77
6
1.83
5
0.47
72
38
55
3
1.84
72
31
52
Del Rio...
2
0,93
Fort Worth
3
0.09
75
33
54
Houston
6
5.89
77
35
56
4
0.38
69
6
2.27
74
36
36
0.93
80
64
22
65
27
46
San Antonio
Waco.
Oklahoma—Oklahoma City
Arkansas—Little Rock.
Louisiana—New Orleans
.....
Shreveport—
.
_.
.
_
.
_.
4
_
79
dry
<
1
...
41
59
37
58
_
0.98
73
41
0.45
68
35
57
52
1
_
3
2
.
0.25
70
28
49
—
in
India Cotton Movement from All Ports.
53
Mississippi—Greenwood.
Vicksburg.
3
27
2
3.55
2.75
63
Alabama—Mobile.
76
35
0.24
66
26
0.82
64
30
0.22
76
30
53
0.77
79
47
63
75
41
58
53
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
47
1
and Shipments.
Liverpool Imports, Stocks, &c.
46
1
Alexandria Receipts
51
1
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
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.
43
0.03
Palestine.
100
—
Foreign Cotton Statistics—Regulations
57
.
El Paso
— — —
418
Cotton
York
55
34
Corpus Christi
—
53
——
Brownsville
—
Total
Mean
1
.
Austin
.
-Thermometer-
5
.
Amarillo
Abilene
318
ANGELES—To Japan
To China
and dry elsewhere.
50
Birmingham..
Montgomery
.
_
—. _..
_
Florida—Jacksonville.
Miami
1
_____
Tampa
dry
Georgia—Savannah
Atlanta.
.
1
_....
South Carolina—Charleston...
North Carolina—Asheville....
—
Nashville
wou
44
65
26
46
0.67
62
25
0.37
66
33
50
T 1UV-
1
-
-
0.08
15
23
12:15
70
29
50
0.48
63
25
43
1
0.02
65
66
uu
22
20
3 to 10 pts. 8 to
9
pts. 6 to 9
5 to
7
pts.
decline
decline
advance
Quiet;
8.95d.
Quiet;
unch.
to 1 pt.
pts.
decline
advance
opened
9.04d.
Q't but st'y Q't but st'y Q't;
Steady;
43
dry
^
Ui
...
»
Mar. 21, 1941
Feet
Orleans.
Quiet
9.06d.
8.99d.
9.03d.
CLOSED
Market
4
Quiet;
8 pts.
Barely st'y
1 point
un¬
6 pts.
decline
advance
changed
decline
Steady;
1
P. M.
Quiet;
15 pts.
advance
f
Market,
Prices of futures at
The following statement has also been received
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
New
Quiet
Quiet
Quiet
Quiet
Futures
44
Friday
1
Mid. upl'ds
49
■■
Thursday
Wednesday
Tuesday
.
i"
P. M.
41
74
2
_
...
M
66
dry
dry
Monday
Saturday
Spot
Market,
44
3
——
_
Wilmington
Tennessee—Memphis
Chattanooga
1
23
0.12
2
_
....
Macon...
a
0.31
67
64
1
.
_
2
Augusta
Raleigh
0.03
45
Mar. 15
Liverpool for each day
Mon.
Sat.
are
given below:
Thurs.
Wed.
Tues.
Fri.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Mar. 21
Mar. 21, 1940
Feet
New Contract
d.
d.
d.
d.
d.
d.
d.
Above
zero
of gauge.
2.2
6.8
Memphis..
£-m.Above
Nashville... ______—Above
Shreveport--Above
Vicksburg
Above
zero
of gauge.
10.8
21.7
March, 1941...
*
8.68
8.73
8.65
8.65
8.72
8.66
8.69
8.66
8.60
8.60
zero
of gauge.
12.5
8.69
8.74
8.65
8.66
8.72
8.67
8.70
8.67
8.61
8.61
of gauge.
of gauge.
14.2
May
July......
*
zero
23.9
3.3
*
8.71
4.6
22.4
October
—
—
____
—
zero
from
the
Plantations
-The
following table
Southern
consumption; they
simply
are
a
*
d.
8.68
8.61
8.62
8.75
8.66
8.67
8.74
8.68
8.71
8.64
8.69
8.60
8.61
8.68
8.62
8.65
8.62
8.56
8.56
*
8.61
8.66
8.57
8.58
8.64
8.59
7.62
8.59
8.53
8.53
*
V
1942.
January,
March..
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
d.
*
December..
Receipts
d.
d.
8.60
8.65
8.56
8.57
8.63
8.58
8.61
8.58
8.52
8.52
*
Closed.
BREADSTUFFS
statement of the
weekly movement from the plantations of that part of the
Friday Night, March 21, 1941.
Flour sales in the local market have not increased so far
Week
Receipts at Ports
1940
1939
1938
1940
1939
1938
Receipts from Plantations
1940
1939
this
week, and consumers appear to be unwilling to make
new
Stocks at Interior Towns
End.
commitments, while wheat futures continue to display
1938
a
According to advices received from the
rising tendency
Dec.
20.
27.
Jan.
3.
11.
17.
24.
31.
Feb.
7.
14.
21.
28.
61,655 240,688
62,644 189,049
1941
54,236 3323,846 3389,066 3448,226 101.106 179,786
44,595 3339.502 3346,020 3434,970 78,200 232,095
1940
1939
1941
1940
1939
1941
1940
3400,270
3369,048
3329,120
3291,719
3246,532
nil
89,025
105,463
135,347
94,692
81,531
83,323 169,951
41,434 181,553
31,994 196,677
40,723 149,768
54,214 137,532
42,596
38,827
37,387
43,199
35,546
50,328 168,665
65,381 177,019
48,964 122,734
41.552 138,982
29,078 3228,672
25,681 3195.258
21,337 3173,825
25,736 3160.492
65,790 107,381
53,542 115,052
57,485 74,870
27,264 3110,177 2737,778 3051,323
32,436 3088.259 2705,278 3012,260
21,973 3063,732 2666,756 2986,570
3301,310 3265.094
3306,088 3189,004
3295,489 3127,764
3281,765 3072,688
3262,404 3016,687
2956,982 3212,973
2897,286 3174,825
2845.482 3138,203
2795,204 3096,651
Mar.
7.
14.
21.
The above statement shows:
46,212
21,395
26,999
34.853
16,596 108,960
21,967 117,323
27,531
70,930
28,219 88,704
5,475
31,624
32,958
30,873
31,339
1939
7,896
7,605
Nil
West, the strength in wheat recently has attracted a greater
volume of business in that part of the country, and
of
the
new
buying
buyers.
prices closed % to l^c. net
Nil
higher.
stage today to the highest levels since Jan. in a renewal of
Nil
Nil
Nil
Nil
49,955
82,552
Nil
a
bushel at
buying that swept through the various grain pits.
chasing
was
one
Pur¬
attributed largely to professional dealers, out¬
side investors and commercial interests,
including mills and
Nil
36,348
Wheat prices climbed about 2c.
(1) That the total receipts
flour
users
whose
the last week
activity has lifted wheat values about 2c.
despite
392,943 bales.
domestic
industrial
(2) That although the receipts at the outports the past week were 57,485 bales, the actual movement
plantations was 32,958 bales, stock at interior
having decreased 24,527 bales during the week.
towns
Manchester
Market—Our report by cable tonight from
Manchester states that the market in both
yarns and cloths
steady.
Production is being curtailed.
We give prices
today below and leave those for previous weeks of this and
last year for comparison:
a
sharp price reaction at mid-week.
Basis for market activity was
the
the bulk
of medium-sized
Nil
including
is
account
"F-Ff
Wheat—On the 15th inst.
5,798
from the plantations since Aug. 1,
1940, are 3,898,963 bales;
in 1939-40 were 6,721,051 bales, and in 1938-39 were
4,-
from
the
for
was
described by pit brokers as
growing
Federal ex¬
penditures, possibility of commodity exports under the lendlease law, limitation of some imports due to shipping con¬
threatening
ditions and prospect
international
of
a
revised domestic farm program.
Much of the buying of wheat was
that
a
crop
might be reached at
compromise involving
a
a
attributed to trade gossip
higher loan rate for the 1941
conference between the President
and farm officials and congressional
17th inst. prices
picture,
increased
production,
representatives. On the
The market.
closed % to lp^e. net lower.
Volume
showed considerable weakness at the opening
There
today.
market at intervals, but the slight
gains failed to hold.
Profit-taking encouraged by reports
of loan wheat redemptions in some sections of the belt, and
uncertainty regarding the basic loan rate to be fixed for the
1941 crop, accounted for most of the selling.
With prices
near the highest level in two months, some traders needed
little excuse to sell.
After the initial setback buying, at¬
was
effort to rally the
an
tributed to mills and previous short sellers,
the market and cause fractional rallies at
said
helped to steady
Traders
times.
prices had risen to levels at which they were
and sale of 1940 loan grain in some
areas, particularly Eastern sections of the soft winter wheat
belt.
At many points, particularly in the spring wheat zone,
quotations were still several cents below a workable basis in
this respect.
On the 18th inst. prices closed IU2 t° 2c. net
higher.
Wheat was in demand early in the session, largely
on reports that farm bloc Congressmen were ready to revolt
against Administration disapproval, and drive for an in¬
crease in appropriations
for farm parity payments, which
some market observers felt might bring higher Federal loans
than last year.
Other factors contributing to the rise were
scanty supplies of free wheat, revival of talk that United
States grain might be shipped to unoccupied France and
Ireland, with British approval, advances in other commodity
prices, and a few crop damage reports from the Southwest.
New seasonal highs were recorded for the Sept. delivery.
On the 19th inst. prices closed % to 1
net higher.
Wheat
led another broad price advance in the grain pits today that
paralleled the rise of many commodities, including important
agricultural products like lard and soy beans.
Wheat rose
as
much as 2c.
A number of contracts reached the best
wheat
favorable for redemption
levels of the
May wheat touched 89 3^c. at one stage,
highest for any con¬
season.
within % of the season's high, and the
tract here since Dec., when futures sold
above 90c.
Despite
intermittent
profit-taking, which caused frequent reac¬
tions, wheat closed % t0 l^e. net higher.
Buying of
wheat as well as other commodities, came from professional
and outside interests and largely reflected the war expanding
industrial activity and export possibilities under lend-lease
arrangements.
Merchant ship losses, growing intensity
of the war in the air and possibility of an outbreak in the
Balkans,
were
other factors.
On the 20th inst. prices
Wheat
closed % to lc. net lower.
prices fluctuated over a range of as much as l^c. today,
at one time equaling or bettering the 1941 highs recorded
yesterday,
but closed with net losses ranging up to lc. a
of the weakness was due to profit-taking,
influenced by the recent price upturn and re¬
Most
bushel.
which
was
ports of increased marketings of loan wheat in some sec¬
While official figures were not available, some trade
tions.
expressed belief redemptions the past week in¬
substantially.
The recent price rise has stimulated
interests
creased
loan wheat at some terminals,
being redeemed in
increasing amount as maturity dates are reached.
Some
reports indicated the bulk of the loan grain coming out is
in the soft wheat belt, and that farmers with stocks still
on their land are taking advantage of better prices to clear
offering of free as/well
as
and there were indications that grain is
storage space for the new crop.
Today
cline
of
prices closed % to l^c. net lower.
Another de¬
lc. today extended the two-day setback of
about
profit-taking and increased loan redemp¬
receipts.
Sale of United States
complaints from parts of the
winter wheat belt helped to check selling.
Chinese pur¬
chases of flour so far this week were estimated at 45,000
barrels for April shipment from Pacific and Gulf ports to
Hongkong and Shanghai, and these buyers were reported to
be inquiring for an additional 100,000 barrels.
According
to Government reports,
very little grain so far lias been
turned over in default of loans.
Although the pending deal
whereby two cargoes of American wheat will be shipped to
1949
Chronicle
The Commercial & Financial
152
Corporation had raised the selling price on old corn in Chicago
7034c.
May corn advanced to the best levels
since last Nov.
Shipping sales were reported at 320,000
bushels, with 250,000 booked to arrive.
On the 19th inst.
prices closed % to 134c. net higher.
The strength displayed
in the wheat market had its effect on the other grains,
from 69c. to
especially
which latter was active and strong through¬
Helping to strengthen grains was
corn,
out most of the session.
report on seeding intentions, showing
plan reduction of spring planting of wheat, corn,
barley and soy beans.
On the 20th inst. prices closed 34 to %c. lower.
In¬
Government's
the
farmers
following largeeffect on corn
prices.
Traders expressed belief consuming interests who
were caught off guard by the Government's decision not to
sell holdings of corn at a fixed price had satisfied immedi¬
ate requirements in yesterday's trade.
With the Govern¬
ment offering price subject to change in line with market
fluctuations, traders said a factor heretofore restricting
open market demand had been removed.
Foreign demand
for
livestock
products, Avhich could. be expected under
receipts of corn, totaling 205 cars,
bookings, had a depressing
creased
scale
country
law,
lease-lend
the
effect
the
on
was
expected
flour to China and some crop
France has not
been completed, traders said they expected
limited quantities of
DAILY
CLOSING
grain to be disposed of in this manner.
OF WHEAT IN NEW YORK
PRICES
Sat.
No. 2 red
DAILY
OF WHEAT
PRICES
CLOSING
Sat.
May...........
July
September
89%
86
86%
DAILY CLOSING
Fri.
109%
10814
109%
FUTURES IN CHICAGO
Wed.
Tues.
8614
82%
83%
Thurs.
Fri.
87%
84%
85%
When Made
Nov. 15. 1940 May
_
19, 1941
19, 1941
Mar.
Mar.
July
September
...
Aug.
Feb.
16. 1940
17, 1941
Feb.
70
73%
73%
17, 1941
PRICES OF WHEAT FUTURES IN WINNIPEG
Sat.
A
May
July
October
Corn—On
108%
88%
88%
87%
86
85%
84%
84%
86% 86
85
{_
Season's Low and When Made
.
Season's High and
Thurs.
Wed.
Tues.
Man.
87
83%
_._
September...
May
July
Man.
107%
108
___
_
78%
79%
—
the
15th
inst.
Man.
Tues.
79%
78%
80%
Wed.
Thurs.
78%
79%
78
79%
Fri.
77%
79%
—-
prices
closed
%
to
3^c.
net
Corn was firm in sympathy with wheat although
increased slightly and handlers booked 151,000
bushels to arrive.
Inclement weather was believed to have
retarded the movement recently.
On the 17th inst. prices
closed
off to y%c. up.
Steadiness of corn reflected
y to H>c. gains in the spot trade for choice grades.
Cold
weather was expected to stimulate feeding, and shippers
sold 75,000 bushels.. Corn was reported going into loan at
On the 18th inst.
the/rate of about 1,000,000 bushels daily.
futures closed 1 to l%c. net higher.
Corn futures shot up
late in the session on reports that the Commodity Credit
higher.
receipts
have an indirect
prices closed
%
Corn prices, which sagged a full cent,
principally by heavy receipts totaling 316
cars, large-scale country selling
on a to-arrive basis this
week, and lowering of the Government's asking price.
Commodity Credit Corporation corn was reported offered
at 5c. over May futures yesterday, compared with 6c. the
to
34c. net lower.
weakened
were
Bookings of corn to arrive so far this week
previous day.
estimated
were
800,000 bushels.
at
,
OF CORN IN NEW YORK
PRICES
DAILY CLOSING
Sat.
,
Man.
DAILY CLOSING PRICES
63
■__•
66
65%
65
15th
followed
higher.
Oats
trend.
There
63
65%
65%
65
—
the
Oats—On
63%
Season's Low and
When Made
54%
Nov. 18. 1940 May
July
58%
Nov. 18. 1940
Mar. 19, 1941 September ^__ 57%
Season's High and
July
September
Wed. Thurs.
83%
83%
64%
64%
64
63
63%
63%
.....
May
82%
was
a
Fri.
82%
OF CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
May
July
September.
Tues.
81%
81
No. 2 yellow
prices closed
inst.
wheat
and
corn
64%
65
64%
When Made
Aug.
16. 1940
Sept. 23. 1940
Feb.
17, 1941
34 to
in
63%
64
64%
net
the upward
fair demand at times during the short
closed 34c. lower to 34c.
light and without any special feature.
On the 18th inst. prices closed 34 to 54c. net higher.
Trad¬
ing was light, with the undertone firm.
On the 19th inst.
prices closed 54 to 34c. net higher.
Trading was light,
On the 17th inst. prices
session.
Trading
higher.
was
with the market's undertone strong.
On
the
Trading
closed
20th
was
inst.
unchanged to %c. off.
Today prices
Oats futures followed the trend
prices closed
light and of a routine character.
% to %c. net lower.
prices.
of wheat
PRICES OF OATS FUTURES IN
Sat. Mon.
Tues.
Wed.
DAILY CLOSING
May__
July
September.
36%
33
32%
_ _
Season's High and
38
34%
33
May
July
September
36%
33
32
37%
33%
32%
CHICAGO
37%
34
33
Thurs.
36%
34
32%
Fri.
36%
33%
32%
Season's Low and When Made
When Made
28%
Aug. 16. 1940
Nov. 15, 1940 May
July
30%
Oct.
9. 1940
Nov. 15. 1940
30
Feb. 17, 1941
Mar. 19, 1941 September
___
DAILY CLOSING PRICES OF
wheat prices due to
tions and terminal market
to
Today
market.
corn
OATS FUTURES IN WINNIPEG
Mon.
Tues.
Wed. Thurs. Fri.
Sal.
35%
33%
May___
July.....
October.:..
35%
34%
35%
34%
35%
34
32%
35%
33%
__________
32%
32%
35%
33%
Rye—On the 15th inst. prices closed 34 to 134c. net
higher.
There was an excellent demand for rye futures at
times, in which quite a little short covering was a part,
influenced largely by the firmness of wheat and corn mar¬
kets.
On the 17th inst. prices closed unchanged to %c.
lower.
This market ruled quiet but heavy during most of
the session.
On the 18th inst. prices
closed % to 134c. net
higher.
There was good buying in rye futures, influenced
largely by the strong action of wheat and reports from
Washington that the farm bloc was making an effort to in¬
crease
parity payment appropriations from $212,000,000
to $450,000,000 despite the President's statement that he
favored no new farm legislation at this session.
On the
19th inst. prices closed 34 to Kc. net higher.
Trading was
fairly active and the market ruled strong in sympathy with
the other grains.
On the 20tli inst. prices closed 1% to 134c. net lower.
Rye
futures showed, the heaviest declines of all the grains, and
was
attributed to liquidation and profit-taking.
Today
prices closed 34c. lower to unchanged. The market held up
exceptionally well in the face of a weak wheat market,
and this was in sharp contrast to its action yesterday, when
it ruled the weakest of the grain markets, especially toward
the
close.
DAILY
CLOSING
PRICES
OF
RYE FUTURES
Sat.
Mon.
Tues.
INS CHICAGO
Wed.
Thurs.
Fri.
45% 44% 44%
47% 46
46
49
47
46%
Season's High and When Made
I
Season's Low and When Made
May
52%
Nov. 15, 19401 May
41%
Feb. 21, 1941
July
52%
Nov. 14, 1940 July
43
Feb. 21, 1941
September
51
Jan. 10, 19411 September— 44
Feb. 21,1941
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG
May
July___
September
43%
46%
47%
_______
__
Sat.
52%
52%
May
July
October
;_
43%
45%
Mon.
52%
52%
____
44%
46%
48%
Tues.
53
53%
Wed.
54%
54%
Thurs.
54%
54%
Fri.
54%
55%
The Commercial & Financial Chronicle
1950
DAILY CLOSING
PRICES
OF
PARLEY FUTURES
Sat.
May
July
October....
M'm.
50
50
46H
7_.
Closing quotations
Wed.
Tues.
40K
Thurs.
47H
43M
43^
FLOUR
Standard Mill Quotations
Spring patents
First spring clears
Wheal
5.70 @ 5.951 Soft winter straights
5.45@5.701 Hard winter straights.
...
.
._5.45@5.70
-,5.60@5.80
No 2 yellow,
No. 2 white
40 fbe feeding
Chicago, cash.......
..
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Rye
1,605,000
253,000
17,000
2,527,000
2,509,000
.1... 127,068,000 62,839,000
.....440,657,000
3,551.000
6,518,000
4.899,000
2.527,000
10,069.000
9,981,000
Total Mar. 16,
18,902,000
396.000
242,000
6,000
137,000
5,000
16.000
"2*666
100,000
6,000
4 6,000
187,000
140,000
83,000
368,000
182,000
147,000
23,000
£8.000
66,000
222,000
42,000
448,000
116,000
84,000
126,000
22,000
18,000
St.
Joseph.
52,000
10,000
Wichita....
48,000
15*066
1*1*066
3,034,000
4,800,000
3,045,000
3,296,000
3,071,000
1,149,000
1,398,000
395,000
l,'389.ooo
2,541,000
1,275,000
298.000
1.486,000
444.000
424,000
>
-----
1938
Total
Since
July 1,
July 1,
Mar. 14,
July 1,
1940
1939
1941
1940
July i,
1939
Bushels
Bushels
Bushels
Bushels
No. Amer.
5,697,000 122,216,000 142,481,000
3,992.000
Argentina,.
2,060,000
1.000
29,000
291.000
1 824 000
receipts of flour and grain at the seaboard ports for
the week ended Saturday, March 15, 1941, follow:
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
New
York.
133,000
1,000
110,000
Boston
17.000
31,000
Rye
6,200,000
12,000
38,000
16,000
New Orl'ns*
24,000
12,000
57,000
10,000
Galveston..
'
•'
"
r
80,696,000
2,520,000
34,305,000
246,000
54,626.000 142,390.000
•'*
>.
»'•
15,000
1,000
the
11,000
1,
March 18
on
of certain crops in 1941, based
on
upon
the indicated
reports from
farmers in all parts of the country to the Department on or
about March
1
regarding their
The
acreage
plans for the 1941
:"'-or:vv,'.
shown herein for
acreages
and
are
ba.sed
on
1941
are
interpretations of reports from
relationships between such reports and
past
actually planted.
PurP°se
this report
acreages
T^e
such
further
changes
in
is
their
to
assist
acreage
as
generally
growers
may
appear
in
making
desirable.
The
actually planted in 1941 may turn out to be larger or smaller
the indicated acreages here shown, by reason of weather conditions,
acreages
than
price changes,
tion
46,000
as
following report public
acreages
192 000
I""*"
2*666
March
of
1941—The Crop
Reporting Board of the Agricultural Marketing Service made
labor supply, financial conditions,
and the effect of this report itself
program,
Can. Atlan¬
tic ports,
30,573,000
18,352,000
7,757,000 196,143,000 323,546.000
Planting Intentions
Barley
bush 56 lbs bush 48 lbs
4*0*660
Baltimore
134,000
163,000
154,000
228,000
11,293,000
Total..
growers
Philadelphia
Bushels
24,208,000
3,181,000
63,735,000 119.456.000
season.
Receipts at-
Bushels
21,533,000
18,000
31,964,000
Australia.
countries
51,375,000 9,562,000 68,360.000
72.490,000 21,296.000 87,639.000
76,995,000 20,443,000 74,386,000
14,906,000 245,167,000 190,676,000
Since
Other
•
Since Aug. 1
1940
13.572,000 211,576,000 178,275,000
1939
14,450.000 252,421,000 165.293,000
Week
Black Sea.
224,000
Sioux City.
480,000
Since
1941
30,000
Tot. wk. '41
Corn
Since
Mar. 14,
------
9,000
14,000
Omaha.
!
Wheat
Week
Exports
62,000
22,000
Same wk '40
5,228,000
7,426.000 11,305.000
7,522,000 11,292,000
13,046,000 21.160,000
.
111,000
94,000
176,000
Same wk '39
1940..387,051.000 39,121,000
6,077,000
2,000
152,000
41,000
Kansas City
...
shipments of wheat and corn, as furnish by
Broomhall to the New York Produce Exchange, for the week
ended March 14 and since July 1, 1940, and July 1, 1939, are
shown in the following:
571,000
64,000
Indianapolis
Peoria
.
The world's
672.000
31,000
22,000
_
.
6,518,000
263.000
233,000
324,(KM)
Louis.
430,000
3,032,000
Canadian....
Barley
158,000
Buffalo...
St.
5,228,000
5,070,000
8,407,000
6,282,000
11,885,000
bush 56 lbs bush 48 lbs
167,000
Milwaukee
4.116,000
1941..439,285,000
Summary—
American...
n
1,071,000
Duluth
Toledo
682.000
587,000
Total Mar. 15, 1941..567,725,000 62,839,000
Total Mar.
8, 1941..568.900.000 62.571,000
66
.53-66
each of the last three years:
206,000
1,650,000
4,191,000
1941..440.657,000
8,
.
...
Bushels
290.000
Total Mar.
