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TV
ommerrial y
COPYRIGHTED IN 1940 BrWLLIAM B. DANA COMPANY, NEW YORK.
VOL 150.
l8SuedWsM°eytraCopy-
rnntcle
PAT. OFFICE
REG, 0.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH 3, 1S79.
William B. Dana Co., Publishers,
NEW YORK, MARCH 23, 1940
25
MA
I* U
Spruce St., New York City
THE
BROOKLYN TRUST
Oa/UU
*
CHASE
NATIONAL
COMPANY
QQH0
•
BANK
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
President
BROOKLYN
NEW YORK
NEW
respondent bank service
is
policy of
the Chase National Bank.
Member Federal Deposit Insurance
YORK
Corporation
traditional
a
Broaden your customer
service
with
Chase
cor¬
respondent facilities.
PUBLIC UTILITY
Member Federal
INDUSTRIAL
Deposit Insurance
Corporation
RAILROAD
STATE
AND
MUNICIPAL
MUNICIPAL
BONDS
City of
BONDS
ACALLYN-»>COMPANy
Philadelphia
INCORPORATED
CHICAGO
New York
Boston
Philadelphia
Milwaukee
Detroit
Omaha
Bonds
The
FIRST BOSTON
CORPORATION
NEW YORK
Hallgarten & Go
PHILADELPHIA
Established
NEW
J850
Moncure Biddle & Co.
BOSTON
CHICAGO
PHILADELPHIA
SAN FRANCISCO
AND OTHER PRINCIPAL CITIES
YORK
London
Chicago
PACIFIC NORTHWEST
The
SECURITIES
New York Trust
FINCH, WILSON & CO.
Members New York Stock Exchange
•
:i
...
Capital Funds
Commission Orders
^Drurnhpllcr, Ehrltdiman
Company
.
•:
Company
...
$37,500,000
Carefully Executed
Exchange Bldg.
Seattle
for Institutions and Individuals
120 BROADWAY, NEW YORK
IOO
BROADWAY
NATIONAL BANK OF NEW ZEALAND, Ltd
Established 1872
Chief Office in New Zealand: Wellington
P. R. M. Hanna, General Manager
MADISON AVENUE
R. H. Johnson &. Co.
Head Office:
8 Moorgate, London,
E. C. 2, Eng.
Subscribed Capital
AND 40TH
STREET
£6,000,000
Paid-up Capital
£2,000,000
Reserve
Members
Fund
Currency
New York Stock Exchange
New York Curb Exchange
The
Bank
.£1,000,000
Reserve
conducts
every
£500,000
...
description
of banking
business connected with New Zealand.
64 Wall
St.
New York
PHILADELPHIA
BOSTON
Correspondents throughout the World
ONE EAST
London Manager, A. O. Norwood
57TH STREET
Carl M. Loeb, Rhoades &Co.
61
Established 187k
NF./ YORK
Lor 4 on
DeHaVen & Townsend
BROADWAY
Pari*
Member of
Amsterdam
the
Federal Deposit
Insurance Corporation
NEW
YORK
80 Broad St.
PHILADELPHIA
1518
Walnut St.
The Commercial & Financial Chronicle
n
March
1940
23,
To the Holders of
City
Montevideo
of
(Republic of Uruguay)
EXTERNAL
SINKING
FUND
6% GOLD BONDS,
7% SINKING FUND GOLD BONDS,
Series A, dated November 1, 1926,
and
dated June 1, 1922,
due November 1, 1959
due June 1, 1952
The
Prospectus of the Republic of Uruguay dated August 1, 1938 whereby
Republic made to the said holders an Offer of Exchange for bonds
of the Republic, has been amended under date of March 20, 1940, to
extend the period for the exchange to August 31, 1940, and to furnish
certain supplementary information.
Copies of the amended prospectus
the
M
and form letters of transmittal may be obtained from:
HALLGARTEN
&
CO,
DILLON, READ & CO.
York, N. Y.
44 Pine
Street, New York, N. Y.
As Exchange Agent with respect to the
6%
Bonds of the City.
28 Nassau Street, New
As Exchange Agent with respect to the 7%
Bonds of the City.
REPUBLIC
OF
Cesar
URUGUAY
Charlone,
Minister
of Finance.
J. Richling,
March
20, 1940
Minister at
Washington, D. C.
Meetings
NEW
YORK
HONDURAS
AND
MINING
For Sale
STOCKHOLDERS'
Annual
The
of
NEW
ROSARIO
COMPANY
NOTICE
OF
ANNUAL
MEETING
Meeting
YORK
of
the
Stockholders
HONDURAS ROSARIO
and
MINING COMPANY will be held at the office
of the
Purchase Money Lien
of
Company, at Room 1919, No. 120 Broad¬
New York, N. Y., on Wednesday, April 3rd,
1940, at 2:00 o'clock P. M., to consider and act
upon the following matters:
way,
$12,000.
1.
This
a
The
2.
The
3.
Upon the maturity of this trust, the first $12,000. there¬
from is payable to the holder of this mortgage now for
sale at $7,500.
authorization
transaction
may
any
ORDER
OF
CORPORATION
"
NOTICE
Ashland 4-4231
OF
Notices
of
WESTERN
DIVIDEND
A dividend of
($3.50)
Meeting of the
Stockholders of
Norfolk and Western Railway Company will be
held at the principal office of the Company in
Roanoke, Virginia, on Thursday, April 11. 1940,
per
capital
NO.
this
41.
Fifty Cents
share
stock
on
of
the
John
Morrell & Co., will be paid
April
25,
1940,
stock¬
to
holders of record March 30, 1940,
the books of the
Company.
as
shown
Ottumwa, Iowa.
George A. Morrell, Treas.
COMPANY
quarterly
Company has
declared
the
dividend of $1.25 per share
Preferred Stock and
on
the
Common
payable April
March 16.
1,
a
W.
COX, Secretary
will
Bearer
must
regular
on
the
of the
1940 to
Company.
E.
business
C.,
for
days
The
on
usual
ROBERT
B.
BROWN,
Treasurer.
see
pages
is
be
£1
King¬
payable
on
deposit
obtain
to
Coupon
No.
examination
five clear
Saturday)
be¬
the
payable
5%
half-yearly dividend of 2H%
Preference
30th
on
Stock
September
the
same
No.
73
National
next
for
the
will
year
also
be
date.
must
be
Provincial
Savoy Court,
Strand,
five
deposited
Bank
London,
clear
Saturday)
Limited,
W.
business
before
with
C.,
for
days
payment
is made.
DATED 21st
February, 1940.
BY
E.
A.
1940.
For other dividends
United
Stock
(excluding
Both
Stockholders of record
the
30th
each
Guaranty Trust Company
York,
32
Lombard
Street,
dividend of 25c. per share
Stock
meeting.
L
Tax
of
on
ending
for
the
(excluding
The Board of Directors of the American Manu¬
facturing
year
tenpence
examination
Brooklyn, New York
Dividend
the
of
fore payment is made.
the
MANUFACTURING
Noble and West Streets
time
Stockholders of record at the close of business
March 22, 1940, will be entitled to vote at such
London,
for
1940.
dividend
New
Coupon
AMERICAN
HOLDERS
PREFERENCE
free
of
with
of
ending
on
and to alter and amend the Company's
required for notice to stock¬
holders of annual and special meetings and call
by stockholders for special meetings to statutes
of the company's incorporating state—Virginia,
and to transact such other business, not known or
determined at this time, as properly may come
before the meeting.
I
Secretary.
TO
AND
Stock
Income
March
181
staggering of terms in office of its Board of Di¬
the
PERLMAN,
Interim
1940
Holders
JOHN MORRELL & CO.
iQin
OF ANNUAL MEETING
OF STOCKHOLDERS
conform
BOARD
COMPANY, LIMITED
Stock
Ordinary
30th
NOTICE
rectors.
as
April 4, 1940.
m.,
THE
DIVIDENDS
Second
dom
By-laws so as to permit such staggering, to change
the date of annual meeting of stockholders to the
second Thursday in May. beginning in 1941, to
business
STOCK WARRANTS TO BEARER.
Dividends
at 10 o'clock A. M., to elect a Board of eleven
Directors for the ensuing year, to consider and
upon
proposals to amend the Company's
Charter so as to empower the Company to effect
a.
OF
ORDINARY
September
act
other
BRITISH-AMERICAN
Ordinary
Annual
of such
Dividends
A
The
of
$7,500.
of
OF
MrtpII Q
are
cancellation
DIRECTORS,
J.
TOBACCO
Roanoke, Virginia
the
Dated March 20, 1940.
Discount Value
RAILWAY COMPANY
of
1940, until ten
BY
Subject to Prior Sale
NORFOLK AND
the
For the purpose of the meeting, the transfer
books of the Company will be closed from
noon,
—is not taxable income until received.
York, N. Y.
for
successors
properly come before the meeting, or
adjournment or adjournments thereof.
March 23,
difference between the $12,000. and the present
purchase cost—covering the interest accrued and profit
New
Directors
their
Continuing the employment of Ernst & Ernst
the Company's auditors. !
The
The
FUNDING
until
as
4.
LEGATEES
eleven
or
11,633 shares of this Company's capital
stock, held in the Company's treasury, and
directing the amendment of the Company's
charter accordingly.
fund is invested mostly in listed securities with
approximately $100,000.
at a
of
year,
elected and qualified.
market value of
Offered
election
ensuing
Upon the death of a seventy-nine year old mother, her
daughter will come into possession of a fund until then
held in trust by a major (New York City) institution.
Rusham House,
Whitehall Lane,
Egham, Surrey.
ORDER,
BLOCKLEY, Secretary,
*
TUf
oitimerrRil f
Vol. 150
MARCH 23,
No. 3900
1940
Editorials
The Financial Situation
1819
Up North.
.....1832
....
Old-Worldliness
1835
Comment and Review
Business Man's Bookshelf.
..1837
Week
..1823
on
the
European Stock Exchanges
Foreign Political and Economic Situation
Foreign Exchange Rates and Comment
..1824
..1829 & 1875
Course of the Bond Market
1837
Indications of Business Activity
1839
Week
on
the New York Stock Exchange.
1821
Week
on
the New York Curb
1874
Exchange
News
Current Events and Discussions
Ban& and Trust
..1851
Company Items
1873
General Corporation and Investment News
1923
Dry Goods Trade
1966
State and Municipal Department
1967
Stocks and Bonds
Foreign Stock Exchange Quotations
1887 & 1889
Bonds Called and Sinking Fund Notices
1880
Dividends Declared
1880
Auction Sales
1879
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations-.1390 & 1900
1890
New York Curb
Exchange—Stock Quotations..
New York Curb
Exchange—Bond Quotations.
Other Exchanges—Stock and Bond
..1906
1910
Quotations
..1912
Canadian Markets—Stock and Bond Quotations..
1916
Over-the-Counter Securities—Stock & Bond Quotations .1919
Reports
Foreign Bank Statements
1827
Course of Bank
1875
Clearings....
Federal Reserve Bank Statements
1851 & 1887
General Corporation and Investment News.
1923
Commodities
The Commercial Markets and the
Crops
Cotton
Published Every Saturday
..1956
1959
Morning by the William B. Dana Company, 25 Spruce Street, New York City, N. Y.
President and Treasurer; William D. RIggs, Business Manager.
208 South La Salle Street (Telephone State 0613). London—
B. Dana Company.
Entered as second-class matter
Subscriptions in United States and Possessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada, S19.50per 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 fine.
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.
Herbert D. Selbert, Chairman of the Board and Editor; William Dana Seibert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
Edwards & Smith, 1 Drapers* Gardens, London, B.C.
Copyright 1940 by William
June 23,1879, at the post office at New York, N. Y., under the Act of March 3,1879.
4
The Commercial & Financial
vm
YALE
THE
March
Chronicle
23,
1940
TOWNE
&
MANUFACTURING COMPANY
ANNUAL REPORT—1939
New
,
(See Below)
Your Directors submit the Consolidated Income and Surplus Accounts
the Company and its major subsidiaries for the
and the Balance Sheet of
-year 1939, with the certificate of
domestic and foreign accounts have
our auditors.
As
been consolidated.
in previous years,
For ease in refer¬
the two statements are numbered.
Explanations in the following
report also carry numbers to tie the written comments to the various
Income and Surplus and Balance Sheet Items.
ence,
COMPARATIVE STATEMENT
OF INCOME AND SURPLUS
1938
1939
$17,040,467.84 $13,936,448.00
1.
Net Sales
2.
*Cost of Sales—Factory cost, selling,
administrative and general expenses
15,780,513.06
13,769,351.99
Our cash at December 31, 1939 amounted to $1,600,810 but
of this $636,358 was in Canada, England and Germany, converted at
exchange rates of $.80 for the Canadian dollar, $3.50 for the pound sterling
and $.238 for the reichsmark.
In Germany there was at the close of the
Item 23.
$380,638.
year
Item
Income,
Net Profit before Miscellaneous
receivables was in accord with the
greater business being done at the end of 1939 as compared with the close
of 1938.
The $200,000 blanket reserve is to cover unforeseen contingencies.
All known bad debts were absorbed in the year's operations.
Item 25.
The increase of $565,725 in
Item
The inventory increase during the year
26.
and
for
business.
fore
228,435,06
1,526,778.36
395,531.07
Item 33.
The Company's total assets increased in 1939 $930,485, to a
of $20,427,395.
Total net assets (total assets less liabilities) in
Canada, England and Germany amounted to $5,042,883.
427,628.05
226,572.88
which
operations be¬
Federal, State and Foreign In-
total
Taxes
Deduct: Provision for Federal, State
and Foreign Income Taxes
—
Item
cover
Net Profit from ordinary
7.
Current assets increased during
27.
266,823.58
Interest received less charges
1939, $18.00 and 1938, $355.50
come
Deduct:
Reserve for
gencies
8.
with
1939 by $993,254 to a total
of $11,730,022.
The ratio of these assets to the current liabilities (amount¬
ing to $1,478,940, see Item 37) was at December 31st, 7.9 to 1.
The total
net current assets in Canada, England and Germany (converted at the rates
of exchange mentioned in Item 13) amounted to $2,446,388, and of this
amount $1,356,154 was in Germany.
Item
167,096.01
5. Net Profit from ordinary
6.
of $504,078 brought
This is felt to be in sound balance
Obsolete items were eliminated.
total inventory to $6,805,868.
our
1,259,954.78
etc
Add: Miscellaneous Income, Dividends
Jf.
United States Government
Securities of $504,000 were entirely
2k.
Bonds.
the necessities of the
3.
SHEET
ON BALANCE
COMMENTS
York, March 18, 19 kO.
To the Stockholders:
1,099,150.31
168,958.19
75,000.00
operations
100,000.00
This Reserve for Foreign Contingencies of
was provided out of Capital Surplus in
ascertained loss.
It may never be required.
view of world conditions a reserve of
business
$2,000,000 (of
1938) does not
It is rather a
Your Directors and the auditors felt that
provision against possibilities.
in
foreign contin-
38.
$768,192
any
this amount represented the best
judgment.
GENERAL COMMENTS
Net
9.
(from
Profit
after deducting
ordinary operations
Reserve for foreign
.n
$ 1,024,150.31 $
contingencies)
68,958.19
Add:
In many ways, both in the United States and abroad, 1939 was a difficult
This fact brought out to an unusual degree the loyalty and high
quality of the Company's personnel.
For the cooperation and determina¬
tion in all ranks, the Officers and Directors wish to record their deep appre¬
year.
ciation.
10.
11.
Earned
$ 4,784,687.65 $ 5,484,087.52
1st
Earned Surplus—January
By order of the Board of Directors.
W.
the
before
Surplus
charges.
following
5,808,837.96
5,553,045.71
JOHN
H.
Chairman of the
Deduct:
199,000.50
12.
Flood Losses
13.
of net
current
Board.
COMPARATIVE
countries
235,371.24
10,556.33
425,000.00
266,807.63
in foreign
Dec. 31, 1939
Cash...
2k.
Marketable Securities—at Lower of Cost
25.
Receivables
Less: Reserve for
364,992.00
1,026,784.12
26.
4,784,687.65
Inventories—at
Merchandise
or
Earned Surplus—December 31st
19.
Capital Surplus—January
paid in)
1st
$11,730,022.74 $10,736,768.08
27.
Total Current Assets
28.
Employees' Loans for Stock and Home
Purchases (Secured)
Plant and Epuipment
Less: Reserve for Depreciation
30.
(wholly
Investments
768,192.37
Deduct:
20.
Addition to Reserve for foreign con¬
21.
Capital Surplus—December 31st (wholly
paid in)
J_.
$ 4,782,053.84 $ 4,784,687.65
♦Including:
Depreciation
Maintenance and
493,188.76
715,993.37
Repairs
469,902.97
115,448.37
16,649,888.25
8,75k.llk-9k
$
in
7,817,387.19 $ 7,895,773.31
and Advances to Sub¬
1.00
96,035.44
101,012.11
.$20,427,394.53
32.
1.00
$19,496,909.92
Trademarks, Patents and Goodwill
Prepaid Insurance, Taxes, etc
Total
33.
647,907.05
685,480.78
Other Companies
sidiaries and
31.
Surplus—December 31st
98,467.38
117,018,898.10
1 9,201,510.91
768,192.37
tingencies
22.
6,301,790.39
6,805,868.31
29.
18.
2,819,344.12 $ 2,253,619.13
Lower of
Market
768,358.06
4,782,053.84
Total Charges to Earned Surplus.
504,000.00
2,453,619.13
200,000.00
$
291,993.60
Cost
17.
Doubtful Accounts.-
1,420.88
31st
ber
Cash Dividends
16.
504,000.00
i3,019,344.12
1
200,000.00
Market
or
ing the year and adjustment to
the lower of cost or market value
of investments held at
Decem¬
Dec. 31, 1939
1,600,810.31 $ 1,677,358.56
$
23.
Losses on sales of investments dur¬
15.
BALANCE SHEET
ASSETS
assets
Addition to Reserve for foreign contingeneies
lk.
JR.,
President.
Adjustment in connection with the
conversion
GIBSON CAREY,
TOWNE,
607,454.72
LIABILITIES
COMMENTS
ON
AND SURPLUS
{See Above)
INCOME
STATEMENT
22% increase in sales in 1939 as against 1938 was
generally in accord with improving business in the lines in which we operate,
we
experienced some especially encouraging trends.
Our customers re¬
acted favorably to our greater activity in designing and selling.
In addi¬
tion, some of our new products made rapid advances.
Our foreign Divisions' sales, despite war conditions, were remarkably
steady throughout the year.
In the United States we had a rising trend
from the second quarter with a precipitate increase starting in September.
It was evident, however by the year-end that the buying based on war
psychology had expended its power.
Prices, although firm, did not rise materially.
This, we believe, was
fortunate both for satisfactory customer relationship and for the future
prospects of the business.
Item 1.
Item 2.
relation
to
Although
We
our
a
successful in maintaining all types of expense in fair
volume of business.
Throughout the year we continued
Dec. 31, 1939
35.
Reserve for Taxes and Other Accruals
37.
Total Current Liabilities.
38.
Reserve for Foreign Contingencies
39.
578,399.46
72,998.40
394,424.41
72,998.40
Dividends Payable January 2nd
36.
Dec. 31, 1938
863,035.21 $
$
3k- Accounts Payable
Capital Stock
542,907.08
$ 1,478,940.69 $ 1,045,822.27
2,000,000.00
1,500,000.00
12,166,400.00
12,166,400.00
$25,000,000.00
Authorized
(1,000,000 shares of $25.00 par value)
Issued—486,656 shares.
$ 4,782,053.84 $ 4,784,687.65
k0. Earned Surplus
were
We added a number of
experienced personnel in helpful
friendly contact with our customers.
In the field of general public
promotion, we maintained successful displays at the New York World's
$20,427,394.53 $19,496,909.92
Total
kl.
policy of increasing production efficiency.
our
younger men to our sales force to assist our
and
Fair 1939.
These we plan to continue in
1940.
During 1939, the sum of $75,000 was added, from the year's
operating profit, to the Reserve for Foreign Contingencies.
With regard to
a
further addition to this reserve from earned surplus, please note the
explanation under Item 14.
Item 8.
Item 9. The net operating profit for 1939 of $1,024,150 was a great im¬
provement over 1938, when the comparable figure was $68,958.
However,
the 1939 result was not equal to the 1937 profit of $1,326,080.
Of last
year's profit, amounting to $2.10 per share, your Directors, after a most
careful consideration, decided it was to the long term interest of every
element in the business to declare in dividends $.75 per share.
The per¬
THE
TO
BOARD
THE YALE
We have
made
&
an
OF
DIRECTORS,
TOWNE MANUFACTURING
COMPANY.
examination of the Consolidated Balance Sheet of The Yale
& Towne Manufacturing Company
and its major subsidiaries as at December 31,
1939, and of the related Consolidated Statement of Income and Surplus for the
ended December 31, 1939, have reviewed the system of internal control and
the accounting procedures of the Company and, without making a detailed audit
of the transactions, have examined or tested accounting records of the Company
and its major subsidiaries and other supporting evidence, by methods and to the
extent we deemed appropriate.
As regards the Divisions (branches) located In
Great Britain and Germany (also the non-consolidated subsidiary in Germany)
year
we
have accepted the accounts as
reported to us by our representatives in these
countries.
plexing foreign and domestic conditions, which make it impossible to fore¬
see accurately the future financial needs of the Company, necessitated the
safeguarding of our working capital.
The earnings of foreign Divisions were calculated at the average exchange
rates during the year, except in Germany where the old par of $.238 to the
reichsmark was used.
No foreign earnings which were not transferred or
fully available were included in the net operating profit of $1,024,150.
general corporate records of the minor subsidiaries not
consolidated.
The aggregate equities in subsidiaries not consolidated exceed, by
a moderate amount,
the investments in and advances to such subsidiaries, and
the operating results of these subsidiaries for 1939 have been substantially reflected
resulted from figuring the
net current assets of our foreign plants at $.80 for the Canadian dollar;
$3.50 for the pound sterling and $.238 for the reichsmark.
With respect
to Canada and England, considerably higher rates might have been used.
Your Directors felt, however, that the rates adopted were in accord with
providing adequate reserves aggregating $9,604,698.28 against possible
losses, depreciation and obsolescence.
In our opinion, the foregoing Consolidated Balance Sheet and related Consoli¬
dated Statement of Income and Surplus, read in conjunction with the comments
Item
13.
The surplus deduction of $235,371
sound judgment.
-After careful consideration, it was decided to transfer $425,000
Surplus to the Reserve for Foreign Contingencies.
As will
by reference to Item 38 on the Balance Sheet, this reserve stood at
This
$1,500,000 at the end of 1938 and at $2,000,000 at the close of 1939.
is a blanket reserve against which there are no known losses.
Item lk.
from Earned
be
seen
We
also examined
the
in the Company's accounts.
Plant and equipment is
net
allowing for
The assets are shown
stated at $358,634.56 less than cost, after
appreciation of land $198,665.70 recorded prior to
1910.
after
contained in the President's report under Items
present fairly the position of The Yale & Towne
numbered 9, 13, 23, 27, 33 and 38,
Manufacturing Company at Decem¬
of its operations for the year, in conformity with gener¬
ally accepted accounting principles applied on a basis consistent with that of the
preceding year.
BARROW, WADE. GUTHRIE & CO.
ber 31, 1939, and the results
New York,
N. Y., March 9, 1940.
-
.Accountants and Auditors.
The Financial Situation
THE dispassionate observer American people at
wondering whether the often finds himself
men. The business of injecting the hands of the
Federal Government into the security markets of
large realize in
any
the country, however, began in
extent to which
Congress during the past, six
has
#
but the most
vague
the
way
years
and the growth in the
way,
steadily enlarged the breadth of the operations
relatively humble
a
and variety of
scope
duties which have been added to those originally
of the Securities and Exchange Commission and
imposed
the
Congressional investi-
to
public
deemed to have outgrown the capacity of the Federal
of its authority.
scope
gations
with
removed
the eyes
ing
of
activities
Is
the
Board,
that
in
the
the
with
case
New
other
agencies
or
of
any
Deal
other of
any
the
New
the
.
National Labor Rela¬
Deal
programs,
tions Act and its
tration
not to say
in
critical,
rate, the
of
the
at
and many
though
even
fool, could
a
without
man,
see
difficulty that,
whatever
had
been
mental
character
problem."
the
There
sins of the
Board, the law
it
creating
extended
and
garner
this
placing
extraordinarily
most
careful
SEC
has
in
in
accord
ideas
and
not
way
of
laws
which it
free
under
conducts its
now
far-flung operations really
it to proceed
empower
it
as
does, then there is all
to
the
more
the
afford
why the
reason
to
be
Labor
of the
allegedly
as
the
more
Commission, believing
understanding of the
the
us
American
most
investor
great
is
still
clad
protection.
closely scrutinized
as
have those
or
empower
the
It
much
the
Labor
and
all
has
process
else has gradually
gone—or
and
has
length
unconsciously become
accustomed
all
it
to
so
that what would have ap¬
peared to the
street
1933
in
nary
natural
and
however
for
now
all
this
seems
may
certainly
be,
now
the
whole
unto
heaven
when
come
extraordi¬
logical. But,
the time has
cries
matter
in the
man
most
as
reconsideration
and
reappraisal.
in
The
Let
us
pause
scrutiny
When
adopted
years
that
advice
more
being
was
those
planned to offer
curities
tell
ago,
soothed
was
done than to require
who
Act
proposed and
seven
the
nothing
brief
a
record.
Securities
was
public
with
for
the
of
the
of 1933
the
Record
the
to
the
all
truth,
essential
se¬
public to
truth,
the
and
nothing but the truth
con¬
cerning their
wares.
Ad¬
ministration
of
Act
was
in
at
the
the
FTC
a
the
time
vested
which
reputation
had
of
as
obtrusively
virtually all, branches of business
stand fully, that even a "truth in securities Act"
and
variety" of
duties
and
If
the
latter
so
years
even
not easy to frame, that it had been found it
virtually impossible to write into an Act, even
with such simple objectives, all the detailed rules
was
was
business
of the
or
which the
to
sweep
movement
out of whole cloth, about the "abuses" surrounding
the issue and sale of new securities during the mad
merely attributable to the circumstance that
or
attained
the
of the latter, half of the 1920's, acquiesced,
cheered. The public was not told, of course,
and could hardly have been expected to under-
range
Board.
or
the
definite
any
of
efficient and as reasonable as such
bureaus usually are. The rank and file, filled with
being about
nearly all, individual enterprises, the
all,
fact is
all,
to
realization
a
authority have been placed than is the case with
touehes
public has either
come
that
It is
stories, some true, some half true, and some cut
as
broader
not
gradual.
to
Commission
it does should be reexamined.
is, of course, obvious that upon the SEC
proceed
that the
earned
Board, and why the statutes which
direct
unlikely, therefore,
appear to be able to
deal of encouragement from
of
Commission's policies and
acts should
the
swaddling clothes, wholly unable to protect
himself or in any degree worth mentioning
capable of looking after his own interests.
To take the case immediately in hand, it
is known to every one that "stabilization"
regularly occurs upon the public offering of
securities in this country, and was known
long before the Commission ever came into
existence.
If the investing public does not
know how to protect itself, where protection
is needed, in such a situation, then nothing
that the Commission can do is very likely
The latter it
various
good
reveals
on
that
certainly done, and if
the
approach
deeply and most
unfavorably, both in the attitudes of the
Commission (and the one here under discus¬
sion
is no exception)
and the laws under
which it operates, is the apparent notion
American
ideals
enterprise.
has
a
with
been
not
those who
past.
What impresses
seriously
and with conduct¬
itself
ing
its
part of regulatory bodies not
hamstring business while professing to
regulate it than has been in evidence in the
charged with exceeding its
powers
resources
to
The
study.
been
a
it
need
needed
powers
has
as
even
of
origi¬
the agency
as
,
are
statement
that
in its hands
as
stabilizing can be sub¬
entirely eliminated.
But
the
growth
of
American
industry
cannot wait upon such a development.
Con¬
sequently, the Commission has concluded
that its immediate duty under the statute
is to meet the situation through regulated
stabilizing, frankly recognizing the experi¬
long before the
not
was
wayfaring
time
they actually work.
stantially reduced,
of its staff, but
it
see
Commission
that the need for
so
at first the Board
case was
to
writing institutions with sufficient
this
in
time
...
any
head and front
offending
from
often
In
quarters.
popular thought,
how
revised
lations must reconcile, as far
hostile, scrutiny
many
be
can
.
Such regu¬
possible, the
conflicting objectives of protecting
purchasers of securities, on the one hand,
and of preserving the ready flow of capital
into industry, on the other.
A closer
approach to the ideal than is now achievable
may in the future be found in the develop¬
ment of investment banking or other under¬
we
adminis¬
under
are
which
.
1934
then
even
through which to operate,
policy concerning
regulation of what is known as "stabilizing"
security prices, the Securities and Exchange
Commission at one point said:
"The majority of the Commission is not
now
prepared to say that, under existing con¬
ditions, all stabilizing should be wholly pro¬
hibited.
Nor is the majority of the Com¬
mission content to allow stabilizing to continue
unregulated.
"It seems clear that the only course open
to the
Commission is to adopt regulations
National
result
Stupid?
so
creation in
duties,
nally chosen
In its recent statement of
larger degree perhaps than
is
the Public
concerning the
of the
have
regulatory
Trade
unthink¬
Relations
with
hearings
the SEC since its
security
from
scales
many
persons
Labor
accompanying
the
upon
assume
men
are
under the necessity of hiring
The Commercial & Financial Chronicle
1820
and
regulations which the reformers insisted were
that
difficulties
a
and
bewildered
a
resorted
had
wide
set forth, and
poorly informed Congress
accomplish the
necessary to
usual easy
the
to
purposes
of their
out
way
by vesting in the administrative agency
None the less there this law stood—and
stands—a law which would have been regarded as
completely out of accord with American ideas and
American traditions as an Ogpu prior to the rise of
the New Deal psychology,
of authority which must almost of
sweep
"regulation" was a word
to conjure with, rise to plague us. Neither was the
public much interested in such "technical" matters
as
those provisions of the new law which turned
of civil liability in such cases
traditional conceptions
upside down,
away
with
or
smoothly to the statute book, and
The law went
More Power
with
hoped that this would end the agi-
placing the securities markets in the coun-
that it would be pospassed to modify and to make more
time
as
reasonable and workable the law which had
been
adopted.
were
utterly without foundation.
had been
already
It soon proved that all such hopes
placed
next year
A drop of blood
the tongue of the tiger.
upon
The
out of the New Deal mill came another
proposal, this one designed not merely in the intersecurities" (although this aspect of
est of "truth in
the matter
was
not
ing
the
tically
Tliis
related to
as
already existing securities
overlooked) but for the
ations
a
vast and most extraordinary Federal reg-
The net result was
illation of the utility industry.
the Public Utility Act of 1935, the scope and extremes of which are well known, and whom should
purpose
of regulat-
By this law the Commission is among many
SEC?
directed to "examine the corporate
other things
structure of every registered holding company and
subsidiary
thereof,
company
relationships
the
the companies in the holding-company sys-
among
tern of every such company and the character of the
interests thereof and the properties owned or con-
trolled thereby to determine the extent to which
the corporate structure of such
holding-company
system and the companies therein may be simplified,
unnecessary
power
complexities therein eliminated, voting
fairly and equitably distributed among the
holders of securities thereof, and the properties and
markets themselves, and prac-
business thereof confined to those necessary or ap-
who took part in such markets,
propriate to the operations of an integrated public-
securities
every
tensive system of State regulation already in effect
it must superimpose upon existing regulatory oper-
Congress select to administer this sweeping legis-
try in a strait-jacket, and
sible
in 1935 decided that notwithstanding the ex-
lation bristling with delegated powers but the same
had
care
some
tation for
gress
looked into the entire matter
who
those
Con-
Even then, however, the end was far away.
approval, while those affected by it,
received wide
and
number of provisions tucked
a
at various places in the law.
1940
23,
ington.
necessity at a time when
neatly
March
one
entirely dif-
utility system," and by and large to take whatever
ferent color.
Regulating markets and the operations
steps seem necessary to give effect to the ideas here
of those who
are
more
obviously
was
active in them
difficult task.
an
proved to be a much
If Congress had
found it
nec-
set forth and others which the Commission may itself generate in the future during its studies,
in the earlier Act to leave some important
essary
matters
largely to the discretion of the administra-
tive agent,
solve
horse of
a gray
a
it
which it
found it convenient at least to
now
number of the problems with
large
very
was
confronted
by the
same
simple expe-
The Securities Act of 1933 found its way to the
statute book amid much criticism of the State De-
partment for its alleged approval of sales in this
market of certain foreign obligations.
this
on
subject of the Government
So sensitive
or
any
of its
upon
securi-
dient of "passing the buck" to the SEC created at
agencies undertaking to
that time
presumably
ties offered the public were many members of Con-
the tasks
now
as a
result of conviction that
imposed added to those already set
by the Act of 1933 required the full time and attention of
executive bureau.
an
An
Again
t
applauded,
even
Many of the rank and file had through their
own
folly during the late 1920's and immediately thereafter
suffered
operations
taken, and
series of
them
which
they
moreover
scandals,
without
financial
severe
reverses
should
never
in
or
was
the fear that unscrupulous
others might undertake to sell se-
have under-
of them true and
foundation, "uncovered" by
approved them, that
a
long
some
of
a
provision
was
inserted in the
law requiring that the following words be printed
conspicuously
upon
each prospectus:
"These securities have not been
market
had been heartily fed by
some
real
so
of 1933 by asserting that the Government itself had
Public
acquiesced,
public
the
and
underwriters
judgment
curities which had met the requirements of the Act
*
Acquiescent
gress,
pass
approved
dis-
or
approved by the FTC (later changed to read the
8EC).
The
company
has registered the
securities by filing certain information
with the
Commission.
The Commission has not passed
gressional committee which had long been reveling
the merits of
any
in "revelations."
is
directed
sorrow
measure
as
it then stood
Stock
among
that
Exchange, which wa& in wide
those who had
supposed to their
they could make fortunes by amateur
speculation during the mad New Era.
sion
apparently giving the
blanche to do what it
volume
was
chiefly at the stock exchanges, particularly
the New York
disfavor
The
Con-
a
new
The provi-
Commission carte
thought best about the large
of over-the-counter
tively little attention and
dealings attracted rela-
a
on
securities registered with it.
It
criminal offense to represent that the Commis-
sion has approved these securities
or
has made
any
finding that the statements in this prospectus
or
in the registration statement are correct."
These fears appear, however, to have been forgo tten in 1935 when the Public Utility Act of 1935
was
enacted, for apart from certain exceptions and other
restrictions,
no
sidiary thereof
registered holding company
may
offer
new
or
sub-
securities to the public
not taken very seri-
if the Commission finds that: (1) the security is not
ously by most people, to whom it did not at that
reasonably adapted to the security structure of the
time
declarant and other companies in the
stock
seem
was
anomalous that the very
existence of the
exchanges and their members should be placed
almost without reservation in the hands of
ically appointed and controlled
bureau
company
same
holding
system; (2) the security is not reasonably
polit-
adapted to the earning power of the declarant; (3)
in Wash-
financing by the issue and sale of the particular
a
,
Volume
The Commercial & Financial Chronicle
150
security is not
nomical
and
which the
in
eres
issue
(
)
C
sumers.
securities
ranted
a
early
in
has
or
or so
it
seems
to us, if the Com-
of these infirmities in the
question, it can by plain and quite warirmities
m
was
or
having found
as
exist, and, if it has in effect
a very
m
real
approved the
sense
to assume duties wholly
upon
foreign to those for which it
was
1934 created.
in
Meanwhile the control of the Commission
the securities markets has been
tended
if
or,
may
required. The Commission, at any rate,
193o called
in
con-
or
securities-regardless of what the earlier Act
have said
an
detrimental to the
are
implication be considered
no sue
eco-
.business in
a
the interest of investors
or
found, it has
so
security
fails to find any
mission
of
the terms and conditions of the
of the
sa e
ic interest
pu
appropriate to the
operation
applicant lawfully is engaged
or
,
or
necessary or
efficient
broadened and
prefers the Commission's
one
over
ex-
own m-
terpretation, clarified and made definite by succeedamendments to the Securities Exchange Act of
ing
1934, notably
not
1939 until
in
securities
.
markets, whether
'
,,,
he
not
or
_
.
_
is
,,
,
,,
,
„
.
.
.
.
fully under the thumb of the Commission, which
constant y
sep
.
is
reminding them all that they must keep
o l s music.
this
even
is
not
Congress undertook
a
Extensions
the
whole
In 1938
story.
sweeping revision of the bank-
injected the SEC into the matter of reorganizations
bankrupt
Its interference, it is true, is
concerns.
permissive, and its suggestions
has
are
advisory, but it
already become active in the field, and
doubts
its
that
influence
will
be
no
one
important in
a
good many bankruptcies and reorganizations in the
future.
Again, last
ties
and endowed
of
onerous
upon
and
it with
is
it
for that
powers
duties and
it.
with
enjoys
now
the
remarkable
sated
or
by the
responsibilities already imposed
On 'March 14 Senator Wagner introduced
another
bill
"to
provide for the registration
regulation of investment companies and investA
companion
troduced in the House.
center of
understood
has been in-
again in the
the program proposed.
Indeed it is
that the
doubt that the
mission.
measure
SEC is
by the Commission.
go
further
satisfied
not
powers
ment advisers."
very
written, Congress turned
It is furthermore clear enough that the
Commission
still
was
Commission and laid upon it important du-
purpose,
array
when the so-called Trust
year
Indenture Act of 1939
to the
The
measure
There
was
can
actually drafted
not be the slightest
bill embodies the ideas of the Com-
Senator
Wagner's proposed law has yet to
through the legislative mill, and when it reaches
the statute
books, if it does reach them, specific
visions may
well be rather different from those
contained in the
hand it is
with
any
measure.
the
and
tbere
Federal
tions
in
we
have
a
worth
addition
gtockg
ate
Member bank
regerye
wh}le
regerveg
$ig0 000,000
t
that
nificance
-i
u
There
hcf hts.
record
h
excegg
tentacles
of
this
octopus
a
every
and
But the sig_
regeryeg
now
as
11
n
•
is
climb
•
_
vail is debatable, as an influence upon the lmmeV.
diate situation. Meanwhile, it remains noteworthy
.,
.
M
tfa
there
for
buginegg
no
0).
demand
undue
gtock
market
for
the
week to
March
for
credit
^
The
purposes.
con.
reporting member
20
indicates
mild
a
seasonal demand for accommodation, the business
»loans showing an advance of $9,000,000 to $1,684,000,000.
Loans by the same banks on security
collateral fell $19,000,000 to $485,000,000.
Sales of United States Treasury securities were
resumed by the 12 regional banks in the week to
March 20, after an inactive period of 10 weeks,
The open market operations, which are known to
be merely a stabilizing influence upon the general
market, consisted of a disposition of $2,000,000
Treasury obligations, lowering the total to $2,475,270,000. All of the reduction took place in bond
holdings, which fell to $1,342,045,000, while note
holdings were motionless at $1,133,225,000.
The
Treasury deposited $65,001,000 gold certificates with
the regional banks, raising their holdings to $15,997,622,000. Other cash of the 12 banks fell only
a
little,
and total
to $16,367,742,000.
reserves
advanced
$63,223,000
Federal Reserve notes in actual
circulation increased $13,294,000 to $4,895,048,000.
Total deposits with the regional institutions increased
$35,060,000 to
$13,754,309,000, with
variations consisting of
balances
by
a
the
account
decrease of member bank
$182,330,000
to
$12,256,250,000;
an
increase of the Treasury general account by $181,106,000
to
$707,493,000;
an
increase
of
foreign
bank deposits by $26,374,000 to $390,780,000, and
an
increase of other deposits by $9,910,000 to $399,-
The
reserve
ratio increased to 87.8% from
Discounts by the regional banks fell $1,-
023,000 to
Industrial advances
$1,966,000.
were
$75,000 higher at $10,498,000, while commitments
to make such advances
were
unchanged at $9,080,000.
The New York Stock Market
which would have shocked
Is it not time to call
monetary
in wiU
ui
x
our
$18,360,000,000.
legal requirements fell
over
re
new
of guch
j
•
a
balanceg dedined $182)330,000,
excegg
^
note-
further
was
to
to
$5,590,000,000.
to
only
The
gold
the
excegg
foreign
influences
thege
$78)000,000
raigi
higher;
of
increases
in circulation advanced
currency
to
of
material
balance
its
sharply
.$7,484,000,000.
to
offset
banks
proposal
twenty years ago, or even ten years
the
expecta-
deposits wdth the regionai institu.
Moreover,
$21)0oo,000
Treasury found
Reserve
also
were
bank and other
/CONSIDERATIONS of
^
will
disposition of the
in line with
quite
The
year.
,wth
87.7%.
ago.
mately reach?
is
heavy initial income tax payment date of the
calendar
now
For the purposes now
that here again
to vest in the SEC powers
Where
the
786,000.
extended analysis of its present terms,
the average man
This
tionSj for the statement week to March 20 includes
pro-
therefore needless to exhaust the reader
Suffice it to say
and the idle funds at the
institutions.
banks
ruptcy law, and true to its recently acquired custom
of
statistics this week tended to reduce member bank
reserves
dition statement of New York City
Further
But.
W/ITH the exception of the continued inflow
W 0f gold, most changes in the official banking
a
,
member of any of the exchanges, is plainly and pain,?
'
;
,,
Federal Reserve Bank Statement
.
now
only the exchanges but the individual operating
the
in
1936 and again
in
1821
halt?
ulti-
dominant
factors
in
war
the
and peace
curtailed
week of the New York stock market.
were
the
business
Leading issues
drifted lower at the start of the week, when it
ap-
The Commercial &
1822
peared that
a
maneuvers
might be made toward
some progress
but the impression
settlement,
war
that peace
did not last long, and
in progress
were
levels recovered in the mid-week
Trading
dealings.
March
Financial Chronicle
gold in the United States.
New York Stock Exchange
of
inflow
the
On
touched
66 stocks
high levels for the year
while 198
new
was
in
Curb Exchange
On the New York
stocks touched new low levels.
suspended yesterday on the New York markets,
observance of Good Friday.
The closing quota¬
the
Thursday, when compared with those of
of
tions
Call loans
preceding Friday, show only minor changes,
of
most
faborable
them
move
directly
tone
of
that
declined
issues
These
last
Saturday, and small additional losses were noted
owing largely to the Brenner Pass
Monday,
on
mained
the New York Stock
on
York Stock Exchange the
York Curb Exchange the
the New
On
shares; on Tuesday,
above last week's final
176,635 shares, and on Thursday,
figures, but it is noteworthy
lent
just before the start of the European conflict.
Turnover
mains
the New
on
York Stock Exchange re¬
extremely small scale, business in the
an
on
four full sessions of this week
sioning
ever more
market
of
and
occa¬
vigorous protests against the sort
regulation exercised
Commission.
Exchange
stock
ranging only between
This situation is
500,000 and 700,000 shares.
Securities
by the
Spokesmen
for
the
exchanges are increasingly vocal on the sub¬
ject, and they have finally been joined by the under¬
of
writers
the Invest¬
of America.
Bankers Association
ment
for
issues, acting through
new
The need
expansion of financial activity long has been
an
and
obvious,
complaints
specific
the
of
market
last
139,875 shares.
of
2% points
Persistent rumors to the
week, relieving stock prices of about
from
levels.
previous
Powers
toward
efforts
that
effect
were
peace
by the warring
bearing fruit induced liquidation in
the securities markets
and
was
the main factor in
business.
the increased volume of
Faced with this
prospect, holders of steel, chemical, aviation, motor
and munition stocks, reluctant to take any risk,
attempted to dispose of their holdings,
and conse¬
in these issues ensued.
Frac¬
changes marked the opening, and by the first
quently weakness
tional
hour the
peak of the movement was reached.
There¬
equities
On Monday the eyes of
after, the pace of trading slackened and
presented a firmer tone.
spokesmen quite possibly will lead to more reason¬
the world
were
able
Mussolini
and
regulations, and even to relaxation of the need¬
156,180 shares; on Wednesday,
Liquidation got into full sway on Saturday
not much above those preva¬
now are
sales on
Monday, 126,050
Saturday were 99,990 shares; on
ler, but the losses were regained in the subsequent
sessions.
Most active issues closed on Thursday
quotations
sales on
Monday, 512,520
shares; on Tuesday, 654,119 shares; on Wednesday,
644,530 shares, and on Thursday, 579,010 shares.
Saturday were 478,970 shares; on
meeting of Premier Mussolini and Chancellor Hit¬
that
Exchange re¬
unchanged at 1%.
On the New
the pivot of war or peace set the
on
market.
the
Stocks
holders.
to
levels
72 stocks touched new high
touched new low levels.
106 stocks
and
1940
continued
sterling was a heavy and
in free
moves
23,
focused
the meeting of Premier
on
Chancellor Hitler at Brenner Pass
Market-wise the conference only added
thought at present interfering
In all their pro¬
in
Italy.
tests, financial spokesmen point out that they do
to
the confusion of
not
with the
lessly harsh securities enactments.
object to reasonable regulation or to the spirit
of the securities
laws, but rather to aspects of Fed¬
eral intervention which
the
or
public, but still
strangle the markets.
the
are
not
are
helpful to investors
of such
nature as to
a
These endeavors to modify
straitjacket restrictions of the market doubtless
will prove
of
more
modest
the
importance, in the long
fluctuations
price
of the
run,
than
week
now
Activity in the listed bond market also was
on
extremely small scale this week, with price varia¬
of
tions
little
United States Treas¬
consequence.
securities strengthened
ury
current
the peace
on
rumors
early in the week, and it is indicative that
$2,000,(XX) Treasury bonds
were
liquidated from the
market portfolio of the Federal Reserve banks.
open
Best-grade corporate investments were steady.
the
In
foreign dollar bond section, Scandinavian issues
that Atlas
would
merge
stocks
heightened the activity in the latter
dissipation
others of
ground.
corporate
Speculative bonds of the do¬
merely
department
backed
and
War
peace
pivot for equities.
somewhat
influences that served
higher in the western markets.
small
The foreign exchanges
for the little business
transactions.
The
a
Wheat and other grains moved
and other base metals showed
importance.
as
Copper
changes of
were
dull,
no
save
possible in the "free" sterling
British
unit,
as
quoted in the
market, continued to fluctuate sharply, but the
great bulk of transfers naturally occurred
the official
regulations.
under
More important than
any
Minister
Chamberlain and
afoot and
that peace moves were
meeting
offered
some
Market support immedi¬
steel
stocks
moved
above
one
point.
Curtiss-Wright and Atlas Corp. again enjoyed an
unusual amount of attention
consolidation
far
the
in
by the mutually bene¬
prospect.
Improvement
and gains at the close
War influences again held
general list,
exceeded
Equities
and
Prime
ately returned to war shares, and in the afternoon
affected by the
war
Tuesday with the
own
Hitler-Mussolini
prominent
sway on
were
of
on
their
hopes in that direction.
filled, without changing their net positions to any
Commodity markets
by
rumors
the
that
into
came
featured
free
investment trust, and Curtiss-
23,600 shares, selling off % point to 91/£.
Other
shares in the aviation group lifted the list from its
likewise lost
same
an
announcement
issue, which had a sales turnover for the day
ficial
degree.
Corp.,
session, and the
Wright Corp., an aircraft manufacturing concern,
receded, while bonds of all the belligerent countries
mestic
the
lethargy and prices at the close were mixed.
ending.
an
Dul-
Exchange's normal state of business.
featured
ness
losses.
Wednesday and pushed stocks still
more
higher.
closely associated with war were in
reasonable
and
persisted right through to the close.
With the
Stock Exchange closed on Friday in observance of
Good Friday, stocks on Thursday came in for some
profit-taking, which brought about an irregular
trend.
In a strict sense, trading was of a profes¬
sional character, and issues that heretofore wTent
the
limelight, while other issues evoked
Interest.
A strong
tone ruled from the start,
unnoticed received the attention of traders.
A com¬
parison of values at Thursday's close with final
Volume
150
quotations
The Commercial &
„
Friday
on
week
a
mixed
reveal
ago
changes, with the edge going to the side of the
gains.
Thursday at 38% against
Friday of last week; Consolidated Edison
on
Co. of N. Y. at 31
against 30%; Columbia Gas &
Electric at 5% against 5%; Public Service of N. J.
42
at
Production
March 16
at
General Electric closed
38%
inancial Chronicle
against 41%; International Harvester at 56
against
171% against 172%.
Western Union closed Thursday at
22%
ican
This is
Railroads.
the
decrease
a
previous week, but
As
indicating the
22% against
National Dairy Products
National
Biscuit
23%; Texas Gulf Sulphur at 33%
17%
at
23%
at
corn
The
against 33%;
closed
on
;
West-
close
25%
against 24%.
In
the
group,
Goodyear Tire & Rubber
closed
Thursday at 22% against 22%
of last
week; B. F. Goodrich at 18% against 18%,
and United States Rubber at
Fractional
this week.
on
Friday
34% against 35.
Pennsylvania RR. closed Thursday at
on
Friday of last week; Atchison
Topeka & Santa Fe at 22 against 22%; New York
Central at
against
Southern
ern
Southern
Pacific
at
12
against
turned
United
States
Steel
against 55%
37%
on
the
present
Thursday
week.
at
55%
Friday of last week; Crucible Steel
against
against 73%,
higher
closed
and
35%;
Bethlehem
Youngstown
Steel
York closed
Thursday at 34%c., the close
fers
$3.71% the close
transfers
on
Paris
on
General Motors at 54
on
yesterday at $3.72% against
Friday of last week, and cable
closed
against 2.10%c. the close
yesterday
at
2.11%c.
Friday of last week.
on
European Stock Markets
ONLY stock exchanges in thereported European
modest dealings were leading this week
financial
centers, with price tendencies uncertain
everywhere, owing to the difficulties of the
the
political outlook.
war
and
The protracted Easter holi¬
days, which began yesterday, also dampened trad¬
at
ing enthusiasm.
Auburn Auto closed Thurs¬
day at 1% bid against 1%
Friday
foreign exchanges, cable trans¬
London closed
on
More important than
atmosphere, however,
the motor group,
on
of last week.
75
at
Sheet & Tube
39% against 38%.
In
the close
on
7% against 7%.
stocks
pence per
pence per ounce
Friday of last week, and spot silver in New
12;
Railway at 15% against 15%, and North¬
Pacific at
Steel
at
against 20 15/16
15% against 15%; Union Pacific at 95%
94;
In London the price
Thursday at 20 11/16
In the matter of
changes characterized railroad shares
21% against 21%
on
Domestic copper closed
to ll%c., against ll%c. the
Friday of last week.
on
of bar silver closed
ounce
rubber
New York
in
The spot price for rubber
Friday of last week.
Dry at 21 against 20%; Schenley Distillers at 12%
at
here
Thursday at 18.50c. against 18.31c. the close
Thursday at ll%c.
Distillers
cotton
Friday of last week.
inghouse Elec. & Mfg. at 111 against 111; Canada
National
Friday of last week.
Thursday at 41%c.
Thursday at 10.84c. against 10.90c. the close
closed
152%; Standard Brands at 6% against 6%
on
closed Thursday at
Friday of last week.
on
price for
spot
on
closed
against 40%c. the close
against
on
and
mar¬
May
46% against 46%; Eastman Kodak at 152 against
12%,
cars
against 101%c. the close
Loft, Inc., at 31% against 29; Continental Can at
against
cars
Thursday at 105%c.
May oats at Chicago
16%;
2,012
Friday of last week.
56%c. against 56c. the close
185% against 183%; National Cash Register at
against 15;
of
gain of 27,819
a
of the commodity
course
Dye at 179 against 178; E. I. du Pont de Nemours
against
were re¬
the similar week of 1939.
at
15
Car loadings of
kets, the May option for wheat in Chicago closed
Friday of last week; Allied Chemical &
on
to
ported at 618,985 cars by the Association of Amer¬
53%; Wool worth at 40% against 41%, and Amer¬
ican Tel. & Tel. at
week
freight for the week to March 16
revenue
over
53%
the
preceding week and 2,225,486,000 kwh. in the
83%; Montgomery Ward
at
for
power
corresponding week of last year.
from
Co.
electric
reported by Edison Electric Institute
was
2,460,317,000 kwh., against 2,463,999,000 kwh. in
the
against 56%; Sears, Roebuck & Co. at 85% against
&
of
1823
Friday of last week;
against 53%; Chrysler at 85%
sioned
was
t?alk
by the long
any
holiday
the unsettlement
occa¬
between Hitler and Musso¬
lini, Monday, and the fall of the French Cabinet.
Rumors of
impending changes in the British Cab¬
factor in the markets.
against 85%; Packard at 4 against 3%, and Hupp
inet also
Motors
trend toward intensification of the aerial and
at
Among
closed
last
% against %.
oil
the
sttocks,
Standard
Oil
of
N.
J.
Thursday at 43% against 43% on Friday of
week; Shell Union Oil at 10% against 10%, and
Atlantic
stocks, Anaconda Copper
Thursday at 28% against 27% on Friday of
the
closed
last
copper
week; American Smelting & Refining at 49%
against 48%,
and Phelps Dodge at 36% against
the
aviation
group,
Curtiss-Wright
between
still another
closed
Thursday at 10% against 10% on Friday of last
war
loan
issue
on
reports currently indicate
only modest changes in the rate of business activity
the United
exerted
upon
States, and not much influence
the market by the statistics.
was
Steel
Monday.
Monday
not taken
progress
which
were
62.4% of capacity against 64.7% last week, 67.1%
ago,
and 55.4%
at this time last year.
soft.
made in the trading
was
The slack
on
Thursday,
British industrial,
the London market.
The Paris Bourse was affected
by the Cabinet crisis,
but
firmed
Paul
similarly dull,
mining and other
on
were
on
Thursday, when
ment to succeed the Daladier
only
little
it appeared that
Reynaud had succeeded in forming
market
was
up
modest trading
consequence.
regime.
a
Govern¬
The Amster¬
and down by turns, with net
changes of little importance.
American Iron and Steel Institute at
were
until Wednesday, and not much
up
dam
month
as
at a small discount, and other
mated
a
of in¬
Although the £300,600,009
operations for the week ending today were esti¬
by
the part
preceded the long suspension for the Easter
Douglas Aircraft at 82 against 80.
in
on
Exchange struggled,
gilt-edged securities likewise
observances.
industrial
for aloofness
rapidly oversubscribed, dealings in the
was
issues
and
reason
announced last
week; Boeing Airplane at 21% against 21%, and
Trade
sea
England and Germany provided
The London Stock
vestors.
was
36%.
In
warfare
The apparent
well, under fresh minimum prices for British funds,
Refining at 22% against 22%.
Among
were a
On the Berlin Boerse
developed, with changes
of
The Commercial &
1824
APPARENTLY at the request of the German dicPremier
tutor, Chancellor Adolf Hitler and
Mussolini
Benito
town of
Monday at the
small
Brennero, just inside the Italian border on
Pass, and conferred for three hours.
Brenner
the
last
met
Accompanying the two dictators were their respec¬
Foreign Ministers, Joachim von Ribbentrop and
Count Galeazzo Ciano.
The reason for this meet¬
tive
remains to be de¬
ing, and its possible significance,
The conversation gave rise,
termined.
conjecture
Italy might enter the conflict on the
that
mises
side, to suggestions of a "peace offensive"
German
Also prominent in the
by the Rome-Berlin axis.
surrounded the meeting were sugges¬
that
rumors
tions of various sorts that Russia
full partner
as a
ican
Sumner Welles in
tators, some of whom suggested that the meeting
was
designed to submit the "final" peace terms of
the
German
Government
reasonable
United
the
to
States,
What appear to be the most
through Mr. Welles.
surmises, however,
the Germans for peace
light
a
so
the need of
concern
in the Balkans, which
Reports that Russia
considered of
little significance in Rome.
It is noteworthy, more¬
over, that Moscow maintained complete silence re¬
garding the Brenner talk. Some anxiety prevailed
his
previous commitments.
might be drawn into the axis were
are an
izing politically on the diminished
Southeastern
Anglo-French
inevitable
consequence
collapse and the reinforced ability of
exert
countries
the
upon
pressure
of
Europe.
campaign that the Allies might have in contempla¬
The facts of the Hitler-Mussolini conference
was
of the conversations.
course
made in Berlin and
Western
are
lacking
are
as
Announcement
Rome, last Sunday, that the
now
war
one
progress
the German
and
Allies
in
quite possibly represented nothing more than
wishful
A long conversation on Monday
thinking.
some
time in
Signor Mussolini's private
attendants.
The two
conversation
after
shivered
who
Hitler
time, and the entire incident
a
Italian
seemed
dictator
The press
Tyrolean heights noted that
Mussolini's
appeared
made
own
available
while
car,
smiling
be
to
escorted Herr Hitler to his
indication
correspondents
pale and thoughtful when he
Signor
from
emerged
the
in
without
car
Foreign Ministers joined the
ended after three hours.
Herr
for
train.
the
he
as
No official
regarding this
con¬
ference, but tendentious comments of all sorts
were
was
plentiful, and
broidered
The
by
rumors were
circles"
meeting
of
ence
magnitude
soon
Berlin
endeavored
a
diplomatic
would follow.
axis
was
in
full
move
of
The confer¬
working order, and
probably would be augmented by
an
Italo-Russian
agreement which would make the axis
arrangement.
attacks
or
Balkan
war
also
impression
tripartite
was
was
a
vir¬
immunity from Anglo-
maneuvers
serted in the German
in the
a
That the meeting resulted in
guarantee of
French
the
to
capital.
was
confidently
as¬
The position of Italy
studied, such circles hinted, and
conveyed to
some
press
corre¬
reported
who
Premier
and
imaginations of
variously
press
that
a
Italy
being planned, that
was
available
is
But
reliable in¬
no
substance of the
In
result,
pitch
however,
with
The
the Western Front.
Cabinet in
overthrown
an
was
rumors
on
of important Cabinet shifts in
The great armies on the Continent never¬
England.
theless
dissatisfaction
general
the
of "stalemate"
France, and
operations
These stirrings merely carried to
by the Allies.
war
Britain
Great
found unrest and bitter criticisms of war
new
of
defeat of Finland occasioned pro¬
the
France
the
conversation.
Hitler-Mussolini
and
to
as
with the-aim
axis
the Rome-Berlin
into
keeping the Balkans at peace.
continued
each
face
to
other
without im¬
portant action in their great Maginot and Limes
The aerial
fortifications.
other
In
and
sea
warfare,
on
the
hand, showed signs of rapid intensification.
the
Germans
long
run
the recent aerial operations by
Britons
and
well overshadow other
may
developments of recent days in the great European
war,
for each side now tends to outstrip the other,
and this process
nate
tion.
indicated, according to such observers, that the
Rome-Berlin
tual
em¬
historic matter, and they
an
suggested persistently that
the first
highly
correspondents.
press
"informed
make of the
of the
some
the
might enter the war, and that Russia might be
taken
the
conferred
Hitler
Adolf
Chancellor
"peace offensive"
meeting.
Monday and
the
on
Europe, but they failed to bear fruit
Western
and
Brenner Pass
early
Reich, and
general reactions to the Russian victory over little
Finland.
There were endless rumors of peace moves
a
They met at the Brennero
Europe
EUROPEAN problems centered this week on the
in
between the AngloFrench
departed from their capitals for the
station
week progressed.
waned in Allied circles as the
dictators had
railway
developments gradually
tion, but fears of abrupt
formation
simple, but authoritative indications
to the
in any Near East
owing to the importance of Italy
correspondents,
problem at length, possibly with the aim of real¬
to
respect to the conference,
in London and Paris with
kan
*
of affairs
prominent, and that II Duce did not go beyond
were
Benito Mussolini stirred
Russia
Italian capital suggested,
however, that the more pacific aspects
agreed that Hitler and Mussolini discussed the Bal¬
as an.
con¬
Rome.
meeting was "very cordial," according to
The
Almost all rumors in the
between
of the Finnish
the
see
favorable to the German cause.
important supply base for the Reich. It is generally
prestige which follows
failed to
1940
23,
might be enlisted
not neglected by the inventive commen¬
was
ference in
The presence of Amer¬
in the axis.
Under-Secretary of State
Italy
however, to
the broadest possible scale, from sur¬
on
March
the "informed circles" of Rome
Hitler and Mussolini
/A
Financial Chronicle
carries the germ of that indiscrimi¬
warfare"
"total
After
which
must
imperil civiliza¬
period of relatively quiet scouting
a
flights, German fliers appeared in force over Scapa
Flow late last
ing
Saturday, with a score of huge bomb¬
Although
airplanes.
abandoned
as
Scapa Flow
naval base,
a
it
seems
has been
that
a
good
part of the British fleet was at anchor there when
the
German
airplanes
After the fliers
direct hits
on
four British
ing dropped
bombs
flying fields
in order
from
was
dropped
from
the
skies.
returned, last Sunday, they told of
taking off.
on
battleships, and of hav¬
three neighboring British
to
prevent pursuit planes
In Washington neutral circles it
suggested, Monday, that at least six British
warships had suffered in this raid.
authorities admitted
But British
only that one vessel had been
spondents that only the time for full Italian
par¬
damaged, and that one civilian had been killed in
ticipation in the
But
the raid
war
remained to be decided.
on
the
flying field, while 14/ persons were
Volume
The Commercial &
150
reported injured.
set out
on
Tlie Royal Air Force promptly
reprisal flight, Tuesday, and bombed
a
the German
of
i
airplane and naval base
the island
on
Sylt, in the North Sea, until well into the small
hours
of
and
smoke
munitions
The
American
of
column of fire
great
a
bombs
surmised,
was
came
from
a
British bomb had destroyed.
a
But this
correspondents
press
report more than
a
airplane
for
the
not able to
were
damaged infirmary building.
losses
own
mark the
moves
intensification of the
dicted
on
confined
were
two in these expeditions.
or
Whether these
base
war
spring
beginning of that
remains
be
to
The
seen.
carried
was
step farther by heavy German airplane assaults
ship
Wednesday and Thursday.
convoys,
claimed
that
Wednesday,
less
no
merchant
and
than
vessels
nine
London
whereas
British
struck
were
a
on
Berlin
warships
by
admitted
bombs,
only
the
bombing of three neutral merchantmen in the
con¬
Another German raid developed Thursday in-
voy.
which two British
ships
severely damaged and
were
additional neutrals in the convoy went
anti-aircraft fire accounted for
ish
I
Sad and serious
tendency
Sylt,
on
"tonic"
ships
were
authorities
French
it
noted
was
The
as a
sinkings
reported during the week,
claimed
keen
with
war
fever.
war
A few submarine
the
least two German submarines.
the
they had the
London report put it, acted
as a
to the British.
of merchant
and
both sides.
both sides of allaying criticism of
on
operations and of stimulating the
raid
Brit¬
of the Ger-
on
In
sinking of at
New York
City
that
such
force is
Thursday.
on
These ships
the outbreak of the war,
and the
docked here
were
to insure their safety,
departures pointed clearly to
intense conflict than had been
more
a
longer and
anticipated at
the start.
the
emphatic
more
air, the great
this week
war
war
at sea and in
was
a
matter of
diplomacy and of profound repercussions in France
and
England of the defeat of Finland.
maintained that
press
matic
stroke is
evident
that
late
the
to
a
any
area
is its most
and Russia
matter
are
of
The German
and important diplo¬
a new
days, and it is fairly
such development is likely to
Balkans.
tionably desires
Warring Germany
re¬
unques¬
in the Balkans, since that
peace
important supply base, but if Italy
to make any
commitments the Reich
probably will have to pay dearly.
The
the
peoples with the
the
Balkans
sheer rashness.
It may well be,
Southeastern
its
fascist
Allied
attack
extremely
on
Germany
difficult,
if
not
The increase of German prestige in
Europe
kinder treatment
was
immediately reflected in
by the Rumanian Government of
malcontents,
and
a
greater
Rumanian
willingness to supply the Reich with oil may fol-
are
if the
succeed,
of
on
agreed
attacking
the
French
British
and
of the great war was made
course
Premier Edouard
Daladier, and persistent calls for
ister Neville Chamberlain.
M.
Daladier
dence,
the
received
Wednesday.
by
a
in
300
of
Lebrun.
The
declined,
Finance
Minister
to French
intensified
were
'
M.
resignations
President
of
the
asked
Reynaud,
Daladier,
who
M.
of
London
was
invited
was
accomplished
was
maneuvers
In
nature.
supported
obvious rebuke
handed to President
This task
war
was
an
generally regarded
was
before
fortunate,
less
regime, but the former
Paul
and
under
Thursday, and
runner
French
Cabinet.
a
the
were
successor
a
Premier
organize
and
promptly
Daladier to form
Senate,
appearance
was
Although the Premier
abstentions,
Albert
on
but his
Deputies
vote of 239 to 1, he suffered
entire Cabinet
to
In the French
satisfactory vote of confi¬
a
late last week,
Chamber
as a
fore¬
different and
a
criticisms
severe
leveled at Prime Minister Neville Chamberlain
and his associates of the
of the Finnish defeat.
Tuesday, with
Cabinet, especially because
Mr. Chamberlain countered,
long statement of the extensive aid
a
in materials
granted to Finland, but the impression
nevertheless
prevailed that
would be made
Cabinet
some
changes
soon.
Southeastern Europe
RELATIONS of the Balkanofcountries with the
great warring Powers
Western Europe
were
examined
this week in the
anew
light of the
changed situation resulting from the Russian
Finland
in
cess
and
the
possibility
of
suc¬
added
in behalf of Germany, both economically
pressure
politically.
Much depends, of
course, upon
the
real intent of the conversation between Herr Hitler
and
Signor Mussolini last
possible that
more
at
all.
manian
agreed
sible of
acceptance."
released
guards,"
oaths of
or
the
day,
war
trade
this
in
whether
to
upon
connection,
anything
"intolerable
were
At the
from
and
impos¬
time, however,
same
imprisonment nearly SOD
Gafencu
resources
aims
of
stated,
Foreign
Monday,
would not be
An
anyone.
Italo-Ru-
agreements was concluded Wednes¬
supplies
of
Italy, and the problem
oil
that
exploited
oil
can
will
resources
are
the
be
be posed
Italy really is acting for the Reich.
Rumanian
Ru¬
are
German "security" offer to
a
whereunder sizable
furnished
what the two
rumors,
if they agreed
allegiance to King Carol.
Grigore
serve
is quite
Rumanian fascists, after they had
Rumanian natural
manian
It
rejected, last Saturday, because the
was
conditions
Rumania
to
any press
reports that
Rumania
Monday.
in the Balkans will indicate,
upon,
Important,
attached
"iron
moves
clearly than
dictators
taken
through
assaults
mass
plain this week in the fall of the Cabinet headed by
Minister
an
in
Military experts
degree to which the defeat of Finland pointed
dissatisfaction
however, that the narrowing of the area of conflict
will make
Reich.
sufficiently powerful, but they all contend
through the elimination of the Russo-Finnish battlefront
the
that the cost could be terrific.
and
Apart from the
against
interest, Wednesday, that
portation, and the immense Queen (Mary followed
early
engage
might
moves
luxury liner Mauretania had slipped out of the
harbor, presumably on a war mission of troop trans¬
at
action, will
the German Limes line.
V
these incidents are,
as
down.
one
bombers, according to statements
man
sharply the question of
more
consequence
reorganization of the regime headed by Prime Min¬
which most observers pre¬
tendency is obvious, however, and it
for
mand
of
a group
the
over
observers
East side claimed that its
an
denied, in turn, by
was
authorities, who conducted
Thursday, and the
to
ever
of
Paris, in order to satisfy the home de¬
dump that
press
poses
moves
as
Finland,
London and
reported
Sylt base.
this
and
Allied
well
as
over
danger of the present situation is that
which, it
the German
gain economically,
may
The obvious
Scores
returning British fliers claimed heavy damage
to the
Germany
politically, from the Russian victory
neighboring Danish territory
and from
observers
low.
1825
were
Wednesday.
dropped,
neutral
inancial Chronicle
The
principal bone of
The Commercial & Financial Chronicle
1826
contention
between
Germany and the Allies,
similar conflicts with
going
is
countries,
Balkan
other
in
on
nervousness
but
respect to other products are
reported
as
much
and
to the effect upon South-
March
23,
1940
spondent of the New York "Times," "if we had been
in war through intervention for Finland,
involved
owing to the depletion of our stocks to help Fin¬
Vast aid to Finland in the form of military
land."
All the Danubian countries are
supplies also was furnished by the Anglo-French
endeavoring to avoid involvement in the great war,
Allies, according to Prime Minister Neville Cham¬
eastern
which
Europe.
is
quite in accordance with German views,
but not to the
liking of Britain and France.
outcome of the
tug-of-war in the Balkans will play
The
communications by the Russian air force
Finnish
the
determined
important part in the Allied-German conflict.
an
TERMINATION ofdisclosure of some war has
the Russo-Finnish military
permitted the
conflict, and also has made
Finnish collapse
neutrals find themselves.
still is
a
of reconstruction
people, however, the
is paramount, and all
now
reports indicate that it will be a tremendous under¬
After several days of debate, the Finnish
taking.
Parliament ratified
by
vote of 145 to 3 the
a
peace
which, to all intents and purposes, Moscow imposed
This vote, taken
the small Baltic country.
upon
late last
week, was in conformity with the Russian
stipulations and it furnishes additional evidence of
the dire effects of the conflict, for the position of
country was clearly outlined to the legislators,
the
who in
instances were previously inclined to
some
Estimates of the
against the peace settlement.
vote
Finnish
dead
war
stated last week
still
is
there
remained
the
at
15,000 figure
by Field Marshal Mannerhelm, but
satisfactory
no
accounting
of
The losses to Finland
missing.
wounded and
the
were
reported from Stockholm, on a monetary basis, to
$400,000,000, which
approximate
the
of
idea
faced.
enormous
passage
Swedish
of
of
would
Allied
furnishes
task of reconstruction
some
now
Refugees moved in a steady stream, this
troops
Finland
to
and
the
Scandinavia
through
troops
made his
have
cockpit for the
country the
larger European struggle.
Welles Mission
matter for debate in Eng¬
For the Finnish
reaching.
transfer
The
France, where the repercussions are far-
land and
task
neces¬
fresh survey of the position in which the
a
sary
Sweden's
conflict.
the
Stockholm, last Sunday, that a formal
the view at
Northern European
of
course
Foreign Minister, Christian E. Guenther, expressed
Finland and Scandinavia
"secrets" of the
clearer that a
and it thus becomes ever
berlain,
simple lack of man-power and the destruction of
•i
•
•
.
DELAYING his in order tofrom Italy for a day,
presumably departure
learn something of
held
conversations
the
Chancellor Hitler and
by
Mussolini, Under-Secretary of State Sum¬
Premier
Welles sailed for the United States on Wednes¬
ner
day and thus concluded his European "fact-finding"
tour.
President Roosevelt's special emissary found
final
the
quite
days of his stay crowded, and possibly
interesting
as
at
conferred
Numerous
his earlier tour of Berlin,
as
He called at the Vatican and
Paris and London.
Minister Ciano.
length with Foreign
reports from various European capitals
suggested that Mr. Welles would bring back to the
United States
Rome
the
series of peace
a
dispatches went
Some of
proposals.
so
far
as
list the
to
points which the German dictator would specify in
Under-Secretary
impression
The
settlement.
peace
any
that
the
"peace emissary" became so
was a
pronounced that denials of reported peace plans
were
issued
by
some
of the governments concerned,
and Mr. Welles found it necessary on
to
count
his
own
ac¬
state, Tuesday, that he has not received
proposal from any belligerent or
week,
from
Hangoe,
the Karelian
any peace
plan
other
areas
ceded to
Russia, and resettlement of
from
any
other government, and neither conveyed
400,000 to 500,000 people involved will prove a
such
plans between governments
the
difficult
and
But Finland faced the aftermath
problem.
conflict with the
of the
isthmus,
rugged courage dis¬
same
played during its course, and nothing occurred to
any
or
his mission
is solely one
Secretary of State.
other incidents of recent
Two
m
"As
nation.
Risto
waged
we
war
alone," said Premier
alliance
a
Scandinavian defense
of considerable
to be a matter
appears
opposition from Moscow.
owing to
doubt,
in
This
project drew from the Soviet Union, Monday, for¬
mal assurances that the Kremlin has no
ritorial
demands
make
to
in
further ter¬
Northern
since
Europe.
days deserve note,
they bear to some degree upon American for¬
President Roosevelt asserted last Sat¬
eign policy.
Ryti, "so we concluded peace alone."
Inclusion of Finland
is bringing
He emphasized that
of gathering information
for the President and the
diminish the admiration of the world for this small
nor
back to the United States.
urday that the close of the European war must see
a
for
"moral basis
peace" established, which will
The comments were made
recognize brotherhood.
in
the
radio
of
course
an
address
over
an
international
network, to mark the Foreign Missions Con¬
of North America.
Queen Wilhelmina of
ference
Along with this assurance the impression appar¬
The Netherlands
ently, was conveyed that Russia would look upon a
with
defensive alliance of
of life.
Mr.
Roosevelt, however, declared that the
coming
peace
cannot be sound if small nations must
as
a move
sian
news
Norway, Sweden and Finland
aimed against Russia.
agency
The official Rus¬
made this clear
on
Wednesday,
also
live in fear of
powerful neighbors, and that it can¬
moral peace
and the indications now are that the Scandinavian
not be
countries will accept
sold for tribute.
invite
a
the Russian view, rather than
The link binding the three
conflict.
new
countries nevertheless is
a
strong
ably requires no formal alliance.
in
Stockholm
Finland
It
which prob¬
was
disclosed
during the week that Swedish aid to
an
was
one,
such
a
scale, during the war, as to
Prime
a
corre-
Tuesday
up
and
arms
asserted
that
Great
to attain just such a
Of some possible
delivered at To¬
Tuesday, by United States Minister James
Mr. Roosevelt described.
importance, finally, is an address
II.
Swedish spokesman informed
on
has taken
j>eace as
ronto,
a
if freedom from invasion is
It is noteworthy that the British
Minister, Neville Chamberlain, praised these
Britain
"Sweden would have been in a disastrous
position,"
a
comments
strip the country of much of its defense armaments.
military
spoke, but contented herself
appeal for a revival of the Christian way
an
R.
which
CromwTell.
appears
In
this
undiplomatic
not to have been
speech,
submitted in ad-
Volume
The Commercial & Financial Chronicle
150
to the State
vance
Department, Mr. Cromwell main¬
tained that the Allies
tion
of individual
clared
that
establishment
of
preserva¬
liberty and freedom, and he de¬
German
a
fighting for the
are
victory would promote the
totalitarian
regimes everywhere.
The tenor of this remarkable address well
immediate outcry
justified
trade
continues
indication of
1827
the
on
old
basis, and there is
change in the position.
a
Russian attitude will
si stance has been
be,
no
What the
that the Finnish re-1
now
overwhelmed, remains to be estab¬
lished, and it is clear that the Russian victory will
in
reverberate
East.
the Far
Rumors
have
circu¬
lated from time to time of
military clashes between 5
by various members of Congress for recall of the
Russians and
the island of Kamchatka
over-enthusiastic Minister to Canada.
and
an
in Washington and
demand
a
Secretary of
Japanese
on
along the Manchukuo-Outer Mongolion border,
State Cordell Hull rebuked Mr. Cromwell
publicly,
but similar skirmishes have been
Thursday,
that
The
speech
in
ran
pointing
telegram
a
counter
out
instructions
to
of
the
American
diplomatic representatives.
Japanese militarists
ations
in
but
to have been
seems
arid
China,
profit from the
Inter-American Bank
Arrangements
continuing their
are
the
for years.
common
expansionist
oper¬
tendency
superseded by attempts to hold
conquered in recent
areas
announced
were
years.
Thursday,
on
FORMAL endorsement to the United States Gov¬
by have been given,
Nanking,
March
tionalist, Wang Ching-wei, to supersede the
ernment
appears
on
14, to the proposal for establishing
American
Bank
be subscribed
with
Inter-
by the American republics in accord¬
ance with
their respective
lar
of
value
an
capital of $100,000,000, to
a
proportions of total dol¬
foreign trade in 1938.
Secretary of
for
the
formation
there
of
at
general
a
puppet-regime to be headed by the renegade Na¬
visional
king.
pro¬
puppet-governments at Peiping and Nan¬
This Japanese
maneuver
deceives
the
Chinese Nationalists continue to
the
and
no one,
invaders.
fight against
State Cordell Hull announced the readiness of the
United States to
it is
now
expected that signatures will be attached
April 14, which is Pan-American Day.
for this institution
by
set
the
Feb. 7.
on
It
proposed Bank would
to facilitate international investments,
subscribing countries in solving their
facilitate
problems,
rency
The plan
forth, after much study,
then indicated that the
have powers
aid
was
special international committee
a
was
arrangements,
international
develop industry,
ing, finance and
cur¬
clearing
agriculture,
min¬
throughout the Western
commerce
Hemisphere, make loans to participants in gold, sil¬
ver
or
and buy and sell obligations of the
currency,
subscribers.
thus set forth for the Bank
alarming, and especially
in view of the fact that
so
foreign trade of all Latin American
countries, suggesting that the scheme is little
than
a
are
foreign trade of the United States exceeded
combined
the
THE usual Eastern currency demand is reflected
Bank's
thinly-disguised device for fresh
more
"foreign
facilities
Ample
now
are
performance of all sound and
tions, and if the
it
can
new
available for
proper
£540,640,000 which
by
American Bank will be
a
An unsound Inter-
disservice to all partici¬
to
countries,
and
especially
to
the
United
States,
as
the largest potential subscriber.
Colombia
far
so
are
said
to
Mexico
ers
States in
£14,555,000.
The
reserve
and
accounts
fell off
reserves
Of the reduction in
proportion dropped to 21.4% from 24.2%
Government securities decreased
£2,715,000 while other securities
the
latter
addition to
amount,
£6,235,173.
rose
£3,999,245 represented
discounts and advances and
Below
^n
£2,235,928
No change was made in .the 2% bank
to securities.
rate.
from bank¬
was
£892,608, from other accounts.
previous.
we
show the different items with
parisons for previous
com¬
years.
BANK OF ENGLAND'S COMPARATIVE STATEMENT
March 20,
March 22,
1939
1940
March 23,
1938
March
24,
1937
March 25,
1936
£
Circulation
540,640 000 477,412,043 479,485,220 470,526,318 406,494,228
49,484, 000 28,597,050
15,556,839 27,908,416
18,000,366
Other deposits
139,873 947 127,914,005 145,789,562 119,553,876 120,576,184
Bankers' accounts.
98,117, 877 92,205,813 109,142,577 81,986,129 83,617,456
Other accounts
41,756 070 35,708,192
36,646,985 37,567,747 36,958,728
Govt, securities
133,639, 000 99,406,164 105,086,164 94,549,300 80,304,996
Other securities
33,221 922 25,613,442 26,730,894 27,106,597 21,674,112
Public
deposits
Securities
7,217, 566
26,004, 357
40,684, 000
Coin and bullion
3,179,287
22,434,155
49,732,703
6,635,138
4,756,238
4,962,781
20,095,756
22,350,359
44,092,621
16,711,331
47,791,571
54,899,406
1,323, 924 227,144,746 327,276,791 314,618,939 201,393,634
Proportion of reserve
have
joined the
to
liabilities
willingness to establish the insti¬
148s.
168s.
Gold val. per fine ox.
tution, which is a sufficient commentary in itself.
31.7%
2%
21.4%
2%
Bank rate
United
a
attended
was
further shift from private
private (other) deposits, £15,917,618
Of
ended
public deposits with the former down £16,810,226,
and the latter up
Reserve notes & coin
and
was a
week
£5,740,000 to
with £477,412,043
compares
There
Disct. & advances.
pating
the
loss of £20,581 in gold holdings,
a
£5,761,000.
the
only be through infringement upon existing
for
As the circulation increase
banking func¬
Bank is to be soundly operated
private banking arrangements.
statement
year ago.
boondoggling" by the Administration in Washing¬
ton.
the
in
March 20 which shows circulation up
the week
The broad powers
the 1938
Bank of England Statement
sign the proposed convention, and
5d.
29.6%
29.90%
2%
39.61%
2%
84s. 11 Hd.
84s. 11 Hd.
84s. ll^d.
2%
Bank of France Statement
Far East
FEW changes of importanceduringoccurred weeks,
have recent in the
Far
Eastern
situation
THE weekly statement of the Bank 155,448,000,000
dated March 14
circulation
showed notes in
francs,
a
decline of 687,000,000 francs in the week,
possibly because the conflict in Europe tends to
compared
overshadow local developments everywhere.
francs, two weeks
Some
reports from Tokio have indicated, of late, a desire
on
the
part of Japanese leaders to reach a better
understanding with the United States in particular,
and also with Great Britain and France.
more
militant Tokio
Deputies objected
so
two
months
United
States-Japanese trade
high,
156,150,000,000
and 113,414,534,860 francs
The Bank's gold holdings
613,591,055 francs,
francs in the week,
a
slight increase
now
of
since the
lapsed,
but
shown in temporary
a
total 84,1,000,000
compared with the pre-devalued
holdings of 97,275,013,697 francs two weeks
Nearly
passed
record
ago,
87,265,942,141 francs
had to be suspended for three hours.
accord
the
emphati¬
Diet session
have
with
'But the
cally to compromising moves, last Tuesday, that the
now
year ago.
at
a
year ago.
ago
No change
advances to the State, which
and
was
was
week ago from 40,522,990,139 francs, owing
to the retirement of pre-war advances, to 20,349 r
reduced
a
990,139 francs.
French commercial bills discounted
,
The Commercial & Financial Chronicle
1828
fell off
137,000,000 francs and advances against
curities 7,000,000
counts
of
slightly to 49.62%,
rose
compared with 55.75% two weeks
last year.
Below
ac¬
The proportion
gained 336,000,000 francs.
gold to sight liabilities
ago
and 63.37%
furnish the various items with
we
IN bills
LONDON open market discount rates for short
Thursday
1 1-32%, as against
on
1
1-32%
were
Friday of last week and 1 132@1 1-16%
for three-months'
Mar.
Thursday
New York Money
a
French commercial
bills discounted.
b Bills bought
•—137,000,000 11:727,000,000
*69,381,827
6,363,996,679 11,001,484,897
744,683,846
826,464,197
—7,oob"6oo 3,391,000,000 3,340,065,825 3,717,971,274
—687,000,000
155,448,000 113414534,860 94,163,661,035
+ 336,000,000 15,070,000,000 24,289,670,072 23,610,410,383
-
abr'd
Adv. against secur..
Note circulation....
Credit current accts.
c
1938
+ 1,000,000 84,613,591,055 87,265,942,141 55,806,959,832
No change
14,902,483
53,000,000
20,387,599
.....
Credit bals. abroad,
Temp, advances to
No change 20,349,990,139
State
Propor'n of gold on
hand to sight llab.
*
a
+0.10%
20,627,440,996 35,353,974,773
49.62%
Figures as of Feb. 8, 1940.
Includes bills purchased in France,
63.37%
47.38%
b Includes bills discounted abroad,
c
In
the process of revaluing the Bank's gold under the decree of Nov. 13.
three entries on the Bank's books representing temporary advances to
1938, the
the State
wiped out and the unsatisfied balance of such loans was transferred to a new
entry of non-interest-bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg gold 0.9 fine per franc) under the
decree of Nov. 13, 1938, was effected in the statement of Nov. 17, 1938; prior to
that date and from June 30, 1937, valuation had been at the rate of 43 mg. gold 0.9
were
fine per franc; previous to that time and subsequent to Sept. 26, 1936, the jralue
was 49 mg. per franc, and before Sept. 26,
1936, there were 65.5 mg. of gold to
the franc.
The present value is 23.34 mg. gold to the franc.
Bank of
in all
small
sold
a
Monday
bills
discount
either
at
that the Treasury
merely
Stock
Exchange
the last quarter
year
a
of February and
An increase
ago.
of
maturities.
of 46,706,000 marks, 212,536,000 marks and
34,578,000 marks, respectively.
The proportion of
gold to note circulation, 0.67%,
compares
Below
ago.
with the
comparison* for previous
years:
has
Mar.
Reichsmarks
Gold and bullion
15,
Of which depos. abr'd
77,711,000
a
""—46,706",000
11,621,073,000
c432,034,000
c25,641,000
+ 13,851,000
119,728,000
—212,536,000 1,589,822,000
Other Assets
Notes in circulation..
Reichsmarks
Propor'n of gold &for'n
note clrcul'n
a
+0.02%
0.67%
1.54%
1,01%
"Reserves in foreign currency" and "Depsoits abroad" are included in "Gold
c Figures as of Feb. 23, 1940.
coin and bullion."
Discount Rates of
for time
money
excess
prime commercial
active
of the
this
week,
paper
with the
Ruling rates
supply.
are
%@l% for all maturities.
Bankers'
Reichsmarks
70,772,000
70,771,000
10,672,000
20,333,000
5,836,000
5,536,000
7,068,556,000 5,180,330,000
201,292,000
214,849,000
48,128,000
51,020,000
966,920,000
400,592,000
1,291,300,000
725,353,000
—168,061,000 11,555,738,000 7,573,761,000 4,949,486,000
—34,578,000 1,554,396,000
964,419,000
823,134,000
463,736,000
197,832,000
c677,462,000
Oth. daily matur. obllg
Other liabilities
market
1%% for four to six months'
moderately
shown
Liabilities—
curr. to
been
been
Acceptances
no
good, but there has been
1940 Mar. 15,1939 Mar. 15,1938
Reichsmarks
+452,000
Investments
Money Rates
The market for
demand in
the
Advances
again 1}4% f°r maturities to
The
to 90 days and
has
for Week
,
York
THE market for primethis week. acceptances has
bankers' The demand
change
Changes
Silver and other coin
certain
New
the
Rates continued nominal at 1J^%
quiet.
furnish the different
we
REICHBANK'S COMPARATIVE STATEMENT
Res' ve in for'n currency
Bills of exch. & checks
on
1% for all transactions,
held to
were
renewals.
and
0.65% the last two quarters and with
Assets—
in
situations
was
up
•
tax
loans
ruling quotation all through the week for both new
Bills of exchange and checks, other assets,
items with
This
market phenomenon, but
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
daily maturing obligations recorded de¬
a year
of
means
paid to borrow.
was
New York
last year.
1.01%
again
were
which
days, and 13^% for four to six months datings.
77,711,000 marks, compared with 70,772,000 marks
record low of
awards
and
par,
Call
States.
continues
creases
days,
reflection
a
Western
loans
other
91
of course, is not a money
452,000 marks in gold and bullion raised the total to
and
in
decrease of 168,061,000 marks in the
marks
7,573,761,000
The Treasury
slightly above
or
done
was
further issue of $100,000,000
a
due
par
at
quarter, compared with the record high of 11,877,-
237,000 marks
business
any
commercial paper, owing to the
or
supply of such instruments.
last
THE statement of the Bank for the second 11,555,quarter
March showed
circulation
notes in
Hardly
departments.
bankers bills
in
90
738,000 marks,
Market
DEALINGS dull the New York rates unchanged
remained on
this week, with money market
while time loans
Germany Statement
of
Money on call at London
1%.
was
Francs
Francs
Francs
Francs
Gold holdings
14, 1940 Mar. 16, 1939 Mar. 17,
against 1 1-32%@1 1-16%
as
Friday of last week.
Changes
for Week
bills,
on
COMPARATIVE STATEMENT
FRANCE'S
on
on
comparisons for previous years:
BANK OF
1940
23,
Foreign Money Rates
se¬
francs, while creditor current
March
supply of prime bills.
in rates.
Dealers' rates
no
increase in
There has been
as
Reserve Bank of New York for bills up to
cluding 90
for
bills
days
change
no
reported by the Federal
and in¬
K% bid and 7-16% asked;
are
running for four months, 9-16% bid and
%% asked; for five and six months, %% bid and
9-16%
asked.
York Reserve
1 to 90
The
bill
Bank is
days.
buying rate
of the New
}4% for bills running from
*
Discount Rates of the Federal Reserve Banks
Foreign Central Banks
THEREdiscount no changes during the week in THERE have been of the Federal Reserve banks;
have been
the
no changes this week in the
rediscount
of the foreign central
rates of any
banks.
Present
rates
at
the
rates
leading
centers
shown in the table which follows:
Rate
ik
Pre¬
Effect
Date
vious
Mar22
Country
Effective
Argentina..
Belgium
Bulgaria*..
3X
Mar.
1 1936
2
Jan.
5 1940
6
Aug
15 1935
Canada....
2X
Mar. 11 1935
Chile
3
Deo. 16 1936
Colombia..
4
July
3
Jan.
Danzig
4
Jan.
2 1937
Denmark..
*x
Oct.
10 1939
India..
4"
Japan
5
Java
Lithuania..
18 1933
1
1936
Date
vious
Effective
Rate
Aug. 29 1939
Hungary...
7
3X
Norway
*X
on
to
schedule of rates
of paper at
May 18 1936
5
7 1936
3
Jan.
14 1937
now
July
15 1939
7
obligations
are
shown
The following is the
in effect for the various classes
Rate in
Effect on
Date
Previous
Mar. 22
Federal Reserve Bank
Established
Rate
4
6
the table.
the different Reserve banks:
4X
ZX
Nov. 28 1935
Government
DISCOUNT RATES OF FEDERAL RESERVE BANKS
2
Aug. 29 1935
Apr.
3.29
Morocco
5
4X
4
3
Italy
Caecbosiovakia
Effect
Mar 22
Country
Holland
2X
Pre¬
Rate in
Rate
recent advances
in the footnote
are
May 28 1935
Sept. 22 1939
3.65
Boston
....
1
1. 1939
Aug. 27, 1937
Sept.
IX
IX
Poland....
6X
4X
4*
Eire.
3
June 30 1932
3X
Portugal...
4
Aug. 11 1937
4X
2
Oct.
26 1939
Richmond.
England...
3
Rumania
4X
Oct.
1 1935
Atlanta..
5
SouthAfrlca
ZX
ZX
4X
Estonia....
4H
Chicago
Aug. 21, 1937
2
5
St. Louis.
2H
2
Minneapolis
Kansas City
•IX
•IX
IX
•IX
6X
Dallas
...
France
Germany
*
Dee.
17 1937
..
...
4
Dec.
3 1934
4H
Spain.....
•4
5 1938
May
May 15 1933
Mar. 29 1939
2
Finland
Greece
...
Jan.
4 1939
2X
Sweden
3
Dec. 15 1939
..
4
Sept, 22 1932
5
Switzerland
IX
Nov. 26 1936
6
Jan.
7
Yugoslavia.
5
Feb
4 1937
Not officially confirmed.
1
1935
4H
ZX
New York....
1
Philadelphia., t
IX
5
,
2
IX
IX
....
San Francisco
...
Aug. 27, 1937
2
•IX
Cleveland
Sept. 4, 1937
May 11, 1935
Aug. 21, 1937
2
•IX
IX
2
2, 1937
2
Aug. 24, 1937
2
Sept.
3, 1937
2
Aug. 31, 1937
2
3, 1937
2
Sept.
Sept.
Volume
The Commercial &
150
Course of
Sterling Exchange
inancial Chronicle
tion
with
STERLING, exchange in steady,, although fluctua¬
ruling the New York market
openers
tions
in
the whole
on
still wide
are
trading.
tinue
enough to indicate
The volume of transactions
limited
in
the
free
close of the war, it is
day last and again
moved up
last
of
markets
week,
generally believed.
cable
States
transfers
Government
gold exports.
on
the
On Satur¬
Monday the free market rate
on
when
con¬
after
from the extreme lows recorded
United
bargo
must
until
on
sold
$3.69%, the lowest since April 19,
the
nervousness
Friday
down
announced
an
em¬
The slightly higher level of
the Bank of
sterling this week has been between $3.70% and
$3.77%
bills, compared with
for
range
cable
transfers
$3.70%
and
between
$3.69% and $3.90
$3.77%,
York
cables,
7.53-7.58;
Canada,
New
3.2280;
with
by London
a
of
range
follows:
Paris
Australia,
3.2280-3.2442.