62^
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended Saturday, March 15 and since Aug. 1 for
Chicago
Minneapolis
Barley
Bushels
878,000
1,449,000
Total Mar. 15,
...
All the statements below
Receipts at—
Rye
Bushels
Total Mar. 16, 1940..289.600.000
Rye United States.
Barley. New York—
82 HI
all rail
Oats
Bushels
Oats. New York—*
Ntw York—
Corn
Corn
Bushels
Canadian—
Lake, bay, river & seab'd 45,669,000
Ft. William & Pt. Arthur 90,033.000
Other Can. & other elev_304,955.000
GRAIN
Wheat. New York—
No 2 red. c.i.f., domestic
108%
Manitoba No. 1. f.o.b. N. Y. 92
1941
grain not included above: Oats—Buffalo, 64,000 bushels; New
174,000; total, 238,000 bushels, against 716,000 bushels In 1940.
barley—New York, 213,000 bushels; New York, afloat, 96,000; Buffalo, none;
Duluth, 72,000; in transit—rail (U. S.), 55,000; total, 436,000 bushels, against
1,393,000 bushels in 1940.
Wheat—New York, 2,664,000 bushels; New York afloat
255,000; Boston. 1,671,000; Philadelphia, 634,000; Baltimore, 877,000; Portland.
1.207,000; Buffalo, 7,980,000; Buffalo afloat, none; Duluth. 15,652,000; Erie, 1,545,000; Albany, 8,307,000; in transit—rail (U. S.), 4,043,000- total, 44,835.000
bushels, against 25,680,000 bushels in 1940.
follows:
were as
22,
York, none; Erie,
49 %
47%
43%
47%
March
Note—Bonded
Fri.
50 %
50H
47%
43%
50^
42^
______
IN WINNIPEG
UNITED
2,219,000
STATES
the agricultural
upon
conserva-
farmers' actions.
/'Uv
i
Tot. wk.'41
217,000
2,729,000
245,000
41,000
12,000
194,000
2,544.000
24,849,000
2,435,000
480,000
174,000
411,000
257.000
3,121,000
370,000
332,000
59,000
29,000
2,750,000
25,655,000
11,168,000
2,302,000
808,000
840,000
Planted Acreages
Since Jan. 1
1941
....
Week 1940.
Crop
Average
1930-39
Indicated
1941
as
1940
1941
88,143,000
87,656,000
18,547,000
3,431,000
17,137,000
92.4
2,925,000
85.3
15,116,000
94.0
36,237,000
14,212,000
37,102,000
14,759,000
14,348,000
3,403,000
3,341,000
98.2
1,154,000
105.9
% of 1940
Slnce Jan. 1
1940
)
Corn, all
♦
on
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
The exports
from the several seaboard ports for the week
July 1, are shown in
ended Saturday, March 15, and since
the annexed statement:
—
Other spring
Oats
.......
Barley
Flaxseed—
—„
Rice.
Corn
Flour
Oats
Rye
Barley
.....
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
_
Tobacco
180,000
Boston.........
367.000
Beans, dry edible
Soybeans, a
Cowpeas.a
Peanuts.a..
Philadelphia.....
324,000
Tame hay.b
Baltimore.......
714,000
39,000
Can. Atl. ports..
72,000
a
......
3,810,000
Total week
1940.
Since July 1, 1939
18,000
a39,000
86,267,000 21,694,000 3,901,740
The
i~o~8~666
315,000
468.000
4,579,000
390,000
63,700
358,000
172,000
98,605,000 24,178,000 3,160,811 3,879,000 3,344,000
28,000
9,989,000
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, March 15, were as follows:
GRAIN
Wheal
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
20,000
Philadelphia...........
12,000
10,000
39,000
75,000
158,000
9,000
1,000
251,000
717,000
19,000
87,000
58,000
315,000
126,000
869,000
58,000
7,945,000
3,789,000
796,000
*98*666
Wichita
Hutchinson...
7,061,000
3,909,000
2,735,000
27,125,000
7,872,000
6,740,000 13,572,000
120,000
8,000
8,000
72,000
291,000
4,000
25,000
2,000
3,000
Baltimore
New Orleans
Galveston
...
Fort Worth
..
St. Joseph
Kansas City.
Omaha
Sioux City...
St
725,000
Louis..
5,862,000
Indianapolis
1,633,000
Peoria
"
1,601,000
1,336,000
1,178,000
779,000
afloat
14,180,000
1,000
1,000
"
i~,666
16,000
30,000
1,000
10,000
143,000
394,000
8,000
4,000
113,000
709,000
1,583,000
663,000
9,770,000
Chicago
I*
1*5*2*666
503,000
232,000
Milwaukee
537,000
3,756*000
16,000
Minneapolis.
24,738,000
10,402,000
1,021,000
264,000
1,616,000
Duluth
18,899,000
2,751,000
199,000
643,000
1.152*666
3.314,000
359,000
Detroit
90,000
2,000
4,000
2,000
Buffalo
3,845,000
2,116,000
180,000
735,000
556,000
239,000
371,000
15, 1941 ..127.068.000 62,839,000
8, 1941..129,615,000 62,571,000
3,551,000
4,899,000
6,077.000
3,699,000
"
afloat..
Total Mar.
Total Mar.
Total Mar. 16, 1940..
97,451,000 39,121,000
96.3
835,000
1,404,000
108.2
98.4
1,942,000
2,009,000
5.467,000
10,528,000
9,788,000
93.0
2,647,000
3,217,000
103.1
1,951,000
3,120,000
2,390,000
61,592,000
2,396,000
62,398,000
100.3
56,102,000
_
Grown alone for all purposes,
1,855,000
92.3
Partly duplicated In hay
acreage,
101.3
b Acreage
Department at Washington, in giving out its report on
planting intentions on March 18, also made the following
March
reports from farmers showing the acreages of principal crops
(except cotton) that they plan to grow this year indicate widespread fur¬
adjustments to the agricultural program, shifts between various cash
ther
in
to price changes, and some rather large reductions in
portions of the West where much improved moisture con¬
permitted the planting of an increased acreage of winter
wheat.
For the country as a whole the most
important decreases in plant¬
ings
now
indicated are spring wheat,
1,400,000 acres, or 8%; grain
sorghums, 1,300,000 acres, or 12% ; corn, 500,000 acres, or 0.6 of 1% ;
Barley, 400,000 acres, or 3% ; potatoes, 100,000 acres, or 4%; soybeans,
700,000 acres, or 7% ; flaxseed, 2% ; beans, 8%, and tobacco, less than 2%.
The
principal increases reported include oats, 900..000 acres, or 2%;
tame bay,
800,000 acres, or 1%; sweet potatoes, 8%; rice, 6%, and
cowpeas,
3%.
Reports on peanuts show prospects for about the same
acreage as last year.
The net decreases indicated in these crops will
probably be about offset by an increase of 3,000,000 to 4,000,000 acres
of winter wheat and rye, for the
acreages sown
last fall were close to
average, while those sown in the fall of 1939 were low because of severe
drought conditions.
crops
response
5,013,000
6,222,000
7,017,000 10,014,000 12,753,000
spring
crops
in
ditions
STOCKS
Bushels
United States—
1,427,000
88.2
2,988,000
comments:
visible
New York
1,678,000
97.2
Comments Concerning Crop Report—The Agricultural
72,000
Complete export data not available from Canadian ports.
a
772,000
102.4
harvested.
2,219,000
Slnce July 1, 1940
882,000
9,679,000
99.4
......
18*666
6,000
Total week 1941.
3,365,000
i.
8,674,000
...._.
New York
New Orleans
...
1,090,000
10,978,000
3,104,000
....
Potatoes
Sweet potatoes
Wheal
3,418,000
18,344,000
39,196,000
12,713,000
2,406.000
943,000
.....
Grain sorghums, all
..i
Exports from—
101,081,000
21,762,000
All spring wheat
Durum
last
fall
After allowing for shifts between similar
crops, most of the changes from
year's acreages appear rather small.
The intended increase in oats,
gave
an
excellent yield last .year,
partially offsets the indicated
last
which
decreases
in barley, corn and grain sorghums, leaving only about a 1%
decrease in plantings of feed grains now planted.
The decrease in spring
wheat offsets part of the increase in winter
wheat, indicating a total wheat
_
acreage
perhaps
2,000.000 acres above that of last year but not far from
last 20 years.
The 1.3% increase planned in tame hay
large enough change to be of much significance this early in the
season,
but last year's acreage was 2,000,000 acres larger than that in
any previous year.
As another large acreage of sweet sorghums for hay
and forage will
probably be planted and there is no reason to expect
wild hay to be as much reduced by
drought as it was last year, farmers
appear to be making ample provision for the increasing numbers of cattle
and sheep.
This further increase in hay acreage is likewise in keeping
with the Soil Conservation Program.
the average of the
is
not
a
Volume
The Commercial & Financial Chronicle
152
The 3.7% decrease in potatoes now planned does not indicate a large
change, but such a decrease would result in the smallest potato acreage
since /1926.
The decrease reflects widespread discouragement in the prin¬
cipal north central and northwestern potato growing States, where prices
have been low because last .year's record-smashing yield of 130 bushels
per acre resulted in a larger crop than could be marketed except at prices
much
below average.
The increase in sweet potatoes is merely a return towards a more
normal
acreage, for with plantings last year the lowest since 1930. supplies are
short and bringing good prices.
Plans to further expand the acreage in
rice also show the stimulating effect of a price increase,
for although the
crop was large the price has recently been higher than at the same season
in
nine of the last 10 years.
Plans for flaxseed and beans and those for
soybeans in the north central commercial area show decreases that are
probably due to lower prices following record or near-record production
last year.
The reductions now planned would still leave unusually large
acreages of soybeans
and flaxseed and a near-average acreage of beans.
The increase in cowpeas is part of the trend towards an increased acreage
of legumes in the South.
In the South, where much of the acreage of
soybeans is cut for hav, the acreage is expected to be increased.
The
decrease in tobacco is chiefly in fire-cured and air-cured types in Kentucky
and
Tennessee.
These March
if
s
weather
reports show about what farmers may be expected to grow
cause
no
more
than the usual local difficulties and
conditions
price changes prior to planting time are not disturbing.
In some years
the publication of farmers' intentions to plant has caused extensive changes
in
plans.
This vear the acreages now indicated are probably close to
those expected.
The more precise information on what farmers elsewhere
now expect to do will help many individuals to adjust their plans to the
new prospects
in their States, and they may encourage some potato growei-s, but for the country as a whole the principal changes in plans between
March 1 and planting time this year are likely to be the usual local adjust¬
ments necessitated by unexpected weather conditions and ehanges resulting
from the rapid shifts in relative prices that often occur in time of war.
Considering all crops covered by current surveys, present indications are
that the total acreage grown this season will be about the same as in 1940.
probably averaging slightly less in most northern areas from Michigan and
Illinois westward, and perhaps 1% more than last year in the area south
of the northern borders of North Carolina, Kentucky, Ohio, Indiana, Mis¬
souri, Nebraska, Colorado and Arizona.
The acreage that will be harvested
the aggregate production that
will be secured are more difficult to forecast because largely dependent
on future weather conditions.
Present moisture conditions appear unusually
favorable in the Southern Plains and west of the Rockies, but there are
areas
in the Northern Plains where subsoil moisture reserves are too low
to provide much protection against drought.
With no more than average
weather difficulties crop yields per acre would probably be enough above
average to
somewhat more than offset the slight prospective reductions
from average in the acreage to be grown, but there can be no assurance
that crop yields will approach the outstanding yields secured in 1940.
prospective acreage of corn to
87,G5t>,000 acres.
This is less than
be planted in 1941 is esti¬
1% below the 1940 planting
but about 13% short of the 10-year (1930-39) average
of
101,081,000 acres.
While the 1941 prospective acreage is less than
500,000 acres below the 1940 planted acreage, it does indicate the fifth
consecutive year of decline and the smallest corn acreage in over 40 years.
In the North Central, or corn belt States, the 1941 season opens with
abundant supplies of corn in most sections.
This is particularly true in
the commercial corn area designated by the Agricultural Adjustment Ad¬
ministration.
This area includes all of the important corn-producing coun¬
ties.
The acreage allotment in this area is virtually the same as that
of 1940.
The prospective planting in the corn belt east of the Mississippi
River is about the same as that of 1940, and in the corn belt States west
of the Mississippi there is an indicated reduction of only one-half of 1%.
Indicated increases of 1% in Minnesota, Soiith Dakota and Nebraska are
more than offset by a decline of
12% in the prospective Kansas planting.
The decline in that State is due chiefly to the displacement of corn by
of 88,143,000 acres,
drought-resistant sorghums and to the increased acreage of small
grains in prospect.
In North Dakota, which is outside the commercial
corn area and where com was a good crop last year, the prospective acreage
this year is 5% above the 1940 planting.
Prospective plantings in all other sections of the country show slight
decreases from those of 1940.
In the North Atlantic States the 1941 plant¬
the
more
ing is expected to be about one-half of 1% below that
South Atlantic States show a reduction of about lVz%,
group
about one-half of 1%, and the Western States
planted in 1940.
of last year. The
the South Central
about 2% from the
acreages
Since
0.1%
1929
in
that
the
percentage
of
to 7.5%
in
vear
acreage abandoned has varied from
each of the years 1934 and 1936.
The
corn
(1930-39) average abandonment is 3.03%.
In 1940 acreage losses
amounted to 1.9%.
Assuming an abandonment of corn acreage in 1941 about equal to that
of 1940, which was about the average for the 10-year period
1929-38.
excluding the heavy losses in the two severe drought vears of 1934 and
1936, the probable acreage for harvest in 1941 would be about 85.991.000
acres.
Such an acreage would be about one-half of 1% less than that
harvested in 1940 and the smallest for harvest since 1894.
10-vear
wheat to be seeded in 1941
This acreage is 8% less than the 18,547,000 acres
seeded
last
year,
and
11% below the 10-year (1930-39) average of
21,762,000 acres.
The seeded acreage in prospect for 1941 is the lowest of
anv
.year since 1924 except the slightlv smaller acreage seeded in 1939.
Prospective 1941 seedings of all spring wheat consist of 2,925,000 acres of
durum and 14.212,000 acres of spring wheat other than durum, compared
with 3,431,000 acres of durum and 15,116,000 acres of other spring wheat
seeded last year.
This places the prospective durum wheat acreage at 86%
of the 10-vear average, and other spring wheat acreage at 78% of average.
Most of the decrease
in prospective spring wheat seedings is in the
Pacific
Northwest and the Northern Rocky Mountain
States.
Of the
decrease of 1,410,000 acres in prospective seedings of spring wheat for the
entire county. 1,123,000 acres occurred in the four States. Washington,
Oregon, Montana and Colorado.
Moisture conditions at seeding time last
fall were favorable to encouraging a maximum shift from spring to fall
seeding in the parts of those States where such shifts frequently occur,
and general observations
indicate that the loss of acreage from winter
damage up to March 1 is small.
A considerable decline in durum acreage
is indicated, which may be a reaction to relatively lower returns from this
WHEAT—The indicated acreage of all spring
is
17,137,000
acres.
of wheat.
If the abandonment
class
;
of spring wheat is about the same as
the average
years 1930 to 1939, excluding the two abnormal years
1934 and
the acreage of spring wheat for harvest in 1941 would be: durum
wheat,
2,583,000 acres; other spring wheat, 11,925,000 acres, and all
spring wheat, 14,508,000 acres.
If the abandonment of winter wheat
acreages
is about the same as indicated in the Board's December, 1940,
report, the total wheat acreage for harvest in 1941 would be approximately
55 709,000
acres.
The acreage of all wheat harvested in 1940 was
53,503,000 acres, and the 10-year average is 55,884,000 acres.
OATS—The prospective 1941 acreage of oats is indicated at 37,102,000
of
the
1936,
acres,
or
2.4% above the relatively low
1940 acreage of 36,237,000, but is
5.3% below the 10-year (1930-39) average of 39,196,000 acres.
Prospective acreage increases are greatest in the South Atlantic and East
North Central regions.
A small decrease in acreage is indicated for the
North Atlantic and Western States, due to slight reductions in New York.
States of the 14 major
1940 show intentions of
planting a smaller acreage this year than in 1940.
The indicated reduc¬
tions for these four States follow:
North Dakota, 5%; Minnesota, 1% ;
Michigan and Texas, 2% each.
The prospective oats acreages m the
North Central region, which usually represents about 79% of the Nation's
acreage
shows an increase of about 2.5% above the acreage grown in 1940,
but will be about 8% below the 10-vear (1930-39) average acreage.
The
East North Central States show a prospective increase of 5%, due largely
to
a
shifting from sovbeans to oats in Indiana, Ohio and Illinois.
The
West North Central States show a prospective increase of 1.2%.
.
a
The prospective oats acreage in the South Atlantic group of 1,513.000
is about 9% more than the acreage grown in 1940 and 16% above
the 10 year (1930-39) average of 1,299,000 acres.
The indicated increase of 2% in the South Central States would give
3 674 000
acres,
or about 8% above the 10-year average.
Substantial
prospective increases are shown for Tennessee, Louisiana, Mississippi, Ala¬
Washington. Oregon and California.
Only four
States which grew as much as a million acres in
acres
and
where
Kentucky.
is
reduction
a
Texas is the only State in the South
Central group
indicated.
.
1
;
,
,
BARLEY—Prospective plantings of barley for harvest in 1941 are esti¬
mated at
14,348,000 acres, a 3% decrease from the 14,759,000 acres
planted for harvest in 1940, but still 13% above the average plantings of
12,713,000 acres during the 10-year period, 1930-39. These estimates in¬
clude both winter and spring barley.
Winter barley, which until a few
ago
was
confined largely to the Southern States, has gradually
incieased in popularity farther north.
It is now grown on a larger acreage
spring barley in States as far north as Missouri, Illinois, and Penn¬
sylvania.
Of the principal barley States of the East, decreases are expected in
New York, Pennsylvania and Virginia, where barley has been displacing
winter wheat in recent years.
In the major barley area the decline in
North
and
South
Dakota
and in
Minnesota,
Iowa, and
Wisconsin is
attributed to relatively unprofitable returns in 1940 ; and the increase in
Nebraska and Kansas to the utility of barley as a "patch-up" crop in
years
than
partially abandoned wheat fields and to its ability to yield early a fair
quantity of good feed in a dry season.
Increases in the irrigated areas
of the Rocky Mountain States are due to good yields obtained and recog¬
nition of the value of barley as feed for livestock.
The decline in Cali¬
fornia is due to the low price in the fall of 1940 and to flooded con¬
ditions at planting time in the important producing area of the Sacramento
Valley.
:'v.
Abandonment of barley varies widely—from 0.5% in 1927 to 42.4% in
1934—and has approximated 16% for the
10 years, 1930 to 1939.
In
1940
abandonment
was
estimated at 9.2%.
Acreage harvested in the
period averaged 10,707,000 acres, and in
With percentage abandonment equal to 1940,
10-year
acres.
approximate
1940 was 13.394.000
harvest in 1941 would
13,000,000 acres.
fol¬
Commodity Credit Corporation Statement—The
lowing
statement
CCC
showing
and
outstanding
loans
of Feb. 28 was
recently by the U. S. Department of Agriculture:
commodities owned by the Corporation as
issued
STATEMENT
LOANS
OF
OF COMMODITY CREDIT CORPORATION AS
FEB.
OF
and
CORN—The
mated at
bama
1951
28
Commodity Loans
1938
Held
Held by
Held by
Total Out¬
CCC
Banks
■A $
$
Barley Loans—
Collateral
S
83.304
Sub-total
1.987.946 Bush.
29,677
30,111 Bush.
83,738
1940, Form B__
1,904.641
433
1940, Form A
as
standing
1,934,319
6,221.743
104,982
2,018,057 Bush.
6,326,725
Butter Loans—•
20,113 Lbs.
20,113
1940
65,788
Corn Loans—
1938.
4,705 Bush.
4,705
-
8,113
2,696,958
2,996,492
2,696,958 Bush.
3,003,814 Bush.
4,254,694
"7*321
5,698.155
1938-39
1939
7,321
5,705,477 Bush.
9,682,632
5,419,825
1938-39 reseallng program:
Nhn-cash transfers of
principal
113,660,677 Bush. 199,187,003
113,660,677
----
Storage disbursements—
16,591,177
16,591,177
130,251,854 Bush. 199,187,003
130,251,854
422,836
1940
136,372,847
Sub-total
43,496,010
43,918,847 Bush.
72,095,181
43,503,332 179,876,180 Bush. 280,964,816
Cotton Loans—
45,174,434
1938
53,314,262
98,488,696 Bales
2,006,468
133,073*571
941,372 Bales
135,680,800 Bales
2,816,383
941,372
1939.
1940
2.607,228
.
20,126
fikes
4,842,977
15,747
17,192 Bush.
688
688 Bush.
59,233
2,593
48,723,035 186,387,833 235.110.869
Sub-total
Grain Sorghums—
1,444
1940, Form A
1940, Form B
16,435
1,444
Sub-total
61,826
17,880 Vush.
Hops Loans
977,461
Total
3,970,157
977,461 Lbs.
Peanut Loans—
1940
26.362
1,690,113 Tons
1,690,113
..
Pecan Loans—
Total
3,000
54,446 Lbs.
54,446
-
Prune Loans—
1940-.
82,508
5,138,133 Tons
5,138,133
-
Raisin Loans—
365,883
365,883
1938--
4,551,469
Sub-total
*9*8*374
4,551,469 Tons
4,917,353
1940
4,917,353 Tons
98,374
Rye Loans—
1938...
-
V-
467,282
4,222,366
208,890 Bush.
208,890
64,180
Sub-total
1,525*,008
1,589,188 Bush.
273,070
1940
1,525,008
1,798,079 Bush.
4,689,648
Tobacco Loans—
854,782
7,507,578 Lbs.
6,518,088
6,518,088 Bbls.
6,253,790
6,253,790 Bbls.
442,072
Gals.
Sub-total
6,184,437 Lbs.
854,782 Lbs.
7,507,578
1940 dark...
468,358 Lbs.
6,184,437
1940 flue cured
Turpentine & Rosin L'ns-
1940
4,762,740
35.925,450
468,358
1939 dark
*377,829
41,066,019
400.666
6,652,162
1,902,071
19,424,041
Sub-total
6,652,162 Bbls.
Gals.
.
1,822,048
558,702
19,424,041 Bbls.
1,401,440
4,724,119
Gals,
Wheat Loans—
9,930,885
7,063,964 Bush.
31,481,899 Bush. 48,461,493
165,976,426 Bush. 224,341,564
7,924,296 158,052,130
1939, Form A
7,063,964
1940, Form A
1,197,293
1940. Form B
16,185,554 188,336,736 204,522,291 Bush. 282,733,942
Sub-total
Total
*
30,284,606
commodity loans.- 241,368,933 421,703,666 663,072,600
Collateral securing disbursements
of $811,308,87 not reported by
COMMODITIES OWNED BY COMMODITY
OF
Custodian.
CREDIT CORPORATION AS
FEB. 28
A fl itiofo/1
Adjusted
Quantity
Corn..
Bush. 220,931,312
Cotton-..-----Bales
6,182,880
Rubber
-Tons
88,182
Rye-------------------------.-.-.--Bush.
'■ 7,586
Tobacco—--------Lbs
331,330,494
Wheat
-.Bush.
518,129
Commodity—
..
—
Book
Valu
$161,322,74^
358,138,12!;
31,621.22^
4.HT
70,466,69
450,42'
Bushels—
wheat loans have occurred
in the past few days, CCC reported on March 15.
Repay¬
ments up to March 11, 1941, totaled 6,059,692 bushels for
a value of $3,676,140.
Wheat delivered to the Corporation
in maturity of notes totaled 782,416 bushels.
The 1940
Wheat
Loan
Repayments Total 6,059,692
Substantial repayments of 1940
1952
The Commercial & Financial Chronicle
wheat loans closed
Dec.
278,052,884 bushels.
31, 1940.
Loans
made
were
No. of
Farm
Warehouse
Loans
Storage
Storage
Bushels
4
...
current
1,301
846
2,983
10,280
8,537
41
Colorado
27,738
77,034
70,153
39,115
13,148
287,667
20,204
28,093
403,123
86,489
256,728
106,279
growth
281
299
-
-.
-
Iowa
-—^ -
-
-
-
-
-
367
-—-. -
32
-
Kansas—- -———- -
Kentucky.
Maryland
7,704
17,756
18,382
12,403
-
.
25,559
327
45,442
86,481
97,477
483
16,060
220,105
165,890
58
43,317
74,626
181,30
12,015
66,553
-
-
-
Missouri-------—
Montana..—--—————
Nebraska
166
71,759
12
...
7,412
43,149
New Mexico—
North Dakota
358
Ohio
533
Oklahoma----
387
38,507
170,186
343
44,395
Oregon
Pennsylvania
----- --
South Dakota
602,871
13,187
19,748
6,700
44,951
175.061
131,927
112,499
93
Virginia
Washington
203,618
8,372
56,817
40,006
83,761
1,036,699
366
Utah
12,438
129,087
9,937
22,110
15
Texas..
58,714
197,245
17,739
86
Tennessee
24,369
244,627
129,448
151,375
985,026
62
i—-
-
143
30,346
-
183*452
1,660,939
19
-
639
18,667
9,965
16,925
5.647
Wyoming
—
1.405,303
4,654,389
$3,676,140
-
-----
Total
CGC
Reports
Corn
on
loan at the rate of
Loans—Corn
approximately
one
moved
into
the
million bushels
per
day during the week ended March 8, 1941, the
Commodity
Credit Corporation announced on March 15.
Total 1940
corn under loan on that date was
79,326,079 bushels, valued
at $48,327,490, compared to
72,120,843 a week ago.
Seven¬
teen loans were repaid
during the week for a total of 16,317
bushels.
Loans by States follow:
State—-
Illinois-
—
No. of Loans
—10,077
.
Bushels
Amount
10,675,699
$6,511,962
903
781,568
476,728
———-
45,303
—
706
45,332,104
504,158
27,651,948
305,680
Indiana
Iowa
-
Kansas...
-
—-
Kentucky
Michigan
1,5
41,941
25,584
7
Nebraska
2,467.036
3,477,446
1,503,437
10,223,034
6,220,266
104,193
214,868
3,253,978
12,361
47,967
131,069
1.965,638
25
—.....—
2,487
2,905
11.873
—
5,711,061
83,951
Missouri-..
4,078
7,264
Minnesota.---—-———---—-
79.326,079
$48,327,490
North Dakota————————
87
Ohio
382
South Dakota
Wisconsin
4,404
-
-----
Total
7,274
Weather Report for the Week Ended March
19—The
summary of the weather bulletin issued
by the
general
Department of Commerce, indicating the influence of the
weather for the week ended March
19, follows:
Cold,
polar
the central
air
and
dominated the weather of
portions of the United States.
masses
eastern
the
throughout
At
the beginning of
the period an extensive
"high" had overspread the Northern Plains with
a sharp drop in temperature.
This air mass moved
slowly southeastward
to the south
Atlantic coast by March
15, attended by abnormally cold
weather for the season; the
freezing line extended into northern Florida.
Again, on the morning of the 16th, a
very unusual and extensive polar
mass of air moved
rapidly into the Northern Great Plains, attended
by sub¬
zero temperatures and
high winds.
This "high" moved
extremely fast in a
southeastward direction and brought to the
eastern
half of the United
States one of the most severe cold
waves
of record
for so late in the
season.
Temperatures of 10 degrees to 14 degrees below zero
were reported
from the
Northwest, with
zero
as
far south as
Chicago, 15 degrees at Wash¬
ington, D. C., and 23 degrees at Atlanta, Ga.
However, as the cold wave
moved
eastward there was a
rapid reaction to warmer weather in the
Northwest ; at the close of the week
temperatures were lower in northern
Georgia than in Montana,
In the Ohio Valley the
weekly minimum ranged from 5 degrees at Pitts¬
burgh to 14 degrees at Evansville,
Ind., and in the Mississippi Valley
minus
7 degrees at Minneapolis-St.
Paul, Minn., to 28 degrees at Vicksburg, Miss.
The lowest temperature
reported for the week was minus 20
degrees at Big Pmey, Wyo., on the 14th,
The week
Mountains,
In
region.
from 8
as
whole
a
except
the
was
abnormally cold everywhere east of the Rocky
along the northeast coast and locally in the
uppel Lake
interior and
Southern
States temperatures averaged mostly
degrees to 12 degrees below normal.
In the Far West
above-normal
warmth prevailed.
An outstanding feature of recent
weather has been
the persistent low temperatures
in the
Southeast, this being the fourth
consecutive
week with
abnormally cool weather.
Heavy to excessive precipitation occurred in the Far
Southwest, particu¬
larly in southern California, Arizona, and southern
New
Mexico.
San
Diego, Calif., again reported heavy rains, the
weekly total being 3.4
inches, while 2 8 inches occurred at
Phoenix, Arix.
The first half of
March has had the heaviest rains of
record for the season in
the Salt and
Verde River watersheds of Arizona.
In
other portions of the
country
precipitation was mostly light to moderate,
except for some heavy local
fabs in the Northeastern
States, and practically no rain in the
extreme
Southeast and the Northwest.
The abnormally low temperatures
that prevailed during the
week, together
with continued wet soil in much
of the South, were
decidedly unfavorable
lor agriculture, and
seasonal farm operations
made but little progress in
most sections of the
country east of the Rocky Mountains.
In the Southern
btates, especially from the lower
Mississippi Vallev eastward, growth of
vegetation was further retarded and
spring work 'is generally backward.
Also; in the Southern Great Plains and the central
trans-Mississippi States
outside
derations were largely at a standstill and farm work now ranges
generally from 1 to as many as 3 weeks behind
normal, though considerable
accomplished in Texas, where corn
was
planting is beginning in north and
central portions and cotton
planting is progressing in the extreme south.
In Florida the weather was
much too cold, with
frost on the 15th doing
more or less
damage to tender vegetation as far south as
Sarasota ; citrus
groves
continue in
good condition, but trees are
blooming irregularly
Conditions generally were unfavorable for
tobacco beds in the
Southeastern
States.
Aside from frost damage to truck
in the extreme
Southeast, results
of the cold wave at the close of
the week cannot be
determined at this
time, but there are apprehensions as to
some
damage to grain and to
peach buds nearly in bloom
From
able,
^
the
with
a?'1"
southern
unusually dry.
California
favorable and
more
zona
in
Georgia.
Rocky Mountains westward conditions
continued mostly favor¬
in the north Pacific
area, where March
precipitation beneficial
r*
was
the
Continuation of heavv rains in parts of
harmful, but in Valley sections
conditions we?e
general outlook is
improved.
Heavy rains in Ari¬
water storage in the Salt
and Verde River water¬
good mountain snow storage in
northern New Mexico
promises
an
above-normal runoff.
In northern
mountain sections
storage is generally deficient.
Lambs were favored in
markedly increased
sheds, while there
is
a
which
the
sections,
tains.
m
far
but the cold
The
season
is
wave
was
hard
more
on
livestock
western
east of the Rocky Moun¬
unusually late in the South and
Southeast and early
northwestern sections.
of
-y
DRY GOODS TRADE
Friday Night, March 21, 1941.
An active demand and
advancing prices again featured the
markets for dry goods during the past week.
Buyers were
said to have been more concerned over the
problem of secur¬
ing wanted deliveries than they were over'prices, and on
many lines it was found difficult to make purchases before
June.
It was said that deliveries of print cloths were
grow¬
ing so scarce that it was necessary to split orders for as little
as 300,000
yards among two or more mills for positions up
to July.
Faced with the task of rejecting or accepting more
orders than they could appraise in the time
allowed, a
number
of mills withdrew from the market while others
tried to price themselves out of the market by
marking up
values to levels which they
thought buyers would refuse to
consider
only to find that this policy
was
of
no
avail
as
buyers were not only willing to pay the advanced prices but
continued to submit bids higher than the
prices quoted by
mills.
There has been considerable talk of late
regarding the
imposition of price controls, but the general belief appeared
to be that the most effective way to stabilize
prices ana keep
goods flowing at a rapid rate through distributing channels
would be to maintain production at its
present high rate.
In this connection, a number of mills are
reported not only
to have added third
shifts, but also to have resorted to
Saturday operations. By so doing they have put an end to
the week-end blackouts.
A decidedly firm tone
prevailed in wholesale markets for
dry goods with demand active.
Trading in a number of
directions, however, was restricted by the scarcity of offer¬
ings and the difficulty in securing needed deliveries.
The
sharp rise in cotton futures stimulated trading in gray goods
and print cloths, but
owing to the delivery tangles and the
absence of supplies of certain weaves, the business
placed
reflected only a small percentage of the demand
that
developed for goods. Sheetings were freely taken at steadily
rising prices, with many mills sold tightly through the third
Demand covered practically every construction on
Buyers were in active search for supplies of the
bag numbers for nearby shipment but found it impossible to
quarter.
the list.
obtain the
week
West
New York,
5,903
128
i
THE
233,847
-—-
-----.
Oat
slow.
soil.
13,618
75,918
15
-—-——- -—
-
is
wet
113,173
6,311
31
Mlchlgan..
M innesota
352
»
--------—
and
105,422
Idaho...—Illinois
Indian a
Bushels
'
7
1941
Texas, but,
seeding was still further delayed by cold
the Rocky Mountains conditions continue
generally favorable, with spring wheat seeding completed in many drier
sections'of the Pacific Northwest and winter wheat reported as doing well.
Soil moisture in grain areas is unusually abundant, and when
temperatures
become favorable growth of wheat will be rapid.
Amount
weather
Arkansas...--California..
22,
SMALL GRAINS—The weather was unfavorable for winter wheat east of
the Rocky Mountains, but possible damage by the current cold wave is
undeterminable at this time.
In the Southwest the crop made very little
growth and the question of permanent winter damage is tsill unknown.
Wheat continues in mostly good condition in Oklahoma and
on
Repayments by States follows:
State
March
quantities they wanted.
A consistent demand
was
noted for drills, while there
were bids in the market for
large
quantities of osnaburgs which mills were reluctant even to
consider owing to their
tightly sold position.
An active
demand was also reported for
ducks, with the amount of
business placed limited.
Most producers of ducks are piled
up with priority orders, and as a result supplies available for
commercial usage not only are small but will continue small
over
the next six months at least.
Demand for rayons con¬
tinued
to expand with the trend of
prices upward.
Mills
for the most part are so well sold
up that they are said to
have virtually withdrawn from the market in so far as busi¬
ness for spot or
nearby
delivery is concerned.
Prices for
print cloths were as follows: 39-inch 80s, 9c.; 39-inch 72-76s,
8%c.; 39-inch 68-72s, 8c.-8Mc.; 38^-inch 64-60s, 7c., and
38^-inch 60-48s, 6c.-63^c.
Woolen
Goods—1The situation in the wool
piece goods
clarified during the past week
by two develop¬
ments which are considered
likely to have an important
bearing on trading operations for some time to come. These
two developments consisted of the
opening of bids on approxi¬
market
was
mately 21,000,000 yards of heavy wool fabrics by the United
States Army, and the issuance of
regulations by the Federal
Trade Commission
governing the marking and distribution
of wool products under the
provisions of the Wool Labeling
Act.
As a result of these two
developments, it is
now
expected that mills will be in
a position to
proceed with the
manufacture and merchandising of fabrics for the
coming
fall and winter season which has
heretofore
Confusion
over
the wool
back the
been delayed.
labeling matter had been holding
placing of business on various fabrics.
Business
wear fabrics
during the week was confined largely
search of supplies on the
part of clothing manufacturers.
Owing to the generally sold up conditions of mills for several
in men's
to
a
months
ahead, buyers found it difficult to secure additional
supplies of the fabrics they customarily use.
Prices were
firm, and in view of the fact that
clothing manufacturers
are confronted with
demands for higher wages by the unions,
indications were that prices are
likely to work higher.
A
brisk demand was noted for women's
wear, but most of the
business placed was for fall fabrics.
According to reports,
retail sales continued
to
run
well
ahead
of
a
year
ago
in
localities which escaped the bitter
wintry weather during the
o.n'.::
week.
Foreign Dry Goods—Linens ruled steady with little change
Prices for burlaps continued their
upward trend as decreasing stocks and the unfavorable
shipping situation induced sellers to withhold offerings.
Domestically lightweights were quoted at 7.95c. and heavies
in the market situation.
at 10.45c.
Volume
The Commercial & Financial Chronicle
152
Feb.
1
to
George
Specialists in
April 1.
The bill, sponsored by Assemblyman
Parsons, Syracuse Republican, was the first
introduced this year in 'the Assembly.
B.
measure
Illinois & Missouri Bonds
1953
Governor Lehman pointed out if the bill became law it would postpone
for two months annually the receipts of more than $30,000,000 in State
revenues.
"There has been," he said,
Stifel. Nicolaus & CoJtic.
three
Founded 1890
105 W. Adams St.
314 N.
DIRECT
CHICAGO
Broadway
ST. LOUIS
or four months of the fiscal year,
necessitating large temporary bor¬
rowings in anticipation of the collection of taxes, and that such temporary
borrowings now amounted to $300,000,000.
Observing that it was im¬
portant to the "credit and safety" of the State that temporary loans be
kept as low as possible, he said prudence required tnat he did not permit
legislation to increase further the State's financial problems, and that
"to do so might create a dangerous situation for the State."
Bill for
paper
News Items
Arkansas—Investment
Bankers
Purchase
Bonds
from
RFC—Heading
one of the largest underwriting groups on
Chase National Bank, Kuhn Loeb & Co. and
Mercantile Commerce Bank & Trust Co. of St. Louis pur¬
record,
chased
and redistributed March 18 $35,000,000 State of
Arkansas 3% and 334% highway refunding bonds at 10134 •
The purchase was made from the Reconstruction Finance
Corporation which bought $136,330,000 of the bonds directly
from the State
on
Feb. 27 at par.
as
to whether the market would absorb ail the
$90,000,000 and price
stipulations set by the RFC caused the syndicate to consider a commitment
on $68,000,000 of the bonds at a
3H % rate. The RFC, however, notified
bankers that it would bid for the entire issue.
When price discussions began with the RFC, the banking group said that
of bonds offered pubiiciy wouid have a direct bearing on the
the volume
obtained, contending that they could obtain a better price on a smaller
than on $60,00O,00G or more at one time.
Bankers attribute the
higher price to the smaller block offered for sale, to the fact that the
general market is firmer, and to the fact that all the Arkansas bonds have
been called for repayment and holders of the old bonds face a problem of
price
amount
current
reinvestment.
In announcing the sale in Washington, the RFC said that in addition to
$35,000,000 sold to the Chase group, $15,000,000 was awarded to
Halsey, Stuart & Co. for distribution on or after April 1; $10,000,000 to
Bank of America National Trust &
Savings Association for its investment
account and $3,000,000 to the Arkansas State
Sinking Fund.
The RFC said that Chase and Halsey Stuart paid a premium of 1)4%,
or $750,000.
Bank of America bought its bonds the day following purchase
by the RFC at a premium of 1% or $100,000. The $3,000,000 sold to the
the
Arkansas fund went at par.
The RFC said all of the bonds except those sold to the State Sinking Fund
of proportionate amounts of the various rates, classes and ma¬
consist
turities.
had
an
No
more
of the bonds will be offered until the market has first
opportunity to
absorb the $35,000,000 sold to the
Halsey Stuart, the RFC said.
Chase
group
and the $15,000,000 sold to
Municipal Bond Tax Exemption Seen
as
Increasing
Value—If future issues of municipal bonds are made taxable
and old issues remain tax-exempt, which is how the situation
with respect to the partially exempt
will be a continually increasing supply
Federal issues, there
of taxable issues from
corporate, Federal, State and municipal sources, and a
rapidly decreasing supply of tax-exempt bonds as a result
of maturities and sinking fund operations.
This is a. con¬
clusion reached by the Pacific Coast and New York invest¬
ment firm of Schwabacher & Co. in a printed study, "Tax
Exemption in Municipal Bonds,"
The fjrm
expresses the view that the real value of tax exemption will
a result of increased income tax rates and that, consequently,
in yieid between taxable and tax-exempt issues should increase
substantially in the next few yeais.
increase
as
the spread
Because of the stated probability that further increases in income tax
in 1941 will hit hardest person® with taxable incomes of $10,000 to
$20,000, investors within these brackets must now give more serious con¬
sideration than ever before to the desirability of investing their surplus
in available tax-exempt bonds, the study declares.
It adds that the cost
of tax exemption will rise materially if the supply of new tax-exempt mu¬
nicipal issues is cut off through legislative enactment, and that already the
intrinsic value of the tax exemption privilege is continually on the rise.
rates
Municipal Bond Attorney Passes Away—James Hope
Caldwell, an attorney who had practiced in New York City
50 years, died on March 19 at St. Francis Hospital,
Miami Beach, after a short illness.
He was senior partner of
the firm of Caldwell & Raymond, a law firm which specialized
in municipal and State bond issues.
for
In
the firm
with
which he
was
New
Instalments
June 15,
pay in Federal taxes was
income tax payments are now
on
York
,
Authority which is intended ultimately to
Constitution to
tax
income from
the
Change in Motor Registry—Governor
a bill which would have changed
the date for the annual registration of motor vehicles from
prove
in the
right under the
State and
municipal
It sent notices of deficiency to seven holders of Port Authority bonds who
had not included interest therefrom in the tax returns they filed March 15,
1938.
The claims were sent to Howard S. Cullman, Vice-Ohairman of the
Authority; Alexander J. Shamberg, another commissioner of the Authority;
Dennistoun M. Bell, Maurice Bouvier, Henrietta J. Bouvier, Willis S,
Kilmer and Martin S. Paine.
The Port Authority itself
these
is expected to undertake the legal defense of
bondholders.
The Internal Revenue code
provides that the Federal Government may
States, territories or "political sub¬
not tax the interest on the securities of
divisions."
New York
It is the
Treasury's contention that entities like the Port of
Authority are neither States nor territories nor "political sub¬
divisions," and therefore the interest from their securities is not exempt
from the Federal income tax.
If the courts agree with the Treasury on this point, the Government will
bring up the broader constitutional question of the immunity of State and
municipal securities from Federal taxation, a Treasury statement said.
It was emphasized that this latest move, even though technically an
effort to collect on old income, represented no change in the administration's
policy of seeking to tax interest on future issues only of State and municipal
securities.
Secretary Morgenthau has opposed proposals to tax outstanding
State and municipal securities.
"Treasury officials feel," a Treasury statement said, "that the silence of
Congress on the income-tax status of obligations of the Port of New York
Authority and similar public corporations has left the department no alter¬
native but to proceed in the present case."
The present action goes back to the Supreme Court's decision in the Port
of New York Authority salary case (Helverlng vs. Gerhardt, 1938, 304 U. S.
405: rehearing denied, 1938, 305 U. S. 669).
The defendant was an em¬
ployee of the Port Authority, and the court held that his salary was taxable.
,
United
States
Authority—Notes
Housing
Sold—A
syndicate headed by the Chemical Bank & Trust Co. of New
York, was the successful bidder on March 20, for a total of
$22,820,030 out of the entire $23,820,000 local housing
authority short-term loans offered on that date.
The rates
of interest accepted ranged from 0.36% to 0.42%.
Five issues were awarded
of which
the largest was $9,700,000 Chicago
Housing Authority notes.
Chemical Bank group purchased $8,700,000 of
issue, at a price of 0.42%, plus $30.50 premium
The remaining
$1,000,000 was awarded tc Harvey Fisk & Co. on a bid of 0.40%, plus $18.
this
The Chemical group
purchased $5,375,000 Peoria, 111
Housing
a
uthority
$2,285,000 Springfield, 111., Housing notes; and $1,465,000 Ham¬
Ind., Housing notes, bidding 0.36% for each.
The $5,000,000 New Haven Housing Authority notes were purchased at
0.42%, plus $46.
Associate members of the Chemical Bank syndicate include:
Chase
National Bank, National City Bank, Guaranty Trust Co., Bankers Trust
notes,
mond,
,
Co.
and
Manufacturers Trust
Bond
,
,,
Co
Proposals and Negotiations
Alabama
Municipals
Steiner, Rouse & Co.
*
Members New York Stock
Exchange
NEW
BIRMINGHAM, ALA.
YORK
Direct Wire
ALABAMA
BARBOUR COUNTY (P. O. Clayton),
—It is now
Ala.—BOND SALE DETAILS
reported that the $146,000 2%%
semi-annual refunding bonds
Watkins, Morrow & Co., both of Birming¬
1787—are more fully described as follows:
Denoro. $1,000.
Dated March 1, 1941.
Due March 1, as foUows: $5,000
in 1942 to 1945, $6,000 in 1946 and 1947, $7,000 in 1948"to 1952. $8,000 in
1953 to 1956, $9,000 in 1957 to 1959, and $ 10,000 in I960 and 1961.
Prin.
and int. payable at the Chase National Bank, New York.
Legality to he
approved by Reed, Hoyt, Washburn & Clay of New York.
sold jointly to Marx & Co., and
ham, as noted here—V. 152, p.
JEFFERSON COUNTY (P. O.
Vetoes Date
March 15
news¬
follows:
securities.
Road
to be
Senator Joe R. Hanley, majority leader of the Senate, and Speaker
Oswald D. Heck of the Assembly announced that four bills involved in the
fight would be reported out of the appropriate committees "without recom¬
mendations," which means there will be no attempt to bind the Republican
members to support either of two pending plans.
'
One plan is that advocated by Governor Herbert H. Lehman, who
recommended the diversion to highway and parkway work of $60,000,000
of bonds originally voted as part of a $300,000,000 issue for grade-crossing
elimination.
The other calls for the issuance of $200,000,000 in new bonds
for highways and parkways, the bonds to be financed by setting aside one
cent of the State's gasoline tax of four cents a gallon.
on
as
deduct the amount
Understood to be dead for this session, State
deductible from Federal income tax returns.
courts that the Federal Government has the
Finances—The long controversy over the method
adopted to finance highway and parkwray construction in the
State will be settled next week in open debate in both houses
of the Legislature, it was decided on March 17 by leaders
of the Republican majorities.
Governor
Revived—A
Port of New York Authority—Treasury Moves to Tax
Bonds—The Bureau of Internal Revenue began a test action
on March
14 against the bondholders of the Port of New
associated at his deaoh, and in earlier
State—Legislature Sets Open Debate
Lehman vetoed
Tax
March 17 reported
Sept. 15 and Dec. 15.
they
Vahey Authority.
York
State
on
on
Assemblyman Maurice Whitney, Rensselaer Republican, pressing his
fight for the passage of a bill to permit payment of the State income tax in
four equal instalments, said that the bill, sent back to committee two weeks
ago, was slated to be reported out again tomorrow with an amendment to
make it first effective as to 1943 incomes payable in 1944, instead of on 1942
incomes payable in 1943 as originally provided.
Mr. Whitney was understood to have obtained the support of the Re¬
publican majority leaders of the Legislature for the passage of his amended
bill.
In its original form it was sent back to committee on the ground that
it would upset current budgetary estimates for the next fiscal year.
The normal State income tax now may be paid in three instalments, half
on the April 15 return date; one-quarter on June 15, and the rest on Oct. 15.
Mr. Whitney's bill would permit equal quarterly payments on April 15,
associa«ions, Mr. Caldwell had served as bond counsel to the cities of
Buffalo, Syiacuse, Miami Beach, Nashville and Chattanooga.
He also
served in recent negotiations covering the purchase of certain electric
properties from the Commonwealth and Southern Corp., for use by the
Tennessee
Four
dispatch from Albany
Mr. Whitney's bill to permit State income taxpayers to
The banking group which purchased the bonds from the RFC does not
include aii of the original syndicate which was formed to bid directly on
$9C mihion of the bonds from the State. At that time, bankers understood
that the RFC would purchase the balance of approximately $46,000,000.
Doubt
"a steady trend in recent years to advance
the date of payments of money by the State.
At the same time, attempts
are continually made to
delay the date of revenue collections."
He said nearly half the State's revenues now were collected in the last
Birmingham), Ala .—BONDS SOLD—
syndicate composed of Stranahan, Harris & Co., Inc., of Toledo, the
Co. of Cincinnati, the First of Michigan
Corp. of Detroit, and King, Mohr & Co. of Montgomery, was the successful
A
Provident Savings Bank & Trust
The Commercial & Financial Chronicle
1954
bidder
on
$370,000,
March 14 at public auction for the following bonds aggregating
2
at a price of 100.51, a basis of about 2.72%:
as
$265,000 refunding road bonds.
Dated Aprii 1, 1941.
Due on April 1
as follows: $40,000 in 1961, and $25,000 in
1962 to 1970.
62,000 refunding court house and jail bonds.
Dated May 1, 1941.
Due on May 1 as follows: $12,000 in 1959, and $50,000 in 1960.
49,000 refunding bonds.
Dated April 1, 1941.
Due on April 1, 1956.
These bonds
public
are
building
payabie from a county-wide 2-mills road, bridge and
Legal approval by Storey, Thorndike, Palmer &
tax.
Dodge of Boston.
MONTGOMERY, Ma,—BOND SALE— The $75,000 semi-annual street
improvement, series BD bonds offered for sale on March 18—V. 152, p. 1406
—were awarded jointly to Ward, Sterne & Co. of Birmingham, and
King,
Mohr 6c Co. of Montgomery, as 2 Ha, at a price of 99.089, a basis of aoout
2.87%.