■■
3.2150Berlin
is
unofficially quoted in
are
London at around 77.50.
dollar
exerted,,
the sterling situation is
over
the discount
forward
on
in
seen
the
in
liquidation
The
in
nervousness
the
90-day rate
There
is
nothing essentially
situation
March
the
the
since
9
in the
new
control
The
break in the
United
purchases
for
moneys
States
and
its widest extent
As
fied
here
noted
by
the
use
plan to control
reservoir of foreign
necessities
war
other
the
countries
in
the
reached
last
British
occurred
From this side
of
extent
of
it
British
only
require
jute,
tin,
and
payment
jute
for
products,
whisky, and furs to be made in dollars where made
United States and in the national currencies
to the
of
Belgium, The Netherlands, Switzerland, and all
the
new
American
South
The
countries
ruling is effective
as
except
Argentina.
of March 25 and all
foreign exchange obtained by British exporters must
be turned
for
over
to the Bank of
England in exchange
their
is
Loree, Vice-President of the
fact
The
not
that
the
only
foreign
through London.
circles
to
keep
a
The inference in foreign exchange
that the British exchange control desires
was
closer check
British Empire
The London
on
payments throughout the
in sterling and foreign currencies.
representative of the Bankers Trust
Co. of New York on March 20 cabled as follows:
"In
view
tions in
of sterling
non-sterling
credits opened
areas
have
governments
beginning of the
are
expenditures.
respect
British
to
by institu¬
requiring previous registra-
in
a
been
month
is readily
war
are
that Great
chiefly responsible for these
No figures
exports
available with
are
beyond
February,
but
foreign trade observers constantly assert that the
tonnage,
of
distinguished from the
as
Great Britain's
Board
of
-
Trade
value,
figures for February reveal total
exports of £39,830,000; total
excess
money
exports shows steady expansion.
of imports
£95,630,000,
imports
£55,800,000.
Intensification of Great Britain's efforts to bolster
its
export trade and thus obtain foreign exchange
vital to
financing the
with the
dealing
The
of
with
the
document
forecast
war was
publication of
an
newly
created
increasing exports is "so vital
Allied powers
that
Export
new
trade drive is
markets
authorities
British
an
the
viewpoint
that
are
being set
on
the South
recognized
by
of
the
the
extremely valuable outlet
The development of
products.
understood
are
A major emphasis
being placed
which
as
factor" to the
a
groups
in all industries concerned.
American
Council.
Export
"should be excluded
no measure
from consideration."
up
March 5
on
official "White Paper"
emphasized that the Counci's task
from
matter where available, should be routed
and
particularly
than $200,000,000
more
that the British authorities require
no
but
here
receipt of advices from London confirming reports
credits,
authorities
foreign countries.
American trade is likewise
that all sterling
arma¬
difficult to realize the
more
constantly making to expand
are
Britain and France
record
for
announced
major
understood, for although the foreign purchasers
Committee
Exchange,
wide
a
of
airplanes and other
on
But it is
exports
British
Foreign
signal
a
to observe the greater
easy
South America and other
Bankers Trust Co., who is Chairman of the Bankers'
on
as
efforts which the British
strenuous
of the
sterling at the official London rate.
On March 20 R. F.
between
or more
imports due to the vast amount
spent here
money
ment needs.
week, the restrictions speci¬
control
% cent
seasonal commercial trends.
and
Firday, March 15.
on
of rubber,
exports
of
certain
up a
on
on
pound which
followed announcement of the British
foreign exchange and build
sterling
announced
tightening of restrictions
free' sterling.
of
British
a
trading, it is reported, is often
described in general terms it is apparent
six points under spot.
was
and frequently
Prior to the World War such
transactions.
here almost from the
In October
de¬
market indicates
open
process
reflected in fluctuations of
discount from the basic cable rate,
war.
every
liquidation by domestic
a
of the pound in the
obliged to spend
quotation since the beginning of the
more
resumption of buying of the pound.
sterling in the free market.
the most favorable
on
foreign holders, whereas every advance in the
halt
a
sterling represents
Currently 90-day sterling is quoted at 2% points
*
perhaps
trading, it should be noted that
cline in
business interests
An indication of the firmer control which London
has
preferable that credits issued
limited than at any time in the history of sterling-
checks,
Amsterdam,
is
although this is not absolutely essential."
fluctuation
are as
buying);
4.43-4.47;
Italian lire
between
week ago.
a
cents
Zealand,
quoted.
been
4.02%-4.03%;
(2.2883
176%-176%
has
compared
The official rates fixed
New
not
a
permissible provided
While the turnover in the market is
of between $3.69% and $3.89% last week.
range
The
bankers' sight
for
It
to London
and
for
credit
England registration number is inserted
credit.
on
price
The range
such
banks in Great Britain outside of London be routed
quotations this week is due to the cessation of the
manifest since March 5.
all
Present procedure by American banks of
the issuance of mail credits is
selling
pressure
of, England,
must be routed via London and not direct to bene¬
to
1933, the day
Bank
shall be advised that henceforth these credits
ficiary.
is
the
1829
regarded
foreign
British
are
Latin
most helpful
as
exchange.
also
It
is
intensifying
attempts to develop further trade with the United
States
on
and
in
this
respect they are
concentrating
specialties.
In
from
so
far
as
South
Great Britain is able to offset imports
America
is eliminated for
supply.
using
by exports there, the
any
The United States does not offer the
prospective advantage.
need
part of the British gold
same
Increase of British exports
The Commercial & Financial Chronicle
1830
British nationals have
predominant interest
a
in South American securities and industries.
with
line
In
Britain
Spain
machinery,
coal,
signed
The
will enable
agreement
equally important products from the "sterling
but
area," which includes the more than 30 countries
comprising the sterling bloc.
The confidence of the British public in the general
outlook
week
£300,000,000 British
the
of the
nouncement
March
John
of
House
was
made
was
on
by Sir
Commons
Chancellor of the
Simon,
total amount subscribed
An-
loan.
war
oversubscription
the
before
18
oversubscription this
by the
shown
was
to
The
Exchequer.
not made public and
it
was
thought unlikely that it will be published
in
the
future,
the Treasury does not generally
as
make such announcements.
It is the
plan of the British Government to keep
rates
level
represented by the 3%
Simon
war
Sir John
loan.
expressed his approval of this level and his
Government
may
still cheaper
The World War
Call
that
indicated
remarks
at
as
near
as
money
Discount rates
the
possibility
seek to borrow for
that
the
long term
a
rates in the future is ruled out.
was
financed
6% basis.
on a
imports
of certain types of products
the
magnitude of the
require
of equipment,
exports
in
large
and
across
Nova Scotia.
consistent flow
on
the border.
raw
.
.
March
12 to
the
effect that
must be
paid for
of
caused
demand for Canadian dollars in the
market; in New York.
open
high discount
The November
milligrams since Nov. 13, 1938.
franc parity of approxi-
a
This is said to explain
against the official discount
as
Montreal funds ranged during the week
between a discount of 18M% and a discount of 18%.
The amounts of gold imports and exports which'
follow are taken from the weekly statement of the
United States Department of Commerce and cover
the week ended March 13, 1940.
9M%-
gold exports and imports, march 7
to'march 13. incl.
EZZt
Ore and base bullion
Refined bullion and coin
„
Total
52,596,783
S54.474.843
Sweden*o/ Refined Bullion and Coin ShiPment8~-
■
q
_____
Doubtless
resuIted
have
in
financjai
existing between Lon-
arrangements
Xhe London officiaJ rate continues
don and Paris
i76.50-176.75, equivalent to
at
of
resjgnation
had
20
March
and the
day to
idngdomV-UUU"I-UUUIU"UIIIIII
Hongkong
between the franc
low of 2 10 cents merely reflected the
a
Were it not for the link to
sterling.
on
sterling the franc would have declined sharply after
Feb
again following the resignation of the
29 and
mini^trv
ndarlipr
,,
,
^
]
.
by the disappearance of German,
kets left free
Polish and Czech
competition which existed before
promotion of cooperation: through price
war;
limiting
imports
through
IIU'I
countries with a view to reducing
exchange, and through the exchange
$146,066
Canada,
$161,870
Nicaragua,
$142,215 chile, $539,350 Philippine islands.
$634,502
-
•
monthly report of the Department of Commerce showed that
$1,086,016,000 gold was held
Referring to day-to-day rates, sterling exchange
Saturday last recovered from the extreme lows
is
currency
of 16.95
ruling
Weeks.
.
,
as
high
was
as
well
,
■
above
j-
mi
lhe
discount on
considerably from
90-day belgas
Currently
discount of 25 points
discount
of patents and
steady,
,
for the spot rate.
future belgas has also narrowed
recent
loss of foreign
.
.
,
.
par
under earmark for foreign account as of
Feb.29.
on
Belgian
Mexico,
-
.
from third
and sharing oi certain orders.
processes
durtng'the'week^rKi^'MarchYab^si^ssji^6361^6 karacs wa3 re<*ucea
The latest
agreements
,
70
3,354,190
♦Chiefly
,
members, pointing out the opportunities for economic
cooperation resulting from the recent Anglo-French
agreements.
Points stressed are: Sharing of mar-
IIUI"
Philippine islands.
,,
,
agreements; coordination of raw material purchases;
j
5,797,435
—
.
Par,!S Press, dispatches this week state that the
French Employers Federation is circularizing its
4*.267*.641
475,679
___________________
Japan
on
unit;
The decline of the franc on Wednes-
p0Und.
pressure
Cabinet
French
the
upon
to the relation
owjng entirely
buying rate of
Daladier
the
effect
no
a
United States dollar>
2 2883 cents in terms of the
32!352!922
united
current
the close economic
anchored to sterling by reason of
and
the
than
franc
lower
a
rates but for the fact that the franc is now
average
the
Nil
until the outbreak of the war in September,
the devaluation in February would
this figure
xbe
.
foreign exchange is understood to have
the
ma-
Canadian foreign exchange
of Canadian goods
decrease in
a
a
regulation of the
control instituted
all
of
machinery, and industrial
terials and fuels from
A
increases, according
war
supply base for the Allies," the bank says,
will
27.5
13-16%.
United States will continue at high levels
the current issue of the Bank
a
23.34
at
milligrams gold, 0.9 fine, per franc, compared with
mately 2.653 cents and the quotations for the franc
as
"Canada
France
of
holdings
gold
vaiorizing the
prevailing in the New York market remained around
to
"As
npHE French franc situation shows nothing essen1
tially new since the decrees of Feb. 29 de-
revalorization resulted in
weeks, with two- and three-months bills at 1 1-16%,
Canadian
Exchange
Continental and Other Foreign
M%-
bills is in supply at
four-months bills 1%%, and six-months bills
from the
and
unchanged from the past several
against
are
,
practicable to the present
interest
as
was $3.74@S3.77M for bankers'
S3.74M@S3.77M for cable transfers,
On Tuesday trading continued limited. Bankers'
sight was $3.75@$3.76M> and cable transfers
S3.75M@$3.76M- On Wednesday sterling suffered
a sharp decline.
The range was S3.71M@$3.73M
for bankers' sight and S3.71M@$3.74 for cable
transfers.
On Thursday the market continued
limited with rates steady.
Bankers' sight was
$3.70M@$3.72M; cable transfers $3.70M@$3.72MOn Friday the market was unchanged in all important respects.
The range was $3.72M@$3.73M
for bankers' sight and $3.72%@$3.73% for cable
transfers. Closing quotations on Friday were $3.72M
for demand and $3.72M for cable transfers. Cornmercial sight bills finished at $3.71%, 60-day bills at
$3.70%, 90-day bills at $3.70%, and seven-day
grain bills at $3.71%. Cotton and grain for payment
closed at $3.71 M-
The range
trading.
sight
commercial
new
a
not merely large quantities of
and such needs from England,
obtain
to
18
.
efforts Great
export expansion
Spain.
with
treaty
its
March
on
of the previous close. Bankers' sight was $3.71@
$3.73%, cable transfers $3.71%@3.74J/£. On Monday the rate in the free market moved up in limited
facilitated by reason of the fact
to South America is
that
March 23, 1940
,
under spot.
T
,
are1 at
a
.
Last week the
35 points and early in February was
50 points.
One reason for the firmness
The Commercial & Financial Chronicle
Volume ISO
in the
begla is the increased confidence
safety
of
Belgium
Officials
of
sidering
a
nomic
Holland
and
both
countries
broad
program
coordination
the ultimate
goal of
Brazilian
Belgian-Dutch
for
eco¬
Chilean
apparently
anticipates
on
176.50@176.75, against 176.50@176.75
of last week.
In New York
sight bills
milreis
Friday of last week.
on
quoted at 5.15, against 5.15.
are
exchange
free market closed at
or
quoted
is
5.17
at
on
Friday
..
4
Friday
the French
on
center finished at 2.11 and cable transfers at 2.11
%,
against 2.10 and 2.10%.
(nominal),
Peru is nominally quoted at 18.00,
against 5.17.
against 18.00.
Paris closed
on
Argentine unofficial
23.60@23.61, against 23.50
con¬
now
customs union.
a
The London check rate
at
invasion.
seriously
are
which
The
to the
as
from
1831
EXCHANGE follow familiar trends. These con¬
on the Far Eastern countries
tinues
rencies
to
cur¬
in
move
general in harmony with
sterling,
Antwerp belgas closed at
17.03% for bankers' sight bills and at 17.03% for
although the Hongkong dollar and Shanghai
cable
arising out of the Japanese-Chinese conflict.
transfers,
against
16.98
lire closed at 5.05 for bankers'
for
cable
marks
and
Italian
16.98.
sight bills and at. 5.05
transfers, against 5.05 and 5.05.
are
not
quoted in New York,
Czechoslovakia
or
rest closed at 0.50
Exchange
Poland.
on
is exchange
nor
Exchange
on
Bucha¬
on
(nominal), against 0.50 (nominal).
Finland
on
Berlin
closed
against 1.70 (nominal).
(nominal),
1.80
at
Greek exchange closed at
often
are
Japanese
adversely
Recent
I
Tokio
EXCHANGE on the countries neutral during im¬
1914-1918 presents
features of the
of
war
no
affecting the foreign
While these
to
currencies
are
exchange situation.
longer closely linked
no
sterling, quotations for the units
exceptionally
are
steady in both the New York and London markets.
Holland
The
greatly
a
discount
future
on
guilders.
guilders
under
the
Scandinavians
last
week
dud
foreign
which Japan urgently needs,
currency
relations
commercial
in
Planning
scured
by
disturbed
the
26%
For
decline.
Board
certain
steady for
All
long time,
a
conditions
ob¬
Europe.
in
in
the' corresponding
1938, while exports showed
the
full
balance
import
than
more
year
of
a
22%
1939 Switzerland had
Swiss
592,000,000
Bankers'
sight
on
trade at 30,000,000 yen
of
33%
trade
1939
over
on
francs,
on
Closing quotations for
23.46, against 23.46
22.43
at
for
Friday of last week; cable
checks
and at
22.43 for cable
transfers, against 22.42% and 22.42%.
Copenhagen
checks finished at 19.32 and cable transfers at 19.32,
Exchange
against 19.32 and 19.32.
on
on
Sweden closed
for cable transfers,
against 23.84 and 23.84; while checks
on
Norway
closed at 22.73 and cable transfers at 22.73, against
22.73
and
22.73.
Spanish
pesetas
are
nominally
quoted at 10.15, against 10.15.
British statutory rate,
the
in
control.
operates
In
the
part exchange
under strict import
free
markets
were
Hong¬
European Banks
84s.
ll%d.
special cable yesterday
for the
shown
per
as
fine ounce)
of respective
reported to
by
us
(Friday); comparisons
are
corresponding dates in the previous
four years:
1939
1938
1937
£
1940
£
£
£
*669,508
France
Germany
„
_
Spain
Italy
Netherlands
242,074,700
b3,385,000
c63,667,000
a23,400,000
85,278,000
67,174,000
86,187,000
50,872,000
6,511,000
6,667,000
Nat.Belg..
Switzerland
Sweden
Denmark..
Norway
Total week.
Prev. week.
*130,024,406
296,815,871
3,007,350
63,607,000
25,232,000
117,583,000
111,771,000
.112,500,000
33,055,000
6,555,000
8,222,000
636,485,268
637,859,047
327,276,791
293,720,843
2,521,900
87,323,000
25,232,000
122,150,000
99,690,000
77,868,000
20,299,000
83,522,000
25,635,000
6,542,000
7,442,000
6,550,000
6,603,000
95,425,000
48,109,000
23,897,000
6.654,000
6,002,000
907,432,687 1,076,905,534 1,098,820,879 1,100,908,205
888,378,903 1,074,734,545 1,098,981,359 1,099,032,641
1, 1939 and since have carried the gold holdings of the Bank
at the market value current as of the statement date,
was
£
201,393,634
525,603,371.
2,675,200
90,117,000
42,575,000
58,057,000
Currency and Bank Notes Act, 1939, the Bank of England
Pursuant to the
statements for March
which
314,618,939
347,028,740
2,432,200
87,323,000
42,675.000
76,630,000
104,314,000
1936
formerly the basis of value.
Instead of the statutory price
On the market price basis (108s. per fine
ounce)
the Bank reported holdings of £1,323,924 equivalent, however, to only
about
£609,608 at the statutory rate (84s. llj^d. per fine ounce), according to
our
calculations.
as
well
as
In
order
to
make
current
figure
comparable with former
with the figures for other countries In the tabulation, we show
English holdings in the above In statutory pounds.
new
most
the
checks yesterday
yen
principal European banks
Amount held Dec.
of Germany
rencies."
c
rates
in all these
and export
are
largely
b Gold holdings of the
31, 1938, latest figures available,
Include "deposits held abroad" and
As of April
30,
"reserves In foreign cur¬
1938, latest figure available.
Also first report sub¬
sequent to Aug. 1, 1936.
The value of gold
For the
with China.
dates of most recent statements,
periods
EXCHANGE on thetrends from those of recent
South American countries
presents
countries
^rar
under
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
a
weeks.
increase
35%
Friday of last week.
Gold Bullion in
Bank
no
an
but
30.25; and Calcutta at 30.25, against 30.25.
*
at 23.84 for checks and at 23.84
States.
at 47%, against 47%; Bombay at 30.25, against
pore
Friday
transfers at 53.10 against 53.11%; and commercial
sight bills at 52.90, against 52.95.
Swiss francs
closed
and
ways
United
each annually,
business,
prior to the undeclared
England
53.10, against 53.10
seeking
is
to
The
imports, especially scrap
largely obtained in the
now
and
Japan and Argentina have agreed to fix their mutual
Banks of—
Amsterdam finished
countries
United States.
against 6.61; Manila at 49.80, against 49.80; Singa¬
28 points.
against 290,000,000 francs in 1938.
at
the
kong closed at 23% against 23.00; Shanghai at 6.50,
imports during the first four months of the
were
period during
an
iron,
reduce
to
other
on
dependence
on
outlook of Switzerland is
although the trade
besides
provide
Japanese Government is endeavoring to widen
trend is expected to continue
tnjis
The Swiss franc has been
war
55
firm and unchanged from
are
can
the
immeoiate~ weeks ahead.
in the
Swiss
around
currently it is
while
spot,
generally
was
that
state
points
During the week ended March 9 the discount
90-day
The
the
guilder, like the Belgian unit, shows
reduced
reports
news
recovering its export trade, which alone
means
portance
yuan
conditions
dollar.
lessen its
(nominal), against 0.71 (nominal).
local
continues pegged to the United States
yen.
Japanese
0.70
by
affected
held by the Bank of France has been revalued In the current
statement of the Bank
(as of March 7), in accordance with the decree of Feb. 29,
1940, at the rate of 23.34 mg. gold 0.9 fine equals one franc; prior to the latest re¬
valorization the value of the Bank's gold holdings was calculated, in accordance with
the decree of Nov. 13, 1938, at 27.5 mg. gold,
0.9 fine, per franc; previously and
subsequent to July 23, 1937, gold In the Bank was valued at 43 mg. gold 0.9 fine
governed by the course of sterling but hardly reflect
variations
in the
York market.
pound
as
registered in the New
Almost without exception the South
American currencies reflect
improved export balances.
per franc; before then and after Sept. 26, 1936, there were 49 mg. to the franc; prior
to Sept. 26, 1936, 66.5 mg. gold 0.9 fine equaled one franc.
Taking the pound
sterling at the English statutory rate (7.9881 gr. gold 1 l-12th fine equals £1 sterling),
the sterling equivalent of 349 francs gold in the Bank of France is now Just about
£1; at 27.5 mg. gold to the franc the rate was about 296 francs to the £1; when there
were 43 mg. gold to the franc the rate was about 190 francs to the £1; when 49 mg.
about 165 francs per £1; when 05.5 mg., about 125 francs equaled £1.
The Commercial & Financial
1832
Up Worth.
One
Europe have been centers of the
and north-eastern
its preoccupation, since the
world's attention, if not
If the conflict continues to be ruth-
began.
war
Went
of the neutral countries of northern
more
or
that
owing
lessly economic in character, there is no doubt
they will play, unwillingly, important roles
to their
The varied progress
geographical position.
last war,'
they have all made, especially since the
enterprise and energy of their peo-
because of the
pies, merits the goodwill of the rest of the
economic systems
The
pend to
tion
by them in international transportaAll of them went
both.
or
world.
they have developed all de-
great degree on foreign trade or on ser-
a
vices rendered
especially far in co-
operating with the League of Nations to further the
principle of "collective security."
It was only com-
paratively recently, after it had been made clear
that this
principle
was
not sufficiently widely ac-
cepted by the mighty to be of practical value, that
these smaller nations
where for their
the
In
began seriously to look else-
safety.
of
case
countries their
all these
forces have been based
on
March 23, 1940
brushing up in subsequent years. About
,
j.
Chronicle
defense
small professional armies
through this discipline annually.
25,000 men
This is a
obtained similar
training in Belgium, in those days, since Belgium
has over twice the population of Finland. As early
as 1934 Finland intensified her defense preparations: enlarging her conscript army, supplementing
it with volunteer Civic Guards and continuing her
work on the Mannerheim Line and other fortified
areas. During the ten-year period, 1928-1937, 19%
of Finland's state expenditures were for defense,
Thus, with the more recent added stimulation of
defense activities, Finland had, taking into consideration comparative wealth and population figures,
done more than even Belgium, and certainly a great
deal more than the other members of the Oslo Group
towards national defense. Yet, she has been the
only one so far to be invaded: obviously, not bec4use of this preparation, but because Soviet Russia
felt confident that she could attain her objective—
allegedly, the placing of the defense of Leningrad on
a more secure basis—without paying too great a
price. Whether the price paid was too great we do
somewhat larger proportion than
not yet know. Marshal
as
Mannerheim has been quoted
saying that the Finns have lost in the 3% months
175
days, with corresponding increases for the spe-
15,000 men and estimated that the Russians
had lost 200,000. These figures, if accurate, are a
tribute to the effectiveness of Finland's gallant resistance, as they are out of line with the usually expected greater proportion of the attacker's losses:
three to one. But such proportional figures are
illusory since the Russian break through the Mannerheim line over the Karelian Isthmus was the first
time on record that the "infiltration attack" system,
developed during the last war, had to meet an area
fortified according to the more recently devised
principles of military engineering. Moreover, in re¬
lation to the respective populations the Finnish
losses were 1 in 25 and the Russians 1 in 850.
It seems likely that, if the price paid by Soviet
cial
arms.
Russia proves too great it will be so in the
with
conscripts receiving military training varying
according to the division, and supplemented by from
one
to four short
of
infantry conscript in Holland
an
Denmark 5
72
periods of further training in later
Until fairly recently the period of training
years.
was
5% months,
months, Sweden 4 months and Norway
days with three additional periods of 24 days in
The number of conscripts was,
subsequent years.
moreover,
1937 the size of these
riods of
conscript armies and the
Sweden, for instance, made provision for
training of about 41,000 men annually, and in-
creased
It is
the
period of training for infantrymen to
significant that Belgium and Finland, which,
unlike their sister nations of the Oslo
forced
to
provided
for
pe-
training allotted the conscripts have been
increased.
tire
Since
in each country relatively small.
participate -in
Group
the last war,
were
have long
extended periods of military training
more
larger numbers of their
young
nationals than
Profiting by her experience in connection with
for which her adoption of compulsory
military training in 1913
much
nineteen-twenties
young men a
gave
too late to be of
came
practical value, Belgium
annually
as
far back
over
as
the
50,000 of her
minimum of 10 months training,
sup-
plemented by two periods of six weeks in later
Given the good human material available,
years.
Belgium thus had
with
a
fairly large body of
reserves
probably sufficient training to meet the exigent
intricacies of modern mechanized
1936 she doubled the term of
intensified
These
her
latter
Albert
construction
included
canal,
a
the
warfare, when in
military service and
of
frontier
waterway
paralleling the Dutch frontier, and
high banks that,
so
roughly
built with
that it is strengthened with
dispositions, it
military
defense
now
defenses.
fortifying of the King
commercial
constitutes
a
formidable
against invasion through Holland.
teen-twenties the minimum
ing there
was
confines.
Among foreign experts, Russia's military
prestige, especially on the attack, lias long been notvery
great, when compared with first class powers
such as France, Germany and Great Britain, alMoreover, if the views of the well-
co-operation.
known military expert Major George Fielding Eliot,
last week's "Life" are symptomatic,
expressed in
there
appears
to be a disposition to consider that
Russia's real attack began on February 1, and that
the operations during the two preceding months
were
in the nature of a try-out. This view dove-tails
with the earlier reports of the inadequate personal
equipment of many of the troops sent to the front
by Russia in the early days of the campaign, and the
fact that considerable numbers of them appeared to
come
from almost semi-tropical regions of Asiatic
remote from the political nerve center of
Russia
Moscow.
On the other hand in January our papers
began to publish reports that first-class troops from
the Moscow
month and
area were
a
being sent up and within a
half of their apparent advent the war
was over.
But the Russian people themselves would feel the
young men
loss of prestige and disgust over the price paid by
Already in the nine-
Russia which would count most in augmenting its
Finland, also, began early to give her
adequate military training.
field of
imponderables, and more especially within her own
though all three have pleaded for Russian military
did the other members of that group.
the last war,
war
period of military train-
12 months, followed by occasional
amount in the field of imponderables.
While there
have been some indications that resentment and dis-
Volume
The Commercial & Financial Chronicle
150
satisfaction exist
events,
and
ous
wide-spread they
willing to stretch
when
costs
the Russians
among
point
a
with other
the question of
on
their Government has
taining its objective in
Stalin
two
or
in
succeeded
at¬
It is quite possible,
war.
that, in com¬
may prove
factors, the price paid by the
regime in the loss of the confidence of its
supporters has been
For the
great indeed.
very
independence and resuming her remarkable progress
towards economic
naval base may prove
neutrality
be
war
at
acted from the
also the
14.
have
ture out of which
they
have embarked
they
not
may
cheaply
come as
probable that if Finland gained
"No
sphere.
ancient
an
human
maxim
value than
shall strike
one
that
such
more
sound
aphorisms often do.
ticularly is this true when,
the
in the
as
votary of that maxim
in the
Par¬
of Finland,
case
continues, without too
great a loss of strength, to exist after applying it in
practice.
is also possible that,
It
of this
course
the Stalin
war
regime should be
thrown, Finland will be recognized
cause
and
of her
resistance, to
perhaps
A
more,
if during the
as
over¬
entitled, be¬
the
full
military
and
the
now
that the Karelian Isthmus has been
longer defense line around Lake Ladoga,
herself
against Russian aggression and attack. But
the odds
are
and
den
against Finland in any war with Russia
great that even if she were assisted by Swe¬
so
Norway her eventual defeat would be in¬
1
evitable.
It
has, in fact, become increasingly clear that the
countries
their
own
of
Europe
Hanko
under
thirty-year lease;
a
original
(1) A naval base at
(2)
transfer to
Russia of certain islands in the Gulf of Finland in '
exchange for Russian
(3)
territory;
13
March
Hanko
included
a
powers
great nation attacking them.
from
In this
undoubtedly bought German's reluctant
her
demands
against Finland and the
States, which Great Britain and France had
refused her.
Because of Finland's
special geograph¬
sufficient
at
annual rental of
an
(at
normal
rates
this
and because of the
time,
ex¬
igencies of her own plans Germany was willing to
Should
give it.
this,
or a
a
similar opportunity arise later in
future war for Russia to tackle Finland
alone, and should those in charge of her destinies be
Isthmus, including the city of Vi-
Karelian
borg, its Bay
price which would
friendly
was
wa¬
equivalent to about $160,000); the cession of the
entire
the
on
more
or
thirty-year lease of the
marks
Finnish
one
position, Germany's consent, or acquiescence,
peninusla and adjourning islands and
million
Baltic
by
ical
ters for naval base purposes,
eight
to
consent
of
The agreement
tion of the Russo-Finnish frontier.
of
demilitariza¬
other
Russia
case
not mistresses
are
fate, but must depend for their safety to
some
were:
lost, will
undoubtedly make it harder for Finland to protect
brings out, poignantly, the principal material cost
demands of October 14
independent sovereignty
purposes.
of Finland's determination
The
was
The existence of the Russian naval base at Hanko
exacted
resist.
But it
be said ordinarily to exist when a coun¬
inconsiderable extent
to
This
slightest of technicalities the
title to
her
on
be
peace
Germany.
point of view.
run
no
imposed by the accepted
as
objectionable of the terms ex¬
terms
ber with those
such
power
long
reduced to
vsmall
comparison of the Soviet demands of last Octo¬
difficult should Russia later
more
a
try grants to another a section of her territory for
her lost territories
recoup
at the peace conference.
em¬
Also, Finland's heroic resistance will, to many,
cloud
impunibly"
me
contains
so
any¬
as a
principal feature of the terms of October
which may
thing by her heroic resistance, she did
is
as
to expect.
seem
It appears
moral
adven¬
an
on
with
to be the most
seems
by Russia
in the future a source of
Finland, making the maintenance
of her
Stalinists in participating to the extent they have
war
for
barrassment
in this
European
prosperity.
The forced lease of Hanko for use
Most peoples are
are.
however, that later events
bination
recent
over
yet not in position to know how seri¬
we are
1833
willing to incur the necessary loss of life of her
its islands, and the Finnish
nationals, Russia could repeat her recent perform¬
well
as
as
and could do so even if Finland had retained
territory to the west and north of Lake Ladoga,
ance,
making the entire lake Russian; the cession of
the Mannerheim Line.
number of islands in the Gulf of
sion of
north
strip of land
a
some
Finland; the
jaervi; the cession of
but
not such
the
Arctic
to
as
a
fifty miles wide in the
smaller
transit
free
railway at Kemi-
area
cut off Finland
The
ocean.
for
visions
in the far north
from
access
its
on
own
over
territory of
Murmansk line with
economic
for the
to
treaty contains otfyer pro¬
northern
Finland
Norway and Sweden; for the building by each
of
ces¬
placing Russia nearer to that extent to the
northern terminus of the Finnish
try
a
a
to
coun¬
railway connecting the
Kemijaervi; for the restoration
relations
between
the
two
countries;
Viborg, her second largest city and second
also
had
important sawmills
and plywood mills,
though her chief activities were those of the trading
center of eastern
Finland, and the greatest shipping
port of sawn wood.
Saimaa
districts
power
Situated at the mouth of the
canal, Viborg served two large industrial
(equipped with about one-half of the water
used in
Finland)
which
are
the terminal
points for long waterways traversing heavily for¬
ested
non-aggression, including
directed
alliances
or
an agreement not
participate in coalitions
against each other.
This latter
group
of
provisions while forced on Finland may not seem
unduly severe.
The first group of provisions relat¬
ing to the cession of territory, etc., is however, in
itself much
more
exacting than the demands of Octo¬
Whether it
demands is
was
an
wise for Finland to reject
academic question.
Of
more
and
regions.
can
center—Kotka—located
the
area
possession,
country's greatest export
65
miles
ceded
west
included
of
Viborg.
industries
using timber products and providing 8.4% of Fin¬
land's
In
exports of that nature.
spite of this important loss of established in¬
dustries
the cardinal
fact remains that the great
asset at the base of Finland's
remarkable economic
during the last 20 years, namely, her for¬
which provide directly or indirectly over 80%
practical importance is the question whether Fin¬
land has been left with the means of
ests
However, the hinterland and those
be served by the
Nevertheless,
progress
retaining her
ma¬
important export harbor has been lost. Viborg
industrial districts remain in Finland's
to conclude any
these
arable.
most
again her
loss, though very great, does not seem irrep¬
negotiation of a commercial treaty and for
mutual
ber 14.
Provided Finland is not attacked
terial
<
The Commercial & Financial Chronicle
1834
of her all
important exports, continue to be hers—
substantially undiminished.
Swedish
at about
'
Of these losses, military
$476,000,000.
her to independence in 1918, and not tlie Allies or
Sweden or Norway for various reasons, includ-
even
have estimated Finland's losses
sources
ex-
March 23, 1940
ing in the case of the two latter their relative weakness.
account for 25% bombing damage for over
We have seen that the only members of the Oslo
50% and the balance was chargeable to export losses
are
Group which had in 1939 relatively large bodies of
trained reserves were Belgium and Finland.
Obvi-
heavy liabilities for a country of 3,800,000/ Yet Fin-
ously, Belgium, because of her geographical position
penses
and loss of industries in the ceded areas.
land has
in
ers
trial
These
repeatedly shown great recuperative
the
Since Finland's principal indus-
past.
still
areas
pow-
belong to her,
a
readjustment of
and her limited man power, could not be of any help
Geographical reasons
to Finland for war purposes.
also count out Holland as does Denmark's small
Denmark, with the
export outlets for the hinterland of the eastern part
size and slender man-power.
of the
possible exception of Norway, went further than
country should be" possible without perma-
nently crippling results.
Public
why the Allies
the other members of the Oslo
or
Group have allowed Finland to defend herself
tically unaided except for
amount
generous
a
prac-
of
national disarmament, for many Danes believed that
any
armament they could assemble would have little
effect on their country's only likely invader—Germany.
If the situation is viewed realis-
military supplies.
other member of the Oslo Group in advocating
any
opinion here and elsewhere has wondered
Norway's
land
war
strength
is probably even
her country is
tically it should not be too difficult to understand
slighter
the chief
mountainous and therefore easier to defend.
reasons.
While it should not be
lic
forgotten that world pub-
opinion is not yet in the complete confidence of
the
Allies,
some
things
tion to what the map
some
Norway's inner coastal passage
futile
a
180 miles within the Arctic circle.
have
as a
"northern front"
suggested, it would have been
them to
miles
guard
from
Petsamo
route extending
a sea
the
from
To
500 miles from the
enemy—Germany.
for
armament to the extent Norway and Denmark did,
nevertheless she had not built up, prior to some two
bring their
new
As long
they would still be
frontiers of their real
the Allies do
as
bring Russia into the general
defense of Finland from the
of
way
bring
war
up many
and
other
has
industry
armament
However,
rapidly
equipped her forces—now said to include 600,000
men—with modern weapons, though there has been
a
lag in air force needs.
Sweden has been
claims to have reduced her own supply below the
point which would have permitted her to participate
point of view of their
in the
war
had that been practicable.
Marshal Man-
engage Russia so
use to
Germany in
nerheim recently recognized the importance of Swe-
supplies—that would
if Sweden had fought Russia she would have invited
questions, most of which
have not
we
den's deliveries of armament.
a
It is
now
clear that
German invasion to prevent Soviet or Allied occu-
sufficient data to answer; but it seems obvious that
pation of the northern iron ore district.
operating
any
Allies to
more
over
use
such
a
long route would force the
naval and other forces which
other
alternative
would
have
Allies to send their armed forces
way
might be
usefully employed by them elsewhere.
The
over
and Sweden to Finland's aid.
been of great
for
the
northern Nor-
This might have
advantage to the Allies, if,
as
ore
they
un-
deposits which lie along the route to Fin-
land, thus being in position to prevent
quantities of Swedish iron
many.
We know
now
ore
any
had
have
attacked
large
from reaching Ger-
from the pronouncements of
statesmen of the countries involved that
would
Sweden
permitted the Allies to
Germany
and/Norway if they
cross
their territories to
the
rescue of Finland.
The Allies are, therefore,
wholly apart from the question whether their armed
aid
was
formally requested by Finland, to be
mended rather than
taking
and
a
criticized for
com-
refraining from
step which would have involved Sweden
Norway in the
war in
order to
save
Finland,
The truth is that Finland's natural defender
encroachments
kind of
against
by Russia is Germany, which aided
a
To make
showing in protecting her country—
about 1,000 miles long—against such formidable opSweden
position
been
doubtedly would have expected, they could have incidently acquired control of the great, high grade
iron
so gen-
in supplying Finland with weapons that she
erous
armed
an
interest^, would have been to
that she could not be of much
the
not
large body of army reserves.
excellent
by invad-
war
ing her territory, the chief justification of
own
help Finland/
her
When there
her
on
1400
necessary
over some
to
efforts
rearmament
Though Sweden has not practiced her faith in dis-
years ago, a
and
tardy
and coast defenses—thus limiting her power
tip of northern Scotland; to take
Mannerheim Line.
wish to
to
as some
troops 500 miles down the length of Finland to the
some
her
accentuate
navy
the
Russians,
This
Germany of
caused the latter to
The Finnish spokes-
tells us!
be useful to the Allies
tions, the coast line is about 2,100 miles long.
length, and the strategical value to
gesture for the Allies to send troops via Petsamo—
located
How-
it is narrow and long; disregarding indenta-
ever,
fairly clear in addi-
appear
have admitted that it would have been
men
Denmark's though
than
sources
in
men
would
and
she limited her aid
have
arms.
as
needed
It is not
all
her
re-
surprising that
she did.
It is probable that taking all these and other
realities into consideration the members of the Oslo
Group will continue to rely on the methods which
they have found useful in the past.
They will keep
in touch with each other, exchanging information
and adopting common policies and measures when
found advisable.
are
ever,
the
and
Belgium and Holland
may,
if both
attacked, adopt parallel defense measures. How-
because of geographical considerations and, in
case
of the northern countries, their large areas
relatively small populations as well as the might
of the possible enemy, there sgems little likelihood
of their forming alliances of mutual aid—irrespective of Finland's commitment in her treaty not to
enter
into
such* alliances
aimed
against Russia,
Their chief reliance will be on strict and independent
application of the rules of neutrality.
In tak-
ing this position they are entitled to the syinpathetic understanding of our public opinion.
That
Volume
The Commercial & Financial Chronicle
ISO
opinion, however much it
may
Allied cause, has not the
justification for the bias
sympathize with the
Mr. Chamberlain manifested when in his House of
Declaration of Independence of July 4,
1776, and,
in
a
1783,
in the
strictions of
to
matter of indifference
a
ended
in
.
.
thus
were
adopting
was
whether the
.
victory for Germany
Allies" and
not be
assuming "that it
were
position
as
To enable
year,
American thought and policy
interests."
were
ac¬
as
strong a
May
on
declaration of intention to apply
a
similar neutral rules in
rules
take
possible the Scandinavian states
27, 1938, signed
sent to
wartime.
Copies of these
other countries
including Great
Britain.
as
to
subjects such
new
ations the rules
airplane
on
oper¬
the Hague
18, 1967, which in itself
was
codification of well established rules of
a
international
which
as
largely based
were
Convention of October
in
law.
One
of
the
rules
Norway relied in the Altmark
effect, that
the passage
neutral state has
a
of
no
that
was
on
namely,
case,
duty to prevent
belligerent ship through its terri¬
a
torial waters.
In its statement of Feb. 25 the Nor¬
wegian Government pointed out that
on
1939
Government
it had received from the British
communication
a
sisting
upon
commenting
the right of
on
passage
ships through neutral waters.
May 23,
that rule and in-
of belligerent
This
was
war¬
in harmony
with the effort made
by Great Britain in 1907 to get
the rule
as
changed
so
right to prohibit
torial waters to
to effect the
to deprive a neutral of the
mere
passage
through its terri¬
belligerent warships.
The attempt
change failed in 1907 largely because
Scandinavian
the
countries and the United
States
objected to it.
position of the British Government in the Altmark
case was
thus
diametrically opposed to the
had tried to get
accident
or
was so
a
it
well chosen, whether by
design, that Norway's action got
reception with
a poor
large element in this country.
attitude denotes
a
Such
complete failure to appreciate
exceedingly great difficulties confronting Nor¬
and the other nations of the Oslo Group in
way
their
effort to
keep afloat
powerful friends and clients
life
course
Norway to adopt only nine months
before, the occasion
the
that
with
on
Jan. 8, 1815, and until the
Napoleon in June of that fateful
the
fluctuations
of
death
and
of
countries
fairer and
struggle.
that
more
group
while their two most
are
engaged in
a
bitter
Surely, the sturdy small
deserve from
our
public
inability to help each other when attacked by Great
Powers.
assertion that the
But after that
discerning to be
which
land
reality of
our
independence began
period there appeared to the most
no
for doubt.
room
from Great Britain
won
fisheries
and
the
Old- Worldliness
a
successful
discussion,
with reference to the Presidential succession
soon
to
against
war
Mexico, acquiring California, and later, by its mere
diplomatic
demands,
which,
the
ignoring
withdrawal
the
obtained
France from that country
of
and doomed Maximillian;
threatening
and
discontent
grimaces of embittered England, France and Spain,
crushed
slavery and rebellion in the fiercest of civil
and forced arbitration and payment
wars,
Alabama
of the
claims; which freed Cuba and, while Europe
frowned upon its activities,
took Porto Rico and the
Philippines from Spain; which denounced the ClaytonBulwer
Treaty and out of its
own
prowess
built, fortified, and
the Panama Canal;
was
owns
resources
truly and effectively independent
as
Thus for
and formidable.
resolute
the United States of America
own course
;'settling its
as
it
was
full century,
kept sturdily
problems in its
Washington's
George
observing
own
a
and
upon
its
own way;
admonition
wise
against foreign entanglements of alliance, but erect-
Chinese waq 0f isolation; trading with the
no
World
its
upon
own
transforming its
agricuitllral to
and
masg
terms; increasing its exports and
economy
one
from
one
largely relying
predominately
mechanical
upon
production; advancing steadily in popula-
tion and wealth and
as
measurably equitable
security)
with
standard
of
well in the broad and at least
observance
general
living
of comfort and
distribution
ever
of
the highest
In
known to civilization.
retrospect those years of progress must seem reason¬
ably satisfactory and there must be amazement that
alurements of
ticed
an
foreign enterprise could ever have en¬
intelligent people
to
sanction
or
permit
adoption of radicaiiy divergent policies,
in
truth, neither the people nor Congress has ever
ed the strange change in
policy indicated by the
with foreign affairs of the
President, the State Department, and some leading
preoccupation
present
President Wilson
able, in 1917, to lead his country into participa¬
tion in
One who observes the trends of current
a
European
war,
but
even
ciation less than alliance with the
and he
was
that
was
in
an asso¬
favored belligerents,
completely repudiated and his party was
and
deprived of power when he attempted to effect participation in a peace that involved permanent
well ask what has become of the much
self-sufficiency and independence of the
entanglement in the affairs of another hemisphere,
No President, certainly not Franklin Delano Roose-
determined and especially to the
absorption of
Washington in problems of European
war
peace, may
United
The Nation
just settlements of the
Oregon and North-Eastern
boundries; which fought
was
vaunted
power
in 1815.
politicians and political aspirants.
official
European
the
complete understanding both with
respect to their efforts to remain neutral and their
be
necessarily
was so
independence was scarcely more than
nominal and there is much* warrant for the frequent
jng
^
Notwithstanding, the fact that the fundamental
an
involved
of
questions arising in connection with the Newfound¬
Except
mainly
1812, by the Treaty of Ghent, agreed
dovrafall
own
But
eventuating
days before Andrew Jackson's victory at
Orleans, fought
policy which will
them to
of
war
few
New
observance of all the rules of neutrality
or
time.
war
strength of the French alliance.
until the settlement of the controversies
a
reluctant
King by the valor of their
final
The world knows that there is not universal
in
and the
arms
sullen
a
war
"adequate to safeguard their
ceptance
admission of their claim from
victory for the
or
a
won
Parliament and
Commons speech of last
Tuesday he rather threaten¬
ingly inferred that Sweden and Norway "by scrupu¬
lously observing and stretching to the limit the re¬
neutrality"
1835
States.
The
13
had
velt, has ever received direction or encouragement
outgrown their colonial limitations during the third
from the citizenship of this country to risk its welfare
quarter of the Eighteenth Century, united in the
in adventures of statecraft not
sovereignties,
which
concerned with its
The Commercial & Financial Chronicle
1836
domestic
and
progress
inevitably
and
prosperity
leading to sacrifices at home that must be utterly
however,
except
March 23, 1940
appointive
holding
those
public
offices and those supported out of the public treasury,
disproportionate to benefits anywhere achieved and
cannot and will not, during the year 1940, ignore
always excessive and without warrant.
problems
Yet the
phenomenon is not beyond explanation;
it could become
inexplicable only should the sound
judgment of the American people be
1
,
n
T
£
j
:
,,
i•
to
i.
*
•
•
*
■>
.
to yield support
as
i
x
*
i
•
policies obnoxious to their traditions and principles,
nowhere
permanently beneficial, and surely destruc-
tive to domestic
A
xt
,
.
,
by shallow and false enthusiasms
.
undermined
so
tranquillity and normal development.
daring and volatile President, recognizing
straint of
no re-
precedent and 'with the self-confidence of
^
,
.
-
-
.,
unconsciousness
sponsibility, having attempted
a
of
re-
long series of fre-
quently contradictory and mutually destructive
ex-
periments, suddenly awoke to realization that they
had effected
nothing but loss and threatened disaster,
,1
0
that most of them could be
-
,
...
that all had lost the
At the
same
.
r
pressed
ji
1
further and
no
pleasurable flavor of novelty,
time, he found that his list of plausible
expedients of strictly domestic character had
exhausted.
Across the
_
..
,.
and
plaudits
been
Atlantic, where the last Chief
.
,
Executive of his
'
,
,
party had won many temporary
own
wrought
that
much
has
1. Rehabilitation of employment and industry in order to
rest°re the independence and self-respect of all employables
and
unhappily
further progress and prosperity,
organize
,
A.
_
0£ 40%
flicts
power
to go further in the same evil direction, as well as by a
continuously unbalanced budget.
3. Establishment of a sound currency on the basis of a
permanent ?°ld va'ue and fre® exchangeability of all paper
Executive
with gold coin, not subject to interruption at
or Congressional
whim.
4. Release of the bankiDg system from enslavement to
h to the level of a controlled fiscal agency.
5" ^organization of public charity to provide against
preventable distress but without degrading the relief agencies
an(j
expenditures to the ends of corrupt partisanship and
without
mass
pauperization.
6. Removing the sterilizing hand of government which is
demoralizing agriculture, taking away the independent self-
fliarice ofJ'a™ing communities, destroying foreign markets
for agricultural surplus production and increasing lmportations 0f f00(j
products.
7. Decentralization in matters properly to be locally de-
termined and the restoration of home-rule in all affairs not
necessarily requiring uniformity of decision on a larger scale.
8- Kevision of taxation, which must for a long time con-
u
u
~
1
4.
14.
4.
•
x-
x
x
by the broadest and most altruistic statesman-
ship
with statesmanship of such quality howhere in
evidence.
What, then,
credited
caught
by
in his
own
diversion of his
own
affairs
the
appalling accumula-
an
indebtedness, should turn, for the
public,
to
reckless devising,
own
web of profligate expenditure
long continued and leading to
national
long history of dis-
a
experimentation of his
up
tion of
natural than that the
more
President thus confronted
mind and that
and
of'the
problems
of
general
Europe,
tinue cruelly severe, but is now made excessively and un-
ydamaging
n_ily
economy
RThe foregoing enumeration is far from complete,
The test is about to come. The Presidential term
will end
Jan. 20, 1941, and a successor is soon
It is a complete and amazing novelty
on
to be chosen.
in American politics that it should be anywhere sug-
gested that the choice ought to be determined at all
Europe.
might gain renewals of
confidence
a
and
shattered and dwindling
approbation.
angle of approach, there is observable
perfectly normal, almost
The
events.
who had suffered
recovery
warrant
covered; but his
course
ever
sequence
every
that
one
not
was
of
one
en-
patient
thereafter
sup-
that distemper and
cure
consequently sought to throw
had at least the
patient into fits,
patient had
more
that of the politician who attempts
re-
natural than
by proclaiming
policy and making it attractive, to with-
new
draw attention from his past
failures and
penalty of public condemnation.
can
election
inevitable,
an
convulsions,
posed himself qualified to
be expected to rest under the
however
pressing
interruption
quack physician who, having
joyed the experience of the
some
no
repeated,
when
such
escape
their
No elected leader
they
are
in such
any
problems of
problems and advocate
his
re-
the sole ground that he might, in some
indefinite and undisclosed fashion, contribute to the
peace
of Europe.
Even if the certainty of such a
contribution were demonstrable, the argument would
remain fantastic in its bald lack of reasonable warrant.
It is, in epitome, that an unsuccessful and
dangerous President should be continued in office
regardless of domestic detriment and calamity, in
order that
a
generous
America
may
help
a
distant
continent out of difficulties which that continent has
There is not
itself created.
European country desires
country or
any
diversion
theless,
should the American
are
a
di-
enough problems at home, and
sufficiently pressing, to render acquiescence
a
domestic
on
obloquy of failure,
remains
upon
current arguments favoring a
sistance
were
even
or
evidence that
would accept such
confidence in the
any
as-
capacity of this
of its leaders to render it.
Never-
these impediments non-existent, were
the road to helpful participation in a
much stranger
There
some
has
people permit, in the present instance, such
version.
of its effect
or
within his power.
It would be
Yet
third term for Mr. Roosevelt totally ignore all the
that
From
maladjustments
and
and intended to produce deleterious results ap-
if
public
crudities
proved only by the envious and discontented.
with relation
effective, must have advantages in satisfaction and
by
arising out of secondary purposes inconsistent with a sound
Obviously, such transfer of attention and interest,
a
the
fiscal policies of the Central government, which has reduced
con-
jealousy, and misunderstanding, not easily plumbed
even
of
....
,,,
0f au public and private debts and the unsurrendered
sounding in depths of complicated injustice,
resulted, there appeared renewed confusion and
of
*
2. Restoration of the public credit impaired by repudiation
currency
„
.
and much of its
inexperience
of strictly domestic origin, such as, for
example:
digression absurd and almost unthinkable,
European settle-
ment actually open and direct, it
would be catas-
trophic for America to adventure upon it in disregard
of conditions at home and at the sacrifice necessarily
entailed.
advanced.
Never before
was
such
a
suggestion soberly
It surely cannot prevail when it is
clearly
These
problems inescapably weight all the activities
comprehended and the enormity of its departure from
of the
people and their industries, however slightly
for the time being, affect the decisions of a
intelligent balancing of conditions and opportunities
Executive
of
must be first, and, despite abundant sympathy, only
disregarding all that is inconvenient and individually
the safe residuum of interest and effort may be di-
unpleasing.
verted to the difficulties of Europe.
they
may,
Chief
who
seems
amazingly capable
The citizenship of the United States,
plainly perceived.
For America, American problems
•
Volume
The Commercial & Financial Chronicle
ISO
There
The Course of the Bond Market
has
been
1837
financing
no
nor
any
developments
of
particular significance.
In the short week because of the
movement
Friday 'holiday
most
outstanding development
point
on
was
decline of
a
Mixed
little
very
has been in evidence in the bond market.
The
% to
United
on
High-grade railroad bonds
tone.
Chesapeake
&
10434.
Among
of
4s,
gen
speculative
1996,
1995,
issues
considerably
The first 4s,
The
of
a
were up
up
narrow.
a
(Based
U.
1940
8
All
120
Govt.
weakness in the
such
Aa
Stock
some
isolated spots of firmness
634s and the unassented issues of the
MOODY'S BOND
YIELD AVERAGES
t
(Based on Individua Closing Prices)
120
All
120 Domestic
1940
Baa
RR.
P.
Ind.
U.
120 Domestic
by Ratings
Corporate by Groups
tic
Aaa
Corp
Averages
Exclian ge Clos d
120 Domestic Corporate
Domes
Corporate by Groups*
A
The
given in the following tables:
Daily
Aaa
Corp.*
been
Moody's computed bond prices and bond yield averages
are
Yields)
by Ratings
Mar. 22..
in
as
City of Montevideo.
tic
Acer ages
exception of
the Japanese
as
PRICES t
Arm age
pace
peace
European section spread to the remainder of
the list with the
3 points at 15%.
12C Domestic Corporate *
Domes¬
Bonds
Daily
BOND
on
waning, the
Speculative issues such
paralleled by declines in Norwegian and Danish bonds.
5%
strengthening tendency but later eased.
MOODY'S
early
pushed into higher ground, lost a good part of their advance,
During the early part of the week bonds of all
grades displayed
an
the two German Government loans, which had recently
possible plan
closed at 3134",
for
foreign bond trading slackened.
later denied by the
was
high grades the Liggett & Myers
among
1951, gained 1% points at 130%.
With the prospects
un¬
utility bond market has been exceptionally quiet this
Volume has been relatively small and price fluctua¬
week.
tions
99
at
% point at
up
gains, and
Tobacco 5s,
stable
Missouri-Kansas-Texas
1990,
points and the prior lien 5s, 1962,
their
closed
were
on a rumor
voluntary reorganization which
management.
continued
Ohio 3%s,
changed and Atchison
bonds advanced
have
1941, and the
Cigar-Whelan Stores 5s, 1952, showed better than
fractional
Wednesday.
point have been the rule
a
Lower-grade obligations such
International Mercantile Marine 6s,
the
as
%
the average in United States Government bonds
changes of less than
industrials this week.
among
Baa
A
Aa
Stoek
Mar. 22
RR.
U.
Ind.
3.28
3.08
P.
Exchan ge Clos ed
3.65
4.37
4.79
21- 116.36
107.69
123.56
119.03
106.36
87.49
93.85
117.94
21
3.58
2.83
3.03
20- 116.42
107.69
123.33
118.81
106.36
87.35
93.85
113.68
117.72
20
3.58
2.84
3.04
3.65
4.80
4.37
3.28
3.09
19- 116.76
107.69
123.33
119.03
106.54
87.49
93.85
113.68
117.72
19
3.58
2.84
3.03
3.64
4.79
4.37
3.28
3.09
18- 116.87
107.69
123.33
118.81
106.36
87.35
93.69
113.48
117.72
18—
3.58
2.84
3.04
3.05
4.80
4.38
3.29
3.09
16- 116.72
107.49
123.33
118.81
106.17
87.21
93.69
113.68
117.50
16
3.59
2.84
3.04
3.66
4.38
3.28
3.10
15- 116.74
107.49
123.33
118.81
106.17
87.35
93.69
113.68
117.50
15
3.59
2.84
3.04
3.66
4.80
4.38
3.28
3.10
14„ 116.53
107.49
123.10
118.81
106.17
87.35
93.69
113.48
117.60
14-
3.59
2.85
3.04
3.66
4.80
4.38
3.29
3.10
13- 110.39
113.68
-
4.81
107.49
123.10
118.60
106.17
87.35
94.01
113.27
117.29
3.59
2.85
3.05
3.66
4.80
4.36
3.30
3.11
12.. 116.28
107.49
123.10
118.60
105.98
87.35
93.85
113.27
117.29
12
3.59
2.85
3.05
3.67
4.80
4.37
3.30
3.11
11— 116.24
107.49
123.10
118.60
106.17
87.35
93.85
113.27
117.29
11
3.59
2.85
3.05
3.66
4.80
4.37
3.30
3.11
9.. 116.03
107.49
123.10
118.60
106.17
87.21
93.85
113.27
117.60
9
3.59
2.85
3.05
3.66
4.81
4.37
3.30
3.10
8.. 116.03
107.49
123.10
118.38
106.17
87.21
93.69
113.07
117.72
8.
3.59
2.85
3.06
3.66
4.81
4.38
3.31
3.09
7-
13
3.10
116.04
107.30
123.10
118.38
105.98
87.07
93.53
113.07
117.50
7
3.60
2.85
3 06
3.67
4.82
4.39
3.31
6- 115.96
107.30
123.10
118.38
105.79
87.07
93.69
112.86
171.29
6
3.60
2.85
3.06
3.68
4.82
4.38
3.32
3.11
5.. 115.68
107.30
123.10
118.38
105.98
87.07
93.69
112.86
117.50
5.
3.60
2.85
3.06
3.67
4.82
4.38
3.32
3.10
4— 115.50
107.11
122.86
118.38
105.98
86.78
93.53
112.66
117.29
4..
3.61
2.86
3.06
3.67
4.84
4.39
3.33
3.11
2- 115.45
107.11
122.86
118.38
105.79
86.78
93.53
112.80
117.07
2
3.61
2.86
3.06
3.68
4.84
4.39
3.32
3.12
1— 115.42
107.11
122.63
118.38
105.79
87.07
93.53
112.86
117.07
1
3.61
2.87
3.06
3.68
4.82
4.39
3.32
3.12
Feb. 23- 115.32
107.30
123.10
118.60
105.79
86.92
93.85
112.66
117.07
23
3.60
2.85
3.05
3.68
4.83
4.37
3.33
3.12
16- 115.48
107.49
123.33
118.81
105.98
87.07
94.01
112.86
117.50
16
3.59
2.84
3.04
3.67
4.82
4.36
3.32
3.10
115.44
107.30
122.86
118.81
105.98
86.92
94.01
112.66
117.29
9
3.60
2.86
3.04
3.07
4.83
4.36
3.33
Weekly—
9-
Weekly-
2__ 115.43
106.92
122.63
118.60
105.41
86.78
93.69
112.45
106.92
122.63
118.38
105.41
86.64
93.69
112.25
20- 115.65
106.54
122.40
117.94
105.41
86.21
93.21
112.25
3.11
2
2.87
3.05
3.70
4.84
4.38
3.34
3.13
2.87
3.06
3.70
4.86
4.38
3.35
3.13
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.15
13.
116.43
3.62
3.62
20
116.86
27
3.63
116.86
27- 115.54
Jan.
Tel).
Jan.
105.60
86 50
93.53
112.25
2.88
3.07
3.69
4.86
4.39
3.35
3.14
6— 116.03
106.92
122.86
117.72
105.60
87.07
93.85
112.45
116.64
3.62
2.86
3.09
3.69
4.82
4.37
3.34
3.14
High 1940 116.87
107.69
123.56
119.03
106.54
87.49
94.01
113.68
117.94
High 1940
3.64
2.90
3.09
3.71
4.89
4.43
3.36
3.16
Low
1940 115.25
106.54
121.94
117.72
105.22
86.07
92.90
112.05
116.21
Low
1940
3.58
2.83
3.03
3.64
4.79
4.36
3.28
3.08
High 1939 117.72
106.92
122.40
118.60
105.22
87.78
94.33
112.05
116.43
High 1939
4.00
3.34
3.55
4.10
5.26
4.76
3.76
3.64
Low 1939 108.77
100.00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
104.48
119.69
114.93
102.30
85.79
92.43
109.44
113.07
Mar. 21,1939—
3.75
3.00
3.22
3.87
4.91
4.46
3.49
3.31
93.69
114.72
107.49
93.53
69.17
77.84
99.14
108.08
2 Years Ago—
Mar. 21,1938—
4.38
3.23
3.59
4.39
6.30
5.52
4.05
3.56
13.. 115.96
122.40
106.73
118.16
116.64
6
1 Yr. Ago
1
Mar .21*39 114.61
2 Yrs.Ago
Mar .21*38 110.23
1939
Year Ago—
♦
These prices are oomputed from average yields on the basis of one 'typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of
field averages, the latter being the truer picture of the bond market,
t The latest complete list of bonds used in computing these Indexes was published In the Issue of Jan. 13, 1940, page 179.
level or the average movement of actual price quotations.
remarks Mr. Jackson says, with reference
In his opening
Walter C. Betts says:
"ever-present criticism of the law," that the layman
the
to
"has
right
a
against
and
Bar
"CAPITALISM
the
be its accuser, to bring his complaints
and its manipulators, to step up to the
his charges."
"And it is for the
to
law
state
...
present its defenses—that go to the
merits, so that it may be determined what are the reasons"
for criticism, "to what extent tliey are justified, to what
extent tliey are remediable and, where remediable, to what
profession
legal
THE CREATOR
by Carl Snyder
remedies
extent
Is
exceptional in so many ways
that it challenges memory to re¬
call something comparable to it!"
to
are
available."
Jackson, "whose career at the Bar lias been notable,"
has evidently satisfied Mr. Hays in his endeavor to shed
Mr.
Jight
$3.75—All bookstores
somewhat
the
on
stirred
cern
so
among
involved
members
of
the
deserved well of his profession,
THE
MACMILLAN
of the
COMPANY
60 Fifth Ave.
which
questions
have
acrimony in the public, and no little con¬
much
legal profession.
He has
and he earns the gratitude
public for the illuminating, candid, and yes, ingrati¬
ating manner in which he discusses the many evils which
beset the law, which goad its practitioners, and roil those
New York
who
are
caught in its meshes or invoke its aid.
The author does not rest content with letting the
layman
He is so intent on being
fair and helpful that he contributes a vast amount of criti¬
cism
himself,
in
support
of the layman's case.
This
lay his charges against the law.
Look at the Law
By Percival E. Jackson (with
by
Arthur
Dutton.
To
once
those
that
who
we
wish
here
have
ever-widening debate
the
lawyer
to
on
read
an
Foreword
377 pages.
a
Hays).
Garfield
material
the
$2.75.
and
the
You
may,
the law as they affect
City
Bar
excellent
the ills of
contribution
to
and his clients, and if not the cure then
possible alleviation
of evils which
Mr. Jackson
it may be said at
the author admits
"over half
the
vide
cry
half
*
Cf./Vol. 150,
page
600.
"Woe Unto You, Lawyers 1" by Fred Rodell.
.
from
actual
experience
at
a
complains that "there is too much law,"
appalling.
shows that the existing condition is
for instance, view the Library of the New York
where 220,000
Association,
a
precise
going
aloud for attention.*
extensively
drawn
the layman
When
run,
is
Bar, either his own or that of numberless colleagues.
mile
volumes,
resting
information
about
the
"body
of
law."
to Harvard's Law Library, consult any of
million volumes" devoted to the same end.
these statistics
.
on
of running feet of bookshelf space" pro¬
.
.
are
Or,
"over
"But
left behind by the legislative
The Commercial &
1838
populace."
some
more fodder for a law-fed
conservatively estimated, have placed
State laws . . . on our State statute
relentlessly grinding out
mills
These,
"375,000 new
books" since 1001.
its excessive
its undue rigidity,
uncertainty,
law's
The
and
and tergiversations, its sloth
technicality, its hypocrisy
procrastination, are each in turn considered as bearing on
the administration of justice, and specially in their disad¬
look to the law for aid. Throughout,
you while charming you, when he
listens to your plaint with deference, and as you halt,
exclaims:
"You haven't seen the worst yet!
Consider
these exhibits.
They prove what you say!"
And excellent
exhibits they are, too!
Here is the meat of just one:
Miss Nichols won a verdict of $51,438.50 against the city
of
Cleveland.
It took her 43 years to win the legal
battle started in 1895.
Yet she received only $5,229.56 of
the amount, for which the city had to float a loan.
Her
attorney's fee, $24,317.75, and expenses $2,863, and several
other costs "left her only about one-tenth of the amount
vantage to those who
Mr. Jackson disarms
Mr. Jackson admits that the lawyer is
prone to "charge all the traffic will bear," judged by, and
based on, the client's financial standing, rather than on
the intrinsic value of the service rendered.
The "average
middle-class client finds even the average lawyer unduly
Regarding fees,
The lawyer's cost of doing business is high,
of doing business is inefficient."
When the layman says that "lawyers are dishonest," Mr.
Jackson trips to reconcile his faith in fair dealing and
honesty with his knowledge that statistics unduly favor
the lawyer.
"First," he says, "lawyers, being skilled in
the law, are skilled in evading it"; and second, "the law
is made by and for lawyers in such manner as to enable
tbem to claim professional immunity for practices which,
committed by laymen, would be punishable as crimes." . . .
"The lawyer is torn between his desire to be a member
expensive.
of
a
way
.
.
.
"The
justice to the
disproportionate burden of expense to the middle
profession and his need for money."
to the layman are a denial of
consequences
a
poor;
class
to the rich."
undue advantage
and
interest deal with the extent
and the wholesale lying and
perjury which are revealed in the courts.
Perjury should
be dealt with summarily, and punished by the trial judge
as thqugh
it were contempt.
.
.
.
The chapters which present the remedies suggested for
the extirpation of the evils mentioned, and frankly con¬
ceded by the author, will well repay the closest attention
of layman and lawyer alike.
So fair is Mr. Jackson in
his summing up that he warns us that we cannot depend
upon the lawyers or the judges to remedy the defects and
abuses of the law.
In fact, they will probably hinder
progress with their active opposition.
Not only does "the
present-day
lawyer
abhor
change" .
.
.
but
"he does not appreciate the value of lay approval nor the
danger of lay impatience."
Hence, the layman must tackle
the job himself, because "the lawyer has shown himself
Two
to
special
of
chapters
judges are corrupt,
which
.
.
unfit
to
do"
credit
to
that
and that he
us,
will
has brought these facts home
his book
had
convince
done
the
in language and
so
manner
we
that such anomalies seem to be quite in the
nature."
Well, coming to the hand-picked aphorisms, the gnomic
selections, one finds
them grouped under 44 headings
order of
"Vox Populi'').
(p. 93) Opinions have their upsets, and all is well.
But
once a cataclysm
takes place among a man's convictions,
(p. 114) Chance is the main chance.
(p. 103) Every time we ask an emotion
we
revert to our infancy.
(p. 86) The wretched part
frivolously if we mean it.
of orange.
reflective
by
telling
thought."
blooms
Street, it
may
would
The
a
from
out
does
not
repository of purely
intended
not
as
a
flowering of purely reflective
which are set in Wall
fairly take title
introduction
"one
that
as a
continues
for
literary curiosity."
(I
botany is flaw-less.)
22 pages
largely devoted
to telling us how little Mr. Nock knows about
W.
Business and the Public
"Anonymous,"
by Marian C. Manley for the
ries Association,
New York.
that
A.
heard
B.
may
"call
mean."
up
Mr.
someone
on
Nock adds that he has
the telephone and tell
about certain industrial and commercial properties in tech¬
nical language which
(he) did not understand," and, he
continued:
to
"What I knowr
now
about A. B.
comes
virtually
nothing."
In
Wall
view of these admissions, the title "Meditations in
Street", when given to the "purely reflective thoughts"
which
follow, looks like
For the
a
bit of meretricious
christening.
only other noticeable tie-up with the Street is the
Edited
Special Libra¬
This essential tool in meeting
budget arguments and foster¬
ing public relations is the first book to discuss possibilities
for comprehensive public library service to business.
It
suggests practices for efficient administration, rapid prepa¬
ration and utilization of collections, and effective public
relations.
The book also describes the needs of executives
through their com¬
libraries; it indicates methods for constructive coopera¬
in these contacts and provides a history of business
public library use, either directly or
for
pany
tion
library development and bibliography of its literature.
A selective list of business magazines and trade directories
_
purchase and guides to information on other media
periodicals reviewing business publications is also
for first
and
included.
America Faces the Forties
By Shelby Cullom Davis.
283 pages.
Dorrance.
$2.75.
acknowledges
author
The
indebtedness,"
"considerable
others, to "many individuals" in financial
communities in Washington and Wall Street—whether for
many
among
valuable
suggestions
or
thoughtful observations is not made
of this reviewer the following typi¬
In the opinion
clear.
excerpts will give as good an idea of the
and the book's contents as would a
cal
tality
author's men¬
description in
general terms:
more
"Of
Farmer:
no
ditions
the inhabitants of this
all
country there
independent and God-fearing in its tra¬
than the farmer.
The farmer has thus
a model of stream-lined efficiency.
This may sur¬
group
more
.
We
people.
many
.
do not
.
think of the farmer as
America.
.
What
.
.
a
pity
that
increased
this
efficienqy of the farmer has turned out not a boon but a
boomerang."
Life
Insurance:
"Companies and agents will feel the '
full effects of Government competition during the forties
.
.
in writing
.
the small or so-called industrial
The average coverage
dollars
dred
.
■.
.
policies.
of these policies is only several hun¬
and not many of these
.
.
are
.
actually paid out due to the number allowed to lapse."
Furthermore, as premiums are collected "as frequently as
weekly by agents going from house to house, the costs of
collections are high.
This means that the poor man pays a
ever
the agent,
substantial amount to
the
whatever
Library
Clothbound.
Postpaid $2.00.
83 pages.
dye"
B., "a New Englander of the deepest
"spoken of vaguely as a Wall-Streeter,' for
.
B.
C.
Successful Cooperation.
in
Steps
called
.
To suggest that they
door-step.
hereinafter called A.
.
and pre¬
prosy
seem
sprout from a '"great finan¬
cial center's spiritual atmosphere" is not kind.
Even the
Temporary National Economic Committee would hesitate
to call Wall Street the parent of this foundling left on its
to
roots
so—assuming that the
say
a
(This is probably
"Therefore, when
thoughts
us
as
samples
these
reviewer,
this
To
tentious.
prise
Meditations in Wall Street
sneer.)
For truth to be truth often requires that one
of the apple must look as if it were made
engaging in mass production a la Detroit or employing the
Taylor system to raise output or engaging an expert like
Charles Bedaux, the famous ex-sand hog whose friendship
with the Windsors was enough to keep them from coming
Anonymous,
with
an
introduction
by
Albert
Jay Nock.
148
pages.
Morrow.
$1.50.
off
than harming our¬
of the two halves
become
starts
to do something,
of it is that w-e can't love
There is nothing pleasanter
it feels good.
(p. 71)
experience,
selves when
reception to which it is unqualifiedly entitled.
Nock
than well—it is a supreme
the outcome is more
is
Mr.
emerged;
the following
assortment,
that while the lawyer
can be an
evil being, he can also be a valiant and trusty
friend.
We hope that his book meets with the splendid
instinctively turn to Wall Street
hackneyed Latin, such as "Carpe Diem,"
On taking six blindfojd dips into the
(seven of them in
and
layman
W. C. B.
author's work comes to us
reminder
appeared which so
No book has recently
so.
judges and
Manifestly,
years of hard work lie ahead before the reconstructors will
have purged the evils, abuses and basic ills from which the
profession of law now suffers.
It will be to Mr. Jackson's
which
what
anonymous
great financial center's spiritual atmosphere—or
think to be its atmosphere
...
a further
a
.
forcibly convinces us that our lawyers, our
our
legal system require a bath of realism.
great
of
"out
the
that
assertion
(p. 121)
awarded."
for his
March 23, 1940
Financial Chronicle
.
Social
made
more
which cannot properly be
insurance
Even
insurance.
men
admit that
under
Act the poor man's old age will be
than had ever been thought possible."
Security
secure
Railways:
"It is
.
.
.
somewhat of a comfort, rela¬
to find over one-third of the
country's railroads are on the bottom of the financial lad¬
der and ready to climb up, rather than in the middle of
the ladder and ready to fall down.
.
.
.
And it is only
a matter of time before their emergence will bring about a
tively
speaking,
of course,
rejuvenation in the railroad equipment market.
.,
.
."
Utilities:
"Has the marriage of consolidation and high
finance that
spells such tremendous power been dissolved?
Volume
The Commercial & Financial Chronicle
150
If these questions can be answered in the
affirmative, then
tain to
the
that
Administration
has
well
make
can
portant
to
the
Forties!
business
the forties for
main
objectives
and
with the
im¬
peace
industry."
power
of
the
.
.
"If
.
And it will
come.
the
at
are
business
New
of
America
lay
looks
to
come
time
same
the sooner if public policies
body politic
pro-the
and pro-
But perhaps the hardest
fight of all will be
to win peace, for without peace
America cannot recapture its destiny in the forties—a des¬
tiny which alone is shining star-bright in a war-clouded
adopted.
are
.
circle'
'inner
questioned the importance I
confidence."
a
its
generous
"One
economists .recently
upon
a
electric light and
Come
Deal
afford
achieved
1839
.
.
.
.
.
world."
higher standard of living, that seems cer¬
w.
,
c.
b.
Indications of Business Activity
THE
STATEJ.OF
TRADE—COMMERCIAL
EPITOME
Friday Night, March 22, 1940.
Business
activity continued to
the past week,
the
generally
were
output
its
own
apparently giving strength to the view that
business decline is leveling off.
current
tric
hold
than
more
favorable.
Trade reports
Merchandise loadings and elec¬
bituminous coal production,
stills, steel operations, and automotive activ¬
ity turned upward.
Judging by this week's developments,
crude
the chances
A
ever.
the
lower,
were
but
to
runs
of
a
European
sharp expansion
warring
political
nations,
situation
peace appear more
remote than
in foreign trade, especially with
is
now
looked for.
cleared
the
If
domestic
especially as
concerns the third term issue, it is believed business would
be showing very definite signs of stability and a marked
were
somewhat,
.
upward
trend.
Factors
varied
influencing
and
the
steel
industry
including
the
this time
at
are
the
European war, an unusually severe winter followed by a
late spring, and doubts as to the legislative outlook, "Iron
Age" reports in its mid-week survey.
The magazine says
that
numerous,
increase
an
this
week
in
the
of
steel
orders
placed
suggests that markets are broadening somewhat,
although total tonnage involved shows little improvement
the ingot rate is a point lower at 62.5% of capacity.
Outcome of efforts to reorganize the National Labor Rela¬
tions Board, the survey points out, "is contributing to busi¬
and
ness
uncertainties.
markets
can
continue
to
"Some
signs of improvement in steel
"Export sales
though some of this business is
be seen," the review continues.
expand
even
being obtained at the expense of prices, which on some ex¬
ported products have continued to decline for the last two
weeks.
ers
a
Pig iron exports have reached
a
level where sell¬
seeking to arrange for full cargoes, but are facing
are
lack
of
ship space.
Steel exports
so
far in March
are
running ahead of February, and business from abroad is
contributing each day to maintenance of steel price sched¬
ules.
A
steady flow of small fill-in
automobile
plants
orders
is going from
the
mills, and Ford Motor Co. is
expected to enter the market soon for 15,000 to 20,000 tons
steel
of
before
to
needed for
June
1."
an
increase
in
its
production schedule
The
magazine states that "even with
moderately good earnings this year the Nation's railroads
are expected
to order from 50,000 to 70,000 cars."
Production by the electric light and power industry of
the
United
States
2,460,317,000 kwh.,
for
an
the
week
ended
March
16
totaled
increase of 10.6% over the like 1939
period, according to figures released by the Edison Electric
Institute.
Output for the latest reporting week was
3,682,000 kwh. below the preceding week's total of 2,463,999,000 kwh., but was 234,831,000 kwh. over the total of
2,225,486,000 kwh. during the week ended March 18, 1939.
The Association of American Railroads reported today
618,985 cars of revenue freight were loaded during the week
ending last Saturday.
This
was
pared with the preceding week;
pared with
with
a year
a
an
this week
decrease of 0.3% com¬
increase of 4.7%
com¬
ago^and an increase of 14.5% compared
1938.
the
to
Engineering construction awrards for the week total $52,-
202,000, 21% above a week ago, but 10% lower than in the
corresponding 1939 week, as reported by
"Engineering
News-Record."
The current week's awards bring 1940 con¬
struction to $597,723,000, a level 19% below the total for
the 12-week
period last
Private construction for the
year.
period, $201,821,000, tops last year by 4%.
Private awards
for the week are 8% above the preceding week, but 33%
lower than in the 1939 week.
Public construction, however,
tops a week ago by 27%
Aided
and
a
year ago
by 6%.
by tax payments and the usual mid-month
settle¬
clearings for 22 leading cities of the United
States for the week ended March 20 rose sharply above
the volume for the week preceding.
The total for the coun¬
try, however, was again smaller than in the corresponding
1939 week, due to the continued" drop below a year ago at
ments,
New
bank
York.
Total
transactions
for
the
22
leading
cities,
& Bradstreet, Inc., amounted to $5,839,compared with $6,026,673,000 for the like 1939
week, a drop of 3.1%.
The aggregate for New York was
$3,401,683,000, against $3,835,605,000 last year, giving a de¬
crease of 11.3%.
The showing for the outside cities con¬
tinued favorable.
Clearings for the 21 cities outside of
New York totaled $2,437,492,000, an increase of 11.2% over
the $2,191,068,000 recorded in the same week last year.
Ward's Automotive Reports today estimated the produc¬
tion of passenger cars and trucks for the current week at
according to Dun
178,000.w
year ago.
that one
It
It attributed the decline this week
closed down for Good
corporation
however,
added,
that
there were indications
upward trend of the last six or seven weeks was
the
"flat¬
ground to be traversed
in the coming few weeks" would not be appreciably differ¬
ent from the present level.
Montgomery Ward & Co. had net profit of $27,010,645
for its fiscal year ended Jan. 31, 1940, Sewell L. Avery,
Chairman of the Board, told stockholders today in his
annual report.
This was equal to $4.91 a common share
after deducting dividends of $7 a share paid on the class A
stock, and compared with net profit of $19,644,956, or
$3.50 a common share in the previous fiscal year.
Net
sales of $474,882,032 were the largest in the company's his¬
tory and represented an increase of $60,920,791, or 14.7%
tening out," and that "production
the previous year.
over
Large increases in retail sales were/registered this week
the
over
corresponding week a year ago, although changes
from uniform for all types of stores and for all
far
were
sections
of
the
Inc., declared
In department and
Dun & Bradstreet,
country,
today in its mercantile trade review.
where the earlier date
apparel, stores,
of Easter greatly
exaggerated comparisons, gains of as much
as
30%
were
increase in
retail volume compared with a year ago was estimated at
10% to 16%.
"The climax of the Easter shopping sea¬
son," the review pointed out, "came on Monday, when re
tail stores in a number of cities registered peak sales for
any single day this year.
Apparel was the center of inter¬
est, and throughout the week volume in these lines fluctu¬
it
recorded,
pointed
was
out.
over-all
The
ated sharply.
There
wei*e
weather
no
unusual
developments
past week.
during the
concerns
as
the
It was reported as mod¬
erately cool in most areas from the middle Rocky Moun¬
tains eastward to the Atlantic coast, with the temperatures
ranging
Rather
warm
Rocky
northern
the
from
as many as 8 degrees below
weather for the season was reported
2 degrees to
from
normal.
Mountain
area
and the Pacific
Freezing weather extended nearly to the Gulf coast
coast.
Alabama, but most other Gulf areas were generally from
in
degrees to 10 degrees or more above freezing.
Sub-zero
weather was confined to a limited area of the Northeast
4
and
locally in
Plains.
Great
the
upper
The
Mississippi Valley and northern
temperature for the week, as
lowest
from Government first order stations, was 11
Canton, N. Y.
The cool weather and rather
reported
at
degrees
widespread precipitation in major agricultural sections of
the
country further delayed outside operations and re¬
winter crops.
In some eastern sec¬
outside work is now 1 to 2 weeks late,
tarded early growth of
tions of the country
valley
fine
during the early part of the week, but during
part of the period it was more or less unsettled
similar
while
and
clear
the
latter
with
conditions
prevail
in
central
many
In the New York City area the weather was
sections.
snow
and rain.
light fall of
Prevailing tem¬
peratures ranged from 31 degrees to 40 degrees.
Partly
cloudy and colder weather is in prospect for tonight and
over the week-end,
with a minimum thermometer reading
of 20 degrees in the city and 15 degrees in the suburbs.
Overnight at Boston it was 28 to 41 degrees; Baltimore,
35 to 48; Pittsburgh, 22 to 41; Portland, Me., 25 to 39;
Chicago, 13 to 31; Cincinnati, 24 to 51; Cleveland, 18 to 39;
Detroit, 14 to 35; Milwaukee, 4 to 28; Charleston, 49 to 61;
Savannah, 49 to 65; Dallas, 54 to 81; Kansas City, 26 to 46;
Springfield, 111., 19 to 48; Oklahoma City, 37 to 74; Salt
Lake City, 35 to 65, and Seattle, 38 to 63.
Clear
snow
"
a
fact
Friday.
election,
coming
number
103,395 units, compared with 105,720 last week and 89,400
in
Revenue
and
the
sunshiny
weather,
followed
a
early morning hours today.
Freight Car Loadings Reach 618,985 Cars in
Week Ended March 16
Loading of revenue freight for the week ended March 16
totaled 618,985 cars, the Association of American Railroads
announced on March 21.
This was an increase of 27,819
cars
or
4,7% above the corresponding week in 1939 and an
increase of 78,620 cars or
1938.
was
a
ceding week.
March 16
of 1% below the pre¬
The Association further reported:
Miscellaneous freight
cars
14.5% above the same week in
Loading of revenue freight for the week of
decrease of 2,012 cars or 3-10
loading totaled 253,139 cars, a decrease of 2,822
below the preceding week, but an increase
corresponding week in 1939.
of 10,841 cars above the
The Commercial & Financial
1840
decrease of 1,764 cars below the preceding
a
4,794
than carload lot freight totaled 147,527
week, and a decrease of
of merchandise less
Loading
cars,
cars
below the corresponding week in 1939.
Coal loading amounted to
125,872 cars, an increase of 2,543 cars above
week in 1939.
1,029
cars
products
grain
loading totaled
1939.
of 1,592 cars above the
of 652 cars
Ore
week, and a decrease of 581 cars below the corresponding
In the Western Districts alone, loading of live
week
stock for the week
16, totaled 7,813 cars, a decrease of 342 cars
decrease of 431 cars below the corresponding week in
1939.
loading amounted to
10,310
17.306
29,024
17,256
28,411
23.307
14,554
21.689
13,728
17,931
14,006
3,156
14,109
18,795
26,873
19,537
13,930
17,131
12,497
1,790
3,243
1,746
3,799
13,089
3,726
12,479
37,079
4,826
36,366
5,026
Norfolk & Western Ry
17,727
17,946
3,738
11,982
34,568
4,722
15,675
cars,
decrease of 58 cars below the
a
Pennsylvania RR
55,179
54,961
53,670
preceding week, but an increase of 1,378 cars above
the corresponding week
5,741
5,323
25,505
5,339
5,804
4,902
5,255
24,631
4,941
_
Chesapeake A Ohio Ry
-—
Chicago Burlington A Quincy RR.
Chicago Milw. St. Paul & Pac.Ry.
Chicago A North Western Ry._
Gull Coast Lines
International Great Northern RR
Missouri-K ansaa-Texas RR
Missouri Pacific RR
New York Central Lines
Pere Marquette Ry
...
Pittsburgh A Lake Erie RR.....
in 1939.
increase of 80 cars above the
Coke loading amounted to 9,044 cars, an
and an increase of 1,730 cars above the
preceding week,
corresponding
Southern Pacific Lines
Wabash Ry
All districts reported increases
compared with the corresponding week in
TOTAL
1938 except the Southwestern.
1939 and all districts reported increases over
17,544
5,594
25.690
4,948
294,681 290,266 277,897
Total....
week in 1939.
5,213
5,428
5,312
15.704
15,635
14,625
8,875
8.656
8,883
3,391
1,659
Atchison Topeka Santa Fe Ry.__
Baltimore & Ohio RR
1939.
below the preceding
1939.
Forest products loading totaled 30,877 cars, a decrease of 687 cars below
the preceding week, but an increase of 4,735 cars above the corresponding
week in
1940
totaled 18,503 cars, an
amounted to 10.639 cars, a decrease of 333 cars below
Live stock loading
the preceding
a
Weeks Ended—
9 Mar. 18 Afar. 16 Mar. 9 Mar. 18
1940
1940
1939
1940
1939
Mar. 16 Mar.
In the Western Districts alone, grain and
above the preceding week, and an increase
above the corresponding week in
week, and
Received from Connections
Weeks Ended—
N. Y. Chicago A St. Louis Ry
increase of 564 cars
dayg
FROM CONNECTONS
LOADED AND RECEIVED
(Number of Cars)
FREIGHT
Loaded on Own Lines
above the preceding week, and an increase
corresponding week in
of March
REVENUE
31,577 cars an increase of
grain products loading for the week of March 16,
in 1939.
preceding week and 277,897 cars in the seven
A comparative table follows:
the
ended March 18, 1939.
«
and
1940
23,
increase of 12,918 cars above the corresponding
the preceding week, and an
Grain
March
Chronicle
LOADINGS
AND
FROM
RECEIPTS
6,948
7,487
7,252
7,751
7,249
6,721
9,322
9,812
1,442
1,463
9,127
1,492
2,159
2,242
2,468
2,472
9,189
2,652
2,596
8,947
37,452
10,458
4,348
8,595
37,905
9,972
4,266
38,612
37,369
5,054
36,081
9,041
4,131
35,589
4,820
5,010
5,163
4,994
8,533
8.826
8,223
8,642
8,849
7,844
4,600
185,866 188.537 174,096
CONNECTIONS
(Number of Cars)
Weeks Ended—
1940
Week of March
2_
Week of March
9
1938
2,288,730
2,282,866
594,424
2,256,717
Mar. 16, 1940
2,155,536
552,892
22,278
22,533
22,935
620,997
Four weeks of February
1939
2,555,415
2,486,863
634,410
Four weeks of January
588,426
556,730
Illinois Central System
29,982
12,160
30,552
28,858
St. Louis-San Francisco
12,361
11,866
64,420
65,446
63,659
.
618,985
591,166
540,365
6,916,670
6,345,612
6,062,240
Week of March 16
Total
-
-
Chicago Rock Island A Pacific Ry
Total
In the
railroads to report for the week ended
The first 18 major
March
16, 1940 loaded a total of 294,681 cars of revenue
freight
on
their
own
REVENUE
lines, compared with 290,266 cars in
following
we
compared with the
same
1939
'1938
1939
1940
from Connections
1938
1939
1940
Southern District—iConcl.)
Eastern District—
569
574
607
1,207
1,948
6,939
1,317
1,984
7,022
177
185
10,798
2,192
9,870
Norfolk Southern
1,621
2,210
6,881
1,446
1,900
Piedmont Northern
15
15
29
55
59
1,220
4,502
1,251
4,235
7,104
Delaware Lackawanna A West.
9,020
8,444
9,077
2,095
7,622
7,695
1,825
Delaware & Hudson
1,259
4,841
238
222
292
107
114
1,485
1,444
3,595
11,435
8,011
1,086
3,074
11,041
Ann Arbor...
Bangor A Aroostook
Boston & Maine
Chicago Indianapolis A Louisv.
Central Indiana
Central Vermont
Detroit A Mackinac
2,481
Detroit Toledo & Ironton
Erie
2,162
Grand Trunk Western
292
272
190
11,162
4,627
Detroit A Toledo Shore Line...
10,726
4,303
10,637
3,530
167
Lehigh A Hudson River
Lehigh Valley
156
193
1.695
Maine Central
Monongahela
Montour
New York Central Lines
N. Y. N. H. A Hartford..
New York Ontario & Western.
St. Louis
A Western.
Pittsburgh & Lake Erie
Pere Marquette
1,946
1,240
6,683
2,959
1,549
7,717
7,357
2,857
1,644
8,137
2,466
4,331
1,478
33,366
9,184
1,037
5,026
3,752
1,719
34,544
9,160
1,326
4.696
445
496
5,636
5,804
Lehigh A New England.......
5,496
3", 569
4,975
371
2,573
3,209
1,518
31,476
8,451
1,403
189
1,132
5,256
1,781
919
1,182
5,072
4,507
4,213
12,999
932
8,975
19,203
18,181
5,207
14,599
361
375
625
710
140
162
750
647
99,269
Total.
8,671
153
Southbound
371
402
Southern System
Tennessee Central
Winston-Salem
94,032
92,283
69,881
63,434
12,826
2,283
12,683
2,447
16,649
3,397
9,812
9,588
2,749
7,249
3,190
2,677
7,494
2,866
Northwestern District—
14,109
2,265
17,544
176
Duluth South Shore A Atlantic.
11,191
Elgin Joliet & Eastern
4,655
312
21
30
1,670
9,332
Duluth Mlssabe A I. R
4,479
Minneapolis A St. Louis
372
211
193
666
851
1,502
1,368
Rutland
569
525
504
980
972
Wabash..
4,948
5,106
Wheeling A Lake Erie
3,429
3,392
4,631
2,697
8,849
3,104
8,107
2,929
137,112
131,786
121,150
157,798
143,969
422
388
411
787
795
28,411
26,484
1,606
23,681
15,635
14,251
146
378
305
5,673
5,570
359
394
389
172
173
9.346
9,117
2,942
2,555
447
547
532
616
542
173
201
339
80
65
1,518
1,489
1,919
1,674
4,611
9,207
Pacific
4,657
4,293
8,237
2,270
2,301
3,558
3,235
7,859
107
158
259
1,420
1,574
1,284
69,594
66,129
42,486
40,734
17,256
2,530
18,063
18,018
5,428
2,696
2,691
2,163
5,157
2,026
329
344
94
78
13,728
13,700
12,964
7,751
7,072
2,170
9,918
2,487
1,672
1,621
658
10,388
10,884
2,413
8,727
2,483
715
Total.
110
1,249
72,803
Spokane Portland A Seattle
100
1,567
Spokane International
782
682
2,080
2,353
1,818
1,370
2,627
Central Western District—
Atch. Top. A Santa Fe System.
Alton
1,220
146
512
4,027
1,654
Minn. St. Paul & S. S. M
Northern
488
443
6,604
9,908
Ft. Dodge Des Moines A South.
Great Northern
4,897
354
543
523
6,457
Green Bay A Western
Lake Superior A Ishpeming....
1,509
3,250
17,707
3.345
594
21
35,321
1,456
1,976
2,558
9,895
20,733
Seaboard Air Line
32
1,264
938
292
Chicago Milw. St. P. & Pacific.
Chicago St. P. Minn. A Omaha.
868
2,564
2,098
2,582
410
3,059
386
Bessemer A Lake Erie
2,203
2,547
1,073
334
Chicago Great Western
Pittsburgh A Shawmut
Ohio
1,188
296
Chicago A North Western
979
Pittsburgh Shawmut & North..
Alleghany District—
Akron Canton A Youngstown.
1,839
2,643
383
,
Richmond Fred. A Potomac...
37,452
12,123
1,799
10,458
1,702
4,952
5,163
3,876
1,762
2,816
1,070
6,314
Pittsburgh A West Virginia
Total.
Mobile A Ohio
Nashville Chattanooga A St. L_
6,995
483
A
Total Loads Received
Freight Loaded
Railroads
1939
1940
MAR. 9
Total Revenue
from Connections
1940
Baltimore
week last year.
Total Loads Received
Freight Loaded
Railroads
N. Y. Susquehanna
undertake to show also the loadings
for separate roads and systems for the week ended March 9,
1940.
During this period 81 roads showed increases when
FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED
Total Revenue
N. Y. Chicago A
.
Ry
Mar. 18, 1939
1940
Mar. 9,
511
Bingham A Garfield
Chicago Burlington A Quincy..
Chicago A Illinois Midland
•
631
8,667
2,419
1,232
2,172
267
363
394
4
4
Cambria A Indiana
1,400
1,250
11
12
Central RR. of New Jersey...
6,325
1,630
5,396
5,534
11,927
10,502
Cornwall
642
612
599
59
53
Denver A Rio Grande Western.
Cumberland A Pennsylvania..
274
232
178
29
35
Denver A Salt Lake
287
547
327
3
Ligonler Valley
Long Island
Penn-Reading Seashore Lines.
Pennsylvania System...
132
162
115
21
29
Fort Worth A Denver City
928
969
568
524
1,758
1,144
1,658
935
480
1,140
1,733
1,185
1.241
Buffalo Creek A Gauley
Reading
Co
979
49,260
11,829
10,001
3,387
Maryland
2,858
1,533
2,892
1,372
38,612
16,204
2,033
6,402
34,426
820
53,289
13,747
14,242
.
Union (Pittsburgh)
Western
1,004
54,961
2,988
11,637
5,497
2,741
15,575
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
Colorado A
Southern
Illinois Terminal
750
North Western Pacific
1,338
5,651
Southern
128,258
116,527
103,965
97,571
88,155
Virginian
21,689
...
.
17,946
4,755
20,133
15,456
3,937
17,600
8,656
4,348
1,097
16,072
4,135
131
558
348
29
15
0
0
19,111
19,016
4,751
4,091
283
262
1,195
1,118
12,617
12,219
7,527
6,231
429
346
330
484
216
4
5
1,394
1,115
1,247
1,933
1,701
93,260
...
Western Pacific
Chesapeake A Ohio
Norfolk & Western..
124
336
23,317
Union Pacific System
Utah
Pocahontas District—
1,390
457
260
(Pacific)
391
938
20,079
...
Peoria A Pekin Union
1,135
458
9
Nevada Northern
Toledo Peoria A Western
Total.
17
1,584
Missouri-Illinois
Pacific
2,473
92,055
89,656
49,935
45,634
8,521
4.149
1.150
Total.
Southwestern District—
Total.
39,526
37,807
14,101
13,820
152
127
146
300
283
Gulf Coast Lines
44,390
3~243
3,936
f,463
International-Great Northern.
1,746
3J41
1,566
1,927
2,242
1,456
2,470
Burlington-Rock Island
173
Fort Smith A Western.*
Southern District—
Alabama Tennessee A Northern
257
224
181
199
167
AU. A W. P.—W. RR. of Ala..
774
663
707
1,493
547
549
552
918
1,246
1,058
4,613
Kansas Oklahoma A Gulf
Atlanta Birmingham A Coast..
2,810
1,211
Litchfield A Madison
365
Midland Valley
Missouri A Arkansas
508
Atlantic Coast
Line
Central of Georgia
Charleston A Western Carolina
Cllnchfleld
Columbus & Greenville
Durham & Southern
9,714
3,975
9,988
10,469
5,253
4,072
3,992
2,969
402
397
376
1,341
1,099
1,111
1,197
2,300
343
304
368
464
2,005
218
147
151
186
432
319
Missouri Pacific
1,105
1,291
2,144
1,038
735
Quanah Acme A Pacific
30
32
47
129
97
St. Louis-San Francisco
868
1,621
1,535
Georgia
Georgia A Florida
960
802-
St.
859
895
1,827
1,558
1,881
1,603
1,572
1,179
352
755
216
913
571
525
254
177
Missouri-Kansas-Texas Lines.
Galnsville Midland
154
1,798
1,639
1,557
443
Florida East Coast
188
1,999
Kansas City Southern..
Louisiana A Arkansas
157
159
326
300
3,726
12,506
3,686
3,913
2,652
2,563
9,947
8,755
.
12,035
11,918
229
79
...
Louis Southwestern
Texas A New Orleans
297
264
296
516
538
1,566
20,601
19,430
1,610
18,951
1,711
18,458
1,163
10,956
1,055
Texas A Pacific
9,859
Wichita Falls A
18,558
16,380
5,312
5,338
Wetherford M. W. A N. W...
Macon Dublin & Savannah...
139
151
127
565
131
137
131
303
330
139
118
110
6,289
6,084
2,335
6,735
3,880
2,120
6,649
3,686
2,384
4,018
2,499
3,964
4,523
2,889
3,071
3,910
130
176
165
87
49
26
29
26
23
44
45,905
44,906
45,740
36,030
34,110
6,389
2,911
614
Mississippi Central
97
6,523
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
Note—Previous year's figures revised.
* Previous figures,
x
Total.
Discontinued Jan. 24, 1939.
Southern
3,991
Volume
The Commercial & Financial Chronicle
ISO
Wholesale Commodity Prices
Moody's Commodity Index Declines
Moody's Daily Commodity Index closed at 157.6 this
Thursday, as compared with 157.4 last Friday. The principal
individual changes were the advances in wheat and the
declines in steel scrap and wool.
The movement of the Index is
Fri.
Sat.
Mar.
Mon.
Mar.
Tues.
Mar.
Wed.
as
follows:
157.4
Mar. 16
18
_____157.1
156.5
19
156.8
Mar. 20
157.7
Low—Aug. 15
Thurs. Mar. 21
157.6
1940 High—Jan. 2
Low—Mar. 18
Fri.
Mar. 22_
Bureau
Labor
of
Two weeks ago, Mar.
Month ago, Feb. 21
8
159.3
160.5
Year ago, Mar. 22
1939 High—Sept. 22
Holiday
March 16
142.2
172.8
138.4
169.4
156.5
Index of
Wholesale
Com¬
modity Prices Declined 0.1% During Week Ended
"Annalist"
sale
a new wave
of
financial markets last week and whole¬
peace rumors swept
commodity prices
were
pushed down to the
pre-war
The "Annalist" index closed at 80.7 on March 16,
the lowest since the week ended
The
Sept. 2.
announce¬
ment further said:
Naturally enough, the "war brides" were hardest hit with wheat and
silk
Cotton went to a new low for the year and wool and
sharply lower.
corn
Livestock
easier.
were
quotations dipped sharply with
Hides and rubber likewise declined.
iron lower.
scrap
WEEKLY INDEX
"ANNALIST"
hogs falling
Metal markets were uneasy with copper and
below $5 a hundred-weight.
Statistics'
Declined in Week Ended
Pre-War Level, Reports
to
The "Annalist" announced March 18 that
level.
15
1841
March 16
COMMODITY PRICES
OF WHOLESALE
(1926=100)
During the week ended March 16, the Bureau of Labor
index of wholesale commodity prices dropped
Statistics'
0yl% to 78.2% of the 1926
average,
the lowest level reached
since
early last September, Commissioner Lubin announced
March 21.
"Except for a short period in February com¬
modity prices have fallen steadily since the beginning of the
year," Mr. Lubin said.
"The decline over the 10-week
period has amounted to slightly more than 1K%-"
The
Mar. 9,
Mar. 16, 1940
1940
Mar. 18, 1939
Farm products.
77.1
77.5
74.7
Food products.
69.2
69.7
69.6
Textile products
70.3
71.1
60.2
Fuels
84.0
86.7
86.6
Metals
98.1
98.2
97.4
Building materials
72.4
72.4
67..8
Chemicals
86.8
86.8
86.0
80.5
80.8
69.1
80.7
81.1
78.8
Miscellaneous
Commissioner added:
All commodities
The largest group decline during the week was recorded for farm products.
Textile
products,
fuel
and
lighting
chemicals and drugs decreased fractionally.
products,
metal
and
and
The foods, hides and leather
groups
goods
housefurnishing
and
materials,
Metals
advanced.
remained
unchanged
Primarily
as
silk, hemp, and tankage, the raw materials group index dropped nearly
The index for semi-manufactured commodities fell fractionally
XA of 1 %.
the
while
index
for
finished
Average whole¬
products remained steady.
sale prices of non-agricultural commodities, as measured by the index
"all
commodities
other
farm products,"
than
advanced
for "all commodities other than farm products and
the movement in prices of
Marked decreases in prices of
prices for cotton,
while
for
the index
foods," which reflects
indus^al commodities, registered a minor decline.
The announcement, issued
also had the following to say:
group
Below January
last
result of weakening prices for agricultural commodities,
a
San Francisco
fruits, and potatoes.
Wholesale prices of textiles
cotton
goods,
raw
silk, silk
This week's index is
continued to decline.
yarn,
activity in February dropped slightly
January level, although it was still ahead of Feb¬
ruary, 1939, according to the current "Business Outlook"
released by the Wells Fargo Bank & Union Trust Co., San
Francisco.
The Wells Fargo index receded to a February
below the
level of 109.6 from 111.8 in the
preceding month.
A
year
earlier the index stood at 96.2.
Imports and Exports of United States for Month of
January, 1940—Geographical Distribution of Vari¬
ous
and wool, brought the farm products
Higher prices were reported for grains, sheep,
Marked decreases occurred in prices for
almost 7% below the Jan. 6 level.
California business
by the Department of Labor,
livestock and poultry, together with lower
beans,
peanuts,
index down 0-7%.
Activity in California Declined
Level, Reports Wells Fargo Bank,
Business
February
and
at
level.
week's
raw
commodity
miscellaneous
products
building
materials,
burlap, hemp, and rope.
The decline in the fuel and lighting materials group was
prices for bituminous coal and fuel oil.
caused by lower
Classes of Merchandise
Figures of the foreign trade of the United States for the
month of January,
1940, divided into several economic
classes and according to source and destination, were issued
March 15 by the Division of Foreign Trade Statistics of
the Bureau of Foreign and Domestic Commerce.
They are
presented in the tabulation below:
Anthracite advanced slightly.
Average wholesale prices
of building materials declined as a result of
lower prices for yellow pine
lath and timbers, concrete blocks, shellac, and
DIVISIONS
AND
higher for yellow pine flooring, ethyl acetate,
JANUARY,
1940
turpentine.
Quotations
and linseed oil.
were
Marked advances in prices
beans caused the foods group
butter,
canned
fresh
pork,
Manuf'd
Lower prices were reported
copra,
lard,
raw
edible
sugar,
Crude
Crude
and
Total
Materi¬
Food¬
Country
Exports
als
stuffs
Geographic Division
In the hides and leather products
advanced
fractionally.
the
In
feed and crude rubber prices
averaged higher.
week's
level.
Soap and box board declined.
The following tables show
&
Semi-
Finished
Manu-
Manu¬
factures
Bev¬
erages
factures
1939, and the percentage changes from March 9 and Jan.
16,
52,166
8,316
4,745
1,652
11,835
1,819
35,915
39,520
Southern North Amer.
27,427
871
520
4,611
1,313
17,551
196
Oceania
38,189
65,032
10,904
2,943
1,154
2,054
1,601
15
291
Africa
11,269
376
52
352
9,232
16,154
1,337
2,075
359,098
82,193
7,257
20,448
75,362
173,837
10,102
530
1
27
3,562
9,615
3,749
9,139
6,091
1,382
1,414
1
243
1,077
5,982
6,880
982
160
125
837
1,647
441
6
53
2,322
6,315
1,720
2
59
1,337
2,972
America
South
Asia
Total
the past three weeks, for Jan. 6, 1940, and
1940, and March 18, 1939; and (2) important changes in subgroup
from March 9 to March
166,757
Northern North Amer.
Europe
6,j
indexes
1940.
Argentina.
Australia
Belgium
Brazil
British
India
British
(1926=100)
Malaya
Burma...-------—
Percentage Changes
from—
*
16
Commodity Groups
1940
Mar.
1940
1940
1940
1939
to
18
6
1940
to
to
1939
Mam MarlQ Mam
1940
3,231
8,032
4,768
1940
1940
China
Cuba
—
Denmark
Dominican
68.0
68.5
68.8
69.6
67.1
—0.7
—2.3
+ 1.3
70.4
69.9
70.5
71.8
70.7
+0.7
—1.9
—0.4
102.5 102.4 102.8 104.0
92.6
+0.1
—1.4 + 10.7
Republic.
France
—6.8 + 10.4
—1.0
—1.5
Foods
Textile products.
73.0
73.3
73.6
78.3
66.1
—0.4
Fuel and lighting materials
72.6
72.8
72.8
73.3
73.7
—0.3
—0.5
41
49
336
1
125
97
477
387
1,346
1,561
20,205
1,956
Egypt
Finland
mmmm«-
51
266
77.5
77.8
78.0
76.2
—0.1
—0.8
+ 1.6
Honduras
89.6
89.5
90.1
86.6
0
—0.6
+ 3,5
Hong
76.9
76.8
76.9
77.5
73.9
+0.1
—0.8
+4.1
Iran
670
Raw materials
71.9
72.2
72.4
74.1
70.6
—0.4
—3.0
+ 1.8
79.7
79.8
81.9
74.5
—0.1
—2.8
+6.8
Finished products
81.4
81.4
81.4
82.1
80.3
0
—0.9
+ 1.4
80.5
80.4
80.5
81.7
78.8
+0.1
—1.5
+ 2.2
83.1
83.2
84.2
80.7
—0.1
—1.4
+ 2.9
78.2
78.3
78.4
79.5
76.7
—0.1
—1.6
+2.0
2.4
Livestock and poultry
Meats....
2.2
Brick and Tile
1.1
1.9
Silk
0.9
2.8
1.3
Fertilizer materials
1.0
1.0
Cotton goods
0.8
Hides and skins
Dairy products
0.6
Cereal products.........
0.4
Other foods
0.5
Non-ferrous metals
0.8
0.3
0.1
Other textile products
0.5
Leather
0.3
Lumber
0.1
Other building materials
Paint and paint materials
0.1
Other farm products
0.3
0.2
0.2
0.2
.—......
Petroleum products
Iron and steel
Chemicals
.....—....
5
57
2,574
947
68
5
32
80
273
10,616
15
10,004
7,594
170
150
293
1,632
5,620
85
5
122
911
2,837
129
rnrn'mm
168
■
Netherlands
0.2
Bituminous coal
0.1
Paper and pulp
0.1
Norway
Panama,
Republic of.
Panama
Canal
Zone.
Peru
Philippine Islands
1
44
139
312
2,157
4,494
1,628
560
2,537
3,831
86
11
130
45
1,192
4,196
1,521
2,425
1,822
9,053
342
186
14
44
258
690
217
480
831
1,340
5
20
108
69
71
224
417
10
2
83
362
1,329
1,306
1,644
1,364
104
144
931
1,358
6,516
1
468
409
852
81
—
Spain
Sweden
—
Switzerland
...
Turkey
Africa
Union of Soviet Social¬
Union of 8outh
Republics..
United Kingdom
Uruguay
Venezuela
1,130
252
3,779
Portugal
ist
811
3,960
2,653
13,051
614
Netherlands Indies.
New Zealand
Cattle feed
..
155
12
1,108
7,866
Labrador
1940
102
592
Newfoundland and
INDEXES
Decreases
Crude rubber
313
122
4,632
28,230
Kwantung.
Netherlands W. Indies
and vegetables
456
672
458
Mexico
83.0
150
266
'
977
Japan....
All commodities other than farm
mm
8,221
Italy
Jamaica
All commodities other than farm
1
53
20
2
110
6
177
316
Ireland
79.6
5
1,245
Kong.
(Persia)
Semi-manufactured articles....
16,
103
5,212
487
77.4
MARCH
10
204
19
89.6
9 TO
84
6
124
Miscellaneous
MARCH
12,396
31
87
37,843
Chemicals and drugs
Increase
108
1,760
Housefurnishing goods
3
~~20
+ 3.3
.
6
1
+ 0.3
.
559
436
70
—0.1
—
3,875
452
"27
90.2
.
1,226
98
2
92.9
Anthracite
3,599
1,482
310
151
32
93.3
—
763
172
368
3
93.3
Grains
237
429
360
93.2
FROM
18
7,184
1,788
Haiti
Building materials
SUB-GROUP
2,117
50
94.4
IN
2,061
1,342
3
103
96.0
CHANGES
88
1,039
53
~
148
95.5
PERCENTAGE
41
mm*
748
95.5
IMPORTANT
5
m
Greece
95.5
All commodities.
224
21,353
v
+ 1.2
Metals and metal products
products and foods
36
5,991
w
Gold Coast
0
products
842
6
'
~
103
4,517
363
163
1,688
27
m,
Germany a
Farm products
7,660
8,413
701
Colombia
Ecuador
Hides and leather products
18,481
26,413
29,077
6
m
8,231
133
Ceylon
Jan. Mar. Mar. 9 Jan. 6 Maris
2
9
1940
62,096
21,697
1,640
7
265
38,903
Canada
Chile
Mar. Mar.
77
6,036
reinforcing bars and wood screws.
(1) index numbers of wholesale prices for the
main groups of commodities for
18,
unchanged at last
Higher prices for bar iron, quicksilver, solder, and pig tin
counter-balanced by lower prices for
March
grolup cattle
commodities
miscellaneous
The metals and metal products group index remained
Fruits
Foodstuffs
higher prices for hides and chrome calf leather more than offset low
prices for kipskins and sole leather with the result that the group index
were
(Value la Thousands of Dollars—000 Omitted)
of fruits, vegetables, flour, meats, and cocoa
tallow, and coconut and cottonseed oils.
group
Exports of United States Merchandise
index.
index to rise 0.7%.
tomatoes,
STATES FOREIGN TRADE WITH GEOGRAPHIC
LEADING COUNTRIES BY ECONOMIC CLASSES,
(Corrected to March 9, 1940)
Weakening prices for fats, oils, and tankage accounted for
the decline in the chemicals and drugs group
for
UNITED
OF
VALUE
1,421
7,053
3,138
1,226
161
319
333
66
205
1,414
1,875
6,792
106
101
1,507
3,579
1,119
1,668
1
138
1,246
5,392
9,243
7,433
10,343
3,713
20,366
6
526
311
551
433
5,575
15
151
11,307
66,217
25,138
849
6,604
4
1,128
7
42
1,769
The Commercial &
1842
Imports
based
Manuf'd
Materi¬
and
Food¬
als
Total
Country
stuffs
Imports
Semi-
Finished
Manu¬
Manu¬
factures
factures
Foodstuffs
Crude
Bev¬
&
erages
11,522
Northern North Arner.
4,356
2,568
Southern North Amer.
20,882
4,078
6,511
6,705
America
32,822
15,572
55,858
9,942
1,277
17,296
10,219
2,899
5,703
3,694
7,425
16,568
1,775
5,582
13
243
141
67
8,299
1,512
154
906
145
234,633
95,714
24,792
23,316
53,732
37.079
9,155
1,648
4,713
7,631
10,663
7,701
1,292
6
702
1
159
141
55
634
31
26
2,583
1,540
2,932
2,863
4,288
167
167
77
1,123
31
584
6,062
25,569
17,823
5
12
7,724
4
28,521
4,124
1,304
~2~565
"l",702
10,194
~9~, 936
530
1
44
12
South
95,067
2,240
Asia
Oceania
Africa
552
10,385
There
included
ties
the only
in
...
Argentina
Australia
higher than a year ago, but the livestock average is
level.
Another general decline in textile quotations,
with 10 items in the group moving lower and none advancing, resulted
in the fourteenth consecutive weekly decline in the textile group index.
Belgium
Brazil............
India
British
British
Malaya
Burma
70
"
...
...
Canada
1,891
Ceylon
*
450
31
59
3,729
2,676
210
234
4,065
1,166
Colombia
5,270
212
4,996
2
8
52
8.402
1,391
376
6,468
51
118
2
43
94
301
12
250
14
13
5
1,340
1939
advances in each of
slightly after registering
off
was
indexes
Declines also took place in the fertilizer and
Fractional increases were registered by the
representing the prices of fuels, building materials, and miscel¬
laneous
commodities.
preceding weeks.
indexes.
material
Thirty-nine
13
10
index
four
36
11
metal
The
the
fertilizer
13
12
the
115
309
below
24
China
4,294
8,351
considerably
well
677
The cotton and grain indexes are
increase.
item to register an
now
Total
than at
bioad decline
a
was
for last
the sharp advance in prices began early last September.
in farm products last week, with 15 commodi¬
the group index moving downward and with eggs being
time since
any
for farm products and foods were responsible
the index.
The food price average is now lower
prices
decline in
week's
in the first week
Association con¬
:
Lower
690
328
by the index this year was 78.5,
The announcement by the
January.
tinued
13,942
5,648
1,864
8,493
.
on
reached
of
45,931
29,392
Europe.,-—-.—-.
week, 77.4 a month ago, and 72.6 a year ago,
the 1926-28 average as 100.
The highest point
the preceding
Dollars—000 Omitted)
Crude
Geooraphic Division
1940
23,
76.4 compared with 76.8 in
ended March 16 was
the week
of Merchandise for Consumption
(Corrected to March 9, 1940)
(Value In Thousands of
March
Financial Chronicle
declined during
index
the
in
included
series
price
the
88
Chile
Cuba..;
Denmark
Dominican
Republic-
Ecuador
363
56
259
Egypt,
776
740
6
Finland
1,453
14
France
5,768
1,428
Germany b__
1,015
571
462
2
866
212
654
1,104
870
33
Haiti
319
90
210
Honduras
583
2
567
493
16
24
2!
5
3.'
Gold Coast
Greece
Kong
Hong
731
314
168
(Persia)
Iran
93
Ireland
-
—
373
«.
—
M
-MM
10
-
-M
-
M
-
Percent
Ago
Week
Week
Mar. 16,
Mar. 9,
1940
1940
1940
1939
70.7
71.3
72.3
69.0
Bach Group
Group
Bears to the
Total Index
Foods
25.3
Ago
Feb. 17, Mar. 18,
3
-—
65.4
63.5
59.3
59.4
48.3
72.9
70.9
52.3
60.1
Grains
Livestock
50.4
65.9
64.3
68.3
Cotton
15
2,687
53.1
66.4
58.2
Farm products
23.0
53.0
67.6
62.9
-
-
Cottonseed oil
828
382
1,310
51.9
65.7
Fats and oils
378
4
2,72!
60.7
62.9
69.7
83.7
84.8
-
76.1
17.3
Fuels
2,254
2
2,289
84.1
130
1,045
243
10.8
Miscellaneous commodities
87.6
87.3
88.4
77.6
992
845
152
8.2
Textiles
72.6
73.0
74.9
61.1
1,780
109
7.1
Metals
91.9
92.0
91.3
90.4
624
689
6.1
Building materials.-.
Chemicals and drugs
86.6
86.4
87.3
84.4
94.3
94.3
94.3
92.2
0.3
Fertilizer materials
73.0
73.3
73.3
71.4
11
0.3
Fertilizers
78.4
78.7
78.7
77.6
79
0.3
Farm machinery
94.9
94.9
94.9
94.8
76.4
76.8
77.4
72.6
M
-
M
„
-
M
—
M
34
M
Netherlands Indies...
12,477
9,296
Netherlands W. Indies
1,892
2,011
4
467
678
41
3
161
5
85
Netherlands
-
M'
■
-mm*
»
»
196
35
M
MM
-
-
M
Newfoundland and
Labrador
539
437
1,283
40
263
2
New Zealand
Norway
-
Panama, Republic of.
30
0-
30
MM
'
*
977
M
-
M
M
M
-JM
M*
3
501
1,474
Peru
MMM*»—
450
23
186
254
61
Panama Canal Zone..
M
-
-
31
M
954
1,038
7,351
2,313
Portugal
713
281
3
99
688
147
56
333
113
39
Sweden
6,352
194
22
5,380
755
Switzerland
1,938
9
142
447
1,341
:-
Turkey
1,920
1,350
16
67
478
Union of South Africa
3,394
3,026
63
7
285
13
2,037
1,767
40
36
139
55
11,880
1,671
89
2,123
2,708
5,288
Uruguay
2,125
1,798
304
21
2
Venezuela...
1,701
1,249
52
42
358
German-occupied areas
b Statistics Include trade with the
Czechoslovakia and Poland.
Exports Negligible,
Store
Department
District Increased
Sales
Second
in
Federal
Reserve
2.6% in February Over Year Ago
The Federal Reserve Bank of New
York issued
on
March 19
report for department store sales for the month of
February, as compared with a year ago.
This report, which
has been substituted for the release formerly issued toward
new
a
Union of Soviet Social¬
Republics
combined.
19
311
2
United Kingdom
All groups
100.0
4
983
12
2,986
-
7
M
Spain
Philippine Islands
in
Year
Month
Preced'g
Latest
1.3
Mexico
a
(1926-1928=100)
Association.
1,193
36
5,961
Kwantung
ist
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
Compiled by the National Fertilizer
26
-
—
34
512
-
week there were 17 declines
preceding week there were 33 declines
preceding
second
advances.
14
-
399
92:
28
14,236
22
the
11
t
73
90
arid
in
advances;
the
in
advanced;
21
14
46
14?
7(
21.474
......
Japan
-
-
424
2,630
Italy...
Jamaica
-
—
12
and
2,555
1,374
19
157
668
53
and
week
sales of department
the end of the month, shows that net
stores in
the Second
(New York; Federal Reserve District
2.6% above a year ago while February sales
apparel stores declined 2.4%.
Stocks of merchandise on
hand in department stores were about 5.5% higher at the
end of February than a year ago, but apparel store stocks
were
6.4% under last year.
The Bank's new tabulation
in February were
of
Electric Output
Electric
The Edison
10.6%
for Week Ended March 16, 1940,
Above a Year Ago
Institute, in its current weekly re¬
follows:
production of electricity by the electric
industry of the United States for the week
DEPARTMENT STORE TRADE
port, estimated that
light and power
ended March 16,1940, was 2,460,317,000 kwh.
The current
week's output is 10.6% above the output of the correspond¬
ing week of 1939, when production totaled 2,225,486,000
kwh.
The output for the week ended March 9, 1940, was
estimated to be 2,463,999,000 kwh., an increase of 10.1%
the like week
over
a
Slock
Locality
PREVIOUS YEAR
+ 1.8
Mar.
Regions
16,
New England
1940
8.3
2, 1940
Week Ended
♦
Central New York State
Hudson River Valley
+ 10.2
+2.6
District-
—1.4
Westchester and Stamford
Niagara Falls
Rest of District
12.5
Central Industrial
13.5
13.4
13.9
West Central
10.7
11.3
8.0
9.7
Southern States
10.8
8.5
8.0
10.9
Rocky Mountain
18.0
15.7
19.4
16.6
5.5
2.5
6.1
7.2
10.5
+ 12.4
+ 4.0
Southern New York State
*
—0.8
+ 5.4
Elsewhere
7.4
9.0
9.2
+ 7.3
+ 9.6
+ 10.4
7.0
8.4
+ 7.6
+0.4
Bridgeport...
Feb. 24, 1940
+ 6.8
+ 10.2
-
*
Week Ended
Mar.
5.4
6.3
Middle Atlantic
1940
Mar. 9,
+ 4.3
+ 6.4
-
Rochester
*
Week Ended
Week Ended
Major Geographic
Hand
+ 7.4
New York and Brooklyn
Buffalo
Northern New Jersey.
INCREASE FROM
on
End of Month
Net Sales
Syracuse
year ago.
PERCENTAGE
IN FEBRUARY, 1940
Percentage Change from a Year Ago
-MM
M
+ 13.3
--MM
+ 32.7
MM-'M
10.3
Paciiic Coast
FOR
RECENT
10.1
10.6
Total United States.
DATA
WEEKS
(THOUSANDS
OF
*
*
KILOWATT-HOURS)
1937
1940
1939
1932
—
+ 2.6
+ 5.5
—2.4
24
Subject to possible revision,
—6.4
shopping days in February, 1940; 23 shopping
February Sales of Ordinary
States
Sales of
Change
1940
-
days in February, 1939.
Percent
Week Ended
-
All department stores
Apparel stores
1929
in
the
new
United
according to
from
1939
a
Life Insurance in United
5% Below Year Ago
ordinary life insurance (exclusive of group)
States in February totaled $506,212,000,
report issued March 19
by the Life Insurance
Hartford, Conn.
This total repre¬
sents 95% of the life insurance sold in February,
1939.
For the year-to-date the volume of sales amounts to $1,023 ,834,000, which is only 81% of the similar period of 1939
sales.
The figures for February and the year-to-date are
given in the following table:
Sales Research Bureau,
+ 14.0
2,244,030
1,619,265
1,542,000
13
2,473,397
2,592,767
2,169,470
Jan.
2,269,846
+ 14.2
Jan.
20
2,572,117
2,289,659
+ 12.3
2,264,125
2,256,795
1,736,729
Jan.
27
2,565,958
2,541,358
2,522,514
2,475,574
2,292,594
2,287,248
2,268,387
+ 11.9
2,214,656
1,602,482
1,598,201
1,588,967
+ 11.1
2,201,057
1,588,853
+ 11.2
2,199,860
2,248,767
+ 10.1
1,578,817
1,545,459
2,225,690
+ 10.3
2,211,818
2,207,285
1,512,158
1,699,250
2,244,014
2,237,935
+ 10.5
2,199,976
1,519,679
+ 10.1
2,212,897
1,538,452
1,706,719
1,702,570
2,225,486
+ 10.6
2,211,052
1,537,747
1,687,229
Sales
Ratios,
Sales
Ratios,
1,514,553
1,683,262
1,679,589
Volume
1940 to 1939
Volume
1940 to 1939
$
Per Cent
S
Per Cent
Jan.
6
Feb.
3
Feb.
10
Feb.
17
Feb.
24
Mar.
2
Mar.
9
2,455,285
2,479,036
2,463,999
Mar. 16
2,460,317
Mar. 23
2,198,681
Mar. 30
2,209,971
2,200,143
2,146,959
Apr.
2,173,510
2,176,368
6
1,480,208
1,465,076
1,733,810
1,717,315
1,728,203
1,726,161
1,718,304
Year to Date
February, 1940
1,663,291
81
United States total
Wholesale
Commodity
Prices
During
Week
Last, According to National Fertilizer Association
The wholesale commodity price average
National
Fertilizer
lowest point
Association
declined
compiled by The
last
reached since last September.
week
to
the
This index in
95
1,023,834,000
Sections—New England
Dropped
Ended March 16 to Lowest Level Since September
506,212,000
39,633,000
144,717,000
120,473,000
90
80,956,000
79
103
296,026,000
88
98
241,812,000
81
West North Central
46,661,000
86
94,221,000
72
South Atlantic
47.164.00C
17,657,000
97
95,458,000
84
East South Central
85
74
West South Central
36,141,000
85
35,486,OOC
74,611,000
Mountain
12,761,000
41,005.000
93
25,257,000
80
86
80,007,000
71
Middle Atlantic
East North Central
Pacific
76
Volume
The Commercial &
ISO
Bank Debits
Government
4% Lower than Last Year
reported by banks in
leading cities for the week ended March 13, aggregated
$8,383,000,000, or 6% below the total reported for the
preceding week and 4% below the total for the corresponding
m Debits to individual accounts,
1843
Financial Chronicle
as
Security Market
a
in March that its operations during that month would be
of a five-year note to refund a note maturing next
Treasury early
limited to the issuance
June.
/
Aggregate debits for the 141 cities for which a separate
January, 1919 amounted to
$7,723,000,000, compared with $8,227,000,000 the preced¬
ing week and $8,130,000,000 the week ended March 15 of
last year.
These figures are as reported on March 18, 1940,
Board of Governors of the Federal Reserve System.
Total
cities
the
Mar. 13,
Mar. 6,
1940
period.
+,
On
Mar. 15,1939
1940
$444,877,000
4,368,866,000
$457,860,000
11—Dallas
18
5483,810,000
3,859,060,000
398,765,000
497,065,000
289,732,000
257,562,000
1,129,404,000
226,698,000
150,237,000
242,432,000
200,559,000
12- -San Francisco
29
647,776,000
772,213,000
274
$8,383,100,000
$8,942,866,000
March
Board
the
19
2—New York
15
3—Philadelphia
18
4—Cleveland
25
5—Richmond
24
6—Atlanta
26
7—Chicago
41
8—St. Louis
16
9—Minneapolis
17
10—Kansas City
28
Total
3,883,482,000
430,342,000
462,390,000
273,818,000
236,516,000
455,636,000
603,271,000
317,759,000
278,902,000
1,268,041,000
252,062,000
182,269,000
261,686,000
209,685,000
issued
States
the "Chronicle" we also give the
in the United
Board of Governors.
The indexes
were
issued
by
the
follows:
as
BUSINESS INDEXES
(1923-1925 average=100)
States by
System
announced on March 19 that industrial activity showed a
further sharp decline in February and a less marked reduc¬
tion in the first half of March.
This was reported in the
Board's summary of general business and financial condi¬
tions in the United States, based upon statistics for Feb¬
and the first half of March.
It was also
that wholesale commodity prices generally were
and
January
in
decline
some
early
pointed
steady,
In
February
Board's seasonally adjusted
the
index of industrial produc¬
was
March
basis
the
on
of
data
available.
now
August,
In
1939, the month
prior to the outbreak of war, the index was 103.
Steel
reduction
69%
February to
in
in
of
March
In the first half of
capacity.
output was steady at a rate of about
further
in the latter part of 1939
January, showed a further marked
sharply
had risen
considerably
decreased
then
and
which
production,
in
Changes
output
in Feb¬
except at textile mills and sugar refineries.
Mineral
following
somewhat,
increased to
rise
a
January,
in
while output of crude petroleum
construction contract awards in, February showed little change
reflecting a further decrease in contracts for public
eontraseasonal increase in private contracts, according
the January total
from
construction
and
a
F. W. Dodge Corp.
The increase in private residential
awards nearly equalled the decline that occurred in the previous month
when severe storms curtailed building operations in many areas.
figures of the
to
117
84
pill
114
109
pll3
116
111
pl21
125
110
120
105
distribution
merchandise showed little change from
remained somewhat below the high level of the
latter part of last year, with due allowance for seasonal changes.
Sales
at variety stores and mail-order houses showed about the usual
seasonal
rise in February, while at department stores, where some increase is also
usual at this time of year, sales remained at about the January level.
Freight-car loadings declined considerably from January to February,
of
general
reflecting for the most part a sharp reduction in coal shipments and 6ome
decrease
further
loadings of miscellaneous
in
freight.
seasonally
of
States merchandise in February declined less
the high levels reached in December and January.
United
from
than
The
principal decreases were in shipments of cotton, copper, and aircraft, which
had been exceptionally large in previous months.
Exports to Japan fell
sharply and there were declines also in shipments to the United Kingdom,
the
Netherlands,
countries
navian
There
and
while
exports
to
Belgiurii
and the
Scandi¬
increased.
been
has
Russia,
little change in the rate of
gold inflow.
The monetary
gold stock increased by $246,000,000 in February and by $109,000,000 in
the first two weeks of March.
of
non-ferrous
the middle of
what
further.
week
ending
was
at
metals
advanced
March, while steel
Most
March
other
scrap
78.3% of the 1926
from
average
and textile materials declined some¬
showed little change and in the
index of the Bureau of Labor Statistics
as
61
63
53
58
p49
44
51
p68
93
85
p58
75
72
75
*
94.3
99.7
84.2
*
97.4
83.3
*
108.0
103.9
*
105.3
103.5
*
Durable goods
103.9
*
Factory employment—Total
*
98.3
86.0
....
Non-durable goods
Factory payrolls—Total.. 1
Durable goods
compared with 78.5
a
month earlier.
'mm
«**'
,
101.5
93.6
*
73
Freight-car loadings—Total
78
67
98.2
#
Non-durable goods
98.5
95.3
68
72
62
77.7
83
86
75
71
74
64
p90
92
87
P72
72
69
♦
69
68
*
61
65
Miscellaneous
Department store sales, value..
Department store stocks, value
* Data not yet available.
p Preliminary.
Note—Production, carloadlngs and department store sales indexes based on daily
total
To
convert
index
of
durable
manufactures
and non-durable manufactures indexes to points
figures, shown in Federal Reserve Chart Book,
multiply durable by 0.463 and non-durable by
Construction
contract
indexes based
of F. W.
centered at second month,
0.537.
three-month moving
on
averages,
Dodge data for 37 Eastern States.
shown in Federal Reserve Chart Book,
To convert indexes to value figures,
multiple total by $410,269,000, residential by
$184,137,000, and all other
by $226,132,000.
Employment
without seasonal
index,
adjustment,
and payrolls index
compiled by Bureau of Labor Statistics.
INDUSTRIAL PRODUCTION
(1923-1925 average=100)
Adjusted for
■
Without
Seasonal Variation
Seasonal Adjustment
Feb.,
Jan.,
Feb.,
Feb.,
Jan.,
Feb.,
1940
1940
1939
1940
1940
1939
Manufactures
Durable Goods
.
138
92
88
118
102
119
73
104
118
112
145
89
117
139
93
P126
128
110
P126
128
100
165
200
133
165
200
133
140
181
72
pll
17
5
pl4
20
7
111
Pig Iron—
Steel ingots....
Automobiles
Plate glass
...
...
143
■
Tin deliveries
Beehive coke
75
Non-durable Goods
pl07
114
109
pll3
119
115
Cotton consumption
125
130
111
134
137
119
Silk deliveries...—
63
74
97
67
84
104
100
100
83
102
119
83
95
95
67
106
127
105
102
100
92
103
88
Calves
102
108
108
94
100
100
Sheep
145
147
Slaughtering and meat packing
Hogs
......A-.--..
74
158
157
136
160
Wheat flour
.92
90
94
89
89
Sugar meltiDgs
Leather and products
79
105
70
77
69
69
pll6
119
124
pll8
110
126
*
99
105
*
95
108
*
98
104
*
*
95
118
*
79
108
*
107
97
*
101
101
♦
214
201
*
214
202
*
265
256
*
106
113
*
108
115
*
162
138
♦
138
117
p93
101
Tanning
Cattle hide leathers.
Calf and kip leathers
_
_
I
_..
Gasoline
Kerosene
Fuel oil.
Lubricating oil
99
91
111
Minerals
Bituminous coal
79
91
p87
Anthracite
r84
p51
75
61
p54
81
66
Petroleum, crude...........—.... pi 93
189
169
pl89
181
W
116
114
87
124
121
93
*
89
100
*
90
108
Zinc.-..
........
....
Preliminary,
Summary of
r
Revised.
♦ Data not yet available.
Business
Conditions in Federal Reserve
Districts
in the various Fed¬
indicated in the following extracts
which we give from the "Monthly Reviews" of the Federal
Reserve
Districts
of
Boston,
New York, Philadelphia,
Indications of
the trend of business
eral Reserve districts is
Cleveland,
Richmond, Atlanta,
First (Boston)
of February to
the middle
commodities
9 the general
73
p55
...
All other
Chicago, St Louis, Minne¬
apolis, Kansas City, Dallas and San
Commodity Prices
Prices
p62
;
Residential
p
Foreign Trade
Exports
value—Total
Construction contracts,
Silver
*
98
pll6
p54
Petroleum refining
January to February and
99
116
Goat and kid leathers...
Distribution
Retail
117
pl04
Cattle
high levels.
new
of
Value
declined in February, owing chiefly to a consider¬
in output, of anthracite.
Bituminous coal production declined
production
able reduction
pi 10
pl09
Textiles
than the sharp rise usual at this season.
less
99
84
in
At cotton textile mills
activity declined somewhat from the high levels prevailing since early last
autumn.
Activity at woolen mills, which had decreased considerably in
December and January, declined further in February and output of silk
products was reduced to an exceptionally low level.
Sugar refining showed
ruary
1939
119
97
Iron and steel
non-durable goods were largely seasonal
of
1940
(
industries, activity continued at high levels.
craft, and rayon
1940
122
Automobile production
in
February was maintained at the high level prevailing in January.
Dealers' stocks of new cars rose to high levels in this period, notwith¬
standing the fact that retail sales of cars were in large volume for this
time of the year.
In the first half of March output of automobiles showed
less than the customary sharp increase.
In some industries not included
directly in the Board's production index, particularly the machinery, air¬
showed less than the usual seasonal rise.
January,
1939
118
Plate glass production declined
65%.
February and output of lumber, which had dropped sharply
in
Feb.,
1940
pl04
Minerals..
in
109% of the 1923-1925 average as compared with 119 in January
and 128 in December.
A further decline at a slower rate is indicated for
tion
Jan.,
pl08
averages.
Production
Feb.,
Non-durable
February.
The Board's summary continued:
Feb.,
Durable
of the Federal Reserve
ruary
following
Adjustment
Jan.,
pl09
M anufactures—Total
System—
Decline in February Industrial Ac¬
tivity Reported—Reduction Less Marked in March
out
Seasonal
Feb.,
Further Sharp
of Governors
Without
Adjusted for
Seasonal Variation
1940
Summery of Business Conditions in United
Board of Governors of Federal Reserve
Board
Federal
customary summary of business conditions
Industrial production, total
The
of the
item in today's issue of
$8,753,853,000
17
Governors
of
Reserve System issued its monthly business indexes of in¬
dustrial production, factory employment, &c.
In another
1,105,018,000
219,501,000
137,856,000
250,651,000
190,722,000
633,396,000
1—Boston..
101 leading
Monthly Indexes of Board of Governors of Federal
Reserve System for February
Centers
Incl.
reporting member banks in
at
six weeks ending March 13, largely as a result of
at New York City banks.
Following a reduction
investments
by the
Week Ended—
No. of
investments
during the
in
during January, commercial loans increased, mostly at banks in cities out¬
side New York.
Bank reserves and deposits continued to increase during
SUMMARY BY FEDERAL RESERVE DISTRICTS
Federal Reserve District
and
loans
rose
increases
,
Credit
Bank
week of last year.
total has been maintained since
-
relatively steady market during February, prices of longTreasury bonds increased sharply after the announcement by the
Following
term
The volume of
Francisco:
District
genera^ business activity in New England
moderately less than the level which
December, after allowances had been
during January was
prevailed
made
for
during
customary
seasonal changes, and although there
March
Commercial & Financial Chronicle
The
1844
(Philadelphia) Diatrict
Third
in some lines of activity, there
lines, notably in the building indus¬
increases
continued
were
were
decreases in other
try,
says
of Boston in its
In part, the "Review"
Bank
the Federal Reserve
Review" of March 1.
"Monthly
^Durfng'the
this district
in 1939.
five-week period ending Feb. 10 car loadings in
3.3% larger than during the corresponding five-week period
New England department stores and apparel shops during
were
January
Sales of
in January last year.
construction contracts awarded
higher than
8.1%
v/ere
in New England
$10,117,000, as compared with $21,751,000 in Decem¬
ber, 1939, and $11,620,000 in January,
1939.
The decrease in total
contracts between December and January was 53.5%, and between January
this year and last year amounted to 12.9%.
In New England during January production of boots and shoes is esti¬
mated to have been 11,746,000 pairs.
This total exceeded December, 1939,
production by 27.7%, but was smaller than in January, 1939, by 2.0%.
The proportion of boots and shoes manufactured in New England to the
production of the United States during 1939
is estimated to have
total
of
value
The
Philadelphia, in its "Busi¬
reported that "industrial
activity in the Third Federal Reserve District has declined
since December, following an uninterrupted expansion dur¬
ing the preceding seven months.
Production in January
decreased about 5% from the December level, which was
the highest in two and one-half years, but it was 16%
larger than a year ago.
The Bank also had the following
35.6%.
January the amount of raw cotton consumed
91,096 bales, as compared with 78,854 bales in
During
in New England
December, 1939,
and 74,581 bales during January last. year.
The amount of raw wool
consumed by mills in this district on a daily average basis during January,
1940, was slightly less than
the amount consumed during January a
mills
was
ago.
year
number
total
The
of
employed
earners
wage
representative
in
manu¬
during January was 1.3% lower
establishments during December,
1939, and the amount of aggregate weekly payrolls declined 2.4%, accord¬
ing to the Massachusetts Department of Labor and Industries.
The declines
in
both employment and payrolls,
however, were not as large as the
average seasonal decreases during the 14-year period 1925-1938, inclusive.
During January, as compared with January, 1939, the number of wage
earners
employed in representative manufacturing establishments in Massa¬
chusetts was 7.5% higher and
the amount paid in wages was 13.8%
facturing establishments in Massachusetts
the number employed in these same
than
larger.
Second (New York) District
Federal Reserve
The
Bank
to
a
"Review"
on to say:
operations continued to slacken, although the rate of decline
during the latter half of the month.
For February as a
production
ingot
thirds
theoretical
of
to
capacity,
in November.
New orders booked by steel mills con¬
behind current output, although trade reports indicated an
lag
in
increase
been
to have averaged slightly above twoas
compared with 83% of capacity in
appears
93%
January and
tinued
The
marked
less
whole,
February."
in
activity
goes
mill
Steel
was
business
decline in
further
Cotton
business.
export
textile mill activity
appears
have
to
generally well maintained in February, despite the fact that sales
again reported below output.
Automobile production declined sea¬
were
District
indicate
sales is
store sales in the New York
decrease from the January level, although the rate of
a
department
on
usually greater in February than
electric
of
Indexes
reflected
also
data
Incomplete
sonally.
former
the
production
power
decline
recent
apparently has been less
industrial
of
in
in January.
railway
and
in proportion
the
to
in
indexes
in
January and February sufficiently, after seasonal
The
Electric
of the June-December
advance
Retail
1939.
data
indicate
road
car
which
trade,
that
decline
increased.
freight
occurred
was
last
year
adjustment,
report:
of
curtailment
The
volume
output
increases
usually
or
of
basis,
to
seven
but
other
years.
shipments
production
owing
of
in
was
a
of
rather
bulk
considerably
substantial
part
of 'expansion in some important
between December and January.
to
lines
peak reached last summer.
The distribution of commodities
in
seasonally,
than
NOV.,
Dec.,
Jan.,
1939
1939
1939
1940
Industrial Production—
Fourth
Feb.
its
In
in
movement
Cleveland
of
Production
last
from
in
plants
many
year
has been rather sharp in the steel industry, which also was responsible
good share of the upswing in the closing four months of 1939.
In
other lines,
such as machine tools, electrical equipment, rubber, glass,
for
a
clothing, and shoes, production in January and early February was holding
in relation to December, and much above last year at that
quite well
up
time.
steel
With
and
its
products
important to many areas of this
so
local mills greater than
the contraction at
and with
of
season
the
steel mill
year
for generally at this
expanding.
Toward the end
centers did turn up very slightly, but the
February production in
operations
some
are
gains were not up to the seasonal trend of past years.
.
Employment thus far has held up better than payrolls
last
the
January
this
than
in
off
were
the
be reported.
to
trade
condition
seasonally in
other
lines
.
than
that
...
in relation
seasonally
than
more
January, and failed to show
first three weeks of February, although gains
tinued
In
both
downward movement broadened.
Retail
in part.
Department store sales
the
as
changed
more
but
1939,
of
quarter
were
to
in
reflected
off much
the usual increase
over last year con¬
.
information
where
steel,
production
January
available,
is
maintained
was
to
there
were
by
extent
some
producing for inventory.
Fifth (Richmond)
29
Feb.
The
conditions customarily
ness
District
"Monthly Review"
Bank of Richmond reports that
of the
Reserve
Federal
"several indicators of busi¬
decline sharply in January and
half of
the first
February, but this year's recessions were
moderate in the Fifth Reserve District, and in comparison
both
for
107
89
91
83
Bituminous coal
78 r
95
85
97?
month,
Crude petroleum
Electric power.r
88
92
94
91?
kets
in
Cement
57
over
95r
67
73
122
110
122
121
104?
in
Shoes
116
117
116p
108?
and
88
100
104
103
87
95
95
85
exceeded
rayon
of
as
District
plans.
than
.
.
Tobacco
.
normal
is
reported in January last year.
in
mills
January
consumers
was
18%
were
mined
coal
at
that
for
Cotton consumption
record level for that month,
a
20%, while shipments of
above shipments in the first month
consumption
1939,
Bituminous
December by
ma¬
year
October.
January,
to
yarn
1939.
construction
in January
weather this
severe
year
and
insolvencies
of
Fifth
of
larger
were
addition
in
is in
compared to unusually
being later because of the shut-down of mar¬
Business failures increased in January
they nearly always do, but declined 15% from the
September
number
104
1939, and
are
year
declining
awarded
contracts
this year's figures
formation
district
marketing this
115
Wool consumption. r
against
the
in
and
permits
However,
January,
December,
Cotton consumption.
mitigated
building
year.
figures
of
a
only distinctly unfavorable comparison with January last
construction,
sales
first six weeks of 1939, this
continuation of a much higher level
The following is also from the "Review":
shows
year
86
in
by
January
exceeded
production
in
24% and in January, 1939, by 29%.
105?
94
district,
in other parts of the
country, the falling-off has been especially noticeable,
of
129
94
still being maintained at a
were
year
64
81
far
so
incoming orders and, as a result, backlogs carried over
were declining.
The falling-off since the beginning of the
87
106
last December
of
schedules
126
105
Federal
downward
than
higher level
78
96
"the
that
which set in
industry,
placing
69
Employment—
Review" tlie
reports
orders was concerned, was reflected in
actual operations in most fields in January and the first
half of February."
The Bank further states:
the
as
73
91?
Sixth (Atlanta) District
regarding business conditions in the Sixth
The following
Construction—
Residential building contracts
47
49
37
42
Non-residential building & engineering contracts.
69
68
98
44
(Atlanta)
Feb. 29
Primary Distribution—
Car loadings, merchandise and miscellaneous.
(Cleveland) District
"Monthly Business
29
Bank
Reserve
Motor trucks
99?
lower than at the
are
appeared, in February in the prices of
staple agricultural goods.
Passenger cars
Employment, manufacturing, United States
Employee hours, manufacturing, United States..
still appear low in relation to the volume
Some firmness
year.
Steel
...
at
manufactured materials
crude and
both
of
the
of
turn
high
99?
wholesale establishments and were
retail stores.
Stocks are generally
at
usual
trade.
Prices
terially this
Tobacco products
than
less
slightly
larger than in early 1939, but
of
The
Jan.,
Meat nacklng
increased
Inventories
December.
reduced
less active than was to be expected
was
The volume of freight car loadings and retail sales declined
and purchases at wholesale were smaller than in
January.
more
activity."
98
and was substantially smaller than in
Building activity has decreased sharply from the nine-year
January, 1939.
with trade and industry in the
changes)
91
declined in January, when there is ordinarily
change from the month before,
no
Rail¬
(Adjusted for seasonal variations, for estimated long-term trend, and where necessary
for price
usual at that time of year.
was
The volume of construction
cancel
months
absence
occur
than
declined
than
while output of anthracite increased substantially
be expected,
to
was
more
Production
continued at the December level, although some expan¬
and available monthly
many
level,
industrial
the
in January, following the
larger than in
adjusted
sion
1940 reflected larger than customary
manufactured goods and crude oil.
in the output of
bituminous coal
of
first month of
in the
decline
The
reductions
indications
the last
during
December
the
seasonally
a
on
from
have
rise.
is usual, contracted sharply,
drop
rise
traffic
decline in
loadings of merchandise and miscellaneous freight showed
pronounced
rc-duced,
as
the
had
the
production
power
general level of business activity declined
substantial
where
production.
one-fourth
approximately
freight
activity, although
1,
March
dated
Review"
ness
New York, in presenting
of
monthly indexes in its "Monthly Review" of March 1,
states that "available weekly data indicate that there was
its
Federal Reserve hank of
The
during January was
been
1940
23,
Reserve
Federal
District
is
taken
from
the
"Monthly Review" of the Federal Reserve Bank of
Atlanta:
79
90
93
86
Car loadings, other
74r
95
85
89
Exports
71
80
98
109?
Imports
74
85
94
89?
..
In the
a
coal
Distribution to Consumer—
86
Department stores sales, Second District.
76
85
Chain erocery sales.r
93
101
97
Mall order house sales
New passenger car registrations
93
93?
89?
83?
82?
elined
98?
and
101
97
109?
97?
96r
108?
97?
70
......
by
76
City (1919-25 average= 100)
61
62
64
59
36
30
35
27
Cost of living (1913 average=100).
147
148
147
Wage rates (1926 averaee=100)
111
112
114?
Velocity
of
demand
deposits,
New York
City
(1919-25 average=100)
Cost of Living
*
for trend.
of
?
_
..
Preliminary,
r
Revised.
147?
activity
textile
the
than
than
output
the
was
the
largest
in
nearly
13
years,
the
reporting
from
December.
It
seems
at
in
larger volume, however, than in
statistical evidence indicates a higher
in
January
last
reasonable
to
and
large,
Nation.
iron
but
output
January
a
year
level of indus¬
year.
changes in this district in construction
operations,
country
in
than
13.1%
was
and all of the
The January
and Wages*—
Not adjusted
trial
and
active,
part of this decrease to the unusually severe weather in the
the month.
Distribution through department stores and
some
half
wholesale channels
ago,
when
at
declined
January
latter
Velocity of demand deposits, outside New York
more
more
department stores
cities were lower.
allowing for seasonal influences, the rate of department 6tore sales
attribute
Velocity of Deposits*—
more
December
building permits
After
in
73
slightly
from
but
sales by reporting
were
de¬
seasonal amount, wholesale trade
than usual, pig iron production in Alabama de;
larger,
was
contracts awarded in January recorded
December, textile mills
over
considerably
down
was
91
Other chain store sales
increase
production
clined
Department store sales, United States...
District construction
Sixth
substantial
were
coal production
more
contracts awarded,
favorable
increased
less
than
in
those
the
for
district
The Commercial & Financial Chronicle
Volume ISO
Seventh (Chicago) District
In
the
eral
Feb.
Reserve
erally high
the
26
"Business
Bank
level
Chicago
February."
it
industrial
closing months of 1939
and
Conditions"
The
a
and
automobiles,
precipitous
automobile
month
District
farm
high
steel
gen¬
in December,
as
changed
in
weeks,
January,
and
February.
in retail distribu¬
but
recently
more
In January marketings and
rolls
substantial
unusually/heavy but later fell off to
to
employment
and
There
of
one
of
4%%
wras
industries
loss
a
volume
in
1939, employment and
of
of
declined
2%%
in
from
mid-
manufacturing
payments
wage
pay¬
the
over
most of
capacity,
steel
but,
operating
January district steel mills operated
with
this
in
rate
continuing
a
downward
fell
area
off
trend
abruptly
orders,
new
the
in
90%
close to
at
in
last
the
week
The
of
outgoing shipments in the steel business.
firm
except
in
Automobile
close
the
to
few items.
a
manufacturers .held
February
mobile
the
sales
in
The
their
continued
manufacturers
than
in
schedules
automobile dealers
in
January
became
more
steadily reduced.
Retail auto¬
fairly good volume and stocks
in
*
by
last
the
but
output,
in
unusually
cold
of
in
business
new
at
weather
coal
part of
over
somewhat.
operations in January,
bituminous
construction
increased
orders
new
slackened
area
increase
Building
marts,
activity,
the
Petroleum
There
ment
was
was
sales
store
average
the
larger
below year-earlier
reflecting
chiefly
month.
end
of
a
stores
District
wholesale
volumes
in
decline
Seventh
in
for
were
the
three
comparison
trade
with
about
were
depart¬
declined
favorable Christmas volume, but
higher than last year.
Data
weeks
last
4%
but
ended
Feb.
17
indicate
Department
year.
heavier
than
remained
in
last
marketings
year.
but
ago,
under review."
A
composite
interests,
to
From
year-earlier
into
data
somewhat
supplied
consideration
revealed
activity
during
by
the
and
equal
industrial
from
adjustments
January
period
quote:
commercial
seasonal
during
also
in
relatively
The
year
than,
Retail
cities,
less
trade,
during
7.4%
through
if
to,
not
January
of
and
minous
iron
at
and
and
of
the
in
month.
in
fields
Output
January,
earlier.
year
plants
1939, and
inventories
of
in
area
was
the
54.2%
Feb.
on
Distribution
5.6%
more,
during the latter part of
mid-February being at 68%
at
low
temperatures
output
that
of
of
The
value
of
construction
Valley
year,
a
and
Bank
continued
the
for
to
1939
year
increase
let
and
highest
also from
for
the
the
the
was
in
the
district
was
considerably under
the
The
high
sales
of
the
2.5%
levels
at
less
1930."
level
The
but
were
following is
:*•
a
year
.
.
.
.
The volume of
indicators
was
in
larger
January last
the
larger
larger
both
in
a
production in
continued
volume
year,
little
a
in
over
a
year
December.
and
in
were
shown by several
as
January.
unadjusted
Flour
milling
the
in
as
ago
and
Shipments
December,
the
Minneapolis
were
of
mills
linseed
well above
oil
recording
and
the
cake
the
were
January level
largest for the month since 1929.
Minnesota employment index
dropped from 109 in December to 100.5
January, the highest for that month since 1937.
Electric power utiliza¬
The
in
district
showing
over
other
Livestock slaughter
is true also of flour and
as
department
than
the
usual
the
in
stores
seasonal
district
from
amount
the
...
wholesale sales in
the
district
in
this
district
January
4% above
was
slightly
were
above
a
a
was fairly
allowance is made for cus¬
below
Bank
the
In its March 1 "Monthly Busi¬
index of
in
further
department
January and
wholesale
commented:
store
sales
closely approximated the
December,
channels
1939,
continued
The value of construction contracts
that of
the
preceding month and
the
distribution
and
somewhat
awarded
higher
of
than
during January
month last year,
same
but
considerably higher than the January total for any other recent year.
Although the production of crude petroleum declined from December to
January, it continued above that of January last
exceeded
low
those
either
in
comparative
month.
Refinery operations
year.
January
cotton
larger than that for any month in recent
was
agricultural and livestock industries
.
.
.
adversely by the
The severe weather
prevailing during much of January.
shrinkage in livestock and considerable damage to crops and range
the other hand,
moisture conditions have been improved by
a
feeds.
consumption
years.
affected
were
temperatures
caused
On
rains
fell
over
and
received
snows
large
a
portion
thus
the
of
this
far
district
The
year.
after
the
heavy
middle
that
rains
of
February
especially beneficial, since they afforded much needed relief in
where
areas
the
that
crops
plowing
moisture
green
and
deficiency
pronounced,
was
aided
the
some
recovery
damaged
by the January freezes, stimulated the
feeds, and left the soil in good condition for spring
were
range
seeding operations.
Twelfth (San Francisco) District
"Industrial
maintained
activity
in
Twelfth
the
District
well
was
in
January, after allowance for seasonal influ¬
ences, at the high level attained late in 1939," it was noted
by the San Francisco Federal Reserve Bank in its "Busi¬
Conditions" of Feb. 29.
ness
Small
reductions
approximately
lumber
offset
and
orders
received
products
ber
mated current
for
several
and
dried
by
and
of
payrolls advanced
district
few
a
lines,
notably
to
a
these
but
in
expanded
the
the
activity
record
new
were
aircraft
at
and
aircraft
level.
New
manufacturers for most primary industrial
is available continued in about the Decem¬
lumber, steel
and
pulp
relatively high rates of output.
fruits,
agricultural
continued
sales
buying
disturbed
in
others,
in
result
a
as
place
information
in
processed
current
expansion
mills,
which
on
by
The Bank further reports:
took
output
Largely
lumber
volume,
Slow
in
industries.
plants
of
by
relatively
these
of
some
domestic
orders approxi¬
the
hand,
other
flour
small
in
commodities
distributors
trading conditions in
industries
On
including
products,
early
January
reflect
and
and
partly
orders
canned
February.
the
heavy
last
usually important
fall, and partly the
foreign markets for such
products.
In the field of construction, new residential building undertaken
January continued in good volume, but non-residential building remained
After having expanded moderately in November and
December, retail
in
the
declined
levels
Retail
in
January and the first three weeks of February to about
the
of
fall.
early
.
.
.
of
Cost
and Feb.
Hie
retail
Feb.
Food Increased 1.3% Between Jan. 16
13, Reports Bureau of Labor Statistics
food
of
cost
increased
13, Commissioner Lubin
of Labor
"This rise was due to ad¬
fresh vegetables, and dairy
March 6.
reported
1.3% between Jan. 16
of the Bureau
for
eggs, fresh fruits,
products, reversing the usual seasonal movement for these
items," Mr. Lubin said.
"In addition, costs of flour and
vances
white bread continued to advance.
the 51
in three.
items
15
on
cities
surveyed
showed
prices
on
to
for
of
of
the
widely
cereals
flour
fourth
and
by
average
a
The
was
1.2%,
with
a
year
Commissioner Lubin went
downward
products
above
month.
The
during
veal
group
for
trend
in
and
for
reporting
an
0.6%.
average
upward
showing
white
increases
bread
increases.
about
The
moved
prices
2c.
rose
In
Little
pound.
per
were
again
in
Rock,
Other
advance of 0.6% for soda crackers
meal.
meat
February,
cutlets
cities
advanced
were
corn
flour
as
15
Prices
cities
14
increased
January
white bread
of
decline of 2.2%
except
bakery
geographically.
price
continued
items
1.7% higher than
was
76.8."
was
consecutive
changes reported for the
and
food
secured, lower prices for 20, and
The all foods index, which was
average,
0.7%
was
distributed
February
the
in
decreased
say:
Costs
price
and
are
change.
no
when the index
ago,
Food costs increased
by the Bureau
Higher prices were reported for 26 of the 61
which
78.1% of the 1923-25
.
relatively high rate in
than
larger than
any recent year,
our
.
preceding month and as large
with production at mills outside of Minneapolis
increase
increase
at
year,
under
Marketings
but all
activity in the Eleventh District
through
ago.
48 of
in
city
December.
in
attained
merchandise
December,
12%
were
8%
40%
are
year,
largest
January at country department and general
higher than one year earlier compared with an increase
department stores.
City department store stocks decreased moderately in
January but were
the largest for that date since 1932.
Country department store stocks,
despite the larger than usual January sales volume, declined somewhat
less than in January a
year ago, and at the end of the month were
5%
larger than on the same date last year.
stores
adjusted
Statistics
December
since
"Review":
Department store
of
January
last
...
reporting
more
sales
Review"
trade
the
(Minneapolis) District
month
than
moisture
below the
...
retail
industrial
ness
project under construction by the Tennessee
slightly from
at
the
much
very
Trade is little changed.
by
level
of
is
insurance sales
larger
shipments.
sales
but
normal,
large at that time.
very
again
tomary seasonal changes.
pre¬
during
"Monthly Review" of the Federal Reserve
Minneapolis reports that "January business vol¬
of
con¬
dull.
28
declined
umes
the
Feb.
also
were
half
well sustained in January, after
and
The
L.
and
and
Eleventh (Dallas) District
Authority.
Ninth
C.
area,
plumbing
ago.
Pro¬
32.8% greater than January, 1939.
contracts
during January of last
1939, figure, which included
bitu¬
the
during the history of the State.
than
high
ago.
advance
...
January exceeded
district
fields
1
decreased
extremely
this
Illinois
at
in
Merchandise
February, production
mines
oil
a
steel
ceding month by 33.2% and
duction
than
more
the principal
corresponding date in 1939.
during January was 17.9% and
month
Because of
coal
department stores in
the
on
a
early
of
1939.
channels
than
capacity.
of
3.9%
was
than
wholesale
Operations at
lines
December,
more
respectively,
in
reflected by sales
as
during January
than
were
December
Life
ago.
year
zinc
of
declined
value
Total
year
and
volume
January
December
slightly
distribution, while production was
retarded.
The
increase
in
distribution, notwithstanding the subnormal
temperatures during most of the period, was evidenced in almost all of
the
reporting centers.
better
L.
City
agricultural
and
activity
considerably larger volume than last
growth of
summary,
the summary we
of
survey
taking
January,
slackened
and
ore,
Twin
hardware,
.
in the Eighth Federal Reserve District
during January and
early February continued ahead of the corresponding period
year
coke,
the
above
production
the
.
the Fed¬
eral Reserve Bank of St. Louis states that "business
activity
a
a
were
off sharply.
were
10%
was
Construction
coal
were
of
excess
.
Eighth (St. Louis) District
29 "Business Conditions"
Feb.
its
in
groceries,
is in
of
In
January
critical.
but these sales
year,
an
stocks
store
lines.
most
coal,
installations
supplies,
regarding business
hogs in January
The
District
7%
February
in
remains
at Texas mills
levels.
for
January
products,
grain
was
production,
January, following
favorable
more
the
in
sales
a
Tenth
the
a
reflected
as
greater-than-seasonal
a
from
at
well
was
daily
even
in
high rate of
of
was
while there
by contracts awarded in
January, declined considerably and for both residential and non-residential
construction
20-year
our
tobacco products and miscellaneous lines.
paper,
Precipitation
district
a
volume
this
substantial
furniture
sharp seasonal rise, and was about 10% heavier
District paper mills in January recorded little change
year.
refineries
Jaunary
showed
and
telephone
automotive
price situation remained
production
as
was
increased.
Stimulated
in
According to the Dallas Federal Reserve Bank, business
production
district
month
higher in January than
were
(Kansas City) Federal Reserve Dis¬
trict is taken from the Feb. 29 "Monthly Review" of the
Federal Reserve Bank of Kansas City:
...
high December level, but,
amply supplied,
grain
net
following
ditions
of
January and the first half of February, and in the latter part of February
steel mills were operating at 631/&% of capacity.
As many steel consumers
apparently had covered near-term requirements in the buying rush last
fall, the rate of new orders in mid-February was less than half the rate
other
any
Tenth (Kansas City) District
Dollar
Through
of
of
heating supplies,
period.
of
in
and truck sales in Minnesota and North Dakota;
relatively
half
manufacturing
mid-January.
new
merchandise;
situation
extent.
some
than
indicators that
car
were
loadings
car
activity
last
the latter
in
District
Seventh
at
December
rises
earlier
year
slaughter
The review also said:
After
business
industries,
in
1845
greater
was
records.
there has been
recent
over
schedules
reported
were
little
January and,
in
district
major
operating
livestock quotations have been weak.
of livestock'continued
two
production
curtailed
prices
"the
prevailed
decreased
groups
Somewhat gTeater than seasonal recessions
tion.
December
wholesales
in the
as
district
in
manufacturers
which
adds:
almost
was
decline
Fed¬
the
in
not maintained in January
was
Bank
that
for
of
that
stated
is
output
Payrolls of all district manufacturing
although production
steel
issue
in
Other
of
of
tion
costs,
with
which
lower
roasting
started
prices
chickens.
in
October,
reported
The
1939,
for
all
meat
cost
of
pork
The Commercial &
1846
products continued to drop, showing a decrease of 2.7%
Average prices, for pork were lower than any period
1935.
Beef items declined 1.2%, and lamb 1.1%.
Prices
Employment and Payrolls
Also Noted in Delaware
reported for evaporated milk.
No change was
cheese.
for
Butter
49
ago,
15.2% higher
1936.
,
.
vegetable costs advanced
and
fruit
Fresh
wage earners was
1938, and 5.2% lower than in
in February,
than
February,
6.0% as a result of higher
the group except bananas. Green bean and spinach
higher than at any time since the spring of 1935, with
approximately 6c. and 21/zc. per pound, respectively, for the
Substantial increases of approximately 16% were also reported
prices for all items in
prices
were
of
increases
month.
said:
Other advances noted were oranges, 8.4%;
potatoes, 5.1%; apples, 4.5%, and potatoes, carrots, and lettuce,
approximately 4%.
Banana prices declined 1.6%.
Canned fruit and vegetable costs showed minor fluctuations, with in¬
creases
of 1% or less for peaches and corn, and decreases ranging from
1.2% to 0.5% for tomatoes, peas, and pineapple.
The index for dried fruits and vegetables was higher by 0.3% because
of an increase of 1.1%
for prunes.
No change was reported for navy
for
seasonal declines in January were reported for
which had shown an unusually sharp expan¬
throughout 1939.
A reduction of about 5% in payrolls in the iron
and steel industry was due to declining activity at steel works and rolling
mills and at plants turning out such finished products as machinery and
onions.
and
cabbage
parts, hardware and tools, and heating and plumbing supplies.
Operations
at blast furnaces, forges, and foundries were unusually well sustained in
tin
in
1.3%
margarine dropped
showed
increases
items
two
of shortening
0.8%.
Oleo¬
Two items in the group which
for the month.
salad dressing and
were
were
Prices for these
butter.
peanut
1.9% and 0.6%, respectively.
up
than
lower
ago.
cals
.
and
stone,
case
of
leather
Dec.
Feb. 14,
1939
12,
1939
1940
a
year
Regarding conditions in Delaware factories, the announce¬
85.9
85.6
81.7
89.6
9
Dairy products
82.7
82.1
81.2
77.1
reported
textiles
68.7
62.8
68.1
58.7
62.9
59.8
58.3
61.0
61.5
-
Fresh
58.0
56.4
60.0
75.0
75.4
75.5
63.4
63.3
65.4
at
December
from
paper
and
payments, however, were substantially above January, 1939.
volume of wage
56.9
65.3
declined about 1%
factories
payrolls were reduced 4%.
The largest declines were
and printing establishments and at plants producing
lumber products.
The number of workers employed and the
and
January,
74.1
63.6
Canned
r Dried
to
Delaware
in
Employment
88.2
87.8
.4
of 1937.
ment said:
£8.7
—
customary reductions.
factory workers in Pennsylvania advanced
higher than in January, 1939.
however,
highest since the summer
Jan. 16,
of
declined to 37.3 hours, so that actual
$26.50. This was still $2.50 higher
earlier and, except for the previous three months, was the
weeks,
work
than
Cereals and bakery products
Fruits and vegetables
than
earning?
hourly
weekly earnings were reduced 86c. to
Meats
Eggs
larger
showed
lines
Average
fractionally to about 71 %c., or 2c. an hour
1923-25=100
Feb. 13,
1940 a
Commodity Croups
payrolls at plants producing chemi¬
clay and glass products were well maintained, and in the
products wage payments expanded in the month.
Most
GROUPS
COMMODITY
Three-Year Average
of hosiery and
expected decreases were reported in the case
goods.
Among other major industry groups,
Average
FOOD BY
INDEX NUMBERS OF RETAIL COSTS OF
than
larger
were
knit
other
other
prices, which went down for the fifth successive month, were
than the preceding month and 4.7% lower than for a
Sugar
1.3%
year
usual at mills producing cotton products,
and worsteds, and silk goods, and at dyeing and finishing plants.
Smaller
The average price of lard dropped
lowest average since February, 1934.
Prices
containers were less by 1.5%, and in cartons by
the
to
Con¬
woolens
oils declined 1.6% between January and February,
of fats and
5.3% lower than a year ago.
was
showed the expected decline.
Payrolls at textile mills
month.
the
tractions
The cost
lines,
sion
beans.
3.0%
goods
durable
several
than
larger
Somewhat
sweet
and
The number of
establishments.
2,400 manufacturing
reduced 2% in the month from the high
level in November and December to an estimated 898,000,
but was still more than 100,000 above the level in January,
1939
The volume of wage disbursements was decreased
5% in January to approximately $22,200,000 a week, which
was nearly $5,000,000 more than was being paid each week
a year earlier.
Under date of Feb. 19 the Bank further
sharply by 9.4%,
Eggs were 17.0% higher than a year
increases.
reporting
cities
with
Decreases
in January
Employment and payrolls in Pennsylvania factories de¬
about seasonally in January, according to reports
received by the Federal Reserve Bank of Philadelphia from
over
cities and lower in 16.
usually drop in February, rose
which
prices,
1940
clined
prices were higher in 33
Egg
23,
Reported in Pennsylvania Factory
Declines
Seasonal
for the monthsince early in
of veal cutlets
advanced 0.5%,r and roasting chickens 1.8%.
Canned salmon rose 1.3%.
An increase of 0.7% in the index for dairy products was accounted for
by contra-seasonal advances of 0.8% for butter and fresh milk and
o!4%
March
Financial Chronicle
65.5
66.2
Fats and oils
60.7
61.7
62.6
64.1
Sugar
64.6
65.5
67.5
62.0
78.1
77.1
76.9
76.8
'
Beverages
All foods
a
Ended March 9,
Report of Lumber Movement—Week
1940
production during the week ended March 9, 1940,
Lumber
1% greater than in the previous week; shipments were
was
Preliminary.
0.3% less; new business, 3% greater, according to reports
to the National Lumber Manufacturers Association from
Decline
Seasonal
Usual
New
in
York
Factory
State
Employment in January
factories indicated
January reports from New York State
retrogression from the peak levels of employment and
some
reached
payrolls
according to a statement
December,
in
(Feb. 10) by Industrial Commissioner Frieda
S. Miller.
Employment dropped 2.1% and the payroll de¬
crease amounted to 3.8%.
These decreases, however, are
issued
not
today
much
above
greater than the usual declines of 1.7% in forces and
over the last 25 years.
The factories of
still operating well above the previous year's
roll that
The New York State Department of Labor's index of
based
1925-27
the
on
payroll index
from
the
2,273
and
of
this
figure
$28.17.
of
throughout the
Information
fell
100,
as
The
corresponding
direction
the
under
made
State,
of
Dr.
by the Division
E.
B.
weeks
Smaller Losses at
New
York
City than
in
up-State
most
districts,
due
largely
the
to
highly seasonal character of many of the industries located there.
The large losses in Utica can also be laid at the door of seasonal factors
more
affecting
both
especially
in
City
total
in
seasonal
industry
sufficient
were
Rochester men's clothing and
without
January
employment in the
losses
at
several
taking
more
area
food
than
was
In
industries.
shoe
the
these
payroll gains at these plants
but
textile
and
area
and
payrolls,
other plants.
operations
metals
the
Endicott-Johnson
on
the
reported
offset
to
Binghamtongood
losses
gains,
at
most
additional
much
offset the losses
year
losses
in
the gains
forces,
primary
metal,
decreases
were
plane,
musical
with
in forces
even
radio,
much
both
help.
at the metals plants.
instruments
than
and
and
the
railroad
gains
at
In
were
repair
heating,
the Buffalo
reported by
ago;
business
new
was
11% above production and
production.
stocks
gross
were
stocks
was
Unfilled orders
3% less.
21% on March 9, 1940,
32% heavier than a
were
Softwoods and Hardwoods
feet
softwoods
of
of
Mills.
orders,
Lumber
hardwoods
and
226,842,000 feet.
518;
1940, 514 mills produced 201,913,000
combined; shipped 213,486,000 feet;
Revised figures for the preceding week
199,016,000
production,
shipments,
feet;
214,037,000
220,612,000 feet.
ended March 9, 1940, by 421
softwood mills totaled 215,980,000 feet, or 13% above the production of
the same mills.
Shipments as reported for the same week were 202,240,000
feet, or 6% above production.
Production was 190,816,000 feet.
Reports
from 111 hardwood mills give new
business as 10,862,000 feet, or 2%
below
production.
Shipments as
reported for the same week were
11,246,000 feet, or 1% above production.
Production was 11,097,000 feet.
orders
reported
for
the
week
Identical Mill
plants.
area
Production
softwood
feet;
and
of
ago
8,769,000
December, 1939, to January, 1940
Payrolls
+0.5
+4.7
—0.1
—1.3
Rochester
—0.2
+0.6
Syracuse
—0.8
—1.4
Buffalo
—1.3
New York City
Utica
—3.5
—3.6
—5.2
—5.0
'
—9.2
Comparisons
March
9,
1940,
or
398
identical
188,561,000 feet, and a year ago it was 159,181,000
were,
received,
ended
respectively, 199,634,000 feet and 175,774,000 feet,
feet and 169,283,000 feet.
In the case
213,635,000
identical mills reported production this year and a year
feet
and
8,590,000
9.214,000 feet, and orders,
feet;
shipments,
9,246,000
feet
and
8,560,000 feet and 8,811,000 feet.
the
♦
Automobile Output in
clothing firms.
Employment
was
shipments
orders
These
Binghamton-Endlcott-Johnson City.
A lbany-Schenectady-Troy
mills,
week
the
during
hardwoods, 92
sheet metal, air¬
City
date,
above
The
the
larger payroll decreases,
machinery
larger
In
to
6%
During the week ended March 9,
at most others,
Albany-SchenectadyTroy and Syracuse districts, metals and machinery plants operated with a
few more workers on lower hours and payrolls.
Layoffs at textile firms in
the
Albany-Schenectady, Troy area and at chemical firms in Syracuse
obliterated
1940
were
chemical firms expanded their
slightly lower, due chiefly to sharp,"
plants.
11%
compared with 16% a year ago.
were:
Up-State Cities
in employment and payrolls were relatively greater
January losses
1940 to date was 10% above
1939 ; shipments were 5% above the shipments,
above the orders of the 1939 period.
For the
of
were
Supply and Demand Comparisons
feet;
in
of
shipments
booked orders
analysis.
The
orders
new
covering
Statistics
of
form the basis
Patton,
weeks
corresponding
to $27.85
tabulations,
Preliminary
further
reports
Comparisons
The ratio of unfilled orders to gross
factory employment,
89.4.
to
Average weekly earnings also dropped
86.0.
was
December
factories
average
Association's
The
shipments.
Year-to-Date
The statement continued:
15.6% greater.
was
The industry stood at 67% of the sea¬
Reported production for the 10 weeks of
10
comparison with January, 1939, reveals that 11.8%
workers were employed this January on a total pay¬
as
production.
showed:
the State
more
1929
age
2.6% in payrolls
levels,
above
weekly average of 1929 production and 72% of aver¬
sonal
and
were
12%
orders,
new
25% greater.
ness,
they are mainly seasonal in character and not
as
production;
Compared with the corresponding week of 1939, production
was 18% greater;
shipments, 13% greater, and new busi¬
complete reversal of the recent
be interpreted as a
to
uptrend,
regional associations covering the operations of representa¬
tive hardwood and softwood mills.
Shipments were 6%
/
February
Factory sales of automobiles manufactured in the United
parts made in the
units or vehicles)
for February, 1940 consisted of 403,627 vehicles, of which
States (including foreign assemblies from
States and reported as complete
United
337,372 were passenger cars, and 66,255 were commercial
cars, trucks, or road tractors, as compared with 432,101
vehicles in January, 1940,303,220 vehicles in February, 1939,
and 186,531 vehicles in February, 1938.
These statistics,
comprising data for the entire industry, were released this
Volume
The Commercial & Financial Chronicle
ISO
week
by Director William L. Austin, Bureau of the Census,
Department of Commerce.
Statistics
for
1940
bajsed
are
on
data
received
from 72
manufacturers in the United States, 22
making passenger
cars and 61
making commercial cars, trucks, or road tractors
(11 of the 22 passenger car manufacturers also making com¬
mercial cars, trucks, or road
tractors).
It should be noted
that those
trucks,
shown
making both passenger cars and commercial cars,
road tractors have been included in the number
or
making
as
and in the number shown
passenger cars
station
wagons,
With
Canadian production
Dominion Bureau of Statistics.
Figures of automobile production in January, 1940, 1939
appeared in the March 2 issue of the "Chronicle,"
and 1938
1345.
page
NUMBER OF VEHICLES
(INCLUDING CHASSIS)
United States (Factory Sales)
Canada (Production)
Year and
Month
Total
Comm'l
Pas¬
{All
Passenger
Trucks,
Vehicles)
Cars
ifee.
senger
Total
Cars
<fc
Trucks
Cars
1940—
January
432,101
403,627
Total 2 mos. end. Feb.
362,736
69,365
17,213
337,372
66,255
18,193
12,579
12,779
4,634
5,414
835,728
February
700,108
135,620
35,406
25,358
10,048
1939—
342,168
303,220
281,465
60,703
14,794
243,000
60,220
14,300
11,404
10,914
3,386
645,388
524,465
120,923
29,094
22,318
6,776
January
209,328
47,151
17,624
16,066
13,385
186,531
155,505
139.380
53,823
February
11,753
4,239
4,313
395,859
294,885
100,974
33,690
25,138
8,552
January
February
Total 2
mos.
end. Feb.
3,390
1938—
Total 2 mos. end. Feb.
Bank of Montreal
Reports that Canadian Business in
was More
Satisfactory than in Recent
Past Winter
Predecessors
The winter
closing can show a more satisfactory
physical volume of Canadian business than any
of its recent predecessors and there is evidence of continued
expansion as spring activities swing into their stride", ac¬
cording to the current "Business Summary of the Bank of
season now
record for the
Montreal.
The
The review also states in part:
purchasing
power
of the public remains good.
The early date at
which Easter falls this year has induced seasonal purchases sooner than usual
a consequence
as
for
of the large demand for spring clothing and heavy orders
military purposes, the garment-making plants have been operating at
a
level 25% higher than a year ago.
The primary textile plants, which
all operating at a high capacity, are
benefiting from curtailment of foreign
of
are
activity under the stimulus of
by the
war contracts continues and it is forecast
different governments will easily exceed $500,000,000.
Cape Breton
capacity
as
factories
are
are
compared with 62%
in the first quarter of 1939; the aircraft
all operating at full capacity and in some cases are enlarging
their plants; and the aluminum
period
industry is assured of prosperity for
the result of the conclusion of
as
Government
The iron
busy, the operating ratio of the steel plants in the
being for the first quarter of 1940 about 95% of their
area
has undertaken to
a
mestic
Coast
needs
the
or
the
meeting
of
pre-war
commitments.
On
the
making plans for their greatest activity in 20
years
Pacific
as
In
30,753,000
Tons,
Crop Year Esti4.3% Above Last
or
sugar production during the
current crop year
ending Aug. 31, 1940, according to a survey made by Lamborn & Co., New York, is forecast at 30,753,000 long tons,
raw
sugar equivalent, as compared with 29,478,000 tons
last season, an increase of 1,275,000 tons or approximately
4.3%.
Should the current season's estimate of production
reached
it
will
annual
be
sugar
lished two years ago.
World sugar
as
the current
The
an
increase
all-time record
1936-37 when 30,549,000
for the current year estimated at 30,753,000 tons and
consumption at 29,551,000 tons, world sugar stocks will be increased by
1,202,000
on
tons
according
to
the
Lamborn
survey.
Since
world
hand
on
and Its Products—April Oil Demand
2%
Higher—April Texas Production Cut Seen—Crude
Oil Production
Spurts—Crude Inventories Climb—
Treaty Oil Duties Suspended—Phillips Hits Federal
Oil Bill—-Cardenas Sees Oil Sizures
Legal
An increase of 2 % over actual demand for the
1939 month was forecast
comparable
by the United States Bureau of
Mines in its April crude oil market demand
estimate.
The
Federal agency placed probable demand for next
month at
3,550,000 barrels daily, or a monthly total of 106,550,000
barrels. This figure was
1% better than the March estimate.
April crude exports will total approximately 4,900,000
barrels, which is more than 1,300,000 barrels under actual
shipments in April a year ago. The report pointed out that
increases in the amount of Illinois crude
marketed, combined
with this weakness in the
export demand, has combined to
cut the demand for crude oil from the
mid-continent and Gulf
States.
Texas will follow the estimate of the United
States Bureau
of Mines in
setting its April allowable, thus ending the short
saw it break
away from this base during the
current month for the first time. The
steady over-production
in the Lone Star State
during March lead the Texas Railroad
Commission to decide to pare April
production to the Bureau's
figure, Commissioner E. O. Thompson said at the March 21
meeting in Austin.
During March, the Commission first adopted a State
allowable of 1,479,000 barrels,
ignoring the Bureau of Mines
figure of 1,331,000 barrels daily. Field increases made since
rebellion which
Feb. 24, when the March
proration order was made public,
lifted the State quota at mid-March to
.1,558,443 barrels, or
227,000 barrels
abov^the estimate. It was pointed out at the
Austin meeting that *once the allowable for
April was set,
there would be no increases
granted except in emergency
cases.
Daily
*'■'
averzge crude oil production
16 was up 61,500 barrels to
during the week ended
3,890,050 barrels, the
second highest figure in the
history of the industry. Only in
the week of Aug. 5,
1939, when output averaged 3,909,400
barrels daily, has production of crude oil been this
high.
When compared to the March estimate of
3,500,600 barrels
daily set by the Bureau of Mines, the figure represents over¬
production of some 390,000 barrels.
March
The American Petroleum Institute
report
disclosed that
by Illinois which replaced
largest producing State.
A
gain of 44,100 barrels lifted daily average production in the
nation's newest major oil State to
456,800 barrels.
Kansas
also showed a broad gain,
production there rising 13,250
barrels to a daily figure of 176,750 barrels.
A gain of 7,900 barrels in
daily average production of
sharpest gain
as
was
shown
the nation's third
279,950 barrels.
of
domestic
able at the full rate of
at Berlin, S. E.
Intel-national Association for Sugar Statistics
on
March 20 to
cent per
gallon.
For the administration of this tariff rate
quota, collectors
of customs have been instructed that, effective March
Ample for National
31,
entries for consumption and warehouse withdrawals
consumption covering these commodities may be ac¬
cepted at the reduced rate, provided the merchandise was
1940,
for
According to advices to the Department of Commerce at
Washington from its Commercial Attache
position to supply local
warehouses for consumption at the reduced rate of
Y± cent per gallon during the calendar year 1940. Imports for
consumption in excess of the quota for the year will be duit-
Sept. 1, 1940.
German Sugar Resources Reported
Needs
Woods, the
a
of feedstuffs.
from
stocks
Sept. 1, 1939 totaled 10,269,000 tons, it is anticipated that 11,471,000
tons will be on
industry is in
trade pact rate pending investigation.
The
preliminary figures reported to the Bureau showed that
during the January 1-March 9 period, there was a total of
66,487,292 gallons imported, with the great bulk of the
imports from Mexico.
Under the quota provisions of the trade
pact with Vene¬
zuela, which became effective late last year, 98,779,632
gallons of these commodities may be entered or withdrawn
consumed.
With production
the
suspend the
1939-40 year is forecast
compared with 29,406,000 tons last year,
high for world consumption was established in
tons were
sugar
immense quantities
been exhausted led the Bureau of Customs
214,000 tons of the world's
approximately one-half of 1%.
145,000 tons or
of
within
production of 30,967,000 tons estab¬
The firm's announcement continued:
consumption during
29,551,000 tons
at
and
and foreign petroleum were
up to
during the initial week of March, the
United States Bureau of Mines
reported, with the total at
245,762,000 barrels.
Since Oct. 30, last, when the current
upswing started, stocks of gained approximately 15,000,000
barrels, or a daily average gain of 115,000 barrels.
During
the March 9 week, domestic crude stocks were
up 1,869,000
barrels, offset partially by a drop of 233,000 barrels in
inventories of foreign crude oil.
The possibility that the low-duty quota on crude
petro¬
leum, topped petroleum and fuel oil from Mexico and coun¬
tries other than Venezuela, Netherlands and Columbia has
Season
be
Moravia
Petroleum
Stocks
World
record
and
1,636,000 barrels
Sugar Production in Current
at
Bohemia
2,600 barrels
will cost about $16,000,000.
mated
addition, the German
agriculture with
to
the
result of the receipt of orders for a variety of war vessels, whose construction
World
Protectorate
the limits of the Bureau of Mines
estimate, was off 10,950
barrels to 407,850 barrels.
Louisiana declined
shipbuilding yards and the industries which supply them with
are
the
621,900 barrels.
Oklahoma, which is the only State holding output within
buy, for the rest of 1940 and the whole of
1941, all the Canadian output of aluminum which is not required for do¬
materials
of
crude oil in Texas lifted the total for the Lone Star State
to
1,489,450 barrels.
California showed a gain of 3,900 barrels,
with a daily average production total of
long
agreement whereby the British
an
inclusion
Oklahoma
that before the end of this year the total value of war orders placed in Canada
and steel industries
add:
the
regions under German occupation, the Reich has available enormous
quantities of sugar which, regardless of developments^ should cover the
country's requirements.
the
In the industrial field generally, the progressive enlargement
competition.
sugar
year
Polish
and buses, but the number
analysis for which the figures may
figures are supplied by the
any
be used.
sugar
advices
of such special purpose vehicles is
very small and hence a
negligible factor in
beet
production in Germany during the
at 2,303,812 metric tons, approximately
200,000 tons higher than the preceding year's output.
The
1939-40
as
making commercial cars, trucks, or road tractors respectively.
The figures for passenger cars include those for taxicabs.
The figures for commercial cars, trucks and road tractors
include those for ambulances, funeral cars, fire apparatus,
street sweepers,
estimates
1847
^
not released pending determination of its quota status for
The Commercial & Financial Chronicle
1848
March
23, 1940
points throughout the entire New York-New
marketing area with the exception of western
If the release of the merchandise is desired
importers will be required to
deposit estimated duties at the full rate.
The oil "shortage" situation came to the fore during the
week on two widely separated points and on two widely
separated bases.
Shortly after Dean H. A. Curtis of the
Missouri University Engineering School, had predicted at
Columbia, Mo., that "if the present rate of consumption
continues, the Nation's petroleum reserves will be exhausted
with 60 years," when Fred Van Govern, director of the
Department of Statistics of the American Petroleum Insti¬
tute said that the Nation's oil reserves are growing.
kerosene 30
Speaking before the New England Gas Association, Mr.
Van Govern said that the Nation's growing reserves of
high, they
duty
purposes.
before
such
determination,
petroleum and the industry's highly successful efforts to
significant examples of continuing ability
to meet the demands for oil products.
Although the gas
England
petroleum, with the result that the gas industry as a
whole required in 1938 only about 1.2% of all the crude oil
processed, compared with about 1.57% in 1929.
Pointing out that all major oil-producing States except
California and Illinois were members of the Interstate Oil
for
Compact Commission, Governor Leon C. Phillips, speaking
to the Pacific Coast unit of the American Petroleum Insti¬
tute at its annual meeting in Los Angeles, asked the Cali¬
fornia oil men to join the Compact group and thus enable the
industry to present a united front.
Governor Phillips, who
has led the fight against the Cole bill, which would give the
Federal Government control of the oil industry, was unable
to make the trip West and was forced to transmit his address
from the Executive Mansion in Oklahoma City.
Charging that the proposed Federal control of the oil
industry "imperils democracy" and threatens other indus¬
tries with national socialism, Governor Phillips centered his
attack upon Secretary of the Interior Ickes.
that the Cole bill, which was introduced by
He contended
Representative
William P. Cole of Maryland at the last session of Congress
at the request of President Roosevelt, was drafted by em¬
ployees of Mr. Ickes' department.
He also charged that
Mr. Ickes had sent Federal agents "snooping around" the
oil States to discover reasons for clamping on Federal
control.
"From the control of
production of oil it is but
a
simple
step to the control of refining, control of transportation and
control of marketing," he continued.
"Partial control of
one branch of an industry, once established as a policy, leads
inevitably to control of the entire industry.
commodities flow in interstate
Since all basic
and
commerce
are
useful to
the control of the petroleum industry
on that theory would naturally and certainly lead to Federal
control of all industry.
When that happens, we will have
the national defense,
arrived at national socialism.
We will have abandoned free
and democratic government in America.
the bureaucrats get their foot inside the
We must not let
door. We want no
regimentation and dictatorhsip here."
Both the House Interstate and Foreign Commerce sub¬
committee handling the Cole bill, and the Temporary Na¬
tional Economic Committee have received requests for a
Congressional investigation of the recent sharp expansion in
tanker rates from Gulf ports to the Eastern Seaboard, which
brought in their wake substantially higher fuel oil prices,
it was disclosed in Washington during the week.
President Cardenas, speaking on a nation-wide broadcast
in Mexico on March 17, the second anniversary of the oil
expropriation, declared that Mexico's right to expropriate
oil had been universally recognized.
The head of the Mexi¬
can government pointed out that the oil companies negative
efforts, through embargoes and reports of allegedly bad
quality of Mexican oil, had failed.
Shortly before his speech, rumors gained wide circulation
in Mexico City that the President had turned down the pro¬
posals for payment to the Sinclair oil interests for oil pro¬
perties seized by the Government in early 1938.
While the
reports lacked official- confirmation, it was indicated that
the dispute arose out of the method of payments.
Mexico
wants to pay only in oil, while the Sinclair interest sought
substantial cash payjnents as well as oil payments.
During the week, the First District Court of Mexico City,
which has charge of arranging for the evaluation of oil
companies [ properties with a view to establishing the amount
of expropriation indemnification due, has appointed experts
to represent Mexican Eagle, Inter-Petroleum, Empire Gas &
Combustible, Empire Oleoduct, Gulf Coast, Southern Fuel,
Mexican Atlas and A. G. W. I.
There
were
no
crude oil price changes during the week.
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees
Bradford, Pa
$2.75
Corning, Pa
1.02
.95-1.05
Illinois
Western Kentucky
.90
are not
shown)
Eldoraro, Ark., 40.
$1.03
Rusk, Texas, 40 and over
1.10
1.03
Darst Creek
Michigan crude
while stocks are abnormally
held by strong factors and thus do not present
a
danger to the price structure as might appear from a
casual survey of the situation.
In
1.03
Sunburst, Mont
Rode8sa, Ark., 40 and above
1.25
Huntington, Calif., 30 and over...
Kettleman Hills. 39 and over
Smackover, Ark.. 24 and over
REFINED
—MOTOR
APRIL
.73
PRODUCTS—FUEL OIL,
GASOLINE
LUBRICANTS
SHUT
HIT
DEMAND
OFF
PRICES
BY
100,000,000
HIGHER—UNITED
STATES
unfinished
gasoline
The American Petroleum Institute report
stocks stood at 100,619,000
stocks held at this time
a year ago.
of crude oil to stills were up 50,000
barrels to a figure of 3,500,000 barrels, with refineries run¬
ning at 82.1% of capacity, up 1.5 points from the previous
week.
Since production of gasoline last week was off
nearly 90,000 barrels, most of the crude was being run for
fuel
oil purposes.
Withdrawals from fuel oil holdings
during the March 16 week totaled 752,000 barrels.
April demand for motor fuel in the domestic market was
estimated by the United States Bureau of Mines at 47,500,000 barrels, which is 8% better than the disappointing
figure of 43,977,000 barrels for the comparable 1939 period.
Exports, the Federal agency estimated, will probably be
about 2,800,000 barrels, which is off about 875,000 barrels
from a year ago at the same time.
Stocks of gasoline
should show a loss of 1,700,000 barrels during April, the
Daily
average runs
estimate indicated.
An Associated press dispatch from London on March 19
reported that "R. H. Cross, Minister of Economic Welfare,
said today that Great Britain had temporarily shut off
shipments of lubricating oil from the United States to
Belgium, The Netherlands and Denmark, because of the
comparatively large stocks which have been accumulated
by certain neutral countries adjacent to Germany."
This
is dramatic proof of the important role American lubricating
oils are playing in the European War.
The retail price of gasoline on March 1, last, averaged
13.34 cents a gallon, against 13.43 cents on Feb. 1 and
13.04 cents on the comparable
1939 date, according to
figures disclosed by the American Petroleum Institute.
Including taxes, the average price per gallon was 18.76
cents on March 1, against 18.85 cents a month earlier and
18.48 cents
March 1 last year.
on
Price changes
follow:
March 21—Socony-Vacuum boosted domestic heating oils
Standard Oil Co.
of New York, marketing subsidiary of
Inc.,
on
March 21 advanced
of domestic heating oils and
and kerosene
throughout the New York-New England marketing area with
30 points
New York State.
the exception of western
Other Cities—
New York
New York—
Chicago
Std.OilN.J.$.06K-.07
Texas
Socony-Vac. .06H--07
T. Wat. Oil .08M~.08%
Gulf
.08 hi-.08 H
New
Orleans.
Shell East'n
.07H-.08
Gulf
ports
$.07 ^-.08
Tulsa
RlchOil(Cal) .08tf-.08J*
.07^- 08
$.05
-.05H
.06H- 07
.05Vt
04J*-.05H
Warner-Qu.
Kerosene, 41-43 Water White, Tank Car, F.O.B.
New York
i
.061
$
(Bayonne)
Los Angeles..
$1.50
Tulsa
Refinery
Orleans_$.05J£-.05H
.04
-.04H
Terminal
New
California, 24 plus D
$1.00-1.25
(Harbor)—
Bunkder C
I
.03)^-.05
Fuel Oil, F.O.B. Refinery or
N. Y.
I New
$.04
North Texas
Orleans
$1.00
C
Phlla., Bunker C
1.50
2.10-2.20
Diesel
Gas Oil, F.O.B. Refinery or Terminal
i Chicago—
Bayonne)—
N.