Dated Feb. 1, 1941.
Due on Feb. 1 in 1942 to 1951, inclusive.
all bonds within 40 years from their issuance, is the obligation of the dis"
trict, and that, if necessary to accomplish that purpose, a special tax shall
be levied.
The approving opinion of Gibson, Dunn & Crutcher of Los
Angeles, will be furnished.
Enclose a certified check for 2% of the bonds,
payable to the County Treasurer.
(These are the bonds that were originally scheduled for sale on March 6,
the offering of which was postponed—V. 152, p. 1466.)
ORANGE COUNTY
(P. O. Santa Ana), Calif .—SCHOOL BOND
SALE—The $182,000 issue of Huntington Beach School District semi-ann.
bonds offered for sale on March 18—V. 152, p. 1623—was awarded to Blyth
<fc Co., Inc., and Hill, Richards & Co., both of Los Angeles, jointly, at par,
divided as follows:
$30,000 as 5s, due $15,000 on April 1 in 1942 and 1943:
$135,000 as 1M. due $15,000 from April 1, 1944 to 1952, and $17,000 as
1 Yts, due on April 1, 1953.
■,
CONNECTICUT
SOU) BY
BONDS
The Reconstruction
Finance Corporation has sold a total of $63,000,000 out of the $90,000,000
highway refunding bonds which were to be taken up by the said (Corpora¬
tion on April 1.
A syndicate headed by the Chase National Bank, Kuhn,
Loeb & Co., both of New York, and the Mercantile-Commerce Bank &
Trust Co. of St. Louis, purchased on March 18 at a price of 101.50, the
following bonds, aggregating $35,000,000:
$22,420,000 3H% semi-annual refunding bonds.
Due April 1, as follows:
$459,000 in 1943, $483,000 in 1944, $507,000 in 1945, $531,000
in 1946, $557,000 in 1947, $584,000 in 1948, $611,000 in 1949.
$639,000 in 1950, $668,000 in 1951, $698,000 in 1952, $729,000
in 1953, $761,000 in 1954, $794,000 in 1955, $828,000 in 1956,
$864,000 in 1957, $900,000 in 1958, $938,000 in 1959, $977,000
in 1960, $1,017,000 in 1961. $1,058,000 in 1962, $1,101,000 in
1963, $1,145,000 in 1964, $1,191,000 in 1965, $1,237,000 in
1966, $1,286,000 in 1967, $1,3.36,000 in 1968, and $521,000
in 1969,
4,621,000 3% semi-annual refunding bonds.
Due April 1, as follows:
$867,000 in 1969, $1,439,000 in 1970, $1,491,000 in 1971, and
$824,000 in 1972.
(State of)— LOCAL BOND ISSUES APPROVED—
Assembly has approved the following municipal
bond issues: Norwalk, $200,000 for park development: North
Haven,
$125,000 for school building: Windham, $180,000 high school construction;
Putnam, $50,000 municipal airport; Prospect, $30,000 school construction.
The Connecticut General
NEW BRITAIN, Conn.—NOTE SALE—'The $300,000 tax anticipation
notes offered March 14 were awarded to the First National Bank of
at
semi-annual refunding bonds.
Due April 1,
1972,
optional April 1, as follows:
$257,000 in 1943 to 1971, and
At
the
$506,000 in 1972.
same
time
a
-
block of $15,000,000 3%
and 314% semi-annual
refunding bonds was purchased by Halsey, Stuart & Co., Inc., at a price of
101.50, for distribution on or after April i.
On Feb. 28 a $10,000,000 block of 3% and
314% semi-annual refunding
bonds had been purchased by the Bank of America National Trust & Savings
Association of San Francisco, for its investment account, at a price of 101.00.
The State of Arkansas had purchased at par on Feb. 28. for its
sinking
funds, a $3,000,000 block of 3% semi-annual refunding bonds.
(This subject is covered in some detail in our section devoted to "News
Items" on a preceding page).
.
0.21% discount.
Due June 20, 1941.
Bidder—
Discount
0.235%
0.24%
-1
Day & Co. (plus $1.50 premium;
Leavitt & Co.
It. L.
STAMFORD
Boston,
Other bids:
/
-
Jackson & Curtis..
0.26%
Conn.—BOND SALE—The $130,000 coupon
were awarded to Oooley & Co. of
Hartford, as 1Mb, at a price of 100.689, a basis of about 1.12%.
Dated
April 1, 1941. Denom. $1,000.
Due April 1 as follows: $14,000 from 1942
to 1946, incl, and $13,000 from 1947 to 1951, incl.
Principal and interest
(A-O) payable at the First National Bank of Boston.
Legality approved
by Ropes, Gray, Best, Coolidge & Rugg of Boston.
Other bids, all for
1 l^s, were as follows:
7
(City of),
extension bonds offered March 20
sewer
7,959,000 3 % %
-;?vCv
19412
CONNECTICUT
ARKANSAS
ARKANSAS, State of—
\:
March
Bidder—
Rate Bid
Kean, Taylor & Co
100.54
-
Est a brook <fc Co..
R. L. Day & Co
-.s
-
--
-
-
*
*
Halsey. Stuart & Co., Irie
i
First of Michigan Corp.i.
Spencer Trask & Co.
—
_*
_
'
-v-
~
*
-....--Y.v-.-.
•_....^.
_
—*
-
_
A-:--.-
-Y- * •
Harris Trust & Savings Bank Av..—
First National Bank of Boston..
..J—...
Harriman Ripiey <fc
_
.
.
_
.
_
....
— .
_
—
-
-
_
-
-
.......
Union Securities Corp...........
STAMFORD
.
-
—
__v*r>...„
100.511
100.399
100.388
100.31
100.19
100.157
100.13
100,109
100.049
(Town of), Conn.—NOTE OFFERING— Hugh Oefinger-
Town Treasurer, will receive bids until noon March 25 for purchase at dis¬
KENNSETT,
Ark .—BOND OFFERING—Sealed bids will be received
until noon on March 25, by C. J. Merryman, City Recorder, for the
pur¬
chase of $4,000 5% semi-ann. municipal auditorium construction bonds.
Dated April 1, 1941.
Due Jan. 1. as follows: $200 in 1945 to 1947. $250
in 1948 to 1951, $300 in 1952 to 1956, $350 in 1957 and 1958, and $200 in
1959.
Thd bonds may be converted, at the option of the purchaser, into
bonds bearing a lower rate of interest on such terms that the
city shal.
receive therefor and pay thereon substantially the same as upon
5% bonds
sold at the price bid, which shall not be less than par for
5% bonds. The
city will furnish the printed bonds and the opinion of Rose, Loughborough,
Dobyns & House, of Little Rock, approving their legality. Enclose a certi¬
fied check for $500, payable to the city.
OSCEOLA, Ark.—BONDS SOLD—It is reported that $97,000 3.85%
semi-annual electric
revenue
bonds have
Raney & Sons of Little Rock.
been
purchased at par by T. J.
Due in 8 years.
of $300,000 notes
count
issued in anticipation of taxes for the fiscal year
Due Nov. 26,1941.
Notes will be authenticated as to genuine¬
validity by the First National Bank of Boston, under advice of
Ropes, Gray, Best, Coolidge & Rugg of Boston.
1940-1941.
ness
and
WATERBURY,
a
WATER
BOND
bill authorizing
an
ISSUE—City
issue of $2,000,000
DELAWARE
SEAFORD SPECIAL SCHOOL DISTRICT, Del.—BOAT) OFFERING
—Milman E. Prettyman, Secretary of the Board of Education, will receive
sealed bids until 2 p. m. on April 11 for the purchase of $210,000 not to
exceed
3% interest coupon school bonds.
Dated May 1, 1941.
Denom.
$1,000.
Due $10,000 annually on May 1 from 1942 to 1962, incl.
Pro¬
vided that the bonds to be retired shaif be ascertained each year by lot or
otherwise.
of
California
Conn.—PROPOSED
plans to ask the Legislature to enact
water supply bonds.
Principal and interest
the State of Delaware,
(M-N) payable at the Farmers Bank
Georgetown.
The full faith and credit of the
district shall be pledged for the payment of both principal and interest on
the issue,
A certified check for 5% of the issue, payable to order of the
Board of Education, is required.
Legal opinion of Houston Wilson,
Municipals
Georgetown, Solicitor for the Board, will be furnished the successful bidder
without charge, and bids may be made subject to approval of any nation¬
ally recognized municipal bond attorney.
BANKAMERICA COMPANY
San Francisco
Los Angeles
FLORIDA MUNICIPAL BONDS
New York Representative
52 Wall St.
Telephone WHitehall 3-3470
Our
long
hensive
CALIFORNIA
LOS ANGELES, Calif.—BOND OFFERING—It is" stated
by Clyde
Errett, Chief Accounting Employee, Department of Water and Power, that
bids will be received at the office of the Secretary of the Board,
Room 602, Municipal Water and Power
Building, 207 South Broadway,
Los Angeles, at or before 9 a. m.
(PST). on April 1, or, at the option of the
bidder, at the office of Thomson, Wood & Hoffman, 48 Wall St., New York
City, at or before noon (EST), on the same date, for the purchase of $3,108,000 electric plant refunding revenue, first issue of 1941 bonds.
Dated
May 1, 1941.
Due on May 1 in 1942 to 1958, in accordance with the
amortization table to be set forth in the resolution
appended, as Appendix
sealed
The bonds shall be redeemable at the times and at
the several prices in¬
dicated in the provisions respecting redemption
prices to be set forth in
the resolution appended, as
Appendix 2-a, to the advance copies of the
Official Statement, hereinafter referred to,
plus, in each case, accrued
interest.
No proposal for less than the par value of the bonds and accrued interest
or lor less than the
aggregate principal amoimt of the entire issue
will be considered.
Such proposals may specify not to exceed three interest rates for such
issues of bonds: provided,
however, that no interest rate shall be
thereon
specified
which exceeds 3%: provided,
further, that no interest rate shall be specified
which is not a multiple of 14 of 1%.
The bonds shall be payable
solely out of the Power Revenue Fund es¬
by the City Charter, and
are
eligible for certification
as
legal
investments for savings banks in the State of
California, and application
has been made to the Superintendent of
Banks of the State for such certi¬
fication when, as and if the bonds are issued.
Prosposals must be in accordance with the terms and conditions set
in the resolution
authorizing this invitation for proposals, herein¬
after referred to, and must be submitted
on, or in substantial accordance
forth
wuth, proposal blanks provided by the Department.
Copies of the resolution authorizing this invitation
eJ"irc'iase
such
bonds will
for proposals for
under which
sold, and under which proposals may be
advance copies of the Official Statement pro¬
8Uch. bonds, stating the terms and conditions
be issued
submitted, together with
and
posed to be issued in connection with the sale of the bonds,
proposal blanks,
and copies of a form entitled "Schedule of
Principal and Interest Require¬
ments,
may be obtained on and after March 24, 1941, from the above Chief
Accounting Employee of the Department of Water
Thomson, Wood & Hoffman of New York.
NORTH
and
Power,
or
from
RIVER
SANITARY DISTRICT NO. 1
(P. O. Oildale)
Calif.—BOND OFFERING— It is stated by Chester W.
O'Neill, District
Secretary, that he will receive sealed bids until 7:30 p. m. on May 9, for
the purchase of $215,400
sewage disposal bonds.
Interest rate is not to
Payable J-D.
Dated June 1, 1941.
Denom. $1,000, one for
118 follows:
$10,000 in 1942 to 1946, $11,000 in 1947 to
1960 and $11,400 in 1961.
No bid for less than par and accrued interest.
These bonds were authorized at an election
held on Jan. 21. Prin. and int.
payable at the County Treasurer's office.
Said bonds shall be issued in
accordance with the provisions of Part 1 of Division VI of the
Health and
Safety Code of the State.
Under the provisions of said code, the
Sanitary Board of the district is
annuaHy
levy a tax upon the taxable property in the district
sufficient to pay the interest on the bonds for the
year, and such portion
of the principal as is due
during the year, so that the entire amount of
principal and interest of the bonds shall be paid at maturity, and, in ad¬
dition, said code provides that the payment of the principal and interest of
Florida
issues
gives
us
a
compre¬
We
them at no obligation.
R E Crummer & Company
1ST NAT. BANK BLDGo
CHICAGO. ILLINOIS
V%#/|
FLORIDA
2-a, to the advance copies of the Official Statement hereinafter referred to.
tablished
experience in handling
background of familiarity with these municipal bonds.
will be glad to answer any inquiry regarding
FORT LAUDERDALE,
received until
noon on
Fla.—BOND OFFERING—Sealed bids will be
March 31 by S. H. Marshall, City Auditor and Clerk,
for the purchase of a $4,350,000 issue of 4% coupon semi-annual refunding
of 1941 bonds.
Denom. $1,000.
Dated April 1, 1941.
Due on Jan. 1
as follows:
$15,000 in 1944; $20,000, 1945; $25,000. 1946; $30,000, 1947;
$35,000, 1948; $40,000, 1949; $45,000, 1950; $50,000 in 1951; $55,000 in
1952; $60,000 in 1953; $65,000 in 1954; $70,000 in 1955; $75,000 in 1956;
$95,000 in 1957; $115,000 in 1958; $135,000 in 1959; $155,000 in 1960;
$174,000 in 1961; $182,000 in 1962; $191,000 in 19b3; $200,000 in 1964;
$209,000 in 1965; $219,000 in 1966; $229,000 in 1967; $240,000 in 1968;
$251,000 in 1969; $262,000 in 1970, and $1,108,000 in 1971.
All of the
$1,108,000 bonds which mature on Jan. 1* 1971, are subject to optional
redemption on any interest payment date prior to their maturity either in
whole or in part, in numerical order, lowest numbers first, from moneys
in the sinking fund for the bonds over and above the requirements for
currently maturing principal and interest, the reserve fund of $75,000 the
amount necessary for the mandatory call for the then current year, and six
months' additional interest.
$735,000 of the bonds which mature on JaD. 1,
1971, are subject to mandatory call in inverse numerical order on July 1
as follows;
$20,000 in 1946, $25,000 in 1947, and $30,000 in 1948 to 1970.
Prin. and int. payable in New York City.
The bonds are registerable as
to principal alone: general obligations; payable from an unlimited tax to be
levied upon all taxable property (including homesteads) within the city.
The city will be obligated to establish and maintain in the sinking fund,
as long
as any bonds are outstanding, a cash reserve of $75,000.
The
bonds will also obligate the city to levy a tax to provide for possible de¬
ficiencies in collection, based upon the collection experience for the three
fiscal years preceding.
The award will be made upon the bid offering to
take the smallest amount of boDds, having the earliest maturities, which
at the priceb 1 will produce a sum exceeding $4,350,000 and not exceeding
$4,351,000 (plus accrued interest).
If two or more sucb bids offer to take
the smallest amount of bonds, the award will be made upon such bid
offering the highest price.
No bid for less than par and accrued interest
will be entertained.
In the event that prior to the delivery of the bonds
the income received by private nolders from bonds of the same type and
character shall be taxable by the terms of any Federal income tax law,
the successful bidder may, at nis election, be relieved of his obligations
under the contract to purchase the bonds and in such case the deposit
accompanying his bid will be returned.
Delivery on or about April 11 in
New York City.
The approving opinion of Masslich & Mitchell of New
York will be furnished the purchaser.
——==»-
MIAMI, Fla.—BOND OFFERING—Sealed bids will be received until
2 p. m. on March 24, by A. E. Fuller, Directors of Finance, for the purchase
of an issue of $7,663,000 coupon or registered water revenue bonds.
In¬
terest rate is not to exceed 5%. payable J-D.
p.
(This offering
1788.)
was
described in detail in
our
issue of March 15.—V. 152.
.
Volume
The Commercial & Financial Chronicle
152
Mayor Issues Statement
Financing—Incident to the above offering,
Alexander Orr, Jr., Mayor of Miami, made public on March 21 an official
statement regarding the purpose of the financing and its importance in
developing Miami's municipal facilities in view of the rapid growth in the
city s vear round population.
The statement was prepared by A. E. Fuller,
Director of Finance of the City of Miami.
Of the $8,000,000 Water Revenue Bonds initially to be issued, the state¬
ment asserts, an aggregate of $337,000, maturing up to December 1, 1954.
will be issued in exchange for an equal amount of outstanding water revenue
certificates.
Of the proceeds of the remaining $7,663,000 of bonds ap¬
proximate]iv.$5,500,000 will be used to acquire the water distributing system
of Miami Water Co. and certain properties of the Consumers Water Co.,
and to pay for certain improvements that have recently been made to the
city's supply system.
The remainder of the proceeds will be held in re¬
serve for future acquisitions and improvements.
At present the city owns a water supply system representing an invest¬
ment of about $3,575,000.
This system has been the source of water for
the Miami Water Co., a private water distributing corporation which in
turn has served the Greater Miami area.
The principal purpose of the
present financing by the city is to acquire all the facilities of the Miami
Water Co. and minor distributing facilities within the city, in order to
provide a single, integrated municipal water works system which will
supply the city's own inhabitants at retail, and well water at wholesale to
other communities of the Greater Miami area.
The cost of such acquisitions
will be approximately $5,200,000.
Upon completion of the proposed financing, the city water works svstern
will supply water to the entire Greater Miami area.
The city of Miami
itself had a 1940 U. S. census population of 172.172, as compared with 110,637 in 1930 and 29,571 in 1920.
The total permanent population of the
greater Miami area has increased steadily, and now approximates 214.000
representing Miami Beach. Coral Gables, Hialeah, Miami Springs. Miami
Shores and the city of Miami itself.
This basic year-round population
materially increased during the tourist season by a very large transient
population, which places the peak burden upon the city s water facilities
during the winter months.
The report points out that of the 55,000 existing housing units in the
City of Miami alone, less than 30,000 were metered water customers on
November 30, 1940, indicating the large potential water revenue availabla
through the connection of additional sections of the city to the present dis¬
tributing system.
i
,
Estimated operating revenues of the water works system upon completion
of the proposed financing, indicate total annual revenues of $1,326,203,
based on the 12 months ended Nov. 30, 1940.
Net operating revenue
before depreciation for the same period is estimated at $>>30A50.
Esti¬
mated annual charges for debt service on the entire $8,000,000 of water
revenue bonds to be issued, assuming an interest rate of 4% for the $337,000
of bonds to be exchanged for outstanding water revenue certificates, and an
interest rate of 2%% on the remaining $7,663,000 of bonds, range from
$330,637 in 1942 to a maximum of $443,375 in 1968.
In addition, a sinking
fund reserve account is required which, assuming an interest rate of 2M%
on the water revenue bonds, would accumulate to an ultimate amount of
1955
MADISON AND ODON TOWNSHIPS SCHOOL TOWNSHIPS (P. O.
on
Odon), Ind.—BOND SALE—The issue of $48,000 school bonds offered
14—V. 152, p. 1625—"was awarded to the First National Bank
March
of Odon.
Dated March 15, 1941 and due serially in from 1 to 20 years.
PERRY SCHOOL TOWNSHIP (P. O. Evansville), Ind.—BOND OF¬
FERING—Whit W. Brown, Trustee, will receive sealed bids until 2 p.m.
April 7 for the purchase of $13,000 not to exceed 5% interest school
bonds.
Dated April 1, 1941.
Denom. $500.
Due $500, July 10, 1942;
$500, Jan. 10 and July 10 from 1943 to 1954 incl. and $500, Jan. 10, 1955.
Bidder to name a single rate of interest, expressed in a multiple of M of 1%.
Interest J-J 10.
The bonds are direct obligations of the school township,
payable out of taxes to be levied within the limits prescribed by law.
Legal
opinion of Davis, Baltzell & Sparks, of Indianapolis, will be furnished the
on
successful bidder.
■
WEST CREEK TOWNSHIP SCHOOL TOWNSHIP
,
(P. O. Lowell),
Ind.—BOND OFFERING—Harry C. Hathaway, Trustee,
will receive
sealed bids until 1:30 p.m. on April 1 for the purchase of $19,800 not to
exceed 4% interest building bonds.
Due as follows: $1,500, July 15, 1942;
$1,000, Jan. 15 and $500, July 15 from 1943 to 1953 incl.; $1,000, Jan. 15
and $800, July 15, 1954.
The bonds are direct, unlimited tax obligations
of the school township and the approving legal opinion of Matson, Ross,'
McCord & Ice of Indianapolis, will be furnished the successful bidder.
Delivery about 15 days after the date of sale.
A certified check for $1,000,
payable to order of the school township, is required.
KANSAS
PRATT, Kan.—BOND ELECTION— The City Clerk states that $100,000 hospital bonds will be submitted to the voters at an election scheduled
for
April 1.
•
■
SEDGWICK COUNTY (P. O. Wichita). Kan.—BONDS
SOLD—The
County Commissioners sold recently $60,000 public works relief
bonds to Stern Bros. & Co. of Kansas City, as lMs, at a price of 99.65.
(These bonds had originally been sold on Feb. 15, but the previous award
was held to be improper because of a technicality relative to the advertising
of the offering.)
;
Board of
KENTUCKY
INDEPENDENT
SCHOOL
DISTRICT,
Ky.—BONDS OFFERED TO PUBLIC—The following
unlimited tax bonds, aggregating $50,000, are being
offered by Middendorf & Co. of Cincinnati, and associates, for general
investment at- prices to yield from 1.50% to 2.90%, according to maturity:
ERLANGERELSMERE
,
Kenton
County,
semi-annual
,
voted
$20,000 3 H% building bonds.
Due on Feb. 1 as follows:
$2,000 in 1942
to 1948, and $3,000 in 1949 and 1950.
^ v
30,000 3% building bonds.
Due $3,000 on Feb. 1 in 1951 to 1960, incl.
.
$1,000.
Dated Feb. 1, 1941.
Prin. and int. payable at the
First National Bank & Trust Co., Covington.
These bonds are, in the
Denom.
$375,323 by June 30, 1946.
Upon completion of this financing, the water works system will consist
filter plant, pumping stations and transmission lines and a dis¬
tributing system comprising 452 miles of pipe lines, three pumping stations,
opinion of counsel, direct and general obligations of the district, payable
from unlimited ad valorem taxes and are issued pursuant to an election held
of wells,
for that purpose at which more than two-thirds of the voters voted in favor
of issuance of the bonds.
Legality approved by Peck, Shaffer, Williams &
two booster stations and an elevated
Gorman, of Cincinnati
equalization tank.
Reports prepared
by the U. S. Geological Survey indicate that water of sufficient quantity
and quality is available for the area to be supplied.
MOUNT DORA, Fla
BOND SALE—The $104,000 issue of 4% semi¬
annual refunding of 1941 bonds offered for sale on March 18—V. 152, p. 1624
—was awarded to John Nuveen & Co. of Cnicago, paying a premium of
$4,346.16, equai to 104.179, a basis of about 3.70%. Dated April 1, 1941.
Due on April 1 in 1956 to 1964.
PAHOKEE, Fla.—-BOND OFFERING—It is stated by W. P. Walker,
City Clerk, that he will receive sealed bids until 8 p. m. on April 4, for the
purchase of $35,000 4% semi-annual coupon city hall, fire department and
jail bonds.
Dated Jan. 1, 1941.
Denom. $500.
Due Jan. 1, as follows:
$1,000 in 1944 and 1945, $1,500 in 1946 to 1952, $2,000 in 1953 to 1962,
t
Ky.—BONDS
LEITCHFIELD,
bonds
investment.
^
Dated April 1, 1941.
The bonds are payable from an unlimited ad valorem
payable at the Central Hanover Bank & Trust Co.,
New York, or at the Bank of Pahokee.
Legality[to be approved by Cald¬
well & Raymond, of New York.
Enclose a certified check for $3,500,
PINELLAS COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 12
(P. O. Clearwater), Fla.—BOND SALE—The $109,000 issue of semi¬
general refunding bonds offered for sale on March 11—V. 152,
p. 1467—was purchased jointly by Barcus, Kindred & Co. of Chicago, and
Fox, Reusch & Co. of Cincinnati, as 4Ms, at a price of 100.03, a basis of
about 4.245%.
Due on April 1 in 1953 to 1959.
_
I*
$500." Due Nov. 15,
_
as
follows:
1948, $1,500 in
1949, $1,000 in 1950 to 1953, $1,500 in 1954, $1,000 in 1955 to 1959, $2,500
in I960, $2,000 in 1961 and $1,000 in 1962, callable on 30 days' published
notice at 100 and acrcued interest plus a premium of M of 1 % of the prin¬
cipal amount for each year or fraction thereof from the redemption date to
the date of maturity.
Prin. and interest payable at the City Treasurer's
Legality approved by Grafton & Grafton of Louisville.
office.
LOUISIANA
Prin. and int.
annual
V,
__
Denoms. $1,000 and
$1,000 in 1942 to 1944, $1,500 in 1945, $1,000 in 1946 to
I and $2,500 in 1963.
tax.
INVESTMENT—
FOR
OFFERED
$25,COO issue of 334%
semt-ann. school building refunding revenue
is being offered by Stein Bros. & Boyce of Louisville, for general
A
^
HOUMA,. La.—CERTIFICA TES SOLD—It Is reported that $158,000
3% semi-ann. paving and sidewalk certificates have been purchased by the
Ernest
Orleans.
M. Loeb Co. of New
Callable on any interest payment
date at 103 and accrued.interest,
|wifo
^
KAPLAN, La.—BONDS SOLD—llTiiTsta"ted by the Town ClerFThat
Barrow, Leary & Co. of Shreveport, has purchased at par the following
bonds aggregating $36.500V
$1,500
semi-annuai gas revenue bonds.
Due as follows:
$2,000 in 1945 to 1951.
semi-annual gas revenue bonds.
Due as follows:
1952 to 1957, and $3,000 in 1958.
$18,500 334%
in 1942 to 1944, and
ILLINOIS
EASTON, 111.—BOND ELECTION—An election will be held April
on the question of issuing $11,000 water system bonds.
15
FRANKLIN, 111.—BOND ELECTION—Thomas J. Williamson. Village
that an election will be held April 15 on the question of
issuing $i i,000 general obligation and $20,000 revenue water system bonds.
Clerk, reports
KEITH
issue
on
TOWNSHIP
(P. O. Fairfield), III.—BONDS VOTED—An
of $15,000 highway improvement bonds was authorized at an election
March 4,
COUNTY COMMUNITY HIGH SCHOOL DISTRICT
(P. O. Granite City), 111.—BOND SALE— The $165,000 2*4%
school bonds offered March 13—V. 152, p. 1314—were awarded to
a group composed of Daniel F. Rice & Co. and Paine, Webber & Co.. both
of Chicago, and Baum, Bernheimer & Co., Kansas City, at par plus a
premium of $11,270. equal to 106.83, a basis of about 1.95%.
Dated
March 1, 1941, and due Dec. 1 as follows:- $5,000 from 1942 to 1947, incl.;
$20,000 from 1948 to 1953, incl., and $15,000 in 1954.
Second high bid of
105.54 was made by Bacon, Whipple & Co. and Charles K. Morris & Co.,
Chicago, jointly.
MADISON
NO.
149
coupon
NEPONSIT, III .-PRE-ELECTION BOND SALE—The H. C. Speer &
subject to result of election on April 1,
an issue of $20,000 3H% road bonds.
Sons Co. of Chicago has purchased,
INDIANA
in
Dated April
of the Board of School Trustees, will receive
April 8 for the purchase of $142,000 not to
exceed 4%
interest school improvement bonds.
Dated Feb. 1, 1941.
Denom. $1,000.
Due as follows: $5,000 July 1, 1942: $5,000 Jan, 1 and
July 1 from 1943 to 1954, incl.; $5,000 Jan. 1 and $6,000 July 1, 1955,
and $6,000 Jan. 1, 1956.
Bidder to name a single rate of interest, expressed
in a multiple of M of 1%.
The bonds are unlimited tax obligations of the
school city and the approving legal opinion of Matson, Ross, McCord &
Ice of Indianapolis will be furnished the successful bidder.
A certified
check for $3,000, payable to order of the school city, is required.
Delivery
of bonds will be made at any bank in Anderson designated by the successful
m. on
bidder^
•"
CEDAR CREEK TOWNSHIP SCHOOL TOWNSHIP (P. O. Lowell),
Ind.—BOND OFFERING—Vivian Hayden, Trustee, will receive sealed nids
until 1:30 p.m. on April 1 for the purchase of $21,000 not to exceed 4%
interest building bonds of 1941. Denom. $500. Due as follows: $500, July 15.
1942; $1,000, Jan. 15 and $.500, July 15 from 1943 to 1955 incl. and $1,000
Jan. 15, 1956.
The bonds are direct obligations of the school township,
payable from unlimited ad valorem taxes to be levied on all of its taxable
property.
Legal opinion of Matson. Ross, McCord & Ice of Indianapolis
will be furnished the successful bidder.
A certified check for $1,000,
payable to order of the school township, is required.
^
-
————
GARY, Ind.—WARRANT SALE—The $130,000 temporary loan war¬
rants offered March 17—V. 152, p. 1467—were awarded to the First Bank
& Trust Co., South Bend, at 0.75% interest plus a premium of $1.50.
Dated Feb. 15, 1941 and due May 15, 1941.
The Fort Wayne National
Bank of Fort Wayne, second high bidder, named a rate of 2% and pre¬
mium of $240. V V
GARY
SANITARY
DISTRICT (P. O. Gray), Ind.— WARRANT
loan warrants offered March 15—V. 152,
SALE—The $30,000 temporary
1467—were awarded to the First Bank & Trust Co. of South Bend, at
0 99% discount.
Dated March 5, 1941 and due Dec. 5, 1941. Benjamin
Lewis & Co. of Chicago, second high bidder, named a rate of 1.25%.
p
Bonds shall be callable injlnverse order on any
value.
1, 1941.
La.—HEARING SET ON CITY SALES TAX—At a
hearing scheduled for March 31 the Louisiana Supreme Court will review
litigation instituted by a taxpayer to test constitutionality of the 2% sales
tax of the City of New Orleans.
In the meantime collection will be con¬
tinued.
The Court suspended the temporary injunction granted by Civil
Judge Paul Chavez, who ruled that the Louisiana Legislature in repealing
the State sales tax also repealed authority given the city to collect a like
tax.
Revenue from the tax, which was effective Jan. 1, 1940, is estimated
at $3,000,000.^
NEW ORLEANS,
,
ORLEANS
LEVEE
La .—BOND
Com¬
of an
exceed 3M% semi-annual refunding bonds.
DISTRICT
(P.
O.
New Orleans),
OFFERING—It is reported that the Secretary of the Board of Levee
missioners win receive sealed bids until April 29, for t ne purchase
issue
of
$1,600,000 not
to
Due in 1963 to 1967.
MAINE
HOULTON, Me.—LOAN OFFERING—Woodbury Brackett, Town
Manager, will receive sealed bids until 3 p. m. on March 26 for the purchase
at discount of $100 000 notes issued in anticipation of 1941 taxes, and
maturing Nov. 15, 1941.
MARYLAND
ING—G. M. Rogers, Secretary
p.
rrnn
interest date at 103% of the par
ANDERSON SCHOOL CITY (P. O. Anderson),Ind.—BOND OFFER¬
sealed bids until 8
_
$2,500
18,000 3 H%
SALISBURY,
Md.—BOND
bonds
SALE—'The $55,000 right-of-way
1468—were awarded to Alex. Brown & Sons
price of 100.819, a basis of about 1.93%.
Due as
follows: $1,000 from 1942 to 1946, incl.; $2,000, 1947 to 1951, incl.; $3,000
from 1952 to 1956, incl., and $5,000 from 1957 to 1961, incl.
Second high
bid of 100.399 for 2s was made by Dougherty,Corkran & Co. of Philadelphia.
offered March 17—V. 152. p.
of Baltimore as 2s, at a
MASSACHUSETTS
B1LLERICA.
Bank" of
at 0.27% discount.
Due
Bank of Boston, 0.298%;
Mass .—NOTE ISALE—The National Shawmut
purchased an issue of $100,000 notes
1. 1941.
Other bids:
Second National
First National Bank cf Boston ,0.32%
Boston
Dec.
SALE—The First Boston Corp. and the
jointly, wereawarded on March 19
interest, plus a premium of $111.
Dated March 21. 1941 and due Nov. 6, 1941. ITalsey, Stuart & Co., Inc.,
New York, named a rate of 0.32% and $32 premium, and the Chase Na¬
tional Bank of New York, Salomon Bros. & Hutzler, and R. W. Pressprich
& Co., jointly, bid 0.36%. plus $76.
BOSTON,
Mass.—NOTE
Chemical Bank & Trust Co., New York,
an
issue of $4,000,000 notes at 0.28%
BOSTON, Mass.—SEEKS AUTHORITY FOR BOND ISSUE—The
government has petitioned the State Legislature for permission to
$3,000,000funding bonds.
„
• _
Mayor Tobin of Boston said the recent decision of the Appellate Tax
Board had given the New Haven road a $600,000 abatement and that
other abatements are expected to cost the city $1,717,000.
The Mayor
said that previous administrations had not properly provided funds for
overlay deficits and that this legislation is needed to help the city maintain
its financial status. *•»
city
issue
BURLINGTON, Mass.—NOTE SALE—An issue of
,
$50,000 notes, due
approximately 9 months, was sold to the Merchants National Bank of
at 0.32% discount.
Blair & Co.. Inc., New York, second high
bidder, named a rate of 0.40%.
-
in
Boston,
The Commercial & Financial Chronicle
1956
3%.
Mass .—PROPOSED
CAMBRIDGE,
BOND ISSUE—'The city
has re-
FOREST LAKE,
$28,000 not to exceed 4% semi-annual sewer and waterworks refunding
bonds.
Dated March 1, 1941.
Due on March 1 in 1943 to 1956.
offered March 18—V. 152, p. 1789—was awarded to
of Boston at 0.33% discount.
Dated March 19,
MINNEAPOLIS, Minn.—BOND OFFERING—It is stated by Geo.
M.
Link, Secretary of the Board of Estimate and Taxation, that he will receive
April 10 for the purchase of the following
Leavitt & Co. of New York, second high bidder, named a rate of
1941.
Minn.—BOND OFFERING—Sealed bids were received
20, by P. H. Stack, Village Clerk, for the purchase
until 5 p.m. on March
of
issue of $500,000 notes
the First National Bank
1941 and due Nov. 28,
Mass.—NOTE SALE—The
payable A-O—Dated April 1, 1941.
Denom. $1,000.
Due April 1
$4,000 in 1943 to 1953, and $7,000 in 1954 to 1961.
Payable
suitable bank or trust company designated by the purchaser.
The
approving opinion of Hamlin & Powell of Spring Valley, will be furnished.
Any additional opinion required by the purchaser must be at his expense.
The purchaser shall furnish the bonds without cost to the district.
city tax rate will increase $4.00.
EAST BRIDGEWATER. Ma*».—NOTE SALE—R. L. Day & Co. of
were awarded on March
17 an issue of $60,000 revenue notes at
0.21% discount.
Due Nov. 20, 1941.
The Second National Bank of
Boston, next highest bidder, named a rate of 0.236%.
RIVER,
1941
follows:
as
Boston
FALL
22,
at any
Suested the Legislature to authorizeJr., of Cambridge, said iffunding bonds.
Representative Thomas P. O'Neil, the issuance of' $675,000 the legislation
Is not approved the
March
sealed bids and auction bids until
0.333%.
bonds, aggregating $4,252,613.98:
GEORGETOWN, Mass.—NOTE SALE—The issue of $30,000 revenue
offered March 13 was awarded to the Haverhill National Bank, at
0.16 discount.
Due in 7lA months.
The First & Ocean National Bank
of Newburyport, second high bidder, named a rate of 0.19%.
relief and $1,214,613.98 permanent
notes
ST.
will
HOLYOKE, Mass .--BOND SALE—The $200,000 coupon gas and elec¬
bonds offered March 19 were awarded to Whiting, Weeks &
Stubbs, of Boston, as 1 Ms, at a price of 101.031, a basis of about 1.06%.
Dated March 1,1941.
Denom. $1,000.
Due $20,000 annually on March 1
from 1942 to 1951 incl.
Principal and interest (M-S) payable in Boston.
The bonds will be general obligations of the city, exempt from taxation
in Massachusetts, and all taxable property in the city will be subject to
the levy of unlimited ad valorem taxes to pay both principal and interest.
Legality approved by Storey, Thorndike, Palmer & Dodge of Boston.
Second high bid of 100.771 for
was made by Kidder, Peabody &
Co. and Estabrook & Co., Boston, jointly.
ST.
&
a
Mass .—BOND SALE—The $84,000 coupon bonds offered
awarded to Tyler & Co. of Boston, which purchased the
issue of $22,000 and $32,000 as Is, at a price of 100.399, a basis of about
0.91%, and the $30,000 loan as ll/is, at 100.799, a basis of about 1.15%.
Sale consisted of the following:
-
1940
water bonds.
Due $2,000 annually on April 1 from 1942
Principal and interest (A-O) payable at the Mer¬
All of the bonds
1, 1941.
Legality approved by Hopes,
Gray, Best, Coolidge & Kugg of Boston.
Second high bidder at the sale
was the First National Bank of Boston, which bid for $84,000 l^s, at a
price of 101.159.
are
dated April
Magg.-rNOTE
March
SALE—Tyler
&
Co.
of
Boston
SLEEPY
18
an
WESTWOOD,
Co. of Boston
discount.
was
Minn.—BOND ELECTION—The issuance of $75,000
EYE,
MISSISSIPPI
BRANDON
CONSOLIDATED
'
McCOMB,
Bran-
Miss.—BOND CALL— It is stated that E. J. Tricke,
Clerk, is calling for payment on May 1, series A
numbered from 47 to 798, aggregating $376,000, at
City
5% refunding bonds,
the Whitney National
Bank, New Orleans.
Dated Nov. 1, 1934.
Denom. $500. Due Nov.
$5,500 in 1941 and 1942, $6,000 in 1943 and 1944, $16,500 in
1954, $27,500 in 1955 to 1958, $31,500 in 1959, $35,000 in 1960,
follows:
to
1, as
1945
and
Part of an issue of $549,000.
MOSS POINT, Miss.—BONDS SOLD—An $80,000 issue
revenue bonds is said to have been purchased by Newman,
of New Orleans.
The Second National Bank of Boston, next
rate of 0.16 %.
of gas system
Brown & Co.
MONTANA
NOTE SALE—The Boston Safe Deposit & Trust
a
(P. O.
SCHOOL DISTRICT
don), Miss.—BONDS VOTED—At a recem ejection a proposal to issue
$25,000 in construction bonds is said to have been approved by the voters.
awarded on March 19 an issue of $75,000 notes at 0.153 %
Due Nov. 28, 1941.
highest bidder, named
election
were
issue of $75,000 notes at 0.26% discount.
Due
March 16, 1942.
Other bids: Home National Bank, Brockton, 0.34%;
Second National Bank of Boston, 0.357%.
on
PUBLIC—The successful bidders reprices to yield from
TO
municipal hospital bonds will be submitted to the voters at an
on April 1, according to report.
$11,500 in 1961
RANDOLPH,
awarded
OFFERED
0.25% to 1.35%, according to maturity.
Boston.
1956 incl.
inclusive*
CERTIFICATES
sewer
chants National Bank of Boston.
issue of
offered the above certificates for general investment at
bonds.
Due April 1 as follows: $3,000 in 1942 and 1943
and $2,000 from 1944 to 1951 incl.
Principal and interest (A-O)
payable at First National Bank of Boston.
32,000 1% street construction bonds.
Due April 1 as follows: $4,000
from 1942 to 1947 incl. and $2,000 from 1948 to 1951 incl.
Prin¬
cipal and interest (A-O) payable at the First National Bank of
to
$265,000
SALE—The
for sale on March 20
Co., Inc., and Blair
Co., Inc., both of New York, jointly, as 1.30s, paying a price of 100.088.
basis of about 1.28%.
Dated March 1, 1941.
Due on March 1 in 1942
to
were
30,000 1 \i%
Minn.—CERTIFICATE
PAUL,
coupon semi-annual certificates of indebtedness offered
—V. 152, p. 1790—was awarded to Halsey, Stuart &
MILTON,
$22,000 1%
LOUIS PARK, Minn.—CERTIFICATE OFFERING—Sealed bids
until 8 p. m. on March 31, by Joseph Justad, Village
be received
Recorder, for the purchase of $7,950 not to exceed 5% semi-annual certifi¬
cates of indebtedness.
Dated April 1, 1941. Denom. $1,500 and one for
$450.
Due April 1, as follows: $1,500 in 1943 to 1946. and $1,950 in 1947.
The approving opinion of Fletcher, Dorsey, Barker, Colman & Barber of
Minneapolis, wid be furnished.
Authority: Chapter 425, Laws of Minne¬
sota,
1921.
tric light
March 19
$2,038,000 refunding, $1,000,000 public
improvement bonds.
(P. O. Kins.y).
semi-ann. school
CUSTER COUNTY SCHOOL DISTRICT NO. 63
Mont.—BOND SALE—The $12,000 issue of registered
15.—V. 152, p. 1316—was purchased by
the State Board of Land Commissioners, as 2%s at par.
No other bid
was received, according to the District Attorney.
bonds offered for sale on March
MICHIGAN
DETROIT, Mich.—TENDERS WANTED—Donald Slutz, City Con¬
troller, will receive sealed offerings of city bonds until 10 a.m. on March 26
in the amount of approximately $155,000 for the water board sinking fund.
Offerings will be accepted on the basis of the highest net yield to the city
as computed from dollar price.
No bonds maturing beyond 1959 will be
accepted.
Edward M. Lane, Secretary of the Teachers' Retirement Fund Board of
the city, will receive sealed offerings of city bonds until noon on March 24
in the amount of approximately $100,000.
Offerings shall be firm until
10 a.m. on March 25 and shall show the rate of interest, date of maturity,
the dollar value and the yield on each offering.
MICHIGAN
STORM
SEWER
DRAIN
DISTRICTS,
Mich— COM¬
MITTEE ADVISES BONDHOLDERS OF ADVERSE COURT RULING—
Following is the text of
notice issued under date of March
17 by the
Bondholders' Committee for Storm Sewer Drain Districts in Michigan and
addressed to depositors of bonds of Nine-Mile Halfway Drain District,
Centerline Relief Drain District, Martin Drain and Branches Drain Dis¬
a
trict, Bloomfield Village Drain District and Bloomfield No. 1 Storm Sewer
District:
"The committee
regrets to advise you that on March 14, 1941, the
United States Circuit Court of Appeals reversed the earlier decrees of the
United States District Court affirming the validity of the bonds of the
above drain
districts.
The
effect
of the
decision
of
the
Circuit
Court,
unless it in turn can be reversed, is that the taxes levied for the payment
of the bonds are unenforceable.
"Copies of the decision of the Circuit Court will be sent to any depositor
request.
The principal points of the Court's decision against us
that these projects in fact were sewers, not drains, therefore under
the laws of Michigan the drain comm issioner had no authority to con¬
struct them and his recitals were totally outside
his jurisdiction.
The
Court further held that the
drain
commissioner under Michigan lawrepresented the interests of bondholders and that certain decisions against
the drain commissioner in connection with these issues were res
adjudicata against bondholders.
"Our counsel are now studying this decision and it is likely that an early
appeal will be taken by us to the Supreme Court of the United States.
We will keep you advised of further developments."
upon
were
TROY TOWNSHIP (P. O. Pontiac), Mich.—BONDS NOT SOLD—
bids were received for the $90,000 not to exceed 6% interest water
revenue bonds offered March 1—V. 1,52, p. 1468.
No
supply system
WASHTENAW COUNTY (P. O. Ann Arbor), Mich.•—-OFFERING OF
PITTSFIELD-ANN ARBOR DRAIN DISTRICT BONDS—Cornelius W.
Tuomy, County Drain Commissioner, will receive sealed bids until 2 p.m.
on March 24 for the
purchase of $50,000 not to exceed 5% interest coupon
refunding bonds of the above-mentioned district.
Dated March 1, 1941.
Denom. $1,000.
Due April 1 as follows: $5,000 in 1942 and 1943 and
$10,000 from 1944 to 1947 incl.
Bonds maturing in 1946 and 1947 will be
redeemable in inverse numerical order at par and accrued interest on
any
interest date
in
a
on
and after Oct. 1, 1942.
multiple of M of 1%.
Bidder to
name
the rate of interest
Principal and interest (A-O)
payable at the
County Treasurer's office.
The printed bonds and approving legal opinion
of Miller, Canfield, Paddock & Stone of Detroit will be furnished the
successful bidder.
A certified check for $1,000 is required.
The bonds
are to be issued to refund a like amount of bonds of the District dated
Oct.
1,
1926, and payable April
1, 1941, and are payable out of drain
taxes assessed and to be assessed against the lands in said
district, the
State, the County, the Townships of Pittsfield, Ann Arbor, Lodi and Scio
and the City of Ann Arbor at large.
WILLIAMSTON, Mich.—BOND OFFERING—D. Howard Gorsline,
Village Clerk, will receive sealed bids until 8 p.m. on March 24 for the pur¬
chase of $42,000 general obligation water works refunding bonds.
Dated
March 15, 1941.
Due April 1 as follows: $1,000 in 1942 and 1943 and
$2,000 from 1944 to 1963 incl.
Bidder to name rate of interest in a multiple
of H of 1 %, not to exceed 2 X % on bonds
maturing on or before April 1,
1953, and not exceeding 3% on bonds maturing on or after April 1, 1954.
Bonds maturing on or after April 1, 1980 will be redeemable in inverse
numerical order at par and accrued interest on any interest date on or after
April 1, 1945.
Prin. and int. (A-O) payable at the Village Clerk's office,
or at a bank or trust
company to be designated by the purchaser.
The
bonds are being issued to pay off the outstanding bonded debt of the
village
incurred to acquire a water system.
Printed bonds and approving legal
opinion of Miller, Canfield, Paddock & Stone of Detroit will be furnished
the successful bidder.
A certified check for $840 is required.
MINNESOTA
FILLMORE
COUNTY
112
INDEPENDENT
SCHOOL
DISTRICT
NO.
(P. O. Spring Valley), Minn*—BOND OFFERING—8ealed bids will
be received until 8 p. m. on March 25, by
Mary Larson, District Clerk
for the purchase of $100,000 building bonds.
Interest rate is not exceed
HAMPSHIRE
NEW
CHESHIRE COUNTY (P. O. Keene), N. H.—NOTE SALE— The
issue of $125,000 notes offered Marcn 18 was awarded to R. L. Day & Co.
of Boston, at
0.21 % discount, plus a
Harriman Ripley & Co., Inc.,
premium of $0.50.
Due Dec. 1, 1941.
second high bidder, named a rate of 0.249%.
NASHUA, N. H.—NOTE OFFERING—Alfred O. Poulin, City Treasurer,
a. m. on March 25 for the purchase at discount
issued in anticipation of revenue for the current year.
Dated March 25, 1941.
Denoms. $25,000, $10,000 and $5,000.
Payable
Dec. 24, 1941.
Notes will be authenticated as to genuineness and validity
by the First National Bank of Boston, under advice of Storey, Thorndike.
Palmer & Dodge of Boston.
will receive bids until 11
of $200,000 notes
NEW
JERSEY
GARFIELD, N.J.—BOND SALE—The State Sinking Fund Commission
purchased at par and accrued interest $160,000 refunding bonds, proceeds
of which wih permit the retirement of an equal amount of school bonds oi
1925 held by the State Teachers Pension Fund.
GUTTENBERG, N. J.—BOND OFFERING—Peter Heinz, Town Clerk,
April 8 for the purchase of $26,000
exceed 6% interest coupon or registered street and sewer improve¬
ment
bonds.
Dated April 1, 1941.
Denom. $1,000.
Due $2,000 on
Oct. 1 from 1942 to 1954 incl.
Bidder to name a single rate of interest,
expressed in a multiple of 1-20 of 1% .
Principal and interest (A-O) pay¬
able at the Town Treasurer's office.
The sum required to be obtained at
sale of the bonds is $26,000.
The bonds are unlimited tax obligations
of the town and the legal opinion of Lewis W. Vanderbach, Esq., will be
will receive sealed bids until 8 p.m. on
not to
furnished the successful
bidder.
KEARNY, N.J.—BOND
will receive sealed
bids
OFFERING—WTlliam B.
until 8
p.
m.
on
Ross,
Town Clerk,
March 26, for the purchase of
$105,000 not to exceed 6% interest coupon or registered school bonds.
Dated April 1, 1941.
Denom. $1,000.
Due April 1 as follows:
$10,000
from 1942 to 1950, incl. and $15,000 in 1951.
Bidder to name a single rate
of interest, expressed in a multiple of A or l-10th of 1%.
Principal and
interest (A-O) payable at the First National Bank & Trust Co., Kearny.
A certified check for $2,100 payable to order of the town, is required.
The
approving legal opinion of Hawkins, Delafield & Longfellow of New York
City will be furnished the successful bidder.
In the event that prior to the
delivery of the bonds the income received by private holders from bonds of
the same type and character shall be taxable by the terms of any Federal
income tax law, the successful bidder may, at this election, be relieved of
his obligations under the contract to purchase the bonds and in such case
the deposit accompanying his bid will be returned.
MATAWAN
TOWNSHIP
J.—PLANS BOND
N.
bids
soon on an
SCHOOL
DISTRICT
(P.
O.