$04
27 plus
28 3 »D
'
/
iTulsa
z
$.17
I
Newark
.17
New York
z
I
Boston
Brooklyn
z
Not Including
$.02^-.03
I
$.053
Gasoline, Ser*ice Station, Tax
Included
$.17
$.1661 Buffalo
185'Chicago
.174
2% city sales tax.
i
Daily Average Crude Oil Production for Week
March 16, 1940, Up 61,500 Barrels
The
Petroleum
American
Institute
estimates
Ended
that
the
crude production for the week ended
March 16, 1940 was 3,893,053 barrels.
This was a rise of
61,500 barrels from the output of the previous week and
the current week's figures were above the 3,500,603 barrels
calculated by the U. S. Department of the Interior to be
the total of the restrictions imposed by the various oilproducing States during March.
Daily average production
for the four weeks ended March 16, 1940, is estimated at
3,812,250 barrels.
The daily average output for the week
ended March 18, 1939, totaled 3,384,150 barrels.
Further
details as reported by the Institute follow:
daily
average
gross
domestic use and receipts in bond at principal
totaled 1,298,000 barrels,
Imports of petroleum for
United States ports,
a
for the week ended March 16,
185,143 barrels, compared with a daily average of 270,571
week ended March 9, and 232,464 barrels daily for the four
daily average of
16.
ended March
These figures include all oil imported, whether
bonded or for domestic use,
but it is impossible to make the separation in
»
oil at Atlantic Coast ports during the week ended
March 16, amounted to 115,000 barrels, a daily average of 16,429 barrels,
of which 42,000 barrels was fuel oil received at Providence and 73,000
Receipts of California
the Socony-Vacuum Oil Co.,
all grades and all deliveries
rose
a potential surplus of 20,000,000 barrels and ap¬
proximately 15,000,000 barrels above the abnormally high
weekly statistics.
BRITISH
and
barrels,
LIFTED
BARRELS-
finished
that at mid-March,
barrels for the
KEROSENE
of
of the industry.
disclosed
1.15
1.38
are
Inventories
weeks
STOCKS
FUEL
.90
quarters it is felt that
some
1,219,000 barrels during the week ended March 16, crossing
the 100,000,000-barrel mark for the first time in the history
.76-1.03
Mld-Cont't, Okla., 40 and above..
schedule, No. 2 fuel oil
new
posted at 5.4 cents, tank car, New York, with kero¬
sene, at the same basis, available at 5.9 cents a gallon.
With stocks of gasoline hitting the 100,000,000 barrel
level, further weakness in gasoline prices in major marketing
areas
throughout the country was expected by some oil
men.
With the exception of the price declines posted in
the New York-New England area and weakness in the midcontinent area, there has been no general "break" in prices.
was
combat waste are
industry has increased its use of fuel oils, he continued, this
increase has not been as rapid as the gain in the total demand
Under the
New York State.
barrels of other petroleum
products received at Baltimore.
The Commercial & Financial Chronicle
Volume ISO
Reports received from refining companies owning 86.4% of the 4,441,000
barrel
estimated daily potential refining capacity
of the United
States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,500,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries,
pipe lines
of the end of the week,
as
unfinished gasoline.
bulk terminals,
in transit
and in
100,616,000 barrels of finished and
The total amount of gasoline produced by all com¬
panies is estimated to have been 11,372,000 barrels during the week.
DAILY AVERAGE
CRUDE
OIL
PRODUCTION
(Figures in Barrels)
Four
of M.
Calcu¬
Week
Weeks
Change
Coal Division,
that the total
production of soft coal in the week ended March 9 is esti¬
mated at 8,270,000 net tons, a decrease of 530,000 tons or
6.0% from the preceding week.
Production in the cor¬
responding week of 1939 amounted to 8,068,000 tons.
The weekly
report of the U. S. Bureau of Mines reported
that the total estimated production of Pennsylvania anthra¬
output in the week ended March 2, and 35% above the total
Week
lated
State
Ended
from
Ended
Ended
Require¬
Allow¬
Mar. 16,
Previous
Mar. 16,
Mar. 18,
ments
able
1940
Week
1940
1939
for the
corresponding week in 1939.
ESTIMATED
(,March)
UNITED
COMPARABLE
Oklahoma
420,300
Kansas
153,900
420.300 b407,850
clb5,000 bl76,750
Nebraska
+ 13,250
413,900
172,600
+ 1,300
78,700
+200
105,950
33,100
260,200
ON
PRODUCTION
North Texas
...
West Texas
East Central TexasEast Texas
63,350
80,450
30,600
—3~050
Texas
83,550
96,100
397,000
Coastal Texas..
+3,600
210,000
—1,000
419,100
260,100
251,750
Southwest Texas
+ 6,500
241,500
243,900
372,850
248,700
217.650
+350
1,330,600 d!498815 1,489,450
+7,900 1,466,000 1,319,700
67,600
212,350
Total Louisiana
+50
68.050
—2,650
212,450
70,450
192,600
253,200
277,412
279,950
-2,600
280,500
263,050
65,500
1,300
329,700
7,100
70,000
69,750
+ 500
+ 1,350
+ 44,100
421,550
+ 750
97,800
64,450
+200
68,150
17,100
+ 50
3,950
c
1939
1939-40 1938-39 1929-30
8,270
1,378
average
8,800
1,467
8,068 378,102 341,750 494,295
1,345
1,313
1,187
1,714
6,133
Total, including mine fuel
Dally
Coal Year to Dale
6,084
5,371 275,127 257,789 215,630
Crude Petroleum—b
Coal equivalent of weekly output
_
Includes for purposes of historical
a
of lignite,
b
comparison and statistical convenience the
Total barrels produced during the week converted to
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
pound of coal.
Note that most of the supply of petroleum products is not directly
competitive with coal.
(Minerals Yearbook 1938, page 702.)
c Sum of 49 full
weeks ended March 9,1940, and corresponding 49 weeks In other coal years.
9,400
+2,550
WITH
Coal—a
168,200
1,050
1940
1940
Bituminous
53,300
b8,800
456,800
69,300
7,550
COAL,
PETROLEUM
2 .Mar. 11
9 Mar.
Mar.
production
North Louisiana
Coastal Louisiana
SOFT
CRUDE
Week Ended
80,300
108,200
33,500
269,250
89,350
West Central Texas..
OF
OF
(In Thousands of Net Tons)
446,500
161,150
+ 10,950
PRODUCTION
STATES
DATA
b
Panhandle Texas
Total
The current coal report of the Bituminous
S. Department of the Interior, shows
U.
cite for the week ended March 9 amounted to 1,034,000 net
tons.
This was an increase of 168,000 tons or 19% over the
a
B.
1849
Weekly Coal Production Statistics
PRODUCTION
ESTIMATED
Arkansas
Mississippi.
Illinois
Indiana
bl
Eastern (not lncl. 111.
104,600
Montana
15,200
97,900
64,650
70,400
17,050
Colorado
3,500
103,200
4,000
113,750
64,800
60,600
New Mexico
114,000
+ 100
+ 450
—50
59,000
50,000
13,650
3,900
108,600
112,800
PENNSYLVANIA
ANTHRACITE
AND
(In Net Tons)
96,100
and Indiana)
Michigan
Wyoming
OF
BEEHIVE COKE
Calendar Year to Date
Week Ended—
Mar.
2 Mar. 11
Mar.
9
1940
1940
1939
1940
1939
1929
c
c
Anthracite—
Penna.
/
621,900
+57,600 3,205,050 2,744,050
+3,900
607,200
640,100
including col¬
liery fuel.a
1,034,000 866.000 769,000 10,330,000 10,315,000 15,263,000
176,600
176,300
260,900
172,300 144,300 128,200
Dally average
Commerc'l produc'n.b
982,000 823,000 731,000 9,814,000 9,799,000 14,164,000
3,890,050
Total east of Calif. 2,913,500
California
587,100
+61,500 3,812,250 3,384,150
United States total.
3,268,150
e592,000
Total,
Beehive Coke—
Total United States 3,500,600
a
These
Bureau of Mines' calculations of the requirements of domestic crude
are
oil based upon certain premises outlined in its detailed forecast for the month of
March.
As requirements may be supplied either from stocks or from new pro¬
operations,
duction, contemplated withdrawals from crude oil inventories must be deducted
435,900
14,600
2,433
32,300
5,383
31,500
5,250
—
Daily average-
174,100
2,902
7,265
1,186,000
19,767
of working days in the three years.
a
from the Bureau's estimated requirements to determine the amount of new crude
to be produced.
b
Oklahoma, Kansas, Nebraska, Mississippi, and Indiana figures
ended 7 a.m.
c
for week
are
March 13.
b Excludes colliery fuel,
ESTIMATED
February allowable in effect until further notice.
d This Is the latest revised
and
all
of the
shutdowns
e
made.
It
PRODUCTION
WEEKLY
net basic allowable as of the first of March.
includes
as
Past
(In Thousands of Net Tons)
new
8undays and Wednesdays of the month.
For all other
areas
(
Mar.
AND
ENDED
PRODUCTION
MARCH
16,
OF
GASOLINE,
WEEK
1940
309
Gasoline
to Stills
Production
District
at
Refineries
Potential
Percent
Daily
Percent
Inc. Naturat
Rate
Reporting
Average
Operated
Blended
615
100.0
576
93.7
1,627
Appalachian
166
87.3
125
86.2
440
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
645
90.7
552
94.4
2,007
419
81.6
251
....
Inland Texas
73.4
z906
316
50.3
115
72.3
482
1,055
90.0
839
88.3
2,396
Louisiana Gulf
179
97.8
135
77.1
311
North Louisiana & Arkansas
100
55.0
42
76.4
127
Rocky Mountain
118
54.2
42
65.6
231
Texas Gulf
California
90.0
473
63.5
1,310
86.4
828
Reported....
3,150
82.1
9,837
Estimated unreported.
224
67
57
26
144
146
167
92
256
1
•1
1
1,054
1,134
757
1,436
1,684
403
398
438
324
445
575
66
68
92
71
112
139
160
101
128
186
144
781
807
720
483
909
560
168
215
204
149
350
215
36
36
35
26
62
62
12
10
10
13
24
32
59
57
61
52
84
24
23
28
20
54
53
60
54
49
30
f48
134
_
350
1,535
---------
Iowa
--
Kansas and Missouri
...
K entuck y—F-astern
Western
Maryland
Michigan.......
-
„.
Montana.....
...
Mexico...
North and South Dakota
-
Mar. 16, 1940
4,441
Mar.
4,441
9, 1940
3,500
3,450
11,372
x3,191
U. 8. B. of M. Mar. 16, '39
468
498
4.50
359
440
740
2,265
1,868
1,534
2,837
3,249
124
114
82
120
118
a
♦ Estimated Bureau of Mines* basis,
x
March, 1939, daily average,
y
16
16
16
15
25
Utah
50
50
81
43
145
68
275
298
255
212
279
230
Virginia
....
Washington.
West Virginia—Southern.a
...
Northern
32
30
36
20
62
74
1,696
1,731
1,556
1,198
2,029
1,172
562
605
556
453
690
717
112
83
149
130
1
f4
f7
6,405
11,358
10,764
2,040
b
1939, dally average,
12% reporting capacity did not report gasoline production.
STOCKS OF
FINISHED AND UNFINISHED
FUEL OIL,
GASOLINE AND
WEEK ENDED MARCH
16,
GAS AND
1940
(Figures in Thousands of Barrels of 42 Gallons Each)
Stocks of
Finished <fc
Unfinished Gasoline
Stocks of Gas Oil
and Distillates
Stocks
1
8,800
Total bituminous coal
At Terms,
a
Finished
At
in Transit
At
940
915
1,136
1,437
10,075
9,407
7,541
12,795
Refineries
and in
Refineries
Pipe Lines
Pipe Lines
3,164
4,800
20,173
Appalachian
Ind., 111., Ky
Okla., Kan., Mo—
3,503
3,959
267
154
639
17,035
17,659
252
2,880
8,197
8,812
2,056
16,424
2,943
2,278
1,067
24
1,920
1,356
2,536
"445
5,492
"270
239
Inland Texas
Texas Gulf
1,741
14,817
2,513
266
597
26
727
No. La. & Arkansas
549
681
179
11
1,694
1,766
18,344
142
"II
Reported
Estd. unreported..
534
7,177
1,989
56,263
22",812
93,621
6,995
16,561
6,874
73,426
28,132
94,143
92,960
100,616
6,874
75,426
7,151
75,787
28,038
80,464
86,332
19,142
8,126
6,895
♦
Valley,
"Metal
Mar. 16,
Mar.
U.
S.
;
12,804
.
,
"
.
Dull Market—Lead Price Reduced
Markets" in its issue of March 21
Mineral
20.
March
The
commitments in the week that
brought out unsettlement in
quiet
prices of copper, lead, and tin.
Zinc quotations remained
unchanged.
Unconfirmed reports that the price of virgin
aluminum is to be reduced were current in the market.
The
Senate
Banking
and
Currency
Committee has acted
bill to curb purchases of foreign silver under
Silver Purchase Act.
The publication further reported:
on a
U. S.:
1940—
9, 1940—
B.
in
and
nothing in making new
ended
the
Estd. total
V'
reported that unable to form a clear opinion of what the
political situation in Europe may bring forth—peace or
intensified war—consumers of non-ferrous metals did next
favorably
2,000
640
. "b"• —
Metals—Domestic Copper Sold at
28,132
99,397
17,201
17,409
17,026
87,248
v_/.
Mason and Clay counties.
b Rest of State, includ¬
District and Grant, Mineral and Tucker counties, c Includes
Arizona, California, Idaho, Nevada and Oregon,
d Data for Pennsylvania anthrar
cite from published records of the Bureau of Mines,
e Average weekly rate for
entire month,
f Alaska, Georgia, North Carolina and South Dakota included with
"Other Western States."
* Less than 1,000 tons.
to
451
Rocky Mountain..
California...
Louisiana Gulf
.,
and on the B. & O. In Kanawha,
and in
3,973
^»»
ing the Panhandle
in Transit
and
East Coast
♦
mciuaes operations on iuc
At Terms,
Total
2,052
8,492
866
of Residual
Finished
20,977
9,135
9,666
Nor-Ferrous
Unfin'd
*
*
Fuel Oil
District
Total
114
94
This is
week's production based on the U. S. Bureau of Mines March,
z
19
Tarfta
Total, all coal
►
68
2,160
yl0,655
11,460
122
—
Pennsylvania anthracite.d——
*
77
195
1
f
—
-
Pennsylvania bituminous
Other Western States _c
Estimated total U. S.
*
126
Ohio
Tennessee
Wyoming.
•
423
396
283
70
1,077
Indiana
New
e
f
112
-
.„.
........
Illinois
East Coast
306
i923
f
4
Georgia and North Carolina
Crude Runs
Daily Refining
Capacity
2
Arkawafl aad Oklahoma
Colorado
(Figures in Thousands of Barrels of 42 Gallons Each)
2
Aver.
2
1939
1938
3
------
Alabama
STILLS
5 Afar.
4 Mar.
1939
1940
1940
Alaska
24 Mar.
2 Feb.
Mar.
Note—The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
TO
Week Ended—
State
no
are
RUNS
COAL, BY STATES
net
a
provided.
Recommendation of Central Committee of California Oil Producers.
CRUDE
OF
(The current weekly estimates are based on railroad carloadings and river ship¬
subject to revision on receipt of monthly tonnage reports from dis¬
trict and State sources or of final annual returns from the operators.)
wells are completed and if any upward
figure of 400,645 barrels for East Texas
after deductions for 13 shutdown days, namely all of the Saturdays except March 2,
are
c
ments and are
experience indicates it will increase
revisions
coal shipped by truck from authorized
Adjusted to make comparable the number
Includes washery and dredge coal and
of Mines
♦Mar. 16,1939—
80,346
30.370
Copper
political developments in Europe, consumers
of
copper showed
any interest in acquiring additional metal.
Sales for the last week for domestic account totaled 3,773 tons, against
6,277 tons in the week previous.
Mine producers held out for ll%c.,
Pending
the
of
scarcely
outcome
o
The Commercial &
1850
but custom smelter copper was offered freely on
The tonnage sold at the lower level was sufficient to
Valley, all week,
18, at 11 %c.
lish
business also suffered, and there were sellers at prices ranging
11.40c. to 11.50c., f.a.s. New York, prompt and near-by shipment.
view of the uncertain European situation, the February statistics of
Export
In
industry received less attention than under normal con¬
The figures, released March 14, showed a gain in stocks of re¬
the domestic copper
ditions.
published statistics,
dropped 6,567 tone.
Production of blister declined from 89,598 tons in
January to 76,194 tons in February.
Mine output for February was 68,094
tons, against 72,775 tons in January.
Intake of custom ore and scrap for
February totaled 8,100 tons, against 16,823 tons in January.
fined of
Blister stocks, not revealed in the
9,952 tons.
Lead
in the lead price from
Accumulation of lead by one
smelting interest with virtually no sales, and reports of peace moves
abroad, are said to have been factors influencing the reduction.
Sales for
the week totaled 1,633 tons, against 4,944 tons in the previous week.
The
trade believes consumption is continuing at a satisfactory rate, and the
trade
The
5.25c,
of
stocks
refined
of
increase
sudden
the
drop
York on March 19.
New
5.15c.,
to
by
surprised
was
4,119
February caused no concern.
in
tons
quotation closed steady at 5.15c., New York, which was also the concontracted settling basis of the American Smelting & Refining Co., and at
The
Louis.
St.
5.00c.,
Zinc
the
last
week,
selling
for
week
th
in
tons
dull
sold
the basis of
on
With most
Louis.
St.
5%c.,
not well covered, no
Sales reported by the Prime Western division
the view that consumers
to
March
ended
amounted
16
are
only
to
402
against 1,086
tons,
Shipments of the common grades for the
pointing to a steady rate of consumption, producers
preceding
totaled
week
lead
was
developed.
pressure
the
and
trading
Western
holding
producers
spared the zinc market during
throughout the period.
Several
copper
though
Prime
of
cars
in
unsettloment
The
4,283,
week.
somewhat,
little
Demand
for tin
numerous
ing the week until March 20, when a firmer undertone developed on pros¬
pects of
The
aggressive
more
a
point to 62%%, the lowest rate
continue at a level considerably
higher than can be supported by the incoming volume of new business.
Operations in the Pittsburgh district have gained two points to 58%,
marking a reversal of the trend in that important area, and Chicago
production is up a half point to 59%%, but advances in those centers
are more than offset by a
14-point decline to 68% in the Wheeling-Weirton area, a two-point drop to 58% at Cleveland, a two-point drop to 78
in the Southern district, and a three-point loss to 58%% at St. Louis.
The factors influencing the steel industry trend at this time are varied
and numerous, with the European war, the coming election, an unusually
severe winter
followed by a late spring, and doubts as to the legislative
outlook such as the outcome of efforts to reorganize the National Labor
of
rate
Straits
tin
operations
tin-plate
reported
is
be
to
continuing around
46.675
quotable
was
Export sales continue
being obtained at the
expense of prices,
which on some exported products have continued to
decline for the past two weeks.
Pig iron*exports have reached a level
where sellers are seeking to arrange for full
cargoes but are facing a
lack of ship space.
Steel exports so far in March are running ahead of
February, and business from abroad • is contributing more each day to
to
of
maintenance
A
99%,
tin,
45.125c.;
nominally
was
16th,
follows:
as
18th,
45.000c.;
March
19th,
44.500c.;
45.375c.;
14th,
20th,
44.500c.;
PRICES OF METALS ("E. & M. J." QUOTATIONS)
Co. is expected to enter the market shortly
15,000 to 20,000 tons of steel needed for an increase in its production
for
before June 1.
schedule
buying
with
light,
continues
emphasis
the
motive power
on
Delaware Lackawanna & Western has ordered 11 Diesel-electric
the Electro-Motive
Corp., and three similar units from
switchers
from
American
Locomotive Co.
the
railroads
Nation's
Other
normally
a
from
steel
large
moderately good earnings this year,
even
to order
50,000 to 70,000
from
like
outlets,
consuming
care.
construction
the
partly because of the cold weather.
Prospects
revived PWA, said to be advocated in some quarters to lift employ¬
in
ment
With
expected
are
continue to lag,
industry,
election
an
of
awards
steel
week.
last
tons
reported from Washington.
has risen this week
are
year,
structural
9,900
The
awards
largest
are
Meanwhile, the
13,750
to
3,300
tons
for
tons
a
Navy Yard building, 2,580 tons foT the Fort Hamilton High School,
Boston
and
DATLY
is going from automobile plants
fill-in orders
small
of
mills, and Ford Motor
1,500 tons for Navy buildings at Midway Island in the Pacific,
Brooklyn,
44.625c.
plants schedules.
steel
flow
steady
the
to
volume
cents.
Chinese
15th,
March, April, May, June, and July delivery
business uncertainty.
increase
to
Signs of improvement, however, can be seen.
expand, even though some of this business is
for
for
combining
all
Board,
Relations
policy by England and France.
war
54% of capacity.
at
improvement.
purchases.
light during the last week, as consumers concerned
developments in Europe.
Prices eased dur¬
was
the
with
market is broadening
shows
The "Iron Age" further reported:
though the total tonnage involved
even
Ingot output, however, slipped another
of the year so far, and mill schedules
Railroad
themselves
that an
placed suggests to producers that the
said.
Tin
reported
of steel orders being
the number
in
week
this
increase
"Iron Age"
21 issue of the
The March
1940
Off to 62^%—Orders Increase
Steel Operations
March
estab¬
lower quotation.
the
from
March 23,
Financial Chronicle
1,200
for
tons
structural
steel
Roebuck & Co.
Sears,
a
declined
projects
8,700
to
warehouse at Chicago.
New
tons from 11,600 tons last
week.
Zinc
Lead
Straits Tin
Electrolytic Copper
New Yorl
Dom.,Refy. Exp., Refy
St. Louis
March
14
11.275
11.500
47.375
5.25
5.10
5.75
March
15
11.275
11.500
47.125
5.25
5.10
5.75
March
16...
11.275
11.450
47.000
5.25
5.10
5.75
March
18
11.025
11.450
46.500
5.25
5.10
5.75
March
19
11.025
11.425
46.500
5.15
5.00
5.75
March 20
11.025
11.400
46.675
5.15
5.00
5.75
11.150
11.454
46.854
6.217
5.067
show a moderate gain, reaching
the total including 3,750 tons for
the Sepulveda Dam at Los Angeles, 2,500 tons for a reservoir at Toledo,
Ohio, and 1,051 tons for the Grand Coulee Dam in Washington.
New
reinforcing steel projects declined to 11,100 tons from 14,700 tons a week
earlier, and new jobs including 4,750 tons for Los Angeles River improve¬
ments, and 2,650 tons for the Shasta Dam power plant.
Reinforcing bar prices continue weak.
Manufacturers of rail 'steel
Reinforcing
St. Louis
New Yorl
steel
likewise
lettings
14,250 tons from 9,450 tons last week,
5.75
bars
merchant
Average
_
.
new
Average prices for calendar week ended March 16 are: Domestic copper f.o.b,
refinery, 11.275c.; export copper, f.o.b. refinery, 11.525c.; Straits tin, 47.896c.;
New York lead, 5.250c.; St. Louis lead, 5.100c.; St. Louis zinc, 5.750c.: and silver,
Meanwhile
to
The above quotations are "M. & M. M.'s" appraisal of the major
markets, based on sales reported by producers and agencies.
the basis of cash, New York or St. Louis, as noted.
United States
They are reduced to
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 trade, domestic copper prices are quoted on a delivered basis: that Is, de¬
livered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantic seaboard.
Delivered
The
week
offerings to f.a.s.
In
change
dollar basis.
business.
transactions,
method
of
Quotations, for the present, reflect
deduct ,05c. from f.a.s. basis
doing
We
the European
to
available.
fellows:
Prices
March
£246;
14,
three
£251%,
March
standard
on
£252%
spot,
months,
19,
£250;
f.o.b.
base,
the
goods
lowest
index has
level
and
AGE"
COMPOSITE PRICES
are
reduced
prices
lead
future
In
that
the
the
in cents
are
Copper,
and
to
March
prices
18,
three
ago—/
2.261c.
2.261c.
wire, rails, black pipe, sheets, and hot
2.286c.
,
85% of the United States output.
zinc
2.261c.
Jan.
2.236c.
May 16
as
1938
2.512c.
May
17
2.211c.
Oct.
15, spot,
1937
2.512c.
Mar.
9
2.249c.
Mar.
months,
1936
2.249c.
Dec. 28
2.016c.
Mar. 16
1935
2.062c.
Oct.
1
2.056c.
Jan.
8
1934
2.118c.
Apr. 24
Oct.
3
1.945c.
Jan.
2
1.953c.
1.792c.
May
2
1932
1.915c.
Sept.
6
1,870c.
Mar. 15
however, are
given,
£251%;
March
three
£248,
spot,
months,
£246%
and
March
20,
are:
deliveriestin
trade,
domestic
quotations
copper
Atlantic
figures
are
prices
seaboard.
above
shown
Delivered
based
are
is, delivered at consumers' plants.
destination, the
or
St.
Louis,
Atlantic
most
quotations
seaboard.
sellers
are
a
One week ago..-
for
on
sales
prompt
quoted
are
for
both
for
On
20.61
are
prices
net
England
at
refineries
23.25
1936
average
foreign
reduced
business,
offerings
to
to
net
owing
f.a.s.
to
at
the
Sept. 19
June 21
20.61
Sept. 12
19.61
July
6
Mar.
9
20.25
Feb.
16
Nov. 24
18.73
Aug. 11
Jan.
2
17.83
May 14
1934
17.90
May
1
16.90
Jan.
1933
16.90
Dec.
5
13.56
Jan.
3
1932
14.81
Jan.
5
13.56
Dec.
6
18.84
per
refineries
dollar
the
on
European
transactions,
$22.61
19.73
Steel
Mar. 19,
are
Jan.
Nov.
5
27
the
0.225c.
Low
2
23.25
1935
on
Valley
foundry Iron at Chicago.
Buffalo,
Valley,
and
High
22.61
delivered basis;
a
2
Southern iron at Cincinnati.
1938
delivery only.
on
and
Philadelphia,
1939
As delivery charges vary with the
prices in New
copper
restricting
furnace
$22.61
22.61
One month ago
All
prompt
8
Based on average for basic Iron at
Gross Ton
$22.61
pound above the refinery basis.
Export
1940, $22.61
1940
noted.
as
2
Pig Iron
Mar. 19,
They
by producers and agencies.
New York
quotations
Low
2
1937
cash,
These products represent
3
pound.
per
and
rolled strips.
Jan.
One year ago
of
.
Based on steel bars, beams, tank plates,
19. 1940, 2.261c. a Lb.
One week ago
One month ago---,--
& >M. M's." appraisal of the major United
sales reported
basis
ton.
Jan.
silver, 34.750c.
on
a
77.9% of
Steel
High
f.o.b. refinery, 11.275c.; export copper,
11.525c.; Straits tin, 47.8!>0c.; New York
St. Iouis lead, 5.100c.; St. Louis zinc, 5.750c.;
based
points to
1939.
copper,
markets,
2.1
by the index since the second
2.286c.
£247%.
The above quotations are "M.
States
dropped
touched
Last
20.
At Chicago
2.261c.
refinery,
lead, 5.250c.;
Feb.
1939
Average prices for calendar week ended March 16
Domestic
since
1933
the only
three months,
£247%,
spot,
£248%, three months,
spot,
tin,
level
1940
the usual table of daily London prices is not
war
$16.71
the
(lighterage, &c.) to arrive at the f.o.b. refinery quotation.
Due
and
17c.
grades at Pittsburgh has spread.
Finished
One year
product
composite price has dropped
steel scrap
from
move
Age" capital
September,
Mar.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
On foreign business, owing to the European war, most sellers are restricting
Age"
railroad
in
this
between
market is softer and the entire list has been lowered 25c.
"Iron
1925-27
of
first
differential
a
bars.
THE "IRON
prices in New England average 0.225c. per pound above the refinery basis.
board.
this
weakness
the scrap
the
the "Iron
the
$16.54,
week's
34.750c.
reestablished
have
steel merchant
billet
war,
1940, $16.54
a
One week ago.
$16.71
17.33
One month ago
One year ago
Scrap
on
No.
1 heavy melting
steel
quotations at Pittsburgh. Philadelphia,
and Chicago.
Based
Gross Ton
15.08
High
basis.
Quotations for the present, reflect this change in method of doing business.
1940
We
1939
$17.67
Jan.
Low
2
,05c.
from
f.a.s.
basis
$16.54
14.08
(lighterage, etc.)
to arrive at the f.o.b.
May 16
11.00
June
Mar.
19
refinery quotation.
1938.-—
15.00
3
Nov. 22
1937
21.92
Mar. 30
12.91
Nov. 10
1936
deduct
17.75
Dec. 21
12.67
June
22.50
-
Oct.
7
9
1935
February Tin Exports from Signatory Countries Under
International Agreement
13.42
Dec.
10
10.33
Apr. 29
1934
13.00
Mar. 13
9.50
Sept.25
1933
-
12.25
8.50
1932
Aug.
Jan.
8
6.75
Jan.
3
12
6.43
July
5
The American Iron and Steel Institute
March 18
During February a total of 6,354 long tons of tin was ex¬
ported from Malaya 1,313 long tons from Thailand, 168
long tons from The Congo, and 2,323 long tons from Bolivia,
according to a cable received by the American Iron and Steel
nounced that telegraphic reports which it had received indi¬
cated that operating rate of steel companies having 97%
Institute from the Statistical Office of the International Tin
for
Research and Development Council, The Hague, Holland.
one
of the steel
on
an¬
capacity of the industry will be 62.4% of capacity
week beginning March 18, compared with 64.7%
week ago, 67.1% on month ago, and 55.4% one year
the
Volume
The Commercial &
ISO
This represents a decrease of 2.3 points, or 3.5% from
the estimate for the week ended March 11, 1940.
Weeklyago.
indicated
follow:
1939—
1939—
6
55.1%
June
55.7%
Mar. 20
55.4%
56.1%
July
Mar. 27
July
19
38.5% Oct.
49.7% Oct.
56.4% Oct.
60.6% Nov.
59.3% Nov.
60.1% Nov.
62.1% Nov.
62.2% Dec.
63.0% Dec.
58.6% Dec.
70.2% Dec.
79.3%
83.8%
3
10
July
17
July
24
31
May 29
54.7%
52.1%
50.9%
48.6%
47.8%
47.0%
45.4%
48.5%
52.2%
June
5
54.2%
Sept. 18
June
12
53.1%
Sept. 25
3
10
Apr. 17
Apr. 24
May
1
May
8
Apr.
Apr.
May 15
May 22
July
Aug.
7
Aug. 14
Aug. 21
Aug. 28
Sept.
91.0%
Jan.
6
92.5%
Feb.
5
13
93.5%
Feb.
12
20
93.9%
Feb.
19
27
94.4%
Feb. 26
4
92.8%
91.2%
Mar. 11
85.7%
86.1%
84.8%
82.2%
77.3%
71.7%
68.8%
67.1%
65.9%
64.6%
64.7%
18
90.0%
Mar. 18
62.4%
25
73.7%
2
87.5%
Jan.
1
9
88.6%
Jan.
8
16
90.3%
90.2%
Jan.
15
Jan.
22
30
29
55.0% Oct.
54.3% Oct.
June 26
4
Sept. 11
23
11
4
of the iron and steel
finished
have
opposite situation
following the
shipments,
steel
from
in
Finished steel shipments of the United States Steel Corp. were
11.9% last month, while the industry's ingot output
off
dropped 22.2%
January.
with requirements of a number of users in
marked contrast to the generally restricted volume
Building construction has yet to
and aircraft industries.
hold equipment
although structural shape
more numerous last week.
develop the steel buying expected of it by spring,
and reinforcing bar
awards and inquiries were
What improvement has
occurred recently in finished steel orders is attribut¬
than to an increase in consumption.
This
able more to a reduction in stocks
is particularly
situation
which
are more
noticeable in the number of purchases, gains in
high
ground, reflecting principally
Last week's output of 105,720 units was
a gain of 2,160 and the highest in seven weeks.
Chrysler furnished most
of the upturn, with General Motors' and Ford's operations steady.
Railroad equipment markets are more active, but business has not in¬
creased sufficiently to supplant the decline in backlogs the past few months.
the
good volume of retail sales.
Outstanding are the placing of 2,000 box cars by the
its
Lackawanna
&
Lehigh Valley.
duction at
$16.59.
to
drop to 55% at
80 at Wheel¬
4% to 51 at Buffalo, 5 points to 70 in
New England and 5 points to 60 at St. Louis.
Detroit was up 4 points to
82, with Youngstown 1 point higher at 42.
Unchanged were eastern
Pennsylvania at 60, Birmingham at 78, Cleveland 73, and Cincinnati at
% point to 59% at Chicago,
ing,
:
5434-
Although the average rate of steel ingot production for
the week ended March 18 declined only one-half of one
Journal' of March 21, there was a
Street
of the various companies.
the trend
reported:
ther
of
some
Steel Corp. were estimated to have
S.
while the leading independents were
points,
of
increase
an
that
dropped a
credited with
approximately four points.
It is believed in trade circles
the independents were adding to
inventories on certain
five
over
U.
of the
Subsidiaries
little
week, according to the "Wall
wide difference
The "Journal" fur¬
preceding
the
from
point
products.
the
For
industry
64%% in the
estimated
62%
at
a
two
as
64%, compared with
whole the rate is placed at
a
previous week and 65%% two weeks ago.
U. S. Steel is
little under 57%%, against 62%% in the week before,
weeks
69%%,
Leading independents are credited with
ago.
and 68% two weeks ago.
the percentage of production
with the nearest corresponding week of previous years, together with the
approximate changes, in points, from the week immediately preceding:
compared with 65%% in the preceding week
The
following table gives a comparison of
—5
69%
+4
55
+2
5634
—1
+2%
32
+3
33 %
+2 3
+ 1
83
+2
94
+1
1
4
%
57%
%
33
89
56
1938
Co. and 1,000 tons of rails by the
1937
Independents
U. S. Steel
Industry
1939
—
+
1936
50%
—7%
43
—9
57
1935
46%
—1%
45
—134
47
—2
& St. Louis is in the market for 250
1934
47
—1
42
50
1
—6
Iranian State railways are inquiring for 12 to 24 locomo¬
—2
States
1933
Maritime
Commission
is
taking
bids
on
three
cargo-
six large
placed 22,000 tons of plates, shapes and bars here for
vessels, requiring 15,000 tons of steel, in addition to
57
1930
Italy has
four merchant vessels.
Large diameter pipe for Rome, N. Y., and
Toledo,
14
14
—
34
14
14
26
—
—
25
1931
—
14
1932
%
24
%
55H
14
5714
74
+
+
1929.
85
92
9814
34
34
34
+
*
+1
79
+1
—114
90
+1
—
14
—
9234
97
94%
1928
—
68
80
1927
tankers.
Pittsburgh, five other districts
Reductions were 10 points to
curtailed steelmaking last week.
by the Delaware,
Western, four diesel locomotives by the Lehigh Valley,
cars.
passenger
usual in steelmaking. While this tends to depress
fairly well in most areas. A small re¬
Pittsburgh, however, has reduced the scrap composite 8 cents
values, the latter are holding
64
tives, and the Nashville Chattanooga
United
earlier this year.
1940
eight freight cars by Tennessee Copper
freight
Milwaukee road with
shops and purchases of 14 diesel locomotives
own
,,
generally are steady, following a sharp reduction
Export inquiry is brisk, with orders fair.
Pig iron pro¬
districts is being maintained by the use of a larger pro¬
Pig iron shipments
and
pronounced than in total tonnage.
assemblies continue in
Automobile
that of billet bars.
of total steel demand.
automotive, shipbuilding, machine tools, house¬
Best outlets continue the
steel products.
Irregular for a number of
reinforcing bars.
in
Steel consumption is spotty,
last fall.
One exception is concrete
weeks, quotations have been
reduced officially $3 a ton by some producers.
Rail steel merchant bars
also have been lowered, a cut of $2 a ton eliminating most of the $3 advance
instituted last September, when the price was established on a parity with
Steady prices continue on most
In addition to the 6-point
continued good activity
in export trade, the trend of steel demand still is largely horizontal.
Irregular changes in steelmaking in various districts lately have been unable
to reverse the previous course of the national average.
Last week saw a
1-point reduction to 62%%, principally the result of a 6-point drop at
Pittsburgh.
This latter curtailment may be only temporary.
Operations
a year ago were unchanged at 56%%, preparatory to a spring recession.
Ingot production the past six weeks apparently has declined more rapidly
January.
order.
buying on the part of some consumers
scrap
Despite scattered gains in domestic markets and
than
off at 53 %, and with the approach of
the downward trend in plate output
Business so far this year has suffered from over¬
activity in canning, a reversal in
duction in some
March 18, stated:
on
of recent gains in pro¬
portion of hot metal than
"Steel" of Cleveland, in its summary
markets,
Mar.
a consequence
as
plate operations have leveled
Tin
and demand is in
1940—
IQ'lQ
manufacturers are providing strong support to
refrigerator
demand in some districts,
duction.
more
Mar. 13
Mar.
Electrical
sheet
operations since March 16, 1939,
of steel
rates
1851
Financial Chronicle
—134
8614
O., involves 2,700 tons of plates.
Current Events and Discussions
The Week with the Federal Reserve
During the week ended March 20 member bank reserve
decreased $183,000,000.
Reductions in member
bank reserves arose from increases of $181,000,000 in Treas¬
balances
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday.
rent
ASSETS AND LIABILITIES OF
IN
deposits with Federal Reserve banks, $21,000,000 in
money in circulation, $46,000,000 in non-member deposits
and other Federal Reserve accounts and $12,000,000 in
Treasury cash, and a decrease of $4,000,000 in Reserve bank
credit, offset in part by increases of $78,000,000 in gold stock
and $1,000,000 in Treasury currency.
Excess reserves of
member banks on March 20 were estimated to be approxi¬
for the
Holdings of United States Government bonds, direct and
guaranteed, declined $2,000,000 during the week.
The statement in full for the week ended March 20 will
be found on pages 1888 and 1889.
Changes in member bank reserve balances and related
items during the week and the year ended March 20, 1940,
were as
Increase
(+)
or
Decrease (—)
20,1940 Mar. 13, 1940
$
$
2,000.000
Bills discounted
Bills bought
S.
.
-
Government securities,
advances
2,475,000,000
—2,000,000
-_
._
Gold stock
Treasury currency
balances
—4,000.000
10,000,000
32,000,000
—2,000,000
+ 41,000,000
2,520.000,000
—4,000,000
—53,000,000
18,360,000,000
+ 78.000,000 + 3,285.000,000
2,989,000,000
+4,000,000
+155,000,000
12,256,000,000 —183,000,000 + 3,267,000,000
7,484,000,000 + 21,000,000
cash...
2,374,000,000
+12,000,000
deposits with F.R. banks..
707,000,000 +181,000,000
Money In circulation
Treasury
Treasury
—89,000,000
(not Including
$9,000,000 commit't8—Mar.20)
Other reserve bank credit
Total Reserve bank credit
Member bank reserve
—1,000,000
—1,000,000
_.
direct
and guaranteed
Industrial
—1,000,000
Mar. 22, 1939
$
Non-member deposits and other
eral Reserve accounts....
+ 726,000,000
—369,000,000
—515,000,000
Fed¬
1,047,000,000
+ 46,000,000
+ 278,000,000
Loans and
York City and
Chicago—Brokers' Loans
Member Banks in New
Below is the statement of the
Federal
Reserve System for the
Board of Governors of the
New York City member
f
Mar.22
1939
$
$
$
$
2,091
Commercial,
7,942
2,273
2,896
554
561
529
1,684
Industrial,
9,013
2,980
2,335
2,970
Investments—total..
Loans—total
1,675
1,366
380
379
355
9,036
and
agricultural loans
Open market paper
115
116
119
18
18
16
485
504
644
30
38
30
159
159
190
63
63
113
113
108
14
14
45
43
75
Loans— Concluded
Other loans for
purchasing or
carrying securities
Real estate loans
370
369
Loans to banks
68
13
rnrnmm
394
49
49
47
88
354
185
180
389
240
830
785
749
156
164
210
2,505
2,500
1,975
725
730
664
the
1,236
1,052
139
146
United States Government...
1,310
1,247
1,321
6,156
1,182
4,282
345
345
324
884
902
672
Other loams.
Treasury bills
Treasury notes
United States bonds
guaranteed
by
6,124
124
Balances with domestic
banks.
_
26
27
25
82
92
222
232
193
351
370
386
46
50
49
8,908
banks—
Cash In vault
53
85
Reserve with Fed. Res.
8,992
6,958
1,655
1,745
1,439
700
701
620
502
502
472
44
44
113
85
85
83
3,526
2,724
.936
941
754
665
544
8
10
283
314
17
17
15
1,489
1,482
249
248
257
79
75
Other assets—net
Liabilities—
Demand
Time
deposits—adjusted
deposits
—
United States Govt,
—
deposits...
Inter-bank deposits:
Domestic banks
3,568
686
Foreign banks
7
'
-
«...
Borrowings
276
Other liabilities
Capital account
Complete
-
1,489
'
Returns of Member
Reserve
Banks of the Federal
System for the Preceding
Week
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
As
Returns of
Chicago-
•
1^0
S
Assets—
Other securities
Since
Mar.
U.
New York City
Mar.20 Mar. 13 Mar.22 Mar.20 Mar. 13
1940
1940
1939
1940
Obligations
follows:
RESERVE CITIES
(In Millions of Dollars)
Loans to brokers and dealers..
week.
WEEKLY REPORTING MEMBER BANKS
CENTRAL
ury
mately $5,590,000,000, a decrease of $190,000,000
member banks for the cur¬
banks and also for the Chicago
Banks
The Commercial & Financial Chronicle
1852
from
The condition statement of weekly
securities, $55,000,000 in
United Kingdom
Holdings of United States Government
New York
reporting member banks, and increased $27,000,000 in
all
(2)
in
the
Demand deposits-adjusted
showed an import balance
recently revealed.
In the same month
of 1939 the figure was only about half as great amounting
then to £31,496,266.
The explanation of the sharp increase
lies in the much greater volume of goods imported in January
this year, exports hardly changing from a year ago.
Traditionally, British trade shows an import balance which
in the international balance of payments is, during peace¬
time, offset by other items, chiefly income from foreign in¬
of £60,230,160 it was
increased in all districts, the principal Increases
Kansas
being $42,000,000 in the San Francisco district, $21,000,000 in the
The total increase at all
New York City.*
and $15,000,000 in
Time deposits Increased $51,-
reporting member banks was $166,000,000.
member banks.
000,000 in New York City and $40,000,000 at all reporting
Deposits credited to domestic banks increased $26,000,000 in the Chicago
district, $23,000,000 in New York City, and $49,000,000 at all reporting
Deposits credited to foreign banks increased $2,000,000.
member banks.
A
vestments,
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended March 13, 1940, follows:
summary
Increase
Mar.
13, 1940
in the 10-year period 1929-1938, Britain had
import excess of £344,400,000 a year, the balance
of payments (excluding gold) showed an average outflow of
only £12,800,000 a year.
Imports into the United Kingdom in January /aggregated
£104,961,147 compared with £86,582,440 in December and
£75,571,817 in January, 1939.
Exports of £44,730,987 in
the opening month of 1940 compared with £42,670,205 in
December and £44,075,551 in January, 1939.
Following we present a tabulation of the monthly figures
since January, 1938.
Mar. 15; 1939
%
Loans and investments—total....23,437,000,000
+ 82,000,000
Loans—total
8,616,000,000
+ 25,000,000
+1,615,000,000
+ 335,000,000
4,367,000,000
333,000,000
+12,000,000
—2,000,000
+ 573,000,000
+ 23,000,000
Commercial, Industrial, and agri¬
cultural loans
Open market paper
Loans to brokers and dealers in
659,000,000
+ 21,000,000
—216,000,000
476,000,000
—1,000,000
—55,000,000
1,183,000,000
48,000,000
1,550,000,000
—1,000,000
—8,000,000
+ 4,000,000
securities
Other
for
loans
purchasing
carrying securities
or
.
Treasury notes
673,000,000
1,780,000,000
+1,000,000
+ 55,000,000
United States bonds
6,490,000,000
—13,000,000
2,387,000,000
3,491,000,000
10,477,000,000
476,000,000
3,181,000,000
—13,000,000
+ 27,000,000
+ 66,000,000
+19,000,000
+ 70,000,000
+364,000,000
+ 253,000,000
+ 3,013,000,000
+ 74,000,000
+ 522,000,000
Loans to banks
Other loans
Treasury bills
average
SUMMARY TABLE SHOWING
+ 47,000,000
—35,000,000
—2,000,000
+ 200,000,000
—272,000,000
+ 735,000,000
Real estate loans
shipping income, commissions and insurance.
Thus, whereas
an
(—)
or Decrease
Since
1940
%
$
Assets—
(+)
Mar. 6,
Kingdom Foreign Trade in January—Marked
in
Imports Resulted in Import Excess of
£60,230,160—Exports Maintained
City district, $19,000,000 in the Dallas district, $17,000,000 in the Chicago
district,
THE
States Government
Reserve with Fed. Res. banks
Cash in vault
Balances with domestic banks
5,343,000,000
United States Government deposits
573,000,000
1938
1939
1940
£
£
£
£
*
£
75,571,817 104,961,147
65,515,512
Feb...
June..
76,540,222
Aug...
73,897,651
74,112,624
81,096,706
Sept...
74,991,477
49,924,267
79,078,903
77,973,618
74,132,368
43,086,428
47,623,642
42,276,828
45,341,989
82,174,759
July...
44,075,551 44,730,987
42,824,539
46,557,865
39,728,564
47,285,713
44,203,023
44,080,278
41,565,345
25,457,923
26,620,986
40,105,404
42,670,205
45,984,546
77,976,374
May
84,853,649
73,707,229
75,398,794
Oct
+1,000,000
75,793,898
March.
61,841,464
April...
70,084,789
78,541,325
41,880,695
42,025,182
78,279,673
41,375,526
43,846.909
...
Nov...
Dec...
Committee Reports All Sterling
Credits Established in Non-Sterling Area Requiring
Bank of England Registration Must Be
Routed
Through London
48,005,979
83,988,000
48,037,135
86,582,440
43,877,133
Exchange
Foreign
R.
1940
84,879,549
Jan
+1,611,000,000
+ 2,000,000
+157,000,000
730,000,000
1,000,000
Foreign banks
Borrowings
Exports x
1939
£
+ 49,000,000
8,268,000,000
SPECIE
Imports
Inter-bank deposits:
Domestic banks
TOTAL
1938, AND
EXCLUSIVE
1938
+166,000,000 + 3,364,000,000
+ 40,000,000
+145,000,000
+1,000,000
—60,000,000
19,507,000,000
AND
IMPORTS
IN THE YEARS 1938 AND
COMPLETED MONTH OF THE CURRENT YEAR,
OF BULLION AND
Uabilities—
Demand deposits—adjusted.
Time deposits
VALUE OF
THE
EXPORTS FOR EACH MONTH
Obligations guaranteed by United
Other securities
after Sept. 3, 1939, of one of listed currencies.
British foreign trade in January
and $27,000,000 at all reporting member banks.
New York City
goods by
of
by purchaser
obtained
sterling
Rise
York City and $13,000,000 at all reporting
Holdings of "Other securities" increased $16,000,000 in
banks.
member
by
United
Holdings of obligations guaranteed by the United States Government
decreased $16,000,000 in New
Eng¬
sale to bank
incorporated in all such credit applications to the Bank of
be
must
land ;
the Philadelphia district and $13,000,000
bonds decreased $22,000,000 in
City.
(1) by sterling bill on us under credit with
at
Treasury notes increased $75,000,000 in New York City and $55,000,000
at
in
undertaking by purchaser to obtain sterling from us either spot or forward
official London rate against
one
of aforementioned currencies, this
$27,000,000 in the
Chicago district and $1,000,000 at all reporting member banks, and de¬
creased $29,000,000 in the Minneapolis district. Holdings of United States
banks.
organizations
payment effected as follows:
reporting member banks.
all reporting member
tin
pre-March 9 contracts and will be notified to banks in due course.
Trans¬
actions can be effected and
financed in sterling as heretofore provided,
Holdings of United States Treasury bills increased
at
must be specially referred Bank of
being made with appropriate rubber
London to enable them to carry on normal
dealing with minimum disturbance, these arrangements will cover
shipments after June 8
Special arrangements are
such
Any
England.
methods
increased $11,000,000 in
all reporting member banks. Loans to
dealers in securities increased $22,000,000 in New York City
New York City and $12,000,000 at
and $21,000,000 at all
special permission will be granted in respect shipments on or after that
date, but not later than June 8, in fulfillment sales made prior to March 9.
and
deposits credited to domestic banks.
supporting evidence
Regulations effective March 25, but subject to
goods.
holdings of Unfted States Treasury notes, $66,000,000 in Reserve balances
Federal Reserve banks, $166,000,000 in demand-deposits adjusted,
brokers and
Dominions, Argentine Republic,
M.
other part of H.
any
dependency of the French Republic, and stipulate proceeds must be
received in belgas, guilders, Netherlands East Indies guilders, Swiss francs,
United States dollars not later than six months from date of export of
industrial and agricultural loans,
Commercial, industrial and agricultural loans
Continent of
to
any
with
and $49,000,000 in
States of America, all territories
America, with exception of Canada, New¬
of the United
sovereignty
and
foundland,
reporting member banks in 101 leading
$21,000,000 in loans to brokers and dealers in
adjacent
or
tin from colonies, all exports
Congo, Ruandi-Urundi, Netherlands,
Switzerland, Philippine Islands, and all terri¬
Indies,
East
under
in
1940
23>
Belgian
Belgium,
to
rubber,
Burmah,
from
rubber
tories
principal changes for the week ended March 13:
Increases of $12,000,000 in commercial,
Australia
Netherlands
of business March 13:
cities shows the foUowing
India,
from
body of reporting member banks in 101 cities
compiled.In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
the entire
cannot be
March
y
Total 919,508,933 z885,943,767
y
Corrected total for year,
z Uncorrected figures.
The monthly totals are revised when full information
532,279,966 z484,731,554
Includes United Kingdom produce and manufactures and imported merchandise,
x
Loree, Chairman of the Foreign Exchange Com¬
mittee, New York, announced March 20 that through the
imports!is
to dutiable
as
available, and corrections are made In the total for each
F.
year on
the completlonjof
the "Annual Statement of Trade."
courtesy of the London Representative of the Bankers Trust
Company, New York, the Committee is informed
as
follows;
New
Exchange Regulations for Exporting Rubber and
and Other Products from United Kingdom
In view sterling credits opened by institutions in non-sterling area requir¬
ing previous registration with Bank of England all such credits
openers
shall
The
be advised that henceforth these credits must be routed via London and not
direct
to
beneficiary.
Present procedure American
banks issuance
credit.
on
Preferably credits issued
banks
on
in
Great
received
sage
United
Britain outside
London be routed to London although not absolutely essential.
Customs
Overseas
and New Rules
R.
F.
Chairman
Loree,
Regulations
British Exports
on
of
Exchange
Customs
overseas
Licenses
covering
exchange
certain
subject to
now
"The
bank
of
licensee
Require
in
"B.
the
shall
unless
the
Argentine
United
States
Belgium
Commonwealth
Bank
Australia
of
payment
currency
to
the
bank
nominated
or
to
a
are
are
Belgium,
apply
also
to
the
Switzerland,
exports
to
of
America
Holland,
and
Hawaiian
(excepting
at
an
the
and
East
Philippine
and
other
any
A.
'
Netherlands
The
and
of
reach
an
Sterling
by
declaration
exchange
time
exporting
His .Majesty's
of
part
under
the
sovereignty
East
that
Indian guilders,
authorized
bank
sellers
consignors
or
exchange
the
proceeds
Swiss francs,
for
surrender
or
to
New
regulations
manufacture.
cover
From
export
United
whisky,
Kingdom,
furs,
jute,
follows:
tin,
rubber,
jute
and
jute
of
the
belgas,
United States
the
Bank
of
bills
of
payment
drawn
are:
under
credit
registered
bills by sale of
here
of
one
and
calling
the currencies
for
listed
above.
or
jute manufactures and rubber
to
in
Sterling paid in London and purchased after Sept. 3, 1939,
C.
as
Do¬
Indies.
B.
was
to
the
six months.
purchase of sterling to meet
Islands, but not to American Samoa.
The text of the London cable
ore
Congo and Ruandaurundi.
Belgian
Netherlands East
will
England within
Canada
Netherlands
Islands
furs,
adjacent to the continents of America with
or
Netherlands
require
dollars
or
letter of credit registered with the Bank
Continent
tin
and
America.
Approved methods
concerned
Argentina),
Will
The
guilders,
that
consigned,
rubber,
of
whisky,
Switzerland
will
deter¬
of
agent
an
of the country to which the goods
Kingdom
manufactures,
jute
Republic.
of the French Republic.
Islands and all territories
of
and
4.
following
England."
Indies.
Philippine
customs
Draw for the value under
Countries
and
dependency
The
the
otherwise:
"A.
Any
2.
conditions:
mines
United
from
and
Newfoundland
The
3.
countries
in
c.
regulations.
to
from the
exports
of:
5.
exports
exports
jute
b.
The following is the Australian cablegram:
exports.
concerning
minions.
from banking sources in London concerning new regulations
on
is
destinations:
Canada,
a.
Exchange Com¬
mittee, New York, sent out on March 9 copies of a cable¬
gram
received from Sydney, Australia, and one received
25
metals,
territories
exception
Foreign
the
All
1.
London,
from
March
smelted
following
Australian
York, which
Kingdom:
from
As
and
New
by R. F. Loree, recently issued the following mes¬
mail
credits permissible provided Bank of England registration number inserted
Exchange Committee,
Foreign
headed
Foreign currencies to be paid in
its
agent
Provision
under
abroad
is
contracts
for
made
made
for
account
of
granting
prior
to
any
such
manner
9.
an
as
in A.
authorized bank
bank.
exemption
March
to
for
exports
after
March
25
Volume
Similar
The Commercial & Financial Chronicle
150
steps
being taken simultaneously in India
1853
New York
regards exporting
as
rubber, jute and jute manufactures.
Burma
as
Colonies
as
Australia
regards rubber,
will
destinations
impose
with
Total number of reports received
1. Reports showing transactions as specialists
2. Reports showing other transactions initiated on the
floor
3. Reports showing other transactions initiated off the
.
and tin to destinations mentioned.
similar
immediate
requirements
all
on
to
exports
these
effect.
_
Curb
Exchange
1,068
The
Republic
of
Uruguay
announced
City
of
March
on
20,
specialists*
1940, of the period for exchange of the outstanding 6% and
dollar bonds of the City of Montevideo for new bonds and
was
orginally announced Aug.
due
Protective Council,
conversion
new
May
1,
1979
1,
receive
1943,
and
1,
are entitled
rate
of 3M%
per
4H%
per
thereafter.
annum
an
1978, bearing interest
Holders
than
more
OF
to receive
7%
the rate of 3Vt%
per
per
the
on
MEMBERS*
(SHARES)
1940
Per
Cent
week
a
A. Total round-lot sales:
bonds
annum
Exchange,
Total for
Short sales
86,490
3,209,550
Other sales.b
from
Total sales
Dec. 1, 1937 to Dec. 1, 1939, thereafter at the rate of
4M% per annum to
Dec. 1, 1943, and 4 5-16% thereafter.
Provision is made for the payment at the rate of
3Yt%
Stock
classification.
one
Week Ended March 2,
equal amount dated Dec. 1, 1937 and
at
York
from
annum
of
New
TOTAL ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
1,
1, 1939, thereafter at the rate of 4% per annum to
conversion bonds in
new
Dec.
due
bondholders
the
,
principal amount dated Nov. 1, 1937 and
bearing interest at the
Nov. 1, 1937 to Nov.
Nov.
Inc., 6%
bonds of equal
On
trades.
the number of reports received because a
single report may carry entries
1938 following negotiations between the
Republic and the Foreign Bond¬
holders'
round-lot
The number of reports in the various classifications may total more than
in
which
other
two exchanges.
The announcement in the matter
Under the terms of the
offer,
564
other hand, all but a fraction of the odd-lot transactions are effected by dealers
engaged solely in the odd-lot business.
As a result, the round-lot transactions of
specialists in stocks in which they are registered are not directly comparable on the
7%
scrip of the Republic.
further explained:
56
588
*
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
by specialists in the stocks in which they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are not segregated from the
amended prospectus, the extension to Aug. 31,
an
97
205
4. Reports showing no transactions.
Time for Exchanging
Montevideo 6% and 7% Bonds
98
.
205
....
Uruguay Extends
803
192
floor
through
New York
Stock
Exchange
regards rubber.
B.
in
annum
3,296,040
Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
1. Transactions of specialists in stocks in which
bonds, scrip and cash, of coupons unpaid and maturing from Nov. 1, 1932
Nov. 1, 1937, inclusive,
appertaining to outstanding 6% dollar bonds
presented for exchange, and from June 1, 1932 to Dec. 1, 1937, inclusive,
they are
registered—Total purchases
to
284,710
Short sales
appertaining to outstanding 7% bonds presented for exchange.
Sinking funds are provided calculated to retire the conversion bonds by
maturity.
...
36,290
237,840
__
Other sales, b
Total sales
.
274,130
.
8.48
,
The offer provides that holders of
2. Other transactions initiated
outstanding dollar bonds of the city
on
the floor—Total purchases
168,200
who desire to accept the Republic's offer should deliver their dollar bonds
Short sales
with all coupons maturing after Nov.
1, 1937 and Dec. 1,
1937, as the case
be, with form letters of transmittal, to Hallgarten & Co., as exchange
agent with respect to the 6% bonds or to Dillon, Read & Co. as exchange
Other sales.b
12,150
192,895
...
may
agent for the 7%
The
Total sales
bonds.
3.
exchange offer made in August, 1938
Aug. 6, page 820.
was
205,045
Other transactions initiated off the floor-Total puichase
reported in
Short sales
these columns of
5.66
102,110
13,200
133,973
Other sales.b
»>
I
♦
Total sales
Holders of
Bulgarian External Loans Urged to Accept
Government's Offer of 40% Loan Interest
555,020
Short sales
The
League Loans Committee (London), the Council of
Foreign Bondholders (London), and the Association Na-
3.78
147,173
Total—Total purchases
61,640
564,708
Other sales.b
Total sales
626,348
17.92
tionale Des Porteurs Francais de Valeurs Mobilieres (Paris)
jointly recommend that bondholders of Bulgarian external
loans, both League of Nations and Pre-War loans, accept the
Bulgarian Government's latest proposal for current service
on these
loans, according to information made available on
March 20 in New York through J.
Henry
Schroder Banking
Corp.
The Bulgarian Government's proposal provides for
the transfer of 40% of the instalments of interest due in
foreign exchange on the eight loans. The announcement in
the matter stated:
TOTAL
BERS *
AND
STOCK
STOCK
SALES
ON
THE
TRANSACTIONS
YORK
NEW
FOR
Total for
Short sales
Other sales.b..
Total sales
786,560
1.
Transactions of specialists in stocks in which they are
64,955
registered—Total purchases
bearing leva
Other sales.b
The Government's proposal states that coupons paid at
40%
payments,
and
also
treatment at least
as
that
if
more
or
favorable
treatment
three
1939
on
accorded
any
Other sales.b
associations
also
announce
that
the
Bulgarian
3.
war
in
a
Trading
Securities
and
the New York Curb
of these exchanges
the New York Stock
6,410
-
151,675
,
Total sales
158,085
17.53
Customers'short sales
3
„
59,804
Customers' other sales.c
Total purchases..
—
59,807
in the week ended March 2, continuing
Total sales
the
week ended March 2:
The data published are
based
upon
weekly reports filed with the New
and the New York Curb Exchange by their respective
These reports are classified
*
The
term
"members"
includes
43,276
-
-
all Exchange
members,
their firms and
the
partners, including special partners.
Exchange of 3,296,040 shares.
This
compares with member trading during the previous week
ended Feb. 24 of 806,890 shares, or 20.67% of total trading
off3,588,190 shares.
On the New York Curb Exchange
member trading during the week ended March 2 amounted
to 158,085 shares, or 17.53% of the total volume on that
Exchange of 786,560 shares; during the preceding week
trading for the account of Curb members of 151,820 shares
was 18.62% of total trading of 723,010 shares.
The Commission made available the following data for the
members.
2.96
C. Odd-lot transactions for the account of specialists:
Exchange and
pi Trading on the Stock Exchange for the account of members
during the week ended March 2 (in round-lot transactions)
totaled 626,348 shares, which amount was 17.92% of total
York Stock Exchange
22,910
-
117,739
Other sales.b
Exchange for the account of all members
figures.
on
-
Short sales
of current figures being published weekly by the
Short sales are shown separately from other
transactions
925
21,985
Total—Total purchases—
New York
Commission..
sales in these
23,675
Other sales.b.
Exchange Commission made public
on
3.79
30,560
-
Total sales
New York Stock and
on
round-lot stock sales
series
1,700
28,860
Short sales
September of last year.
yesterday (March 22) figures showing the volume of total
a
.1
—
transfers of interest service due in
Curb Exchanges During Week Ended March 2
The
10.78
29,109
Other transactions initiated qff the floor-Total purchases
temporary suspension of such transfers following the
4.
Member
the floor-Total purchases
Total sales
bondholders'
was
104,615
...-
on
Short sales
guaranteed by the Bulgarian Government,
the external loans, under the terms of the Dec. 1, 1938 communique,
outbreak of
.A.
Other transactions initiated
favorable will be given all external loans now under
Government succeeded in effecting all
although there
100,830
Total sales
2.
consideration.
The
3,785
—
in accord¬
satisfied by those
is
a
Round-lot transactions for the account of members:
interest service has been duly transferred in foreign exchange.
foreign obligations due from
Cent
7,660
778,900
fund where this applies, these bills to be released at the end of 1940 after
as
Per
Week
Short sales
with the suggested provisions would be regarded
EX¬
MEM¬
Week Ended March 2, 1940
Treasury Bills for 60% of the interest and the full amount of the sinking
ance
OF
A. Total round-lot sales:
Under the plan, the Bulgarian Government would
immediately hand to
the 40%
CURB
ACCOUNT
(SHARES)
i
B.
the League of Nations Commissioner in Bulgaria non-interest
ROUND-LOT
CHANGE
as
follows:
a
Shares in members'
transactions as per cent of twice total round-lot volume.
calculating these percentages, the total of members' transactions is compared
for the reason that the total
In
with twice the total round-lot volume on the Exchange
of
members'
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 included with
"other sales."
Odd-Lot Trading on New York Stock Exchange During
Week Ended March 16
» 4
Commission made public on
for the week ended March 16 of com¬
_
The Securities and Exchange
March 21
a
summary
plete figures showing the volume of stock transactions for the
odd-lot account of all odd-lot dealers and specialists who
handled odd lots on the New York Stock Exchange, continu¬
ing
a
series of current figures being published by the Com¬
mission. ± Figures
for the previous week ended March 9
were
The Commercial & Financial Chronicle
1854
reported in
The figures
the Commission by the
issue of March 16, page 1684.
our
based upon reports filed with
odd-lot dealers and specialists.
are
stock
for
transactions
odd-lot account otodd-lot
the
exchange
specialists on new york stock
dealers and
week Ended March is, 1940
°weet
for
Odd-lot sales by dealers (customers' purchases):
Number of orders..
19,824
—
-
543,228
——
Number of shares
20,014,945
.
on ma
Dollar value
a**
<^umberrof1wderef dCaIerS (customers sales)'
to be filled at the annual election on May 13. The Nominating Committee will present its slate on April 8. Total names
suggested at the three meetings for Chairman of the Board
is 4: (Edward E. Bartlett, Jr., E. A. Pierce &Kobert
p. Boylan, at E. F. Hutton & Co.; Charles B. Harding,
SmithBarney & Co.; and Robert L. Stott, Wagner, Stott
& Co.); for five governors who are members of the Exchange,
48; for two New York Governors who are allied members or
non-member partners, 20; for two out-of-town governors
who are members or allied members or non-member partner,
15; for two trustees of the gratuity fund, 6.
^
New York Stock Exchange Questions Member Firms on
Customers'short sales...............-..-....-.—
Customers other saies.a
343
—
Service Charges
,—
22,954
Customers' total sales
The New York Stock Exchange sent to its
March 19
not the
or
Number of shares:
Customers; short sales
—
other saies.a
customers
575,913
586,043
Customers'total sales
19,209,601
Doiiar value
=====
'^Number df1'shares:6616"1'
Short sales
should be
Qf
Stock
charges.
tions
service charge?
If you favor repeal of Rule 490, are you in favor of any mandatory
(2)
(3)
b Sales to.offset customers'
which is less than
your answer
from commissions
Members
odd-lot orders and sales to liquidate a long position
to question 2 is in the affirmative, are you in favor
or
are
net
#
Mnndnv
referred to
«,
m
a
credit
may
IMnrrdi
9<V)
Thp
not later than
answers
Rprviop
cbarp-p
rule
was
ine service enarge ruie wab
Feb. 17, page 1063.
these columns
/
^
R-
Variations in Bids and Offers
Board
Governors
of
the
of
Stock
York
New
with variations in bids and offers.
The
purpose of this amendment, the Exchange says, "is to make
possible the entry of orders in low-priced stocks at variations of sixteenths, in order to avoid the confusion which
sometimes develops from the changing of prices of existing
orders when, under the present rule, the Committee on
Floor Procedure changes the variations on a specific stock
from eights to sixteenths."
Rule 124, as amended, to become effective April 1, reads as follows:
Rule
of
$1
124—Bids
share, and
per
offers shall
or
stocks at
in
$1
%
1%
however, that the Committee
than
above
the
ment
bonds,
•which,
such
(2)
securities
as
in
and
a
foreign
(1)
than
%
in stocks below $1
provided,
bonds;
of
and
domestic govern-
securities, (3) securities
to be redeemed within
12
are
price of less than
be designated
may
less variation
a
amount
municipal
otherwise,
or
(4) stocks selling at
other
offers
county
call
to
principal
Floor Procedure may fix variations of less
on
and
State,
pursuant
months,
bids
for
at
1/16 of $1
more,
or
the
of
be made
not
share
per
of
(5) rights, and
%,
by said
Boylan Appeals to
(6)
committee.
^
t
New York Stock Exchange
^emb"8 (o* Contributions to Support Beekman
Ex-
change, at a meeting held March 13, amended Rule 124 of
the Board dealing
a
Amends Rule Dealing with
New York Stock Exchange
The
of
be allowed for income
trades?
asked to return their
noon, monaay uyiarcn zo).
round lot are reported with "other sales."
a
If
mandatory service charge against which
"short exempt" are reported with "other sales."
Sales marked
in favor of the retention or repeal of Rule 490 of the Board of
Governors relating to service charges?
109'130
-
—
a
you
145,120
S
Total sales.....
Round-lot purchases by dealers:
Number of shares
on
follows:
as
70
145,050
—
-
Other sales.b
members
questionnaire asking their opinion as to whether
service charges, which went into effect on March 1
continued. It is understood that many customers
Exchange firms have protested tue mandatory
The letter sent by Charles E. Saltzman, Viceand Secretary of the Exchange, asked three quesa
,
President
(1) Are
—
March 23, 1940
^
'
.
_
Robert P. Boylan has accepted the Chairmanship of the
New York Stock Exchange Committee for the 1940 Maintenance Fund campaign on behalf of the Beekman btreet
Hospital, and has addressed to members and allied members
?*
Exchange an appeal for contributions to support that
institution. Mr. Boylan s appeal to the members of the
Exchange and to partners m member firms emphasizes the
practical Usefulness _of the Beekman Street Hospital to the
financial district. Mr. Boylan says:
I believe you will agree that we have a definite responsibility in helping
to maintain this service for ourselves and for our employees. The community, very properly, attaches great importance to the emergency pro
tection which the Hospital provides. |
After a careful study of the Hospital's budgetary needs, the Board of
Directors estimate that they will have a deficit of SI 17,000 in the current
year's operations. They expect to receive approximately S50.000 from the
Greater New York and the United Hospital Funds. This, however, wil
eave them with an estimated net deficit of S87,000. From necessity, there-
ore, they are obliged to request contributions from the members of the
inanclal community sufficient to enable them to meet this deficit.
Include
gaged
ment
At
its
Advisory Services
meeting
New
the
Registered Representative
Those EnSo lcitation of Subscriptions
o
nvest-
in
in
York
March 13 the Board
on
Stock Exchange
of Governors
"registered
representative"
solicitation
of
investment
management
of individuals
subscriptions
to investment
Rule
11—The
a
engaged in the
advisory or to
services furnished
by their member firm employers.
amended, effective on April 1, is
on
fee
a
basis
The text of Rule 11, as
as follows:
representative of his employer;
on
the
in
ment
or
solicitation
whom
business of
his
in the sale of listed
or
principal basis for his employer;
has
their
duties
in
cotton
furnished
been
delegated
employer.
on
fee
a
basis
by
unlisted securi-
commodities
or
over
,
!
management
or
investment
advisory
of clarity,
bering of certain rules due to such rearrangement.
™
~
...
r
wj
v
,
c
,
Suggestedto Nominating Committee of New York
The
J3t0.ckiExcl!ange f°r Poat °! Ci?Ta,rmfn
Nominating Committee of the New York
,
Stock
Exchange on Mar. 19 held its third and final meeting for^ the
purpose of receiving suggestions for the offices and positions
up 35.3% in 1939 against 36.7%
in 1938. Total interest payments were 16.6% in 1939, and
total Operating expenses 57.5% making total Current expenses of 74.1%.
Net current operating earnings were
Reserve District in 1939
thfaverage
^te of return on securities was 3.2%. The ratio of total
current earnings to total assets for all banks averaged 3.3%,
while the rtaio of net current earnings to total assets was
0.9%. The ratio of total capital accounts for all banks in the
Chicago District to total deposits averaged 12.4%.
rotin nf flock aoootc +a irtlol occafa ovcraocH Q1
*,
Q w
The
+l«+
Cash assets to total assets averaged 31.3%, while that
♦
Federal Reserve Bank of St. Louis Reports
m,•
m
+,
m
bonds and stocks made
Oil
without ehang-
intfnt of such 111168 111 any way.
.
in
on
income
1938, while interest and dividends
of loans was 32%, and that of securities was 34.4%.
purposes
Rearrangement of the sequence of certain rules and necessary renum-
i
compared With 48.7%
Interest and discount
f£,i9£#i °f ^Current
member banks for 1939, The ratio of net current earnings to
.total current earnings averaged 27.6%. The ayerage rate of
return 0n loans for all banks was 5.3%. while
n
+*.
subscriptions.
(2) Rewording of certain rules for
1116 tlle sense OT
c
the Boston Federal Reserve Bank
Study of operating ratios of Seventh (Chicago) District
service
r
?,omPar|son|, J* previous years, was recently issued by
recognized
rules^are:
investment
.
Federal Reserve Bank of Chicago recently issued its
a
an!lounces< the changes which have
of
?
^
ip? amendment of Rule 11 of the Board of
^imS «*? a^e^d
Employees.
Briefly
solicitatibn
'?
,
Operating Ratios of Member Banks in Chicago Federal
(1) Amendment of Rule 6 (new Rule 7) to include a description of the
of compensation permitted by the Exchange for individuals
engaged
v
,e
or
bases
(3)
"
compilation of member bank income and expenses for
1939 m the First (Boston) Federal Reserve District, with
oy
g-n
.
foreign
does not
the
exchange.
a
r.
ro;reyolpme
engaged
25,9% in 1939 compared with 25.3% in 1938.
invest-
employer;
"registered representative"
™
the
,
to
or
his
such, respect require their registration with
-
in
i
-
supervision
general
The term
„
rl™
or
engaged in handling
subscription
artL&rfS*££
national
or
op!rations °! h!° advisory
to investment
of
service
management
to
one
dealer
a
r>
Federal Rese,™ 1Jank °]
torn,
"registered representative" means an employee
engaged in the solicitation or handling of liBted or unlisted business in
securities, or other similar instruments; or in the trading of listed or
unlisted securities, or other similar instruments, for the account of or as a
ties
of
of
adopted an amendment of
Rule 11, which effects the inclusion in the definition of
Boylan has asked that donations be sent to him in
E/F_ Hutton & Co.; 61 Broadway, and that checks
])e ma(je payable to Harvey D. Gibson, Treasurer of the
Beekman Street Hospital Campaign.
care
„
,
,*OS ot
®
,
„
"
on
Operating
iqqq
i
The Federal Reserve Bank of St. Louis on March 20
completed and mailed to its member banks and others a
study of operating ratios of 381 member banks in the Eighth
District, for the year 1939. Regarding the ratios the Bank
said:
For the purposes of the study, the members were segregated into seven
groups,
according to volume of average deposits.
The percentages are
Volume
branches thereof up to.2 p.m. (EST), March 25, but will not
be received at the Treasury Department, Washington. The
(1)
given for each group and for all banks under the following headings:
and invest¬
ments, and (3) earnings on total assets, dividends and related factors.
The study shows that, for all banks, loans and discounts averaged 34.4%
of total assets, and securities 30.8%. The banks earned an average of 6% on
sources
and disposition of earnings,
(2) experience
on
loans
Treasury bills will be dated March 27, 1940 and will mature
on June 26, 1940, and on the maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on March 27, in
amount of $101,021,000.
In his announcement of the offer¬
ing, Secretary Morgenthau also said:
loans, and 3.3% on investments.
Interest and discount
on
loans represented 55.3% of the total
earnings, while interest and dividends on investments
additions to profits
Net
operating
accounted for 29.3%.
of the operating earnings.
Current expenses absorbed 70.7%
funds and 1%
(before dividends, &c.)
were
7.7% of capital
of $1,000,
No
J.
of
Morgan
P.
State Banking
Co.
&
Approved
Tenders will
corporate name upon
as
firm of the same name,
conditioning concern in
measure
Glendale,
morning.
reject
Mar.
The
for
of any
were
Credit
building and
member institu¬
Sell
$20,325,000
addition
to
the public sale,
1941.
as
well
as
maturing issues aggregate $13,400,000, $6,925,000
constitutes
900,000.
new
^
.
money.
&
.
dearth
of
Secretary of the Treasury Morgenthau announced on
March 18 that the tenders to the offering last week of $100,000 000
or
thereabouts,
of 91-day Treasury bills totaled
$322,991,000, of which $100,469,000 was
of
sale
Islands and to
Total applied
for, $322,991,000; total accepted,
The accepted bids were
Of the tendered at par,
$100,469,000.
and at par.
tendered at prices slightly above par,
69%
was
accepted.
or Thereabouts, of 91Dated March 27, 1940
Secretary of the Treasury Morgenthau announced March
22 that tenders are invited to a new offering of 91-day
Treasury bills to the amount of $100,000,000, or thereabouts,
to be sold on a discount basis to the highest bidders. Tenders
will be received at the Federal Reserve banks and the
New
Offering of
$100,000,000,
Day Treasury Bills—To Be
individuals because of
Bonds totaling $3,805,957,700 in
bonds
baby
be restricted
will
to residents
However,
citizens of the United States temporarily
corporations which
baby
buy
of the United
the Philippine
residing abroad.
bonds for the account of
their
employees will be permitted to continue to do so.
Mr.
Morgenthau announced also that tax collections from all sources,
including income levies, in the first twenty days of
$621,000,000,
year, an
as
compared
with
$473,000,000 in
March had aggregated
the same period
Mr. Morgenthau said flatly that
However,
sought
last
increase of 31%.
the rise in tax collections
would not show a sufficient increase to eliminate new taxes
by
"I stand
on
of $460,000,000
Roosevelt in his budget message last January to
The debt is now $42,510,503,014.
President
debt limit.
the President's message until he changes
it," Mr. Morgenthau
said.
4
Mr.
about"
Morgenthau
ways
estimates
it
Mr.
indirectly advised Congress to stop seeking
going to spend money beyond Mr.
raise
should
.
.
the
borrowing
power
Secretary
economy
me
a
or
of the
debt-reducing purposes and
"round-about device" to circumvent
a
verbal
spanking to
bloc which has been urging that the
"There is no reason
Government to
of raising the debt limit.
administered
by charging that "they are making a
000
of the
opposed to using the free funds
Morgenthau said he was
$2,000,000,000 currency stabilization fund for
The
Roosevelt's budget
.
asserted that such action would be a
the important matter
"round¬
$45,000,000,000 debt limit, and said
to avoid reaching the
that if Congress was
accepted at prices
slightly above par.
The Treasury bills are dated March 20 and will mature on
June 19, 1940.
Reference to the offering appeared in our
issue of March 16, page 1687.
The following regarding the accepted bids to the offering
is from Secretary Morgenthau's announcement of March 18:
indi¬
Between 25 and 30% of
States, its territories and insular possessions, the Canal Zone,
Received to Offering of $100,-
000,000
of
91-Day
Treasury
Bills—$100,469,000
Accepted at Prices Slightly Above Par
popular form of investment with
a
securities.
investment
$50,000,000,000.
Tenders of $322,991,000
Mr. Morgenthau
maturity value have been issued.
of
Therefore the
indebtedness of the banks will increase by that amount
and at the close of business, April 1, will aggregate $196,raised
have been
with trustees and corporations.
avoid increasing the
funds
of its
as
the bonds sold have been purchased by other than
the
-
offering of these securities
$1,325,000 of
debentures was placed privately within the system, making
the total sale $20,325,000.
The offering was made through
Charles R. Dunn, New York, fiscal agent for the banks, at
a price slightly over par.
The debentures are to be dated
April 1 and of the total $8,425,000 mature in six months,
on Oct. 1, 1940, and $11,900,000 in nine months, on Jan. 2,
As
418,
every
They (baby bonds)
viduals
with the broadest demand for any
the
otherwise recognized, for the purposes
York "Herald Tribune" said:
The
In
or
deduction,
a
time the Treasury sells a $75 bond it
must add the full maturity of $100 to the national debt.
Regarding this and other matters discussed at his conference
on
Mar. 21, Washington advices of Mar. 21 to the New
and loan executives and other
offering of $19,000,000 %% debentures of the Federal
19, is said to have met
record.
as
tax now or hereafter imposed by the United States or any
explained that
$20,000 each in value.
Intermediate Credit Banks, March
on
other disposition of the Treasury
statutory debt limit of $45,000,000,000.
by all lenders lined up as
Wisconsin for $5,-
Banks
the
bills
or
No loss from the sale
Keep Debt Within Limit
leaders in the District.
Intermediate
from all
(Attention is invited to
inheritance taxes.
Secretary of the Treasury Morgenthau announced Mar. 21
that beginning April 1 the Treasury will sell savings (baby)
bonds only to individuals and bar their sale to corporations
and institutional investors.
It is expected that this order
will slow down the rise in the national debt toward the
individuals,
Debentures
An
and
Secretary of Treasury Morgenthau Limits Sale of
"Baby" Bonds to Individuals—Action Designed to
„
Federal
principal and interest, and any
other disposition thereof will also be exempt,
issue.
summarized for Mr. Gardner by the division of research
Home Loan Bank Board in Washington.
Co¬
operating in the survey were the savings
available funds on
amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
and statistics of the Federal
mortgage lending
or
estate
Treasury Department Circular No.
Illinois for $15,732,000, and 2,139 in
refer to mortgages of not more than
The figures
Those sub¬
rejection thereof.
possessions.
415,000.
Recordings
other immediately
or
,
Geographically the January home mortgages
follows: 4,194 in
except
shall be allowed
which they furnished January, last year,
Mr. Gardner said.
or
1940.
gift tax.)
largest block of the loans
Miscellaneous
next with $5,217,000 of the
which constitute the bulk of the bank's
with the 27%
compares
acceptance
Treasury Decision 4550, ruling that Treasury bills are not exempt from
January's total mortgages.
30% of the district's home financing done by savings,
loan associations,
of the
The Treasury bills will be exempt, as to
$3,508,000; insurance companies, $1,593,000.
tions,
27,
taxation,
Savings, building and loan associations made the
Banks and trust companies furnished $4,335,000;
right to
of tenders, and to allot less than the amount
be advised
will
gain from the sale
lenders, including mortgage companies, were
or parts
the Federal Reserve Banks in cash
would have had to change its name.
announcement further said:
recordings.
tenders
to
acceptable
Payment at the price offered for Treasury bills allotted must be made at
recorded
on non-farm homes during January to secure loans of $21,147,000, the Federal Home Loan Bank of Chicago which
serves the district reported on March 9.
A. R. Gardner,
President of the Bank, pointed out that this was an increase
of 17% in volume and 10% in number over the home mort¬
gages recorded in the district in January, 1939.
The Bank's
this
all tenders
1940,
up
possible thereafter, probably on the following
as
Secretary of the Treasury expressly reserves the
The
any or
mitting
In Illinois and Wisconsin 6,333 mortgages were
$6,474,000 of
as soon
applied for, and his action in any such respect shall be final.
+
recording
thereof
closing hour will be opened and public announcement of the
prices wiU follow
which it did
Chicago Home Loan Bank Loaned $21,147,000
Mortgages on Non-Farm Homes in January
incorporated bank
company.
Immediately after the closing hour for receipt of tendei-s on Mar. 25,
the
Without the passage of the
Queens.
accompanied by a deposit of
all tenders received at the Federal Reserve Banks or branches
was
the banking house of Morgan
trust
or
law to permit a private bank to retain
incorporation the name under
reaponsible and recognized dealers in invest¬
10% Of the face amount of Treasury bills applied for, unless the tenders are
necessitated by the existence of another
J. P. Morgan & Co., Inc., an oil burner and air
partnership,
a
decimal places, e. g., 99.125.
deposit from incox-porated banks
accompanied by an express guaranty of payment by an
vices to the New York "Times" on that date said:
its
(maturity value).
Each
will be considered.
The price offered must be expressed
$1,000.
Tenders from others must be
ment securities.
permitting J. P. Morgan & Co. to dissolve its partner¬
ship as a private banking house and continue as a public
corporation under the same name.
As to this Albany ad¬
business
$1,000
be accepted without cash
and trust companies and from
on
bill
as
than
less
amount
an
Fractions must not be used.
of Banks, William R. White and
action incorporates the company
The bill, amending the banking
for
the basis of 100, with not more than three
on
of J. P. Morgan & Co.,
March 21 by State Superintendent
the Banking Board. This
under the State Banking
Law and dissolves it as a private banking house.
Governor Lehman on March 15 signed the Williamson
approved
was
$10,000, $100,000, $500,000, and $1,000,000
tender
tender must be in multiples of
by
Board
The certificate of incorporation
Inc.,
denominations
They will be issued in bearer form only and in amounts or
of total assets.
Incorporation
1855
Chronicle
The Commercial & Financial
ISO
the Congressional
debt limit should not be raised,
mountain out of a molehill."
$47,000,000,wouldn't worry
$50,000,000,000, but it should be done in
why it should not be $46,000,000,000 or
$48,000,000,000," he told newspaper men "and it
in the least to see
it raised to
perfectly open legal way by Congress."
Additional
$26,994,000
of
2M% Treasury Bonds of
Investment Accounts
1951-53 Alloted to Government
Morgenthau announced on
of 2)4% Treasury bonds
of 1951-53 have
been alloted to Government investment
accounts, bringing the total up to the full $100,000,000 re¬
servation contained in the offering circular and his press
release of Dec. 12, 1939.
The allotment of $73,006,000 of
these bonds was announced in the press release of Dec. 20,
and since that time an additional $26,994,000 have been sold
Secretary
of
the
Treasury
March 15 that additional amounts
to
the accounts.
The allotment
made in December was
columns, Dec. 23, page 3947.
reported in these
$20,891,000 of Government Securities Sold by Treasury
During February
Market transactions in Government securities for Treasury
investment accounts in Fberuary, 1940, resulted in net
Morgenthau announced
with net sales in January of
Secretary
&20,891,000,
of
sales
This figure compares
March 15.
the Treasury's transac¬
securities, by months, since March,
Government
in
1938:
'
various
June
-
Roosevelt, President of the United States
concurrent resolution, do hereby
and I hereby invite the Governors
of the several States to issue Army Day proclamations; and, acting under
the authority vested in me as Commander-in-Chief, I hereby order mili¬
tary units throughout the United States, its Territories and possessions,
Now, therefore, I, Franklin D.
of
July
August
September
October
November
December
of
United
the
Done
of
United
the
Furnishes
Data
Roosevelt Declares There Can Be No Moral
pertaining
to
acquisitions of silver since the passage of the Silver Pur-,
chase Act on June 19, 1934, were presented on March 19,
1940, by Secretary of the Treasury Henry Morgenthau Jr.
the Senate Committee on Banking and Currency, con¬
to
(referred to elsewhere
today's issue).
The figures show that the nearest the
Treasury's stocks of silver ever approached the proposed
25% ratio to total gold and silver monetary stocks was
19.1% at the end of June, 1938.
Although stocks of silver
in the Treasury continued to expand after that date, the
rate of increase of gold was so much greater that the silver
proportion to the total dropped by the end of February,
1940, to 17.4%, which was about the same as at June 30,
1936.
From that date to last Feb. 29 silver stocks rose
ducting hearings on the Townsend Bill
in
$1,589,200,000 (calculated at statutory rate of $1.29 an
ounce) or by 70.6%, but in the same period gold stock
increased $7,569,100,000 or 71.4%.
Another tabulation indicating the source of all silver
shows that Mexico has provided more than
half the new production silver purchased abroad.
From
June 19, 1934, to Feb. 15, 1940, purchases of new foreign
silver have aggregated 460,431,000 ozs. at a cost of $214,782,000, of which 256,336,000 ozs., costing $127,553,000,
were bought in Mexico.
Other
purchases of silver included 492,798,000 ozs.
purchased in London for $301,917,000.
The following
figures given out by Mr. Morgenthau indicate the cost and
source of all silver purchased since June 19,
1934:
purchases
CONSOLIDATION
MENT
OF
PURCHASES FROM DEC. 12, 1935, TO FEB. 15,
[Figures
are shown
of
ing from Washington, under the auspices of the Christian
Foreign Service Convocation, held in New York City by
the
Missions Conference of North America, went
a lasting peace if the fruit of it is
Foreign
to
on
"it cannot be
say
starvation,
oppressor,
or
nated
armed
by
cruelty, or human life domi¬
cannot be a sound peace if
or
It
camps.
small nations must live in fear of
It cannot be a
The
I
glad
advent
righteous
of
text
am
in
part
Christian
the
known
era
messengers
world.
They
notice of
ing
When
the
invasion
a
chapter
new
Since
made
of
after
come.
human
countries
relations,
the
of
World
carried for the
for they
and
into Macedonia
Western
they wrote
first time a
advances.
For that ideal is not confined to the followers
faith, but has been accepted as a part of the philosophy
Christian
other great
religions,
them
of
soldiers,
or
agents of conquerors, carry¬
those
glorious
the
of
traders
commonly
were
Disciples of Christ crossed
the
another
in
.
brotherhood, of faith and goodwill, and of peace among men.
early days the ideal of a peaceful world brotherhood has
of
message
to
Apostles and
one
.
broadcast today.
Before the
and missionaries had traveled
were
they
or
.
follows:
speech
world
this
seeking advantage for themselves,
visited
powerful neighbors.
if worship of God is denied."
peace
President's
the
take
to
the
of
throughout
of them older than Christianity itself, some
recent.
But
more
this
serious
some
has
advance
been
not
which
in
taken
have
straight
a
It
line.
has
with
met
offset.
Nomad tribes from Eastern Europe and Western
Asia required centuries
of assimdliation before they could understand the gospel of brotherhood.
reverses
the
And
and
years
centuries
even
to
days set castle against castle in thousands of tiny
early feudal
slaveries, which ended only in the setting up of
slaughters and
in
wars,
In thousands only.
When 500 or under, the amount has
been added.
This applies to both the ounces
Today
attacks
why
19, 1934, to
June
Dec. 15, 1935
Dec. 12, 1935, to
Feb. 15, 1940
it
Ounces
0.999
Cost
0.999
the
it
New Production Silver
Mexico
12,493
60,833
123,010
$45~ 924
Mexico under agreement.
56,834
133,326
26,500
55,129
$24,366
72,424
123,010
$24,366
55,129
to
in
fear
Sub-total
72,493
$45,924
240,677 $105,955
313,170 $151,919
(not
•
35,987
26,876
84,754
62,507
35,987
26,876
be
seek
together
the
where organized
era,
one
That is
of the
and
another.
representatives
to
not
to maintain
all
of
brotherhood.
is
sold
which
in the
of
lasting
a
the
if
peace
human life dominated
or
small nations must live
sound peace if
be
real peace if
a
moral
a
peace
intelligent
an
freedom
if
if it
peace
the
worship
'f
and hearts
world to that knowledge of those
find common ground.
And lastly, it cannot
to
men
peace
cruelty,
It cannot be
throughout
permit
be
cannot
or
It cannot
tribute.
for
passage
It
a
neighbors.
powerful
It cannot be
peace.
starvation,
or
it in the minds
nations.
It cannot be
camps.
of
righteous
a
temporary
a
divide, but to unite men
of brotherhood and goodwill.
seek,
moral basis for
a
is oppression,
free
ideals
84,754
62,507
Identified)
All Canada
citizens
invasion
denies
message
recognize
it
by armed
from
old
call
to
proper
by splendid efforts
we
fails
fruit of
56,834
Various countries
and
in
and nations from
men
days of the past that ideal has been saved many times,
run,
Today
Countries south of the U.S.;
to be
more
bodies which
the
in
average
Fine
Fine
Fine
Cost
right
is
dark
long
0.999
Cost
once
seeking to divide
religious
In
Ounces
Ounces
seem
we
are
nations
Total
Source
countries
peace," declared that "it cannot be a real peace
brotherhood." The President, speak¬
basis for
if it fails to recognize
great
Various
international radio broadcast
an
16, in which he -was joined by Queen Wilhelmina
The Netherlands, in stating that "today we seek a moral
governments able to maintain peace within their borders.
dropped; when over, It has
and the dollars In this summary.]
been
Roosevelt, in
March
on
SILVER PURCHASES FROM THE ENACT¬
PURCHASE ACT ON JUNE 19, 1934, TO
ALL
Addresses Church Mission Group
helmina
President
SILVER
THE
OF
DEC. 11, 1935, WITH
1940
Peace If
Queen Wil-
Denied—With
Is
God
of
Worship
Treasury's
the
It Fails to Recognize Brother¬
If
Peace
for
hood—Also Says It Cannot Be Righteous
Purchases to Senate
Committee—Latin
America Source
of Most of
New Production Silver Bought
Silver
data
ROOSEVELT.
D.
FRANKLIN
By the President :
OORDELL HULL, Secretary of State.
Basis
statistical
one
(SEAL)
President
Various
Washington this twelfth day of March, in the year
and of the Independence of the
hundred and sixty-fourth.
hundred and forty,
nineteen
States
America to be affixed.
of
States
day.
and caused the seal
have hereunto set my hand
9,475,000 sold
20,891,000 sold
February
Morgenthau
Secretary of Treasury
on
United
States
the appropriate observance of that
in
the City of
at
Lord
our
1,201,000 sold
2,844,350 sold
3,157,000 sold
January.-
SI,648.000 purchased
72,600 purchased
February
bodies
whereof, I
witness
Army Day,
1940, as
6,
assist civic
1940—
1939—
January
April
the aforesaid
to
pursuant
America,
to
37,064,700 sold
40,367.200 sold
1,114,100 purchased
3,000,000 purchased
3,295,750 purchased
71,904.950 purchased
proclamations to Invite the Governors of the
Day proclamations;
Provided, That in the event
following Monday shall be recognized as Army Day."
issue Army
to
States
April 6 falls on Sunday, the
In
2,480,250 purchased April
May
4,899,250 sold
783,500 purchased June
1,161,600 purchased July
August
3,905,650 sold
38,481,000 purchased September
1,044,000 purchased October
360.000 purchased November
6,469,760 purchased December..
April
May..
units
April 6 as Army Day, and In such
12,500,000 sold
March.
23,348,500 purchased
1940
23,
throughout the United States to assist civic bodies in appropriate celebration to
such extent as he may deem advisable; to issue a proclamation each year declaring
1939—
I93g
March
March
requested, as Commander in Chief, to order military
the United States be
declare
$9,475,000.
The following tabulation, shows
tions
Chronicle
The Commercial & Financial
1856
God
of
denied.
is
•
'
Total product'n new
On
i
72,493
silver
$45,924
387,938 $168,858
460,431 $214,782
the
fundamentals
these
did
world
of missionaries whom
band
The
wars.
Trading and Inventory
this
Silver
New York-.
174,491
$97,832
112,026
$49,638
286,517 $147,470
of
well.
They permitted
Nation
the
international
Other Purchases of Silver
The
Various countries:
81
$60
460,716
75,422
287,095
Canada
London
..