Matawan),
SALE—The Board of Education plans to ask for
issue of $66,850 construction bonds which was approved at
election last December.
an
(P. O. Toms River), N. J .—BOND OFFERINGClerk of the Board of Chosen Freeholders, will receive
m. on April 2, for the purchase of $123,500 not to
exceed 6 % interest coupon ro registered county improvement bonds.
Dated
April 1, 1941.
One bond for $500, others $1,000 each.
Due April 1 as
follows:
$8,000 from 1942 to 1955, incl. and $11,500 in 1956.
Principal
and interest (A-O) payable at the First National Bank of Toms River, or
at the Guaranty Trust Co., New York City.
Bidder to name a single rate
OCEAN
COUNTY
James K. Allardice,
sealed bids until 11
a.
Hawkins, Delafield & Longfellow of New York City
the delivery of the bonds the
holders from bonds of the same type and
of any Federl income tax law, the
relieved of his obligations under the
purchase the bonds and in such case the deposit accompanying
successful bidder.
income
received
In the event that prior to
by
private
character shall be taxable by the terms
successful bidder may, at his election, be
contract to
his
bid will
be returned.
UNION
BEACH, N. J .—POSSIBLE PAYMENT ON WATER REFUND¬
DISCUSSED—We quote from the minutes of the Local
Government Board meeting of March 10, as follows:
"Messrs. Weber, Dahmer, Pattison, Ritt, Cassman and Stanford ap¬
peared before the
commission for the purpose of discussing the Union
Beach situation with particular reference to the possibility of making
some payment to the holders of water refunding bonds.
"Mr. Cassman, speaking as one of the largest creditors, stated that he
felt that the present governing body was trying to do a satisfactory job.
However, one of the conditions under which the creditor accepted refund¬
ing bonds in the year 1935, was a pledging of water revenues.
Mr. CassING
BONDS
Volume
man
The Commercial &
152
stated that under those conditions he felt that creditors were
entitled
out to him,
of principal
or interest since 1932, with the result that any consideration given other
creditors must also take into consideration the situation with respect to
the school debt.
Mr. Cassman stated that he did not feel that the position
or the school
bondholders was comparable inasmuch as they had been
asked to surrender nothing, while the holders of old water debt had agreed
to some payment on account of interest due.
It was pointed
that the school bondholders had received nothing on account
t0(^ccept a lower coupon and
a
deferment of principal.
length and it was agreed
This matter was discussed at some
that the
a reasonable time to survey the situation.
Members of the governing body who were present stated that the whole
problem was new to them and they needed some time to consider the
governing body should have
as well as the legal aspects of the matter.
After some discussion,
agreed that the matter be laid over and taken up on Monday, Mar. 24,
financial
it was
at an hour to be fixed
later."
1950.
TOWNSHIP
O.
(P.
-=
'
v-''
Weehawken),
Sept. 15,1941,
before maturity,
times at
days before the date fixed for such redemption in a newspaper or
The bonds
are
redeemable at the option of the township on
or
on
at
par and accrued
any
least 30
March 15
or
Sept. 15, subsequent thereto and
interest, upon notice published one or more
fmancial journal published in New
York.
BONDS PUBLICLY OFFERED—The successful
bonds to yield from 2.20% to 2.55%, according to
Bidder—
B. J. Van Ingen & Co., Inc. and M. B. Vick &
Julius A. Rippel, Inc. anc H. B. Boland & Co
bidders reoffered
maturity.
Int. Rate
Co..
__
Colyer, Robinson & Co. and Minsch, Monell & Co..
Rate Bid
98.11
98.28
98.62
2M%
-
99.144
Inc.,
Miller & Co
Municipal Bonds
98.28
3M %
H. L. Schwamm & Co
A. C. Allyn & Co., Inc., E. H. Rollins & Sons,
and MacBride,
2X%
2M%
2.60%
the
Other bids:
Government Bonds
Housing Authority Bonds
Hemphill, Noyes & Co
George B. Gibbons & Co.,
NEW YORK, N. Y.
Teletype: NY 1-2395
york
N.
will receive sealed bids until
successful
bidder.
DUNKIRK, N. Y.—BOND SALE—The $30,000 Works Project Adminis¬
(street improvement) bonds offered March 20—V. 152, p. 1791—
were awarded as 1.70s to the Dunkirk Trust Co., Dunkirk.
Dated April 1,
1941 and due April 1 as follows: $4,000 from 1942 to 1944 incl. and $3,000
tration
from 1945 to 1950 incl.
EAST HAMPTON (P. O. East Hampton), N. Y.—BOND
OFFERING
-—Perry B. Duryea, Town Supervisor, will receive sealed bids until 10:30
a.m. on March 26 for the purchase of $16,000 not to exceed 6% interest
registered public welfare (poor relief) bonds.
Dated April 1,
Due April 1 as follows: $2,000 in 1942 and 1943
1944 to 1947 incl.
Bidder to name a single rate of interest,
expressed in a multiple of M or 1-10 of 1%,
Principal and interest (A-O)
payable at the Town Supervisor's office.
The bonds are unlimited tax
obligations of the town and proposals must be accompanied by a certified
check for $320, payable to order of the town.
No fees for approving opinion
or any other disbursements will be allowed to the successful bidder.
coupon
or
Denom. $1,000.
1941.
and $3,000 from
Y.—BOND SALE—1The $130,000 coupon or registered
19—V. 152, p. 1791—were awarded to Bacon, Ste¬
Southgate, both of New York, jointly, as
price of 100.121. a basis of about 1.07%.
Sale consisted of:
FULTON,
N.
bonds offered March
and Williams &
& Co.
venson
1.10s, at a
$89,000 home relief bonds.
Due March 15 as follows: $8,000 in 1942 and
$J,000 from 1943 to 1951, inclusive.
19,000 water bonds.
Due March 15 as follows: $2,000 from 1942 to
1950, incl., and $1,009 in 1951.
i
14,000 equipment bonds.
Due March 15 as follows: $4,000 from 1942
to 1944, mcl., and $2,000 in 1945.
8,000 public works project bonds.
Due $2,000 annually on March 15
from 1942 to 1945, inclusive.
Other bids:
Bidder—
Int. Rate
Harris Trust & Savings Bank, Chicago
1,20%
Marine Trust Co. of Buffalo and R. D. White & Co.* 1.20%
Manufacturers & Traders Trust Co. and Kean. Tay¬
lor & Co
...1.20%
H. L. Schwamm & Co.
_•
1.20%
All of the bonds will be dated March
R.
K. Webster & Co
C.
P. Childs & Co. and Sherwood &
Blyth
First
Harriman
Co
Inc
Co.,
&
Boston
15,1941.
_
...
Corp
...
1M%
1M%
1 J* %
1M%
1M%
1.30%
Rate Bid
100.11
100.08
Manufacturers & Traders Trust Co.
Halsey, Stuart & Co
.
George B. Gibbons & Co., Inc
100.17
100.169
100.12
1.30%
1.40%
N.
The $48,000 coupon or registered sewer construction refunding bonds to
be sold on April 9, as reported in—V. 152, p. 1791—will bear interest at a
rate of not to exceed 3 %.
Bidder to name a single rate of interest, expressed
in a multiple of 1-10th of 1%.
Principal and interest (M-N) payable at the
City Chamberlain's office.
The bonds to be refunded mature May 1, 1941.
The bonds now offered will be subject to redemption at par and accrued
interest, on any interest date, upon 30 days' published notice.
They are
unlimited tax obligations of the city and proposals must be accompanied by
a certified check for 3% of the amount bid, payable to order of the city.
GLOVERSVILLE,
GREECE (P. O. 2505 Ridge Road West,
T. Hughes, Town Clerk
Rochester), N. Y.—BOND
will receive sealed bids until
March 27, for the purchase of $36,000 not to exceed 5%
interest coupon or registered home relief bonds. Dated April 1. 1941. Denom.
$1.000.
Due April 1 as follows: $3,000 from 1942 to 1945, incl. and $4,000
from 1946 to 1951, incl.
Bidder to name a single rate of interest, expressed
in a multiple of M or l-10th of 1%.
Principal and interest (A-O) payable
at the Union Trust Co., Rochester, with New York exchange.
The bonds
are unlimited tax obligations of the town and the approving legal opinion
of Dillon, Vandewater & Moore of New York City will be furnished the
successful bidder.
A certified check for $720, payable to order of the town,
is required.' • ,/'.
..."
""' %% v 'i;.:
'MIDDLETOWN,
N.
Y.—BOND SALE—The $110,000 coupon or
registered bonds offered March 20—V. 152, p. 1791—were awarded to
Harriman Ripley & Co., Inc., New York, as 1.10s, at par plus a premium of
$164.89, equal to 100.149, a basis of about 1.07%.
Sale consisted of:
OFFERING—Hugh
3:30 p.
m.
on
$15,000 home relief bonds.
Due $3,000 on April 1 from 1942 to 1946, incl.
30,000 Works Project Administration bonds.
Due April 1 as follows:
$7,000 from 1942 to 1945, incl. and $2,000 in 1946.
65,000 grade school bonds.
Due $5,000 on April 1 from 1942 to 1954, incl.
All of the bonds will be dated April 1, 1941.
Re-offered to yield from
0.20% to 1.25% according to maturity. Other bids: *
,
100.13
—
_
Kidder, Peabody & Co
Craigmyle, Rogers & Co..
Harris Trust & Savings Bank
..
Marine Trust Co. of Buffalo, and
100.415
100.297
100.279
100.229
100.193
100.179
100.139
R. D. White &
100.079
Co.
First Boston Corp_
Blair &
Co.,
&
100.02
.
_
_
100.15
Inc
...
....
Merle-Smith
_
......
100.109
...
100.098
Halsey, Stuart & Co., Inc
100.11
L. Allen & Co
H.
Par
Middletown Savings Bank
-
(P. O. Rochester), N. Y.—BOND SALE—The
registered bonds offered March 21—V. 152, p. 1791—
composed of Shields & Co., White, Weld & Co.
Minsch, Monell & Co., Inc., all of New York, as 1.20s, at a price of
100.203, a basis of about 1.16%.
Sale consisted of:
COUNTY
MONROE
$550,000 coupon
or
awarded to
a
group
and
Due $15,000 annually on
$150,000 home relief bonds.
April 1 from 1942 to
1951 incl.
400,000 improvement bonds. Due April 1 as follows: $50,000
to 1945 incl. and $40,000 from 1946 to 1950 incl.
All of the bonds are dated April 1, 1941.
Second high bid of
1.20s
made
was
facturers
&
from 1942
100.10 for
by Lehman Bros., Laden burg, Thalmann & Co., Manu¬
Trust Co., Buffalo and Sage, Rutty & Co.. Inc.,
Traders
V-■
.Rochester.,
J
YORK, N. Y.—BOND SALE—A syndicate headed by the National
City Bank of New York, complete membership of which is given below,
obtained award of the $21.215,000 bonds offered at public sale on March 18
—V. 152, p. 1791, the accepted bid being a price of 101.51 for 2Ms, or a
net interest cost of about 2.048%.
The balance of $18,785,000 bonds
of the total offering of $40,000,000 had been reserved for sale to the city
sinking funds, at par, as follows: $12,735,000 3s, due $1,021,000 Sept. 15
from 1957 to 1961 incl.; $921,000 from 1962 to 1966 incl. and $605,000 from
1967 to 1971 incl.; $6,050,000 3Ms, due $605,000 yearly on Sept. 15 from
NEW
are
2Ms bonds awarded to the
National City Bank syn¬
described herewith:
5,400,000 various municipal purposes bonds.
Sept. 15 from 1942 to 1949 incl.
500,000 various municipal purposes bonds.
Sept. 15 from 1941 to 1945 incl,
Due $675,000 annually on
Due $125,000 annually on
OFFERED—All of the.$21,215,000 bonds publicly
awarded bear date of March 15. 1941 and were reoffered for public invest¬
ment by the successful banking group from a yield of 0.40% for the earliest
maturity to a price of 98.50 for the last maturing bonds. Formal announce¬
ment of the offering will be found on page 000.
BONDS PUBLICLY
LIST
BIDS—Three syndicates
OF
competed for that portion of the
public sale. Runnerup to the successful National City
account managed by the Chase National Bank of
New York, which bid 101.3115 for 2Ms, or a net cost of 2.074%.
Final
tender of 100.80 for 2Ms, a net cost of 2.14%, was made by Shields & Co.
of New York and associates.
In addition to their all or none offers, the
bonds available for
Bank
was
group
an
syndicates bid for all or any part.
The National City and Chase groups
offered par for 2Ms, and Shields & Co. specified 100.01 for 2Ms.
Bidding
with the Chase National Bank were Bank of America National Trust &
Savings Association, San Francisco, Barr Bros. & Co., Inc., Blair & Co.,
Inc., Blyth & Co., Inc., Chemical Bank & Trust Co., Drexel & Co., Gold¬
man, Sachs & Co., Hallgarten & Co., Harris Trust & Savings Bank, Hemp¬
hill, Noyes & Co., Lehman Bros., Manufacturers & Traders Trust Co.,
Marine Trust Co. of Buffalo, J. P. Morgan & Co., Inc., F. S. Moseley &
Co., Northern Trust Co., Chicago, Paine, Webber & Co., R. W. Pressprich
& Co., Swiss American Corp. and Union Securities Corp.
In addition to Shields & Co., that group included, among others, the
Spencer, Trask & Co., Equitable Securities Corp., Roosevelt &
Weigold, Inc., Carl M. Loeb, Rhodes & Co., Gregory & Son, Schoellkopf,
Hutton & Pomeroy, Harvey Fisk & Sons, Schwabacher & Co., Stroud &
Co., John Nuveen & Co., Stern Bros. & Co., Boatmen's National Bank,
St. Louis, Chace, Whiteside & Symonds, H. L. Schwamm & Co., Mis¬
sissippi Valley Trust Co., St. Louis, and the City National Bank & Trust
Co., Kansas City.
following:
UNDERWRITING GROUP—The successful
composed of the following:
banking group at the sale
was
First National Bank
Eldredge & Co., Inc.
C. F. Childs & Co., Inc.
Smith, Barney & Co.
Baker, Weeks & Harden
The National
City Bank of New York
Charles Clark & Co.
Inc.
Hannahs, Ballin & Lee
Halsey, Stuart & Co. Inc.
Lazard Freres & Co.
Alex. Brown &
Kidder, Peabody & Co.
Phelps, Fenn <fc Co.
Stone & Webster and Blodget, Inc.
Mercantile-Commerce Bank &
Trust Co.
Manufacturers & Traders Tr.
Co..Buffalo
Dick & Merle-Smith
B. J. Van Ingen &
Sons
Corp.
First of Michigan
Otis & Co., (Inc.)
Minsch, Monell & Co.,
Inc.
Dean Witter & Co.
Kean, Taylor & Co.
L. F. Rothschild &
& Co.
Bacon, Stevenson
The First Boston Corp.
Harriman Ripley & Co.,
R. H. Moulton & Co., Inc.
100.069
100.06
100.199
100.049
100.139
100.078
100.369
Y.—ADDITIONAL OFFERING DETAILS—
Ripley & Co., Inc
...
and Estabrook & Co
Union Securities Corp.
1.20%
_
.
100.057
$9,075,000 water supply bonds. Dated March 15, 1941 and due $605,000
annually on Sept. 15 from 1942 to 1956 incl.
4,740,000 various municipal purposes and school construction bonds.
Due $316,000 annually on Sept. 15 from 1942 to 1956 incl.
1,500,000 dock improvement bonds.
Due $100,000 annually on Sept. 15
from 1942 to 1956 incl.
Y.—BOND OFFERING—N. C. Saxton, Village Clerk,
1:30 p. m. on March 28. for the purchase of
$5,000 not to exceed 4% interest coupon or registered fire apparatus bonds.
Dated April 1. 1941.
Denom. $1,000.
Due $1,000 annually on April 1
from 1942 to 1946, incl.
Bidder to name a single rate of interest, expressed
in a multiple of M or l-10th of 1%.
Principal and interest (A-O) payable
at the Citizens Bank of Arcade, with New York exchange.
The bonds are
general obligations of the village, payable from unlimited taxes,
a certified
check for $100, payable to order of the village, is required.
The legal
approving opinion cf Newman & Newman of Arcade will be furnished the
ARCADE,
100.29
H. L. Schwamm & Co....
dicate
Telephone: WHitehall 4-8898
new
1.20%
1.20%
1.20 %
1.20%
1.20%
1.20%
Bacon, Stevenson & Co., and Williams & Southgate
The $21,215,000
Bell System
100.079
1972 to 1981 incl.
Tilney & Company
76 BEAVER STREET
Rate Bid
1.10%
1.10%
1.20%
1.20%
—
C. F. Childs & Co., and Sherwood & Co...
Union Securities Corp. and Estabrook & Co
were
,.v
Int. Rate
Bidder—
R. K. Webster & Co
Dick
N. J.—BOND
SALE—The $155,000 coupon or registered general funding bonds offered
March 19—V. 152, p. 1791—were awarded to J. B. Hanauer & Co., Newark,
and John B. Carroll & Co., New York, jointly, as 2.40s, at a price of $152,749.40, equal to 98.548, a basis of about 2.64%. Dated March 15, 1941 and
due March 15 as follows:
$25,000 from 1945 to 1949 incl. and $30,000 in
WEEHAWKEN
1957
Financial Chronicle
Co.
Co., Inc.
Darby & Co., Inc.
Geo. B. Gibbons & Co., Inc.
& Co.
R. 8. Dickson & Co., Inc.
Mackey, Dunn & Co., Inc.
Stern, Wampler & Co., Inc.
McDonald-Coolidge & Co.
Farwell, Chapman & Co.
Field, Richards & Co.
Merill, Turben & Co.
Edward Lowber Stokes
& Co.
G. M.-P. Murphy & Co.
Ira Haupt
W. E. Hutton & Co.
Mullaney, Ross & Co.
Eastman. Dillon & Co.
J. M. Daln & Co.
Seasongood & Mayer
Dominick & Dominlck
Lee Higginson
William R. Compton
Corp.
& Co., Inc.
DISTRIBUTED—The entire $21,215,000 bonds
were sold and the books closed within one
hour after the award, it. was
announced by the National City Bank on behalf of the underwriting group.
BONDS
QUICKLY
NORWICH,
N.
Y.1—BOND SALE—'The issue of
$84,000 coupon op
awarded
registered general bonds offered March 18—V. 152, p. 1792—was
to the National Bank & Trust Co. and the Chenango County National
Bank & Trust Co., both of Norwich, jointly, as Is, at par.
Dated March 1,
1941, and due March 1 as follows: $10,000 from 1942 to 1949, incl., and
$4,000 in 1950.
Other bids:
:
Tat. Rate
Bidder—
Rate Bid
1.10%
1.10%
1.10%
110%
1.20%
100.349
100.2o8
1.20%
100.179
100.10
100.0o9
100.158
Co..
Union Securities Corp
C. F, Childs & Co., and Sherwood & Co
Bacon, Stevenson & Co.—
Blair & Co., Inc
George
B,
Gibbons &
Co., Inc., and Adams,
McEntee & Co., Inc
Kean, Tayior & Co., and Langdon B. Wood & Co.
Harris Trust & Savings Bank
...:
— E. H. Rollins & Sons, Inc.
R. D. White & Co
—
Roosevelt & Weigold, Inc
R. K. Webster &
.
1.20%
1.20%
IX %
IX %
100.186
100.42
H. L. Schwamm & Co
?
1.30%
JRn'Uo
100.128
Halsey, Stuart & Co., Inc....
1.30%
100.098
NYACK, N. Y.—BOND SALE—The $11,000 coupon or registered sewage
disposal plant, series II, bonds offered March 18—V. 152, p. 1628—-were
awarded to R. K. Webster & Co. of New Yo-k, as 1.70s, at a price of
100.399, a basis of about 1.62%.
Dated April 1, 1941, and due $1,000
annually on Oct. 1 from 1941 to 1951, incl.
Other bids: w
1958
The Commercial & Financial Chronicle
Bidder—
Int. Rate
Gremmel & Co
R. D.
Rate Bid
1.80%
George B. Gi ebons & Co., Inc
100.189
1.90%
2%
Manufacturers & Traders Trust Co.,..
Union Securities Corp
..'Cv----—
100.33
100.20
1.90%
-
100.127
1.90%
1.90%
White & Co
Sherwood & Co
100.09
100.319
OSWEGO, N. Y.—BOND 8 \LE—The $191,000 coupon or registered
bonds offered March 18—V. 152. p. 1628—were awarded to the Bankers
Trust Co. of New York, as 1.20, at 100.081, a basis of about
1.18%.
Sale
consisted of:
$100,OCX) home relief bonds.
Due March 1 as follows: $10,000 from 1942
to 1945, incl., and $11,000 from 1940 to
1951, incl.
85,000 public works project bonds.
Due March 1 as follows: $8,000
from 1942 to 1940, incl,, and $9,000 from 1947 to
1951, incl.
All of the bonds will be dated March 1, 1911.
Other bids:
Bidder—
It. K. Webster & Co.
100.119
100.10
13?%
1.30%
1.30%
1.30%
1.30%
Harris Trust & Savings Bank
Goldman, Sachs & Co., and Blair & Co., Inc
Halsey, Stuart & Co., Inc....
1.30%
Kidder, Peabody & Co., and Estabrook & Co
1.40%
Union Securities Corp., and Roosevelt & Weigold,
Inc.
7.
100.077
100.119
^>&;v 100.119
100.089
100.08
100.035
1.40%
13?%
100.329
George B. Gibbons & Co., and Eldredge & Co
134%
100.158
1.40%
—
PORT
1.40%
1.40%
BYRON, N. Y.—BOND OFFERING—Walter L. Kerns, Village
Clerk, will receive sealed bids until 2 p. rn. on March 31 for the purchase of
$25,000 not to exceed 6% interest coupon or registered electric
system
improvement of 1941 bonds.
Dated April 1, J941.
Denom. $1,000.
Due
April 1 as follows: $2,000 from 1942 to 1952 incl. and $3,000 in 1953. Bidder
to name a single rate of interest, expressed in a
multiple of 34 or 1-lGth of
1%.
Principal and interest (A-O) payable at the National Bank of Port
Byron.
The bonds are unlimited tax obligations of the village and the
approving legal opinion of Caldwell & Raymond, of New York City, will be
furnished the successful bidder.
A certified check for $500, payable to
order of the village, is required. Bidder to obtain
bidding form from Village
Clerk.
PORT
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 bid for until their respective maturities. No bid of less than par and
accrued interest will be entertained.
on a form to be furnished with additional information and
be accompanied by a certified check upon an incorporated bank or
Bids must be
must
trust company,
payable unconditionally to the order of the State Treasurer
2% of the face value of tne bonds bid for.
The right to reject all bids is
The approving opinion of Storey, Thorndike, Palmer & Dodge,
Boston, will be furnished the purchaser.
for
reserved.
BARNESVILLE, Ohio—BOND SALE—The $22,600 coupon delinquent
tax bonds offered March 14—V. 125, p. 1470—were awarded to the BancOhio Securities Co. of Columbus as l^s.
Dated March 1, 1941 and due
Sept. 1 as follows: $2,600 in 1942 and $2,500 from 1943 to 1950, inclusive.
CHESAPEAKE-UNION EXEMPTED VILLAGE SCHOOL DISTRICT
(P. O. Chesapeake), Ohio—BOND SALE NOT CONSUMMATED—1The
14, 1940 sale of $19,500 3H% school bonds to Fox, Reusch & Co. of
Cincinnati—V. 151, p. 3780—was subsequently rescinded.
Dec.
COLUMBUS, Ohio—BOND SALE—The $138,000
CHESTER, N. Y.—NOTE OFFERING—Whliam
H.
LeCount,
Village Treasurer, will receive sealed bids until 11 a. m. on March 25 for
the purchase of a $100,000 tax note issued in
anticipation of the collection
of taxes for the fiscal year
beginning April 1, 1941.
Bidder to
name rate
of interest.
Issue will be dated April 1, 1941, and mature June
1, 1941.
Written opinion of Reed, Hoyt, Washburn &
Clay of New York City as
to the validity of the loan will be furnished the
successful bidder,
CAROLINA
152,
p.
1792—were
awarded
as
coupon
bonds offered
follows:
$100,000 motor vehicles and motor driven
equipment bonds sold to the
BancOhio Securities Co. of Columbus, as 134's. at par plus a
premium of $680, equal to 100.68, a basis cf about 1.05%.
Due
$20,000 annually on Oct. 1 from 1942 to 1946. inclusive.
38,000 electric street light extension bonds sold to the Brunson Bank &
Trust Co. of Columbus, as 1 J4s. at par plus a premium of $47,
equal to 100.123. a basis of about 1.22%.
Due Oct. 1 as follows:
$4,000 from 1942 to 1949, incl. and $3,000 in 1950 and 1951.
All of the bonds are dated April 15, 1941. Otis & Co. of Cleveland, second
high bidder, offered 100.409 for $138,000 134s.
COLUMBUS
GROVE,
Ohio—BOND
SALE—The
$20,900
coupon
lateral
sanitary sewer bonds offered March 15—V. 152, p. 1470—were
awarded to J. A. White & Co. of Cincinnati, as 234s, at par plus a premium
of $269, equal to 101.28, a basis of about 2.10%.
Dated Sept. 1, 1940 and
due
as
follows:
$550 Sept. 1, 1941; $550 March 1 and Sept. 1 from 1942 to
Second high bid of 101.16 for 234s was
by Seasongood & Mayer, of Cincinnati.
1959. incl. and $550 March 1, 1960.
made
FRANKLIN,
Ohio—BONDS AUTHORIZED—'The Village Council
passed an ordinance providing for an issue of $7,500 3% street improvement
bonds. Dated May 1, 1941. Denom. $500.
Due May l as follows: $500
from 1942 to 1946 incl. and $1,000from 1947 to 1951 incl. Interest M-N.
HAMLER, Ohio—BOND SALE—The $20,000 general obligation water
works
bonds offered Feb. 24—V. 152. p. 1162—were awarded to Bliss
Bowman & Co. of Toledo, at a price of 100.17. Dated Feb. 1, 1941 and due
Oct. 1 as follows: $1,000 from 1942 to 1949 incl. and $2,000 from 1950 to
1955 incl.
at any
NORTH
20—V.
March
Schwabacher & Co., and Francis I. DuPont & Co..
Kean, Taylor & Co., and Spencer Trask & Co.....
Hemphill, Noyes & Co., and Otis & Co..
—
cost to the town,
100.379
1.40%
1.40%
100.31
100.299
100.209
100.14
100.138
100.05
—
Manufacturers & Traders Trust Co
Dick & Merle-Smith—
II. L. Schwamm & Co.
paragraph 1 or in paragraph 2 or in paragraph 3, and the award will be
.made to the bidder offering to purchase said bonds at the lowest interest
OHIO
Rate Bid
134%
1M%
1941
22,
Local Government Commission will determine, after considering the bids
received, whether the award will be made for the bonds described in
-
Int. Rate
First Boston Corp.
First National Bank of Chicago
Marine Trust Co. of Buffalo, and K. D. White & Co.
Harriman Ripley & Co., Inc........
March
Callable
on
and after Feb.
interest payment date
upon
1, 1946, in inverse numerical older,
six months notice to the holder.
HOPEDALE, Ohio—BOND SALE—The $15,000
BUNCOMBE COUNTY (P. O.
Asheville), N. C.—BOND TENDERS
INVITED—It is stated by Curtis Bynum,
Secretary of the Sinking Fund
Commissioners, that pursuant to the provisions of the
respective bond
orders and ordinances authorizing their
issuance, tenders will be received
by the Sinking Fund Commission until April 2, at noon, for purchase
by
the respective sinking funds, in the name of and on
behalf of the issuing
units of the following bonds:
County of Buncombe refunding bonds, dated July 1, 1936.
County of Buncombe refunding bonds, series 2, dated July 1, 1936.
County of Buncombe funding bonds, series 2, dated July 1. 1936.
City of Asheville general refunding bonds, dated July 1, 1936.
City of Asheville refunding bonds, series 2, dated July 1, 1936.
City of Asheville funding bonds, series 2, dated July 1, 1936.
City of Asheville water refunding bonds, dated July 1, 1936.
Flat Creek Special School Taxing District
refunding bonds, dated July 1,
coupon water works
mortgage bonds offered March 14—V. 152, p. 1471—were awarded
National Bank of Jewell.
Dated April 1, 1940 and due as
follows:
$400 April 1 and Oct. 1 from 1942 to 1959, incl.; $400 April 1 and
$200 Oct. 1, I960.
revenue
to
First
the
LOWELLVILLE,
award
on
March
and
ment
special
Ohio—BOND SALE POSTPON ED—T he proposed
15 of $10,000 street improvement, public service equip¬
assessment improvement bonds was postponed until
March 22.
NEW PHILADELPHIA CITY SCHOOL DISTRICT,
BOND ISSUE—No action will be taken
ON PROPOSED
Ohio—REPORT
with respect
to
offering of the $100,000 school construction bonds authorized in Nov.,
1940, until after contractors' bids have been tabulated, which will take
place sometime in May.
NORWOOD, Ohio—BOND SALE—The $10,000 police and fire equip¬
1936.
ment
Asheville Local Tax School District refunding bonds, dated July 1, 1936.
Johnson Special School Tax District
refunding bonds, dated July 1,1936.
Oak Hill-Jupiter Special School
Taxing District refunding bonds, dated
July 1, 1936.
to 100.29, a basis of about 1.15%.
Dated March 1, 1941 and due $2,500
annually on Sept. 1 from 1942 to 1945, incl.
Second high bid of 100.218
for 134s was made by Seasongood & Mayer of Cincinnati.
;
Reems Creek Township Special School Tax
District refunding bonds,
dated July 1, 1936.
Weaverville Public School District refunding
bonds, dated July 1, 1936.
GUILFORD COUNTY DRAINAGE DISTRICT NO. 1 (P. O. Greens¬
boro), N. C.—BOND SALE—The $12,000 6% semi-annual
drainage bonds
.
offered for sale
Jefferson
on
Standard
Chairman
of
the
March
Life
Board
15—-V.
Insurance
of
152. PCo.
of
Commissioners,
1628—were purchased by the
Greensboro, according to the
No
other
bid
was
Due $1,200 in 1944 to 1953.
will be received until
(EST) on March 25, by W. E. Eastelring,
Secretary of the Local
Commission, at his office in Raleigh, for the purchase of
$15,000 funding and refunding bonds.
Dated March 1, 1941.
Due on
March 1:
$2,000 1.945 to 1950, incl. and $3,000 1951. with out option of
prior payment.
There will be no auction.
Denom. $1,000; prin. and int.
(M-S) payable in lawful money in New York City; coupon bonds
registerable as to principal only; general
obligations; unlimited tax; delivery at
place of purchaser's choice.
Bidders are requested to name the interest rate or
rates, not exceeding
6% per annum in multiples of one-fourth of 1 %. Each bid may name one
a.
Bidder—
m.
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
specify in his bid the
be awarded
amount
of bonds of each rate.
The bonds will
the bidder offering to purchase the bonds
at the lowest
interest cost to the town, such cost to be determined
by deducting the total
amount of the premium bid from the
aggregate amount of interest upon all
of the bonds until their
respective maturities.
No bid of less than par and
accrued interest will be entertained.
Bids must be accompanied
by a certified check upon an incorporated
bank or trust company, payable
unconditionally to the order of the State
Treasurer for $300.
The right to reject all bids is reserved.
The approving
opinion of Storey, Thorndike, Palmer & Dodge,
Boston, will be furnished
the purchaser.
to
In the event that prior to the
delivery of the bonds the income received
by private holders from ponds of the same type and character shall
be
taxable by the terms of any Federal income tax
law, the successful bidder
may, at his election, be relieved of his
obligations under the contract to
purchase the bonds and in such case the
deposit accompanying his bid will
be returned.
WILL! AM ST ON, N. C.—BOND
OFFERING—Sealed bids will be re¬
ceived until 11 a. m. on March 25,
by W. E. Easterling, Secretary of the
Local Government Commission, at his office in
Raleigh, for the purchase of
bonds, aggregating $60,000.
There will be no auction.
The bonds are
dated March 1, 1941; denom. $1,000;
prin. and int. (xM-S) payable in law¬
ful money in New York City;
coupon bonds not registerable;
general obliga¬
tions; unlimited tax; no option of xiament before
maturity; delivery at place
of purchaser s choice.
Bidders may submit bids for the bonds
described in any of the
paragraphs:
,
following
,
(1) $35,000 public improvement bonds maturing
annually on March 1.
$2 000 1943 to 1955. incl., $4,000 1956 and
1957. and $1,000 1958
(2) $2o.()00 street paving bonds maturing
annually on March 1, $2,000
S1'000 1949 to 1954, all incl., $2,000 1955
and 1956, and
1 iwiyU
lwOl
•
(3) For the bonds of both issues aggregating $60,000 and
maturing
annually on March 1, $2,000 1942, $4,000 1943 to
1948, $3,000 1949 to
19?'^iDC 'are
$4,000 1955, $6,000 1956, $5,000 1957, and $1,000 1958.
Bidders
requested to name the interest rate or
rates, not exceeding
6% per annum in multiples of 34 of 1%.
Each bid may name one rate for
part of the bonds described in paragraphs 1, 2 and
3 above (having the
earliest maturities) and another rate for the
balance, but no bid may name
more than two rates for
any of the bonds described in said
paragraphs, and
each bidder must specify in his bid the
amount of bonds of each rate.
The
134%
134%
Assel, Goetz & Moerlein, Cincinnati.......
134%
First National Bank of Norwood
1 H %
Norwood Savings Bank
—1 % %
....
—
LUCAS
$7.50
13.50
5.65
53.00
25.00
__
...
^
COUNTY
(P.
O.
Toledo),
Ohio—BOND OFF EMNG—
Schmidt, Clerk of the Board of County Commissioners, will
bids until 10 a. m. on April 10 for the purchase of $19,610
3% bonds divided as follows:
Adelaide E,
$10,000 highway
Government
must
Premium
Int. Rale
BancOhio Securities Co., Columbus
Ivatz & O'Brien, Cincinnati-.
receive sealed
TRYON, N. C.—BOND OFFERING—Sealed bids
11
received.
bonds offered March 17—V. 152, p. 1792—were awarded to J. A.
White & Co.. Inc., Cincinnati, as 134s at par plus a premium of $29, equal
Oct. 1
as
improvement No. 543 bonds.
Denom. $1,000.
Due
follows: $3,000 in 1942 and 1943 and $2,000 in 1944 and
1945.
3,010 highway improvement No. 544 bonds.
One bond for $1,010.
others $1,000 each.
Due Oct. 1 as follows: $1,010 in 1942 and
$1,000 in 1943 and 1944.
'
6,600 highway improvement No. 545 bonds.
One bond for $600, others
$1,000 each.
Due Oct. 1 as follows: $2,600 in 1942 and $2,000
in
1943
and
1944.
All of the bonds will be dated April 25, 1941.
Prin. and int. (A-O)
payable at the County Treasurer's office.
The bonds will be delivered at
the courthouse in Toledo on April 25.
The purchaser will be required to
take up and pay for the bonds promptly on the date fixed for delivery and
payment for same shall be made in cash or by a certified check on a bank
doing a regular banking business in the City of Toledo.
Conditional bids
will not be considered.
A complete transcript of all proceedings, evidenc¬
ing the regularity and validity of the issuance of the bonds, will be fur¬
nished the successful bidder in accordance with provisions of Section 2293-30
of General Code of Ohio.
A certified check for 1% of the bonds must
accompany each proposal.
TAYLOR
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Broadway),
Ohio—RE-SALE OF BOND ISSUE—'The March 10 award of $48,000
school house improvement bonds to the State Teachers Retirement System.
Columbus—V. 152, p. 1792—was subsequently rescinded and the issue then
sold to
at a
Stranahan,
price of 101.42,
Harris & Co., Inc., Toledo, the nigh
a basis of about 2.10%.
Didder,
as
2 34s.
TRUMBULL COUNTY (P. O. Warren), Ohio—BOND OFFERING—
J. A. Zipf, Clerk of the Board of County Commissioners, will receive sealed
bids until 2 p. m. on April 3 for the purchase of $120.000 not to exceed 3 %
interest refunding bonds. Dated April 1,1941. Denom. $1,000. Due$6,000
on April 1 and Oct. 1 from 1942 tc 1951 incl.
Bidder to name a single rate
of interest, expressed in
a multiple of 3i of 1%.
Interest A-O.
County
printing of bonds; successful bidder to pay for legal opinion and
of shipping the bonds.
A certified check lor $1,200, payable to
order of the County Commissioners, is required.
will pay for
expense
WARREN, Ohio—BOND OFFERING—B. M. Hillyer, City Auditor,
will receive sealed bids until lp.m. on April 8, for the purchase of $125,000
refunding bonds
OKLAHOMA
ALVA, Okla.—BOND OFFERING— Sealed bids wbl be received until
7:30 p.m. on March 26, by Thomas W. Keltch, City Clerk, for the purchase
of the
following bonds aggregating $275,000:
$250,000 water extension bonds.
Due $11,000 in 1944 to 1965, and $8,000
in 1966.
25,000 municipal hospital bonds.
Due $2,500 in 1944 to 1953 incl.
These bonds will be sold to the bidder offering the lowest rate of interest
and agreeing to pay par and accrued interest.
Each bidder shall submit
with his bid a sum in cash or its equivalent equal to 2% of the amount
of his bid.
Volume
The Commercial &
152
Okla.—BOND SALE—The
MUSKOGEE,
bonds offered for sale
First National
on
Dated May 1, 1941.
$125,000
Issue
of airport
awarded to the
13^s, according to the City Clerk.
March 17—V. 152, p. 1620—was
Bank of Muskogee,
Due
as
May 1 in 1944 to 1953.
on
OKLAHOMA CITY, Okla.—WATER
withdrawal of a suit against Oklahoma
BONDS DELIVERED—With the
City attacking the sale by the
municipality of $6,911,000 of water works improvement bonds, the city
and the bankers recently completed the transaction and delivery of the
bonds
was
made.
The issue
was
sold
on
Jan. 7 to Halsey, Stuart & Co., Inc.,
and associates
price of 100.069 for an interest combination of 3% and 2% making an
average cost basis of about 2.1148 on the three- to 79-year maturities.
The bonds were reoffered to investors several days later at prices to yield
at a
0.80 to 2.15%
and the entire amount was reported
sold immediately for
group account.
Following the sale by the city, court action was instigated by J. Edward
Jones of Oklahoma City, who contended that because of the existence of a
suit pending against the municipality at the time of the sale and sub¬
sequently dismissed, the city did not obtain the price for the securities that
otherwise would have been the case.
The purchase by the bankers was
made subject to full approval of the legality of the operation by Chapman &
Cutler, recognized specialists in municipal securities. The attorneys viewed
the Jones action against the city as prejudicing the status of the bonds, and
withheld the required approval.
On the eve of the starting of arguments in the suit, however ,dt was with¬
drawn by the plaintiff, and the operation was completed with delivery of
the securities.
'
'..vv W
■
OREGON
BAKER, Ore.—BOND OFFERING—Sealed bids will be received until
p.m. on March 24, by Mable Nelson, City Clerk, for the purchase of
$40,000 water improvement refunding bonds.
Interest rate is not to
exceed 6%, payable A-O.
Dated April 15, 1941.
Denom. $1,000. Due
$4,000, April 15, 1942 to 1951.
Prin. and int. payable at the City Clerk's
office.
The city reserves the right to purchase not to exceed five of said
bonds of the aggregate par value of $5,000 at the price for which the re¬
mainder of the bonds are sold, for the purpose of placing the same in its
Mt. Hope Trust Fund.
Enclose a certified check for 5% of the amount
of bid, payable to the City Clerk.
OREGON,; State of—OFFICE BUILDING BONDS
APPROVED—The
construction cf a State office
building, estimated to cost about $1,000,000.
The construction costs are
to be financed by bonds issued against the irreducible school fund.
It was stated subsequently that the proposal was approved by the
Senate and forwarded to the Governor for consideration.
The maximum
House recently passed bills authorizing the
on
the bonds is
ceived by the city
or
The actual,
when the outstanding bonds were issued.
effective, rate is slightly lower,
for a large proportion of the bonds were
issued at premiums, while none were issued at less than par.
the city's bonds bear ten different rates of interest, ranging
Altogether,
from 234%
($3,465,000, due serially Jan. 1, 1946-1960) to 534% ($5,000,000, due
July 16, 1971, and non-callable before maturity).
The most common
rate is 4% ($198,798,100, or 38.58% of the total), and the next in frequency
is 4 34% ($166,813,000, or 32.37% of the total).
The other rates are:
334% ($15,000,000), 3M% ($924,000, due serially Jan. 1. 1942-1945),
4M% ($60,756,000), 434% ($14,300,000), 5% ($41,485,500), and 534%
($8,804,000, due Oct. 26, 1971, but callable on and after Oct. 26, 1941).
"Life of bonds.
Almost two-thirds of the city's present bonded debt
consists of 50-year bonds—$337,595,900, or 65.51 % of the total.
Of these,
$317,029,400 (61.52% of the total of outstanding bonds) are callable 20 years
after their date of issuance or on any interest-payment date thereafter,
while the other $20,566,500 (3.99% of total bonds outstanding) are not
callable, being payable only at the expiration of 50 years from their dates
of issuance.
Next in order are 30-year bonds—$148,510,700, or 28.82%
of the total.
Of these, $29,931,000 (5.81% of the total) are callable after
20 years on any subsequent interest-payment date, while the other $118,579,700 (23.01% of the total) are payable only at the end of their 30-year
terms.
One lone bond issue, $4,389,000 of an original 1 to 20-year serial
issue of $4,620,000, partly at 234% and partly at 3 34% interest, matures
in annual instalments of $231,000 each Jan. 1, 1942-1960, and comprises
0.85% of the outstanding bonds.
The remaining $24,850,000 (4.82%)
of outstanding bonds, none of which are callable before maturity, were
issued
for terms of 15 years.
For the entire $515,345,600 of bonds out¬
standing the average life, at time of issuance, disregarding
is 42.217 years, or slightly over 42 years and 234 months."
callable dates,
Pa.—BOND SALE—The $10,000 4% coupon street
improvement bonds offered March 17—V. 152, p. 1471—were awarded to
the First National Vank of Point Marion at a price of 103.84, a basis of
about 3.21%.
Dated Dec. 1, 1940 and due $2,000 on Dec. 1 in 1943, 1944,
1946, 1947 and 1948,
Second high bid of 102.19 Avas made by Phillips,
Schmertz & Co. of Pittsburgh.
POINT MARION,
2
interest rate
1959
Financial Chronicle
said to have been fixed at 3lA%.
UNIVERSITY BONDS APPROVED—It is
alsc reported
that
Legislature has approved a bill authorizing the issuance of $250,000
versity of Oregon construction bonds.
the
Uni¬
(P. O. Salem) Ore.—BOND
SALE—The $17,000 semi-ann. water bonds offered for sale on March 12—
V. 152, p. 1629—were awarded jointly to Fordyce & Co., and the Charles
N. Tripp Co., both of Portland, as 3s at par.
Dated April 1, 1941. Due
$1,000 from April 1, 1943 to 1959 incl.
SALEM HEIGHTS WATER DISTRICT
DALLES, Ore.—BOND OFFERING—Sealed bids will be received
3, by J. H, Steers, City Recorder, for the purchase
6% semi-ann. airport, general obligation bonds.
Denom. $1,000 or $500, at the option of the pur¬
chaser.
Due $5,000 March 15, 1943 to 1949.
All bonds coming due
after 1943 shall be subject to redemption on any annual interest bearing
date upon the publication of 30 days' notice of intention to redeem prior to
such contemplated redemption date as provided in SpecialOrdinance No.798.
Prin. and int. payable in lawful money at the City Treasurer's office.
The bonds will be issued pursuant to Chapter XXXVII amendment to
the City Charter and to Special Ordinance No. 798.
Enclose a certified
check for 5% of bid.
These are the bonds mentioned in our issue of March 15, to be sold on
REDSTONE TOWNSHIP
(P. O. Uniontown), Pa.—BOND SALE—
The $15,000 coupon township bonds offered March 17—V.
were awarded to Singer, Deane & Scribner of Pittsburgh as
152, p. 1629—
234s at a price
due $3,000
basis of about 2.19%.
Dated March 1, 1941 and
annually on May 1 from 1942 to 1946. incl.
Second high bid
for 2Ms was made by E. H. Rollins & Sons, Inc., Philadelphia.
of 100.886, a
of 100.349
OFFERING— George J.
Evon, Borough Secretary, will receive sealed bids until 8 p. m. on March 24,
for the purchase of $60,000 334% to 5% school bonds.
Dated April 1,
1941.
Denom. $1,000.
Due $6,000 annually on April 1 from 1942 to
1951, incl.
Interest A-O.
The bonds will be sold subject to approval of
the Pennsylvania Department of Internal Affairs.
A certified check for
$1,000, payable to order of the district, is required.
THROOP SCHOOL DISTRICT, Pa .—BOND
TOWNSHIP SCHOOL DISTRICT (P. O. Emaus,
Pa.—BOND SALE—The $29,700 coupon oi registered building
152, p. 1629—were awarded to the Allentown
National Bank, as 2s, at par plus a premium of $12.50, equal to 100.042,
a basis of about 1.995%.
Dated May 1, 1941 and due May 1 as follows:
$1,500 from 1942 to 1960, incl. and $1,200 in 1961.
Second high bid of
100.457 for 2 Ms was made by the Merchants National Bank of Allentown.
UPPER SAUCON
Route 1),
l>onds offered March 14—V.
THE
RHODE
until 5 p. m. on April
of $35,000 not to exceed
Dated March 15, 1941.
April 4.—V. 152, p. 1793.
PENNSYLVANIA
ALIQUIPPA BOROUGH SCHOOL DISTRICT, P
until March 24, for the purchase
bonds,—V. 152, p. 1793—was canceled at a meeting of
March 17, according to Louis A. Smith, Secretary of'
In event the issue is re-offered, suitable notice will be given.
ING CANCELED—The call for sealed bids
of $325,000 coupon
the school board on
Public Schools.
BERKS COUNTY (P. O. Reading), Pa.—NOTE SALE—The $950,000
anticipation notes offered March 17—V. 152, p. 1793—were awarded to
Reading, at 0 30% interest rate, at par plus
a premium of $110.
The sale consisted of $700,000 general county notes,
dated March 20,1941, and $250,000 institution district notes, dated April 20
1941, all maturing Oct. 21, 1941.
Second high bid of 0.30%, plus $100, was
made by O. C. Codings & Co. of Philadelphia.
tax
the Berks County Trust Co.,
FRANCONIA TOWNSHIP SCHOOL DISTRICT (P. O. Franconia),
Pa.—BOND OFFERING—H. S. Hallman, District Secretary, will receive
sealed bids, care of Guy S. Claire, 17 Washington Ave., Souderton, until
7:45 p. m. on April 7 for the purchase of $60,000 1, 1 M. 1 y2, \\. 2, 234,
2lA. 2% or 3% coupon, regieterable as to principal only, building bonds.
Dated April 1, 1941.
Denom. $1,000.
Due April 1 as follows: $2,000
in 1942 to 1944, $3,000 in 1945 and 1946, $2,000 in 1947 to 1949, $3,000 in
1950 and 1951, $2,000 in 1952 to 1954, $3,000 in 1955 and 1956, $2,000 in
1957 to 1959, $3,000 in 1960 and 1961. $2,000 in 1962 to 1964 and $3,000
in 1965 and 1966.
No bids combining two different rates will be accepted.
No bid for less than par and accrued interest.
The bonds may be registered
as to principal only, are issued subject to the approving opinion of Townsend, Elliot & Munson of Philadelphia, and subject to the approval of the
Department of Internal Affairs.
These obligations will be payable from ad
valorem taxes within tne taxing limitations placed by law upon school
districts of this class.
The enactment at any time prior to the delivery of
the bonds, of Federal legislation which in terms, by the repeal or omission
of exemptions or otherwise, subjects to a Federal income tax the interest
on
bonds of a class or character
which includes these bonds, will, at the
purchaser from his obligations under
election of the purchaser, relieve the
of sale and entitle the purchase to the return of the
deposited with the bid.
Enclose a certified check for 2% of the
bid for, payable to the District Treasurer.
the terms of the contract
amount
amount
MIDDLETOWN, R. I .—BOND ISSUE REJECTED—The proposal to
school bonds received an equal amount of votes both for and
issue $75,000
against and the moderator
SOUTH
& Condon of Chicago.
primary election on Sept. 9.
r
PHILADELPHIA.
OF DEBT STRUCTURE—The
municipal debt structure prepared by the Phil¬
Pa .—ANALYSIS
following analysis or the
adelphia Bureau of Municipal Research is of particular interest at this time
inlview of the current study by the city administration of plans for largescale refunding of outstanding callable obligations.—V. 152, p. 1793:
"Gross bonded debt debt lowest since 1930.
The city's outstanding
bonded debt now totals
$515,345,600 (not including $7,700 of unclaimed
That is $2,124,000 less than on Jan. 1, ($517,469,600);
$18,105,000, or 3-39%, lower than at the beginning of 1940 ($533,450,600),
and $55,799,700, 9.77%, under the record high figure of $571,145,300,
reached in March-June, 1934.