All others
Total
..
other
46,584
6,687
32,082
539,422
$2,875
14,822
260,911
6,768
492,798
668,844
$2,935
301,917
307,495
of silver
536,219 $333,739
632,191 $278,608 1168,410 $612,347
783,203 $477,495 1132,155 $497,104 1915,358 $974,599
Proclaims
Roosevelt
President
Roosevelt
declaring April 6 as
issued
April
of the several States to issue similar
his capacity as
6
as
Army
Day
proclamation on March 12
Army Day.
He invited the Governors
a
proclamations and, in
Commander-in-Chief, ordered military units
throughout the country to assist civic bodies in observing
the day.
The text of the proclamation follows:
the President
A
Whereas,
eession
Senate
(50 Stat.
"That April
United
States
of
America
Resolution
5,
Seventy-fifth
first
provides:
6 of each year be recognized by the Senate and House of Repre¬
as Army Day, and that the President of
sentatives of the United States of America
you
meet to honor understood
now
threat to the integrity or the institutions
they work.
But they sought to promote an
human
on
for
force,
peace
and
I offer my
so
that
certainty
which
mate
justice.
which the early Christians preached
yet
know and
we
the
is
our
meant
we
glad
are
that
they
were
They will
stands
to
Having
as
I
These
die.
cannot
a
congregation of faith, in the
I
confident
am
that
deep
learned
speak
of
to
give
know
to
to you
movement
spheres
The
fellow
missions
differences
tional
of
and
ulti¬
your
are
the
highest of human ideals.
of Queen Wilhelmina follows, in part:
requested
have
world
a
as
civilization.
ultimate triumph, for the ideals of justice, of kindness,
been
pleasure to
me
of
he defended and maintained.
In their victory the whole world
gain, and the fruit of it is peace.
The speech
work
you,
help to keep alive that spirit of kindliness
essence
which
brotherhood
of
greetings to
will
you
triumph,
fact
Congress,
those
no
a
entering
life,
opinion
my
and
into
missions
Christian
on
ideals,
reason
men
and
of
the
religion,
.
.
intimate
have
customs
and
environment
spirit,
missionary
appreciate it in the world,
few words.
contact
greatly
in
which
cultural,
it gives
.
with
contributed
comprehension and mutual understanding and appreciation
PROCLAMATION
Concurrent
1108)
the
in
peace
victorious.
unknown
of
true
overcoming those forces in the world which had set them¬
selves against the brotherhood of man, and which denied the equality of
souls before the throne of God.
In those olden days they faced apparently
As
ARMY DAY—1940
By
based
search
faith
President
a
and
meeting
And
Grand total
which
in
order
active
unconquerable
purchases
have
not
between the ending of the World War and the beginning of present
years
represented
relationships,
educa¬
usages.
why this could be achieved is that love of Christ and of
was
the
and
further
in spite of the
they labor
social
other
to
impelling
motive.
our
Volume
Since
and
I
have
been
also
asked to
give
opinion on the present needs
my
of
I
radical renewal in the life of every
only can be the fruitful source from which flows the
necessary strength of the realization of practical and constructive achieve¬
ment
without which our world of today will go to ruin.
At the same
time
the
first need is that of
very
individual.
a
This
opinion
that such a radical renewal can only be achieved if wo return directly to
the very source of Christianity, the New Testament,
which 'invites and
calls every man, none excepted, in order to find there the truth we need.
May mankind learn to see through the eyes of Christ, and by so doing
time, I avail myself of this opportunity to express as my sincere
at present
widely apart from each other, and which when exposed to the light
the spirit of Christ, appear to have no right of existence as cause of
overcome
so
of
all
ideas,
sentiments
conditions
and
that keep men
separation.
Sale
Defends
Roosevelt
President
of Aircraft to
For¬
eign Nations—Says Buying Has Expanded Plants
and Aided National Defense—House Group Post¬
pones
Inquiry into Effect of Foreign Purchases on
Domestic Procurement
policy
House
Military Affairs subcommittee on March 20, was postponed
indefinitely on that date.
It was explained by Representa¬
tive May, Chairman of the House group, that Secretary of
War Woodring, who had been scheduled to testify, had re¬
quested additional time to gather information.
The sub¬
committee also planned to hear other War Department
The scheduled inquiry into the War Department's
aircraft export, which was to have started before a
they mature, and that it is desirable to effect a composition or an ex¬
as
tension of time to pay
be accompanied
officials.
previous day (March 19) President Roosevelt
conference was reported as stating that he favored
foreign sales as a means of increasing the productive capacity
of American aircraft plants, which, he is indicated as saying,
the
at his press
is in the best interests of national defense.
President
to
Roosevelt, championing the sale of
March 20 said:
resides and
If any such petition is filed, an
contend that United
military secrets were being divulged through such sales.
States
He
added that the plane orders have been responsible for an expansion of the
aircraft industry—a development which he called the most significant con¬
The
plane designs
were
not secret,
he told his press conference.
"Without identifying them,
three
or
cannot
as
four military
Mr. Roosevelt said that this country possesses
aircraft devices which experts believe other nations
duplicate, and added that they would be kept
confidential as long
possible.
"(r) For the purposes of this section and section 4
includes not only an individual
committee coordinating domestic
and foreign aircraft pur¬
on March 18 that the Anglo-French Purchasing
continuing negotiations for the purchase of $1,000,000,000 worth of American aircraft.
Mr. Morgenthau added
that the Congressional inquiry into the effect of foreign pur¬
chases on domestic procurement had had no effect on the
negotiations.
He had previously stated on March 14 that
he would welcome an inquiry by Congress.
Meanwhile, negotiations between Allied agents and Ameri¬
can
aircraft manufacturers have been continuing in New
chases, said
primarily bona fide personally engaged in
poultry
also any individual who is
dairy farming, the production of
livestock, or the production of poultry,
or
The start of these conferences was reported in
issue of March 16, page 1689.
our
City.
^
President
Signs Bill to Facilitate Procure¬
of Aircraft for National Defense
Roosevelt
ment
March 5 a bill to facilitate
of aircraft for national defense.
The bill,
sponsored by Senator Sheppard, Chairman of the Military
Affairs Committee, is designed to spread Army and Navy
Air Corps orders over a larger section of the aircraft industry.
According to United Press Washington advices of March 6,
the bill authorizes the Secretary of War and the Navy to
divide airplane, parts and accessory contracts among not
more than three low bidders, instead of requiring the whole
award to go to the single low "responsible" bidder.
The measure was passed by the House on Feb. 19, in
lieu of a similar House measure, and was passed by the Senate
at the last session of Congress (Aug. 1).
President Roosevelt signed on
the procurement
♦
President
Which
Roosevelt
Farmers
Bill Extending Time in
File Under Bankruptcy Act
Approved, March 4, 1940.
Speech by James H. R. Cromwell, U. S. Minister to
Canada, Brings Warning From Secretary of State
Hull Regarding Instructions to American. Diplo¬
matic Officers as to Discussion of Controversial
Policies of Other
Governments
by James H. R. Cromwell, United States
Minister to Canada, before two Canadian clubs in Toronto
on March 19, has called forth from Secretary of State Hull
an admonition as to "public discussion by American diplo¬
An
address
officers"
matic
controversial
of
policies of other govern¬
in war,
Govern¬
Secretary Hull, "is not in accord with in¬
ments, particularly with governments engaged
without the prior knowledge and permission of this
ment, which, says
structions to such officers."
As to Mr. Cromwell's address United Press accounts
Cromwell, in addressing a joint meeting of the Canadian
Clubs, attacked American isolationists and asserted
were
May
[S. 1935]
AN
ACT
March, 1944, the time during
Be it enacted by
under section 75 of the
the Senate and House of
of America in Congress assembled. That
"An Act to establish a uniform system of
subject of discussion in Congress,
The address has been the
and
resolution calling
a
for
investigation has been intro¬
an
duced.
Mr. Hull's warning to Mr. Cromwell was contained in the
following statement issued at Washington on March 21:
Toronto
on
March 19 by the
examined the text of the address made at
American Minister to Canada, Mr. James
H.
R. Cromwell.
Secretary Hull found the address
American diplomatic officers, as
of
other
particularly
governments,
without the prior
contravened standing instructions to
public discussion of controversial policies
with
governments engaged in war,
is not in
knowledge and permission of this government,
Such public statements by our dipolomatic
representatives are likely to disturb the
relations between this and other
governments.
Secretary Hull has telegraphed
that in the future he observe the
his views to Mr. Cromwell and has asked
standing instructions.
1940; this
Jan.
24,
page
!
reported in
issue of Jan. 27,
634.
was
I
Minister to Canada on
Mr. Cromwell assumed his post as
our
^
Congress Adopts Conference Report on $1,032,801,095
Treasury-Post Office Supply Bill
House adopted on March 14 the con¬
the $1,032,801,095 Treasury-Post Office
Department supply bill for 1941.
The measure is $11,245,417 below Budget Bureau estimates.
The report on the
bill provided for $16,980 above the amount voted by the
Senate on Feb. 15 and $646,483 over the figure passed by the
House on Jan. 25.
Passage of the bill by the Senate was
noted in our issue of Feb. 17, page 1070.
The
Senate and
ference report on
+
$92,777,021 Deficiency Appropriation Bill
$60,000,000 for Soil Conservation Pay¬
Senate Passes
—Includes
ments
The Senate
on
March 12 approved and returned to
House for consideration
the
of amendments the first deficiency
appropriation bill.
The Senate voted $92,777,021, which
was
$2,707,882 above the sum approved by the House.
Included in the bill is a $60,000,000 item to be made available
immediately to the Agriculture Department for soil con¬
servation payments.
Passage of the bill by the House on
Feb. 26 was noted in these columns March 2, page 1357.
House
Votes
$23,907,744 for Expenses of Congress in
1941 Fiscal Year
passed on March 13 a $23,907,744 appropriation
bill carrying funds for the needs of Congress through the 1941
fiscal year.
It represented an increase of $626,301 above
the current year, but was $1,877,868 under Budget Bureau
The House
estimates
The funds for the House were
$271,396, less than currently
appropriated while the Senate received an increase of $79,984.
As approved by the House the Library of Congress will re¬
ceive $3,458,498, an increase of $340,791.
•+»
which petitions may be filed by
Bankruptcy Act.
Representatives of the United States
section 75 (c) of the Act entitled
bankruptcy throughout the United
States", approved July 1, 1898. as amended, is amended to read as follows:
"(c) At any time prior to March 4, 1944, a petition may be filed by any
farmer, stating that the farmer is insolvent or unable to meet his debts
and Empire
that the allied powers
fighting to save democracy.
Signs
March 4 a bill extending
until March 4, 1944, the time during which petitions may be
filed by farmers under section 75 of the Bankruptcy Act.
This measure, giving farmer-debtors a three-year moratorium
in which refinance themselves, was passed by the Senate on
Jan. 18 and by the House, amended form, on Feb. 28.
The
Senate concurred in House amendments on Feb. 29.
The
following is the text of the bill:
farmers
from
Washington, March 21, said:
President Roosevelt signed on
To extend until
products or livestock
principal part of whose in¬
come is derived from any one or more of the foregoing operations, and
includes the personal reprsentative of a deceased farmer; and a farmer
shall be deemed a resident of any country in which such operations occur."
products in their unmanufactured state, or the
Board is
York
(b) the term 'farmer'
who is primarily bona fide personally en¬
gaged in producing products of the soil, but
accord with such instructions.
Secretary of the Treasury Morgenthau, who is in charge of
a
this section."
such Act is amended to read as follows:
The Secretary of State has now
the President
estimated that the output of plane and engine plants had tripled as a result
of the orders placed by Britain, France and other nations.
Commander-in-Chief of the armed forces,
as
Section 75 (r) of
Sec. 2.
tribution to national defense in the last year.
Speaking
of the farmer or creditor, be received
order of adjudication shall not be entered
except as provided hereinafter in
American-made warplanes
foreign nations, said yesterday it was sheer bunk to
The petition and answer shall be filed
commissioner for the country in which the farmer
promptly transmitted by him to the clerk of the court for filing.
by the conciliation
Mr.
With reference to the President's defense of aircraft sales,
Associated Press accounts from Washington
The petition or answer of the farmer shall
his debts.
by his schedules.
with the court, but shall, on request
on
On
1857
& Financial Chronicle
greater spiritual contributions in a world situation of great
should like to express my deep conviction that in our present
value
distress,
The Commercial
ISO
Senate
Approves Resolution for
Tapping
The Senate on
March 20 voted unanimously for an in¬
vestigation
of wire
Committee
on
solution for the
#
Investigation of Wire
tapping and listening devices by its
In approving a re¬
Interstate Commerce.
investigation, introduced by Senator Green,
The Commercial & Financial Chronicle
1858
Island,
Democrat, of Rhode
penditure of $15,000.
Senate authorized ex¬
the
March
Votes
ditions
Courts
Circuit
to
The House
Federal Judgeships—Three Ad¬
New
10
be
to
Permanent
against engaging
Federal workers classified under
Subject State and municipal employees to the same rules
in
political activity as operate against
creating 10 new Federal judgeships*
Washington As¬
sociated Press advices of March 14 listed the new Judicial
posts as follows:
on
of Kentucky,
Minnesota, Missouri, Nebraska, North and
South Dakota.
each for the following
One Federal district j udge
Southern California, New Jersey,
These advices also said that the
increases in the Circuit
district for which
any
a
judgeship
introduced by Representative Francis E. Walter,
mittee to have the
stated:
Democrat,
said in a report made by the House Judiciary Com¬
approval of the judicial conference and the Attorney
The judicial
General.
voted
was
would go unfilled.
Under date of March 1 Associated Press accounts
of Pennsylvania, was
Commission to allow
Service
Civil
the
participate in purly local elections when this is
nearby Virginia and Maryland.)
Courts would be permanent, but the District Court increases
would be temporary.
In order to prevent a permanent in¬
crease in the size of the district judiciary the first vacancy
The bill,
ineligible for re-employment in any State or
Federal employees
found to be in the public
interest.
(This provision was designed to exempt persons who work in
the District of Columbia but comprise a large segment of communities in
Empower
Northern Georgia, Eastern Pennnsyl-
York, Western Oklahoma, and Northern Illinois.
vania. Southern New
occurring in
withhold in Federal-grant-in-aid funds
worker found guilty
violating.the Act.
Make the guilty employee
to
Circuit Court of Appeals, serving Arkansas, Iowa,
the Eighth
on
of
to
of the annual salary of a
to States twice the amount
municipal office for 18 months.
Sixth Circuit Court of Appeals, embracing the States
Michigan, Ohio and Tennessee.
Two
Government
the
Empower
a
bill
One
all governors, lieutenant
of State executive departments and incumbents
governors, mayors, heads
in elected offices.
136, passed
March 14, by a vote of 210 to
on
Allow
and
State
payrollers to run for political office if they
county
take leaves of absence from their posts.
Continue to allow Federal employees the
right to express opinions on
of political candidates as well as on
the qualifications
Not to prohibit an
political subjects.
employee's running for office so long as he does not use
undue influence to obtain nomination.
Exempt educational institutions from the prohibitions.
Washington advices March 15 to the
the Senate on that day officially
broke the back of the filibuster against the bill by agreeing
to vote on it and all amendments not later than 3 o'clock
It
noted in
was
"Herald
Tribune"
that
From the same account we quote:
Monday March 18.
serious hurdle for the bill before passage was
Senator Scott W.
Earlier in the day the last
conference'is composed of the Chief Justice of the
cleared when the Senate defeated, 52 to 31, a motion by
United States and the senior circuit judges.
Lucas, Democrat, of Illinois for overhauling.
Thus the new Hatch bill,
extending to State employees paid wholly or in part from Federal
Rivers and Harbors Bill
Despite President's Objection
Senate Committee to Report
Hatch
existing
ban
law's
cannot fail of passage
political
on
Roosevelt's
legislation authorizing
additional rivers and harbors projects and agreed unani¬
mously to approve a "reasonable" program for adoption at
this session of Congress. In reporting this action Washington
objection
to
W. Bailey
has
specific figure in mind, but indicated that It probably would be
no
He
between now and next
that
said
committee is expected to act on
Army engineers in
the $200,000,000
an
effort to
(March 26),
Tuesday
when
the
the measure, members will confer with
eliminate the "less urgent" projects in
bill.
*
United States
Senate Passes
Hatch Act Amendments
Extending Political Activity Ban to State Workers
Receiving Pay from Federal Government
The Senate
on
March 18
approved by
a
vote of 58 to 28,
amendments to the Hatch Act to restrict political activities
of State employees paid in whole or in part with Federal
The measure now goes to the House where it is said
Judiciary Committee is expected to withold action on
the bill.
Speaker Bankhead announced on March 18 that
he is not in favor of the measure and will not urge action on it.
Voting in the Senate for the passage of the bill carrying
the amendments were 34 Democrats, 22 Republicans, one
Independent and one Progressive. In opposition to the bill
were
27 Democrats and
Before the bill
one
Farmer-Laborite.
finally passed action on several amend¬
proposal offered by Senator Byrd,
Democrat, of Virginia, prohibiting any holder of a govern¬
ment contract to make a contribution to a political party
upon penalty of $5,000 fine or five years imprisonment
ments
was
was
taken.
A
adopted.
was
This amendment and the one embodied in the bill by the
Senate last week limiting individual contributions to $5,000
considered the major changes made in the measure.
Other amendments approved by the Senate before
passage
of the bill were, according to Washington advices to the New
York "Herald Tribune" from its special correspondent, Jack
a
Reported by Senate Banking and
Program
Silver Purchase
Study
Proposes
Be
The Senate Banking and Currency Committee on March 20
by a vote of 14 to 4 approved a bill which would end all
Treasury purchases of foreign silver except those covered by
existing contracts.
In taking this action, the Committee
overruled Secretary of the Treasury Morgenthau, who had
submitted a memorandum opposing the bill, which was
sponsored by Senator Townsend (Republican) of Delaware.
In his statement to the Committee, Secretary Morgenthau
pointed out that it (the Committee) "has been authorized
by the Senate to study and recommend a National monetary
and banking fjolicy and to consider and recommend the
character of governmental machinery best calculated to
carry out such a policy." Mr. Morgenthau added:
Such
a
study, I
assume,
necessarily include
would be comprehensive in its nature, and would
study of the entire sUver problem and the relation of
a
silver to the other problems in the monetary field.
It seems to me that the
wise course is to re-examine our silver purchase program in the
entire monetary structure rather than attempt to treat it
light of the
independently
and prior to completion of such study.
Senator
Pittman of Nevada, Chairman of the Foreign
Committee, had also sent the Committee a memornndum opposing the measure.
After the Committee vote,
however, Senator Wagner, Committee Chairman, predicted
that the Senate and the House would probably pass the bill
Relations
this session.
Associated Press Washington advices of March 20 said:
Senator Wagner, Democrat, of New York, and Chairman of the Com¬
mittee,
one
reporters
of the four who opposed the bill by Senator Townsend, told
that the top-heavy
probably the House would
year are
Beall:
1
Treasury Purchases of Foreign
Linked to Monetary
funds.
the
"
Currency Committee—Memoranda
by Secretary
Morgenthau and Senator Pittman Oppose Measure
—Former
substantially lower than the $200,000,000 authorization first sought.
End
Bill to
Silver Favorably
(Dem., N. C.), one of the group which
received Mr. Roosevelt's notice of opposition last week, said the committee
funds the
by Federal employees,
♦
Townsend
United Press advices March 19 said:
Chairman Josiah
activities
in the Senate by Monday.
The Senate Commerce Committee on March 19 overrode
President
1940
civil service.
Exempt from the prohibition on political activity
House
23,
committee vote indicated the
pass
Senate and
the legislation this session.
He said the bill would not affect "special arrangements" which Secretary
Morgenthau told the Committee yesterday applied to China and Canada.
Senator
Wagner added that the total amount of silver remaining to be
pur¬
chased under these agreements was "about 16,000,000 ounces and relatively
insignificant."
Secretary Morgenthau, reporting that the Treasury had purchased nearly
By Senator Key Pittraan, Democrat, of Nevada,
an
amendment to the
original Hatch Act to make it clear that government employees remain
free to discuss "candidates"
wise.
This
adopted
was
as
well
as
to express
political opinions other¬
rollcall by 44 to 41.
on
elective
the
the first
permitting
State employees
office provided they take leave
campaign;
the second,
to
become
of absence
exempting employees
friendly relations."
candidates
without
of any
pay
educational
or
State and Federal employees to be nominees for elective office, providing
they do not use the influence of their office to obtain it and providing they
resign thereafter.
sition to the Hatch
would have
an
Democrat,
bill,
using their positions to influence elections.
amendment to blanket
oppo¬
money
He had earlier
about 270,000 Federal employees into the
civil service, by a vote of 68 to 24.
Action
on
the bill last week
reported in
our
issue of
following is taken:
measure,
as
ap¬
proved by the Senate, would:
from Federal funds.
Permit voluntary contributions from Government workers.
would
be
more
in
this
resold abroad except at a great
no
need for additional
country's interest to give away
can
American
never
be
loss," he contended.
Senator Wagner said that he, Majority Leader Barkley, Democrat,
of
Kentucky, and Senators Bankhead, Democrat, of Alabama, and Smathers,
Democrat, of New Jersey, voted against the bill.
Senators voting with Townsend included Glass, Democrat, of Virginia;
Adams,
Democrat, of Colorado; Maloney, Democrat, of Connecticut;
Radcliffe, Democrat of Maryland; Brown, Democrat, of Michigan; Hughes,
Democrat, of Delaware; Herring, Democrat, of Iowa; Miller, Democrat,
Arkansas; Clark, Democrat, of Idaho; Frazier, Republican, of North
Dakota; Tobey, Republican, of New Hampshire; Danaher, Republican, of
The two
remaining committee members. Senators Byrnes, Democrat, of
South Carolina, and Downey, Democrat, of California, did not vote.
send's bill would
banking Treasury buying of foreign silver, Senator Townremove
the existing 50% transfer tax intended to eliminate
One of the effects of the Townsend bill would be to stop
of Mexican silver,
State and municipal officials of forcing
ployees to contribute to local political machines.
.
have
coun¬
speculation in the white metal.
Prohibit political coercion of State and municipal employees paid wholly
in part
we
such
purchases in this country.
products at home than to exchange them for silver which
In addition to
|b In addition to restricting campaign contributions the
Ban the custom of many
cause
Connecticut, and Taft, Republican, of Ohio.
March 16page 1689.
h From Washington United Press advices of March 18 the
or
countries "with whom
decline in world silver prices, which
silver, and that many nations unfriendly to the United States had benefited.
of
was
a
monetary stocks, that foreign nations had been paid premium prices for
unable to get an amendment passed which
of Indiana, who led the
brought all private employers of labor and all leaders of
at interest from
lost
Minton,
was
many
He contended
Replying, Senator Townsend said this country had
"It
By Senator Alva B. Adams, Democrat, of Colorado, to authorize both
Sherman
of foreign silver, said this buying had brought sta¬
tries to suffer and to curtaU their
for
during
eleemosynary institution receiving Federal aid.
Senator
ounces
bility for silver prices and aided
might result from curtailment of foreign purchases, would
By Senator Prentiss M. Brown, Democrat, of Michigan, two amend¬
ments,
2,000,000,000
em¬
was
terminated
on
Treasury buying
A "special arrangement" for purchases of such silver
March 31,1938, after Mexico had expropriated American-
owned oil properties, but since then Mexican silver has been purchased with
that from other countries under the continuing general
policy.
The Commercial & Financial Chronicle
ISO
Volume
The Treasury has been
buying foreign silver under authority of the 1934
Senator
Act.
Purchase
Silver
Townsend's
bill
would
had
this
terminate
authority but leave undisturbed Treasury purchase of newly-mined
Silver Committee,
appeared before the Banking Committee to protest that
Since then Mexican
memorandum,
Morgenthau noted
tax
imposed
on
transfers of silver," in part his statement
continued:
on
As
Secretary Morgenthau Before the Senate Committee
Banking and Currency, March 19, 1940
I understand it,
this Committee is considering a bill
proposed by Senator Towsned, the effect of which would be
to terminate all power and authority of the President, the
Secretary of the Treasury, and any other agency in the
Executive branch of the Government with respect to the
acquisition of silver (except newlv-mmed domestic silver
acquired pursuant to Section 4 of the Act of July 6, 1939),
and also to terminate any orders, regulations, and other
action taken with respect to silve.r
The bill would also
terminate the existing 50% profits tax imposed on transfers
of silver.
Committee, in determining what should be the future
I assume that the
as
to what we have
I have also brought with me
the Treasury staff who will be able to supply the Committee
acquisitions of silver since
members of
with any
b3en placed upon us by the
Accordingly, I have brought with me today records
Silver Purchase Act.
of our
1933.
available information concerning thd administration of the
I have had
Silver
acquisition of silver.
Purchase Act and the
prepared for the convenience of the Committee summary tables
showing the silver
contracted for by the Treasury, the acquisitions of silver
of silver into the United States since 1933.
I should like to mention that the difference between the figures of silver
contracted for and the figures of silver acquisitions shown in the tables lies
in the fact that the first set of figures records the silver purchased regardless
of when delivery is to be made; and the acquisition figures record the actual
silver received by the mints and assay offices pursuant to such purchases.
Incidentally it is the latter figures which have been made public from time
to time and appear in the monthly Bulletin of the Treasury Department*
by the Treasury, and the imports
figures includes acquisitions of
newly-mined domestic silver or silver which was nationalized pursuant to
also mention that none of these
I might
the Executive Order
of Aug. 9, 1934.
I would also like to leave
are
with your Committee several statements which
consolidated statements were prepared for the use of
our
Federal Reserve Bank of New York, at the direction of
fiscal agent, the
the Treasury
Department.
the source of silver
These statements show the country which is
purchased by the Treasury wherever such information
known to the Treasury.
was
15, 1940.
These
this Committee by
of all silver purchases up to Feb.
consolidation
a
The third special arrangement is
offering to
up
us
the one which the Treasury has with
1,200,000
to
In order that the
the silver acquired
in our gold acquisitions.
Committee may have before it a complete picture
of
by the United States since 1933 the Department has
prepared a statement showing the amounts of
silver and nationalized silver acquired since 1933.
also
have also prepared a statement
newly-mined domestic
showing the amounts collected each
by virtue of the 50% silver profits tax.
You will note that the amount
of taxes collected in each of the first three years of the silver profits tax is
of tax collected in each year there¬
for this is that the yield of the tax is higher during a
substantially greater than the amount
One reason
period of rising silver prices than
during a period of stable or declining silver
prices.
The Committee may
have a number of questions which it would like to
connection with these tables.
here with me
The members of my staff, who are
today, are available to answer such
I should also
we
silver.
Firstly,
later than the working
That means that the silver is delivered
day following the purchase of the silver.
which we purchase for spot delivery comes from
the stocks or inventories of refining companies, or other dealers in silver
such as banking institutions, &c.
Secondly, silver which is newly-mined
Generally speaking, silver
purchased by us for future delivery.
Under our present practice we permit up to five months* time for delivery
of silver thus purchased.
Thirdly, the Treasury acquires silver pursuant to
special arrangements with certain foreign countries.
The Treasury nor¬
mally requires that the silver which it purchases bear the stamp of a refinery
located in the United States; and in carrying out the silver purchase program,
the Treasury has sought to divert to American refining companies a con¬
siderable amount of business which otherwise would have gone to foreign
silver
production of foreign countries is
refiners.
In all the
a
instances in which the
foreign government
not
Treasury purchased silver directly from
the price which the Treasury
paid for the silver did
for silver prevailing at the time of the purchase.
also true of all other purchases of silver under the Silver
exceed the market price
This was,
of course,
Purchase Act.
has made special arrangements with various
foreign countries relating to the purchase of,silver.
The first, and perhaps
the most important of such arrangements, was made with China.
In June,
As you
know, the Treasury
1936, and from
ments
ounces
1/ilege of
silver
operation and effect.
Pursuant to mandate of Congress the Government has acquired a largo
In more recent years there has been great r stability in
the price of silver
than in prior years.
Many countries with whom
we
have
friendly relations have, or produce, substantial quantities of silver and it is
helpful to such countries that they be able to use such silver in order to
very
If there were to be
acquire needed dollar exchange.
are
a
substantial decline
price of silver such countries would suffer, and would of necessity
in the
I hope you
in this country at the
trade and
to improve our foreign
eager
Committee is
our
very
time we
foreign relations.
This
fully cognizant of the troubled condition of world commerce.
will
that this is not the appropriate time to inject another
agree
disturbing element into this already chaotic situation.
This Committee has been authorized
mend
a
by the Senate to study and recom¬
national monetary and banking policy and to consider and recom¬
mend the character of
governmental machinery best calculated to carry out
such
study, I assume, would be comprehensive in its nature
a
Such
policy.
and would
a
necessarily include a study of the entire silver problem and the
relation of silver to the other problems in the monetary field.
It seems to
that the wise course is to re-examine our silver purchase program in
me
the
light of the entire monetary structure rather than attempt to treat it in¬
dependently and prior to the completion of such a study.
memorandum
Pittman's
Senator
addressed
Senator
to
said in part:
I
do
that
know
the foreign silver
our
surplus exportable products
time to time
thereafter the Treasury entered into arrange¬
which it acquired approximately 565,855,000
with China pursuant to
of Chinese silver.
were
purchased with
that our Government purchased under the Silver Purchase
In other words, the foreign silver purchased by the Government was
Act.
I do not believe that this
purchased with our surplus exportable products.
In fact,
will be denied.
this fact in
admitted
Chairman Eccles of the Federal Reserve System
his testimony before the
Senate Committee
investigation of the administration of the Silver Purchase Act.
on
the
It is true
Eccles qualified his admission by stating that probably if these
that Mr.
exports had not been purchased by silver they might have been
purchased
by gold.
If this be true,
then the American producer has been greatly benefited,
and the Government has not lost anything if silver has even the value
35
cents
ounce
per
of
because the Government would have purchased such
products if not exported.
To hold that the Government has lost in the
that silver is a worthless
transaction, we must hold
It is this subject that I desire par¬
commodity.
ticularly to direct my attention to.
Gold and silver have constituted the money metals of the world since the
Over half of the people of the world today have no
beginning of history.
money
with which to purchase abroad, save silver.
the world today that you can go
are many
could not buy these necessaries of life with a
is
There is nowhere in
that you can't buy food, clothing, and shel¬
There
ter with a chunk of silver.
places in the world where you
Federal Reserve note.
known substitute for silver for use as subsidiary currency
no
There
throughout
We constantly hear the ignorant say that the civilized world
the world.
has abandoned silver as money.
The figures
supplied by the Treasury Department at the hearings before
special committee of the United States Senate on the investigation of
the Silver Purchase Act disclosed that, since the first
the monetary
age
day of January, 1921,
silver in substantially all countries of the world has been in¬
creased 2,395,384,344 ounces.
The net increase of silver consumed in coin¬
for all countries, excluding the United States, for the period
leading countries of the world, in the coinage of silver, is
I attach a copy of
1921-1939,
The average price now in use by the 10
1,303,507,135 ounces.
has been
$2.10 per ounce.
that statement.
Silver is a war metal.
During every great war, the demand for silver,
chiefly for the purpose of paying soldiers, has
increased and the price has
risen.
Take
as an
example the effect of the last great World War upon the de¬
mand for silver and its great increase
silver was 61.2 cents per ounce.
the price was
1918, it
was
in price.
In 1913 the world price of
In 1915, one year after the war commenced,
67.1 cents per ounce.
98-4 cents per ounce.
In 1917 it was 84 cents per ounce.
In
After the war was over, in 1919, it was
In 1920, it was $1.02.
the United States Government made available to exporters of silver
$1.12 per ounce.
Then
50,000,000 of standard silver dollars for the purpose of beating
price of silver, under the excuse
the monetary price
to bring
inquiries.
like to explain how we have been purchasing
acquire silver for spot delivery.
to us no
p
stock of silver.
year
ask in
the
of newly-mined Canadian
ounces
This arrangement is on a monthly basis and continues in full
monthly.
the
the Committee is also interested in figures
has been the increase
after.
Such silver
other silver in this
Pursuant to this arrangement Canada is given
Canada.
.
showing the relative
proportions of gold and silver in the monetary stocks of the United States
at various dates.
I have here a statement of such figures for the use of the
Committee.
You will note that notwithstanding continued acquisitions of
silver, both domestic and foreign, by the Treasury during the six-year
period, the ratio of silver to our total monetary stocks has not reached the
ratio stipulated in the Silver Purchase Act.
The obvious reason for this
I presume
I
any
country and bears the stamp of an American refinery located in this country.
would want to be fully
been doing during the last six years to carry
duties and responsibilities that have
out the
as
Wagner, Chairman of the Committee under date ol March 18,
policy of the United States with respect to silver,
informed
acquired by the Treasury is acquired
curtail their purchases of commodities
Statement of
York market.
States and has been offered for sale on the New
when
submitted March 19, Secretary
that trie effect of the Townsend bill
would be "to terminate all power and authority of the
President, the Secretary of the Treasury and any other
agency in the Executive branch of the Government with
respect to the acquisition of silver (except newly mined
domestic silver acquired pursuant to Section 4 of the Act of
July 6, 1939) ana also to terminate any orders, regulation
and other action taken with respect to silver."
Ee likewise
said "the bill would also terminate the existing 50% profits
his
newly-mined silver has been imported into the United
t
repeal vital parts of the Silver Purchase Act other than those
applying only to foreign silver.
ar¬
1938, and it has not been renewed.
to expire on March 31,
rangement
Democrat, of Nevada, Chairman of a special Senate
We permitted this special
silver production.
newly-mined Mexican
the bill might
In
special arrangement with Mexico pursuant to which Mexico had the
a
privilege of offering to the Treasury up to 5,000,000 ounces a month of
domestic
silver.
Senator Pittman,
1859
Beginning with January, 1936, and up to March 31, 1938, the Treasury
down the
that the silver bullion price had gone above
The Government did not intend
in the United States.
the price of silver below the monetary price but intended
and did
accomplish the beating down of silver from $1.38 an ounce to 60 cents an
If the present war lasts for two years,
ounce.
silver will go
the argument that no country is today on the silver
What difference does that make to countries like India
who have
with
beat down the market price of silver.
We constantly hear
basis.
I predict that the price of
above $1 an ounce, unless our Government conspires
other governments to
and China,
India is
The more silver she has to
sterling she has with which to buy
condition has existed and does even now exist
nothing but silver with which to buy foreign imports ?
compelled to buy pound sterling with silver.
pay
for pound sterling, the lees pound
foreign imports.
The same
in China.
All monetary experts,
our
including Chairman Eccles, have testified before
Special Committee investigating the administration
chase Act, that our
of the Silver Pur¬
of
Government should at all times have a minimum
$5,000,000,000 in national circulation as money.
How can you have a
minimum of $5,000,000,000 in circulating currency unless you have $5,000,-
We have not today $5,000,000,000 in
$4,667,000,000 of our circulating currency
000,000 in non-retirable currency?
non-retirable currency because
consists of Federal Reserve notes,
The
which are retirable at the will of the banks.
only non-retirable currency in
circulation today is silver currency,
amounting to $1,568,000,000.
The Government could today issue
the form of silver currency,
silver currency
900,000.
its United States seigniorage silver in
and thus add to the non-retirable currency of
The total, then, of the non-retirable
in circulation in the United States would be only $3,811,-
the United States,
$1,223,000,000.
The Commercial <6 Financial Chronicle
1860
From Associated Press accounts from
19,
Washington, March
had been announced at
appearance
an
open
a
hearing but
(D., Ky.,) told reporters this motion
tie vote 7 to 7."
a
The hearing, therefore,
ma¬
defeated
was
behind closed doors,
was
prepared statement of his testimony.
authority of the President and the Secretary of the
Treasury under the Silver Purchase Act of 1934 with respect to the acquisi¬
tion of foreign silver shall cease and terminate on the date of enactment of
this Act; and all proclamations, orders, rules, regulations and other action
promulgated, made, issued or taken by the President
the Secretary of the
or
Treasury with respect to foreign silver pursuant to any power
•
terminated shall
so
that nothing in
be effective
to
cease
or
authority
and after such date; provided,
on
this Act shall be construed to limit the authority of the
Secretary of the Treasury to acquire and make payments for silver pur¬
"Sec. 2.
Section 1805 of the Internal Revenue Code (relating to the tax
transfers of any interest in silver bullion) is hereby repealed."
References
Feb.
24,
page
the resolution appeared in
to
1533.
1209; March 2, 1940,
page
them.
these columns
1371; March 9,
page
The drastic changes in the National Labor Relations Act,
March 7 by the majority members of the special
ipyestigating the Labor Board, have been
subjected to criticism from organized labor, while business
organizations appear generally to have supported them.
William Green, President of the American Federation of
Labor, is reported as stating, on March 14 that the proposed
amendments as a whole would destroy the fundamental
principles of the law.
He added that some of the changes
advocated were "practical and constructive" and that the
investigation "clearly established" the A. F. of L.'s charge
of maladministration against the Board.
Mr. Green urged
Congress to adopt A. F. of L.-sponsored amendments and
on
House committee
create
five-man
a
board
Committee
while
United
the
States
Committee
-
Votes
to
Enlarge NLRB by
2 Members—Seeks to Change Policies Without Dis¬
missing Present Incumbents—Defeats Proposal to
Establish
New
Board—Views
of
Labor
House
on
Committee Report
The House Labor Committee
recommend
to
March 19 voted 14 to 3
the Wagner Act which
on
amendment
an
to
would increase the
membership of the National Labor Rela¬
Previously the Committee had
rejected recommendations that a new Board of three members
be constituted.
The Committee's action was interpreted as
an effort to reform policies established
by the present Board
majority without the necessity of removing any of the present
tions Board from three to five.
of
commended
of the
(Dem., N, J.)
committee
announced
was
by
Virginia,
Senator
amendments to the law since the Smith committee recommended
sweeping
of the
The speed with which the committee disposed of
principal issues involved in proposed changes in the law
gave
one
rise to
belief that every effort was being made to obtain action upon all amend¬
ments before the end of the week.
rejection
board recommendation
mittee's
when
final
of the
decision
circulated
reports
Smith
this
on
that
committee
question
attempt
an
doubt
be
may
The
proposal
to
three-man
new
will remain
in
was
meeting or some later session of the committee
recommendation
the
as
tonight,
made
com¬
however,
have the vote
this
on
offered
in
committee
by
Representative
Ramspeck
(Dem., Ga.) and defeated by the close vote of 9
to 8.
members
Lesinski
(Dem.,
of
one
the
members
of
tions of the Smith committee for
that
were
Cox
the
on
this
and
other
recommenda¬
changes in the law, indications tonight
fight would not end there.
(Dem., Ga.), influential member of the House
The
fact
that
the
House
Labor
reconstituting the Board by the
Rules
Committee,
In
come
up
defeated
margin
of
the
one
is
"voted down by a voice vote another recommendation
puts the
Government in
of the
so as to eliminate
the committee
Smith
The court
by
the
Abraham
will
take
up
committee said
recommendations
which
would per¬
Proponents of these amendments
tonight that there
was
a
on
the
good chance that the committee
&
In discussing the action of the committee
today in
members to the board, making a total
Norton said that it appeared that such
a
That
seems
a
to be where
On the
a
voting to add two
step
was
"absolutely necessary."
more
members
were
we
or less of a deadlock in the
board,
certainly would destroy the effect of that,
more
following day (March 20) the Committee refused
to alter its decision to recommend the addition of two
mem¬
disapproved several amendments
proposed by Representative Smith, head of the committee
which investigated the Board.
In reporting this action
Washington Associated Press advices on March 20 said:
Mary
Norton,
Democrat,
of New
Jersey,
announced
that
the
Committee rejected, 11 to 7, a request
by Representative Clare E.
Hoffman, Republican, of Michigan, to reconsider the 9 to 8 vote by which it
defeated yesterday a proposal to abolish the present board.
She said the
Committee had rejected the
Straus,
Case
Inc.,
Mr.
Co.
serving
prison
a
Press
be¬
sentence.
advices
fall
infringement of
Manton
sat
North
of
Brooklyn
from
ruled
Attleboro,
department
cigarette lighter
lighter manufac¬
Mass.,
did
store,
Inc., of New York.
a
a
that
.
.
and
not
sold
by
infringe
a
.
asked the court to review the Circuit Court's
decision to permit reargument of the case, but was unsuccessful.
Subse¬
quently the lower court reversed its previous ruling and held that certain
of the patents had been
infringed.
The
United
States Supreme
Dec. 11, to review the
on
ing of the proceedings.
Court
had
previously
de¬
calling for the reopen¬
case
Reference thereto appeared in our
issue of Dec. 16, 1939,
page
U. S.
3800.
Supreme Court Sets Aside Lower Court's Death
Imposed on Negro—Accused Had Held
Sentence
.
Following
Was
Based
United
death
States
Third
on
tained
ruling
Supreme
sentence
govery,
that
similar
a
Degree Methods
confession
United
The
Dave Canty,
on
11
12)
the
aside
set
a
Negro of Mont-
a
which
on
extracted
was
from
March
on
(Feb.
ago
Ala.
The accused, whose conviction had been sus¬
by the Alabama Supreme Court, alleged in his appeal
the
based
month
a
Court
imposed
Press
by
his prosecution
third-degree methods.
from
accounts
was
largely
We
Washington,
quote,
March 11,
likewise stated:
[United States]
merely
noting
decision
that
last
case
use
that
month
Justice
of
the
"refuge for the
Supreme Court did not hand down
it
a
Hugo L.
third
reversing
was
in
case
degree
the
conviction
involving
Black,
four
speaking for
and
reaffirmed
on
Florida
a
formal opinion,
the
unanimous
a
the
basis
colored
tribunal's
its
of
In
men.
court, excori¬
position
as
a
the weak and the oppressed."
poor,
The
was
reversal
referred
to
of
the
in
conviction
these columns
U.
S.
Supreme
Court
investigating Committee's proposals
to relax
NLRB
Order
Co.
thing."
bers to the NLRB and also
Chairman
litigants
trial
of
the
Feb.
Florida
12,
page
Negroes
1071.
they all start.
by adding two members
if there is such
of
new
a
lot of other complaints would go out the window.
"Apparently there has been
and
right
to
membership of five, Chairman
"A great many people take the position that if two
added to the board,
the
York
Associated
question of
a
which
on
Evans
Abraham & Straus last
ated
would adopt the changes.
new
Supreme Court declined
New
now
11
patent of the Art Metal Works,
which
organize.
mit employers to ask for an election and prohibit the
board from interfer¬
ing in jurisdictional disputes.
March
com¬
language which
position of encouraging unionization and leave
merely the language setting out the right workers to
Later
York,
New
of
Conviction
believed
majority.
revising the declaration of policy
States
determine
proposal for
vote
taking up the Labor Act section by section, the Labor Committee
mittee
to
a
significant of the heavy demand in the House for action along this line.
The House Labor Committee has always been
regarded as pro-New Deal
and normally would have been expected to
reject the three-man board
idea by a much larger
concrete weapon
a
the
litigation involved
tured
by the Labor Committee.
Committee
narrow
main
Washington said:
the House floor making it in order to substitute all the recommendations
of the Smith committee for the bill reported
The
Bar
According to Representative
special rule will be brought out when the Labor Act amendments
on
United
case
Federal Court at
date
clined,
Regardless of the committee's action
the
test
Appeals at
Under
Three committee
Mich.)—did not vote.
11
a
of
present—Representative.
and
absent
were
the recommendations.
the
and
American
participation in the decision by Martin J.
Manton, former Senior Judge of the Federal Circuit Court
tomorrow's
at
reconsidered.
was
March
review
patent.
by the committee of the proposed
the
ticipated
On
The
May Ask Reconsideration
Whether
Commerce
of
U. S. Supreme Court Again Declines to Review Patent
Case in Which Former Judge Manton Had Par¬
cause
on
of
Law
Smith Committee's proposals would transform the labor act
Norton
following the first committee meeting of the session
changes in the Act.
board
were given in our issue of March 9, page 1526.
Wagner, Democrat of New York, author of the
before the
Mary
Chamber
Administrative
into "a delusive remedy for the worker and
for the oppression of labor."
to
Chairman
three-man
labor act, said on March 13 that he would favor adding two
men to the NLRB and at the same time declared that the
In reporting the vote of the House
Washington dispatch March 19 to the
New York "Journal of Commerce" said:
Action
the
features of the report of this special investigating committee,
which was headed by Representative Smith, Democrat of
members from office.
Labor Committee, a
of
instead
by the special committee.
The Congress of
Industrial Organizations and the newspaper "Labor" organ
of approximately 1,000,000 railway labor union members,
had previously voiced its opposition to the amendments,
Association
'
Labor
House
on
suggested
chased of contracted for prior to the date of enactment of this Act.
on
which will meet again Tuesday, has not yet voted
fight for their proposals on the floor if the Labor Committee fails to approve
proposed
According to Washington advices March 20 to the New
York "Times," Mr. Townsend's resolution which the Com¬
mittee approved was a substitute for other proposals he has
made, and its text reads as follows:
That all power and
litigation and to reword the definition of col¬
Proponents of amendments suggested by the investigating committee will
but committeemen subsequently described the procedure, and Mr. Morgen-
thau made available
involved in board
men
The Committee,
proposals to separate the judicial and administrative functions of the board.
Senator Tobey then moved to reopen the Committee
"on
1940
lective bargaining.
hearing, Chairman Wagner (D., N. Y.,) of the Banking Committee, asked
reporters and spectators to leave.
jority leader Barkey
23,
Wagner Act provisions relating to free speech, to outlaw willful violence by
union
take the following:
we
Although the Secretary's
March
Upholds
With
Modifications
Brooklyn
of
in
Case
of
American
Manufacturing
Before recessing on March 11 until March 25 (over the
Easter
holidays)
the
United
States
Supreme
Court
affirmed, with
Board order
a modification, a National Labor Relations
directing the American Manufacturing Co. of
Brooklyn to offer reinstatement
ployees.
The Associated
with
back
Press advices,
pay to 52 em¬
March 11, indicat¬
ing this, said:
The modification held that contracts of
the company and
but that the
some
employees
of its workmen
were
entitled
acquired under such contracts."
employment entered into between
were
to
in violation
any
of
the
"legal rights they
Labor
Act,
may
have
Volume
The
The Commercial & Financial Chronicle
150
York
New
Supreme Court
In
decision
a
rendered
of
last
opinion
the
of
the
would
referring
court,
to
a
decision
similar
Brooklyn, affirmed
a
National Labor Relations Board order against
Manufacturing Co.,
disestablish
a
and
employees.
Black
minor
a
giving
Brooklyn, ordering
of
effect
and
Douglas
again
their
modification
dissented,
colleagues
respect to posting of notices by the
the
of
ness
The
labor
individual
to
of the
The
question
Trade barriers raised since "the
war."
raised by
he said, "set the stage for the present
of
self-sufficiency
Germany's
from the standpoint
was
Chairman
Dr. Melder said it had been developed
(Dem.), Wyoming.
O'Mahoney
with
nations to attain self-sufficiency as an illus¬
danger of such policies.
first World War,"
for union
contracts
democratic institutions.
He used efforts of European
tration
the
the management
discharged
reinstate employees
the country's
menace
of preparing for war at all costs, without regard to
.
Justices
from
union,
company
cease
also
it
brought by the National Licorice Co.
case
if unchecked, the trend toward inter-State
lead to an unprecendented economic breakdown which
trade barriers might
follows:
as
a
activity,
in
without
week
action
the
reported
in
American
to
"Times"
March 11
on
1861
The economist declared that,
made
living
had last week,
the Board's order
they
as
in
The
regarding the ineffective¬
company
standards.
following regarding
the
Committee's hearings
labor contracts.
"Journal of Commerce":
the New York
Supreme Court's decision in the case of the National
was noted in our issue of March 9, page 1527.
A total of 1,489
on
advices March 19 to
March 19 is taken from Washington
State laws now on the statute books operate, or can
be
direct restraint of free interstate trade, the
Licorice Co.
administered
New
told today by A. H. Martin,
Jr., executive director of the marketing laws survey of the Works Project
Administration, as the committee continued its study of the problem of
so as
to operate in
Temporary National Economic Committee was
York
Senate Passes Bill Exempting Bank
ployees from State Labor Relations Act
The New York State Senate
Em¬
interstate trade barriers.
Mr. Martin stated that statutes
March 14,
by a vote of
29 to 4, passed and sent to the Assembly the bill exempting
bank employees from the provisions of the State Labor
Relations Act.
The measure, sponsored by the New York
State Bankers
Association, was introduced by Senator
William Condon, Republican, Chairman of the Labor Com¬
mittee.
The following concerning the bill's provisions is
taken from Albany advices of March 14 to the New York
on
number of barrier laws, were listed as
products, 209; nursery stock, 145; live
125;
John
statement
a
represented
not only have adverse
but also are
organizations are now exempt from
both the legislators and the delegates to the
of the
Cottonseed Products Asso¬
the American
of margarine, contending that these laws
of oils and fats,
agricultural economy of
effect upon all domestic producers
extremely detrimental to the entire
v\:
the country.
explaining the measure
Condon said the
Senator
introduced to clear up a point of law.
had been
economist of the National
Cotton Co-operative Asso¬
National Cotton Council, attacked State and Federal laws
also
ciation and the
stock and general foods, 138; liquor,
products, 113;
and commercial fishing, 35.
taxing and restricting the sale
the provisions of the SLRA.
In
Moloney,
who
ciation
trade barriers and the
follows: Oleomargarine, 245; dairy
for general preferences for local
providing
statutes
insurance laws, 69,
Only members of State and municipal civil service systems and employees
was
Other industries which are burdened with
of 301.
"Times":
of charitable, educational and religious
regulating the size, weight and equip¬
list of restrictive State measures with a total
ment of motor carriers led the
i
provide little or no revenue to the States
imposing the taxes, Mr. Moloney asserted that the real reason behind
imposition of these duties was to "tax the product right off the market.'
Pointing out that the tax laws
bill
He held that until recently
1938 Constitutional Convention
impression that bank employees were not to be included
in the Labor Act.
Recently, however, he said, Supreme Court Justice Ferdinand Pecora,
in
a
Newspaper Carriers Under Unemployment Insurance
Law, According to Decision of New York Court of
brought by the Bank of Yorktown, held that it was up to the
test case
Legislature to expressly exclude bank employees, inasmuch as the present
law
excludes
now
Appeals
employees of religious, charitable and State institutions.
Condon listed four main points to prove
Senator
that banks and their
employees should not be subjected to Labor Board regulation.
New
The
They were:
Court of Appeals, in a five-to-two
State
York
decision has ruled that newspaper
First, that banks were called upon to Act as trustees besides having a
iduciary relationship "directly with their depositors" and that in order to
"properly maintain trust and confidence, banks must of necessity have
complete control over those within their employ who are entrusted with that
obligation."
Second, that "the basic foundation of our present economic system rests
route carriers fall within
provisions of the State Unemployment
and therefore are entitled to the benefits
the
Attention to the ruling was
Unemployment Insurance at Albany on
to supply a readily available cash
and commerce" which necessitates
work by bank employees.
Conse¬
upon the ability of banking institutions
and credit market for business, industry
ing to Albany advices
"at
Insurance Law,
of the statute.
called by the State Division of
March 14, accord¬
Tribune."
additional
times"
overtime
and
quently, he held, banks should not be subjected to the possibility of strikes
picket lines.
Third, that most of the employees of banking institutions were "highly
specialized and highly trained individuals who could not be replaced at will
or on short notice.
When, as a result of some default by an employee, the
supporting opinion. The decision affirmed a ruling by the
Appellate Division last July, in the case of an appeal by
the Bronx Home News Publishing Company of New York
management of a bank should be at liberty to use its own discretion in
choosing an individual who, in its opinion, could properly fill the vacancy,
it should not be left to the demands of
a
labor
union or a
associate Judge Lewis dis¬
which was rendered without a
and
decision,
the
from
sented
Lehman
Justice
Chief
or
that day to the New York "Herald
labor union dele¬
gate," the Senator said.
Fourth, that, as originally contemplated, the preamble of the State Labor
Relations Act referred to "industry, industrial disputes, sweatshops, &c."
and that neither the State nor the Federal Labor Relations Act should be
City, from a decision by the Unemployment Insurance
Appeals Board. In summarizing the Appeals Court finding,
an
Albany dispatch March 14 to the New York "Times"
construed
said:
as
applying to financial institutions.
in
March 15 signed the bill extending
the life of the New York State World's Fair Commision until
The Commission controls State's
1941.
Fair.
The
>
Monopoly
State
Holds
Committee
Hearings
Barriers—Permanent
Trade
on
Agency
Inter-State
for
cision
Federal-
The
Temporary National Economics Committee on March
opened public hearings on the effect of inter-State
trade barriers.
The first witness to testify was Frank Bane,
Executive Director of the Council of State Governments,
who recommended that Congress establish a Federal com¬
mittee to work in cooperation with State governments in
helping to eliminate inter-State trade barriers and to study
such
that
a
follow the
could
committee
pattern
of
Orleans
efficiently and economically for the common good.
regarding his testimony is taken from Wash¬
ington Associated Press advices of March 18:
or
the
Committee that
"A
barriers, raised usually through
so
"the trend toward further economic isolation
the States has been stopped for the time
beginning, and
common
the
police powers of the States, had "assumed ominous proportions,"
but that in the first year or
among
such
effort
to
a
being."
good beginning," he said, "has been made in our
re-establish
a
free
trade
area
throughout the United
"We
Trade barriers should be removed, he
and are
asserted, because "they are divert¬
The
inter-State harmony (prior to ratification of the Constitution.)"
are
of
States Circuit Court of
March 15 reversed and
the
reported him
as
barriers had been checked in
saying:
he said.
Judges Rufus E. Foster, Sam H.
with
the
25 cents an hour for citrus workers
enforcement of the act, and the wage scale
end of seven years.
attacked is of country-wide application," the Court
ruled.
"Its validity and effect ought not to be inquired of without more
substantial parties to represent it."
The Court had recalled that the suit started by the citrus growers had
also named Administrator Elmer F. Andrews and Herbert S. Phillips, Fed¬
eral
District Attorney for Southern Florida, but that the Florida court
the last year as the result of educational efforts
enactment of additional ones,
effective
raised
"The
Committee that the trend toward adoption of such
by the council of State governments and other organizations among the States.
But it was considerably harder to repeal existing laws than to prevent the
that the injunction should have been refused
granted," the three judges said in their opinion.
opinion
opinion was returned by Associate
become
be
Also testifying on March 18 was Dr. F. Eugene Melder,
Economist at Clark University, Worcester, Mass.
The same
Dr. Melder told the
Injunc¬
Sibley and Joseph C. Hutcheson Jr.
Section 6 ordered that a wage of
traditional policy of unhampered domestic trade
threatening to return us to those conditions which once played
havoc with
advices
on
and the motion to dismiss
States."
ing our economy from the
employee,
Claimant
Unemployment Insurance Law and
appellant during his base year."
Appeals at New
dismissed a temporary
injunction restraining the wages-hours division administer¬
ing the Fair Labor Standards Act from enforcing a 25-cent
an
hour provision.
The restraining order was granted to
the Lake Wales Citrus Growers Association and others by
the Federal Court for the Southern District of Florida on
July 5; this was reported in our issue of July 22, page 497.
From New Orleans United Press advices of March 15, the
following is regarding the court action on March 15:
It enjoined Roy L. Janes, division inspector, from enforcing wages and
hours provisions set forth in Sections 6 and 7 of the Act of 1938.
The Fifth United
the
more
He told
an
Federal Appellate Court Dismisses Wage-Hour
tion in Florida Citrus Industry •
The following
taxation
subscribers and in furthering the effort of the
employee within the meaning of the
entitled to be credited with his earnings with
was
TNEC, with representation from each branch of Congress and
from the Administrative branch of the Government, and
declared that it would make the entire government machinery
work
appellant's inspector for the papers which he had
as they could be used only in fulfilling
ownership was qualified,
publisher to obtain new subscribers.
"In determining whether a person is an independent contractor or an
the authorities deem the right to 'hire and fire' of great lmpoitance.
Mr. Bane suggested
inter-governmental problems.
July:
his
publisher's contract with its
the
18
other
last
as
"While this carrier paid the
delivered,
Urged by Frank Bane
Cooperation
of the
his employer and that he could only distribute
his papers to a specified route; that he could not act as an independent
agent, as does the newsboy who sells papers on the street, and further,
that his employment could be terminated by the newspaper company.
The Appellate Division, affirming this ruling, stated in part in its de¬
company
newspaper
participation in the
•
newspaper
previously been in the employ of The Bronx Home News.
Appeal Board ruled that Scatola was under the control
had
on
employee
corporation or an independent contractor.
Frieda S.
Miller, Industrial Commissioner, was named as respondent
the action in behalf of Anthony Scatola, who sought benefits and who
a
Bill Continuing State World's
Fair Commission
Governor Lehman
question whether a "route carrier" is an
action raised the
The
of
Governor Leham Signs
/
progressively to 40 cents an hour at the
regulation
had
exempted Mr. Andrews when
had
no
jurisdiction over him.
the administrator pleaded that the court
The Commercial & Financial Chronicle
1862
"The
District
Attorneys
doubt
no
prosecutions, but they have no
on
this
and
District Attorney
be
can
called
institute
to
on
suits
special duty with reference to the act,
has assumed none," the opinion said.
York
New
to
Savings
introduced
Law
Insurance
State
of
Bank
Life
Senate
in
Senator Pliny W. Williamson, Chairman of tlie New York
State
Banks Committee,
Senate
introduced
Banking De¬
a
statement on March 16.
Mr.
such plans effective and
private capital into the railroad industry requires
much thought and suggestion.
He therefore proposed a
tentative list of suggestions, outlining in broad terms the
problem of railroads in the United States and some proposals
LeRoy, N. Y., said in
declared
announcement
Memorandum
is
is
expected, on the basis of a recent survey, to bring about
participation by a number of additional savings banks and
result in the widespread availability of savings bank life
The announcement says:
insurance.
The
proposed amendment places
banks
insurance
the
for
of
functions
supervisory
State
Banking
the
Department.
the
of
State
The
system,
the
raised
outside
from
Specifically,
Life
Bank
Savings
Insurance
proposed, amendment
sources
Insurance
Fund.
the
under
as
also
The
funds
makes
also
may
be
the
individual
into
a
central
administered
of'the
Fund,
prepare
would
policy
forms,
instead of
together
the
Superintendent
with
rates,
This
of
insurance
Insurance,
values
like, subject to the approval of the Superintendent of Insurance, while
expenses of the system would be paid initially by the Fund
instead of by the State, with reimbursements by the banks at the end
in
wholesale
each
premiums
at
the
amendment
bv
affording
savings accounts
for
contributions
out
of
be determined by the trustees, until the invest¬
repaid and until the Fund reaches $500,000.
There¬
with the approval of the Superintendent, will dis¬
or
1% of premium income.
effectiveness
provides
to
contributions
further
also
are
trustees,
continue
exceed
rate
a
the Fund
ments in
after
The
year.
through
require
may
them
as
The amendment gives
much
the
deposit
protection
same
insurance,
rate
a
the
by the Mutual
not
Fund
is
as
to
further
given
now
Savings
bankruptcies.
Inability to finance
public ownership.
Congress and the public are sympathetic to proposals which will correct
4.
through reduction of debt structures.
In anticipation of such legislation the 1939 Revenue Act exempts such
5.
book profits from taxation.
From the standpoint of market position and
the figurse at which
many
railroad bonds are carried on the books of owners this debt reduction has
more
than been accomplished.
If railroads, particularly border line roads, could in some way gather
7.
in the benefits of these
write downs the following results would be achieved:
F
interest coverage would be
(a) Fixed charges would be so reduced that
assured even in times of extreme depression.
|
(b) Possibly new equity financing could be accomplished.
(c) Threat of impending bankruptcies would be removed.
The Problem
operating
of
Structures and Plan to Make
Effective
Additional bankruptcies seem inevitable under present conditions.
3.
and
the
resulted
has
the situation
to be
be
trustees
The
2.
railroads privately can only result in
it
called the Savings Bank Life Insurance Fund.
This
by Bix trustees, each serving a three-year
term, and appointed by the Superintendent of Banks.
would
fund
Reduction of Railroad Debt
The Situation
6.
the
guaranty fund
on
The low market price of railroad bonds has made it impossible to refund
1.
present law.
amendment proposes to
consolidate
Guaranty Funds required by the present law
Insurance
The text of the memorandum
given below:
Such Reductions
the savings and
on
without diminishing
Department and the
possible for a savings bank which desires to open an insurance department
to invest directly in certificates of the insurance department of the bank
and
make
maturing obligations since 1930, except in certain isolated cases.
responsibility
more
the administration
a
to
their situation.
to alleviate
State Savings Banks Association,
that
attract new
partment-sponsored amendment to the Savings Bank Life
Insurance law on March 14.
This bill, according to an
by the
23, 1940
A. Graham, Chairman of the Legislative Committee of the
National Conference of Investors, and President of the Bank
Graham
Amendment
March
Formation of
feasible plan by which investors can participate with the
a
Government in attracting new capital to the industry and make
Federal
debt reduction plans effective under voluntary
reorganizations.
f
(a) Every effort must be made to safeguard the railroad industry as a
private enterprise.
(b) On the other hand, because of Government regulation of this great
public industry, what assurances should it give that voluntary debt reduc¬
tions will not soon be dissipated by management, taxing authorities and
other pressure groups.
^
Bank
Fund.
This
central
addition
the
to
Finally,
the
aside
a
as
It
in
is
no
and
that
that
issuing
certain
a
do
as
to
policyholders.
banks
life
are
also
insurance
percentage
of
In
required
companies.
be
income
set
Division
of
no
the
Superintendents
it
is
At the
was
end
was
in
of the
force
declared
by
State
of
Insurance
Department.
the approval
of
It
Governor
is
understood
Lehman
well
as
both
first year of operation
8,268 policies
original
the
of Savings Bank Life Insurance
$6,887,000, and
aggregating
issuing
banks
after
only
a
one
dividend
year
of
operation.
+
Eight prominent real estate, building and commercial
organizations joined on March 19 in sending a telegram to
Senator Thomas C. Desmond, Chairman of the Cities Com¬
mittee of the New York State Senate, urging the
prompt
report and passage of the Nunan-Mitchell Urban Redevelop¬
ment Corporations Bill permitting the establishment of re¬
development corporations to engage in large-scale slum
redevelopment projects.
This bill it is learned was drawn
under the supervision of the Slum Redevelopment Committee
of The Mediants' Association of New York.
It has already
been reported to the Assembly by the Committee on General
Laws and it is hoped by the organizations
sending the
telegram that action may be obtained from the Senate Cities
Committee this week.
The telegram was signed by The
Merchants' Association of New York, the New York
Building
Congress, the Real Estate Board of New York, the Chamber
of Commerce of the Borough of Queens, the Building Trades
Employers Association, the Regional Plan Association, the
Chamber of Commerce of the Rockaways, and the New
York Chapter of the American Institute of Architects.
Charles M. Chuckrow, President of Fred F. French
Operators, Inc., and Thomas S. Holden, Vice-President of
F. W. Dodge Corp., member of The Merchants' Associa¬
tion's Slum Redevelopment Committee, issued a statement
early this month declaring that critics of the bill have talked
about tax exemption as though. the carrying out of the
proposals for the rehabilitation of property, which is now
dilapidated and frequently bankrupt, would cause a loss in
taxes to the municipality.
Their statement added in part:
arguments
assessments'
'incentive
are
provision
tax'
which
misleading.
of the
will
bill
have
Instead
tax
the
of
terming
exemption,
immediate
we
effect
the
should
'maximum
call
it
of increasing
payments to the city while at the same time offering inducement
an
making
total
a
$370,391,634.46
of
loans
to
business.
The Federal National Mortgage Association has bought
40,815 Federal Housing Administration insured mortgages
aggregating $165,006,534.54 and has commitments to buy
1,369 additional mortgages aggregating $5,967,998.37.
It
13
authorized
large-scale
housing
loans
aggregating
$5,525,500.
AUTHORIZATIONS FROM FEB. 19, 1938 TO MARCH 12,
1940, INCLUSIVE
Amount
Authorized
Loans to open banks
$531,782.50
Loans to aid In the reorganization or
liquidation of
closed banks
23,114,443.31
9,944,205.25
1,432,891.91
Loans to Building and Loan associations
Loans to insurance companies
r
Loans to Joint Stock Land banks
i_
3,921,786.45
Loans to Federal National Mortgage Association
140,000,000.00
251,351,312.30
321,932,378.09
17,126,488.96
Loans to railroads
Loans to business
Laons to mortgage loan companies
Loans for
mining, milling
or
smelting of
3,622,600.00
ores
Loan to self-liquidating project, under Section 201-a,
Emergency Relief and Construction Act of 1932
125,000.00
204,911,702.81
212,250,000.00
Loans to public bodies under Section 5-d, as amended.
Commitments to Commodity Credit Corporation
Other loans for financing of agricultural commodities
or
livestock
47,284,290.46
49,647,473.21
5,611,308.16
Loans to the RFC Mortgage Company
Loans to drainage, levee and irrigation districts
Loans to public school districts
371,500.00
Loan to Rural Electrification Administration
Loan
on
preferred stock of
an
100,000,000.00
100,000.00
138,148,200.00
1,653,900.00
15,364,965.34
insurance company
Loans on and subscriptions for preferred stock of banks
Purchases of debentures of banks
Purchases of securities from PWA
7,355
$1,548,446,228.75
Governor Black of FCA Reports About 100,000 Federal
Land Bank and Commissioner Loans Have Now
Been Reamortized for
Longer Terms
About 100,000 Federal Land Bank and Commissioner loans
have now been reamortized for longer terms and "a good
start has been made in placing heavily delinquent loans in
the Great Plains
statement
Farm
In
»
Solution to Railroad
Reorganization Problem Sought
by Head of Legislative Committee of National Con¬
of
Investors—C.
A.
Graham
Says New
Capital Must Be Attracted into Industry
Voluntary reorganizations of bankrupt railroads are the
only proper plans for accomplishing debt reductions, Charles
$71,819,146.06,
on
area
March
a sounder basis," according to a
by A. G. Black, Governor of the
on
18
Credit Administration.
Mr.
Black stated:
tax
development corporations to undertake projects out of which the City will
Private
business, including $23,359,889.69 later taken up by banks.
to re¬
realize still larger tangible returns in the future.
ference
resumed
Banks participated in these business loans to the extent of
has
Passage of Bill Permitting Establishment of Redevelop¬
ment Corporations to Engage in Slum
Redevelop¬
ment Projects Urged by Real Estate Organizations
Their
Corporation
aggregating $1,548,446,228.75, it was announced March 14;
6,232 of these loans, aggregating $321,932,378.09, were to
proposed
issuing banks.
thc-re
Finance
Reconstruction
the
the policies that have already been issued,
changes in personnel of the Savings Bank Life
the
Banking and Insurance Departments,
by the Savings Banks Association and the present
favored
Since
lending during February, 1938, it has authorized 7,355 loans
that
sponsors
alters
or
contemplates
RFC Authorized 7,355 Loans Aggregating $1,548,446,229
from Feb. 19, 1938 to March 12, 1940—6,232 of These
Loans Amounting to $321,932,378 Were to Business
amendment
proposal has received
the
protection
the
reserves
stated by the
affects
it
this
of
requires
fund,
surplus fund.
way
Insurance
that
statutory
specifically
and that
as
reserve
same
law
added
an
central
the
maintain
to
is
fund
reserve
addition
to
reamortizations,
the recently announced crop payment
plans, standstiU agreements on second mortgages and other measures to
rehabilitate seriously delinquent loans have
thousand cases, particularly in
Mr.
already been applied in several
drought-affected sections of the Plains area.
Black said most of the reamortizations
Commissioner loans.
These loans
were
He
applied to
explained:
originally amortized for relatively short periods and
required principal payments larger than heavily encumbered farmers were
able to meet.
years
will
borrowers.
I
am
reestablish
confident that reamortization over
the
soundness
of
many
a
longer term of
delinquent
Commissioner
Volume
The Commercial &
150
It is also stated
by Governor Black that about 1,057,000
loans were outstanding on
Jan. 1 this year of which some 254,000 were delinquent, but
only a part of them seriously so.
Loans with delinquent
instalments totaled $662,585,000—about 25% of the total
land
and
bank
Commissioner
Mr Black further said:
of all loans.
Commissioner
Commissioner
loans
made
were
required
to
refinance high
15%
to 28%
The
level debts.
principal payments which
Consequently from
farmers.
many
loans
Such regulations must reconcile, as far as possible, the
objectives of protecting purchasers of securities, on the
one hand, and of preserving the ready
flow of capital into industry, on the
other.
Here, as in most other fields of human activity, perfection is an
unattainable ideal.
Compromise and adjustment are inescapable.
A closer
heavy for
were
of all land bank and
Commissioner loans have been continuously delinquent in spite of
improved
often
conflicting
approach to the ideal than
the
ican
industry
60% of HOLC's More Than 1,000,000 Mortgages
in Good Standing Says G. L. Bliss—Head of
New York Home Loan Bank States High Cost of
Title
Searching
gage
Facing Mort¬
Companies
Of
1,000,000 mortgages made by the Home
than
more
Is Serious Problem
Owners Loan Corporation,
approximately 60%
currently
are
good standing, 8 % have been paid in full and the remainder
are in difficulty, George L. Bliss,
President of the Federal
Home Loan Bank of New York, told the New York Financial
Advertisers at their luncheon meeting at the Lawyers Club
on
March 21.
Regarding his remarks an announcement
in
stated:
Slightly less than 4,000 of these members are savings and loan
associations,
about 70% of the assets of all the country's savings
whose assets represent
and loan associations.
to
answer
a
of
the high
titles, which is caused by the
question, Mr. Bliss stated that, in his opinion, one
problems facing the mortgage loan companies today is
the serious
in the searching of property
cost involved
He described the
working to effect through
legislation the lowering of the cost of title searching.
They are over¬
charged for this service and the cost of closing mortgage loans is thereby
institutions
lending
through voluminous records.
searching
of
necessity
short-sighted for not
as
he pointed out.
affected,
Exchange
and
Securities
The
Commission made public
to the regulation of
March 18 a statement with respect
Fixing and Stabilizing" of security prices.
The
Commission discusses both the technical problems involved
"Pegging,
the funda¬
The Commission points out
regulation of stabilizing transactions and
in the
mental
policy.
of
questions
that "although the Securities
Exchange Act contains a gen¬
prohibition against manipulating security prices up or
down, it does not prohibit certain kinds of manipulation."
eral
Commission goes on to say:
Section 9
(a) (6) permits the "pegging,
The
Thus
of
of
sary
stabilizing"
The
public interest or for tire protection of in¬
of the Senate Committee on Banking and Currency,
in the
appropriate
or
vestors."
in
or
report
discussing the regulatory powers conferred on the Commission,
"Practices such as pegging, fixing and stabilizing the price of a
stated:
security
are
subjected to regulation by the Commission, which is authorized to
prescribe such rules as may be necessary or appropriate to protect investors
and the public from the vicious and unsocial aspects of these practices
the Commission made
With the issuance of its statement
who
also
opposed to the Commission's views on the subject.
Adoption of the stabilizing rules, which went into effect
Feb. 15,
was reported in our issue of Jan. 6, page 45.
all
of
the element of certainty to the issuing corpo¬
(1)
practical
is assured
of payment on a day
for
of the
agreed price for the issue regardless of its reception by the
purposes
and (2) the element of
speed, reflected both in the rapid sale of the issue to the public and in
the consequent promptness of payment by the underwriters to the issuer.
It is because of these attributes that it is important to note the alleged
market
subsequent
of
and
fluctuations,
preventing the market price of a new issue from dropping
during the period of distribution.
Some propor¬
tion of an issue, even though initially it may be completely sold by the
underwriters to the selling group dealers, will find its way back into the
necessity for
its
below
offering price
market.
This selling pressure results from the fact that some
change their minds and almost immediately resell.
In part,
comes from so-called "free riders," or speculators who purchase
the hope of quickly selling out and taking a profit from an early
If these reofferings are not absorbed by public buying in the open
open
purchasers
this
selling
with
rise.
their
original
offering
order
In
will
pressure
tend
force
to
market
the
below
price
the
price.
absorb
to
this
market selling and to prevent the conse¬
open
market prices which might impede, if not preclude., the
the manager of the underwriting syndicate, upon
making the offering, usually enters a "syndicate bid" to buy such securi¬
ties as may be offered in the open market.
Normally the syndicate bid
is placed at the issue price.
If the selling pressure grows too heavy to
permit the constant "pegging" of the market at the original offering
price, the syndicate bid will usually be dropped to successively lower
levels.
The stabilizing
purchasing by the underwriting syndicate may
drop
quent
in
success
of
range,
depending
from
the financing,
1% to
market
a
formal
the success
upon
high, occasionally,
as
Stabilizing
public
offerings
connection
in
as
of the particular offering, anywhere
15% or 20% of the issue.
described above is normally employed to facili¬
as
with
offerings
stock
new
made
also
is
procedure
Comparable
bonds.
of
most
at
a
fixed
price.
Another
offered
used
stabilization
type of
by
is
facilitate additional issues
designed to
corporation to its stockholders, usually at prices below pre¬
a
A similar type of stabilizing is also' commonly
facilitate both primary and secondary distributions in which the
levels.
market
vailing
to
offering price is represented to be "at the market," or at a price based
the market.
In both of these latter situations it is not customary for
on
syndicate to maintain a rigid "peg" in the market by bidding
the
at
one
usually
is
underwriters'
purchases of stock at
stabilizing
by the
retarded
further
be
should
It
regarded
levels.
lower
successively
steadily
downward trend in the market price of the
However, any
price.
security
that
noted
is
as
necessary
only in the case of issues which are neither notable successes nor notable
failures.
In the former case the market for the issue usually takes care of
itself.
fixing
except to the extent that it may be "in contravention
such rules and .regulations as the Commission may prescribe as neces¬
prices,
security
is
frankly recognizing
stabilizing,
regulated
the statute
under
duty
immediate
its
that
through
probably
are
followed
on
concluded
which
public
tate
Regulation of "Pegging, Fixing
and Stabilizing" of Security Prices—Commissioner
Healey Presents Dissenting Views
But the growth of Amer¬
development.
Consequently, the
a
its approach to the problem.
.
.
.
important attributes of present-day syndicate distribution
most
certain
>
SEC Issues Analysis of
such
upon
experimental character of
ration,
institutions with total assets of some $4,750,000,000.
than 4,000 member
wait
situation
the
meet
market,
(Federal Home Loan Bank) system now has more
that the
He stated
In
cannot
has
Commission
to
The
Are
achievable may in the future be found
institu¬
can be
now
resources
substantially reduced, even entirely eliminated.
securities
About
sufficient
is
investment banking or other underwriting
so
that the need for stabilizing
of
development
with
tions
the
farm income since 1934.
work.
actually
in
failure, may Federal land bank
In addition to drought effects and crop
and
1863
Financial Chronicle
selling pressure in the open market is too
afford to support the market at or near the
For the same reason, stabilizing cannot
practical matter be used to stem a market or economic trend of any
In the latter, where the
gieat, the underwriters cannot
issue's
as
a
real
offering
original
significance.
The
of
mechanics
by
no
means
uni¬
It
manipulation, since it seeks to retard and
affirmative market movements.
Nevertheless, this ability so
which interferes with free and open markets.
manipulation
of
form
here are
described
as
be successful
underwriters
the
stabilizing
However, whatever techniques are followed, and whether
or unsuccessful, their stabilizing represents
versally followed.
a
price.
is, of course, a negative type of
to create
not
with
interfere
to
public a separate statement by Commissioner Healey,
was opposed to the rules adopted last January, and is
in
now
markets
our
abused
been
has
in
the
That it
In determin¬
past.
is common knowledge.
susceptible to future abuse
remains
has
From the SEC statement we quote,
The
of
such
have led
which
to
the Commission's conclusion to attempt
to
These questions of policy,
although they
recently adopted to deal
with only a limited type of stabilizing, are primarily relevant to any
general program for the regulation of stabilizing in other and more
important situations.
They must therefore be analyzed in their relation
embark
to
the
lation,
that
are
broad program of regulation.
apply to Regulation X-9A6-1,
problem.
whole
There
many
who feel that stabilizing, since it is a form of manipu¬
inherently
is
fraudulent
circumstances.
all
under
a
upon
The
and
hence should
Commission
is
be wholly prohibited
unanimous
in
recognizing
is a form of manipulation.
The statute itself so recog¬
Commission also agrees that stabilizing in many respects is
stabilizing
nizes.
The
That,
undesirable.
too,
is
implicit
in
the
statute.
Nevertheless,
of
permit stabilization
to continue unregulated;
(2) it can adopt a program for the regulation
of stabilization in an effort to eliminate particular abuses which, in the
absence of regulation, are being lawfully employed today; or (3) it can
decide that stabilization is inherently so detrimental to the interest of
investors that the
Commission should recommend to Congress that all
Commission
stabilization
For
faces
three choices:
(1)
It can
be prohibited.
discussed hereafter the majority of the
reasons
Commission is not
prepared to say that, under existing conditions, all stabilizing should
be wholly prohibited.
Nor is the majority of the Commission content
to
allow stabilizing to continue unregulated.
It remains to determine
whether
a
workable program for the regulation of stabilizing can be
now
developed.
It seems clear
the Commission is to adopt
revised from time to time as we see how they
that the only course open to
regulations which can be
,
...
Disadvantages of Stabilizing
Statistically, it seems beyond dispute that, in the past at least, unregu¬
stabilization has in fact facilitated the distribution of over-priced
lated
securities
The
to the
misled
detriment of the investing public.
with
to
respect
the
into
.
.
.
stabilizing has been pointed up by the absence of
inherent in
vice
publicity
belief
such
that
an
they
operation.
Investors
have thus been
purchasing at prices
are
in
line with
the normal forces of supply and demand when,
fact, the contrary is true.
Since (March, 1939, the Commission's rules
have required that all prospectuses under the Securities Act unequivocally
state in simple language, where such is the case, that it is the intention
of the underwriters to stabilize the market in aid of the offering.
Never¬
market
fixed by
prices
in
theless, in many instances the significance even
be
cannot
grasped by all purchasers.
Inaction
the
machinery.
The
alternatives.
the
Commission considers that merely to point to the evils
attendant upon stabilizing poses the problem but does not answer it.
The question of how to deal with stabilizing as it exists today cannot be
answered by theory alone.
It is an intensely practical problem which,
for
the
present, must be solved in
terms of the existing financial
majority
the problem
to
subjecting it to regulation, or in continued non-action,
in paft, as follows:
questions of policy involved in any regulation of stabilizing are
fundamental significance as to require a discussion of the con¬
siderations
lies in prohibiting stabilizing,
the Commission
sought to weigh the relative advantages and disadvantages to the
investor and to the national economy which may attend each of these
whether the solution
ing
of
vices
the
Whatever
vs.
of this statement probably
...
Regulation
unregulated
stabilizing,
it would
seem
to be
question that the public interest, as well as the interest of
investors, will be better served by regulating stabilizing than by leaving
beyond
it
unregulated.
of
One
the
the
past
the
following
factors
major
which
led
to the
Commission's inaction
in
the opposition to the adoption of rules predicated on
All stabilizing unquestionably involves potential
has been
reasoning:
dangers to the great mass of direct individual investors.
If the Commis¬
adopts any stabilizing rules it would mean that it was recognizing
sion
and
of
thereby,
that
to
extent,
this view believe that the
legitimatizing stabilizing.
which
recognizes,
in
involved
as
any
stabilizing.
The proponents
Commission must not, by any action on its
part, make itself responsible for stabilizing.
When first encountered, these views were appealing to
the Commission,
intelligent observer must, the potential dangers
views give every member of this Com¬
Those
the issuance of any stabiliz¬
careful analysis those views are fallacious.
In the first place, Congress did not abolish stabilizing.
It authorized
this Commission, by regulation, to eliminate only "the vicious and un¬
social aspects of those practices."
It will not do for this Commission to
mission
a
ing rules.
feeling of anxiety when considering
But
on
The Commercial & Financial Chronicle
1864
proceed
not
find
basis of
the
on
viewpoint which
a
Congress,
wisdom,
its
in
did
who
have,
virtues
of
complete
abolition
of
stabilizing
rules
always been unwilling to urge that the Commission
prohibiting the practice in its entirety.
Nor have they sug¬
that the Commission urge Congress to amend the Act so as to
stabilizing.
They seemed tacitly to recognize that the Commission
gested
abolish
be
would
until
in
reported
6ome
supply Congress with
rejected
recommendations
doxically,
having
position to follow either of these courses unless and
regulations, observed them in operation, and then
consequences
because, absent such study and report,
poor
their
on
could
we
a
issued
it
no
Commission
evidence, gathered since Congress
of stabilizing.
Yet, para¬
new
the
theoretically
those
the
for
prohibition
opposed
adopt
to
rules
any
stabilizing
have
the operation
objected
which
of
can
to
be
studied.
The
is
lawful
provisions
of
other
many
those
instance,
effective
where
would
would
Under
a
ferent
been
said
of
types
deterrents
The
to
to
action
adopt
any
economic
the
Commission's
decision
Segments
of the
ultimate
solution
that,
to
as
of
absent
regulation,
render governmental
regulation, however,
the
curiously enough, both by
who
favor
continued
non¬
of
scope
the
may
which
is
in
and
intricate.
One
comprehensive
representatives
of
which
the
of
regulation
the
considerations,
potentialities
major
of
its
industry could not
coupled
actions,
with
its
resulted
own
the
in
the
have
been
connection
represented
and
with
be
to
at,
can
again become most
so-called
"market
based
or
upon,
preva¬
offerings"
where
market
prices
open
by the ebb and flow of supply and demand.
.
.
.
scale down until the price has dropped by a fixed
effect permit no more than the maintenance of an
on
in
the rules also
course,
stabilizers
have
by illegal
prohibit
stabilizing at prices
any
which
to
the
manipulation.
The
believe
to
reason
the
security
has
been
previously
raised
recognizes that experience under Regulation X-9A6-1
demonstrate the need for its future revision.
The Commission
is not so sanguine as to consider that the rule is
perfect.
Indeed, we
may
reach the point where operation under the rule will
prove
that
stabilizing within this area should be wholly prohibited.
The rule does,
however, represent the first attempt to find out whether investors can be
safeguarded by workable regulation against the "vicious and unsocial
aspects" of stabilizing.
Mr. Healey's statement said, in part:
One of
of
the
1934
causes
leading to the enactment
the
was
markets
had
been
investors
and
practices
tained
in
enacted
9
of
the
extent
differences
difficult
certain
of
respondent
were
transactions
in
or
about the
it
so
as
Section
to
9
(a)
offense
prices and
the
These
provisions
are
of
Section
by
9
pertinent here;
are
outlaws
one
pro¬
the
"pegging,
rules
and
stock
is
not
fixing,
regulations
of
the
Com¬
and
are
speaking
for
the
to
on
if he
be
because of my firm belief that what
But
I
impediments to the fulfillment by securities
are
maximum
of assistance
problem, I accept the risk.
the
to
of idle
transference
into
national employment
our
I believe that the public interest calls for such
review.
a
this plea it must be understood that I stand for the following
Information must be adequate.
Fraud and manipulation must
readily understood.
Company officials must disclose their transactions.
There should
purpose
be
one
protection to the public
only in such
review, namely,
a
President Roosevelt has said:
as
possible interference with honest business."
to provide
"with the least
That is all that the security
industry seeks.
The
specific parts of the Securities Exchange Act which
to the unhealthy
thinness of financial
markets and deterred investment enterprise were pointed
out by Mr. Rea as follows:
have
contributed
Section
9
(a)
(2)—The antimanipulation section—is
so
that it
vague
beclouds many transactions with
uncertainty because of the difficulty of
knowing just what is outlawed.
It has had the effect of excluding from
Exchange markets potential
less,
withdrawn,
or
have
sources
caused
of stability and liquidity.
irretrievable
injury to
Its charges
brokers
and
to
brought
to
sale
often
generally,
that
the
for
the
exchange
the
on
in
to
series
a
of
stock
was
suits
number
a
defendants
an
at
of
for
injunction and
criminal
established
cases
in
artificial
9
the
or
(a)
(6)
fixing
leave
of
has
which
such
prices without disclosing
artificial one resulting from the
interest
of
investors.
The
leaves the Commission with
stabilizing."
With
was
claim
no
has
the
problem
is
with
the
authority to
this
claim, I do not
intent upon outlawing
Banking and Currency which
Commission
connection
took
with
Commission
fortified by a
offerings
"at
statement
considered
the view which
I
the
been
with
of
the
the
a
evil
seeks
it
stockholder
have had
to
are
Senate
Com¬
matter.
take, that so-called stabiliza¬
markc-t"
is
not
in
the
public
prohibiting it is necessary for the protection of
investors,
liberty to say so and to make its view effective
by enacting
a
rule
forbidding it when the distribution is "at the market."
My
adherence to
be at
position
time.
has
been
known
to
the
Commission
for
some
orderly market and to fair prices, is
uses
of information in the market by
liability which bears scant relationship to the
no
resulting
facts of purchase
to
made the
within
by
an
six-months'
a
officer, director
subject to the call of the corporation.
so-called inside information.
and sale
basis
Such
period
or
person
for
or
its
These elements
liability.
those who naturally feel
when
stock
may
are
ignored.
The bare
of sale and purchase, with the resulting profit,
The result of this subsection has been
prevent those who are most interested in the credit status of the
pany,
large
His motives and the results of
have been highly beneficial to his company, to other
stockholders and to the market.
fase
rumors,
lead to sudden fluctuations.
at crucial times with no
an
com¬
obligation toward it, from supporting
misinterpreted statements
It adds
or
crises
market
materially to the business of markets
compensating gain to
anyone.
In
enumerating the factors of importance which are pre¬
venting a free flow of funds into industry and consequently
the creation of new jobs, Mr. Rea gave importance.
Second,
war;
.
attitude
the
of
Government
which
he
believe to be unsympathetic to the continuation
said
many
investors
and development of our
system of private finance;
Third, the income tax and its features governing capital gains and losses;
and
Fourth, the thin security markets.
Mr.
Rea laid
particular stress upon the approach of the
Exchange Commission to the problems of
security legislation, as he pointed out that Congress had
left to the Commission leeway in many matters.
He said:
Securities
Congress
lations.
and
the Commission the
gave to
The
power
Commission may recommend,
adoption of rules; it
interpreter and
a
may
of attorney to make regu¬
with
no
compel; it may prohibit.
light insistence, the
It is in many respects
dictator.
Of the utmost importance is, therefore, the philosophy—the purpose
the
Commission—in
osophy?
Does
the
its
approach to these problems.
Commission
believes
What
wholeheartedly
in
is this
the
of
phil¬
private
Is it unanimous in its determination within the
framework of the statute to foster and encourage the flow of capital into
industry?
as
Does it believe that Exchange markets should function freely
aid in this movement?
an
Or does it
its duty to be the restricting
see
and restraining of speculation to the minimum; the
owner
bilities.
some
It
It
work.
bodies.
its
discouragement of the
of funds from taking a considered speculative risk.
the greatest
perhaps
the
It has the heaviest responsi¬
opportunities to make
most
important
of
our
our
economic system
administrative
many
It has had six years in which to study the machine to see where
product
mission
not
has
is
The public may
losses but neither it nor the unemployed will gain thereby.
The Commission has tremendous powers.
are
to
an
Profits
prevent.
his transactions may
course,
mandate
a
essential to
an
(b), aimed at unfair
from transactions in the stock of his company
thus avoid
"manipulation," stabilizing activities were
as
this
Commission, found to be necessary
and
conclusion
this
16
so-called "insiders," imposes a
of
market
interest and that
would
Section
an
exchange.
treatment
interest
This
this
the
by others violated the provisions
e truth, as I see it, is that Congress
it.
(2)
of maintaining its price
previously had artificially raised
number
a
prosecute
that
was
the
such
"pegging,
Stabilizing, often
left unclear and confused.
financing of industry?
on
Section
determined
it
of their
markets
purpose
which respondent
has
helped
public
.
"stabilizing"
the statute outlawed
that
mittee
stabiliz¬
or
stabilizing but because of the strenuous fight made
against such
tion
attacks.
productive money, and thus to the solution of
surprising,
held,
effected
to
purchase and
charged
price
subjected
outlaw
"manipulation"
It
solicited orders
Though
If
bitter
Particularly
find that his
may
I realize
by
met
calling attention to
am
con¬
(2).
activities
a^'re.e'.
provisions.
other
consistently
induce
developed and
the
resulting harm to
To banish such evil
case
level
Commission
sellers
with
generally.
(a)
a
at
solve
be reviewed
Acts
Exchange
is
First, to the
therefore, that in almost
the claim is advanced that the
activities of the
"stabilizing" activities.
But under Section 9
has
in
between
perception.
Commission
The
the
provided
"manipulation"
made
these
an
the
...
The
that
that
official, his motives may be impugned, his proposals challenged.
proposal
the Act.
manipulation and
to
mission.
the
who recommends
clearly these probabilities.
corrected
controlled
economy
Only two of the subsections
hibits
and
national
our
Section
on
manipulated
Congress
to
of
Securities Exchange
by the Act—that fre¬
securities exchanges and over-the-counter
fact—sought to be
quently the prices of securities
every
or
changes would be in the interest of the public.
One
are
Commission
well
ing"
Ask that they consider whether
who urge constructive changes.
many
not
a
orderly market during the distribution.
The rules require stabilizers to
give notice of their intention to stabilize.
If stabilizing has
actually been
commenced, that fact must also be disclosed.
Stabilizers may neither
support the market nor profit from its independent rise at
any
price
more
than one point above the level at which
stabilizing is commenced.
Act
speak to your Representatives and Senators and ask them to listen to the
investors.
rules, of course, prohibit any "mark up" of prices.
They also
any rigid "pegging" of the market.
Since stabilizers on each
can
may
believe that these Acts might in the public interest be reviewed,
new
buy only
amount, the rules
Of
If you
the
upon
problem piecemeal, step by step.
problem may be isolated and an approach to its
be made through the regulation of those segments.
abuses
Business
Mr. Rea said:
York.
essentials:
difficulties
of industry, the underwriter
incident to regulation of dif¬
problems
These
School of
Harvard
of
Calling upon the alumni of the Harvard School of Business
to petition Congress for a review of the Securities Act of 1933
and particularly of the Securities Exchange Act of 1934,
George P. Rea, President of the New York Curb Exchange,
declared on March 21 that the national unemployment
problem would not be solved until the retarding influences
which these Acts place upon business and finance had been
alleviated.
The speech was delivered at a luncheon held
at Oscar's Odelmonico Restaurant, 56 Beaver Street, New
remain prohibited; but they should be defined with such clarity as to be
the
of
Business of These Acts is Alleviated
on
Alumni
.
of Piecemeal Regulation
attack
to
larger
stabilizing
prohibit
day
in
area
The
and
stabilizing rules has been the Commission's
on
of
established
hope
—Address
In making
program
agreement.
is
Regula¬
those
.
varied
are
substantial
price
of
character
cited,
by
indicate
workability of which competent
The
to
are
.
technical
stabilizing
earlier
to
awareness
the
presents from the point of view
investor.
reluctance
1940,
ing Effects
how
be lawfully employed under
ethically and economically
both
program
longer be lawful.
no
15,
may
is
of
has
stabilization
lent
Exchange Act as
vicious, are
matter
with the exception
Feb.
futile
seem
The Advantages
the
it
stabilizing which
advocate prohibition and
Enough
the
policy of non-action
a
Securities
no
of stabilizing will be made
unnecessary.
who
action
reach
the
purchasing is wholly unregulated.
Market prices in
even
be "pegged" above the public offering price.
it
use
a
abuses
flagrant
For
regulation, stabilizing
And
temperate
regulation
law.
circumstances
indefensible.
and
Under
stabilizing,
of
became
may
absence of
the
of
stabilizing
situations
some
60
continuance of
urge
reason.
forms
which
X-9A6-1
extent
In
those who
further
a
many
except to the extent that they may violate rules of the Commission
other
or
for
stands,
now
tion
of
position
untenable
it
Problem Cannot Be Solved Until the Retard¬
ment
nonetheless,
adopt
the
on
1940
Urged by President Rea of
Exchange—Declares Unemploy¬
the New York Curb
dwell
23,
Securities Acts
Review of
acceptable.
Those
March
was
faulty; where improvements might be made.
believes that
the machine needs
new
within its power to make or supply,
If the Com¬
parts or adjustments which
it should apply to the Con¬
gressional engineers for proper materials and directions.
Ifcln offering
speaker
will do
can
ever
Men
lative
a
stated
more
are
to
solution to the unemployment problem, the
that speculation, or the taking of a risk,
give real jobs to idle men than investment
do, he added:
put to work by speculation not by investment.
slack.
It is the
specu¬
enterprise, financed by the speculative investor, it is the belief in
the future, it is the taking
of
a
chance, which will absorb
our
employment
The United States leads the world, industrially, because its people
Volume
took risks.
stand
The Commercial & Financial Chronicle
ISO
The venturesome dollar made
* [We cannot
great industries.
our
voluntarily adopted
although borrowing
by investors, here or in any other country,
quested
"pat."
1865
general practice by issuing corporations, or re¬
a
as
corporations have always been in a position to determine
in
Regulation of Public Utility Securities—In Letter
Commission
Latter Recommend
to Congress
Review and Amendment of Laws to
Remove Deterrents Impeding Flow of
Capital—
Association for "Free Competition"—SEC Replies
to
with Invitation for Court Test
__
_
Proposes that
March
on
19 revealed that it has recommended to the Securities and
Exchange Commission that the general issues raised by the
SEC Rule U-12F-2 relating to the underwriting and sale of
securities of registered public utility companies and their
Eublic utility subsidiaries,the subject before until a public
be not decided disinterested
earing has
held
oeen
its
a
The Association's recommendation was made
public body.
m
on
to the SEC letter of Feb.
answer
29, in which the Com¬
mission through Joseph
L. Werner, Director of the Public
Utility Division, invited suggestions on the rule from various
State Commissions, public utility executives, underwriters,
dealers and other interested persons.
The Association's
reply addressed to Jerome N. Frank, Chairman of the Com¬
mission, was transmitted March 18 by its President, Emmett
F. Connely, in the form of a report prepared by a special
committee.
In summarizing the statement to the SEC, an
official Association announcement said:
The question
"goes to
whether American
business
is
to
remain
which it deems best, or whether
manner
the
fundamentals of the American system, namely,
vary
authority
great
accorded
to
the
free
to
market
securities
by law or regulation
Commission's
or
in the
by force of
American
decisions,
industry is to be compelled, against its best judgment to sell its securities
to
the highest bidder without regard to
the effect of the transaction
on
the
issuer, its security holders, and the investing public."
"It
is
matter
a
of the
the Public
subject to the jurisdiction of the Commission under
Utility Act of 1935, but it affects the issuance of every corporate
the Public
Utility Act is of great interest to all corporate executives whether
their corporations be subject to the jurisdiction
the
Utility Act
the
or
the
have
various
In the
bodies on this subject, the Commission's decision will
profound influence upon the practices and procedures of
a
State
other
and
public hearing has been held on the subject
before
body,
disinterested
a
have ample
public
matter of keen
a
evidence for and against every important
the regulation of
question of
The report places
the Association squarely
tribunals."
on
record
and independent competition" between investment
tenance of
Committee has
to it that investment
seen
free opportunity
believing in "free
bankers and the "main¬
that it is constantly before every underwriter
quoting prices and that in investment banking all transactions are
concluded in the full light of
The report points
does
not
of its own
out that the amintenance of competitive conditions
"dragooned" into leaving their regular
underwriters and compelled to do business with new underwriters.
The Association's report adds that "the competition of the general mar¬
ket, if not unduly hampered or impeded by unreasonably restrictive regu¬
lation, will always
On
terms."
be the best regulator of fair prices and reasonable
prove to
this
basis,
it recommends that the
Commission rescind its
present Rule U-12F-2 and that the reasonableness of the price, terms and
spread of
proposed issue be established by comparing them with those
a
prevailing for comparable issues selling or recently issued in the open market.
This is the
answer
in the Association's report to
the specific question raised
in the Commission's letter.
"We
wish," states the report, "clearly to place ourselves
being of the opinion that
any
Rule
or
quiring that in the sale of securities of
issuer
ment
on
record
Regulation of the Commission
a
public utility
company
or
as
that they have 'shopped around,' would be detrimental to
prove
the interest of issuers, to security holders, to consumers and to the investing
We
public.
on
15, he
"Representing
as we
ties
competitive
through
relatively few hands
the
bidding
business
of the requirement of the sale of securi¬
would
tend greatly
of selling group
corporate
concentrate
in
from this business the hundreds
dealers who are currently engaged in the distribution of
issues."
Business
enterprise,
flexibility which
and
to
of underwriting and distributing issues
of corporate securities and virtually eliminate
vibrant
comes
the report,
says,
depends for its
vitality
on
the
from the diversified efforts, independent judgments,
energies of independent business men.
before embarking upon a course which may not only
"The Commission,
be of doubtful legality,
but which would prohibit business men from acting in accordance with their
best judgment of fair and reasonable prices
own
for securities
as
determined
by the competition of the market, would be well advised to conform to the
traditional
practice of true democracy and invite Congress to review the
operation of the laws administered by the Commission in the light of the
experience gained over the past five years or more, with a view to their
protection of investors and of the public, will better contribute to the free
between investors and issuers and permit our system of
of capital
enterprise to proceed more vigorously with its task of creating employment
and wealth for the people.
"We
are
are
explored by the Temporary National Economic Committee in hearings in
which full and free opportunity is
concerned with the energetic stimulation of the flow of savings into invest¬
will bring together idle men, machines and money and make
possible a rising standard of living for all.
"We, therefore, most strongly urge that your Commission, pursuant to
its statutory
duty, immediately recommend to Congress that the laws ad¬
ministered by the Commission be reviewed and
deterrents unnecessary for the
now
The report
Weiner issued
amended
so as to remove
protection of investors or the public, which
impede the operation of our economy."
.
.
.
notes with interest that the Commission has through
a
further letter dated March
"However,
the
question
13, 1940.
"Although the letter of March 13 provides aid to those who wish to under¬
a study of the statute, it does not specifically direct attention to what
to be the inaccurate quotations
widley publicized letter of Feb. 29 and may
leading impressions created by that letter."
for
new
issues
in Mr. Weiner's original and
thus fail to correct the mis¬
...
[says the IBA report] "that competitive bidding
of corporate securities does not appear ever to have been
"Surely it is significant,"
which
Commission has brought forward
the
through its Rule U-12F-2 and by its letter written by Mr. Weiner,"
"involves consideration
says,
of the
therefore,
before
our
is
as
standpoint of the investing
that of issuers, the Commission can best meet the respon¬
sibilities which have been placed on it by statute,
of fees
ableness
of the
It would
which should properly come
one
considered opinion that, from the
well
as
question
of Congress.
Committee
a
"It is
expressed in certain sections of that Act.
the
that
the
Commission's statutory au¬
thority under the Public Utility Holding Company Act of 1935 and
and commissions and
concerning the reason¬
the fairness of the terms and con¬
ditions of securities sold in transactions coming within its jurisdiction, in
the
following manner,"
states
the report:
We recommend that the Commission
rescind its present Rule U-12F-2.
of the burdensome and costly procedures required under the ex¬
isting Rule, it is our recommendation that the reasonableness of the price,
terms and spread of a proposed issue be established by comparing them
with those prevailing for comparable issues selling or recently issued in the
open market.
"If the Commission and its staff cannot determine to their own satisfaction
that the terms of a proposed issue meet the requirements of Section 7, then
it should call a hearing and take testimony covering the views of the issuer,
of the investment bankers proposing to underwrite the security, and of
other experts, as to the reasonableness of the price, terms and spread.
Such
hearing and testimony should be confined to the type of buiness done by
the issuer; credit standing of the company; size of the issue; reception of
past security issues; terms and conditions of the issue in general in com¬
parison with terms and conditions of comparable security issues; whether
the security will qualify as a legal investment for insurance companies,
savings banks and trustees in the leading commercial States; and, such other
data as investment analysis usually compile in order to determine the
relative merits of securities."
Through the operation of such a rule as
"the Commission would build up a body of
and of expert testimony
Such
1
a
of
a
suggested, the report states,
precedents, of comparable data
which should be valuable as to enable the Com¬
majority of cases to arrive at a satisfactory decision
mission in the great
wihout the necessity of
subjecting the issuer and underwriter to the burdens
hearing."
plan would, the report declares:
Allow the issuer of public utility securities
the issuer deems at the time to be in
ever means
to sell its securities by what¬
the best interest of investors,
security holders, of the public and of consumers, and will enable it to
realize the most appropriate price consistent with the public interest; and
will, moreover, give the issuer the benefit of the expert advice of under¬
writers as to the character and terms of the securities;
.
of
....
2 Require the underwriters and distributors of the securities to buy in
competition with the market and satisfy the Commission that the price,
fees and terms of the securities are reasonable and equitable in the light of
the constant
competition of other issues of comparable
securities; and
Permit investors in the public utility securities to buy such securities
prices deemed by the issuer, the underwriters and the Commission to be
reasonable.
It will permit corporate issuers of public utility securities to
3
at
give investors fair treatment and to price the issue in such a manner that
on completion of public distribution the securities issued should in general
be selling at approximately the public offering price or slightly above that
price.
The report
states,
"Our proposal would be
securities and no distinction in its
to certain
"There would be no differentiation
may
applicable to all grades of
application would be made with respect
grades of securities.
be 'affiliates' under Section 2 (a)
between cases where the underwriters
(11) or where they are not, since the
fairness of the price,
the terms and the spread will be the
in all Instances, and
these should be sufficient to prove
determining factors
maintenance of com¬
petitive conditions."
Section 2
(a)
Commission has found a person to
(11)
be an 'affiliate' under
(D), we recognize," states the report, "that the Com¬
12 (f), must see that the securities are sold
mission, pursuant to Section
under
competitive conditions.
We believe that the Commission can do
and spread with those prevailing for
issued in the open market. This is
fairer than to disqualify an 'affiliate' as under the present Rule from being
an underwriter for more than 5% of the offering when he cannot prove what
this
by comparing the price, terms
comparable issues selling or recently
as a
practical matter is impossible of proof. For in any given situation,
the basis of a negotiated price or on
the
the
Both methods can¬
not be used at the same time in respect of the same offering.
When there
is a requirement that one method be used, it is impossible to establish what
would have been realized had the other method been employed."
"Experience in municipal finance and in respect of other securities which
have been sold in competitive bidding," the report says, "indicates that
this method of handling underwritings tends to eliminate the small dealer
from the business of distributing the larger issues.
We estimate that there
are at least
1,000 dealers who now gain a considerable portion of their
securities must either be sold on
basis of competitive
Mr.
take
appears to us
accorded those who propose, and those
against, this practice to present all relevant data and testimony.
who advise
"In case the
wholly in accord with the view of President Roosevelt that there
in this country today no more urgent questions than those which are
ment which
law or regulation that corporate management
competitive bidding for the sale of securities,"
[says the report] "is obviously one which might very properly be thoroughly
improvement in a manner which, wihout in any way detracting from the
flow
that
...
shall be required to resort to
do hundreds of small underwriters and dealers in the
on corporate managment
be heard before the TNEC
allotted some 10 minutes for presenting this
testimony as requested in its formal statement presented at
to present
cities and towns in 43 States, we are keenly apprehensive that the general
imposition
December, 1939, President Connely requested
was
To date the Association has not been accorded an opportunity
request.
time.
Dec.
and expense
prepared to submit proof in support of this opinion.
are
full and
re¬
be compelled to resort to the auction block or sealed tender method
or
a
choosing."
behalf of the Association, an opportunity to
and that
other
subject to the jurisdiction of the Commission, corporate manage¬
of sale
banking should have
publicly to present the facts derived from its experience
The report recalls that in
on
banking," the
National Economics
In place
day—nothing is hidden.
require that issuers be
.
knowledge of these matters, in its own words and through witnesses
and
public
as
It emphasizes that the competition of
competitive conditions."
the market is ever present,
when
policy, concerning
business and the administration of the laws relating thereto,
.
report says, "that neither the SEC nor the Temporary
seem,
should be heard and considered by impartial
.
disappointment and much astonishment to
this Association and to those who are engaged in investment
intentions of Congress as
"The
which all persons interested will
at
opporunity to present their views.
"It has been
questions which gravely affect the operation of our system of free enterprise
the report says further.
authorities."
regulatory
light of all the circumstances, the report strongly urges that this
matter be not decided until a
report
highest importance in the public interest that
State Commissions
the views of all
has asked
Commission
and other regulatory
will also
of the Commission under
not.
should
be aired in the full light of day,"
For what the Commission does under
security issue in the United States.
"The matter of requiring by
advanced in the Commission's letter, the Association holds,
of the
one
question which affects not only registered holding companies
a
and their subsidiaries
"Since
_
InvestmenFBankers"XssocIation of America
The
"This is
that their securities
had they so desired.
should be sold in competitive bidding
I, B. A. Declares SEC Is Exceeding Statutory Authority
bidding by means of sealed bids.
annual income from participation in corporate selling groups.
smaller underwriters
obtain
now
under writings.
from direct participation
Any development in corporate finance which would
tend to weaken the position of the small dealers throughout
who carry on
ing out of
business in limited
areas
could scarcely fail to impair the carry¬
less than 40% of
on the Commission's own figures that not
the total "spread" on corporate issues publicly offered has gone to
selling
dealers throughout the country, the report states, "It may well be
group
Commissioners Henderson and Eicher said in the Consumers Power case
as
that Congress did not intend the Commission to underwrite the investment
banking business.
Hut
so.
we
We certainly would not expect the Commission to do
cannot believe that
the Commission should become
Congress desires
an
agency
the
says
method of arranging
auction,
while the
report,
intended that that
or ever
for working injury on business."
Direct negotiation is generally followed today as the
corporate financing,
bid,
sealed
or
method prevails generally in the sale of the direct and unlimited tax obliga¬
bonds of States and municipalities.
tion
"Both methods appear, in our
opinion, to work reasonably well in their respective fields, but it does not
follow that the method of arranging for the sale or
underwriting of certain
special classes of securities is necessarily adapted to the other."
The sealed bid method of effecting the sale of issues operates in a
satisfactory
small one—the average size in any recent year amounting to
However, competitive bidding works very badly in
even in
fairly
in municipal finance because the average issue is
manner
a
about $200,000.
number of instances,
a
municipal financing, the report continues, because the market lacks
confidence in the reasonableness to investors of the prices arrived at
through
competitive bidding for larger issues and reflects this lack of confidence in
the prices it is
It is
willing to
pay
glad to cooperate to the full extent of our
Commission
before your
ters
time and experience
knowledge concerning these mat¬
before any body designated to consider
these important
or
matters.
Since the subject matter of your
you have
letter is of great public interest which
State and
recognized by distributing your letter to the press, to
commissions, public utility executives, the National Asso¬
Inc., this Association, various underwriters,
other regulatory
have similarly released our reply
dealers and other interested persons, we
and
sending copies to all of our members.
are
preparing the report, was headed by
Harriman Ripley & Co., Inc. and
included: Ben B. Ehrlichman, of Drumheller, Ehrlichman
The
committee,
R. McLean Stewart, of
Co., Seattle; Edward H. Hilliard, of J. J. B. Hilliard &
Son, Louisville; Paul W. Loudon, of Piper, Jaffray & Hopwood, Minneapolis; Colis Mitchum, of Mitchum, Tully &
Co., Los Angeles; John K. Starkweather, of Starkweather
& Co., Inc., New York; John 0. Stubbs, of Whiting, Weeks
& Stubbs, Inc., of Boston; John J. Sullivan, of Sullivan &
Co., Denver; and Jay N. Whipple, of Bacon, Whipple &
Co., Inc., Chicago.
The Securities and Exchange Commission on March 19
issued the following statement:
asked business for suggestions as to how
from
We have already received many
intelligent and thoughtful replies which promise to be of real assistance and
"On Feb. 29, SEC in good faith
it could improve a certain Rule
the
under the Holding Company Act both
standpoint of SEC and business.
for which
we are
most
grateful.
"This invitation of ours to business to cooperate
for such issues.
by
with us has been seized
committee of the Investment Bankers Association,
the report, "that the Federal
upon
Government itself does not place its long-term securities on the auction
as an
block but offers them to the public after fixing the price at a figure
Company Act, but to all statutes which Congress has adopted for
an
1940
23,
ciation of Securities Dealers,
financing small business enterprise."
Remarking
March
placing the facts which are within our
in
the country
the important functions of the capital market—that of
one of
We shall be
Many of the
much, if not more, of their new issues
as
income from participations in selling groups than
in
Chronicle
The Commercial & Financial
1866
interesting and important fact,
says
expected to appear attractive to the investor and
cause
that is
the issue to sell at
a
however,
Holding
protection
opportunity to repeat its customary opposition not only to the
of investors and consumers and committed to
That
excluded
Association
by the $25,000 capital requirements for membership—has issued a lengthy
bidding
on
the
Interstate
equipment
Commerce
Commission
certificates—which
trust
special type of security—these issues
are
competitive
requires
people consider
many
a
relatively small in amount, and the
assault
direct railroad obligations, according to the report, which adds,
"The
'spreads' on equipment trust issues have frequently not been commensurate
with the costs of doing business or with the real risks involved, and
large investment bankers—small dealers are
all the statutes of the past seven years
on
protecting investors and
consumers.
"The SEC genuinely regrets that this
ICC appears never to have felt the need of imposing competitive bidding
on
of the
SEC to administer.
premium."
Although
a
business
effort to obtain the suggestions of
meeting statutory requirements in a way suitable to business
had hoped that,
"We
they
to
as
thus been obstructed.
has
as
representatives of leading investment bankers
provide no dependable criterion of the situation which would result from the
definitely concerned with provisions as to which help was sought, the I. B. A.
general adoption of competitive bidding."
might produce some valuable suggestions. It now appears that the I. B. A. is
While it
has
been
the general
practice of the
Reconstruction Finance
Corporation to sell small issues of municipal securities by inviting com¬
still concerned not
through direct negotiation in transactions involving large amounts,
the sale of $28,000,000 bonds of the Triborough
in
as
Bridge Authority,
constructive criticism and
"The I. B. A. charges that the SEC has
petitive bids, the report says, RFC has evidently found it desirable to make
sales
with
suggestion,
but with
ill-tempered obstructionism and Government baiting.
exceeded its statutory authority in
respect to adoption of the rule in question.
This we do not concede, but the
Holding Company Act provides adequate legal procedure for testing such
assumption both before SEC and in the courts.
$147,000,000 bonds of the Metropolitan Water District of Southern Cali¬
an
fornia (sold in three blocks of $60,000,000, $13,556,000 and $73,444,000)
such
and $71,000,000 San Francisco-Oakland Bay Toll Bridge Revenue Bonds.
An opportunity for
Commission.
"It appears that in the instances where the RFC elected to carry on
negotiations with
of underwriters, the securities
a group
were
sold
bases
petitive bidding.
RFC did not find it difficult to decide
to the reason¬
as
reading of the I. B. A. report, however, raises the serious doubt as
"A
direct
on
favorable to the seller than would have been possible through com¬
more
provided in each of four cases now pending before the
will be
test
to whether this normal method of
lation is really
establishing validity of
a
law or a regu¬
It does, in fact, become increasingly
not in the
desired by the I.B.A.
clear that I. B. A.'s interest is not in investors and consumers,
ableness of the prices and terms offered to it through negotiation in the sale
capital markets, but in bargaining, by any subterfuge, its outlawed privilege
of these bonds," the report states.
of
operating the financial markets without responsibility to anybody but
its
own
In competitive
bidding, the report continues, "as
offering must be made immediately after
the
case
a
a
practical matter, an
competitive bid is made.
to the approval of
the securities.
Such
declines in the market
to market
bids would have to take into consideration
possible
Massachusetts, competitive bidding is required for public utility bonds.
procedure established
by
the
laws
of Massachusetts,
tends
...
to
confirm the view that, in the sale of issues of substantial size, competitive
bidding fails to produce prices which
investors," according to the report.
are
fair, reasonable
or
satisfactory to
"Nor does the record covering the sale
of the average issues of municipal securities
through competitive bidding
provide any evidence warranting the belief that this method could produce
satisfactory results in the sale of the average large issue of securities of
private public utility companies."
sales amounted to
$5,000,000
or more per
a
small part of
issuer, and that 70% of the aggre¬
gate amount of the public utility bond financing
$25,000,000
or more per
issuer.
utility bond
was
...
in blocks of
In view of the difficulties encountered in
municipal financing through the sealed bid method in the sale of large
issues, "it appears unlikely that this method of sale would prove satis¬
factory as a means for arranging for public financing of public utility com¬
panies," says the report.
"Commissioners Henderson and Eicher, in their opinion in the Consumers
Power case, in referring to the opinion
widely held by others that
petitive bidding might often result in
unreasonably high and
purchasers of the
state that 'such a
which
a
would
com¬
price to the public which would be
operate
detrimentally both to the
new securities and to the issuer itself in future
conjectural risk need give
us
(the Commission)
financing,
In the report
termine in the light of current market conditions whether
a
price is
a
price arrived at
by
or is not
of competitive bidding in sealed bids is unreasonably high. ?
"Surely the Commission has the norm of the market to deal with in both
cases," says the report adding that "while competitive bidding, under the
way
of the
terms
Commission's
present
Rule
U-12F-2,
may,
in its opinion,
relieve the Commission of the duty, in transactions under its
jurisdiction,
of determining whether or not
an
there may have been recourse to
sidered
judgment, be
in
no sense
underwriter is
the price, terms and spread are reasonable.
of
an
an
'affiliate,' the fact that
competitive bidding would, in our con¬
determinative of the question whether
The prices and terms of sale
issue arrived at by means of direct
negotiation between
underwriter of his
experience, much
concerned than
own
more
are
choosing are, in
an
issuer and
opinion, and in the light of our
likely to represent fair and reasonable values to all
our
those arrived at through competitive
bidding."
President Connely's letter presenting
the^report of the
special committee of the Investment Bankers Association
t
to.Chairman Frank_of the SEC concludes.with the statement
that:
|
of the Investment Bankers Association's Special Committee,
of March
18, it is pointed out that Mr. Weiner,
of the Commission's Public
Utility Division, employed in his letter
embodied in my letter
head
of Feb. 29
phrase, given
a
direct quotation of the Act, but which is in
as a
part not an exact quotation of the language of the
Act but rather
a
trans¬
position of certain provisions of the recital set forth in Section 1 (b) (2) and
Section 1(c) of the Act, separated from their context and
a manner as
to be
presented in such
misleading.
Because of this situation and assuming
that the Commission does not
wish to elicit from dealers and others replies to its letter of
an
inaccurate understanding of the provisions
the hope
in
my
Feb. 29 based
of the law, I expressed
letter of March 18 that the Commission would 'communicate
with the press, as well as with all
of those who received copies of Mr. Weiner's
original letter, and call their attention specifically to the manner in which
the letter of Feb. 29
departed from the language of the statute.'
I note that the Commission
apparently has not found it possible to deny
that Mr. Weiner's letter of Feb. 29 was misleading and inaccurate in the
manner
stated but has instead resorted to an attack on our good faith.
therefore, repeat my suggestion that the Commission call the
all receipients of the Feb. 29 letter
I,
attentionjof
specifically to the manner in which it
departed from the language of the law.
It
was
principally
because of this situation that we made our reply
public and have made arrangements to distribute copies of it to all in¬
terested persons.
The public
for it would be
reasonable, how will it be better able to determine that
misleading statements
contained in the Commission's letter of Feb. 29.
no concern,
our (the Commission's)
duty to prevent a sale at such an
unreasonably high price,' " the report declares.
"It may well' be asked, if the Commission now finds itself unable to
de¬
replying to this statement, Mr. Connely said:
looked in vain for any denial or correction of the
on
Figures shown for 1939 indicate that all but
bankers have a much
Reading the statement of the SEC published in the press today, I have
during the interim period."
"The record covering sales of public utility bond issues in accordance with
the
In
Act of 1935, competitive bids would have to be submitted several
pany
Our position, dictated by the public interest in accord¬
little group.
with the acts of Congress, is that investment
greater responsibility."
the Commission under the Public Utility Holding Com¬
days in advance of the time when the underwriters would be free
In
In
of securities registered under the Securities Act of 1933 and subject
ance
character of
of
will decide for itself as to the good faith and constructive
our
reply and we are quite happy to leave our case to the court
public opinion.
As Mr. Justice
tive agency
Douglas, when Chairman of the SEC, said,"An administra¬
has no powers but the powers granted in the statute.
Its rule¬
making power is circumscribed by the law itself."
Industry in Position to Take Greater Strides Toward
Recovery if Further Experiments by Government
and
Labor
Leaders
Is
Ended, Says President
Prentis of National Association of Manufacturers
—Cites Five "Little NRA's"
Industry, conscious of its social responsibilities, is in a
position to take great strides toward economic recovery if
there is an end to further experiment, confusion and un¬
certainty by Government and abuses by labor leaders, said
H. W. Prentis Jr. at a gathering of more than 400 indus¬
trial leaders in the Pittsburgh area on March 14.
Mr.
Prentis is President of the National Association of Manu¬
facturers
and
Lancaster, Pa.
President
of
the
Armstrong
Cork
Co.
of
The meeting at which he spoke was one of
The Commercial & Financial Chronicle
Volume ISO
37 scheduled in Cities throughout the
country at which in¬
dustrialists will discuss local and national industrial prob¬
lems, and
sponsored by the National Association of
Mr. Prentis declared Pittsburgh and other
was
Manufacturers.
great industrial cities "would today be out of the economic
fog and well on the road to real prosperity if the NRA
had been permitted to remain as dead as the
Supreme
Court made
it."
He pointed
out that the NRA,
however,
had not remained dead because "those in
high places appar¬
ently were wedded to the idea of regimentation of in¬
dustry."
said
He cited five so-called "little NRA's" which
"terribly harassing and upsetting for both big
employers/' and, he declared, as a result unem¬
were
and
he
little
ployment had
remained
unsolved
an
problem.
"In so far
manufacturing industry is concerned," he declared, "we
as
have little to reproach ourselves with in the matter of
providing jobs for willing workers."
He pointed out that
in
branches
some
of
manufacturing employment today is
actually above the level of 1929, and that the industry
as a
whole is employing as many men as in that
pre-depression
year.
The five "little NRA's" cited by Mr. Prentis were:
The
1.
Walsh-Healey Act, under which
powered
in
tell
to
Federal
industry
how
Government
to
the Secretary
its
run
contracts—how
business
if
it
hours
of
Labor is
would
era-
what
wages
.
4.
The
Labor
Fair
though its objective
in
industry and
5.
millions
of
Act—wages and hours—which (admirable
further hamstrings much legitimate activity
be)
may
commerce.
Robinson-Patman
The
.
Standards
Act, which attempts to regiment the countless
transactions
sales
that
in
occur
America
to
1867
that they have community interests similar to those of
prove
fellow
our
citizens.
It is obvious that with
Government
chaotic
a
if
14,532 separate banking units, no two of which
group of people, and with 48 States and the
chartering banks and making laws concerning banks,
in banking laws and banking practices would exist
managed by the same
are
Federal
it
difference
for
not
were
various
high
a
degree
voluntary cooperation between the
on the one hand and between
of
chartering and supervising authorities
the
14,532
we
must
individual management
sets of
achieve
centralized
by
the other.
In other words,
under more highly
on
cooperation
what
banking by
executive order
of
systems
is
attained
legislative act.
or
Advertising, employee training, personal loans, long-term
real estate financing, cost, accounting, and an intensive
on March 22 to
Strain, President
of the Continental National Bank, Lincoln, Neb.
Citing
the decline in interest rates in recent years, Government
competition with the established independent banking sys¬
tem, and the lack of demand for bank credit by business
generally as the causes of difficult investment and loan
conditions in the banking field, Mr. Strain asserted that
bankers must consider new methods of doing business in
order to offset these handicaps.
Mr. Strain declared:
farm credit were
study of
recommended
bankers attending the conference by T. B.
participate
its
employees may
they shall receive, and the like.
2. The Bituminous Coal Act,
clearly designed to regiment that industry.
3. The Wagner Act and its National Labor Relations
Board, which .
instead of bringing peace has brought strife,
controversy and confusion.
work,
many
bankers
Studied
efforts
be
should
made
to
acquaint the public with the inside
problems of modern banking.
We should remember that
good and bad banks stand and fall together in reflecting public opinion.
Proper advertising and public policies are a national problem, and not
workings
and
banks.
for individual
merely
one
"Wages and hours have produced one of banking's most serious prob¬
lems," he continued, "but I am more concerned with the effect the law
have
ultimately
may
bank
employee.
must
the
on
be given
earnest consideration
banking,
If
perpetuate
to
are
we
in the future
employee
to
training."
day.
every
Mr. Prentis declared that efforts to promote recovery by
Loans to farmers by country banks can
be placed
on an
money
advantageous competitive basis with those offered by the
Government if the banks will meet the Government rate on
giving Government due credit for the awakening of a new sense
responsibility, and for progressive steps in respect to unem¬
ployment compensation, old age pensions, slum clearance and the correc¬
President of the Parsons Commercial Bank, Parsons, Kan.,
asserted on March 22 in an address before the conference.
pouring out
and
bad
taxes
billions
many
failed,
of
and
dollars
borrowed
in
added:
the
While
of
social
tion
of
abuses
end
an
its
the
the
security
and
markets,
experiment,
clear road ahead.
a
stride
of
in
further
of
showing
forward
go
the chief
thing needed today is
green
light
our national economy will recover
achievement in the interest of all
confusion
and
uncertainty—a
Given that,
to
greater
people.
Iii
the
annual
meeting of the Chamber of
Commerce of Toledo, Ohio, on March 12, Mr. Prentis said
that "of all current delusions the present tendency to
unbounded
our
faith
"economic
is the delusion
the mystical
in
ills and
bring about
heaven
a
on
earth,
that has the least foundation in human
ex¬
perience and history.
Pointing out that one out of every
persons employed in American industry today is en¬
gaged in the production of 18 things that existed only in
four
mind
inventive
the
between
1900
and
of
in 1870, Mr. Prentis said that
100,000 new articles appeared on
man
1930,
He went
market.
the
Citing the Government-sponsored Production Credit Asso¬
as the greatest source of competition to banks in
farm loans, Mr.
to
on
say :
Bryant said:
It is true that the P.
have
not
be
to
O.
has
A.
some
about
concerned
advantages
adequate
problems
for
longer period than banks have been
a
banks in that it
over
about
reserves,
attracting
in order to have money to lend, about taxes to be paid and the
deposits
many
place
of Government to
power
Harry A. Bryant,
ciations
does
addressing
cure
desirable class of agricultural loans,
that
On the other hand,
if
bankers
bothering
are
we
today,
and
they
make loans
making them.
meet the rate as stated,
we
have many advan¬
Credit Associations do not have.
In
cases
their requirements are technical; the borrower must buy
in their association; they have inspection fees that are expensive;
offer that the Production
to
tages
many
stock
they do not offer, as yet at least,
lending
except the
small advances
business,
and
sooner
are
later
or
any
of the customary banking services,
Most borrowers,
money.
associations
These
crop.
of
enable them to
to
at
times at least,
feed out their stock
require
to harvest their
or
not in a position to handle this kind of
the borrowers are going to realize this.
Then, besides, banks have the advantage of a long acquaintance with their
public relations have been good, we have a decided
customers,
and if
our
population increased 15%; the number
families, 23%.
During the same period the expansion of the amount
of durable goods was roughly three times as great as could be accounted
advantage
over
mere
for
study agricultural conditions in the areas serviced by their
banks and to assist farmers in preparing financial data
In
decade of
the
the
1920's
our
a
agent for the Production
Credit Association.
of
by population growth and twice
number
families.
of
to
living
men
of the people.
permitted
are
their
of
Two-thirds of
great relatively as the
the expansion
to
And
the
ahead
go
is
end
with
the
not
to improve the standard
yet,
task
increase in
during that period went
the stock of goods per capita, that is,
increase
of
as
of
if
American
building
the
business
America
dreams.
Officers
ference of American Bankers Association at Denver
—Other Speakers Discuss Function of Government
in
people the independent dual
of the safeguards of the demo¬
system of banking as one
cratic system
of government, William A. McDonnell, Execu¬
Vice-President
tive
Little
public service than to
of
the
Commercial
National
Bank
of
March 21 at Denver, Colo., in
address before the Regional Conference of the American
an
Ark., said
Rock,
on
Association.
Mr. McDonnell, who spoke on the
Your Bank," outlined a program designed
to aid bankers in improving the public services they per¬
form.
He said, in part:
Bankers
"Know
subject
If
would know
we
our
banks,
we
must maintain
constantly the research
mind.
While retaining
the foundations of honesty and
which cur banking house is built, we must be constantly
improving the outward forms of the structure.
As I see it, the greatest responsibility of the American banking pro¬
fession is to preserve for the American' people our dual system of inde¬
attitude
of
fidelity
upon
banking, and this for the simple reason that it is one of the
safeguards of our democratic form of government.
Destroy it,
destroy our form of government itself.
In the struggle now going
pendent
greatest
and you
all
on
the
over
democracy
in
in
the
clash
of
ideologies,
form,
our
part
as
American
world,
every
democracy in our own field by protecting our
unit
in
the
assaults
upon
bankers is to defend
(jxml system of independent
banking.
public,
but
is
There
to
one
way:
by constantly
improving
our
services
to
the
the end that our system of banking will neither require nor
other hands, less able to improve and less inter¬
tempt the laying on of
ested
in
preserving
our
about
so
often that it has become almost hackneyed.
public and
thereby let it know us.
of
the
best
ways
We must know
our
Bankers are logical leaders in any
that leadership in civic affairs.
to take the mystery out of banking is for the
community and it is their duty to assume
One
We
March 21 to
President of the Iowa Trust &
Bank, Estherville, Iowa.
Addressing the confer¬
the subject of "Avenues of Earnings Open to Rural
country bankers
responsibility to
have a
Not
ourselves.
and
munities
in
the
actual
our
work
customers,
our
science of
and
com¬
farming,
but in
agricultural financing, an obligation that by reason of our relation¬
ship to our customers goes further than the mere lending of money.
object
he
can
of
which
analysis
intelligently
can
every
rural
banker should be to maintain records for
look far enough into the future that
will enable him to
recognize a condition before it materializes, and on recognizing it
and point out
consult
to
the customer that condition,
giving the customer an opportunity of correcting Jhek-cause
meantime
jeopardizing the bank's
customers
this
will
the
mean
position
without in the
orJ;Ke customer's.
difference betv^en
For many
failure and success;
for
few it will mean
quitting farming before losing all their equities.
The country banker
does have a responsibility to see to it that his customers do make progress.
Unfortunately, human nature is such that progress cannot always be
expanded to mean "success."
some
will
it
mean
Bankers
seeking financing elsewhere;
attending
the
conference
for
were
a
admonished on
H. Mohler, Vice-President of the First
St. Joseph Stock Yards Bank, St. Joseph, Mo., to advise
their farmer-borrowers against entering into unsound over¬
March 22 by Harry
production of crops and livestock as a result of war in
Europe.
Speaking on the subject of "Live Stock Loans,"
Mr. Mohler, in his comments, said:
We do not yet know to what extent the war will affect agricultural
conditions of the United States, but the last one is not so far behind us
but
that
we
can
remember the results that culminated in
the collapse of
1921-1922 when consumption could not absorb production at the
abnormal peak to which it had been pushed by the war conditions,
We certainly have a lesson there which we need to
remember, and
with careful study of the fallacies of production during those frenzied
prices in
days
of
entering
of
the
system.
great deal has been said in the last seven years about public rela¬
tions.
The expression "take the mystery out of banking" has been preached
A
on
Bankers," Mr. McDonald had the following to say:
The
greater
no
American
the
for
preserve
perform
can
urged
by K. J. McDonald,
Savings
Banking Regulation
Bankers
banks were
country
adequate to serve as a basis for loans and farm manage¬
ment
ence on
Continuation of Dual Banking System Urged as Public
Service—W. A. McDonnell Addresses Regional Con¬
of
World War period, we must protect our customers from
unsound program of overproduction again, should the effects
present European situation reach American agriculture.
the
an
Bankers
have
understanding
lems,
the
Wendell
Utah
asserted
on
a
responsibility to
banking
present-day
M.
Smoot,
assist the public in
and economic prob¬
Vice-President and Cashier of
National Bank, Salt Lake City, Utah,
March 21.
Mr. Smoot made the statement that
State
The Commercial & Financial Chronicle
1868
development in recent years of a public misunderstand¬
and business can best be
overcome
by personal efforts of bankers to educate de¬
positors in the public welfare responsibilities of banking,
a
ing of the problems of banking
and
We
from
welfare
the
and
of
size
most
this
to
extent—we
have
influence the public without refutation.
having the responsibility of the public
operations as we do should avoid a definite
and
ours
closely tied into our
so
policy.
public relations
To
misunderstanding
banks
depositors
radiating the
living things,
are
personality
the
that
ability of the management and personnel.
There is no denying
this factor plays a major part in attracting and keeping customers.
The
depositors
friends.
our
are
It
self-evident
is
that
they
trust
us.
They consider the bank their bank, and often justly wonder why we have
taken them into our counsel.
If we are to allay the feeling of dis¬
trust,
to assist ourselves in solving our mutual
problems as well as
not
promote thrift,
there
is
take them
must
we
in
mystery
no
banking,
into
more
but do
confidence.
our
We know
they?
Bankers were urged on March 21 to take greater interest
knd
active
more
a
by Maurice Breidenthal, President of the Security National
Discussing the subject of "Re¬
Bank, Kansas City, Kan.
search and Analysis as an Aid to Bank Management," Mr.
Breidenthal contended
the future
enabling them to learn how to
in
ties
of
banking rests in
the cooperation of banks in the research field,
large part on
thus
that
their communi¬
serve
indispensable way and to earn profits from the
services they provide.
He likewise said:
behavior
bank.
and
The
banking is determined by group results and group
by results obtained or the behavior of each individual
not
of
future
the
independent unit bank
will
not
be
decided
in
Washington, but by you and me in our home towns.
It will depend upon
two
things—whether you make your bank indispensable to your com¬
munity and whether you are able to do this and at the same time operate
your small
unit at a profit.
The attainment of this result calls for
alertness and constant research and analysis in banking methods.
There is no magic in the words research and analysis.
Of themselves
they will not perform any miracles for your bank, even in this day of
'
kaleidoscopic
research
changes
and
assemble
in
former
our
analysis, however, it
information
sound
on
beliefs.
economic
is possible
for
to
us
By
of
means
develop facts and
operating policies which, if mixed with a
applied in a selective way to your bank
little ordinary common sense and
and
community, will produce profitable results.
your
William C. Rempfer,
Association
S.
Parkston,
I
and
all
analyze their costs,
times.
We
relations
to
make
us
D.
suggest that all bankers keep
and
should
shall
low
should
them
uniform
operate
need
so
rid
If
to
all
do
we
of
this
us
our
know their operating trends
the
of
Let
profitably and lay
them.
continuous record of their operations
a
that they will
ourselves
free services.
give
notion
make
customers
reserves
up
there
will
that
our
it
with
the
longer
be
day
a
at
good public
let
adequate;
exceptions.
no
against
no
is
charges
We
when
we
problem
of
earnings.
The development of personal contacts between a bank's
personnel and its customers was recommended on March 21
as
of
one
William
the best
means
of
developing bank business by
Z.
Hayes, active Vice-President of the Republic
National Bank, Dallas, Tex., in an address before the con¬
ference.
Mr.
Hayes declared that there are three im¬
portant factors in the development of banking business—
organization, proper selection and development of
bank's personnel, and the bank's contact with its cus¬
From his remarks we also quote:
proper
the
tomers.
A
successful
bank
is,
among
other
things,
a
well-selected,
smoothly-
functioning personnel—officers
and employees.
It may have ample capi¬
distinguished directorate; it may have every modern
and equipment, and it may be offered with rare
ability.
But the public at large knows the bank
mainly by its contact
with employees.
A bank is largely what its employees make it.
Em¬
ployees are the custodians of the banks goodwill—even, to a
degree, its
destiny.
Therefore bank management is deeply concerned in
developing
employees, in securing their enthusiastic cooperation.
We know now
tal;
it may have a
feature
in
housing
that banks
industry,
not
by machinery but by brains, enthusiasm, initiative,
and teamwork.
And that is what the
far-sighted banker looks
are
statement said in part:
It is only after a
careful study of the SEC's Investment Trust Bill that its
become increasingly clear.
full implications
For instance, $150,000,000 is the maximum
be
control over industry."
To the best of
our
run
in small,
growth for profitable operation.
National Bank & Trust Co., Oklahoma
Taking as his subject, "Personal and Instal¬
Loans," Mr. Harrington described this type of bank¬
system of "merchandising loanable funds
through which banks "play a more important part
community business development."
In part, he also
now
must
rates.
Personal
securing
service
that
secure
a
the
of
is
more
and
the
purchase shares in a trust with senior capital thus taking the risk
to
financial
our
other
needs
of
opinion of most of
volume
and, in
instalment loans
of
our
loanable
many persons
of any commercial
cost
of
going to say that the shares of
operated investment trust with certain prescribed amounts of senior
Further,
greater loss for greater gain.
a
which all such
opportunity to decide for himself whether he wishes
well
capital
may
are we
highly
with im¬
not be purchased by investors, but that the shares of a
speculative promotion may be registered with the SEC and sold
punity?
The bill also gives the SEC the right to
control the amount of selling
commission to be paid on the distribution of investment trust
this
securities.
beyond the present requirement of full disclosure of the amount
gives the SEC control
commission,
over
a
of
matter governed by the
business competition,
economic factors of supply and demand in ordinary
which is not subject to artificial limitation.
I
"Tinkering" Has Halted Industrial Pro¬
Government
lyl
Boston
dressing
f Federal
Leader Ad¬
Girdler Charges—Steel
M.
T.
gress,
Activities
Chamber
of
Stalled
Have
Says
Commerce
Private
Initiative
Government interference with
industry has stalled a system
private enterprise that is still in perfect working order,
T. M. Girdler, Chairman of Republic Steel Corp., said on
March 14 in an address before the Boston Chamber of
of
Commerce.
Mr.
Girdler asserted that establishment of
a
advocated by "phony"
liberals, would be "a turn in the direction" of dictatorship.
He said that he believed in reasonable regulation of business
in the public interest, but added that many barriers to
prosperity have been created "largely by Government
tinkering with our complex industrial organization."
In a
summary of Mr. Girdler's address, the Boston "Transcript"
Government monopoly of capital, as
of March 14,
said:
He condemned the
"bureaucracy
National Labor Relations Board
Government control
and
as
an
example
enterprise run riot."
over
Wagner Act, he charged, "has been used to play the game of a
labor organization and has created one of the most
gf
The
powerful
disastrous periods of
labor troubles and turmoil in the country's history."
Addressing a large audience of Boston and New England business leaders
at a Chamber of Commerce luncheon, the steel
has
executive declared:
"What
happened in the NLRB is merely typical of what is to be expected when
arbitrary power over economic life is placed in hands of Government bureaus.
Such power grows by what it feeds upon.
It is
a
spreading infection, which,
checked, will destroy private enterprise and personal liberty."
if not
Mr.
Girdler
operations
as
named
the
Federal securities
policy and
Federal
utility
"policies tending to destroy the confidence of investors," and
charged that the "spend-lend" program of Government financing tended to
"upset confidence and discourage business in general."
Obstacles
in
the
path of private enterprise, he asserted, "include the
restrictions, the red tape, and the harassments imposed upon enterprise
by
a
bewildering maze of Federal bureaus, commissions, boards and investi¬
it
are on a
or we
you
destroy private enterprise, you destroy democracy.
dead center in America and something has got to be done about
will drift downward and backward."
Modification
of Legislation
Affecting Issuance of Se¬
Would Help Restore
United States to
Its
Former Steady Economic
Progress, Says E. M. Queeny
curities
Restoration
and Tax Legislation
of
the
United
States
to
its former steady
economic progress through lifting of legislative barriers was
set forth on March 21 by Edgar M. Queeny., of St. Louis,
President of Monsanto Chemical Co. and National Vice-
President of the National Association of Manufacturers, as
consensus
retail
profitable outlet for
not customers
result
it
of senior
complete disclosure is made, the in¬
must be sold, and when
vestor should have the
a
said:
I believe
placed funds
...
Full disclosure is the essence of the Securities Act under
securities
First
at retail
we
And yet there are
through large size alone.
Then, too, the bill provides that there shall be no future issuance
City, Okla.
in
knowledge, there has been no instance where an in¬
securities of an investment trust.
opportunities, by John 0. Harrington, Assistant Vice-Presi¬
as
A reason given
.
weakly-sponsored companies which never were able to achieve the
necessary
We
ing service
.
excessive concentration of wealth and
Instances where investors have suffered losses for having
many
Personal loans and other forms of instalment credit were
on
March 22 to bankers
attending the con¬
ference as a way in which banks can
perform additional
public services and at the same time increase their earning
recommended
ment
.
vestment trust has suffered
gations," he said.
He warned:
"If
the
amount of assets which may
supervised by one management investment company.
for this size limitation is "to prevent
for all down the line.
dent of
i
President of the South Dakota Bank¬
Cashier of the First National Bank,
Speaking on the subject, "Meeting the
Problem of Low Earnings," Mr. Rempfer said that low
bank earnings are "primarily the result of insufficient
compensation for a part or all of the public services ren¬
dered by banks."
He further stated:
ers
purchaser?
In commenting on the investment trust bill introduced in
Congress last week by Senator Wagner of New York, Andrew
J. Lord, President of Lord, Abbett & Co., Inc., sponsor of
Affiliated Fund, Inc. and American Business Shares, Inc.,
stated on March IS that the "proposed bill constitutes
pyramided regulatory legislation and should be opposed by
all thinking citizens."
Mr. Lord also said that the invest¬
ment trust business is already subjected to all regulation that
is required for adequate protection of investors since they
come
under the careful scrutiny of the Security and Ex¬
change Commission and various State Blue Sky Commis¬
sions.
In pointing out his objections to the bill Mr. Lord's
To go
Continuous records of bank operating expenses and cost
analysis systems were advocated on March 22 as a means
of providing an accurate basis for bank service charges by
sales
time
Pyramided Regula¬
tion and Should be Opposed Says A. J. Lord of
Lord, Abbett & Co.
an
Public acceptance of
own
the
+
banking research and analysis
part in
or
Investment Trust Bill Constitutes
and
misinformation to
and
business
this
for
his
on
commercial bank has eliminated many customers.
we have made it possible for every depositor to
feet; but what provision have we made for the small
token,
same
borrower
depositors and the general public a more factual view,
operations.
We have at the same time permitted
our
character
prejudice
No
blame
to
are
our
stand
1940
23,
the
charges,
the
added:
he
withheld
of
service
By
March
accounting
bank.
and
We
the
so
are
doing,
surely
funds
who
at
and
the
us
present that
obtain
method
one
are
stronger
a
to
means
present time
undoubtedly realize that,
of
analysis
establishment
of
are
as
a
and
the
only permanent way out of the unemployment problem.
Queeny addressed the fourth annual Tennessee In¬
dustrial Personnel conference in Memphis.
Stressing tax
legislation and legislation affecting issuance of securities, he
enumerated the following obstacles that have diminished the
flow of venture capital into industry necessary to provide
Mr.
The Commercial & Financial Chronicle
Volume 150
the S7,000 investment per
under
1.
our
2.
up such
to
as
and the
be
made
public,
excessive taxes, caused
on
accountJiof
public capital for expansion.
3.
Increased taxes levied
industry by national. State and local taxing
on
authorities during the period of depression have cut
down public returns
on
investment.
new
4.
Excessive personal taxation has tended to direct investment
away from
industry into tax exempt fields, especially government securities.
Mr.
Queeny stressed that manufacturing has made
any other enterprise group in maintaining
Mr.
employment levels since 1929.
Queeny continued in part:
During the decade of the
going
B.
Charles
During the decade
Caroline S.
capital
was
of business
exceeded the
increase in
no
of
amount
invested capital
financing.
new
with
The
purpose:
one
New York Court of Appeals, and Miss
Vt., formerly President of the National
of
without freeing and increasing the flow of profits and savings into
industry.
The capital wealth engaged in the
contributed by^ children will be
turned over
of the pennies
penny
the
to
of the Crusade
independent donations, "so that no.t
All money collected will be
Jury of Award."
used for expenses.
We cannot hope for continued progress for employment of the
unemployed
more
Association.
in industry to absorb the increasing
population.
Judge
been financed by
have
and Asia,
Europe
Fisher announced that the expenses
Mrs.
Thus, there
become
lesson
Woodruff of Castleton,
Education
during the previous decade but the volume of
as
leaders.
the
of
Chief
Lehman,
Irving
securities totaled only $600,000,000 per year and the loss of
working
new
cooperation
civil
White, editor "Emporia Gazette," Emporia, Kan.;
Superintendent of Schools, Birmingham, Ala., and
American Association of School Administrators;
Glenn,
President
during this period averaged about $3,500,000,000 a year.
This was sufficient at the rate of $7,000 per man to
provide 500,000 new jobs each year.
of the 1930s, however, the number of employable persons
in
on
William Allen
C.;
former
increased nearly as much
in
and
through the tragic object
children,
American
our
religious
two-fold
a
unrecognized blessings they enjoy in this democratic
often
Dr.
stock and note issues
new
is
D.
1920s the number of employable persons in the
United States increased by about 6,000,000 and
.
better showing than
a
what
has
developed
was
authors,
Children
fully aware of
land; and,
Second, to give our children attending the grade and high schools of
the United States, with a total enrollment of more than 30,000,000, a
chance to express in the old-fashioned decent American way their sym¬
pathy for the homeless war-stricken children in other lands.
As an
expression of the fellow-feeling of American children for children in other
lands, the pupils in our schools will be asked to contribute as many pennies
as
they are years old or anything down to a cent.
Distinguished Americans have agreed to become the Jury of Award
which will assume the responsibility for allotting the funds collected to
representative relief organizations—Catholic, Protestant, Jewish, and nonsectarian—for use among war-stricken children abroad.
The members of
this jury are:
Mrs. Franklin D. Roosevelt, the Right Reverend Monsignor
John A. Rvan, director National Catholic Welfare Conference, Washington,
of sound small businesses to refuse to seek
owners
help
the
corporation's securities by its officers and
a
coupled with lack of incentive
to
of
discourage seeking it.
purchase and sale of
for
First,
Provisions of the Securities and Exchange Act requiring that salaries
directors
educators,
Crusade
securityjex-
issues and
stringent conditions of obtaining capital by the public
bonds
or
of security
Children
for
notable
Children's
Government registration
sale of stock
Crusade
Children's
America's
present system.
Federal
changes set
The
employee required to create jobs
1869
manufacturing industry, like the capital
wealth
engaged otherwise in producing goods and services, is constantly
being consumed—worn out, destroyed, rendered obsolete by invention of
improvements in machinery
for the
or processes, or
of it has passed.
use
with only partial replacement.
things having
with the
not
things, of
hope that
give
will have
soon we
than
more
From.there
lip-service to
go on to
the
of private
system
higher levels.
enterprise—an
the wealth that
the
distribute it equitably.
inevitability of present unemployment.
An
administration
that
why it is not working
legislation that
you
I have laid stress
and tax
on
believes
in
This philosophy accepts
enterprise will
understand
It will remedy conditions created by recent
now.
and I know must be corrected if it is going to work.
only two—legislation affecting the issuance of securities
•
former steady economic progress.
by Norwegian-AmerPan-American Union, Paraguay, Peru,
Poland, Rumania, Sweden (Government has withdrawn but pavilion to be
operated
by
Swedish-American
interests),
Switzerland, Uruguay and
ernment
legislation—both little understood by the masses, but both of which
be modified in any scheme that will restore the United States to its
must
1939.
call," as disclosed in the New York
"Times" of Feb. 27, follows:
Exhibitors
of
1939
definitely
returning—Australia, Belgian Congo,
Belgium, Bolivia, Brazjl, British Colonial Empire, Canada, Czechoslovakia,
Finland, France, Great Britain, Haiti, Honduras, Hungary, Iraq, Italy,
Japan, League of Nations., Luxembourg, Mexico, Morocco, Norway (Gov¬
foreign, "roll
The
...
private
others
It is
of foreign exhibitors will be about
given
expected that the total
50, which compares with 60 for
no
be created has been created and that all that is left to
can
on
have
frontiers left to conquer—an administration that is not convinced that all
do is for government• to
on
May 11.
In addition to these countries, 14
unofficial notice that they will return.
open
ad¬
ministration that will not regard this nation as a completed one with
World's Fair
Feb. 26 that 33 foreign governments
which participated in the 1939 Fair have officially accepted
invitations to be represented in the 1940 Fair, which is to
in the meantime.
grown
we can
President of the New York
Grover Whalen,
Corp., announced
more
administration that will understand and
an
50—
Participate—Gas Exhibits
Great Britain to
equipment to meet the
more
population that has
a
shall have recovery.
we
but with better equipment for
course,
1940
to Be Represented at
World's Fair Will Number About
portion of this aggregate of
consumer
Besides, there must be
needs and expanded desires of
I
New
years
useful life and necessary to industry must be restored—
a
same
efficient production.
Then
The
Governments
York
Foreign
scrapped because the occasion
This consumption has gone on for 10
ican
but pavilion will be operated
withdrawn
has
Palestine,
interests),
Panama,
Venezuela.
Additional
Business
Leaders Join
Greater
New
York
Seven additional
ments
Greater
made
New
York
Everett
Stock
Fund,
appoint¬
for the 1&40 campaign
according
to
of the
announcement
an
by William S. Gray, Chairman of the division.
newly-named
C.
business leaders have accepted
to the finance division
Bacon
Exchange
Osborn
section
of
Chairmen
Spencer
Trask
The
are:
&
Co.,
Agent
for
the
Cotton
the
of
Companies, Vice-Chairman
William
New
J.
York
Paul
Cotton
Linz
modity
Jung
of
of
New
of
York
Anderson,
and
Clayton
Mutual
Life
Insurance
loan
of
Finance
Personal
section.
Fleming,
&
Chairman
of
the
Exchange group.
Carl
M.
Loc-b,
Rhoades &
Chairman New York
Co.,
Com¬
Exchange.
David L.
Skinner
of
Harriman
Ripley & Co., Vice-Chairman
investment
Exchange
of
Straub
Barry,
Chairman
New
York
Produce
section.
firms,
drive, directed exclusively to busi¬
corporations
and
employee
groups,
will
The appeal is conducted on behalf of 393 volun¬
social welfare and health agencies affiliated with
tary
Fund.
Crusade
War-Stricken
for
Children
Children
with
operate
Funds
School
Organized
Abroad—Banks
Authorities
in
The formation of the Children's Crusade for
of
to
to
Aid
influential quarters in
certain financial
arrangements have been suggested by the Fair authorities toward covering
the cost, and subject to a satisfactory settlement of outstanding details,
received
Co¬
United
been
has
attending
Children,
an
the
public,
Nation's
private
and
parochial schools from April 22-30, has been announced by
Dorothy Canfield Fisher of Arlington, Vt., author, educator
and
National
ters
of
the
Chairman
Crusade
of
have
the
been
Building in New York City.
movement.
lent
by
The
the
headquar¬
Empire State
tinue
its
On
the
uted
zens
as
the
depositories
for
the money
Desig¬
contrib¬
National Bank
tional
lected
Bank
during
movement
of
Emporia, Kan., and the County Na¬
of Bennington, Vt.,
the
Mrs.
national
Fisher said:
will receive the funds col¬
campaign.
In
explaining
the
reopen
many
Moreover,
it.
the pavilion.
pavilion.
site formerly
occupied by the Soviet pavilion the
Common, and the festivals will be known
called American
the "twenty-four
the Fair will run.
,
"Twenty-four Fairs Within the Fair,"
as
Fairs" equaling the number of weeks
The State of Maine will be unable
the
at
exposition
this
made known March 11
The
national
to
from
reopening
of
present a series of patriotic meetings for Amer¬
ican citizens of different racial origins.
The area will be
Board
by American school children in the Crusade, the Citi¬
decided
favor
will
Of interest in connection with
throughout the country and the school authorities.
nated
in
represented at the Fair. This was
disclosed by Mayor La Guardia on March 1 when he made
public cablegrams he had exchanged with Eamon de Valera,
Prime Minister of Ireland.
It was said the Irish Govern¬
ment had reconsidered the matter and had decided to con¬
will be the cooperation between local banks
this movement
representations
strong
States
Ireland will again be
Collecting
be conducted among the millions
campaign to
children
by the
factors,
implication of participation for a second year.
Pavilion was an overwhelming success last year, and we
British
The
the
Fair
educational
has been under the most careful consideration
which necessarily had to take into account many
question
Government,
it
Other appointments in the Finance Division were reported
in our issue of Feb. 24, page 1223.
Children's
saying:
quoted as
was
have
open
April 1.
the
Government to
the New York
including the financial
The third annual Fund
ness
&
the British
World's Fair, Lon¬
don advices, Feb. 22, indicated that announcement to this
effect was made in the House of Commons that day by
R. S. Hudson, Secretary for Overseas Trade.
In answer
to the question whether, in view of the importance of in¬
creasing British exports to the United States, it was pro¬
posed to reopen the British Pavilion this year, Mr. Hudson
This
Straub
F.
of
decision
the
its pavilion at
continue
bankers.
Robert
and Thailand
to remain, officials said.)
however, may be induced
(Thailand,
Chairman of the New York
Penn
Association
the credit
return—Colombia,
to
Greece, Guatemala. •
Ecuador,
Sweden and Yugoslavia.
of
1939
expected to withdraw—Lithuania
Russia,
Reporting
General
expected
1939
of
Republic,
Exhbititors
(Siam).
Agency, Chairman of life insurance agencies.
L.
Soviet
group.
Bethea,
Thomas
Costa Rica, Cuba,
Iceland, Ireland, Leba¬
non, New Zealand, Nicaragua, Portugal and Turkey.
New exhibitors expected to participate—Spain and El Salvador.
Exhibitors of 1939
officially withdrawing—Albania, Argentina, Chile,
Denmark, the Netherlands, Netherland India, Norway, Southern Rhodesia,
Exhibitors
Dominican
Fund's Finance Division
the
Fair
election
of
"Court
was
the
of
Directors
of
Flame"
announced
President
of
reelected
President.
Welsbach
Board
in
Assistant
the
Co.,
1939,
of
on
to
to reopen its exhibit
lack
of funds,
it
was
by Governor Lewis O. Barrows.
1940
officers
Gas
Exhibits,
exhibit
II.
Gloucester
and
Inc.,
the
at
March 8.
Brooklyn
was
due
year
members
of
the
which sponsors
New York
World's
Hugh H. Cuthrell, Vice-
(N. Y.)
Union Gas Co., was
Ramsey; President of the
N.
City,
N.
J.,
who
elected Vice-President; N.
Vice-President of the
was
on
the
T. Sellman,
Consolidated Edison
Co.
of
The Commercial &
1870
New York, reelected Treasurer, and Charles Nodder of New
I ork elected Secretary and Comptroller.
The officials and
Board
of
members
leading
Inc., comprise executives
utilities
gas
manufacturers
and
of
accessory
equipment. This
year's
of Flame" exhibit will embody new features, it is
appliances
gas
Gas Exhibits,
of
American
"Court
and
announced.
An
for
agreement barring strikes or lockouts and providing
of
labor
was ^signed on
of the Board of
the Fair Corp.. and Harry A. Van Arsdale Jr., business
manager of Local 3 of the International Brotherhood of
arbitration
Feb.
10
in
case
disputes
Workers.
the
At
time it
same
New
York
World's
1940
Fair
"For
be
will
Peace and
Freedom," replacing "The World of Tomorrow," which was
the slogan last year.
The first special day will be dedi¬
cated
to
the International
Business Machines Corp. as
"I. B. M. Day," on May 13.
At the January meeting of the
Board of Directors of the Fair, Harold V. Smith, Chairman
Fair's
Insurance
four years, was elected
and
director
of
a
Advisory Committee foirthe past
director.
Mr. Smith is President
Home
the
Life
Insurance
Corp.
and
4
Investment
Bankers
tion
Visitors'
and
New
of
March
a
York,
18 by
Bureau.
Bureau
C.
of
results
the
N.
The
Merchants'
of which
Nichols,
were
Executive
Association
made
public on
Director of the
Mr. Nichols announced that in the course of this
returns
survey
excessive have been disproved, it
completed by the New York Conven¬
were
survey
received
from
nearly 2,000 people in
44 States, Canada, Great Britain, Mexico and Puerto
Rico,
who
visited
$30.12,
the
or
their
an
than
Fair
in
1939.
Their
hardly
complaint of
that
days in New York and spent
of $6.82 per day.
enjoyed their experience and had the warmest praise
in
3%
in
stated
World's
of
York.
replying complained
was
particular
some
food
New
those
instances
any
prices
were
there
about
criticism
any
experience.
Some
of
prices
for
more
than
those
who
cheaper in New York City than in
food,
mild
a
replied
any
city
they had previously visited.)
That
the visitors
spent 25%%
of their total
in
department and retail
stores.
That
50.3%
them
of
came
the
World's
to
New
York
by
automobile; that 36%
traveled by train; 10.4%
by bus; 2.5% by airplane, and 0.8% by boat.
That most of the visitors
enjoyed the comforts of New York's hotels,
74% stating that they used the hotels while here, while the other 26%
stayed at 1's, boarding houses and with friends.
That
they
of
some
them
found
are
Fair
planning to make
even
a
beyond expectations,
second
The
Investment Bankers
publication contains explanatory data on members' main
offices, registered branch offices and exchange memberships.
are a list of the officers and governors, national
committees, group committees and constitution and by-laws.
Reference to the Association's volume containing the pro¬
Also included
ceedings of its 1939 convention held at Del Monte, Cal.,
reported in our issue of Feb. 24, page 1222.
last October, was
and Investment Association Issues
book of the Dominion Mortgage and In¬
vestments Association, Toronto, Canada, is now available.
The book includes the annual meeting proceedings of the
Dominion Mortgage and Investments Association, the Land
Mortgage Companies, Association of the Province of Ontario,
the Mortgage Loans Association of Manitoba, the Land
Mortgage Companies Association of Saskatchewan, the
Mortgage Loans Association of the Province of Alberta and
the Mortgage and Trust Companies Association of British
Columbia.
It also contains a schedule of Provincial taxes
The 1939 year
applicable to member companies with changes since 1937
list of the membership of affiliated associations.
Rockefeller Foundation Makes Grant to New
Film-Music Research
School for
"Xgrant of $20,000 for a two years' study in music in film
production has just been made to the New School for Social
Research, New York City, by the Rockefeller Foundation,
it was announced Feb. 21.
The study, which will be con¬
ducted under the auspices of the New School by Professor
Hanns Eisler, German composer, with the cooperation of
the Radio Corporation of America and members of the
Philharmonic Orchestra, is the first of its kind ever to be
undertaken. Mr. Eisler proposes to examine the possibilities
of new musical forms and materials of instrumentation, the
relation between music and dialogue, and the use of song and
chorus, the use of sounds and noises, and problems of orches¬
tration and of dramaturgy.
!
Exchange Issues
York Cocoa
Booklet
on
Manu¬
facturing Plasters from Cocoabeans
Exchange Spring Financial
The
made March 18
by Madeline M. Lapham, Director of the
According to the announcement, first class
to the public without fee, will be
held in the late afternoon
during the week beginning
25.
The Exchange's announcement added:
new
idea of manufacturing plastics from cocoabeans
a booklet published by the New York Cocoa
is disclosed in
.
are open
and
a
New
Three courses dealing with three different phases of finan¬
cial practice comprise the spring
program of the San Francisco
Stock Exchange Institute, announcement of which was
meetings, which
Association of America has is¬
and that
visit this year.
Courses Announced
Institute.
Directory of
sued its February, 1940 "Blue Book," designed to provide
information regarding each member of the Association.
The
4
San Francisco Stock
Issues
Members
5.3
average
visitors
treatment
(Less
and
York
Fair visitor spent
average
That these
for
New
the
it is indicated, disclosed:
answers,
That
were
Association
Year Book
Reports that visitors to the New York World's Fair in
by
"Turning Points in
Cycles", that it is necessary to explain that the
book is not a bank publication.
It is published by the Macmillan Co. of New York, and may be purchased from them
or
through book stores, or secured from libraries.
Mr.
Ayres states that the bank does not in any way sponsor the
book, nor has it any copies for sale or distribution.
The
book, which sells for $2.75, was referred to in these columns
Dec. 16, 1939, page 3777.
Dominion Mortgage
Average Visitor to New York World's Fair in 1939 Spent
Average of 5.3 Days in New York at Cost of $6.82
per Day—Survey by Merchants'
Association Dis¬
proves Reports that Costs Were Excessive
is stated,
1940
Business
4
1939 felt that costs
23,
its
subsidiary companies.
many
requests for copies of his book,
many
announced
was
that a
similar pact would be signed shortly
with the
Building and Construction Trades Council.
The theme of
of the
March
by Harvey D. Gibson, Chairman
Electrical
the
Financial Chronicle
March
The courses scheduled,
are "Corporate Bond
Investments," under the
direction of Alonzo W. Anderson, statistician with
Eastland, Douglass &
Co.; "The Prospective Customers' Man," to be given by William A.
Cooke,
senior Customers' Man, associated with Sutro &
Co.; and "Brokerage
Exchange, which contains digests of prize winning papers
in its contest seeking new uses for cocoabeans.
A detailed
account of iesearch experiments and results are contained
in the $1,000 first-prize winning paper, "Production of
Plastics from Cocoa Shells," by Harry Freund of the Col¬
lege of the City of New York.
Other new uses for cocoa¬
beans described in the Exchange's booklet are the manu¬
facture of artificial fibers, activated carbon and commercial
coatings.
The contest was open to graduate and under¬
graduate students of United States and Canadian schools
and universities.
Cashiering," to be given by Kenneth L. Vernon, senior cashier, associated
with E. A. Pierce & Co.
The
San Francisco Stock Exchange Institute which for the last 14
years
has been sponsored by the San Francisco Stock
Exchange, is giving these
this year as a part of the
general exchange policy of broadening the
of brokerage employees' service on behalf of the public.
The course
courses
scope
on
the "Customers' Man," for
example, is
recognition of the increasing demands
skill and
on
being given for the first time in
the Customers' Man for specialized
knowledge.
4
Institute for Research Issues Study of "Banking
as
a
Career"
The
Institute for Research,
Chicago, has just issued a
monograph on "Banking as a Career" following the com¬
pletion of a study of the subject.
The booklet, issued in
attractive form, treats of the rise of modern
banking, dis¬
cusses the
importance of banks, and their functions and dis¬
cusses the requirements incident to those
serving not only
in an executive capacity but likewise those
employed in
various minor positions.
Single copies of this study may be
obtained from the Institute at 537 South Dearborn
St.,
Chicago, for $1.00.
Analysis of Investment Trust Common Stock Portfolio
Shows Kennecott Copper Most Popular Stock—
Study by Frazier Jelke & Co.
A study made recently by Frazier Jelke & Co., of common
stock holdings of management investment trusts revealed
that the stock appearing most frequently in investment trust
portfolios at the end of 1939 was Kennecott Copper with
North American Co. and General Motors following in that
order.
International Nickel which headed the lists of the
previous
study.
two
years
On the basis of
dropped to eighth place in the lastest
frequency of appearance m the portfolios
Frazier Jelke & Co. found the follow¬
of 78 investment trusts,
ing to be the 15 most favored stocks at the close of the past
three
years:
1QV7
1938
1939
Kennecott
Intl. Nickel
Intl. Nickel
North American
Stand. Oil of N. J.
General Motors
Sears, Roebuck
General Electric
Texas Corp.
Stand. Oil of N. J.
Montgomery Ward
Sears, Roebuck
Union Carbide
Col. Leonard P. Ayres, Vice-President of the Cleveland
Trust Co., recently announced that the bank is receiving so
Intl. Harvester
General Motors
Kennecott
Union Carbide
"Turning Points in Business Cycles" Not Published by
Cleveland Trust Co. but by Macmillan Co., Col.
Leonard P. Ayres Explains
Kennecott
Union Carbide
Montgomery Ward
Intl. Nickel
Montgomery Ward
General Electric
Stand. Oil of N. J.
North American
Anaconda
Chrysler
Texas Corp.
Westinghouse Electric
Texas Corp.
Amer. Gas & Electric
North American
General Electric
Westinghouse Electric
Sears, Roebuck
Amer. Gas & Electric
Chrysler
Westinghouse Electric
Intl. Harvester
Loew's
Socony-V acuum
du Pont
Intl. Harvester
Loew's
Amer. Gas & Electric
Volume
Death
I do want you to know
Untermyer,
Noted
Attorney and
Investigator—Conducted
Pujo
"Money
of
Samuel
Legal
Trust" Inquiry
Samuel
New
noted
York
lawyer
legal
and
-
Samuel
first
the
grade
who combined the talents of
those
with
public
as
of
able,
an
business
successful
a
was
best known
for
than
more
and
40
Mr.
in
his
War.
admitted
was
as
success
effecting
He
that
his
his
made
the
of
one
.
21
.
duty
first
through
Still
Commission
the
endeavored
.
.
who
Untermyer
United
States
refused
Mr.
a
a
and undertaken out of a sense of
pay
stood
frequently
never
Senate
nomination
The
office
would
have
you
.
to
him,
the
Pujo Committee.
outgrowth of
and
he
the exposures
before
He
had
once
Reserve Bank law was
G.
was
Washington in
rumors
my
on
of
Premier Mussolini and Count Ciano,
Foreign Minister.
He was accompanied on these
visits by William Phillips, American Ambassador to Italy.
The following day was spent, it is said, in preparing his re¬
Emmanuel,
March 18 the Underby Pope Pius XII in
Vatican City.
He was accompanied to the conference by
Myron C. Taylor, the President's special envoy to the
port for President Roosevelt.
On
Secretary was received in audience
conferred with Count Ciano in Rome on
Genoa to embark for Wash¬
ington. Mr. Welles journey last week was reported in our
issue of March 16, page 1683.
He again
March 19 and left that night for
i
Member of ICC
On March 20 President Roosevelt
accepted the resignation,
April 1, of Mai ion M. Caskie, as a member of the
Interstate Commerce Commission.
Mr. Caskie, who was
Chairman of the ICC during 1939, will return to private
business.
He became a member of the Commission in 1935
and at one time served as Southern Traffic Assistant to the
Federal Coordinator of Transportation.
His election as
Chairman was noted in these columns of Dec. 24, 1938,
effective
page 3855.
In accepting
President wrote in part:
The tenor of your letter of
I regret the
Mr.
Caskie's resignation,
the
March 16 leaves me no alternative—however,
Inter¬
state Commerce
Your service has been
long, varied and of great usefulness to the Federal
Government and in a special way to the
timately interwoven with the
public whose interests are so in¬
functions which you have performed.
has
been
Co.
March 21.
\
Elected Cashier of Louisville Branch
Federal
Reserve Bank of St.
Louis
Burton
a
meeting of the board of directors
of
of the Federal
Louis held March 14, Fred Burton was
elected Cashier of its Louisville Branch, effective March 15,
Burton entered the
and is a graduate of
Group I. B. A. Conference to
Connely and A. M. Pope March 28-29
States
Central
F.
E.
Connely
F.
Emmett
made
A. Schacht, who was recently
1940, to succeed Chas.
Managing Director of the branch. Mr.
employ of the Louisville Branch in 1920,
the American Institute of Banking.
the
of
First
of
Michigan
Hear
Corp.,
President of the Investment Bankers Association
of America, and Allan M. Pope of The First Boston Corp.,
Detroit,
will be speakers at the fifth
Central States Group of the Asso¬
ciation in Chicago, March 28 and 29.
The complete pro¬
gram was announced by Julien II. Collins of Harris, Hall &
Co., Chicago, Chairman of the group, in invitations sent on
March 17 to securities dealers in Illinois, Indiana, Iowa,
Nebraska, Wisconsin and Michigan.
The announcement
New
Past President,
York,
annual conference of the
went
to explain:
A.'s plans for
on
will be
disclosed. Mr. Con¬
nely, who recently made it known that the Association is making plans
for aggressive activity along these lines, is expected to outline them at
this session of the conference, which comes on the afternoon of March 29.
He will also be guest and speaker at a dinner given in
his honor by
The
I.
B.
forum
discussed at
a
members of
the
Mr.
ence.
Pope will
Others
on
a
new
program
of public information
public relations, it was also
Association
here
on
March 28.
speak at a luncheon on March 28 that opens
previously announced as participating in
not
the confer¬
the forums
the department of securities of the
State of Illinois; Vern G. Zeller, director of the securities department of
Wisconsin, and John K. Starkweather of Starkweather & Co., New York,
Chairman of the I.
B. A.'s National Committee on Federal Securities
include
fact—but to accept your resignation as a member of the
Commission, effective April 1, next.
1939,
Reserve Bank of St.
My mission has been
♦
1937 from the position of Comptroller of the Farm Credit
St. Louis, Mr. Droste has been assistant to the Deputy
of
Allen Resigns as Commissioner of District
Columbia—To Resume Post with Home Insur¬
At
I
Welles conferred in Rome with King
M. M. Caskie Resigns as
and Federal
Since coming to
+
Italian
Vatican.
native of Illinois.
the
Fred
State as to present conditions in Europe.
Victor
a
cepted by President Roosevelt and he will resume his duties
as a Vice-President of the Home Insurance Company, New
York, according to an announcement made by the company
solely one of gathering information for the President and the Secretary of
On March 16 Mr.
is
resignation of George E. Allen as a Commissioner'of
the District of Columbia, effective April 15, has been ac¬
mission I wish to state
bringing back to the President any such proposals.
He
executive officer of
ance
belligerents or from any other government; that I have not conveyed any
nor am
Bank.
The
or
other government;
Comptroller of both the Federal Land Bank
and since January,
Administration.
categorically that I have not received any peace plan or proposals from any
such proposals to any belliferent nor to any
Governor.
E.
G.
statement in which he said
about
Governor of Farm
Credit
ment follows:
of
Deputy
Administration
Governor of the Farm Credit Administra¬
Credit
Administration
proposals from
belligerent or other government nor had he conveyed
such proposals to any government. Mr. Welles' state¬
In order to allay a flood
task in which
13, the FCA added:
he
Later
Under-Secretary of State Sumner Welles completed his
fact-finding tour of conditions in Europe on March 19 and
sailed for the United States from Genoa, Italy, the next day
aboard the Conte di Savoia.
Before leaving Rome on
any
of hope to men and women facing the
I cannot help but recall the seem¬
Appointed
Black,
Intermediate
Farm
any
ray
You have my best wishes for the future.
Droste
Governor,
plan
new
in the early days of my administration to which
untiring energy and experience.
of the Land Bank System during your term of
known, and in accepting your resignation I want to add
engaged.
H.
March
made in the report of the
♦
a
trying
very
March 13 the appointment of Walter H.
Mr. Droste has been working
in the field of agricultural credit for many years, having
served with the Federal Land Bank of St. Louis since 1921,
where
he
started
as
Cashier.
In
its
announcement,
a
that he had not received any peace
a
task
Droste as Deputy
Under-Secretary of State Welles Sails for United States
After Completing Tour of Conditions in Europe—
Denies He Carried or Received any Peace Plan
March 19 Mr. Welles issued
covered
your
well
are
A.
He assisted in the preparation of the bill and advocated
Congress.
has
tion, announced an
prominent part in the framing
and passage of the Clayton Act and the Federal Trade Commission bill,
as
well as in other legislation affecting large combinations of capital.
passage
a
Credit
duty to
even
Commissioner
Bank
accomplishments
were
W.
.
.
Bank Com¬
Land
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
in
appealed
that -position.
for
as
personal words of appreciation for your devotion to the
my
the councils of his party,
Probably only a seat in the
high
sought public office.
Untermyer always believed that the Federal
measure
devoted
you
brokers.
opportunity to be of public
from
impossible
ingly
.
was
every
resignation
lifetime accumulations.
counsel for the Lockwood Committee and the Transit
without
was
Democrat
A
its
Mr.
as
Land
as
provide
to
their
of
loss
public.
Mr.
in
life
in
His work
proxies obtained
Untermyer took
of
voting
the
later
service.
and
enterprises,
your
at the expiration of your current and
It will be agreeable for you to be relieved of active
1940.
15,
Bervice
accept
effective
period for American agriculture.
Under your supervision the Land banks,
for themselves and acting in behalf of the Land Bank Commissioner, have
lawyers to see the advantage of combination of
industrial
great
leave.
March
on
Your
and had achieved such
$50,000 a year before he
before he was 30, largely by
million
become
accrued annual
I
that
regret
to
the
old,
years
Goss:
with
is
It
missioner,
concerned in the forma¬
tion
of many of these combinations.
Characteristically, he became in
later years a crusader against what" he believed to be some of the evils
that had been brought about by the combinations, and sought continually,
with varying success, to bring about correction of what he regarded as
corporate abuses, particularly the ignoring
of the rights of minority
stockholders
and
the control of
corporations by Wall Street interests
in
capital
Goss the
accepting the resignation of Mr.
In
dear Mr.
My
.
reached
income
first
773.
page
the
of his father, just after
families in the South,
brewery combination with the aid of British capital.
a
was
other
many
when
bar
the
to
had
He
25.
culture in January,
impoverished by the war.
became an office boy in a law office when he was 15.
lawyer
a
placed under direct control of the Department of Agri¬
as mentioned in these columns Feb. 3,
was
President wrote as follows:
the "death
after
Like
had
which
been
family had
Samuel Untermyer
was
important litigation
came
Civil
the
our issue of March 2, page 1371.
The FCA,
previously operated as an independent agency,
reported in
many
most
the five-cent fare.
immediately
family
of
Untermyer
He
were
of the
some
The appointment of Mr.
expected to be temporary, since he plans to become
President of Colorado State College this fall.
This was
Green is
[Lynchburg, in 1858], the son of a prosperous planter,
to New York with his mother and other members
Virginia
Untermyer
end
lawyer
a
Untermyer's rise to eminence in the legal profession was rapid.
Born
of
in
years
the supporter of
Mr.
as
Commissioner—
Green as Suc¬
sent to the United
Goss, who resigned on March 14.
to
and skilled investigator.
courageous
successes
M.
March 14 the nomination of Roy
and he was concerned
in the
country, he is remembered by the public as the "money trust" inquisitor,
the counsel for the Lockwood legislative investigating committee, which
brought about remedial legislation; the critic of Wall Street and the
defender of the rights of minority stockholders, the transit investigator
Although his
R.
Names
States Senate on
M. Green, Deputy Gover¬
nor of Farm Credit Administration, to be Land Bank Com¬
missioner of the FCA.
Mr. Green will succeed Albert S.
President Roosevelt
lawyer of the very
a
man,
Bank
Land
Resigns as
Roosevelt
cessor
other
in part:
say,
Untermyer,
Goss
President
Mr. Untermyer is remem¬
capacities, as counsel to
the
House Committee on Banking and Currency, which
conducted the Pujo "money trust" investigation in 1912.
Regarding his career the New York 'Times" had the fol¬
lowing to
S.
A.
of 81.
age
various
his
among
private business to which you plan to
return.
March 16 at his winter home in Palm
on
Springs, Calif., at the
bered,
that I appreciate all you have done and wish you
great happiness and success in the
•
Untermyer,
investigator, died
1871
Financial Chronicle
The Commercial &
150
John
T.
Jarecki, director of
three will participate in a forum on legislation on the
29 at which Mark Baxter of The Parker Corp., Chicago,
of the Group Legislation Committee, will preside.
Legislation.
All
afternoon of March
Chairman
.
The Commercial & Financial Chronicle
1872
Previous reference
March 9,
of
the meeting appeared in our issue
to
J. H. Collins and W. E. Sullivan Named
B. A.
I.
Hall
Harris,
of
Collins
If.
Julien
as Governors of
Central States Group
from
Co.,
&
Chicago,
and
Winthrop E. Sullivan of The First Boston Corp., Chicago,
been nominated for three-year terms as Governors of
have
Association of America by the
Executive Committee of the Central States Group of the
Bankers
Investment
the
Association, it was announced on March 14 by Nathan D.
McOiure of Harriman Ripley & Co., Inc., Chicago, Secre¬
These nominees' names con¬
under the system inaugurated
tary-Treasurer of the group.
"regular ticket"
the
stitute
the Association last year in which each group
representatives on the Board of Governors.
by
its
elects
own
A.
Chairman
Bonner,
address by Fred F. Lawrence will
will then be turned over to Henry
Bruere, Chairman of the Committee on Railroads.
The
last year having been one of many vital developments in
rail matters, Mr. Bruere will be heard with earnest attention.
Other speakers whom it is possible to announce at
this time are men of outstanding rank.
The announcement
the
in
Securities
Dealers, Discusses Investment Banking
Minneapolis Meeting
Problems at
Francis A. Bonner,
Vice-President of Blair, Bonner & Co.,
Chicago, and Chairman of the Board of Governors of the
National Association of Securities Dealers, was the prin¬
cipal speaker at a luncheon in Minneapolis on March 19,
held under the auspices of District Committee No. 4 of the
N. A. S. D. and the Twin City Bond Club.
Mr. Bonner
discussed
the
problems facing the investment banking and
securities businesses.
held
for
Following the luncheon
forum
a
was
of these problems.
Clifford
S. Ashmun of C. S. Ashmun Co., Minneapolis, a member of
the National Board of Governors of the N. A. S. D., attended
the
general discussion
a
Also present
meeting.
Elmer
were:
L. Williams
No/4
of
A.
N.
the
S.
D.
District
Committee
No. 4 includes:
Herbert
Moss
K.
Robert
Nelson
Richard
G.
M.
of
Egan
Co.,
St.
Another
Wells-Dickey Co., Minneapolis.
Jaffray & Hopwood, Minneapolis.
Needham
of
&
Collins
Homer
Co.,
&
Bill
St.
Co.,
St.
Paul.
York, if
by
behalf of
on
has
their
members
bill
associations
would
it
and
have
Association
announced
be
bo
of
to
it
since it
in
the
by
appear
the
of
effect
been
has
attorneys
Federaf
the
of
shutting
recurrent
Government.
from
quasi-
Should
who, after
proficiency
a
of
years
which
is
experience in
before
all
of
United
States
requiring
such
than
greater
is
same
true
administrative
a
particular
that
of
with
most
respect
bodies.
additional
It
is
relevant
to
that
note
the
laws
creating
these
profession,
and
in
themselves shall be members
instances
many
they
are
not
attorneys.
extremely far-fetched to require a corporation or commercial
organization to be represented by an attorney at law on matters that are
to be decided by those who are not
attorneys at law.
.
tain
traffic
ments.
the
their
as
corporations
departments
From
men
at
their
the
of
are
concerned,
their
a
fulfill
to
own
.
.
large number of them main¬
their
individual
require¬
knowledge of the details of their respective businesses
of these departments are often able to
represent
heads
corporations
before administrative
lawyers which the corporations employ
bodies
on
a
more
effectively
retainer fee
or
than
the
other basis.
Banks
Be
to
National
its
Held
in
Mutual Savings
Boston, May 8-10
officials
this
did
to
has
1892.
convention
'30's
the
organization
here in
will
It
in
met
the
take
for
and
association business.
As
first
of
stock
the
savings,
lay more
will
They
will
represent,
roughly,
and
address
of Mutual Savings Banks will
anniversary conference at the Hotel
May 8-10.
The meeting is expected to
trustees.
of
welcome
The
first
session
by President
is
to
Charles C.
begin
with
Handy of
Savings Banks Association of Massachusetts, having
special significance at this Twentieth Anniversary Confer¬
the
of
Real
Estate
Conference, in
A
national
boards
conference
the
over
the
joint
will
Boards
sessions
will
real
four-day
and
be
Hold
to
Nationa
the
secretaries
held
of
in
the
its
in
administration
the
for
associations
real
estate
State real
Chicago, May 21 to 24,
National Association of
Realtor
held
of
secretaries of
Secretaries
real
will
Council.
Knickerbocker
estate
be
the
Hotel.
boards
subject
and
of
the
conference.
Bankers
Association
Week
for
p"
be
auspices
Estate
The
for
country and for
associations
under
Boards
Chicago May 21-24
Annual
for
Consumer
Credit
Sulphur
Springs,
White
at
Conference—Additional
Meet
to
W.
Va.
Speakers
Announced
Members of the Bankers Association for Consumer Credit
will
gather at White Sulphur Springs, W. Va., next week
annual conference, to be held March 28,
for their second
29
and
30.
In addition to the four speakers
previously
(given in our issue of March 9, page 1537),
George T. Spettigue, Secretary of the Association, reported
on March 20, that the
following will address the conference:
announced
M.
S.
Szymczak, member of the Board of Governors
Reserve System, Washington;
Jones
Co.,
advertising,
Cincinnati;
University, who has just completed
City Bankers and the
the Personal Loan
Shawmut
Bank
of the
Federal
Ralph H. Jones, President of the Ralph H.
Dr.
a
John
M.
Chapman,
Columbia
study for the Association of Reserve
Rockfeller Foundation
on
"Commercial
Banks
in
Business;" Wm. W. McCarthy, Vice President, Natioal
of
Boston;
G.
Dunklin,
T.
Chairman,
Szles
Financing
Committee, Westinghouse Electric Mfg. Co., New York; Dr. Wm. Trufant
Foster
of
the
Foundation
Pollack
for
Frank W. Sutton, Jr., President, First
Economic
Research,
Boston
and
National Bank, Tom's River, N. Y.
Speakers for the departmental on merchandising, under
auspices of the Financial Advertisers Association, include
the following:
Newspaper Advertising—Robert
Bank,
A.
Brown,
First Wisconsin
National
Milwaukee.
Radio
Direct
Advertising—Robert J. Izant, Central National Bank, Cleveland.
Mail
Advertising—Robert B. Umberger, Personal Loan &
Sav¬
Chicago.
Cooperation with Dealers—John A. Luetkemyer, Equitable Trust Co.,
Baltimore.
Association
twentieth
Statler, Boston,
bring one of the largest gatherings of mutual savings bank
an
other
and
Display—Thomas J. Kiphart, Fifth-Third Union Trust Co., Cincinnati.
Conference of National Association of
The
supplies,
the construction
on
ings, Bank,
hold
loan
and
the
Alaska, he predicted. '
$0,000,000,000 in assets.
it
before
practice
prescribe the rules and regulations under which their procedings
far
'40's,
of
that
founded
and
recent
before
law
at
in
corporations
all
upon
out
unfamiliar with the field. " The
are
legal
so
the
estate
seems
In
time
was
decade
the
Next
mandatory
bodies do not require that the Board members
It
sixth
Chicago
states:
which
one
make
bodies
Commerce
conducted.
of
on
the
State
expense and inconveni¬
the Association told the Judiciary Committee, "is at once apparent
when it is realized that administrative
bodies, in the conduct of their
hearings, are not bound by law to the strict application of the rules of
evidence, and the very laws which create such bodies give them the
will
methods,
in¬
to
banking
convention
Board of
Commission, the United States Maritime Com¬
bodies, numerous experts representing corporations
similar
needlessness
+o
by
Savings and Loan League will hold its
in
Chicago, Nov. 13-15, it was
March 2 by George W. West, President.
This
annual
of
ence,"
power
expected
The United States
48th
Efficiency
Commerce
appearance
"The
to
have
acquired
lawyers who
to
similar
administrative
and Chambers
field,
announcement
is
Congress and would
Interstate
mission,
of
is
represented
States
Savings and Loan League to Hold
48th Annual Convention in Chicago Nov. 13-15
Brooklyn
the Judiciary to which the bill was referred.
on
voluntary
passed,
The Merchants'
of
opposition to the
measure,
and
protest has been filed with the members of the
O'Toole
or
O'Toole
ordered
The Association's
the
Representative
become law.
Committee
be
Show
ever,
United
Secretaries
bill recently introduced in the House of
a
Representatives
judicial
exposition
equipment,
in the judgment of The Merchants' Association
or
Business
than
requisites.
Real
of
exhibits
more
of lawyers,
sessions
Annual
The
utilities.
clude
estate
The
In
municipal bonds and Federal legislation are
to be the subjects.
John S. Clark, Vice-President of the
Investment Bankers Association, will discuss municipal and
Government bond problems at this session.
In the evening
the banquet is to take place, followed by the grand ball.
On Friday, May 10, the program will center on public
operations hampered nnd many corpora¬
tions would be subjected to increased costs for the hiring
a
be devoted
afternoon
their
already
will
housing field by private enterprise.
Convention
delegates will come from all of the States and from Hawaii
Opposes O'Toole
Corporations Engaged in Appear¬
administrative bodies
Directors
9,
problems also have a place at this session.
Insurance
the
commercial
find
should
May
Thursday,
on
of mortgages and other real estate matters.
to a discussion
organizations throughout the coun¬
try which are engaged in appearances before various Gov¬
of New
banks, have application to all.
session
first
tion of the
Represented by Attorneys
Various
would
this
session
Before Government Administrative Bodies Be
ances
ernment
world to speak at
Pacific System.
financing function of these
institutions than
any
national meeting up to now, Mr.
West said, and will point efforts to more definite domina¬
Association of New York
Requiring
the railroad
of
These annual get-together luncheon'sessions, while given
smaller
the
to
emphasis
Minneapolis.
Duluth.
Co.,
"Rail¬
Small Savings Banks is arranging a luncheon
on
the first day.
building
Paul.
figure
representative
The Committee
what
Blyth & Co., Inc., Minneapolis.
Phillips of Caldwell Phillips
Merchants'
Inc.,
Inc.,
editor of
as
is William M. Jeffers, President of the Union
session
meeting
Paul.
Mannheimer-Caldwell,
of
Collins of
&
Piper,
Needham
C.
Homer
of
James MacRae of
G.
Kalman
Stallman
J.
Norman
Clyde
of
Minneapolis, Chairman.
Chairman
Lines.
Age."
way
will
Woodard of Woodard-Elwood & Co.,
B.
Lawrence
S. Sloan,
Matthew
Publishing Corp. and widely known
Simons-Boardman
Allison-Williams
Committee
to be
is
session
Missouri-Kansas-Texas
the
of
speaker of the day is to be Samuel O. Dunn, Chairman of the
The next
for
the
address
to
President
of
Co., Minneapolis, President of the Twin
City Bond Club, members of the Bond Club, and District
continued:
matter
first
Tbe
and
over
National Association of
of
1940
The proceedings
The
F.
23,
The presidential
ence.
follow.
1537.
page
March
A. H. Coate and William Duncan Jr. Named to A. B. A.
State Secretaries Section
Armitt II. Coate,
retaries
Section
been
advanced
ceed
the
Bankers
late
of
to
L.
Second Vice-President of the State Sec¬
American Bankers Association, has
the
the
F.
Association,
post of First Vice-President to
Scarboro,
it
was
Secretary
announced
of
on
the
suc¬
Colorado
March
15
by
•
Volume
The Commercial & Financial Chronicle
ISO
Robert M. Hanes, President of the A. B. A.
Mr. Coate is
Secretary of the New Jersey Bankers Association.
William
Duncan Jr., Secretary of the Minnesota Bankers Associa¬
tion, has been named Second Vice-President of the State
Secretaries Section.
John S. Gwinn, Executive Secretary
of the Massachusetts Bankers
services which
State
Secretaries
tion
and
Chairman
Public
of
the
Committee
Relations of the
Irving Trust Company of New York announced on March
21, the election of James M. Maltbie and William E. Pet¬
Section.
erson
Institute
of
Banking
Named for American
Convention
Held
Be
to
and
in
Assistant
as
with the
Departmental Conference Leaders
Secretaries.
Mr.
Petersen
with
the
Boston, June 3-7
ican
conferences of
Institute
A.,
San
the
annual
convention
of
the Amer¬
of
Francisco.
The
conferences
and
their
Schmidt,
States
Accounting—-Jesse
National
Bank
Bank,
Operations—Martin
Buffalo, N.
Gard,
Vice-President
leaders
The
of
United
Ore.
M.
President
J.
Dodge,
President
Travers, branch
The
Detroit
Bank,
Marine Trust Co.,
manager
Y.
Business
*
'
"
■
Development and Advertising—Lewis F. Gordon, Assistant Vice-
The
Citizens
Credits—Harry
Insurances
C.
&
Southern
Culshavv,
National
Assistant
Bank,
Atlanta,
Treasurer
The
Ga.
Philadelphia
Granting Annuities, Philadelphia, Pa.
Investments
and
Investment
Banking—John H.
Kohler,
City
Farmers Trust Co., New York.
Savings Banking—Edgar
Bank, Boston, Mass.
Trust
Trust
F.
Business—Fdlix
Co.,
I.
Hartford,
Kent
June
A.
Craig,
Montano,
Vice-President
Trust
F.
of
Officers
Woolworth
Dorchester
N.
Totton
Banking
Savings
*
Address
to
Convention
Second
Vice-President
to
Vice-President;
in
is
a member of the Executive Committee of
the New
Stock Transfer Association.
American
Boston
at
from
Corporate Fidu¬
Schmidt, who was
Brooklyn, joined the Guaranty staff in October,
1911, after being associated four and one-half years with
the Lehigh Valley Coal Sales Co.
After serving in the Trans¬
fer, Tellers and Custody Divisions of the Trust Department,
he was appointed Assistant Secretary in
November, 1919,
and Second Vice-President in
September, 1927. Mr. Schmidt
born
Bank
Hartford-Oonnecticut
/
Conn.
and
Institute
the
member of the Executive Committee of the
ciaries Association of New York.