Moreover, it is the lowest total of outstand¬
ing city bonds since the first week in July, 1930, when the total was $503,845.900 (increased to $518,845,900 with the sale or $15,000,000 of bonds
on July 7, 1930).
h*"Net bonded debt lowest since 1927.
Even better news can be given
for'the city's net bonded debt—that is, the gross bonded debt less sinkingfundfassets applicable to the principal of that debt.
Exact, detailed figures
for the sinking fund assets as of today are not readily available, but a checkuptof sinking fund transactions since the first of the year indicates that
matured bonds).
bonded debt today is within a
figure of $369,799,683.36.
That
the city's net
Jan. 1, 1941
few thousand dollars of the
is lower than the net bonded
the beginning of 1940 ($382,047,153.41) by $12,247,470.05, or
3.21%, and lower than on Jan. 1,1939 ($395,173,043.32) by $25,373,359.96,
or 6 42%.
Actually, the city's net bonded debt is now lower than it has
been at the end of any year since 1927, when it was $338,195,442.16 (in¬
creased to $371,076,951.11 at the close of 1928).
"Interest rates.
A full year's interest on the city s present bonded debt
debt
at
amounts to
$21,872,696.50, and the average rate of interest
'coupon rate,' disregarding the effect of
That is the average
is 4.244 + %.
premiums re¬
-
SOUTH
DAKOTA
LINCOLN COUNTIES INDEPENDENT
Beresford), S. Dak.—BONDS OFFERED—
BERESFORD, UNION AND
SCHOOL DISTRICT (P. O.
received until 8 p. m. on March 21 by Victor Jensen,
District Clerk, for the purchase of $20,000 not to exceed 234 % semi-annual
refunding bonds.
Interest payable J-J.
Dated Jan, 1, 1941.
Denomi¬
nations $1,000 and $500.
Due on Jan. 1 as follows: $500 in 1944 and 1945,
$2,000 in 1946 to 1954, and $1,000 in 1955' all bonds maturing in 1953,
1954 and 1955 to be subject to redemption at par and accrued interest on
and after Jan. 1, 1946.
Prin. and int. will be payable at any suitable
bank or trust company designated by the successful bidder.
The district
will furnish the printed bonds and the approving legal opinion of Fletcher,
Dorsey, Barker, Colman & Barber of Minneapolis, without cost to the
purchaser.
Sealed
bids
were
TENNESSEE
legal borrowing capacity, the proposal to issue
will be submitted to the voters at the
CAROLINA
S. C.—BOND SALE—The $250,000 issue of coupon
semi-annual water works refunding bonds offered for sale on March 14—
—V. 152, p. 1629—was awarded to E. H. Pringle & Co. of Charleston, as
134s, paying a premium of $100.03, equal to 100.04, a basis of about 1.74%.
Dated April 1, 1941.
Due $25,000 from April 1. 1944 to 1953, inclusive.
Associated with the above named firm in the purchase were: Commerce
Union Bank of Nashville, Fox, Reusch & Co. of Cincinnati and McDougal
PHILADELPHIA, Pa.—REPORT ON PROPOSED SEWER ISSUE—It
uphold the city's contention that sewer indebtedness should not be
$42,000,000 sewer construction bonds
declared the measure had been defeated.
GREENVILLE,
courts
considered in computing the
ISLAND
PROVIDENCE, R. I .—BOND OFFERING—Arthur E. Fielder,
Town Treasurer, will receive sealed bids until 5 p. m. on March 25 for the
purchase of $100,000 coupon emergency unemployment relief bonds.
Dated April 1, 1941.
Denom. $1,000.
Due April 1 as follows: $6,000
from 1942 to 1946, incl., and $7,000 from 1947 to 1956, incl.
Bidder to
name one rate of interest in a multiple of M of 1 %.
Principal and interest
(A-O) payable at the First National Bank of Boston or at the Town Treas¬
urer's office, at holder's option.
Coupon bonds may be registered as to
principal and interest.
These bonds will be valid general obligations of
the town and all taxable property in the town will be subject to the levy of
unlimited ad valorem taxes to pay both principal and interest, except that
taxable intangible personal property is taxable at the uniform rate of 40
cents for each $100 of assessed valuation.
The bonds will be engraved
under the supervision of and authenticated as to genuineness by the First
National Bank of Boston.
The legality of this issue will be approved by
Storey, Thorndike, Palmer & Dodge of Boston, a copy of whose opinion
will accompany the bonds when delivered Avithout charge to the purchaser.
The original opinion and complete transcript of proceedings required for
the proper issuance of the bonds will be filed with the First National Bank
of Boston, where they may be inspected.
EAST
BRISTOL, Tenn.—BOND OFFERING— It is stated by W. K. Carson,
City Recorder, that he will receive sealed bids untd 8 p.m. on March 25,
for the purchase of $50,000 coupon funding bonds.
Interest rate is not
to exceed 5%, payable A-O.
Dated April 1, 1941.
Denom. $1,000.
Due $2,000 April 1, 1944 to 1968.
Rate of interest to be in multiples of
34 of 1%.
These bonds are payable from an unlimited ad valorem tax.
Prin. and int. payable at the National City Bank, New York, or at the
First National Bank, Bristol,
Enclose a certified check for $500.
DYER, Tenn.—BOND OFFERING—Bids will be received until April 1
by Mayor F. Douglass, for the purchase of $70,Q00 municipal
Interest rate is not to exceed 4%, payable A-O.
Dated
.Jan. 1, 1941.
Due April 1, as follows: $2,000 in 1945 and 1946, $1,000 in
1948 to 1951, $3,000 in 1952 and 1953, $1,000 in 1954, $4,000 in 1955 and
1956. $8,000 in 1957 and 1958, $9,000 in 1959, $10,000 in 1960. and $12,000
in 1961.
The bonds have been validated by the Legislature and have been
approved by Chapman & Cutler, of Chicago, and are ready for prompt
at 1 p. m.,
building bonds.
delivery.
(These bonds were
—but the
■
. „
originally offered for sale on Feb.
5—V. 152, p. 867
offering was postponed.)
JELLICO, Tenn.—BOND OFFERING— It is stated by C. A. Rodeheaver
Sr., City Recorder, that he wijJ offer for sale at public auction on March 26,
at 2 p.m., an issue of $104,000 electric system revenue bonds.
Denom.
$1,000.
Dated Nov. 1, 1940.
Due on Nov. 1 as follows: $4,000 in 1943
to 1945 $5,000. 1946 to 1950; $6,000, 1951 to 1955: $7,000, 1956 to 1958,
and $8,000 in 1959 and 1960.
Said bonds are issued for the purpose of
the acquisition of an electric system for said city and are payable solely from
the revenues to be derived from the operation of said system after the prior
payment from such revenues of the reasonably necessary cost of operating,
maintaining and repairing the system.
Bidders are requested to name a
rate or rates of interest not greater than 5% in multiples of one-fourth of 1 %,
The Commercial & Financial Chronicle
1960
more than two rates of interest shall be specified and there shall be no
than one rate for any one maturity.
The bonds will be awarded to
responsible bidder whose bid results in the lowest interest cost to the
city.'.
The city will supply the approving legal opinion of Chapman and Cutler
of Chicago, and all bids must be so conditioned.
The right is reserved to
refuse any and all bids and to sell all or part of said bonds.
No bid will
be accepted for less than par and accrued interest.
A good faith deposit
in the amount of 3% of the amount of the bonds shall be made by each bidder
in the form of a certified check payable to the order of the City Treasurer.
(These bonds were originally offered for sale, without success, on Nov. 18
—as noted here at the time.)
Not
more
the
-
•
MONTGOMERY COUNTY (P. O. Clarksville), Tenn.—BONDS SOLD
—A $75,000 issue of 2% semi-annual school bonds is said to have been pur¬
chased at par by Jack M. Bass & Co. of Nashville.
Denom. $1,000.
Cue
on
March 1
follows: $5,000 in 1942 to 1944 and $10,000 in 1945 to 1950.
as
MURFREESBORO, Tenn.—BOND SALE—The $68,000 coupon or
registered semi-annual school bonds offered for sale on March 13—V. 152,
p. 1794—were awarded jointly to the Thomas H. Temple Co. and the Com¬
merce Union Bank, both of Nashville, as 2Mb. paying a premium of $106.66,
equal to 100.1568, according to the City Recorder.
TEXAS
FORT
WORTH, Texas—BOND OFFERING—Sealed bids will be re¬
ceived until 11 a. m. on March 25, by S. H. Both well. City Manager for
the purchase of the following coupon bonds, aggregating $1,500,000:
,
$1,000,000 airport, series 68 bonds.
Proposition No. 1, maturing April 1,
as follows:
$27,000 in 1942, $28,000 in 1943, $29,000 in i944,
$30,000 in 1945, $31,000 in 1946, $32,000 in 1947. $33,000 in
1948, $34,000 in 1949. $35,000 in 1950, $36,000 in 1951. $37,000
in 1952, $38,000 in 1953, $39,000 in 1954, $40,000 in 1955,
$41,000 in 1956, $43,000 in 1957, $44,000 in 1958, $45,000 in
1959, $47,000 in 1960, $48,000 in 1961, $49,000 in 1962, $51,000
in 1963, $53,000 in 1964, $54,000 in 1965 and $56,000 in 1966.
Proposition No. 2, maturing April 1. as follows:
$10,000 in
<
1953, $15,000 in 1954 and 1955, $20,000 in 1956 and 1957,
$25,000 in 1958 and 1959, $35,000 in 1960 to 1962, $50,000 in
1963 and 1964, $80,000 in 1965 and 1966, $85,000 in 1967,
$100,000 in 1968, $105,000 in 1969 and 1970 and $110,000 in
,
1971.
340,000 street improvement, series 69 bonds.
Proposition No. 1, ma¬
turing April 1, as follows:
$9,000 in 1942. $10,000 in 1943 to
1945, $11,000 in 1946 to 1949, $12,000 in 1950 and 1951,
$13,000 in 1952 to 1954, $14,000 in 1955 and 1956. $15,000 in
1957 to 1959, $16,000 in 1960 and 1961, $17,000 in 1962 and
1963, $18,000 in 1964 and 1965, and $19,000 in 1966.
Proposi¬
tion No. 2, maturing April 1, as follows:
$10,000 in 1953 to
1956, $15,000 in 1957 to 1959, $20,000 in I960 to 1962, $35,000
in 1963 and $40,000 in 1964 to 1967.
garage and repair shop, series 70 bonds.
Proposition No. 1,
maturing April 1. as follows:
$4,000 in 1942, $5,000 in 1943 to
1949, $6,000 in 1950 to 1955. $7,000 in 1956 to 1960, $8,000 in
1961 to 1964 and $9,000 in 1965 and 1966. Proposition No. 2,
maturing April 1, as follows:
$5,000 in 1949 to 1957, 810,000
160,000
in 1958 and 1959, $15,000 in 1960 to 1962 and $25,000 in 1963
and 1964.
Denom. $1,000.
Dated April 1, 1941.
Rate of interest to be stated in
a
multiple of M of 1% and bids must show the gross and net interest cost to
the city.
No bid for less than par of the face value of the bonds and accrued
interest thereon will be accepted.
Prin. and int. payable in lawful money at
the Central Hanover Bank & Trust Co., New York, or at the
City Trea¬
March
22,
1941
New York.
These bonds are issued under au¬
thority of amendment to the Constitution known as $50,000,000 State Road
Bond Amendment and under authority of an Act of the State Legislature,
the National City Bank,
known as Enrolled Senate Bill No. 20, passed Feb. 24,
of this bond, principal sum and interest,
sufficient are not available for that purpose,
it is aereed that, within the limits prescribed by the Constitution, the board
of Public Works of the State shall annually cause to be levied and collected
an annual State tax on all property in the State, until said bond is fully paid,
sufficient to pay the annual intern t on said bonds and the principal sum
thereof within the time this bond becomes due and payable.
The bonds
cannot be sold at less than par and accrued interest.
Accrued interest to
be calculated from April 1, 1941. Purchasers will be required to pay accrued
interest to date of delivery.
Delivery will be made in New Y ork City. To
expedite delivery if desired interim certificates will be furnished purchasers.
The purchaser or purchasers will be furnished with the final approving
opinion of Caldwell & Raymond of New York, but will be required to pay
the fee for approving the bonds.
Enclose a certified check for 2% of the
face value of the bonds bid for, payable to the State.
1941 Regular Session,
1941.
To secure the
payment
when other funds and revenues
WEST
VIRGINIA
BOARD
OF
CONTROL
(P.
O.
Charleston),
W. Va.—BOND OFFERING—Sealed bids will be received until 1
p. m. on
April 8, by Walter R. Thurmond, President of the Board of Control, for
the purchase of $325,000 West Virginia University women's dormitoiy
revenue coupon bonds.
Interest rate is not to exceed 3M%. payable A-O.
Denom. $1.000.
Dated April 1, 1941.
Due on April 1 as follows: $6,000
in 1943 and 1944, $7,000 in 1945 and 1946, $8,000 in 1947 to 1950. $9,000
in 1951 to 1953. $10,000 in 1954 and $955. $11,000 in 1956 to 1959, $12,000
in 1960, $13,000 in 1961 and 1962, $14,000 in 1963 to 1965. $15,000 in
1966 and 1967, $16,000 in 1968 and 1969. and $17,000 in 1970 and 1971.
The bonds will contain a provision that the Board of Control reserves the
right to call the bonds by lot or as a whole on or after April 1, 1946, at par
value and accrued interest, plus a premium of 5% to April 1, 1952; plus a
premium of 3% from April 1, 1952 to April 1, 1962: plus a premium of 1%
from April 1, 1962 to April 1, i971.
Rate of interest to be in a multiple of
M of 1 %.
A part of the issue may bear one rate and a part a different
rate, but not more than two rates will be considered in any one bid.
The
bonds will be sold to the bidder offering to take the bonds bearing the lowest
interest rate and to pay the highest price offered for bonds bearing such rate.
Prin. and int. payable, solely from the revenue from the project, in law¬
ful monev at the State Treasurer's office, or at the Guaranty Trust Co., New
York.
These bonds are to be issued under the provisions of Chapter 25 of
the Official Code of the State, as amended by Chapter 9, Acts of the 1933
Regular Session, and Chapter 38, Acts of tha 1933 Second Extraordinary
Session.
The bonds will be registerable as to principal only at the option
of the holder.
Any information concerning the p.-oposed revenue may be
had from the above President.
The bonds will not be sold at less than par'
and accrued interest, which accrued interest is to be calculated fiom April 1,
1941.
Purchasers will be required to pay accrued interest to date of delivery.
Delivery will be made in New York City, or Charleston.
To expedite
delivery, if desired, interim certificates will be furnished purchasers.
The
purchaser or purchasers will be furnished free of charge with the final approv¬
ing opinion of Chapman & Cutler of Chicago.
Enclose a certified check for
2% of the face value of the bonds bid for. payable to the State.
It is also stated that Governor Neely will not reject any bid because of its
containing a provision that the successful purchaser may at his election be
relieved of his obligations under the contract to purchase the bonds in the
event that, prior to the delivery of the bonds, the income received by private
holders from bonds of the same type and character shall be declared to be
taxable under present Federal income tax laws, either by a ruling of the
Bureau of Internal Revenue or by a decision of any Federal Court, or shall
be taxable by the terms of any Federal income tax law hereafter enacted
WISCONSIN
surer's office.
No bid for less than all of any one issue of the bonds will be
considered.
Unless all bids are rejected, the bonds will be awarded to the
bidder or bidders offering the lowest cost of interest by a legally acceptable
The issuance of $110,000 county home building bonds is said to have been
proposal,
Proposition 1 or Proposition 2.
The complete bonds and
approving opinion will be furnished by the city. Delivery of the bonds will
be made at the purchaser's expense.
Enclose a certified check for 1 % of
the face amount of the bonds, payable to City Secretary-Treasurer E. 8.
Birdsong. Z
r-Z
J
approved by the voters at a recent election.
LAMESA, Texas—BONDS SOLD—The City Secretary-Treasurer states
that $75,000 water works and sewer revenue bonds approved by the voters
on Feb. 24 have been
purchased by Crummer & Co. of Dallas.
postponed to 2.
on
LAMAR
said that
on
an
COUNTY
(P.
O.
Paris), Texas—BOND ELECTION—It is
election will be held on April 5 in order to have the voters pass
the issuance of $200,000 reflief bonds.
COUNTY
COUNTY
KENOSHA
(P.
(P.
O. Jefferson)
O.
Kenosha)
Wis.—BONDS VOTED—
Wis.—BOND
OFFERING
POSTPONED—It is reported by John C. Niedernrim, County Clerk, that
the sale of the $140,000 refunding bonds, originally scheduled for Mar. 20,
as noted in detail
in our issue of March 15—V. 152, p. 1794—has been
p. m.
MILWAUKEE
(CST), on March 25.
COUNTY
(P.
O. Milwaukee), Wis.—NOTE SALE—
The $3,800,000 issue of coupon corporate purpose notes offered for sale on
March 17—V. 152, p. 1472—was awarded jointly to the National City
Bank, the Bank of the Manhattan Co., and Salomon Bros. & Hutzler. all
York, as O.40s, paving a premium of $800, equal to 100.021, a
basis of about 0.3'5%.
Dated April 1, 1941.
Due on April 1, 1942:
callable on Feb. 1; 1942.
of New
LEONARD INDEPENDENT SCHOOL DISTRICT (P. O. Leonard)
Texas—BOND OFFERING—Sealed bids will be received until 7 p. m. on
March 24, by L. M. La Roe, President of the Board of Trustees, for the
■
.
JEFFERSON
NOTE CALI—lo is stated
by C. M. Sommers, County Treasurer, that
purchase of $38,000 refunding bonds.
Dated April 1, 1941. Denoms. $500
or $1,000 and $500.
Due April 1 as follows: $1,000 in 1942 to 1945, $1,500
in 1946 to 1950, $2,000 in 1951 to 1957, and $2,500 in 1958 to 1962.
Prin.
and int. (A O) payable at place preferred by purchaser.
It is the intention
corporate purpose notes (entire issue) totaling $3,£00,000 are called for
payment on April 2.
Dated June 20, 1940.
Due July 1, 1941.
The 1941 maturities of the following bonds may be presented for im¬
of the Board of Trustees to sell the bonds at the lowest interest cost that
will bring a price of approximately but not less than par.
Bidders are re¬
mediate
quired to
nearest
name
par
the rate
or
combination of two rates with their bid which is
in multiples of
M
of 1%.
Alternate proposals
will
be
con¬
sidered with five-year option.
All bids must be submitted on a uniform
blank which may be secured from the above President.
The bonds being
refunded are dated Sept. 1, 1937, and are at present held by the State
Permanent School Fund and bear 4 % interest. The district will pay interest
on
the
bonds
to
the
date fixed
for redemption,
which is April 1, 1941.
The purchaser of the
refunding bonds will be required to make available
the necessary funds to redeem the bonds from the State Treasurer on
April 1, for the purpose of refunding them. The interest to be paid to the
purchaser will be only that accruing on the refunding bonds from April 1,
at the rate fixed by the sale contract.
No litigation pending or threatened.
No defaults.
The district will furnish the printed bonds, a copy of the
proceedings, the approving opinion of Gibson & Gibson, of Austin, and will
deliver the bonds to the bank designated by the purchaser without cost to
.
m,\
.
April 15.
Enclose
a
SCHOOL
DISTRICT,
Texas—BOND
SALE—The George V. Rotan Co. of Houston was awarded on March 1
block of $78,000 of a total $115,000 building bond issue, pay. par for 2
Ms.
VERMONT
ST. ALBANS, Vt.—BO\rDS VOTED—V.
I)
Post. City Clerk, reports
of $29,000 not to exceed
3% interest street refunding bonds
carried by a vote of 1.427 to 689 at an election on March 4.
issue
WASHINGTON
FALLS, Wash.—BONDS
$10,000 5% semi-annual water
Feb. 21, have been purchased
Dated April
1, 1941.
SOLD—The Town Clerk states that
bonds approved by the voters on
by Arthur E. Nelson & Co. of Spokane.
Due in 20 years; optional in 10 years.
revenue
WATERVILLE, Wash.—-BONDS
$36,000 water
revenue
bonds
Nelson & Co. of Spokane,
as
SOLD—The Town Clerk states that
purchased on March 17 by Arthur E.
2%s, at a price of 99.00, a basis of about 2.52%.
were
?^Unn^f«SholnVa8inS0Wsi, tl '0(!° irU942'
1950 to 1956, callable after 10
$2,000 in 1943 to 1949. and
years in inverse numerical order.
payable at the Town Treasurer's office/or at the office of the
fiscal agency of the State.
j
ALLIS, Wis .—BOND SALE—'The $300,000 issue of semi-ann.
offered for sale at public auction on March 18—V.
1472—was awarded to a syndicate composed of Harriman Ripley
& Co., Inc., John Nuveen & Co., both of Chicago: the Wells-Dickey Co.
of Minneapllis, Farwell, Chapman & Co. of Chicago, and the Milwaukee
Co. of Milwaukee, as 2s, paying a premium of $2,500, equal to 100.83, a
basis of about 1.93%. Dated Feb. 1, 1941.
Due in 1947 to 1961.
bonds of 1941
152, p.
BONDS OFFERED FOR INVESTMENT—'The successful bidders reoffered
the above bonds for public subscription at prices to yield from 120%
2.00%, according to maturity.
can be effected by approximately
certified check for $760 payable to the district.
INDEPENDENT
a
t*_j
WEST
school
is anticipated that delivery
SUNDOWN
that an
payment: interest coupons will be paid in full:
Relief, 5% aggregating 8217,000. Dated Oct. 1, 1P32.
Metropolitan Sewerage Area, aggregating $2,170,000.
Payment will be made at the County Treasurer's office, or at the Chase
National Bank, agent of the county, New York City.
Prin. and int.
WEST
VIRGINIA
StC,e "{—BOOT
Sealed bids will be
received until 1 p. m. on March
25, by Governor Matthew M. Neely, for
of an issue of $1,000,000 road bonds.
Interest rate is not to
payable M-S.
Dated April 1, 1941.
Coupon bonds in $1,000
r\to/Al]LVe?^retU>onJfil.®f $1.000 and
«!?o
Due $40,000 April 1, 1942 to 1966.
$5,000 denoms.
Rate of interest to be in
£ paFt of t^e 1S8ye may bear
a
multiple of
one rate and a part a different rate.
Not more than two rates will be considered in
any one bid.
The bonds will
be sold to the bidder
offering to take the bonds bearing the lowest interest
rate and to pay the highest price offered for
bonds bearing such rate.
Prin. and int, payable in lawful
money at the State Treasurer's office, or at
to
CANADA
CANADA
PAYMENT
Canadian
fDominion
OF
and
of)—DECISION
$20,000,000
American
banks
ISSUE
DUE
AWAITED
IN
REGARDING
UNITED
STATES—
awaiting with interest action by the
Dominion Government respecting the maturity on May 1 of $20,000,000
Dominion of Canada 1 M % notes.
The issue is the only large early Canadian
debt maturity in the New York market and there has been some discussion
of a possibility that Canada might seek a ruling as to whether the notes
might be refunded.
Canadian bankers say the issue may be paid in cash rather than raise a
point about interpretation of the neutrality act at this time and that the
issue is small enough to be handled easily by the Canadian pool of American
dollars.
They admit that if the notes could be refunded such action would
conserve American dollar
resources
by an amount equal to about onemonth's loss of American exchange, on the basis of unofficial estimates
that Canada's holdings of American funds shrink by about $25,000,000
monthly.
are
Under American laws it would be possible for Canada to extend the
$20,000,000 note maturity but such an operation would mean the negotia¬
an extension with each individual holder of a maturing note.
Lawyers both in Canada and in this country feel thajt refunding, which
would involve the sale of $20,000,000 new notes to holders other than those
tion of such
who own the maturing notes, would not come within the "extension"
permitted by existing regulations.
Actually the question of what can be
done has never been defined and a useful purpose might be served by such
an interpretation.
The fact that the note issue is held by a small number of institutions,
chiefly large banks, would make extension possible.
Should any holders
desire payment, the fall provisions would enable the Dominion Government
to repay multiples of $100,000.
LEASIDE, Ont.—BOND SALE—J. L. Graham & Co. of Toronto have
purchased $34,845 3M% improvement bonds.
Dated March 1, 1941 and
due serially from 1942 to 1956 incl.
OUEBEC
CATHOLIC
SALE—Clyment, Guimont,
Quebec, jointly, purchased
SCHOOL
COMMISSION,
Que.—BOND
Inc. and Dube, Leblond & Co., both ▼of
private sale $388,000 bonds at a price of
98.25, a basis of about 4.52%. Sale consisted of:
$318,500 4M% bonds. Due serially from 1947 to 1951 incl.
69,500 4% bonds. Due serially from 1942 to 1946 incl.
at
@FedFRASER