Mr.
Co.
Lives and
on
in
Brooks, Herbert E. Twyeffort, Winfred C. Bloom,
Harry J. Kelly, and William A. McRitchie from Assistant
Trust Officers to Trust Officers.
Joseph C. Buttery was
appointed Assistant-Secretary and Stanley H. Brown,
Assistant Credit Manager.
Mr. Burke, who was born in
New York City, entered the service of the
Company, as a
messenger, on Sept. 30, 1910, and was transferred to the
Trust Department in May, 1911.
After serving the Com¬
pany in various clerical and official capacities, he was pro¬
moted to Corporate Trust Officer on June 9, 1927.
He is a
Mich.
Bank
for
J.
Portland,
Management—Joseph
Detroit,
branch
Oliver R.
&
are:
arid
connected
4
is Assistant Vice-President of the Bank of America N. T.
Audits
Maltbie is
Guaranty Trust Company of New York announced on
March 19 that at a meeting of the Board of
Directors, the
following appointments were made: Arthur E. Burke, from
Corporate Trust Officer to Vice-President; Charles M.
Banking. Section of the A. B. A, which
will be held at Boston,
Mass., June 3-7, it is announced by
Harry It. Smith, National President of the Institute, who
S.
Mr.
Company's branch at 42nd Street and Park Avenue,
Building.
Conference leaders have been named for the eight depart¬
mental
red profit and loss
*
Banking Educa¬
on
a
.
Section, and James C. Scarboro, who succeeded his father
as
Secretary of the Colorado Bankers Association, has been
appointed
their overhead into
run
figure. He said they are now making nominal charges for
handling deposit accounts which are too small to handle at
a profit
otherwise, and that they are eliminating other non¬
profit activities.
Association, has been named
member of the Board of Control of the
a
1873
country are making loans secured by oil in the ground.
Mr. Kleeman said that banks are no longer
giving free
York
3-7
Mario
Fred
I.
Kent,
Director of the Bankers Trust Co., New
York, and Chairman of the Commerce and Marine Commis¬
sion
the
of
American
Bankers
Association
Frank
and
Section
be
of
the
at
held
Boston, June 3-7.
American
Bankers
Association
Mr. Kent
was
the
"Herald."
He entered the diplomatic service in 1899
and spent several years in the
Treasury Service Department
with the Cuban Government, later
which
Consulate in
the first
President of the American Institute of Banking,
serving in
year 1903-04.
Mr. Totton was President of the Insti¬
ing general
Kent
The
will
1928-29.
session
address
convention
of
the
In
Boston
next
June
session
will
mark
anniversary of the founding of the Institute.
2,000 bank people are expected to attend.
ITEMS
Department
the
40th
More
of
the
Trust
Graduate
School
Association,
Officers'
First National
was
of
in
♦
Central Trust Co.
of
Trust Co. in 1905
Bank
in
Division of
Palm
the
Beach,
Florida
who is
Bankers
Chairman
of
George A. Barnewall, a Vice-President of the Brooklyn
Trust Co., of Brooklyn, N. Y., was elected a member of the
Board of Trustees of the company at a
meeting of the Board
held on March 20.
At the same meeting Frank H. Clark
the
was
Association.
Director of
chosen
for the
new
the
Chairman of
Stanley Brown,
Trust Co.,
Committee
on
Born in
in
arrangements
Spring Series of Bankers' Fortfm Meetings, to
Chapter quarters, 233 Broadway. The first
the first of
a
In 1928 he
early in 1929
Secretary.
was
was
appointed Manager of its Avenue U office, and
transferred to the main office and appointed
In February, 1930, he
Mr. Clark, who was born in
business
career
company on
series of four such
meetings, which
will be held on consecutive
Wednesdays in the auditorium
of the Chapter quarters in the Woolworth
Building.
Philadelphia in 1887, he (Mr. Barnewall)
From
latter year.
meeting was held March 20, at which time D. Murray
Shields, Economist at the Irving Trust Co., spoke on the
subject, "What About the General Economic Situation?"
was
and James E. Finegan and
appointed Assistant Secretaries. Mr.
were
came to New York City
1918 to 1926 he served on the auditing staff of
Brooklyn
Company, becoming Assistant Manager of its Flatbush office in the
1901.
Trust
be held at the
This
Vice-President
a
Barnewall, who has been a Vice-President of the company
for the past ten years, has been connected with the
company
since 1918.
From the bank's announcement the
following
is taken:
Chemical Bank and
the
elected
Alfred G. Ruehle
Daniel F. O'Meara, President of the New York
Chapter
of the American Institute of
Banking, and Assistant VicePresident of the Public National Bank and Trust Co. of
New York, announced on March 18, that J.
Personnel
Lawyers
the time of his death.
♦
was
He joined the
Treasurer and two years
March 21.
Stephenson is the Dean of Trust Officers in the United
States and recognized as a leader
among Trust men.
The
meeting was arranged and in charge of Mr. Fontaine
LeMaistrs, Vice-President and Trust Officer of the First
Trust
of New York.
as
later became
Vice-President in charge of trusts, which position he held at
Mr.
National
Timken-Detroit
Stallknecht, a Vice-President of the Lawyers
Trust Co., New York City, died on March 18 at his home in
Orange, N.J. He was 78 years old. Born in Brooklyn, N. Y.,
Mr. Stallknecht began his career in 1878 as a clerk for the
the auditorium
on
President of the
Thorwald
Banking
Palm Beach
Rockwell,
than
the
the guest speaker at the
Conference held
Bank in
F.
Axle Co., was elected a Director of The Commercial National
Bank and Trust Company of New York on March 21.
BANKS, TRUST COMPANIES, &c.
Stephenson, Director of the Trust Research
T.
American Bankers
Florida
Willard
7.
the
going with the Cuban
joined the Paris Office
in 1923.
ABOUT
Gilbert
of
June
on
Carrillo
Mr.
Guaranty Trust Company in 1917, and after service
various departments was appointed an Assistant
Secretary
in
Mr. Totton will, address the open¬
the convention on June 4 and Mr.
closing general
Paris.
of the
the
tute in the year
He was born in New York, and as a
in newspaper work here with the "Sun" and
young man was
of the annual convention of the American Institute of Bank¬
ing
March 20 in Paris.
on
M.
Totton, Vice President of the Chase National Bank of New
York, are announced as speakers at the two general sessions
will
Carrillo, Assistant Secretary of the Paris Office of
Guaranty Trust Company of New York, died suddenly
the
with
was
was
Brooklyn
March 16, 1915,
keeping department.
,
the
was
elected
a
Trust
as a page,
Co.
He
and later
an
Subsequently he became
a
was
was
Assistant
employed
by the
assigned to the book¬
trust teller, and in 1931
appointed chief clerk of the trust department.
appointed
an
Vice-President.
Nutley, N. J., in 1899, has spent his entire
In October,
1933, he
Assistant Secretary.
♦—-
Arthur S.
Kleeman, President of the Colonial Trust Co.
of New York, said
on
March 20 in
an
address to the Bank¬
ing and Investment Committee of The Young Men's Board
of Trade, that banks throughout the
country are showing
great ingenuity in increasing their earnings.
Speaking at
the Board's monthly luncheon meeting on the
subject "New
Ideas Create Bank Earnings," Mr. Kleeman, who was in¬
troduced by the committee's Chairman, John Niekerson
III,
stated that banks in every section of the country are
creating
earnings from industries peculiar to their own localities. He
pointed out that Southern banks have liberalized their re¬
quirements for cotton loans, while banks in the Northwest
are lending on cattle and sheep, and banks in the
petroleum
Townsend T. McWilliam, Vice-President of the
Kings
County Trust Co. of Brooklyn, N. Y., died on March 20 at
his home in Garden City, Long Island. He was 47 years old.
Mr. McWilliam was born in New York City, and started his
banking career in 1917 with the Guaranty Trust Co. of New
York. In 1928 he joined the Commercial National Bank and
Trust
Co.
of
Four years ago
Trust Co.
New
York
as
an
Assistant
Vice-President.
he became associated with the Kings County
Richard J. Wulff, President of the Fulton Savings Bank,
Brooklyn, N. Y., and a former coal merchant, died on March
18 at his home in Brooklyn. Mr. Wulff had been President
i
The Commercial &
1874
had
that
been
Commonwealth
the
was
work out the details as outlined
.
of $30,000,000 in capital, which
will be raised through issuance of either preferred or common stock.
De¬
cision on which type of stock will be made later.
Capital is to be raised
Comptroller asked for an increase
The
Engaged in the coal business since boyhood, Mr. Wulff was
elected President of the Commonwealth Fuel Co. in 1926
and when
1940
herein."
Trustee
a
23,
cepted this program and will do its part to
1930 and for about six years prior to
of the Fulton Savings Bank.
of the bank since Jan.,
March
Financial Chronicle
acquired by the Rubel
"not later than June 30,
Coal and Ice Co., and the latter was in turn taken over by
Burns Brothers in 1929, he became a Vice-President in the
bank will
The
1940."
then have $80,000,000
with the $500,000 added to
The bank previously
reorganizations.
Mr. Wulff was Chairman of
Group V of the Savings Banks Association of the State of
New York, comprising savings banks of Brooklyn, Queens,
Nassau, Suffolk and Staten Island and was also a Trustee of
the Kings County Trust Co. and a Director of the Guar¬
anteed Title and Mortgage Co.
successive
had
more
had opposed an increase in
by directors.
capital, saying it already
safely and profitably, Mr. Guannini
funds than it could employ
said the new funds
capital and $44,500,000 surplus,
surplus on Tuesday's vote
would be used to build up
particularly installment loans.
the bank's loan business,
^
from Washington to the
Jones, Federal Loan
Administrator, expressed a willingness to lend the bank part
or all of the proposed $30,000,000 increase in capital.
The
Under date of March 21 advices
New York "Times" stated that Jesse
1
Regarding the recent consolidation of the Insurance Loan
Trust Co. of Mount Kisco, N. Y., with the Trust Co. of
Larchmont, Larchmont, N. Y., (noted in our Mar. 9 issue,
page 1538) the enlarged Trust Co. of Larchmont, we are
advised, is capitalized at $197,000 with surplus and un¬
divided profits of $123,562; its deposits aggregate $3,011,187,
and its resources total $3,405,403.
Officers of the new
funds
organization, in addition to Henry F. Freund, the President,
Edward C. Griffin, Chairman of the Board; George E.
Mills, Vice-President and Secretary; Edward H. Tatum and
Frederick A. Freund, Vice-Presidents, and Agatha J. Blasi,
William C. Lindale; Edward A. McKaharay and Margaret
K. Murphy, Assistant Secretaries.
ment
"Times" advices added:
Jones said the
Mr.
Reconstruction Finance Corporation was
advance the money either on a loan or
was
preferred stock at 3 M %.
on a
willing to
It would lend
stock purchase basis.
Its rate for purchasing preferred stock
3Yi% less one-half of 1% for prompt payment.
•
Concerning the affairs of the defunct Citizens' Bank of
Ashland, Ore., advices from Medford, Ore. on March 15 to
the Portland "Oregonian" reported:
are:
An order
dividends on commercial depart¬
claims on the Citizens' Bank
signed Thursday (March 14) by Circuit Judge H. D. Norton.
which closed March 12, 1932, has been in process of liquidation
on
a
petition to pay the final
deposit claims and saving department
of Ashland
The bank,
since
was
Department.
commercial deposits amounts to $10,-
by the State Banking
The tenth and final dividend on
380.66
Yesterday, Mar. 22, the Provident Trust Co. of Phila¬
delphia, Pa., celebrated the 75th anniversary of its founding,
it is learned from the Philadelphia "Inquirer" of Mar. 21,
which briefly outlined the bank's history as follows:
Its parent company, Provident Life
of the
Society of Friends,
charter authorized the
trust
new
a
was
is
continued
by
Provident
Mutual
Provident Trust Co. of
Life
The insurance
Insurance
Co.
of
Philadelphia.
At
recent
from that place, printed
in "Money & Commerce" of Mar.
16, which added in part:
Winslow has been connected with the bank for many
Mr.
until 1937 had served
Board for
two, and
or
meeting.
he has
.
.
years,
and
now
its
condition statement
at
been again elected Chairman at the last annual
last.
Punxsutawney National, which has over $3,500,000
of
merger
Mich.,
Menominee,
two
banks—the
Lumbermen's National Bank and the First National Bank—
on
Mar.
11
when
the
First
enlarged
National Bank opened under the new set up, it is learned
"Commercial West" of Mar. 16.
The consolidated
from
capitalized at $150,000 with combined surplus,
undivided profits and reserves of approximately $172,500,
and deposits of over $3,000,000.
Edward Daniell, formerly
Vice-President of the First National
Bank, heads the
and
Mar.
The
new
stock.
issued by the Comptroller of the Currency
12 for the Helena National Bank of Helena, Ark.
was
organization is capitalized at $100,000, all common
Hunt, Cashier.
T. E. Wooten is President and J. E.
A 10-point program proposed by the Comptroller of the
Currency in adjustment of differences between his office and
the Bank of America National Trust & Savings Association
Francisco was accepted on March 14 by the bank,
of San
according to
announcement by L. M. Giannini, President
an
of the institution who
was
from San Francisco
the
that date
"I
have
am
pleased to
decided
to
on
announce
follow
the
reported in United Press advices
as saying:
that after several weeks of discussion
lines
we
x
The
differences, it is stated, had to do with policies con¬
cerning dividends, amount of capital carried by the bank and
its appraisals of premises.
In reporting the adjustment of the differences, Associated
Press San Francisco advices of March 14 said:
The compromise in brief follow:
1.
Dividends continue unchanged.
2.
The bank will increase
capital $30,000,000.
3.
A committee will reappraise premises.
4.
A
5.
Changes in bookkeeping and bond account practices.
A
reserve
statement
"In line with
of $6,900,000 will cover any writedowns of premises.
issued
our
to announce that
by Mr.
Giannini said:
policy to take the public into
as
our
confidence I
am
pleased
after several weeks of discussion the differences between
the Comptroller's office and the
bank have been composed along the lines
expressed in the attached list of requirements of the Comptroller.
Board of Directors,
on
recommendation of its special committee, has
The
ac¬
utilities
quiet.
were
.
stronger
The industrial issues were the weak spots,
Spring dipping 1% points to 32%; Chesebrough Mfg. Co., 2% points to 110%* Driver Harris, 2%
points to 28; Sherwin-Williams, 1 point to 92; American
Potash & Chemical, 2 points to 101; St. Regis Paper pref.,
4 points to 59; American Manufacturing Co., 1% points to
18; Atlas Plywood, 1% points to 14; and Aluminum Co. of
America pref., 1 pomt to 116.
Prices were moderately higher on Tuesday, the changes
on the side of the advance ranging up to 2 or more points.
The transfers climbed to 158,980 shares against 126,000 on
group.
Standard
expressed in the Comptroller's require¬
ments."
were
during the ^ooreviated
session on Saturday but industrials ruled lower and most of
the active stocks in the general list were below the preceding
close.
There were occasional strong shares scattered through
the list but the market, as a whole, was down.
Aluminum
stocks were irregular, Aluminium, Ltd., sagging 3% points
to 106,
while xMuminum Co. of America advanced 1%
points to 152%.
Aircraft shares moved within a narrow
range, oil issues were quiet and mining and metal stocks
made little progress either way.
The transfers were ap¬
proximately 100,000 shares against 89,000 on March 9.
Moderate setbacks were apparent all along the line on
Monday.
The transfers were comoaratively light as the
volume
declined
to
approximately 126,000 shares, the
smallest full day turnover since March 5.
In the aircraft
list the declines while fractional extended to all sections of
«
on
mining issues
Public
new
organization; Henry Martin, former President of the Lum¬
bermen's National, is Executive Vice-President, and Alfred
J. Klumb, Cashier of the old First National, continues in
that capacity.
A charter
MARKET
Declining prices were the rule during the fore part of the
week, but the market gradually strengthened, and as the
volume increased, many of the trading favorites moved to
new high levels.
Industrial specialties were down on Mon¬
day but improved as the market advanced.
Public utilities,
especially the preferred group, were active and a numoer of
new
tops for 1910 were recorded as the week progressed.
Aluminum shares were irregular but worked higher as the
market advanced.
Oil stocks moved within a nariow range
Cashier; J. L. Kurtz and W. R. Chilcott, Assistant Cashiers.
consummated
CURB
THE
George C. Brown and George P. Grube, Vice-Presidents; B. W. Young,
institution is
1939, Lloyd
respectively, while current deposit and other
including provision for contingencies, are shown
£433,379,768, comparing with £396,226,216 on June 30
deposits and in excess of $4,000,000 resources, are: P. Lot Brown, President;
was
of Dec. 31,
accounts,
.
Other officers of the
The
as
and £9,500,000,
Chairman of the
The title of Chairman was then discontinued for a year
period.
a
number of years as President, then
a
Commercial
610 (as compared with £28,131,219); other securities of, or
guaranteed by the British Government, £44,392,787 (con¬
trasting with £59,969,365); and loans and advances, after
deducting provision for bad and doubtful accounts, £158,990,053 (against £164,982,781). Paid-up capital and reserve
fund remain the same as on June 30, 1939, at £15,810,252
meeting of the Directors of the Punxsutawney
National Bank, Punxsutawney, Pa., Eugene H. Winslow
was named
Chairman of the Board, according to advices
a
been paid.
dividend totals $7,204.60 to
Bank, Ltd., of London, reports total assets of £489,540,095
as compared with total resources of £458,455,733 on June 30
last, of which the principal items are:
Cash in haDd and
with the Bank of England, £43,227,191 (as against £41,582,807 on the earlier date); British Government Treasury
bills, £63,300,000 (against £30,480,000); Treasury bonds and
other short-term British Government securities, £44,088,-
enterprise to accept deposits, to act in various
predecessor company.
6.17%. Previously a total of 80% had
eighth and final savings department
claimants.
In
The first office
The original
incorporated Feb. 14, 1922, for the purpose of taking over
the trust and banking business of the
business
587
building at 247 S. 3d St.
capacities and to issue life insurance policies.
Philadelphia
The
& Trust Co., organized by members
incorporated Mar. 22, 1865.
was
opened in the basement of
was
or
department claimants number 674.
Steel
Monday.
In the aircraft section the best gaiDs were made
by Bell, 1% points to 24%, and Brewster, 1% points to 14.
Grumman, Republic, Bellanca and Beech were fractionally
higher.
In the public utilities group new tops were regis¬
tered by Public Service of Colorado $7 pref., and Cities
Service $6 and $7 pref., and numerous gains of 1 to 2 points
were made by others in the preferred section.
Other note¬
worthy advances were Aluminum Co. of America, 2%
points to 155%, North American Light & Power pref., 5
points to 90, and Mangel Stores pref., 2 points to 37.
Volume
1875
The Commercial & Financial Chronicle
150
price of silver per ounce (in cents) in the United
the same days have been:
The
Advancing prices again dominated the market movements
Wednesday.
Industrial specialties and public utilities
led the upward swung, and as the trading pace quickened,
the volume of sales advanced to 176,685 shares against 158,980 on Tuesday.
The aluminum issues were stronger with
Aluminum Co. of America up 3 points to 158%, and Alumin¬
ium, Ltd., gained 4 points to 103%.
In the aircraft group,
Bell and Brewster continued their advance, the former
States
on
on
U.
Fri.,
Mar. 22
3424
3424
3424
3424
71.10
71.10
71.10
71.10
71.10
HOLIDAY
S. Treasury
(newly mined)
EXCHANGE
FOREIGN
moving up a point to 25% while the latter gained 1 % points
to 15%.
Advances among the industrial specialties included
Sherwin-Williams, 1 point to 92, Royal Typewriter, 2 points
to 65, United States Plywood, 2% points to 2C%, and Colt's
Patent Fire Arms, 2% points to 77.
Irregular price movements were in evidence during a
goodly part of the session on Thursday, and while there
were a number of the popular speculative issues that were
inclined to move upward, the market, as a whole, showed
disposition to move to lower levels and at the close the
advances and declines were about evenly divided.
The
aluminum stocks were fractionally higher and so were some
of the aircraft issues.
Mangel Stores pref. moved up 2
points to 39 and Valspar pref. gained 1% points to 23%.
Oil shares were quiet and both the public utilities and in¬
dustrial specialties moved within a narrow range.
As com¬
pared with Friday of last week, prices were generally higher,
Aluminum Co. of America closing on Thursday night at
158% against 151 on Friday a week ago, Aluminum Ltd.
at 104% against 101%, Bell Aircraft at 25% against 24,
and United Shoe Machinery at 78% against 77.
The New York Curb Exchange, the New York Stock
Exchange and the commodity markets were closed on Friday
in observance of Good Friday.
Thurs.,
Mar. 20
Mar. 19
Mar. 18
Mar. 21
Wed.,
Tues.,
Mon„
Sat.,
Mar. 16
3424
BarN.Y.(for'n)
RATES
requirements of Section 522 of the Tariff
Act of 3930, 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
record for the week just passed:
a
FEDERAL RESERVE
ACT OF 1930
1940, INCLUSIVE
EXCHANGE
RATES CERTIFIED
BY
BANK
TO TRR*TTRV
TTVOVR T ARTFF
FOREIGN
MARCH
1940, TO MARCH 22,
16,
New York
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetari
Unit
Mar. 16
Mar. 18
Mar. 19
Mar. 20
Mar. 21
Europe—
*
9
*
*
$
S
Belgium, belga
.169811
.169977
.170061
.170233
.170216
.170216
a
a
a
a
a
lev
Bulgaria,
a
a
a
a
a
a
a
.193107
.193114
.193116
.193114
.193116
.193114
Czechoslov'la. koruna
Denmark,
Mar. 22
krone
3.728055 3.721527 3.724305
Engl'd, pound sterl'g 3.728125 3.749027 3.758611
.015500*
.015625*
.015250*
.014875*
.014750*
.014500*
Finland, markka
.021116
.021070
.021080
.021287
.021240
.021106
France, franc
.401150*
.401150*
.401150*
.400700*
.401360*
.401150*
Greece, drachma
.007078*
.007085*
.007012*
.007085*
.006981*
.007035*
Hungary
.175912*
.175930*
.175930*
.175930*
.175930*
.175830*
.050473
Germany, relchsmark
pengo
Italy, lira
.050457
.050471
.050471
.050469
.050471
Netherlands, guilder.
.530994
.530950
.530905
.530816
.530833
.530900
.227125
.227137
.227171
.227137
.227131
.227150
a
a
a
a
a
a
.034475
.034500
.034500
.034375
.034450
.034450
b
b
b
b
b
b
Norway,
krone
Poland, zloty..
Portugal, escudo
Rumania, leu
AT
THE
Bonds (Par Value)
Stocks
(Number
Week Ended
.097070*
.097075*
.097070*
.097075*
.238162
.238150
.238200
.238156
.238200
.224161
.224155
.224161
.224155
.224183
.224166
.022435*
.022435*
.022435*
.022435*
.022435*
.022435*
dinar...
Asia—
Foreign
Foreign
of
Shares)
Mar. 21. 1940
.097070*
.238181
Yugoslavia
EXCHANGE
CURB
NEW YORK
.097060*
Switzerland. franc
TRANSACTIONS
Spain, peseta
Sweden, krona
DAILY
Domestic
China—
Total
Corporate
Government
Chefoo (yuan) dol'r
$494,000
$1,000
$20,000
$515,000
Monday
126,050
622.000
6,000
37.000
665.000
Tuesday
156,180
176,635
139,875
846.000
Saturday..
30,000
916,000
30",666
61.000
937,000
4,000
41,000
1,014,000
Shanghai (yuan) dol
Tientsin (yuan) dol
.064287*
.064006*
a
a
a
a
.063162*
.063343*
.063237*
a
a
a
a
a
a
a
a
.063325*
a
a
a
a
Hankow (yuan) dot
99,990
a
Thursday
886,000
a
969,000
HOLIDAY
Friday
.229981
.231643
.232050
.230362
.229675
.229750
British India, rupee.
.301729
.301592
.301583
.301742
.301650
.301775
Japan, yen
8trait3 Settlem'ts, do
.234362
.234383
.234383
.234383
.234383
.234383
.471333
.471333
.471266
.471266
.471356
.471356
Australia, pound
2.970833
2.987500
2.994166
2.970416
2.965000
2.967916
New Zealand, pound
Wednesday
2.982500*2.999583* 3.006562* 2.982916* 2.977500* 2.980000*
dollar
Hongkong,
'
Australasia—
698,730
Total
$3,817,000
$4,047,000
Africa—
Jan. 1 to Mar. 21
Week Ended Mar. 21
Sales at
$189,000
$41,000
1.816160
/free... J.812578
10,668,030
J9,012,642
885.275
698,730
.
3.980000
3.980000
3.980000
[.817812
Canada doll'rlofi JL_
Stocks—No. of shaies
3.980000
.817343
.816093
.812421
.909090
.166600*
.166600*
.166550*
.166250*
North America-
1939
1940
1939
1940
Exchange
3.980000
3.980000
UnF>n South Africa,
New York Curb
I
Mexico, peso Jo flclal J.166633* [.166600*
Bonds
$3,817,000
144,000
648,000
257,000
$122,987,000
1,3/6,000
1,523.000
$80,930,000
41,000
.
$8,297,000
189,000
Domestic
1,536,000
Foreign government...
Foreign corporate
J
Newfoundl'd,
\
..
J.810416
dollar.
.813750
.815416
.814531
.813958
.809687
.909090
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
ree
South America—
Argentina,
peso
$4,047,000
Total..
.060575*
.060575*
.060575*
.060575*
.060550*
.050333*
.050333*
.050333*
.050333*
.050333*
.051650*
.051650*
.051650*
.051650*
.051650*
.051650*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.571362*
.571350*
.571350*
.571350*
.570933*
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
.389375*
.391406*
.391406*
.391406*
.391250*
.391500*
Brazil, uiilrels offlcla
"
186,320.
t Volume for March 15 was 186,325 shaies; not
.060575*
.050000*
Chile, peso—official.
$125,886,000
$83,114,000
$8,698,000
free..
.571362*
I*
"
"
COMPARATIVE PUBLIC
"
export.
DEBT STATEMENT
(On the basis of daily Treasury statements)
♦
Dec. 31,
Aug. 31, 1919,
1930,
When War Debt
Lowest Post-War
Pre-War Debt
Was at Its Peak
Debt
S
5
$
Mar.
Gross public debt per
Computed
31, 1917,
12.36
interestbearing public debt (%)..
per
250.18
129.66
2.395
capita
4.196
3.750
of Interest
rate
on
annum
a
b Temporarily omitted.
No rates available
BANK
OF
COURSE
CLEARINGS
clearings this week show a decrease compared with
a year ago.
Preliminary figures compiled by us based upon
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, March 23)
Bank
1,282,044,346.28 26,596.701,648.01 16,026,087,087.07
Gross public debt
Nominal rate,
-
agencies guaranteed by
clearings from all cities of the United States for wnich it is
possible to obtain weekly clearings will be 2.5% above those
the United States:
for
Obligations of governmental
the corresponding week last year.
Our preliminary
total stands at $5,629,162,229, against $5,490,316,453 for the
same week in
1939.
At this center there is a loss for the
Unmatured principal.a..
Matured
prin. & Int. for
which cash has been de¬
posited with or held by
Treasurer of the U. S. b
week ended
7 4/2
General fund balance.c
fd.460.05
Feb. 28, 1939,
A Year Ago
$
321.41
2.608
2.608
2.587
5,409,671,210.32
principal a..
5,620,866,398.67
5,621,328.848.67
b
82,637,773.80
2,282,302,723.85
56,480,040.04
2,349,766,330.13
obligations owned by the Treasury as follows:
Feb. 28, 1939,
Sept. 30, 1939.
Includes amounts held by the Treasurer of the
for the payment
ENGLISH
and after Sept. 30, 1939.
FINANCIAL MARKET—PER
The daily closing
as
United States, as shown above,
of the principal of and Interest on matured obligations guaranteed
by the United States, on
CABLE
quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
fori.,
Sat.,
Mar. 16
._
Mar. 18
Tues.,
far. 19
Wed.,
Mar. 20
Thurs.,
Fri.,
2' 99,144,063
Mar. 21
Mar. 22
f
...
-
.
£
-
Eleven cities, five days
1
Total all cities, five days
All cities, one day
Four days only;
i*
...
Total all cities for week
...
present further below, we are
results for the week
£72X
£72 X
£7234
£7224
Closed
£98 X
£98 X
£98%
£98%
Closed
£11134
£111H
73,101,176
70,151,880
+ 35.6
49,787,792
+ 6.7
$3,878,415,605
700,177,950
+ 1.7
+25.3
+7.0
+29.3
+6.8
+2.5
$4,690,968,524
938,193,705
$4,578,593,555
911,722,898
+2.9
$5,629,162,229
$5,490,316,453
+2.5
(Saturday), and the Saturday figures will not be av&ilable
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
20 ll-16d.
r\
+ 19.3
until
168s.
£11124
70,500,000
104,901.000
88,186,340
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot -'3
furnish them today, inasmuch as the week ends.-vjoday
168s.
£11124
$3,943,283,489
+ 17.9
Friday a holiday.
168s.
HOLIDAY
90,671,700
63,134,520
[4: 747,685,035
Other cities, five days...
x
84,100,000
V 94,397,005
Pittsburgh
Detroit
.
—3.3
71,688,098
:
131.423.000
168s.
British 4%
1960-90
+ 11.2
—
20 13-16d. 21d.
-
180,146,391
v,
-.i.--
20 13-16d.
Closed
Gold, p. fineoz. 168s.
Consols, 2 Yi %
Closed
British 334%
Silver, per oz._
W. L
200,338,283
Kansas City
Baltimore
4,909,901.96
3,343,424,933.96
$392,995,054.17; Jan. 31, 1940, $70,272,500; Feb. 29, 1940, $68,272,500.
b Amounts are Included In the general fund balances shown herein, on and after
c
+ 12.7
303,000,000
_
Cleveland
General fund balance c
Does not include
—3.1
226,492.361
293,000,000
■
San Francisco
posited with or held by
a
$2,640,460,567
255,243,618
1
....
St. Louis
Matured prin. & Int. for
which cash has been de¬
Treasurer of the U. S.
$2,657,313,996
New York
Chicago
Boston
the United States:
Unmatured
1939
Philadelphia
—
Cent
1940
$
319.66
304.61
capita
Computed rate of Interest
per
annum
on interestbearing public debt (% )
Obligations of governmental
agencies guaranteed by
Gross public debt per
Per
Clearings—Returns by Telegraph
Week Ending March 23
Feb. 29, 1940
Last Month
39,858,663,453.27 42,109,751,669.21 42.365,353,180.07
Gross public debt
Our comparative summary for
Friday of 3.1 %.
the week follows:
Jan. 31, 1940,
$
•
306*803,319.55
1,118 "l09,534_. 7 6
able to give final and complete
previous—the week, ended March 16.
decrease of 8.7%, the aggregate
of clearings for the whole country having amounted to
$6,043,242,288, against $6,619,928,873 in the same week in
For that week there was a
%
The Commercial &
1876
of $3.5%,
this center having recorded a loss of
16.8%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record a decrease of 15.7%, in the Boston
Reserve District of 3.3%, and in the Philadelphia Reserve
District of 6.1%.
In the Cleveland Reserve District the
totals show a gain of 8.2%, in the Richmond Reserve Re¬
serve District of 8.6%, and in the Atlanta Reserve District
of 9.6%.
In the Chicago Reserve District the totals are
Outside of this city there was an increase
1939.
Clearings at—
1938
Dec.
1937
%
Seventh Feder al Reserve D Istrlct—Chic ago—
—0.2
388,234
387,574
316,698
Mich.—AnnArbor
343,225
130,177,683
108,378,197
3,244,029
1,500,354
1,650,819
21,814,000
2,205,154
6,537,976
21,914,766
1,238,917
100,988,628
+ 7.3
89,804,446
2,627,067
+ 23.5
2,398,639
1,667,528
—10.0
1,435,063
920,570
+ 79.3
828,617
+ 15.7
+49.1
17,144,000
1,078,184
+ 14.9
9,113,645
8,284,361
+ 10.0
7,987,570
3,475,008
+ 7.8
2,983,260
1,024,420
8,471,891
3,171,712
—0.9
290,288
280,233,440
346.903,491
Springfield
316,486,002
1,095,437
4,116,558
1,296,240
1,525,795
3,223,634
364,789
306,316,759
839,592
3,845,466
1,165,199
1,166,780
Total (18 cities)
506,342,005
480,544,402
Detroit
Grand Rapids
Lansing.
Ind.—Ft.
Wayne
Indianapolis.
__
South Bend...
Terre Haute...
Wis.—Milwaukee
Des
Rapids
Moines...
Sioux
Reserve
Dallas
District of 9.7%, and in the San
of 3.1%.
City
HI.—Bloomlngton
Chicago...
following
we
furnish
1,182,352
4,609,662
+23.5
20,128,031
902,679
—0.6
+ 3.3
5,664,562
24,277,515
372,285
822,716
862,439
3,805,379
1,065,673
4,812,898
+ 30.8
1,158,787
1,295,579
+ 5.4
437,097,300
556,404,911
Eighth Federa 1 Reserve DIs trlct—St. Lo uis—
—4.2
103,100,000
98,800,000
+ 5.4
39,774,617
41,926,614
Ky.—Louisville..
97,200,000
111,900,000
35,609,465
41,403,657
+13.3
20,703,732
20,021,438
Peoria
by Federal Reserve
a summary
361,534
18,852,000
1,478,501
5,292,439
22,044,671
3,385,655
1,450,712
1,206,493
19,988,000
1,632,539
+ 30.5
+ 7.0
+ 11.2
Decatur
Francisco Reserve District
In the
1940
Inc. or!
1939
1940
la.—Ced.
the
23,
Week Ended March 16
the bank clearings at
in
March
Financial Chronicle
Rockford
districts:
SUMMARY OF BANK CLEARINGS
1,363,812
Inc.or
Week End. Mar. 16, 1940
Federal
Reserve
Dec.
$
Dists.
Boston
f
Mo.—St. Louis..
260,012,014
268,986,262
—3.3
246,882,097
319,879,293
"
3,443,524,905
4,086,694,444
—15.7
3,661,143,545
1,110,370,094
Tenn.—Memphis
451,175,817
—6.1
389,663,711
559,064,083
111.—Jacksonville
+ 8.2
+8.6
300,446,666
361,916,064
128,836,721
143,759,525
12 cities
1st
2d
1937
1938
%
1939
1940
New York-13
3d
PhlladelphlalO
"
423,749,779
4th
Cleveland..
7
298,483,223
Richmond..
6
"
"
322,982,655
6th
147,237,287
135,561,622
6th
Atlanta
10
"
192,048,493
175,293,163
+9.6
164,122,631
186,261,089
7th
Chicago
18
505,342,005
480,544,402
437,097,300
255,327,499
x
x
x
x
x
173,864,095
78,763,275
19,423,464
556,404,911
154,097,197
22,013,566
8th
St. Louis
4
163,326,180
162,873,081
9th
Minneapolis
7
"
"
"
109,547,544
102,290,627
10th Kansas City 10
"
134,953,433
133,397,455
6
"
80,681,529
73,542,676
+ 5.4
+ 0.3
+ 7.!
+ 1.2
+9.7
12thSan Fran... 10
"
258,836,464
251,086,101
+3.1
11th Dallas
586,000
Total (4 cities).
575,000
+ 1.9
584,000
539,000
163,326.180
Quincy
162,873,081
+0.3
154,097,197
173,864,095
94,571,532
109,160,159
134,244,033
157,153,259
Ninth Federal
80,386,983
Minn.—Duluth..
3,646,193
2,309,373
2,628,113
3.011.479
298,778,020
Minneapolis...
69,896,674
28,788,130
66,012,765
+ 5.9
60,191,273
28,273,683
+ 1.8
26,281,655
2,198,115
71,228,209
28,967,938
2,107,488
727,278
658,135
Reserve Dis trict—Minne apolis-
St. Paul
+ 57.9
32
We
now
cities'
add
our
6,619,928,873
—8.7
6,045,196,207
8,056,997,575
N. D.—Fargo...
2,640,151,170
+3.5
2,487,495,282
3,079,671,227
S.D.—Aberdeen.
736,992
2,071,688
717,489
+ 13.4
+ 2.7
Mont.—Billings
Canada
6,043,242,288
2,731,885,387
113 cities
Total
Outside N. Y. City
820,319
656,736
+ 24.9
593,263
3,309,073
2,248,893
+47.1
2,081,290
2,459,632
109,547,544
102,290,627
+ 7.1
94,571,532
109,160,159
—2.6
278,279,560
271,025,600
249,823,163
2,350,163
Helena
382,870,757
Total (7 cities)
detailed statement showing last week's
597,823
figures for each city separately for the four years:
Reserve
Tenth Federal
1940
1939
Dec.
1938
1937
%
$
%
%
$
First Federal
Reserve Dist rict—Boston
526,067
Mass.—Bos ton.
Fall
_
455,118
+ 15.6
411,273
571,703
1,946,525
Portland
1,806,677
232,974,260
708,705
399,690
+ 7.7
1,547,504
—4.f
212,324,652
663,621
1,741,020
281,001,748
222,388,589
680,329
River
—4.0
97,962
67,622
124,180
149,478
2,644,241
•30,508,929
+ 0.2
—1.7
2,297,878
2,805,554
29,108,296
1,761,546
+ 30.0
2,420,078
2,766,273
+ 11.8
91,723, 163
91,586,845
+0.1
3,248,163
93,167,324
2,756, 609
615, 117
2,730,716
+0.9
567,508
+ 8.4
2,705,985
607,625
34,220,302
1,800,726
3,746,184
109,474,221
3,357,366
683, 120
588,290
+ 16.1
496,882
569,598
134,953,433
Omaha
Kan.—Topeka
Me.—Bangor
City
—11.7
2,289, 206
3,092, 481
Lincoln
Inc. or
as
95,606
147,501
2,599 209
30,962 402
Hastings
Clearings at—
Dlsltrlct— Kans
84, 390
147, ,736
133,397,455
+ 1.2
134,244,033
157,153,259
Neb.—Fremont-
Week Ended March 16
_
_
Wichita
Mo.—Kan. City.
St. Joseph
Colo.—Col. Spgs,
Pueblo
+1
931,868
646,812
—1.2
454,453
430,239
660,064
715,849
—7.8
2,930,630
—0.2
581,306
2,689,160
2,982,436
1,566,495
2,187,189
+ 4.8
11,990,473
3,183,690
12,068,691
—7.0
+ 8.1
11,012,800
12,975,100
N ,H.—M anchea'r
454,029
1,752,927
11,369,224
4,467,392
10,921,600
484,190
+ 22.9
R. I.—Providence
2,924,667
2,153,802
11,918.148
4,156,294
11,808,500
—6.2
456.670
631,688
Total (12 cities)
260,012,014
268.986,262
—3.3
246.882,097
319,879,293
*395,000
Lowell
New Bedford..
Springfield
Worcester
Conn.—Hartford
Total (10 cities)
717,137
District—Da lias—
Eleventh Fede ral Reserve
1,820,638
—16.5
1,614,418
1,334,068
+ 15.3
61,743,436
—3.8
6,739,436
62,588,749
7,824,211
—34.7
Galveston
Second
Feder al Reserve D is trict—New
N. Y.—Albany..
451,185
797,741
Elmlra
Jamestown
3,311,356.901 3,979,777,703
New York
Rochester
8,084,735
7,172,100
Syracuse
4,308,643
Westchester Co
4,548,794
3,663,606
Conn.—Stamford
3,731,643
'
N.
3,620,637
3,591,914
495,739
17,673,534
25,922,735
502,971
J.—Montclalr
2,184,000
1,111,294
3,532,556
922,304
+ 20.5
3,682,000
1,260,647
3,894,000
Wichita Falls..
3,552,206
—0.6
3,723,338
3,808,192
Total (6 cities),
80,681,529
73,542,676
+ 9.7
78,763,275
80,386,983
Texas—Austin
Dallas
65,937,268
6,095,773
Fort Worth...
937,763
Yorlc-
10,872,679 + 176.3
+ 6.6
1,109,834
30,900,000
463,960
Buffalo
30,040,410
1,182,839
35,200,000
1,071,670
Blnghamton
3,925,530
2,180,781
57,202,050
6,338,335
3,347,000
La.—Shreveport.
New Haven
8,508,643
9,260,465
1,145,330
+ 13.9
1,212,300
30,700,000
40,100,000
+ 2.8
376,344
531,083
+ 34.3
704,314
735,886
Twelfth Feder al Reserve D istrlct—San
846,897
954,556
—1.8
38,110,820
—2.6
14,539,802
5,990,132
4,013,482
146,424,000
—12.9
4,617,255
—18.9
+ 1.1
3,880,134
151,019,000
46,777,780
17,516,855
4,820,903
4,474.387
175,238,000
6,776,455
Utah—S. L. City
15,425,296
+ 1.2
3,301,364
2,819,105
Calif.—L'g Beach
+ 3.9
3,606,482
4,259,869
+ 4.3
381,639
18,938.783
*430,000
20.862,093
—2.6
24,110.017
38*204,677
42,054,318
+ 13.8
Ore.—Portland..
+ 1.5
37,000,452
+ 25.7
1,021,243
39,863,787
15,830,734
7,918,783
5,216.212
3,256,611
Pasadena
San
SCO
32,046,790
148,080,000
Yakima
7,109,360
4,493,374
+ 12.7
+ 5.6
Franc!
40,295,352
Wash.—Seattle..
1,162,359
39,163,425
—16.8 3,557,700,925 4,977,326,348
Francisco.
18,424,752
25,252,624
3,166,015
Total (13 cities) 3,443,524,905 4,086,694,444
—15.7
2,805,366
2,496,711
+ 12.4
2,281,762
Santa Barbara.
1,316,974
1,315,581
1,635,191
2,114,869
1,474,383
1,924,839
—10.7
Stockton
Newark
Northern N. J.
+ 9.9
1,715,796
2,140.015
258,836,464
251,086,101
+ 3.1
255,327,499
298.778,020
San Jose
3,661,143,545 5,110,370,094
Total (10 cities)
Third Federal
Reserve Dist rict—Philad elphia
Bethlehem
Chester
379,445
571,120
342,498
Pa.—Altoona
593,900
334,866
...
Lancaster
Philadelphia...
Reading
1,267,621
411,000,000
1
—9.7
+ 4.0
521,366
324,002
+ 3.4
+ 6.9
1.123,770
—6.4
378,000,000
1,185,289
439,000,000
314,271
427,320
819,522
273,413
Grand
total
(113
6,043,242,288 6,619,928,873
8.7 6,045,196,207 8,056,997,575
2.731,885.387,2.640,151,170
cities)
+ 3.5,2,487,495,282 3,079,671,227
310,937
-
1,766,879
Outside New York
1,475,147
—2.1
1,227,983
1,445,037
2,445,649
2,585,651
—5.4
2,815,631
Wllke8-Barre..
1,128,559
+ 13.0
York
1,249,313
998,623
1,168.540
2,616.131
799,588
+6.9
1,570,189
N. J.—Trenton..
3,942,700
3,488,100
+ 13.0
3,217,000
1,785,511
2,741,700
Total (10 cities)
423,749,779
451,175,817
—6.1
389.663,771
559.064,083
I
!
546,000,000
1,444,673
Scranton
951,546
Week Ended March 14
Clearings at—
Inc. or
'
1940
Dec.
1938
$
Canada—
1939
$
%
$
1937
$
'
88,291,522
80,268,803
32,349,697
14,277,413
16,932,895
4,115,913
Toronto
Fourth
Feder al Reserve D istrlct—Clev eland
Ohio—Canton
-
+ 1.5
1,952,808
+ 6.9
61,802,538
2,876,187
73,732,919
+6.3
92,823.289
111,511.919
+ 1.1
10,097,600
12,823,800
1,747,678
2,427,652
2,535,275
2,472,715
129,595,101
155,963,249
2,123,697
66,026,030
106,409,092
10.927,700
1,639,879
Cleveland
Columbus
Mansfield
2,092,462
61,747,411
100,144,665
10,804,700
1,792,049
—8.5
2,396,523
Cincinnati
2,532,935
—5.4
133,459,734
119,369,001
+ 11.8
Youngstown
Pa.—Pittsburgh.
Montreal
Winnipeg
Vancouver
Ottawa
Quebec
2,401,511
Hamilton
4,556,375
3,935,693
Calgary
St.
Total (7 cities).
322,982,655
298,483,223
+ 8.2
300,446,666
361,916,064
....
Halifax
1,765,740
1,576,224
2,131,267
3,404,841
2,862,034
237,836
John
Victoria
London
Fifth Federal
Reserve Dist rict—Richm ond—
Edmonton
562,637
Va.—Norfolk
415.136
+ 35.5
2,645,000
W.Va.—Hunt'ton
+ 17.3
313,492
2,557.000
397,351
2,698,000
+0.6
37,661,823
42,862,063
+ 7.6
1,263,312
65,098,564
21.942,530
1,433,177
72,247,700
S.C.—Charleston
37,946,850
1,372,413
2,254,000
37,736,402
*1,275,500
Md.—Baltimore
77,578,565
69,606,633
+ 11.5
D.C.—Washing* n
27,131,822
24,273,951
+ 11.8
Richmond
Regina
Brandon
102,347,609
—13.7
75,257,334
137,025,383
88,853,209
22,960,537
—9.7
85,567,964
128.432.588
+ 40.9
21,274,752
33,640,970
15,939,536
—10.4
16,189,003
12,838,477
+ 31.9
13,081,180
20,670,398
16,583,202
+ 4.0
4,021,019
+ 2.5
2,156,530
4,289,417
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
+ 24.4
218,077
+ 19.0
+ 17.3
3,985,854
1,666,738
+ 4.2
1,371,186
—4.1
2,298,407
+ 11.4
3,622,065
+ 9.9
2,838,175
+ 9.1
284,516
4,580,663
3,026,002
4,518.198
6,174,580
1,924,598
1,812,152
2,970,661
3,869,344
3,972.233
295,193
Sixth Federal
147,237,287
Reserve Dist rict—Atlant
143,759,525
4,693,476
4,482,296
21,070,960
68,000,000
Ala.—Blrm'ham.
20,139,974
+0.7
18,881,685
63,600,000
+ 6.4
*1,180,000
1,126,788
+ 4.3
58,900,000
1,079,426
1,034,717
926,194
17,599,000
+ 11.7
868,180
+ 12.1
18,611,000
21,749,000
22,144,911
+ 10.1
19,138,464
1,457,736
25,261,019
19,726,000
24,385.661
2,055,590
Mobile
1,607,914
+ 10.2
369,224
402,233
874,189
+ 12.2
964,222
1,256,285
Moose Jaw
—0.1
445,306
623,501
Brantford
744,806
754,625
—1.3
808,544
924.146
580,767
422,961
+ 37.3
594.286
638,978
New Westminster
665,240
517,205
+ 28.6
540,324
864,014
392,469
Medicine Hat
—1.9
Macon
364,667
981,123
392,031
184,492
167,672
+ 10.0
185,192
156,530
Peterborough
550,880
458,287
+ 20.2
527,464
560,641
Sherbrooke
766,773
535,265
+ 43.3
608,709
540,957
a—
67,700,000
...
Fla.—Jacks'nvllle
i
128,836.721
20,274,556
Nashville
Ga.—Atlanta
p
+8.6
4,628,462
4,539.296
Tenn.—Knoxville
Augusta
135.561,622
24,121,234'
401,905
Fort William
Total (6 cities).
Lethbrldge
Saskatoon
+ 27.8
1,358,837
942,199
1,733.159
X
X
Vicksburg.....
182,471
128,817
+ 41.7
109,638
La.—N e w Orleans
50,970,202
43,391,103
+ 17.5
40,383,026
728,181
40,935,438
192,048,493
175,293,163
+ 9.6
164,122,631
895,267
764,928
+ 17.0
949,256
917,576
2,518,404
2,594,423
—2.9
2,881,927
3,193,260
Prince Albert
237,929
212.303
+ 12.1
236,853
308.494
Moncton
630,431
539,373
+ 16.9
572,439
709,105
Kingston
442,837
439.069
+0.9
466,137
492,733
586,989
+ 6.5
545.645
539,015
336,559
551,415
360,640
—6.7
404,326
430,414
1,001,403
869,552
+ 15.2
819,169
816,710
271,025,600
278.279,560
—2.6
249,823,163
382,870,757
Kitchener
Windsor
Chatham
...
Sarnia
186.261,089
Miss.—Jackson..
X
X
X
Sudbury
Total (32 cities)
*
Total
(10 cities)
*
Estimated,
x
No figures available.
Volume
The Commercial & Financial Chronicle
150
Trust
GOVERNMENT RECEIPTS AND EXPENDITURES
Accounts,
on
Through the courtesy of the Secretary of the Treasury,
we are enabled to
place before our readers today the details
of Government receipts and disbursements for February,
1940 and 1939, and the eight months of the fiscal
years
-Month of February1940
1939
Receipts—
Internal Revenue:
$
Transactions
Income tax h
$
62,663,271
56,176,446
908,233,985
1,242,909,851
154,349,350
142,278,340
1,597,630,749
1,514,456,272
Social security taxes
172,270,116
154,358,188
534,587,502
6,405,078
27,504,744
63,100,280
25,651,130
All
22,361,361
239,057,060
bll,321,832
bU0,656,127
55,933,513
b630,699
b218,466
b509,659,087
b93,261,331
5,345,530
b944,548
91.598,821
b96,932,730
b478,636
against
gold:
Melting losses, &c
b834,667
b6,906,418
b834,6S7
increment
3,016
,497,306
Investments
103,000,000
Withdrawals by States
111,000,000
373 000,000
313,000,000
43,178,000
36,008,000
286 866,000
283,626,000
J.
Railroad unempl. ins. acc't:
Benefit payments
76,865
73,755
167,656
54,511,644
46,381,465
12,940,402
6,622,490
1,729,355
2,026,094
16,093,884
1,704,078
32,792,741
14,028,879
Other
6,257,415
4,317,583
54,665,201
61,255,485
June
16,240,195
2,483,644
1,749,230
8.695,538
Repayment of advance (Act
256,177
Panama Canal tolls, &c
miscellaneous
25, 1938)
15,000,000
Federal
old-age and survivors
insurance trust fund f:
Investments
50,000,000
966,553
258,000,000
1,155,340
7,582,644
7,910,247
10,000,000
Benefit payments
11,000,000
282,000,000
Railroad retirement account:
Total receipts
443,830,272
...
Expenditures—
417,349,324
3,502,609,215
3,652,786,320
Investments
=
Benefit
General (incl. recov'y & relief):
Departmental
64,528,745
C64,273,503
539,634,058
C526.894.263
Agricul. Adjust. Program
__
60,839,293
732,478,165
416,413,748
..........
128,044,390
Farm Credit Admin.e
Tenant
108,031
b7,101,394
807,719
b41,501
b8,748,971
3,358,407
3,684,668
995,129
8,996,885
20,915,473
30,876,582
13,617,042
19,179,154
78,233,239
3,565,191
Act
Rural Electrification Adm.
Forest roads and trails
69,188,734
638,708,216
36,013,703
428,035,833
211,419,308
634,617,224
402,157,000
Excess of receipts or credits
1,957,362
22,779,152
403,037,000
3,666,877,000
3,415,041,000
13,069,153
2,627,421
2,947,629
22.859.2U
Public Debt Accounts
92,285,548
28,610,927
Corp
Security Admin
74,152,993
1,110,960,318
Excess of expenditures
Restoration of cap. impalr't
Other
Federal Land banks..-
8,900,894
b 208,681,392
0119,599,918
Commodity Credit Corp.:
Fed. Farm Mtge.
9,399,647
148,232,481
payments
Total
Dept. of Agriculturerd
242,262
Receipts—
MarKet
operations:
bills
Cash—Treasury
....
Treasury notes
U.
9,079,279
S.
670,668,500
bonds
Treasury
1,000,000
144,664,590
sales)
7,021,159
6,427,696
66,378,913
49,123,838
b8
b57,714
30,001,945
24,948,171
Navy Dept. (nat'l defense)..
War Departments
71,678,583
C46,671,495
540,288,150
864,582,900
809,446,430
68,340,413
456,257,771
542.011
Treasury savings securities-
Reclamation projects
Post Office Dept. (deficiency)
660,737,150
(incl.
savings bonds
unclassified
Dept. of the Interior:d
542,011
CU1,500,316
Military
,372
For retire, of nat. bank notes*
...
Seigniorage
Farm
b325,771,258
<
on
210,299,061
sees.:
other
Farm
b4,824,412
21. 1938)
Chargeable
1,691,649
Principal—for'n obligations
Interest—for'n obligations-
—
134,048,269
111,119
127,787
bl,225,489
b244,090,306
602,803
U.S. Housing Authority
Miscellaneous receipts:
Proceeds ofGovt .-owned
b26,205,191
b958,675
1,448,092
Unemployment trust fund:
80,511
Customs
46,399
b3,075,781
Electrification Admin.
Other
81,663,288
insur¬
$
233,972,238
PWA revolving fund (Act June
475,221,892
contributions
$
203,444,078
of govt, agencies (net), &o.:
Taxes upon carriers and their
ance
$
23,245,463
checking accts.
Export-Import Bk. of Wash..
1938-39
Mlscell. Internal revenue
employees
Railroad unemployment
in
July 1 to Feb. 29
1939-40
1938-39
,
1939
$
Commodity Credit Corp
July 1 to Feb. 29
$
February
2,245,287
RFC (g)
1939-40
$
Gold, Dec.
Expenditures—
Rural
-
-Month of
1940
-
Trust accounts
1939-40 and 1938-39:
General & Special Accounts:
1877
Increment
(national defense)
Deposits for retirement of
national bank notes
1,290
Subtotal.
56,870,051
C37,834,758
409,695,634
13,476,419
12,820,436
152,452,264
2,231,765
654,674
12,809,126
6,934,062
18,521,205
17,437,032
611,534,623
4,653,546
56,634,796
43,391,487
6,000,000
665,500
445,900
6,596,400
4,575,650
798,216,900
58,532,600
1,018,051,100
1,293,978,700
1,816,268,000
1,352,611,300
472,332,971
4,364,446
5,137,603,881
6,000,000
5,406,550,171
138,686,656
Panama Canal
471,377,413
C320.263.485
flood control
548,363,601
<fc
River
Treasury
harbor
work
and
Adjusted service bonds.
Department:d
Interest
on
public debt
Refunds of taxes and duties
Dist. of Col. (U. 8. share)
Federal Loan! Agency:
Fed.
Exchanges—Treasury notes..
Treasury bonds
Subtotal.
Special series:
Housing Admin
106,549
Reconstruction Fin. Corp..
488,968
3,680,545
4,335,075
Adj. service ctf. fund (ctfs.)..
Unemploy. trust fund (ctfs.).
534
2,000,000
3,997,290
4,000,000
62,176
1
754,180
3,297
21,775,854
Other
Federal
22,218,712
192,031,767
197,409,809
Civilian Conserv. Corps
National Youth Admin
Social
Security Board
23,000,000
428,000,000
337,000,000
60,000,000
Railroad retire, acct. (notes).
Civil service retire, fd. (notes)
9,089,062
53,598,398
37,333,019
C25,735,061
254,609,137
C219,927459
2,867,223
Other
15,300,000
111,000,000
258,000,000
282,000,000
For. service retire, fd. (notes)
Canal Zone retire, fd. (notes)
Security Agency:
C41.667
42,932,481
C5,655,335
Federal Works Agency:
Public Buildings Admin
5,423,577
C3,746,995
52,934,213
C35,046,678
Public Roads Admin
9,179,855
12,332,124
126,082,699
159,704,488
18,233,717
C41,865,494
208,438,842
568,721
1,515,337
103,000,000
(notes).
10,000,000
....
11,000,000
84,800,000
81,100,000
389,000
..........
374,000
473,000
Alaska RR. retire, fd.
459,000
10,000
175,000
215,000
7,000,000
15,000,000
32,000,000
1,500,000
(notes)
Postal Savs. System (notes)..
6,741,210
112,560,909
reserve acct.
3,400,000
13,200,000
C171,857,029
164,456
Old-age
1,525,254,906
Public Works Admin.e
U. 8. Housing Authority..
Work Projects Admin
159,924,793
969,243,761
Railroad Retirement Board..
454,117
250,157
5,113,677
2,713,674
3,254,008
26,470,829
29,160,407
45,596,064
C44,950,086
370,034,869
C372,119,176
654,170,220
601,971,035
5,638,057,285
17,911
635,845
66,000,000
30,000,000
103,000,000
169,510,000
881,537,000
810,348,000
Total public debt receipts..
5,340,272,880
Other
652,029,011
641,333,313 » 7,842,005,281
7,573,985,121
381,699,000
397,925,000
3,277,684,000
Expenditures—
Market operations:
Cash—Treasury
b272,636
b470,363
b4,835,725
b7,133,843
Public Works Administration
I
4,084,296
10,835,441
42,733,533
70,071,330
3,811,660
10,365,078
37,897,808
62,937,487
Subtotal
7,632,471
5,856,456
1,843,150
97,150,000
.
50,968,231
20,156,481
30,288,900
167,750
688,750
1,809,800
453,300
1,967,950
3,876,700
1,240
20
191,680
294,080
10,424
28,905
156,515
182,434
1,500,255
3,699,580
18,112,115
26,495,388
393,602,590
411,065,121
3,804,256.512
3,423,316,683
1,816,268,000
1,352,511,300
1,816,268,000
1,352,511,300
Nat. bank notes and Fed'l
89,000,000
Reserve bank notes.....
Subtotal.
25, 1938)
67,447,921
.
91,150
292,000,000
268,000,000
9,000
2,460,750
164,650
Other debt Items
50,000,000
10,000,000
15,000,000
Repayment of advance Jan.
26, 1940
Exchanges—Treasury notes..
Treasury bonds
bl5,000,000
employees'
241,000
31,467,150
4,000
First Liberty bonds
Fourth Liberty bonds
Railroad unempl. ins. acc't:
Advance July 5, 1939 (Act
Govt,
341,600
26,183,500
Postal Savings bonds
trust fund.f
Railroad retirement account.
4,500
464,850
■
U.S. savings bonds
Adjusted service bonds
Transfers to trust accts., &c
Federal old-age and survivors
3,669,010,000
1,000
659,250
Treasury notes...
Treasury bonds.
Farm Credit Administration.
June
bills
Certificates of indebtedness
1
Revolving funds (net):
insurance
......
Subtotal.
*2,035,799
Tennessee Valley Authority..
Veterans' Admihistration
Govt, life ins. fund (notes)...
FDIC (notes)
retirement
funds (U. S. share)..
87,203,400
Debt retirements (skg.
fd.,<fec.)_
75,106,600
10,000,000
Subtotal
50,000,000
452,353,400
456,106,600
393,900
127,400
20,528,700
25,736,950
Subtotal.
Special series:
1,000,000
Adj. service ctf. fd. (ctfs.)...
Unemploy. trust fd. (ctfs.)..
500,000
22,500,000
26,800,000
55,000,000
; 24,000,000
13,800,000
14,000,000
Railroad retire, acct. (notes).
Total
Excess of
expenditures...
668,375,783
662,463,513
6,148,837,193
5,885,053,917
Excess of expenditures
224,545,507
245,114,188
2,646,227,979
2,232,267,597
Summary
224,5*5,507
Less public debt retirements.
PYnPTldltllfAQ
393,900
245,114,188
2,646,227,979
20,528,700
.*
224,151,607
244,986,788
2,625,699,279
26,000,000
—428,035,833
—211,419,308
96,000,000
2,825,000
—183,049,045 + 2,414,279,971 +1,571,913,423
5,497,306
4,880,061,983
227,387,193
1,925,820,769
2,693,923,138
(+)
or
dec.
(—)
in gross
public debt:
+ 5,112,000
—2,133,000
+137,357,000
—4,500
—341,600
—241,000
—464,850 —1,044,234,600
—654,777,350
__
M *^**1
+20,458,000
—1,000
Certificates of indebtedness
—183,049,045 +2,414,279,971
+1,566,416,117
+67,463,606
+ 410,436,238
—488,459,202
+1,127,507,021
Nat.
+ 59,844,028 + 2,404,378,298 +2,532,148,310
+531,587
—28,905
+ 385,496
—182,435
—1,500,255
-3,699,580
-18,110,825
—26,495,388
bank notes and Fed'l
Reserve bank notes
+227,387,193 +1,925,820,769 + 2,693,923,138
+155,426,511
Subtotal.
39,631,276,260
40,439,532,411
39,858,663,453
42,365,353,180
+60,758,193+1,339,943,769+1,987,809,138
37,164,740,315
Special
42,365,353,180
+136,597,429
......
Other debt items
Inc.
42,109,751,669
—659,250
Treasury notes
Bonds...
(+) or dec. (—) in the
gross public debt+255,601,511
Gross public debt at beginning
■•
„
*
Market operations:
Increase
public debt this date
5,916,184,512
255,601,511
Treasury bills
+188,137,905
Of month or year
104,234,000
413,946,121
Excess of expenditures
or
(+) or decrease (—) in
general fund balance
295,660,000
396,427,590
Excess of receipts
Inc.
(+)
2,881,000
—634,617,224
+188,137,905
receipts (—)
237,000
2,206,530,647
Less nat. bank note retlrem'ts
on
197,000
13,000,000
36,500,000
Total public debt expend's.
—36,013,703
receipts (—)
Accounts.
219,000
71,500,000
Subtotal
Mvpl
public debt retirements)
Trust
141,000
56,000
Postal Savings System (notes)
Govt, life ins. fund (notes)
25,73t,950
&c., excess of expends. (+) or
Gross
2,300,000
25,000
*25,000
2,232,267,597
127,400
■
Trust accts., increment on gold,
Total excess of exps.
1,800,000
"
FDIC (notes)
Excess of expenditures
Af
Civil service retire, fd. (notes)
For'nServ.retire, fd. (notes).
Canal Zone retire, fd. (notes)
receipts
+100,175,000
+166,629,000
+255,601,511
series
+227,387,193+1,925,820,769 +2,693,923.138
+ 585,877,000
+ 706,114,000
39,858,663,453
Increment
Total
Gold, &c.—Receipts—
Trust accounts
15,108,661
15,945,082
234,625,084
228,994,140
68,750
28,590
285,367
374,475
Increment resulting from reduc¬
tion in weight of gold dollar..
4,482,446
Unemployment trust fund:
Deposits and interest
Advance from Treasury
June 25,
5,050,355
36,638,110
61,692,508
154,586,327
Seigniorage
148,330,414
670,681,065
601,264,317
(Act
15,000,000
c
This amount is revised on the last day of the month to adjust for changes In
Total.
were
made beginning July 1, 1939, because of the President's
Reorganization Plans I and II.
e
and
Railroad retirement account—
1939 but not appro¬
(deduct).
d Additional expenditures are
1938)
old-age
Represents capital impairment applicable to fiscal year
b Excess of credits
classification which
survivors
insurance trust fund.f.
Federal
a
priated by Congress until Aug. 9, 1939.
184,246,184
219,354,441
268,000,000
292,000,000
97,150,000
50,000,000
10,000,000
89,000,000
1,322,379,626
1,27335,44
included in "Departmental" above,
Additional transactions are included In revolving funds, stated separately below,
f Includes
transactions formerly
classified under the caption "Old-age
reserve
account."
Includes transactions on account of The RFC Mortgage Company, Disaster
Loan Corporation, and Federal National Mortgage Association.
h Includes receipts classified prior to Feb. 1, 1940, as "Unjust enrichment tax."
g
■
The Commercial & Financial Chronicle
1878
MONTHLY REPORT ON GOVERNMENTAL CORPORATIONS AND CREDIT
March
AGENCIES AS
23,
1940
OF JAN. 31, 1940
monthly report of the Treasury Department, showing assets and liabilities as of Jan. 31, 1940, of governmental
corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's "Daily
The
Statement" for Feb. 29, 1940.
.
#
#
the report has been made up somewhat differently from previous reports in that
agencies and corporations financed wholly from Government funds are not listed separately from those financed only partly
from Government and partly from private funds.
In the footnotes to the table below an explanation is given of the sim¬
plification of calculation of proprietary interest.
As now computed, the Federal Government's proprietary interest in these
agencies and corporations, as of Jan. 31, was $3.,607,113,675, and that privately owned was $398,358,771.
Since the statement of July 31, 1938,
SUMMARY
STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT
STATES, COMPILED FROM LATEST REPORTS RECEIVED BY THE TREASURY*—JAN. 31, 1940
OF COMBINED
AGENCIES OF THE
UNITED
Assets d
Investments
Real
Securities
Accounts
Estate
United
Guaranteed
and Other
and Other
States
by United
All
Receivables
Business
Securities
States
Other
Preferred
Loans
Ca$h
Capital
e
Stock. &c.
% ■
%
Corporation—... 1,055,318,553 484,211,155 gl9,589,893
630,989
602,538,723
Commodity Credit Corporation
----751.025
40.546,511
Export-Import Bank of Washington—..
3,325,399
Federal Crop Insurance Corporation
Reconstruction Finance
Federal Deposit Insurance
Corporation _
.
69,040",309
28,926,684
369,356",336
46,767,714
Commission
190,863,805
Rural Electrification Administration
Home Owners' Loan Corporation
2,031,341,139 1206623,310 177,256,785
415,030
Federal Saving* * Loan Insurance Corp..
Federal Home Loan banks
....—
150",787",946
44,696.871
7,215,658
Administration
Federal National Mortgage
Association..
United States Housing Authority
Farm Credit Administration
Corporation
Federal Farm Mortgage
695,887.446
21,900
49,405,051
13,358,416
513,297,671
325,028,862
79,136,987
209,003,412
192,948,147
10,016,012
""4*0" 200
45,584,633
6,323,490 307,205,888
Federal Land banks
—
Federal Intermediate Credit banks
Banks for cooperatives
""44",250
4,304,703
19,301,273
gl9,901,255
£41,154,915
51.807,908
15,797,331
569,924
13,555,722
Production credit corporations
Regional agricultural credit corporations..
War emergency corporations and agencies
7,904,148
25,842
99",049",409
3",377485
8,203,222
1,642,029
722,218
1,022,101
16,260,316
23,660
h2,857,959
220
2,068,847 130,640,414
186,562
761,329",929 44,855,049
5,972,079
21,297 158,822,964
503,253",229
2,933,654,870
52,105
122,480,149
253,335,001
52,922,730
154,631,522
274,002,835
281,612,343
1,527,356,833
2,298,650,702
309,430,864
186,909,964
122,461,695
22,050,544
19",060", 203
2,084,342
3,600,000
14,928,290 105,442,695
38,156,619
12,773,185
24,992,999
151,121",622
jl.34,402,092
257,177,765
687,191,474
1,900,407,530
181,065,452
73,237.825
349,509
33,241,972
10,884,114
United States Maritime
Federal Housing
1,681,880,055
300
2,890
79~,136"987
Public Works Administration
S
413,227 £40,705,491
17,005
11,473.642
Authority.!.
Tennessee Valley
Total
7,899,959
8,300,000 £25,193,136
h24 817,475
h8,082,725
48,148,000
Other f
Property •
2~,586",559
92,595,075
1,694,157
74,799,540
77,201,232
19,830,350
8,280,604
10,975,877
519,450 101,230,855
"61,235
1,212,556
221,325
448,468
44.668
198,162
3,431,656
584,031
4",886",743
14,079,126
99,676,842
63,807
143,304
39,123
142,206
(In liquidation):
Navy Department (sale of surplus war
supplies)
Sec. of Treasury (U. 8. RR. Admin.)..
Sec. of Treasury (War Finance Corp.)..
United States Housing Corporation.^.
United States Spruce
59,592
4,065
4,602,256
114,404
4,602,256
50,747
12,575
12,575
104,476
1,905,256
699,704
77,408
20,926,241
11,512,346
258.794,931
8,199,625
123,678
1476,326
507,006
54,313
67,850
1,000
458,005
968
hi,382,280
22,663
3,640
11,245
33,637
"590",432
3,712,875
'792",508
3,630,958
"532,344
20,059,873
202"7()2
369,520
2,537,027
38,938,792
338,394
2,673,497
25,793,159
48,487,876
626", 107
61,418.071
570,141
Production Corp.
1,170
Other:
Disaster Loan
Corporation
Authority..Administration
Federal Prison Industries, Inc
Interior Department (Indian loans) —
Inland Waterways Corporation
Electric Home and Farm
Farm Security
19,461,913
10,985,828
258,794,931
3,i"03~8l6
2,673",497
"909" 344
457,938
8,545,669
Panama Railroad Co
Admin..
Puerto Rican Reconstruction
Valley
4,228",622
1,219,600
Associated
atives, Inc
...
"""5", 216
58,831,603
RFC Mortgage Co
Tennessee
295,501
^
7,985,249
hi,769,052
186,093
Cooper¬
33,825
255,892
—
298,894
2,201
6,976
Treasury Department:
39,660,200
39,666,200
Federal savings and loan associations
Railroad loans (Transp'n Act, 1920).
30,185,928
30,185,928
Securities received from the RFC
under Act of Feb. 24, 1938...
2,394,400
2,394,400
Inter-agency Items: m
governmental corporations
Due from
agencies
or
corporations or
Due to governmental
agencies
8,113,120,147 731,758,155 474,415,593 769,951,204 129,941,550 890,410,313 383,898,334 552,727.386 778,894,029 12,825,116,711
Total
Liabilities and Reserves d
Excess
Proprietary Interest
Distribution of United
States Interests
of Assets
Guaranteed
by
Reconstruction Finance Corporation
Guaranteed by
United Statesq
Total
£94,796,291 1,192,036,624
595.887,446
188,581,843
438,973
Export-Import Bank of Washington
Federal Crop Insurance Corporation
Owned by
Capital
Liabilities d
Owned
United States
Stock
438,973
5,628.036
289,299,657
310,225,599
53,621,761
Authority
53,621",701
7,730,380
139,299,557
192,948,147
Rural Electrification Administration.....
Home Owners' Loan Corporation
—
p2821585,987
Federal Savings & Loan Insurance Corp..
...
Federal Intermediate Credit banks...—
Production credit corporations
4,431,092
350,722
4,431,092
350,722
Regional agricultural credit corporations..
2,792,306
2,792,306
10,575
10,575
Banks for cooperatives
4,314,992
52,468,901
140,217,408
14,002,527
1188,256,292
49,328,702
13,691,549
2,110,973
14,258,238
b9,497,761
bl6,083,277
19,258,238
a84,882,308
200,000,000
124,800,545
70,000,000
149,000,000
120,000,000
5,000,000
4,602,256
a4,602,256
114,404
all4,404
2,000
2,000
1,905,256
a2,000
34,100,046
699,704
ol279~12~3"l66
Federal Land banks
b3"l"o",5l6
115,003,757
c67.045.392 bl00.000.000
21,174,644
124,741,000
a45,938,394
10,000,000
1,000,000
699,704
100,000
199,704
400,000
20,845,740
1,004,110
258,794,931
8,045,243
2,673,497
24,938,847
47,026,482
7,985,249
59,660,690
20,845,740
1,004,110
258,794,931
8,045,243
2,673,497
24,938,847
47,026,482
22,000,000
cl,154,260
157,215
""b~3",i05
122,110,973
19,258,238
50,927,115
124,741,000
45,938,394
50",208",874
1,905,256
114,941*829
Farm Credit Administration
Federal Farm Mortgage Corporation
32,954,608
121,174,644
175,668,115
45,938,394
66,783,893
155,219,935
84,882,308
203,394,191
507,987,129
103,245,425
182,478,872
b7,269,620
114,404
3",202",711
Federal National Mortgage Association..
United States Housing Authority
2,900,700,262
1,305,505
1,305,505
77,666,886
77,666,886
3,781,625
6,984,336
87,847,629
87,847,629
3,841,071
118,782,900
196,730,035
196,730,035
44,839,476 1,323,962,642
1,790,663,573 1,790,663,573
206,185,439
206,185,439
2",966",078
150,000,000
4,602,256
Federal Home Loan banks
Federal Housing Administration
79",114",275
Interests
£272,238,173 b282.394.742
15,000,000
150,000,000
310,225,599 a260 ,016,725
a79,136,987
79,138,978
155,381,711 al55,692,227
192,948,147
a77,944,390
32,954,608
200,000,000
121,174,644
100,000,000
79,136,987
United States Maritime Commission
46,000,000
Interagency
Surplus
100,000,000
48,966,078
155,381,711
Public Works Administration
500,000,000
100,000,000
7,730,380
223,998,114
14,803,263
5,628,036
223,998,114
.
489,843,431
489,843,431
100,000,000
48,966,078
14,803,263
Federal Deposit Insurance Corporation.
Tennessee Valley
Privately
United States
1,097,240,333
407,305.603
Commodity Credit Corporation
Over
Not
66,783,893
155,219,935
84,882,308
204,428,053
3,704*640
203,394,191
303,559,076
103,245,425
178,774,826
122,110,973
3",394" 191
16,083,277
War emergency corporations and agencies
(In liquidation):
Navy Department (sale of surplus war
supplies)
......
Sec. of Treasury (U, S RR. Admin.)..
Sec. of Treasury (War Finance Corp.)..
United States Housing Corporation
United States Spruce Production Corp.
c32,194,790
Other:
80,501
10,508,236
80,501
10,508,236
"154", 382
"154,382
Disaster Loan Corporation
Electric Home and Farm Authority...
Farm Security
Administration
Federal Prison Industries, Inc
Interior Department (Indian loans)
~
854"312
Panama Railroad Co
""854", 312
1,461,394
Inland Waterways Corporation
1,461,394
Puerto Rican Reconstruction Admin..
1,757,381
RFC Mortgage Co
Tennessee
Valley
Associated
12",938", 847
7,000,000
40,994,941
b~968~459
33,922",084
7,985,249
a7,985,249
59,660,690
25,000,000
"738",656
297,894
298,894
received
from
the
298,984
1,000
39,666,200
30,185,928
39,666,200
39,666,200
30,185,928
a30,185,928
2,394,400
Railroad loans (Transp'n Act, 1920)
under Act of Feb. 24,
3,93l"§63
Cooper¬
atives, Inc
Treasury Department:
Federal savings and loan associations
Securities
1,757",381
850,000
a258,794,931
a4,113,380
a2,673,497
12,000,000
2,394,400
a2,394,400
RFC
1938
Inter-agency Items: m
Due from governmental corporations
or
a69,996,237
agencies
b69,996,237
Due to governmental corporations or
a20,040,106
agencies
Total
For footnotes see top
5,723,399,629 3,096,244,636 8.819,644,265 4.005,472,446
of following column.
20,040,106
398.358.771 3,607.113.675 3.120.691.998
667.421,677 nl81,000,000
Volume
The Commercial & Financial Chronicle
ISO
FOOTNOTES FOR TABLE PRECEDING
•
These reports are revised
Sfiares
by the Treasury Department to adjust for certain
nteragency Items and therefore may not agree exactly with statements Issued by the
respective agencies,
a Non stock (or Includes
non
b Excess inter agency assets
c
stock proprietary interests),
(deduct),
1879
Stocks
$ per Share
10 New England Water, Light & Power Assn.,
1 Boston Athenaeum, par $300
pref., par
$100..!
5 Waltham Watch Co.,
Deficit (deduct).
98
210
15 United Elastic Corp
5 units Thompson Spa
..
7 H
6%
6% preferred,
par
$100
25
Bond—
Per Cent
d
Exclusive of Inter agency assets and liabilities (except bond investments and
deposits with Reconstruction Finance Corporation).
e Excludes unexpended balance of
appropriated finds,
$500 Haverhill Building Trust 5s, Sept., 1946, reg.
Massachusetts Cities Realty common A
f Also Includes real estate and other property held for sale,
g Adjusted tor Inter agency items and items In transit,
h Also includes
I Shares
PRELIMINARY
deposits with the RFC and accrued interest thereon.
of State building
and loan associations, $41,409,010; shares of Federal
savings and loan associations, $165,214,300.
j Also excludes contract commitments.
As of Jan. 31, 1940, the "United States
Housing Authority had entered into definite contracts calling for maximum advances
of $591,535,500.
Advances have been made in the amount of $125,144,250, as
UNITED
The
DEBT
No. 2 with 1 share of
_22flat
STATEMENT OF THE
STATES, FEB.
preliminary statement
United States Feb. 29,
1940,
as
29,
the
of
1940
debt ofj|the
public
made
up on
the basis of
of Jan.
31, 1940, against loan contract commitments amounting to $487,864,500.
The Housing Authority has also agreed to disburse $51,127,000 on additional loan
contract commitments amounting to $103,671,000. now
being financed by securities
issued by local housing authorities,
k Includes cash in trust funds.
I Includes $210,780 due to Federal Land banks from the United States
Treasury
for subscriptions to paid in surplus.
m Represents
inter agency assets
and
liabilities
of
the daily Treasury statement, is as follows:
Bonds—
$196,281,260.00
Treasury bonds;
Excludes
$325
bonds of
Home
3%% bonds of 1941-43
Owners' Loan Corp. held as "Treasury" bonds
334% bonds of 1946-49
3% bonds Of 1951-55
3K% bonds of 1941
334% bonds of 1943-45
'334% bonds of 1944-46
3% bonds of 1946-48
pending cancellation,
accrued Interest.
Note—Effective
with
the
statement
of July
31,
1938, the proprietary
Interest
represented by the capital stock, paid in surplus and non stock interest In govern¬
mental corporations and agencies which were offset by a corresponding item under
"inter agency proprietary interest" of the Treasury, have been omitted (except for
such items
as are
334% bonds of 1949-52
included in the inter agency assets and liabilities shown herein)
2%% bonds
294% bonds
2J4% bonds
254% bonds
254% bonds
for the purpose of simplification In form.
TREASURY
MONEY
$758,945,800.00
1,036,692,900.00
489,080,100.00
454,135,200.00
» 352,993,450.00
544,870,050.00
818,627,000.00
755,432,000.00
834,453,200.00
1,400,528,250.00
1,518,737,650.00
1,035,874,400.00
4J4% bonds of 1947-52
4% bonds of 1944-54
334% bonds of 1946-56
3H% bonds of 1943-47
3y8% bonds of 1940-43
which are not deducted from the capital stock and paid in surplus of the corre¬
sponding organizations.
o Includes $5,000,000 in bonds held
by the Secretary of the Treasury and $15,625
accrued interest thereon, which are shown as inter-agency liabilities.
p
HOLDINGS
following compilation, made
from the daily Gov¬
ernment
statements,
shows the money holdings of the
Treasury at the beginning of business on the first day of
January, February, and March, 1940; also on the first
day of March, 1939:
Feb.
Holdings in U. S. Treasury Mar, 1,1940
$
of 1945-47
of 1948-51
of 1951-54
of 1956-59
bullion.
496,022,863
Net silver coin and bullion
677,308,220
2,416,788
816,609
10,600,288
Net gold coin and
Net United States notes..
Jan.
$
500,453,351
654,153,366
7,708,236
20,792,762
24,371,470
Total cash in Treasury. *1216050,300
1,200,861,256
156,039,431
Net subsidiary silver
Minor coin, <fcc
156,039,431
Less gold reserve fund
26,897,110,900.00
U. S. Savings bonds (current redemp. value):
Series A-1935
$
564,889,791
634,109,960
2,726,049
2,135,323
2,985,927
384,534
Res. bank notes
Mar. 1,1939
$
1,033,519
11,140,292
182,909
6,540,422
Net National bank notes.
Net Federal Reserve notes
Net Fed.
1, 1940
13,320,473
335,888
5,636,761
18,480,123
_
234% bonds of 1945
234% bonds of 1948
254% bonds of 1958-63
234% bonds of 1950-52..
254% bonds of 1960-65
2% bonds of 1947
2% bonds of 1948-50
2>4% bonds of 1951-53
up
1, 1940
491,375,100.00
2,611,093,650.00
1,214,428,950.00
1,223,495,850.00
1,626,687,150.00
981,827,050.00
1,786,140,650.00
540,843,550.00
450,978,400.00
918,780,600.00
1,185,811,700.00
1,485,385,100.00
701,074,900.00
571,431,150.00
1,107,357,100.00
of 1955-60
234% bonds of 1949-53
The
$175,172,394.50
Series B-1936
875,221,622
592,888,791
3,320,367
896,108
13,618,888
320,983,948.75
419,281,396.75
506,114,901.00
838,952,696.54
87,660,337.50
Series C-1937
Series C-1938
Series D-1939
Series D 1940
261,981,949.97
Unclassified sales
379,491
4,125,441
20,122,158
Adjusted service bonds:
500,157,956.40
(Government life Insurance fund series)...
1241634,368 1,510,572,866
156,039,431
156,039,431
769,492,524.90
—
Treasury Notes—
tories account of sales of
securities.
815,383,000
816,130,000
Dep. in Fed. Res. banks..
689,237,766
516,835,418
To credit Treas. U. 8..
40,029,476
To credit disb. officers.
36,992,350
Cash in Philippine Islands
Deposits in foreign depts.
1,677,813
151,154
43,736,024
39,763,061
1,981,740
199,375
in
Depsot
National
824,907,000
873,336,000
672,774,558 1,222,484,220
and
other bank depositarles-
Net
cash
in
39,678,799
41,807,418
1,642,769
109,818
30,603,012
35,046,257
1,526,379
265,343
Treasury
and in banks
Deduct current liabilities.
$30,473,032,309.91'
1,044,821,825 1,085,594,937 1,354,533,435
Deposit in special deposi¬
Government
2,610,147.625.01
—
$269,334,568.50
Adjusted service bonds of 1945__
Total bonds
Cash balance In Treas.. 1,060,010,869
•
the
Treasury Department
and of Government agencies, which agencies are not included In this statement.
n Represents
inter agency holdings of capital stock and paid in surplus items
q Includes
$49,s00,000.00
28,894,500.00
117,586,760.00
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
2K% Postal savings bonds (19th to 49th ser.)
2,543,482,428 2,463,467,443 2,666,515,299 3,517,394,646
193,716,098
181,164,719
190,354,356
173,969,712
1H% series A-1940, maturing Mar. 15,1940_.
1H% series B-1940, maturing June 15,1940..
$77,307,100.00
738,428,400.00
1
737,161,600.00
H% Beries C-1940, maturing Deo. 15,1940..
134% series A-1941, maturing Mar.
1H% series B-l941, maturing June
134% series C-1941, maturing Deo.
134% series A-1942, maturing Mar.
2%
series B-1942, maturing Sept.
154% series C-1942, maturing Dec.
134% series A-1943, maturing June
134% series B-1943, maturing Dec.
54% series A-1944, maturing June
1%
series B-1944, maturing Mar.
1%
series C-1944, maturing Sept.
676,707,600.00
503,877,500.00
204,425,400.00
426,349,500.00
342,143,300.00
232,375,200.00
629,116,900.00
420,973,000.00
415,619,500.00
515,210.900.00
283,006,000.00
15,1941..
15,1941..
15,1941..
15,1942..
15, 1942..
15,1942..
15,1943..
15,1943..
15,1944..
15,1944..
15,1944..
Available cash balance. 2,349,766,330 2,282,302,724 2,476,160,943 3,343,424,934
*
coin
Includes
as
on
March
1 $625,740,792 silver bullion and $2,569,043 minor,
included in statement "Stock of Money."
NATIONAL
&c.,
•
BANKS
The
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTER
ISSUED
Amount
March 12—Helena National Bank, Helena, Ark
$100,000
Capital stock consists of $100,OCO, all common stock.
Presi¬
dent, T.
E. Wooten; Cashier, J. F. Hunt.
Primary
organization.
PREFERRED
STOCK
"A"
STOCK
4%
Foreign
Service retirement fund,
series
3,776,000.00
1940 to 1944
4% Canal Zone retirement fund, series 1940
4,200,000.00
to 1944
4% Alaska Railroad retirement fund series,.
738,000.00
maturing June 30, 1941 to 1944
2%
Postal Savings System series, maturing
1944
71,500,000.00
Government life
insurance fund series,
3,259,000.00
maturing June 30, 1943 and 1944
$50,000
2%
Federal Deposit Insurance Corporation
series, maturing Dec. 1,1943 <fe 1944
71,000,000.00
8,405,874,900.00
ISSUED
Amount
March 9—The Ventnor City National Bank, Ventnor City, N. J.
$100,000
Sold locally.
March 11—First Nat. Bank of Crystal Falls, Crystal Falls, Mich.
Sold locally.
COMMON CAPITAL STOCK REDUCED
10,000
March 11—First Nat. Bank of Crystal Falls, Crystal Falls, Mich.
From $35,000 to $25,000
Certificates of Indebtedness—
4%
Adjusted service certificate fund series,
$12,300,000.00
maturing Jan. 1, 1941
235%
Unemployment trust fund series, ma-
»
1,640,000,000.00
turing June 30, 1940
1,652,300,000.00
Amt. of
Reduction
$10,000
CONSOLIDATION
1,308,271,000.00
Treasury bills (maturity value)
$41,839,478,209.91
Total interest-bearing debt outstanding.......
Matured Debt on Which Interest Has Ceased—
Amount
March 9—The First Nat. Bank of Menominee, Menominee, Mich.
The Lumbermen's National Bank of Menominee, Menom¬
$200,000
inee, Mich
100,000
Consolidated today under the provisions of the Act of Nov. 7, 1918, as
amended, under the charter and title of "The First National Bank of
Menominee" (Charter No. 3256), with common capital stock of $150,000,
and surplus of $150,000.
If
The consolidation becomes effective close of business today.
BRANCH AUTHORIZED
15—Commercial National Bank in Shreveport, Shreveport, La.
Location of branch;
Vicinity of Fairfield Ave. and Jordan St., Shreveport,
La.
Certificate No. 1459A.
*
March
.
77,200,000.00
536,400,000.00
June 30, 1942 to
ISSUED
"B"
1,435,200,000.00
to 1944
2%
March 9—The Ventnor City National Bank, Ventnor City, N. J.
Sold to Reconstruction Finance Corporation.
PREFERRED
$6,202,601,900.00
3% Old-age reserve account series, maturing
June 30, 1941 to 1944
3% Railroad retirement account series, ma¬
turing June 30, 1942 to 1944
4% Civil service retirement fund, series 1940
Old
debt matured—Issued
prior to April
1,
$3,895,700.26
1917 (excluding Postal Savings bonds)
235% Postal Savings bonds
335%. 4%, and 43i% First Liberty Loans
4%
and 43£%
35,520.00
11,750,250.00
bonds of 1932-47—
Second Liberty Loan bonds
1,206,550.00
of 1927-42..
1,924,850.00
15,917,000.00
594,500.00
4H% Third Liberty Loan bonds of 1928
43i% Fourth Liberty Loan bonds of 1933-38.
355% and 455% Victory notes of 1922-23
Treasury notes, at various rates of interest..
Ctfs. of indebtedness, at various Interest rates
Treasury bills....
,
Treasury savings certificates....
20,523,550.00
4,003,700.00
72,110,000.00
211,100.00
132,172,720.26
AUCTION
The
Debt Bearing No Interest—
SALES
United States notes
Less gold reserve
following securities
were
sold at auction
on
Stocks
$ per Share
10 Newmarket Mfg
1
South Street Trust,
45
par
$100
1 Boston Railroad Holding Co., preferred, par $100
2 25-100 North Texas Co., par $10
$190,641,685.07
Deposits for retirement of National bank and
Federal Reserve bank notes
Old demand notes and fractional currency...
By R. L. Day & Co., Boston:
Shares
——
Wednesday
of the current week:
$346,681,016.00
156,039,430.93
197,254,301.50
2,029,340.83
Thrift and Treasury savings stamps, unclassi¬
fied sales, <fcc
.......
3,777,022.50
393,702,249.90
4^
1534
"&%
Total gross debt
...
- - - - - .——
$42,365,353,180.07
The Commercial & Financial
1880
-
LIABILITIES
TREASURY CASH AND CURRENT
holdings of the Government as the items stood
1940, are set out in the following.
The figures
are taken entirely from the daily statement of the United
States Treasury Feb. 29, 1940.
The cash
Feb.
29,
AND LIABILITIES
CURRENT ASSETS
Joaquin Valley Ry. 1st mtge. 5s
Sayre Electric Co. 1st mtge. 5s
Skelly Oil Co. 4% debentures
6% preferred stock
Southern Natural Gas Co. 1st mtge. 43^8
Telephone Securities, Ltd. 5M% notes
Engineering & Manufacturing Co.,
Vandalia RR. consol. mtge. bonds
Tray lor
*
Announcements this
£
(outside of Treasury)
$2,883,712,889.00
Gold certificate fund—Board of Governors, Fed. Res. System.. 12,988,176,181.64
Redemption fund—Federal Reserve notes
—_—-——
9,573,710.27
Gold reserve
156,039,430.93
'
—
$346,681,016 of United States notes
$1,163,r>72 of Treasury notes of 1890 outstanding. Treasury notes of 1890 are also secured by sliver dollars In Treasury.
Exchange stabilization fund
Note—Reserve against
and
1,800,000,000.00
$17,837,502,211.84
Gold In general fund:
reduc¬
Balance of increment resulting from
first
we
are
SILVER
Assets—
bring
Name
week
are:
Share
of Company
5c
Acme Stock Co
$1,318,769,769.16
498,950,894.00
Silver dollars (OS. 385,907,332.1)
Allen-Wales Adding Machine
AU-Penn Oil & Gas
Liabilities—.
Sliver certificates outstanding
..........
$1,764,989,663.00
.......
Treasury notes of 1890 outstanding
1,163,572.00
61,567,428.16
.....
fund
$1,817,720,663.16
Total
Gold (as above)
—
-
Sliver—At monetary value
$339,983 432.22
-
61,567 428.16
(as above)
7,708 ,236.28
Subsidiary coin (oz. 5,575,945.4)
Bullion—At recolnage value (oz. 148,406.4)
205 158.34
625,535 ,634.09
(oz. 1,235,650,351.8).a
Minor coin
2,569 ,043.21
United States notes
2,416 ,788.00
10,600 ,287.50
notes
384 ,534.00
Federal Reserve bank notes
816 ,608.60
National bank notes
18,223 ,719.08
Unclassified—Collections, &c
589,237 ,765.72
815,383, 000.00
Deposits In—Federal Reserve banks
Special depositaries account of sales of Government securities..
National and other bank depositaries:
To credit of Treasurer United States......
To credit of other Government officers
40,029,475.76
36,992,350.53
Foreign depositaries—
To credit of other Government officers
151,153.64
1,677,813.40
Philippine treasury—To credit of Treasurer United States
$2,543,482,428.43
Liabilities—
14.978.300.11
Deposits of Government officers—Post Office Department.
Board of trustees, Postal Savings System:
...
22,048,591.60
...
Other deposits
65.038.774.12
19,498,334.66
Postmasters, clerks of courts, disbursing officers, &c
Uncollected Items, exchanges, Ac
$193,716,098.30
gold (as above)
Seigniorage (silver) (see Note 1)
...
,
Working balance
$142,661,555.70
572,944,331.04
1,634,160,443.39
Is computed on the basis of the average
the close of the month of January, 1940.
Note 1.—This item of seigniorage represents the difference between the cost value
and the monetary value of silver bullion
revalued and held to
tificates Issued on account of sliver acquired under
and under the President's proclamation
the
secure the silver cer¬
Silver Purchase Act of 1934
dated Aug. 9, 1934.
$2,578,208,091.11,
CALLS
AND
SINKING
FUND
NOTICES
Below will be found
a
list of bonds, notes and preferred
stocks of corporation
called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Date
Company and IssueAlabama Power Co., 1st mtge. 5s
Allied Stores Corp. 15-year bonds
Bear Mountain Hudson River Bridge Co., 1st mtge. 7s
Bethlehem Steel Corp. 3H% bonds
Page
Apr.
5
Apr. 15
Apr.
1
Apr.
1
1585
5% preferred stock_%
Apr.
1
♦Brooklyn Borough Gas Co., 5% bonds
May 15
♦Oasco Corp., 1st mtge. 6s
Apr.
2
Central Indiana Power Co., 1st mtge. bonds
Mar. 28
♦Chicago Rock Island & Pacific Co., 3Yi% certificates
Apr. 17
Chicago Unloh Station Co., 4% guaranteed bonds
..Apr.
1
Colorado Power Co. 1st mtge. 5s
May
1
♦Commercial Investment Trust Corp., 3% debentures
Consolidated Gas Utilities Corp. 5-year 6% notes
Consumers Power Co.
1st mtge. 3
Crown Cork & Seal Co., Inc.,
debentures
Denver Gas & Electric Co. gen. mtge. 5s
Denver Gas & Electric Light Co. 1st mtge. bonds
Duluth Missabe & Iron Range Ry. 3H- bonds
♦Electric Ferries, Inc., 1st mtge. 7s
Federal Light & Traction Co., 1st lien bonds
Firestone Tire & Rubber Co., 33^% debentures
German-Atlantic Cable Co. 1st mtge. 7s
Helvetia Coal Mining Co., 1st mtge. 5s
Indiana Associated Telephone
Corp., 1st mtge. 4Ms
Johns-Manville Corp., 7% preferred stock
Kentucky Utilities Co., 1st mtge. bonds
Lib by, McNeill & Libby, 5% bonds
Louisville & Nashville RR„ unified 50-year 4s
Marion-Reserve Power Co., 1st mtge. 4Ms
Morristown & Erie RR. 1st mtge. 6s
♦Mountain States Power Co., 1st mtge. 5s
1st mtge. 6s
Northwestern Electric Co., 1st mtge. bonds
Ohio Electric Power Co. 1st mtge. 5s
Oklahoma Natural Gas Co. 1st mtge. 3 Ms
Pennsylvania RR., gen. mtge. 3Ms
Pennsylvania Telephone Corp. 1st mtge. bonds
Peoples Light & Power Co. coll. lien bonds
Public Service Co. of Oklahoma 4% serial debs
♦Republic Aviation Corp., 1st pref. stock
Richmond-Washington Co. 4% bonds
Corp
Liquidating.
30c
Apr.
Apr.
Apr.
15c
Apr.
SIM
SIM
Apr.
Mar.
37 Mc
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
50c
Apr.
25c
87Mc
25c
SIM
(quar.)
class A (quar.)
12 Mc
10c
10c
Common
(quar.)
Cumulative convertible preferred (quar.)
Badger Paint & Hardware Stores (quar.)
Baker (J. T.) Chemical
37 Mc
Mar. 28
Apr.
1
May
1
Apr.
1
May
1
May
1
Apr.
1
Apr.
1
Apr. 15
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
4
Apr.
1
Apr.
1
July
Apr. 20
Mar. 28
Apr. 16
Apr. 16
1
May
1930
1429
275
1431
£3714
£3714
1432
1932
1599
1599
£2687
1603
842
843
1285
1444
1942
1942
1608-
1
1289
1
Apr.
Mar. 30
Apr.
1
1003
1609
June
Apr. 25
Apr. 10
5
Apr.
June
1
£3725
1783
1785
1947
1453
1 Mar. 20
1 Mar. 20
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 28
Mar. 21 Mar. 18
Mar. 25 Mar. 20
Mar. 30 Mar. 15
June 29 June
1 Mar. 25
1 Mar. 23
SIM
43 Mc
Apr.
1 Mar. 15
May
1
25c
(quar.)
preferred (quar.)
Beatty Bros., Ltd., 1st preferred (quar.)
Beacon Assoc., Inc., 7%
SIM
15c
Apr.
Birmingham Fire Insurance (quar.)
25c
Mar.
SIM
Bobbs-Merrill Co. 4M% preferred (quar.)
Bon Ami class A (quar.)
SI
62Mc
tl7Mc
17Mc
Class B
(quar.)
Boston Acceptance preferred
Preferred (quar.)
Boston Edison Co. (quar.)
$2
40c
(C.) & Co. (monthly)
Brantjen & Kluge, Inc., 7% preferred
Buffalo Insurance Co. (quar.)
Burdine's. Inc., S2.80 preferred (quar.)
Calgary Power 6% preferred (quar.)
Callaway Mills (quar.)
Campbell, Wyant & Cannon Foundry Co
Canada Life Assurance (quar.)
Canadian Silk Products Corp., cl. A (qu.)
50c
Capital City Products
Carey (P.) Mfg. preferred
1st preferred
Carolina Clinchfield & Ohio Ry. Co. (quar.)
Carter (J. W.) Co
Cebu Sugar Co
Central Kansas Telephone (s.-a.)—
Chemical Fund, Inc. (quar.)
Chicago & Southern Air Lines pref. (quar.)
Chillicoth Paper preferred (quar.)
City Investment Co., preferred (quar.)
City Title Insurance (quar.)
Cleveland Union Stockyards (quar.)
SIM
15Mc
Clinton Water Works Co.
7% preferred
Cohn & Rosenberger
Colon Development
Diamond Ginger
Discount
Quarterly
Quarterly
Quarterly
Co
Apr.
15
15 Mar. 30
30 Mar. 15
1 Mar. 11
Apr. 30 Apr.
15
30 Apr. 15
30 Mar. 27
Mar. 30 Mar. 27
Apr.
Mar.
1 Apr. 10
May
1 Mar. 23
Apr.
Apr. 25 Apr. 20
1 Mar. 23
May 29 Mar. 22
Apr. 10 Mar. 20
Apr.
May
1
Mar. 20
Apr. 15
Mar. 10
Apr. 26 Apr.
5
1 Mar. 30
t$5 Apr.
1 Mar. 15
J37Mc Apr.
15c
tSIM
_
Mar. 30 Mar. 25
Mar. 25 Mar. 15
SIM
Apr.
1 Mar. 18
SI M
Apr.
Apr. 10
15c
Mar.
15c
Mar.
SIM
8c
17 Mc
$1M
$1M
12Mc
12Mc
25c
Clinton Trust Co. (quar.)-
Apr.
1 Mar. 23
25c
10c
Corp.
Fedders Mfg.
87 Mc
S3
70c
__
Carnation Co. 5%
Cliffs
15
Apr.
Apr.
Apr.
68Mc
preferred (quar.)
Bausch & Lomb Optical
Barker Bros. Corp.
Ale, Inc. (quar.)
Corp. of N. Y. (quar.)
Doehler Die Casting (interim)
Early & Daniel
Preferred (quar.)
Eason Oil Co. $1M cum. conv. pref. (quar.)
Edmonton City Dairy Co. 6M% preferred
Elder Mfg. Co. 5% cum. partic. class A
Emerson Drug class A & B (quar.)
Empire Trust Co. (quar.)
Famous Players Canadian (quar.)
Farmers & Traders Life Insurance (quar.)
1929
835
£3713
1 Mar. 20
60c
1603
1928
1595
Apr. 20
Mar. 25
1 Mar. 20
60c
Detroit Steel Products Co
1928
1
1
20c
1601
1421
30 Mar. 18
Bank of America (quar.)
1602
1127
813
1 Mar. 16
1 Mar. 16
Baldwin Co
Co. 6% red. conv. preferredColumbia Baking Co
Participating preferred (quar.)
Participating preferred (participating div.)—
Columbus & Southern Ohio Electric—
6 % preferred
6M% preferred
Commercial National Bank & Trust (quar.)
Commonwealth Investment Co. (quar.)
Connecticut General Life Insurance
Consolidated Chemical Industries class A
Consolidated Coppermines
Consolidated Oil (quar.)_
Consolidated Water Power & Paper
Cream of Wheat Corp
Corroon & Reynolds $6 preferred A
Orum & Forster (quar.)
Cunningham Drug Stores (quar.)
Preferred B (quar.)
Dennison Mfg. Co. debenture (quar.)
De Pinna, class A (quar.)
Preferred (quar.)
Detroit Edison Co. (quar.)
1421
Apr. 13
Mar. 30 Mar. 15
25c
25c
Automobile Banking Corp.,
1 Mar. 25
1 Mar. 20
15
25c
ITeferred
Arundel Corp. (quar.)
Automatic Voting Machine
10
Mar. 30 Mar. 25
SIM
(quar.)
American Discount Co. (Ga.)
^
American Furniture Co. 7% preferred (quar.)___
American General Insurance (Texas)
American Mfg. Co
Preferred (quar.)
American Stamping Co. 7% preferred (quar.)..
American Thermos Bottle class A
Preferred (quar.)
Apex Electrical Mfg. Co
.
Note 2—The amount to the credit of disbursing officers and certain agencies today
REDEMPTION
30c
Brewer
2,349,766,330.13
The weight of this item of sliver bullion
15 Apr.
1
15 Mar. 31
Boston Herald-Traveler
$2,543,482,428.43
Total
Apr.
$1.31 M Mar. 30 Mar. 25
1 Mar. 25
25c
Apr.
(quar.)
American Canadian Properties
15 Apr.
Apr.
Biltmore Hats__
59,300,000.00
lawful money
Balance today—Increment on
(qu.J.¬
Apr.
$im
American Brake Shoe & Foundry—
Preferred
$12,852,097.81
Treasurer's checks outstanding
Mar. 30 Mar. 20
5c
si
Quarterly
Total
1
Mar. 28 Mar. 20
HVi
$6 preferred
(quar.)
American Casualty Co.
GENERAL FUND
Assets—
9
15 June
Mar. 28 Mar. 20
20c
Aluminum Co. of America common
American Asphalt Roof Corp. 6% pref.
Preferred
Mar. 20 Mar.
June
15c
Aetna Ball Bearing
Class B
Total
Holders
When
Payable of Record
35c
Mfg
Alec Houghton Fund class A
$1,817,720,663.16
Silver (os.l,019,985,993.3)
was
1955
grouped in two
Per
a
1790
separate tables.. In the
together all the dividends announced the
current week.
Then we follow with a second table in which
we
show- the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the comX>any name in our "General Corporation and Investment
News Department" in the week w^hen declared.
Dividends
$18,177,485,644.06
cost per ounce at
1789
1618
—
Total
reserve,
1
Apr.
Mar. 30
June 17
339,983,432.22
5%
1455
1455
1146
Volume 149.
The di vidends announced this
dollar.$142,661,555.70
197,321,876.52
tion In the weight of the gold
In working balance
Reserve
Apr. 1
--Mar. 28
May 1
DIVIDENDS
Liabilities—
Federal
1294
May la
pref. stock. __ Mar. 29
bonds
week.
$18,177,485,644.06
Total
Gold certificates—Outstanding
At cost value
Page
1786
4
___Apr.
$18,177,485,644.06
Gold (oz. 519.356,732.7)
Sliver in general
1940
23,
Date
Company and Issue—
San Francisco & San
♦Woodward Iron Co., 5%
GOLD
Assets—
March
Chronicle
SIM
60c
25c
25c
SIM
$1.63
Mar. 13
Mar. 15
Mkr.
Mar. 21
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 23
Mar. 20
Mar. 26
Apr. 15
Mar. 20
Mar. 30
Mar. 22
Apr.
1
Mar. 30
Mar. 30
1M%
25c
Mar. 26
Apr.
Apr.
Apr.
Apr.
Mar. 25
Apr.
Mar. 15
Mar. 25
Mar. 25
4c
May
Apr.
May
20c
37 Mc
Apr.
Mar. 16
May
Apr.
15c
Apr.
Apr.
20c
Ma
ay
Apr. 15
50c
Mar.
Mar. 25
50c
Apr,
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Mar. 25
$2
SIM
25c
25c
$1M
$2
7Mc
15c
$1
25c
Apr. 15
Mar. 27
Apr. 15
15
2
Mar. 25
5
Apr.
5
Apr.
5
Apr. 20
Apr,
Mar. 29
Apr.
Mar. 30
Mar.
Mar. 23
Apr.
Mar. 21
25c
Apr.
50c
Mar.
Apr.
1
Mar. 20
SIM
37 Mc
tSIM
tsio
Mar.
25c
SIM
Apr.
Mar. 20
Mar. 26
Mar.
Mar. 15
Mar. 22
30c
Apr.
Apr..
15c
Apr.
Mar. 22
Mar.
Mar. 20
S2M
S2M
S2M
S2M
Apr.
July
Mar. 11
Oct.
Sept. 10
Jan.
Dec.
15c
Apr.
Mar. 25
25c
Mar. 21
June
10
11
Volume
The Commercial &
150
Per
Name
Share
of Company
Fifth Avenue Bank (N.
5
Nova Scotia
Mar. 30 Mar. 25
__
June
Quarterly
Mar. 30 Mar. 20
First State Pawners Society (quar.)
Fisk Rubber Corp. initial
24 of 1 sh. of
and $6 in cash
liquidating distrib. of
stk. of U. S. Rubber Co.
com.
$124
$1
$224
25c
75c
40c
24c
Class B___
General Capital Corp
General Discount Corp.,
General Finance
87 24c
7% preferred
5c
(quar.)
$124
$124
General Foods, $424 pref. (quar.)
Gold & Stock Telegraph Co. (quar.)
Great West Saddlery 6% 1st
Green (H. L.) (quar.)
1 Mar. 25
1 June 21
1 Mar. 23
Apr.
Mar. 28 Mar. 23
Apr. 10 Mar. 30
31 Mar. 20
Mar.
Apr. 18 Apr.
1 Apr.
May
1
10
preferred
1
1
Apr.
1 Mar. 23
Mar. 30 Mar. 15
50c
Apr. 15
Mar. 20
1 Mar. 20
1 Mar. 20
Apr.
Apr.
Mar. 29 Mar. 20
50c
Mar. 29 Mar. 20
20c
Apr.
10c
1 Mar. 26
Apr.
May
20
15c
Apr.
15c
Apr.
15 Apr.
26 Apr.
16
50c
15
Apr. 10
May
4
5
15c
May
31
May
21
15c
June
28 June
18
87 Ac
Mar. 30 Mar. 27
15c
(N. J.) (quar.)
Hydraulic Press Mfg. Co. (quar.)
Indianapolis Power & Light (quar.)
Industrial Acceptance Corp., Ltd., $2 cl. A (qu.)
5% convertible preferred (quar.)
$124
Mar. 30 Mar. 23
Mar. 21
Apr.
Horn & Ilardart Baking
10c
Mar. 25
40c
Apr.
Apr.
50c
Mar. 30 Mar. 23
$124
Mar. 30 Mar. 23
50c
Apr.
Apr.
1 Mar. 15
2 A%
May
1 Mar. 30
20c
Apr.
1 Mar. 20
62 Ac
Mar. 30 Mar. 21
t$l 24
Apr.
15 Mar. 30
75c
Industrial Securities Corp. 6% preferred
Institutional Securities Ltd. (Ins. Gp. Shs.)
Apr.
15 Mar. 30
.
Payable in stock.
Machine
Interstate Bakeries Corp., preferred
Investment Foundation, Ltd., cum. pref
Cumulative preferred (quar.)
Iowa Electric Co., 7% pref. A
6% preferred B
Iowa Power & Light 7% preferred (quar.)
6% preferred (quar.)
Iowa Southern Utilities 7% preferred.
International Button Hole Sewing
f43?4c
t40^c
$1H
$1A
niH
t«l %
til 24
624% preferred
6% preferred
25c
20c
Johnson Service Co. (quar.)
Johnson, Stephens & Shinkle Co
Pipe Line & Gas, pref. (quar.)..;
Kansas Power & Light Co. 6% preferred (quar.)
7% preferred (quar.)
Kaufmann Dept. Stores
Kansas
Kelley Island Line & Transport
Kellogg Co
Kellogg Switchboard & Supply
Preferred (quar.)
Kendall Refining Co. (quar.)
Kleinert (I. B.) Rubber
Kirkland Lake Gold Mining (s.-a.)
_
3734c
$134
$1*4
12c
-
-
1 Mar. 25
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
10 Mar. 19
Apr.
1 Mar. 20
X5c
10c
$6
Mar. 18 Mar. 12
tie
May
1 Apr. 12
Apr.
1 Mar. 14
1
Apr. 15 Apr.
Apr.
1 Mar. 25
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Apr. 20 Apr. 10
June
1 May 20
—
10c
5c
Extra.
25c
Rochester Button Co
Preferred
(quar.)
Saguenay Power, Ltd., preferred (quar.)
St. Joseph Ry. Lt. Ht. & Pr.Co.5% pref. (quar.)
St. Lawrence Corp. preferred A
St. Louis National Stock Yards (quar.)
San Gabriel River Improvement Co
Sayers-Scoville Co
6% preferred (quar.)__
Seaboard Commercial Corp. (quar.)
Preferred (quar.)
Seven-Up Bottling Co. (quar.)
Previous announcement was incorrect
Shasta Water Co. (quar.)
3734c
$134
20c
$134
10c
50c
$134
20c
6234c
Apr.
20c
1 Mar. 20
Apr.
1 Mar. 20
Apr.
1 Mar. 25
Apr.
5
Apr. 25 Apr.
Apr. 10 Mar. 24
1 Mar, 18
Apr.
5c
Extra
10c
(quar.)
J4c
5c
$1
pref. (qu.).
Mar. 25 Mar. 18
Mar. 30 Mar. 20
Mar. 15 Mar. 14
$2
7% preferred A (quar.)
Southern Ind. Gas & Elec. Co. 4.8%
$134
3734c
3734c
3734c
1.2%
25c
(qu.)___
Southern California Edison Co., Ltd. (qu.)
Southern California Gas 6% preferred (quar.)__
Mar. 15 Mar. 14
Mar. 30 Mar. 15
Standard
30c
75c
Mar. 30 Mar. 14
1 Mar. 26
Apr.
50c
Apr.
20c
30c
June
20c
Mar. 30 Mar. 27
Mar. 30 Mar. 27
1 Feb. 20
Mar.
29
Apr. 10
1 Mar. 21
1 Mar. 30
.Extra
Co. (quar.)
Screw
pref. (quar.)
& Acid Wks, (qu.)
__■
-
Stearns (Frederick) & Co
Preferred (quar.)
$134
$134
$2
,_
Tampa Gas Co. 7% preferred
8% preferred (quar.)
_
Tintic Standard Mining Co
Toledo Shipbuilding (quar.)
734c
15 Mar. 30
15 Mar. 30
Travelers Insurance (quar.)
$4
50c
MacMillan Petroleum
Magor Car Corp. (quar.)
20c
$134
20c
$1*4
50c
134%
15c
2.5c
-----—
pref. A (quar.)__
$2.20 preferred (quar.)
McGraw-Hill Publishing Co., Inc
Medusa Portland Cement preferred A (quar.)
Mickelberry's Food Products Co., pref. (qu.) —
Micromatic Hone Corp. 7% conv. pref. (qu.)__
Millers Falls Co., pref. (quar.),,
Minnesota Mining & Mfg
Mississippi Power & Light, $6 pref
_
Mississippi Power Co. $7 preferred (quar.)
$6 preferred (quar.)
—
Missouri Edison, pref. (quar.)
_____
Missouri Power & Light Co., $6 pref. (quar.)__
Monongahela Valley Water Co., 7% pref. (qu.)_
Montreal Light, Heat & Power Consol. (quar.)-_
Monumental Radio Co. (quar.)
Mountain States Telep. & Teleg. (quar.)-Muskegon Motor Specialties cl. A (quar.)
Mahon (R. C.) Co. $2
1 Mar. 23
1 Mar. 19
Apr.
Apr. 20 Mar. 30
1 Mar. 26
Apr.
1 Mar. 14
Apr.
1 Mar. 14
Apr.
1 Mar. 18
Apr.
1 Mar. 22
Apr.
1 Mar. 20
Apr.
Apr. 15 Mar. 30*
Apr. 15 Mar. 30*
10 Mar. 29
Mar. 30 Mar. 21
Apr.
National Bond & Share
Mar. 30 Mar. 21
Mar. 30 Mar. 21
55c
1.5c
May
Apr.
1
Apr.
Apr.
1 Mar. 23
60c
60c
t$2
$1*4
$134
$134
$134
$1*4
37c
Mar. 30 Mar. 26
May
1
Apr.
Apr.
Apr.
Apr.
Apr,
50c
Apr.
Apr. 15
1 Mar. 20
1 Mar. 20
1 Mar. 15
15
Apr.
1
15
May 15
Mar. 30 Mar. 15
Apr.
Apr.
£& 1
1 Mar. 21
15 Mar. 30
pref__
—
preferred
6% preferred
Co.(Minn.)$5 pfd. (qu-)/_
7% preferred (quar.)
Abbott
4A% preferred (quar.)
1 Apr.
19
Mar. 27 Mar. 10
Mar. 30 Mar. 25
Mar. 30 Mar. 18
Mar. 30 Mar. 18
1 Mar. 21
1 Mar. 22
Apr.
Apr.
Mar. 28 Mar. 15
1 Apr. 15
May
June
1 May 15
1 Mar. 14
Apr.
$134
$134
$134
$134
5c
$134
$134
!5c
Addressograph-Multigraph (quar.)_
Aero Supply Mfg., class A (quar.)
Apr.
Apr.
1 Mar. 23
1
Aetna Life Insurance
37 Ac
Aeronautical Securities, Inc
Aetna Casualty & Surety (quar.)
Aetna Insurance Co. (Hartford, Conn.)
1
Apr.
12
Mar. 25 Mar. 23
1 Apr. 15
May
1 Apr. 15
May
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 15 Mar. 30
1 Mar. 28
Apr. 20 Mar. 30
$134, Apr. 20 Mar. 30
Apr.
Apr.
Apr.
May
15c
40c
10c
Laboratories (quar.)
Extra
Mar. 23
Apr.
$134
$134
$1A
75c
Per
1 Mar. 23
25c
—
15 Mar. 19
15 Mar. 19
17 Mar. 30
25c
Share
Name of Company
1
75c
t$134
tSl 34
t$l 34
$134
15 Mar. 30
1 Mar. 27
Apr.
Apr.
Apr.
Apr.
1 Mar. 20
1 Mar. 21
1 Mar. 23
1 Mar. 23
previous weeks
paid.
Apr.
Apr. 15 Mar. 21
1 Mar. 23
Apr.
1 Mar. 16
Apr.
37 34 c
5c
$134
t$134
give the dividends announced in
May
Apr.
May
$134
$134
t$3
Mar. 20
1 Mar. 15
1 Mar. 15
The list does not include dividends an¬
this week, these being given in the preceding table.
and not yet
1
25c
6% preferred
7% preferred
Commodity (monthly)
preferred (quar.)
Vulcan Corp. $4 34 preferred
$3 preferred (quar.).
Weinberger Drug Stores
West Kootenay Power & Light pref. (quar.) —
West Michigan Steel Foundry (quar.)
Prior preferred (quar.)
Conv. preferred (quar.)
White Villa Grocers, Inc., 6% pref. (quar.)
Wurlitzer (Rudolph) Co. preferred (quar.)
Yosemite Portland Cement preferred
Young (J. S.) (quar.) —
Preferred (quar.)__
nounced
1
Mar. 30 Mar. 23
6834c
(quar.)
Universal
we
Mar. 30 Mar. 25
Mar. 29 Mar. 20
1 Mar. 18
Apr.
Machinery Corp.—
Vlchek Tool Co.
Below
20
1 Mar. 15
Mar. 20 Mar. 14
Mar. 28 Mar. 22
30 Mar. 30
50c
Niagara Alkali Co. 7% preferred (quar.)
North American Car Co. $6 1st preferred
North American Rayon, preferred (quar.)
Northern Illinois Finance Corp
United States Fidelity & GuarantykCo
United States Guarantee Co__
1 Mar. 20
Apr,
$134
$134
$1A
$2 preferred
New York Air Brake Co
New York Transit Co
New York Trust Co. (quar.)
1 Mar. 20
Mar. 15 Mar. 11
Mar. 30 Mar. 20
15c
25c
Assoc. 6% pref
16
50c
50c
National Fuel Gas (quar.)
National Power & Light preferred (quar.) _.
National Shirt Shops (Del.) preferred (qu.)
Apr.
1 Feb.
Mar.
40c
75c
6234c
3734c
United Shoe Machinery Corp..
Preferred (quar.)
534 % conv. preferred
1
1
25c
6% preferred A (quar.) —
Tuckett Tobacco 7% preferred (quar.)__.
United States Hoffman
5
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$134
$134
pref. B (quar.).
Underwriters Trust (N. Y.)
Mar. 30 Mar. 22
Apr. 15 Mar. 30
June
1 May 20
50c
$1*4
National Fire Insurance (quar.)
15 Mar. 31
$134
50c
National Casket Co. (s.-a.)
Preferred (quar.)
Apr.
15 Mar. 31
8*4c
50c
Troy Sunshade Co. (quar.)
Traders Finance Corp. 7%
Apr. 13
2.5c
50c
50c
(quar.)
1
$1*4
Extra
Textile Banking Corp.
5 Apr.
15 June
May 25 Apr.
Apr.
Telluride Power Co. 7% preferred (quar.)
Terre Haute Malleable & Mfg. Corp
15 Apr.
1
Mar. 30 Mar. 20
Apr. 15 Mar. 30
50c
May 15 Apr. 20
Apr. 15 Mar. 30
Apr. 15 Mar. 30
1 Apr. 15
May
40c
1 Mar. 20
Apr.
75c
25c
1 Mar. 20
35c
8% preferred (quar.)
Stanley Works
1 Mar. 30
3734c
Apr.
1 Mar. 20
Mar. 30 Mar. 19
Mar. 30 Mar. 19
1 Mar. 20
1 Mar. 22
Apr.
May
1 Mar. 25
liMar. 15
May
May
35c
.
Apr.
Mar. 22 Mar. 21
Apr.
1 Mar. 20
Southern Natural Gas Co
Apr.
3734c
May
1 Apr. 15
Apr.
1 Mar. 15
Apr. 15 Mar 30
Southwestern Portland Cement
Mar. 30 Mar. 23
Apr.
Apr.
20
1 Mar. 20
ile
75c
--
Lipton (T. J.), Inc., cum. pref. (quar.)
Loomis-Sayles Mutual Fund (quar.)
Loomis-Sayles 2nd Fund (quar.)
Lorain Telephone Co. 6% preferred (quar.)_—
Lux Clock Mfg. Co
•
Mabbeit (Geo.) & Sons Co., 7% 1st & 2d pf (qu.)
MacAndrews & Forbes Co. (quar.)
Preferred (quar.)
50c
50c
Apr. 25 Apr. 15
Apr. 15 Mar. 25
1
Apr. 15 Apr.
May 15 Apr. 15
lc
Standard Steel Spring Co_
Stand. Wholesale Phosphate
15c
Life Insurance Co. (Va.) (quar.)
Lion Oil Refining Co. (quar.)
6% preferred (quar.)
Mar. 30 Mar. 20
75c
1 Mar. 23
Apr.
Apr. 30 Apr.
9
Apr. 30 Apr.
9
Apr.
Apr. 30 Apr.
10c
25c
(quar.)
Roberts' Public Markets (quar.)
Shawmut Assoc.
1-2-41
42c
15c
Lehigh Portland Cement
Northern States Power
5
2-15-41 2-5-41
Mar. 30 Mar. 22
42c
50c
(quar.)
Langendorf United Bakeries class B
Class A (quar.)
Preferred (quar.)
Lawyers Trust Co. (quar.)
Northern States Power (Del.) 7%
4
5
Nov. 15 Nov.
35c
Southern Acid & Sulphur Co. 7% pref.
3734c
Preferred (quar.)
Northern Indiana Public Service 5 24 %
14
'
25c
15c
X5c
Laclede Steel Co.
-
Dec.
May 15 May
Aug. 15 Aug.
50c
35c
Simplex Paper
Smyth Mfg. Co. (quar.)_
Mar. 16 Nov. 30
Oct.
Co.
Richman Bros.
1 Apr. 20
1 June 15.
1 Sept. 14
May
July
50c
___
(Pittsb.) (ann.)
Republic Steel 6% conv. preferred
Rhode Island Elecrtic Protective Co. (quar.)
Rice Ranch Oil
Mar. 28 Mar. 20
50c
Reliance Life Insurance
1 Mar. 15
10c
Preferred (quar.)_
tl 5c
3134c
15c
Reda Pump
Reece Button Hole Machine Co. (quar.)
Standard Steel Construction
20c
preferred (quar.)
1 Mar. 23
15 Mar. 30
10 Mar. 20
(quar.)
Preferred A (quar.)
Phillipine Long Distance Telep. Co
Monthly
Pilot Full Fashion Mills, Inc. (quar.)
Pittsburgh Forgings Co
Powell Rouyn Gold Mines, Ltd
Prentice (G. E.) Mfg. (quar.)
Public Service of N. J. 6% pref. (monthly)
1 Mar. 15
Mar. 30 Mar. 20
15
Apr.
35c
(quar.)
Mar. 30 Mar. 15
Mar. 16 Nov. 30
15
15
1 Apr.
1 Apr.
1 Apr.
May
May
May
Apr.
Apr.
Silbak Premier Mines, Ltd
Mar. 16 Nov. 30
Mar. 22 Mar. 15
35c
Mar. 30 Mar. 22
30c
--
Northwestern Electric
Payne Furnace & Supply Co. conv. pf. A & B__
pref. A (quar.)j
Telephone (quar.)
Quarterly
Quarterly
Preferred A (quar.)
Pearson Co., Inc., 5%
Mar. 30 Mar. 15
Apr.
Apr.
10
Mar. 22 Mar. 15
50c
25c
(quar.)
25c
$124
Extra
New England Power
Mar. 31
.
tl5c
Industrial Rayon
20c
Peninsular
2 Mar. 21
Apr. 15 Mar. 30
Mar. 30 Mar. 28
Co. (Ind.) (qu.)__
Home Telephone & Telegraph
Honolulu Rapid Transit
Apr. 20 Apr.
Preferred A
May
Apr.
1 Mar. 15
Apr.
1634c
$134
Paracale Gumans Consol. Mining Co
15 Mar. 31
Apr.
1 Mar. 16
Apr.
Mar. 26 Mar. 19
30c
Apr.
$1*4
$124
$14
(mo.)
-—
Common
Preferred A
t75c
(quar.)
Mar. 30 Mar. 18
10c
—
Pacific Gas & Electric
Mar. 29 Mar. 29
3124c
participating preferred
Mar. 30 Mar. 23
$234
$234
8% preferred A
5% preferred
1 Mar. 30
50c
Hibbard, Spencer, Bartlett & Co.
Monthly.
Monthly
Kirsch Co.,
Knott Corp
Pacific Finance Corp.
6 34 % preferred C
Apr.
$1%
t$i 24
pref. (qu.)
Group Corp. preferred
Guggenheim & Co., $7 1st preferred
Gulf Power Co. $6 preferred (quar.)
Harris Hall & Co.. 5% preferred
Hartford Gas Co. (quar.)
Preferred (quar )
Haverhill Gas Light
L
Hawaiian Agricultural (monthly)
Hawaiian Commercial & Sugar Co. (quar.)
Hawaiian Sugar Co.
5
75c
Great Lakes Power Co., Ltd., A
Greenwich Gas Co.,
15 Apr.
Apr.
Apr.
July
20c
(quar.)
(quar.)
Fisheries
2
40c
10c
(quar.)
Otter Tail Power special common
Preferred *,
Mar. 30 Mar. 25
1 Mar. 20
Apr.
Holders
Payable of Record
$134
$134
$30
-
(quar.)
Light & Power (quar.)
25c
Goodman Mfg
Gordon Oil Co., class B
Gorton-Pew
2 Apr.
Apr.
50c
Florence Stove Co
Foreign Light & Power Co. 6% 1st pref. (qu.)__
49 West 37th Street Corp
Fulton Trust Co. (N. Y.) (quar.)
Fyr-Fyter Co. class A
Gemmer Mfg. class A (quar.)
Share
of Company
Okalta Oils (final)
Old Joe Distillers Co. 8% preferred
Onomea Sugar (monthly)
29 June 22
When
Per
Name
North & Judd Mfg. Co. (quar.)
Northwestern National Insurance
1 Mar. 30
15 Apr.
Apr.
1881
Holders
When
Payable of Record
Apr.
Y.) (quar.)
Firemen's Fund Insurance Vquar.)
First National Bank of J. C. (quar.)
Financial Chronicle
15 Mar. 30
Mar. 20
Mar. 20
(quar.)
10c
$1
40c
— __
Agnew-Surpass Shoe Stores preference (quar.)
Agricultural Insurance Co. (quar.)
—
Ahlberg Bearing Co., class A
Air Associates, Inc. (quar.)
;
1st $7 cum. and conv. preferred (quar.)____
Air Reduction Co., Inc. (quar.)
"Ei'jctjYdk
-.——
Alabama Power Co.,
$6 preferred
$7 pref. (quar.)
—
(quar.)—
$5 preferred (quar.)
Alabama & Vicksburg Ry.
Alberta Wood Preserving
Co. (s.-a.)
Co., pref. (quar.)—
Allegheny Ludlum Steel
Allied Laboratories (quar.)
Allied Stores Corp., preferred (quar.)
30c
8*4c
12 Ac
$1H
25c
25c
$124
$124
$124
t$l|
25c
15c
$124
When
Holders
Payable of Record
Mar. 31 Mar. 14
Mar. 31 Mar. 14
1
Apr. 15 Apr.
Apr. 10 Mar. 25
Apr.
1 Mar. 15
5
Apr. 16 Apr.
Apr.
1 Mar. 9
Apr.
1 Mar. 14
9
Apr.
1 Mar.
Apr.
1 Mar. 15
Apr.
1 Mar. 20
Apr.
1 Mar. 22
Mar. 25 Mar. 18
Apr.
1 Mar. 18
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Mar. 15
Apr.
Mar. 15
Apr.
Apr. 19
May
Apr.
Apr.
Mar.
Apr.
Apr.
Apr.
Mar. 18
8
Mar. 27
1 Mar. 15
1 Mar. 18
The Commercial & Financial Chronicle
1882
Per
Share
Name of Company
25c
Allied Products Corp., common (quar.)
Class A (quar.)
-
43 Xc
25c
--
Allemarmla Fire Insurance Co. (quar.)
Extra
5c
:
Alien Electric & Equipment
Allis-Chalmers Mfg. Co
2m
25c
Alpha Portland Cement
Aluminum Co. of America, 6% pref. (quar.)
—
20c
Aluminum Goods Mfg. Co
Aluminium, Ltd
Aluminum Mfg., Inc. (quar.)
tS\X
50c
50c
50c
Quarterly
Quarterly
2
2
Bonomo (Joe) Publications
Common (extra)
Mar. 30 Mar. 21
1 Mar. 20
Apr.
Mar. 27 Mar.
SIX
Apr.
Apr.
$1
SIX
(quar.)
(quar.)
Preferred
75c
American Bank Note 6% pref. (quar.)
American Business Credit, common A
American Can Co., 7% pref. (quar.)
10c
SIX
25c
American Capital Corp. $3
preferred
Cigar, pref. (quar.)
American Cities Pow. & Light, %2%
cl. A (quar.)
SIX
68Xc
Apr.
Mar. 29 Mar. 15
1 Mar. 11
Apr.
Opt. div. l-16th sh. or class B or cash.
American Coach & Body Co
American Colortype Co
American Crystal Sugar, preferred (quar.)
American Cyanamid Co., cl. A & B. com. (qu.)_
5% 1st & 2d preferred (quar.)
American District Telegraph (N. J.)
Preferred (quar.)
American Envelope Co., 7% pref. A (quar.)
7% preferred A (quar.)
American Fork & Hoe, preferred (quar.)
Amer. Gas & Elec.Co. 4X% pref.(initial) (qu.)
American Hard Rubber, pref. (quar.)
American Hardware (quar.)
American Hawaiian Steamship Co
American Hide & Leather, pref. (quar.)
1 Mar. 21
Mar. 25 Mar. 15
Mar. 25 Mar. 14
Apr.
Apr.
Apr.
1 Mar.
Mar. 30
Mar. 19
1 Mar. 15
1 Mar. 23
5
15 June
5
16 Dec.
1 Mar.
6
5
1 Mar.
6
1 May
24
June
American Screw
American Smelting & Refining, 7% pref. (qu.).
1 Mar. 19
Apr.
Apr. 30 Apr.
5
1 Mar. 14
Apr.
1 Mar. 14
Apr.
15 Mar. 15
Mar. 29 Mar. 15
Apr.
(quar.)
Preferred (quar.)
American Water Works &
Apr.
...
Electric Co., Inc.—
SIX
mx
...
preferred
25c
(quar.)
Appalachian Electric Power $7 preferred (qu.).
APW
Properties, 4% cum. class A (s.-a.)
Arkansas Power & Light, $7 pref. (quar.)
six
SIX
10c
SIX
SIX
SIX
12Xc
$0 preferred (quar J.
Apr.
May
1 Mar. 15
1 Apr. 15
Mar. 25 Mar.
Apr.
Apr.
Apr.
Apr.
5
Mar. 20
Mar.
5
Mar. 30
1 Mar. 15
Hegeman Electric
Art Metal Construction
Art Metal Works, Inc
Apr.
1 Mar. 15
Apr.
1 Mar. 11
50c
25c
Armour & Co. (Del.) 7% preferred (quar.)
Arnold Constable
Arrow-Hart &
6
2 Mar.
5
Apr.
1 Mar.
9
Apr.
Apr. 15 Mar. 15
American Zinc Lead & Smelting, prior pref
Anaconda Copper Mining Co
Anchor Hocldng Glass Corp.
conv.
Mar. 15
Mar. 25 Mar.
$6 1 st preferred (quar.)
S6X div,
1 Mar. 15
Mar. 30
Apr.
1 Mar. 20
1 Mar. 23
Mar. 25 Mar. 11
Apr.
—
•
35c
7% preferred (quar.)
62 Xc
37 Xc
Californla-Western States Life Insurance (s.-a.)
Cambria Iron (s.-a.)
50c
Class B preferred
12
(quar.)
—
Class A
...
7% participating preferred (quar.)
Partic. pref. (participating dividend)
Common (irregular)
Canadian Cotton Ltd. (quar.)
tsix
11.16
125c
111
Extra
XS2
Preferred (quar.)
tsix
Canadian Foreign Investment Corp. 8% pref
Canadian General Electric (quar.)
Canadian General Investments, Ltd
tS2
ts 2
tl2Xc
Canadian Industries, Ltd., class A
Class B (quar.)
tsix
tsix
tsix
14%
tS2
7% preferred (quar.)
.
75c
10c
Baker (J. T.) Chemical Co.,
5X% pref. (quar.)
BancOhio Corp. (quar.)
SIX
Bangor & Aroostook RR. 5%
Bangor Hydro-Electric
7% 1st pref. (quar.)
6% preferred (quar.)
SIX
pref.Ill
I
III..
SIX
SIX
20c
SOX
.IIIIIII
50c
I."
II.I..
SIX
SIX
40c
25c
-----
SIX
50c
_I~
Extra
$1
25c
Beiding-Corticelli (quar.)
IIIIIIIIII"
SI
I..Ill
SIX
$2
(quar.).
Bell Telenhone of Pa. pref. (quar.)
Belt RR, & Stockyards Co.
(quar.)
6%
22c
30c
Bastian-Blessing
Preferred (quar.)
Bell Telephone of Canada
...
preferred
>m
75c
Beneficial Industrial Loan Corp...
Prior preferred (quar.)
Bensonhurst Nat'l Bank (Bklyn., N.Y.)
Extra
Mar. 20
Apr. 26
Apr.
5
Mar. 19
Mar. 25
Mar.
9
Mar. 20
Mar.
7
Mar. 18
Mar. 22
Feb.
29
Apr. 10
Mar. 11
Mar. 11
Mar. 14
Mar. 22
Mar. 15
Mar. 15
Mar. 15
Mar. 31
Mar. 12
Mar. 12
Mar. 15
Mar.
8
Mar.
8
Mar. 15
Mar. 15
Mar. 23
Mar. 20
Mar. 20
Mar. 20
I
45c
62 Xc
75c
Mar.
Mar.
Mar.
Mar. 15
Mar. 15
("qu".)..
25c
Mar.
Quarterly.
75c
June
Mar. 30
June 29
Extra
25c
June
June 29
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
1
Mar.
1
Mar. 18
Apr.
1 Mar. 18
.......
Bethlehem Steel Corp. 7% preferred
(quar.)
5% preferred (quar.)
21
B-G Foods, 7% preferred
SIX
Bickford's, Inc
Preferred
(quar.)
Birmingham Electric, $7 preferred
$6 preferred
Black & Decker Mfg. Co. (quar.)__
Bliss & Laughlin
Preferred (quar.)
50c
5X% preferred (quar.)
Capital Administration, preferred A (quar.)
Carolina Power & Light, $7 pref. (quar.)
$6 preferred (quar.)
Carolina Telephone & Telegraph Co. (quar.)
Carpel Corp. (quar.)
Carriers & General Corp
Carthage Mills, preferred A
25c
Bayuk Cigars, Inc. 1st pref. (quar.)
Beatrice Creamery Co. (quar.)
Preferred (quar.)
Beech Creek RR. (quar.)
Beech-Nut Packing Co. (quar.)
Cannon Mills Co
Cannon Shoe
37Xc
Avondale Mills
Preferred (quar.)
SIX
Mar. 30,Mar. 15
20c
Avery (B. F.) & Sons, preferred (quar.)
Bank of the Manhattan Co.
(quar.).
Bank of New York
(quar.)
Bankers Trust Co. (quar.)
J37JJC
Mar. 30 Mar. 15
62>|c
_
Automobile Insurance (quar.)
conv.
Westinghouse (quar.)
6% preferred (quar.)
50c
llMar. 15
30c
62 Xc
SIX
SIX
Mar. 30
Mar. 20
Mar. 22
Mar. 22
25c
Mar. 29 Mar. 12
25c
37 Xc
Mar. 30 Mar. 23
Mar. 30 Mar. 23
Preferred
10c
68Xc
75c
SIX
six
Apr.
1 Mar. 15
1 Mar. 15
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 21
Mar. 30 Mar. 15
15 May 31
Sept. 15 Aug. 31
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15 Nov. 30
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
Apr. 15 Mar. 30
Apr. 30 Mar. 30
Apr. 30 Mar. 30
Apr. 15 Mar. 30
June
1 Apr.
1
1 Mar. 20
Apr.
Apr.
1 Mar. 15
Mar. 30 Mar. 20
Mar. 30 Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 18
1 Mar. 22
1 Mar. 22
1 Mar. 18
1 Mar. 16
1 Mar. 16
Apr.
21 Mar. 25
2Xc
SIX
Apr.
Apr.
1 Mar. 20
1 Mar. 20
60c
Apr.
1 ,Mar.
SIX
SIX
Apr.
Apr.
Apr.
May
S2
50c
B
Case (J. I.) Co. preferred (quar.)
7% preferred (quar.)
Celanese Corp. of America
Stock dividend (1 sh. for each 40 held)--7% 1st preferred
7% 1st partic. preferred
7% prior preferred (quar.)
7% prior preferred (quar.)
Central Aguirre Associates (quar.)
Central Electric & Telephone Co., pref. (quar.)Central Hanover Bank & Trust (quar.)._
Central Illinois Light Co., 4H% pref. (quar.)__
Central Maine Power Co., 7% pref. (quar.)
6% preferred (quar.)
$6 preferred (quar.)
Central Patricia Gold Mines (quar.)_
Extra
50c
Mar. 30 Mar. 18
20
l'Mar. 12
1 Mar. 12
l'Mar. 15
1 Mar.;15
June 14
$3! 50
June
$2.72
SIX
SIX
Apr.
Apr.
July
Mar. 15
Apr.
Mar. 30
Mar. 20
37Xc
Mar.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
Mar. 15
June 14
Mar. 18
Mar. 20
Mar. 11
Mar. 11
Mar. 11
Mar. 15
Mar.
Central Power Co. 7% cum. preferred (quar.)
—
7% cumulative preferred
6% cumulative preferred (quar.)
6% cumulative preferred
Central Power Co. (Del.) 7% preferred
6% preferred
Champion Paper & Fibre, preferred (quar.)
Chartered Trust & Executor Co. (Toronto, Can.)
Chemical Bank & Trust (N. Y.), (quar.)
Chesapeake-Camp Corp., pref. (quar.)
Chesapeake & Ohio Ry
Preferred A
Mar. 15
Sept. 14
Dec.
150c
SIX
SIX
Mar. 30
May
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 20
1 Mar. 15
June
2Xc
Canfield Oil Co
llMar. 15
Apr. 30
Aug. 31
Oct.
$1
-
Canadian
Mar. 15
Apr.
150c
t62Xc
15c
115c
15c
Mar. 30 Mar. 13
Mar. 30 Mar. 15
16
Apr.
Apr.
$1
$1
(quar.)
Mar; 31 Mar. 15
Feb.
2 Mar. 15
Apr.
Apr. 25 Mar. 30
Apr. 15 Mar. 30
$2
,
preferred
Mar. 15
J75c
First preferred (quar.)
First preferred (participating)
Second
Mar. 20
the
Canadian Breweries Ltd., preferred
Canadian Canners, Ltd
Second preferred (participating)
Canadian Celanese, Ltd.—
Mar. 18
Mar. 30 Mar. 15
.
Mar. 31 Mar. 15
Apr.
15
Feb. 26
Mar.
4
Mar. 20
Mar. 20
■$&
(quar.)
10c
50c
Apr.
Mar. 30 Mar. 15
nx%
-
15c
Atlantic Rayon Corp. $2X prior
pref. (quar.)
Atlantic Refining Co., preferred
(quar.)
Autocar Trucks $3 cum. & partic.
pref. (quar.)
Autoline Oil Co., preferred (quar.)
Mgr. 16
SIX
-
15c
Apr.
Mar.
Mar. 16
Mar. 15
c
5% first preferred (quar.)
Canada Foundries & Forgings class A
Canada Northern Power Corp., Ltd---7% cum. preferred (quar.)
Both aivs. subject to approval by
Foreign Exchange Control Board.
Canada Packers, Ltd. (quar.)
Canada Permanent Mortgage Corp
Canada Starch Co., Ltd
Canada Steamship Lines, Ltd., pref
Canada Wire & Cable, class A (quar.)
Class A (quar.)
Ashland Oil & Refining (quar.)
Assoc. Breweries ol Canada (quar.).
Preferred (quar.)
Associates Investment Co
tux
.tSm
t62Xc
Canada Cycle & Motor Co., Ltd. (quar.)
Canadian Marconi Co. (initial)
Canadian Oil Cos., 8% pref. (quar.)
...
$1
SI
Semi-annual
Canada Bakeries, new 5% Pref. (initial)
Canada Bread Co., 5% preferred (quar.)
Mar. 21 Mar. 14
...
Mar.
Apr.
California Packing Corp., 5% pref. (quar.)
California Water & Telephone, 6% pref. (quar.)
15c
5% cumul. preferred (quar.)
Atlanta Gas Light Co. 6% cum. pref. (quar.)
Atlantic City Fire Insurance Co.
(quar.)
15c
-
Asbestos Corp., Ltd. (quar.)...
Extra
125c
Mar.
Apr.
Apr.
May
Apr.
Mar. 20
Mar. 20
Mar. 16
Apr. 27
Sept. 16 Sept.
American States Insurance Co. (quar.)
American Steel Foundries
American Stores Co
American Sugar Refining, pref. (quar.)
American Tobacco Co., preferred (quar.)
American Telep & Teleg. (quar.)
Mar.
Mar. 30
Mar. 15
Amer. Bad. & Standard Sanitary, pref. (quar.)..
American Rolling Mill Co., 4M % preferred
American Safety Razor (quar.)
American Snuff Co.
75c
Feb. 29
Mar. 20
Mar. 30
Mar. 18
June
1 Mar. 20
Dec.
20c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Sept.
Apr.
1 Mar. 14*
Apr.
Apr.
50c
Mar. 15
Mar. 15
Mar. 18
10c
Mar. 30 Mar. 18
Mar. 30 Mar. 18
7% preferred (quar.)
Mar.
tsix
Apr.
40c
Apr.
Apr.
7% preferred (quar.)
American Power & Light Co., $6 pref
$5 preferred
Apr.
Apr,
lOd
—
Mar.
Calamba Sugar Estates (quar.)
1 Mar. 15
June
Mar. 15
Mar. 19
50c
20c
50c
25c
Apr. 27
Apr. 27
5
1 Mar. 15
Apr.
Mar.
8
Mar. 30 Mar. 19
Preferred (quar J
American Optical Co
American Paper Goods Co. 7% pref. (quar.)...
May
May
Apr.
Apr,
Apr.
Apr.
American Maize Products
-
Mar.
Apr.
(qu.).
50c
25c
50c
'
$1
50c
Apr.
American Home Products
American Investment (111.) 5% preferred
American Locker, class A
SIX
Mar. 30
Mar. 30
50c
1 May 25
1 Aug. 25
Sept.
Apr. 15 Apr.
pref. (qu.)-..
Extra.-:
1 Mar. 12
Mar. 23 Mar. 15
Apr. 15 Mar. 15
June
Mar. 20
Mar. 15
29
Burger Brewing Co., preferred (quar.)
Burkhardt Mfg
Burlington Steel Co.. Ltd
Burma Corp. Ltd. (Amer. deposit rets.) interim
3 X annas Der share, equal to 3.93 pence per sh.
Burroughs Adding Machine Co
1 Mar. 12
•
Apr.
Apr.
Apr.
Apr.
SIX
preferred (qu.)
SIX
Bucyrus-Erie Co., 7% preferred (quar.)
Budd Wheel Co., preferred (quar.)
SIX
25c
Preferred (partic. div.)
Buffalo Ankerite Gold Mines, Ltd
tl2Xc
Buffalo Niagara & Eastern Power, pref. (quar.).
40c
lst preferred (quar.)
SIX
>
Building Products Ltd. (quar.)
tl7Xc
Bullard Company
25c
Bulova Watch Co. (quar.)
50c
Mar. 29 Mar. 15
1 Mar. 15
Apr.
1 Mar. 15
Apr.
20c
Brunswick-Balke-Collender Co.,
1 Mar. 11
Mar. 15
Feb.
Broad Street Investment Corp
Brooklyn Borough Gas Co
1 Mar. 15
Mar. 15
Mar. 15
9
Mar. 20
20c
Class A (quar.)
1 Mar. 15
Apr.
Mar. 15
Mar.
32 Xc
British-American Oil (quar.)
British-American Tobacco Co.. Ltd. (interim)-.
British Columbia Elec. Pow. & Gas, 6% pref—
British Columbia Power, class A (quar.)
Mar, 15
Mar. 15
Apr.
Bridgeport Gas Light (quar.)
Briggs Mfg. CoBrillo Mfg. Co., common (quar.)
1 Mar. 15
1
Apr.
Apr.
Apr.
Apr.
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
$4
*
Extra--
15 Mar. 30
50c
Holders
Apr.
Brewers & Distillers of
15 Mar. 20
When
Payable of Record
SIX
Brazilian Traction, Light & Power,
Vancouver
31 Dec. 15
Mar. 30 Mar. 10
23, 1940
Mar.
Extra
Dec.
Apr.
IX %
82
Brantford Cordage Co., 1st preferred
15
25c
—
!
(quar.)
Bralorne Mines (quar.)
8
1X%
25c
Boston Insurance Co.
Mar. 31 Mar. 15
%v&
30c
(initial)
com.
6c
Borg-Warner
Boston & Albany RR. Co
Boston Elevated Ry. (quar.)
Mar. 25 Mar.
1
1 Mar. 15
Apr.
1 Mar. 10*
Apr.
June 30 June
(N.Y.),
6% partic. preferred (initial)
6% participating preferred (extra)
Mar. 30 Mar. 11*
Sept. 30 Sept. 15
25c
25c
Bohn Aluminum & Brass
llMar.
SIX
7% preferred (quar.)
7% preferred (qQar.)
American Agricultural Chemical
American Alliance Insurance (quar.)
American Asphalt Roof Corp. pref. (quar.)
American Bakeries Co., class A (quar.) — —
Class A participating dividend
American Cigarette &
llMar.
Sept. 30 Sept. 15
Dec. 31 Dec. 15
Mar. 31 Mar. 15'
June 30 June 15
50c
six
7% preferred (quar.)
Name of Company
Mar. 30 Mar. 21
SIX
.
Quarterly
7% preferred (quar.)
Class B
SIX
Per
Share
Holders
When
Payable\of Record
Apr.
Apr.
March
Mar. 30
Mar. 30
Mar. 30
Mar. 30
Mar. 30
Mar. 30
Apr.
Mar. 15
Apr.
Apr.
Apr.
Apr.
Mar. 16
Apr.
(guar.)
Mar. 19
Mar. 20
Mar.
8
Mar.
8
Mar.
1
Mar.
Mar.
Extra
Mar.
1
Apr.
Chesebrough Mfg. Co. (quar.)
Chicago Daily News $7 pref. (quar.)
Chicago Dock & Canal Co. extra
Chicago Flexible Shaft (quar.)
Mar. 15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 20
Mar. 26
Mar. 20
Mar.
-
Extra
Chicago Junction Rys. & Union Stockyards
6% preferred, j
Chicago Pneumatic Tool, $3 preferred (quar.)__
$2 X preferred (guar.)
Chicago Railway Equipment, pref
Mar.
Mar. 30iMar. 20
Apr.
Apr.
Apr.
llApr.
1
l'Mar. 15
llMar. 20
Apr.
1 Mar. 20
Mar. 31 Mar. 25
Volume
The Commercial & Financial Chronicle
150
Per
Name of
Company
Christiana Securities Co.
pref. (quar.)
Cincinnati Gas & Electric, preferred (quar.)
Cincinnati Union Stockyards (quar.)
Cincinnati Union Terminal, 5% pref. (quar.)»»
$6 preferred (quar.)
$7 preferred
$7 preferred (quar.)
'
City Auto Stamping (quar.)..
l
(quar.)
_■
Commercial Credit Co.
Elgin National Watch Co
25c
Mar. 23 Mar.
Elizabeth & Trenton RR. (s.-a.)
Emerson Electric, preferred (quar.)
Mar. 15
Empire Sate Deposit Co. (quar.)
Emporium Capwell
7% preferred (s.-a.)
7% preferred (s.-a.).,
4)4% preferred (quar.)
4)4% preferred (quar.)
4)4% preferred (quar.)
4)4% preferred (quar.)
1 Mar. 16
Mar. 15
Mar. 12
Mar. 15
Mar. 23
1 Mar. 20
1 Mar. 20
15 Mar. 30
8
8
8
Apr.
1 Mar.
Apr.
1 Mar. 15
Apr.
1 Mar. 15
May 15 Apr. 30
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Consolidated Aircraft Corp., pref. (quar.)
Consolidated Cement Corp., class A
Consolidated Edison (N. Y.), pref. (quar.)—
Mar. 30 Mar.
preferred (quar.)
Apr.
Mar. 15
June
15
15
Apr.
Apr.
—
$4% preferred (quar.)-.
ranee
Continental Assurance Co. (Chic., 111.) (quar.)
8
7% preferred (quar.)
Co. 7% part. pref. (qu.)_
6)4% preferred (quar.)—*
Corporate Investors class A (quar.)
Corrugated Paper Box Co. 7% pref
Cosmos Imperial Mills preferred (quar.).
$134
$18
Crowell-Collier Publishing Co.
50c
25c
5c
50c
II
.
12
^ll
50c
25c
Garlock Packing Co
Mar. 15
Gary (Theo.) & Co., 1st preferred
9
Apr.
1 Mqr. 11*
Apr. 25 Apr. 15
Apr.
1 Mar. 13
19 June
June
1
Mar. 30 Mar. 20
Mar. 30 Mar. 20
] Mar.
Apr.
Mar. 30
8
Mar. 20
Mar. 25 Mar. 16
25c
Mar. 30 Mar. 15
Apr.
1 Mar. 20
45
c
ic
Z7y&
De Long Hook & Eye.
Dennison Mfg. Co., prior preferred
Detroit Gasket & Mrg. Co
25c
Detroit-Hillsdale & Southwestern (s.-a.)
$2
$2
Semi-annually
1 Mar. 15
Apr.
Apr.
2
Mar. 15
Mar. 25 Mar. 15
2
Apr. 30 Apr.
Apr.
1 Mar. 20
Apr.
1 Mar. 20
5
Apr. 20 Apr.
July
6 June 20
Jan. 1*41 Dec.
20
Sept.
1 Mar. 20
1 May 10
3 Aug. 12
25c
Dec.
2 Nov. 12
(semi-ann.)_.
75c
Sept.
3 Aug. 12
(semi-ann.)
75c
Devoe & Raynolds
Quarterly
Quarterly
$134
Apr.
25c
50c
Co., Inc., 2d pref. (quar.)...
Diamond Match Co. (quar.)
June
3-1-41
pref. (quar.).....
General Baking Co
Preferred (quar.)
2c
$1)4
25c
General Machinery Corp
Preferred (quar.)
General Mills. Inc., 5% cum.
$1)4
$134
$1)4
$1
pref. (quar.)
$5 preferred (quar.)
class A
General Outdoor Advertising Co.,
Preferred (quar.)
General Paint Corp., pref. (quar.)
General Public Utilities, Inc., $5 pref. (quar.)..
General Printing Ink
(quar.)
General Railway Signal, pref. (quar.)
General Telephone Corp., $2)4 pref.
(quar.)__.
General Time Instruments
(quar.)
General Tire & Rubber 6%
preferred A (quar.)
General Water Gas & Electric...
Preferred
(quar.)..
Georgia Power Co., $6 pref. (quar.)
......
$5 preferred (quar.)
Gibraltar Corp. of Amer., 7% pref. (quar.)
Gilbert (A. C.) Co., preferred (quar.)__
Gillette Safety Razor
Preferred (quar.)
Glens Fails Insurance (quar.)
Glidden Co., preferred (quar.)
Godchaux Sugar, class A_„......
rly
Quarterly
Sept.
Goldblatt Bros., Inc
Preferred (quar.)
Quarterly
30c
Dec.
2 Nov. 16
preferred (quar.)
Goodyear Tire & Rubber (Can.) (quar.)
Preferred (quar.)
Dome Mines Ltd
Preferred (quar.)
Dominion Tar & Chemical, pref.
Dominion Textile, Ltd.
$50c
—.—.
25c
...
J37c
25c
......
(quar.)
(quar.)
$1)4
$134
iiil
Preferred (quar.)
Dover & Rockaway RR. Co
Draper Corp. (quar.)
Driver-Harris
I
Preferred (quar.)
Duke Power Co
Preferred (quar.)
Dun & Bradstreet, Inc., preferred (quar.).
Dunean Mills 7% pref. (quar.)
Duplan Silk, preferred (quar.)
Du Pont (E I.) de Nemours , $434 pref, (quar.)
Duquesne Light Co. 5% cum. 1st pref. (qu.)..
Eagle Picher Lead, preferred (quar.).
East Missouri Power Co., 7% cum. pref. (s.-a.).
Eastern Gas & Fuel Assoc., 4)4 % prior pref
Eastern States Products, preferred (quar.)
Eastern Steamship Lines, preferred (quar.)
Eastman Kodak Co. (quar.)
Preferred (quar.)
Easy Washing Machine, Ltd., 7% pref
Easy Washing Machine, class A and B
Eaton & Howard Management Fund A-l
Series F
Ecuadorian Corp., Ltd., ord. shs. (quar.)
Payable in United States funds.
75c
6Ce
$134
$2
$134
$134
)134
25c
50c
$1)4
$134
tt35c
1234c
20c
10c
3c
Apr.
1 Mar.
1 Mar.
Apr,
1 Mar.
Apr.
1 Mar.
Apr.
1
May
Apr.
1 Mar.
Apr.
Apr. 15 Mar.
1 Mar.
Apr.
,
Apr.
1 Mar.
Mar. 25
_
—
%°
$1)4
$134
25c
75c
$1)4
im
87)4c
15c
40c
56 34c
50c
5c
15c
(B. F.) Co.. $5
6234c
$134
J62c
15
15
Grant (W.
preferred
30
30
Mar. 18
Mar. 15
Mar. 21
Great Western Sugar
Preferred (quarJ
Mar. 15
Mar. 16
Mar. 15
Apr.
5
Mar. 28 Mar. 14
Apr. 20,Apr.
5
l'Mar. 15
25 Mar. 8
Apr.
Mar.
Apr.
llMar. 16
Apr. 15 Mar. 30
1 Mar. 16
Apr.
1 Mar. 16
Apr.
1 Mar. 22
Apr.
1 Mar. 22
Apr.
Mar. 30 Mar. 15
1 Mar. i5
3 Aug. 20
1 Mar. 15
Sept.
Ma:
ar. 23 Mar. 16
Apr.
Apr.
Apr.
Apr.
Apr.,
Apr.
Apr.
Apr.
Apr.
Apr.
HI
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 20
1 Mar. 30
1 Mar. 15
15 Mar. 30
1 Mar. 15
1 Mar. 15
1 Mar. 15
7
Mar.
1
Mar.
1
Apr.
Apr.
Mar. 20
Apr.
Mar. 23
Apr.
Mar. 23
Apr.
June 10
July
Apr. 25 Mar. 15
Mar. 20
Apr.
Mar. 20
Apr.
Mar. 18
Apr.
Mar. 18
Apr.
Mar.
8
Apr.
May
Apr.
8
May 15 May
6
May 15 May
6
Apr.
1 Mar. 16
Apr.
1 Mar. 20
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 11
Apr.
1 Mar. 15
Apr.
1 Mar. 18
_
Apr.
1
Mar. 30
Mar. 18
Apr.
Apr.
Apr.
Mar. 14
Mar. 20
Mar. 14
Mar. 15
Apr.
Mar. 15
Apr.
Apr.
Mar.
7
Mar. 22
Mar. 29 Mar.
8
May
Apr.
Apr.
Apr.
1
1
1
1
1
Apr.
Mar. 15
Mar. 15*
Mar. 18
Mar. 30 Mar.
Apr.
Apr.
Apr.
9
1 Mar. 30
1 Mar. 21
1 Mar. 15
Mar. 30 Mar. 22
Mar. 15
15c
May
$1)4
Apr;
Apr.
Apr.
Apr.
Apr.
Apr.
25c
1334c
1
Apr.
24
1 Mar. 20
2 Mar. 15
2 Mar. 15
1 Mar. 22
1 Mar. 22
1 Mar. 22
Mar. 22
Mar.
25c
t75c
25c
Hamilton Mfg. Co.. class A
_
Apr.
1
Mar. 11
Mar. 16
Mar. 30 Mar. 18
Apr.
1 Mar. 22
Apr,
1
Mar. 15
Mar. 30 Mar. 20
Paper 4)4% pref. (quar.)
Co. $5 cumul. pref. (quar.)
Hanover Fire Insurance (quar.)
Harbison-Walker Refractories Co.6% pref. (qu.)
Harrisburg Gas Co., 7% pref. (quar.)
Harsh aw Chemical
$1)4
30c
$1)4
$134
25c
Co..
(quar.)
$134
—
29
Apr.
Hammer mi 11
Hanna (M. A.)
8
Mar. 20
Mar. 30 Feb.
preferred—
Hartford Fire Insurance Co. (Conn.) (quar.)
1 Mar. 18
15 Mar. 20
Apr.
1
Mar. 30
4334c
A (quar.)
9
15
1 Mar. 18
3%
t75c
Haloid Co. (interim)
Hamilton Cotton
Mar. 25 Mar.
Mar. 21
$50
25c
Hackensack Water Co., pref.
Mar. 15
Apr.
1
Apr.
Mar. 29
80c
Gulf Oil Corp
Hamilton United Theatres,
Mar. 23 Mar.
25c
25c
Green (D.) Co. 6% preferred
Greyhound Corp., common (quar.)
Preferred (quar.)
Grief Bros. Cooperage Corp., class A
Group No. 1 Oil Corp.
Guaranty Trust Co. (N. Y.) (quar.)
Guilford Realty Co., preferred
Preferred
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
...
9
1 Mar. 11
Mar. 16
Mar. 30 Mar. 23
Great-West Life Assurance
2
7
Mar. 18
Apr.
Apr.
Apr.
Apr.
1
Apr.
1
Apr.
2
Apr. 25
35c
T.) Co. (quar.)
5% cumulative preferred (quar.).
Great American Insurance (quar.)
Great Lakes Engineering Works (quar.)..
15
Mar. 12
Mar. 28 Mar.
t$l
...
Gorton-Pew Fisheries Co., Ltd
Goulds Pumps, Inc., 7%
Grand Rapids Varnish
15
Mar. 14„
Mar. 15
luc
15
Mar. 25 Mar.
Apr.
10c
$1)4
Co. (quar.)
20
1 Mar. 21
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Apr.
1 Mar.
7
Apr.
Apr. 25 Apr. 10'
Apr. 15 Mar. 15
1 Mar. 15
Apr.
1 Mar. 20
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar.
5
Apr.
1 Mar.
5
Apr.
1
Apr.
Mar. 30
Goebel Brewing
Gold & Stock Telegraph
$134
$134
18
3 Aug. 17
Dominguez Oil Field (monthly)
Dominion Coal, 6% preferred (quar.)
Dominion Foundries & Steel
Dominion Glass Co. (quar.)
t$l)4
$1)4
$1)4
25c
General Fireproofing
Preferred (quar.)
Goodrich
Mar. 14
Mar. 30 Mar. 23
35c
1 May
Apr. 20 Mar. 30
Mar. 29 Mar. 15
Mar. 14
Apr.
Apr.
Apr.
Apr.
Apr.
Mar. 31 Mar. 15
$2
General Box Co. (semi-annual)
General Electric Co. (quar.)
June
JkW
6234c
60c
15c
-
30c
30c
(quar.)
Co., class A
Doctor Pepper Co. (quar.)
$1)4
tl5c
Apr.
Apr.
Apr.
50c
Preferred
Dixie-Vortex
Mar. 21
37)4c
(quar.)
2-10-41
1 Mar. 20
1 Mar. 20
9
1 Mar.
Diamond Shoe Corp. (quar.)...
21
1 Mar. 21
Apr
Apr.
$1)4
634% preferred (quar.)
Preferred
9
50c
General American Investors,
Preferred
1- 2-41 Dec.
Apr.
Apr.
Apr.
25c
Gatineau Power Co. 5% pref.
General Motors Corp.,
1 Mar. 16
Sept. 21 Sept. 7
Apr.
1 Mar. 16
July
1 June 22
Oct.
1 Sept.21
$2)4
37 )4c
15c
25c
_
Mar. 15
29
Apr.
Mar. 23 Mar.
Mar. 30 Mar. 20
$25
6234c
$1)4
$134
t-a>2.19
t$1.88
50c
Mar. 15
Feb.
Mar. 16
llMar. 20
Mar. 29 Mar. 22
Mar. 30 Mar. 20
25c
Co
Mar. 25 Mar. 14
$1
50c
$1
Foundation Co. (foreign)...
Fox (Peter) Brewing (quar.)
Extra
Gannett Co., Inc., $6 conv. pref. (quar.)
Garfinckel (Julius) & Co. pref. (quar.)
15
6
25c
15 Mar. 29
Mar. 30 Mar. 15
Fort Wayne & Jackson RR., 5)4 % pref. (s.-a.)_,
Foster & Kleiser 6% class A preferred (quar.)..
Galveston-Houston
Mar. 30 Mar.
3734c
37 )4c
9
1 Mar. 20
1 Mar. 20
1 Mar. 25
Apr.
25c
Galland Mercantile
Mar. 15
Mar. 30
40c
50c
Mar. 11
Apr.
Apr.
Apr.
3C
25c
25c
Class B
Mar. 15
Mar.
4
Mar. 25 Mar. 16
25c
87
...
—
—
Florida Power &
pref. (quar.)
Laundry Co. (quar.)—...
3134c
Davenport Hosiery Mills
Dayton & Michigan RR. (s.-a.)
8% preferred (quar.)
-
Fishman
Mar. 15
Apr.
1 Mar. 15
May 15 Apr. 29
5%
12)4c
—
preferred (final)
(M. H.) Co., 5% preferred (quar.)
Light, $7 preferred
$6 preferred
Florshoim Shoe, class A
Fisher Flour Mills,
Apr.
Apr.
Apr.
Continental Telephone
.Preferred (quar.)
David & Frere Ltd. class A
First National Bank of N. Y. (quar.)
First National Stores (quar.)
Preferred (quar A
Fruehauf Trailer Co
Fuller Brush 7% pref.
Fuller (Geo. A.) 4% pref. (quar.)
Galion Iron Works & Mfg. Co., 6%
Mar. 18*
_
Oil Co—
(quar.)...
Crown Cork International Corp., class A
Crown Drug Co
Crown Zellerbach Corp. (final)
*—
Crum & Forster, 8% preferred (quar.)..
8% pref. (quar.)
Crystal Tissue Co. (quar.)—,
Curtis Publishing Co. $7 preferred
Curtiss-Wright Corp., class A
Davega Stores Corp
Mar.
_
7)4c
25c
Apr.
Mar. 25
Continental Steel Corp
(final)..
8
Apr.
Apr.
Apr.
Continental Can Co., Inc., $4.50 pref. (quar.)..
Continental Gas & Electric prior pref. (quar.)—
rec.
Mar.
Mar. 30 Mar. 15
—
Continental Baking Co., preferred (quar.)
Continental Bank & Trust (quar.) —
Creameries of America, Inc. (quar.)
Sept. 14
Mar. 15
40c
9
15c
nreferred (auar.)
cum.
Formica Insulation
Oct.
preferred (quar.)
$5
$1)4
$134
$1)4
$134
Apr.
Apr.
Apr,
Apr.
Apr.
9
1 Mar. 20
6Hc
Common A & B (quar.)
Mar. 15
Apr.
(Toronto) (quar.)
75c
Firestone Tire & Rubber
Mar. 15
Apr.
July
8% preferred (quar.).
8% preferred (quar.)
$3)4
56)4c
56Mc
56)4c
56 34 c
Food Machinery Corp
Preferred (quar.)
Mar. 15
May
—
$3)4
Fifth Avenue Coach Co...
Finance Co. of America at Baltimore—
Apr.
—
Consolidated Laundries, pref. (quar.)
Consolidated Retail Stores 8% pref. (quar.)
14
Mar. 30 Feb. 29
Mar. 29
pref
Consol. Gas El. Lt. & Pow. Co. (Bait.) (quar.)
35c
„
(quar.).
Engineers PuDlic Service Co.
pref. (quar.)
15)4 preferred (quar.)
$5 preferred (quar.).
Hi
lerican Ry. (s.-a.)
Europe-North Americ
Ex-Cell-O Corp
Falconbridge Nickel Mines (quar.).
Faistaff Brewing pref. (semi-annual)
Family Loan Society, Inc. (quar.)
$1)4 cum. conv. preferred A and B (quar.)___
Fanny Farmer Candy Shops (quar.)
Faultless Rubber Co (quar.)
Federal Light & Traction
May
Apr.
Apr.
Consolidated Film Industries,
dep.
.
1 Mar. 18
9
1 Mar.
9
Apr.
1 Mar.
Mar. 29 Mar. 19
Connecticut Gas & Coke Securities, pref. (quar.)
Connecticut Light & Power (quar.)
$1)4
U%
Preferred
Apr.
Commonwealth Utilities Corp., $7 pref. A (qu.)
Concord Gas, 7% preferred
50c
-
Endicott-Johnson Corp__
Mar-. 12
Mar. 30 Mar.
Mar. 30 Mar
Commonwealth & Southern, $6 preferred
Commonwealth Telephone preferred (quar.)
Deisel-Wemmer-Gilbert.
Delnite Mines (initial)
El Paso Natural Gas
Mar. 15
Apr.
Commodity Corp. (quar.)
Consumers Power Co. $5
Elizabethtown Consol. Gas Co. (quar.)
El Paso Electric Co., $6 preferred (quar.)
Mar. 31 Mar. 15
(quar.)
$1
$1)4
$2)4
$134
T
Mar. 22
Apr.
(quar.)
(quar.)
5% preferred (s.-a.)
Mar. 22
Mar. 22
Apr.
Apr.
Commercial Investment Trust (quar.)..
Convertible preference (quar.)
Preferred
Apr.
Mar. 30 Mar. 23
Apr.
1 Mar. 5
.........
Colgate-Palmolive-Peet pref. (quar.)
Colonial Finance Co. (Lima, Ohio) (quar.)
Colonial Ice, 7% preferred (quar.)
$6 preferred (quar.)
Colt's Patent Fire Arms Mfg. (quar.)
Commercial Alcohols, Ltd., pref. (quar.)
Preferred
25c
Mar. 22
1
1
1
1
Mar. 30
Coca-Cola Bottling (Del.), class A (quar.)
Cohen (Dan) Co
Coleman Lamp & Stove
Courtaulds Ltd., Am.
Electrical Products Corp. (quar.)
Mar. 22
Apr.
Apr.
Apr.
Apr.
Coca-Cola International Corp
1 Mar. 20
Mar. 30 Mar.
Mar. 30 Mar.
Preferred
Mar. 25 Mar. 14
Apr.
1 Mar. 21
...
50c
I Mar. 15
1 Mar. 14
50c
19
Mar. 25 Mar. 15
Preferred (quar.)
Coca-Cola Co
Continental
Apr.
Api.
Apr.
Mar. 30 Mar. 21
Mar. 29 Mar. 16
Climax Molybdenum Co
Clorox Chemical Co. (quar.)
Consumers Gas
75c
Mar. 22
Apr.
Cluett, Pea body & Co., Inc. (interim).
4)4 %
Electric Controller & Mfg. Co. (increased)
Electric Storage Battery Co. (Phila.)
Mar. 26 Mar. 20
Apr.
1 Mar. 16
Illuminating
Cleveland Graphite Bronze (interim)
Preferred
75c
Sept. 18
_
Preferred (quar.)
Extra.
Mar. 25 Mar. 15
25c
June
Apr.
Mar. 31
-
Electric
25c
Electric Auto-Lite
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
$5 preferred (quar.)
Holders
Economy Grocery Stores Corp
Eddy Paper Co
;
Oct.
$6 preferred
When
Payable of Record
Mar. 15
July
Cities Service Power & Light, $5 pref
Share
of Company
Mar. 15
Mar. 20
Mar. 30 Mar. 23
Apr.
1 Mar. 20
5% preferred (quar.)
5% preferred (quar.)
City Ice & Fuel Co
Clark Controller
Per
Name
Payable if Record
Apr.
1
Mar. 30
Apr.
1
Churngold Corp.
Cleveland
Holders
When
Share
1883
50c
1 Mar. 15
June
1 May 15
1 Mar. 18
Apr.
Apr. 20 Apr.
6
Apr. 15 Mar. 30
Apr.
LMar. 21
lApr.
1 Mar. 15
Mar. 30 Mar. 25
The Commercial & Financial Chronicle
1884
Per
Name of
Share
Company
When
Holders
Hart & Cooley Co. (quar.)—
Extra
Apr.
Apr.
Mar. 25 Mar. 18
Apr. 25 Apr.
4
Hazel-Atlas Glass Co.
Heath (D. C.) 7% preferred (quar.).
Hein-Werner Motor Parts (quar.)—
Heller (Walter E.) & Co. (quar.)
Extra
Preferred
7% preferred (quar.)
1 Mar.
9
1
9
Mar.
1 Mar. 22
1 Mar. 18
1 Mar. 23
1 Mar. 23
Mar. 31 Mar.
Preferred (quar.)---
Apr.
Apr.
—
Apr.
11
1 Mar. 16
1 Mar. 15
Apr.
May
Apr.
Apr.
Apr.
-
5% preferred (quar.)
Houston Oil Fields Material Co., Inc.—
Preferred (quar.)
1 Mar. 22
1 Mar. 20
1 Apr. 20
Mar. 26 Mar. 11
Horders, Inc.
15 Mar. 30*
15 Mar. 30*
Mar. 20
Mar.
Mar. 22
SIM
SIM
SIM
Mar.
Mar. 21
Mar.
Mar. 21
Mar.
Mar. 21
Mar.
Mar.
8
Apr.
Mar.
2
15c
Fibre Corp
Mar.
37Mc
7% 2nd preferred (quar.)
6% preferred (quar.).
Hub bell (Harvey), Inc.
(quar.)..
Humble Oil & Refining Co
37Xc
75c
40c
Howe Sound Co. (quar.)
Howes Bros. Co. 7% 1st preferred (quar,)..—
Apr.
Mar. 15
68Mc
Mar.
Mar. 20
Apr.
Apr.
Apr.
Mar. 15
Mar.
Mar. 15
$2
20C
67Mc
SIM
Ideal Cement Co
Mar. 11
Mar. 11
Mar.
Mar. 19
50c
Apr.
Mar.
75c
Illinois Bell Telephone
Illuminating Shares, class A
Imperial Paper & Color Corp. (s.-a.)
Imperial Tobacco of Canada (final)
Apr.
Mar. 20
9
t22Mc
Mar. 30 Mar.
8
110c
Mar. 30 Mar.
8
Preferred
(semi-annual)
Independent Pneumatic Tool
Indiana General Service 6% preferred (quar.)
Indiana & Michigan Electric 7 % pref. (quar.)
6% preferred (quar.)
Indianapolis Power & Light, 6K% pref. (quar.)
Indianapolis Water Co., 5% cum. pref. A (qu.)
Industrial Credit (N. E.) (quar.)
Mar. 30 Mar.
8
Mar. 29 Mar. 19
SIM
SIM
SIM
SIM
SIM
Mar.
6Mc
87 Mc
(quar.)
Inland Investors (interim)
Interlake Steamship Co
International Business Machines Corp. (qu.)
A stk. d iv. at the rate of 5 shs. for each 100 shs.
International Button Hole Sewing Machine
International Cellucotton Products (quar.)
International Harvester Co. (quar.)
International Milling Co., 5% pref. (quar.)
International Nickel of Can., pref. (quar.)
Mar.
Mar. 20
25c
Extra
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
2UC
-
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Mar. 15
32c
37^
40c
SIM
SIM
Mar.
5
Mar.
5
Mar. 16
Mar. 11*
Mar.
4
Mar.
4
Mar.
4
Apr.
1
Mar. 15*
Mar. 20
Mar. 20
Mar. 20
Mar. 30
Apr.
1
Mar. 30 Feb.
29
Payable in United States funds less Cana¬
dian non-residence tax.
International Nickel of Can. (in U.S. funds)
International Ocean Telegraph Co. (quar.)
International Paper & Power, 5% pref
International Power Co. Ltd. 7% preferred
International Securities Corp., 1st pref
International Salt Co. (quar.)
50c
1
Mar. 30
SIM
tSIM
Mar. 30 Mar. 22
11
Mar. 30 Mar.
37 Mc
37Mc
$2
7Mc
12Mc
International Shoe Co. (quar.)
International Silver Co. preferred
International Vitamin Corp
Interstate Home
Apr.
Apr.
1
Mar. 15
6
1 Mar. 15*
Apr.
Apr.
1 Mar. 15
Apr.
1 Mar.
ar.
1*
30 Mar. 20
lc
15 Apr.
1
Mar. 30 Mar. 20
50c
Mar. 30 Mar. 20
25c
Equipment (quar.)
Investors Royalty Co., Inc.
(quar.)__.
Preferred (quar.)
Investment Co. of America (quar.)
Iowa Public Service $7 preferred (quar.)
SdX preferred (quar.)
$6 preferred (quar.)
Iron Fireman Mfg. common v. t. c. (quar.)
Common v. t. c. (quar.).
Common v. t. c. (quar
•.)Irving Air Chute (quar.)
Irving Trust Co. (quar.)
Apr.
Apr.
Apr.
Apr.
tig
Apr.
June
30c
Sept.
30c
Dec.
25c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15c
.
Island Creek Coal
50c
(quar.)
Jamaica Public Service, Ltd. (quar.)
7% preferred (quar.)
SIM
IX %
1M%
37 Mc
Preferred B (quar.)
5%;preferred C (quar.)
Jarvis (W. B.) Co
Jefferson Electric Co
Jenkins Bros., 7% pref. (quar.)
Founders shares
25c
$1H
1 Mar. 15
1 Mar. 20
1 Mar. 20
1 Mar. 20
1 May 10
2 Aug. 10
2 Nov.
9
6% preferred (quar.)
5H% preferred (quar.)
(quar.)
Kahn's (E.) Sons (quar.)
Preferred (quar.)
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
Kalamazoo Vegetable Parchment Co.
(quar.)
Kansas City Power & Light, pref. B
15c
SIM
SIM
SIM
SIM
SIM
SIM
...
SIM
si x
si X
tSIM
SIM
SIM
SIM
25c
SIM
8?0c
25c
SIM
SIM
SIM
5c
25c
1 Mar.
1
11
Mar. 11
1 Mar. 11
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 14
1 Mar. 20
Rockwell
1 May
Mar. 30 Mar.
1
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15 Mar. 30
Apr.
1 Mar. 15
1 Mar.
9
1 Mar.
15
1 Mar. 12
1 Mar. 12
1 Mar. 15
1 Mar. 15
Mar. 28 Mar. 18
1 Mar. 20
SIM
1 Mar. 11
30c
June
13 May 31
1 Mar. 21
5 Mar. 22
15 Apr.
4
1 Mar. 12
c
& Sons, Inc
Mar. 30 Mar. 15
Aug.
1 Apr.
1 July
25
26
1 Oct.
26
Apr.
Apr.
1 Mar. 15
June
12 Mar. 30
June 10 May 24
Sept. 10 Aug. 24
Dec. 10 Nov. 25
10 May 24
Sept. 10 Aug. 24
Dec.
10 Nov. 25
Apr.
1 Mar. 16
Apr.
Apr.
1 Mar. 22
Apr.
1 Mar. 20
Mar. 30 Mar. 21
30c
50c
t$3M
20c
1 Mar, 15
Mar. 30 Mar. 15
Apr.
2 Mar. 15
Apr. 22 Mar. 22
75c
Mar. 29 Mar. 11
SIX
$2X
Apr.
1 Mar. 18
Apr.
1 Mar. 16
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr. 15 Mar. 30
Apr. 15 Mar. 30
Apr. 15 Mar. 30
30c
SIX
X%
1X%
IX %
1
25c
Mar. 25 Feb.
29
Mar. 25 Feb.
29
3*7&c
six
Apr.
July
SIX
SIX
tSIX
Mar. 30 Mar. 15
25c
Mar. 30 Mar. 15
50c
June
1 May
50c
Sent.
25c
Apr.
Apr.
Apr.
3 Aug.
1
1 Mar. 20
25c
Oct.
1 Mar. 22
1 June 21
1 Sept. 21
1-2-41 Dec. 23
Apr.
Apr.
15 Mar. 30
1
1 Mar. 20
1 Mar. 20
1
Mar. 22
SIX
SIX
SIX
May 15 May
Aug. 15 Aug.
4
Nov. 15 Nov.
5
S7X
1 Mar. 25
Mar. 27 Mar. 14
50c
SIX
50c
50c
50c
SIX
25c
10c
SIX.
40c
10c
6% pref. (quar.)
2nd preferred (quar.)
5
Apr.
Apr.
1 Mar. 20
Apr.
1 Mar. 15
Apr. 15 Mar. 30
Apr.
1 Mar. 15
Apr.
1 Mar. 30
Apr. 10 Mar. 20
Apr.
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 20
Apr.
1 Mar. 23
Apr. 30 Apr. 15
SIX
SIX
Mathieson Alkali Works (quar.)
Preferred (quar.)
Mar. 31 Mar. 15
lc
Mascot Oil
Mar. 25 Mar. 15
37Mc
SIX
Mead Johnson Co. (quar.)
Extra
75c
Mar. 31 Mar. 15
Mar. 30 Mar.
4
Mar. 30 Mar.
4
Apr.
1 Mar. 15
75c
(quar.)__
/O preferred (quar.*
5% J/l CiUII vU ^UcU O
5% preferred (quar.)
6% preferred (quar.)
Apr.
1 Mar. 15
75c
Apr.
25c
June
1 Mar. 15
5 June
25c
Meadville Conneaut Lake & Linesville
Mercantile Acceptance Corp. 5% pref.
Sept.
5 Sept.
25c
Dec.
5 Dec.
30c
June
5 June
•
30c
Sept.
5 Sept.
6% preferred (quar.
30c
Dec.
5 Dec.
U
U
/O
JJIClUIlCu
\\|Udil
Merchants' Bank of New York (quar.)
&
6% preferred (quar.)
Messenger Corp. (interim)
Mar. 30 Mar. 20
Apr.
1 Mar. 20
Apr.
1 Mar. 20
May 15 May
1
SIX
25c
Machine Co
50c
(quar.)
$15*
Preferred
(quar.)
Preferred (quar.)_
Metropolitan Edison, $6 pref. (quar.)
Meyer-Blanke Co., 7% preferred (quar.)
Middle States Telephone Co. (111.) 7% pf. (qu.)
Midland Steel Products Co
SIX
SIX
SIX
six
SIX
50c
50c
$2
Mid vale Co
$1
Mid-West Refining, Inc. (quar.)
Minnesota Power & Light 7% pref.
10c
(quar.).
$6 and 6% preferred (quar.)
Mississippi River Power, 6% pref. (quar.)
Mississippi Valley Public Service Co.—
6% preferred B
;
cum.
preferred
Quarterly
-
Quarterly
Extra.
Quarterly
xtra
5X% cumulative preferred (quar.)
5X% cumulative preferred (quar.)
5X% cumulative preferred (quar.)
5M% cumulative preferred (quar.)__
Molybdenum Corp. of America (resumed)
Monongahela West Penn Public Service—
Preferred (quar.)
Monroe Chemical, pref. (quar.)
Monsanto Chemical Co. pref. A and B (s.-a.)
Montana-Dakota Utilities Co. 6% pref. (quar.).
5% preferred (quar.)
Apr.
1
Mar. 30
Dec.
23 Dec.
20
13
Apr.
1 Feb. 29
Apr.
Mar. 23
Apr.
Apr.
Apr.
Apr.
Apr.
Mar.
1
Mar.
1
Mar. 20
Mar.
SIX
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
July
July
Oct.
Oct.
1
Mar. 23
Mar. 25 Mar.
Apr.
120c
110c
120c
110c
120c
110c
120c
110c
Mar. 20
Sept. 30 Sept. 20
Apr.
Apr.
SIX
Mar. 16
June 29 June
SIX
$Ti
Extra
Extra
Mar. 30 Mar. 20
25c
Co
SIX
25c
Extra
Merck
,
19
Nov.
50c
Marshall Field & Co., common (quar.)
20
9
1 Mar. 15
1 Mar. 14
1 Apr.
25c
,
Mock, Judson, Voehringer, preferred (quar.)
Modern Containers, Ltd. (quar.)
3 Aug. 20
2 Nov. 20
Apr.
Apr.
Apr.
1 Mar. 15
"
15
Dec.
1 Mar. 15
1 Mar. 20
Mar. 30 Mar.
Apr.
50c
(quar.).
Mahoning Coal RR
Mandel Bros., Inc
Manischewitz (B.) Co., preferred (quar.)
Manufacturers Trust Co. (quar.)
Preferred (quar.)
Mapes Consolidated Mfg. Co. (quar.)
Marathon Paper Mill preferred (quar.)
Margay Oil Corp
Marine Midland Corp.
Marion-Reserve Power Co., preferred (quar.)..
1 Mar. 15
Sept.
1 Mar. 15
50c
Preferred
Missouri Edison Co.
June
16
Apr.
50c
(quar.)".
Missouri Gas & Electric Service
Apr.
Apr.
Apr.
62 Mc
Preferred
1 Mar. 21
1 Mar. 22
Sept. 16
Dec.
Apr.
Apr.
Apr.
Apr.
50c
1 Mar. 20
1 Mar.
1 Mar. 18
Mar. 30 Mar. 18
June 15
May
50c
8% cumulative first preferred
1 Mar. 14
19
SIX
t$2
$1.10
$1.10
$1.10
Extra
1 Mar. 20
19
1 Apr.
1 Mar. 15
1 Mar.
8
May
Non-cumulative dividend shares
1 Mar. 14
1 Mar. 16
May
12c
McQuay-Norris Mfg. Co. (interim)
Magnin (I.) & Co. preferred (quar.)
1 Mar. 20
Mar. 30 Mar.
Apr.
Apr.
Apr.
Apr.
SIX
—
Marsh (M.)
1 Mar. 20
Apr.
Apr. 16 Apr.
9
50c
•
original capital (quar.)—
Original capital (quar.)
Original capital (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Special guaranteed (quar.)
Liquid Carbonic Corp. (quar.)
Lock Joint Pipe Co.
8% preferred (quar.)
Locke Steel Chain (quar.)
Loews, Inc. (quarterly)
Loew's Theatres, Ltd., preferred
Loft, Inc., one share of Loft Candy Corp. for
each share of Loft, Inc., held
Lone Star Gas Corp__..
Lone Star Cement Corp
Loose-Wiles Biscuit 5% pref. (quar.).,
Lord & Taylor (quar.)
Lorillard (P.) Co
Preferred (quar.)
Louisville Gas & Electric Co., $7 pref. (quar.)..
6% preferred (quar.)
5% preferred (quar.)
Class B com. (quar.)
Class A common (quar.)
Lunkenheimer Co. 6X% preferred (quar.).
6H% preferred (quar.)..
6X% preferred (quar.)
6H % preferred (quar.)
Lynn Gas & Electric (quar.)
McColI-Frontenac Oil Co., Ltd., pref. (quar.)..
McCrory Stores Corp. common (quar.)
Mclntyre Porcupine Mines (quar.)
Quarterly
McKay Machine
McKee (A. G.) & Co. class B (quar.)
Marlin
Holders
SIX
•
Metal & Thermit, preferred
Preferred (quar.)
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
20c
When
Payable of Record
30c
Mesta
Apr.
Apr.
Apr.
Apr.
Apr.
ill
23, 1940
30c
Mar. 29 Mar. 14
Mar. 29 Mar. 14
SIM
62Mc
Little Miami RR. Co.,
1 Mar. 21
Mar. 28 Mar. 20
Apr.
Apr.
Apr.
Apr.
3c
Link Belt Co. preferred (quar.)
Lit Brothers, 6% preferred
1 Mar. 21
25c
25c
i7xtn
Quarterly
Quarterly
Mar. 31 Mar. 15
Apr.
Apr.
Apr.
30c
Lincoln National Life Insurance Co. (quar.)
1 Mar. 12
Mar. 29 Mar. 14
SIM
SIM
SIM
SIM
SIM
SIX
SIX
Lima Cord Sole & Heel Co
1 Mar. 15
qpX
Non-voting common
Jersey Central Power & Light, 7% pref. (quar.)
$1X
»
Interim
(quar.)
Kansas Electric Power, 7% pref.
(quar.)
6% preferred (quar.)
Kansas Gas & Electric, 7% preferred
(quar.)
$6 preferred (quar
Kansas Power Co. ($6 preferred (quar.)
$7 preferred (quar.)
Kansas Utilities Co., 7% preferred
(quar.)
Katz Drug Co., preferred
(quar.)
Kay nee Co., 7% preferred (auar.)__
Keith-Albee-Orpheum, 7% preferred
Kemper-Thomas 7% special pref. (quar.)
Special preferred (quar.).
Special preferred (quar
r.).
Kennecott Copper Corp
Kentucky Utilities, 6% pref. (quar.)__^__
Kerlyn Oil, class A (quar J
Keystone Public Service Co., pref. (quar.)
Kimberly-Clark Corp (quar.)
6% preferred (quar.)
Kings Uounty Lighting, 7% pref. B (quar.)
6% preferred C (quar.)
5% preferred D (quar.)
Kinsel Drug Co
Klein (D. Emil)
Knapp-Monarch, preferred (quar.).
Koppers Co., 6% preferred (quar.).
Kresge (8. S.) Co. (quar.)
37 Mc
,
35c
Hussman-Ligonier, preferred (quar.)
Hydro-Electric Securities
Hygrade Sylvania Corp
Prefeired (quar.)
Johns-Manville Corp., 7% pref.
Joliet & Chicago RR. (quar.)
37 Xc
...
Preferred (quar.)..
Lang (John A.) & Sons, Ltd. (special)
(quarterly)
LaSalle Extension University pref. (quar.)
Lava Cap Gold Mining
Leath & Co., preferred (quar.)
Lehigh Portland Cement Co. 4% pref. (quar.)—
Lehman Corp
,14.—
Lerner Stores (quar.)
Preferred (quar.)
Life & Casualty Insurance Co. of Tenn
Liggett & Myers Tobacco preferred (quar.)
1 Mar. 20
Mar. 25 Mar. 20
Hoover Ball Bearing..
(quar.)
Hoskins Mfg. Co
IIoudaille-Hershey Corp., class A (quar.)
Household Finance Corp. (quar.)
1 Mar. 15
.Mar. 25 Mar.
Consol. Gold Mines (mo.)
Holmes (D. 11.) Co. (quar.
Holophane Co., Inc. preferred (semi-annual)
Home Gas & Electric 6% preferred (quar.)
Homestake Mining Co. (monthly)
1 Mar. 15
Apr.
Apr.
-
15
$1
tlOc
...
Mar. 30 Mar. 20
—
A
-
Apr.
Apr.
5% preferred (quar.)
Preferred
Lambert Co
*1
12Mc
SIX
$1X
Land is Machine preferred (quar.)
Preferred (quar.)
Mar. 25 Mar. 14
Mar. 29 Mar. 19
—
Hilton-Davis Chemical, pref. (quar.)
Hinde & Dauch Paper....
Preferred
Kresge Dept. Stores, preferred (quar.).
Kreuger (G.) Brewing.^
Kroger Grocery & Baking 6% preferred (quar.).
7% preferred (quar.)—;
Lackawanna RR. of N. J. (quar.)
Lamaque Gold Mine, Ltd
Landers, Frary & Clark; (quar.)
Apr.
Apr.
Apr.
Apr.
Hibbard, Spencer, Bartlett & Co., (mo.).
Share
Company
Mar. 30 Mar. 20
Mar. 30 Mar. 20
Hercules Motors Corp
Hercules Powder Co
Hummel-Ross
1 Mar. 14*
Name of
Mar. 30 Mar. 20
Henkle-Clauss, preferred (quar.)..
Hoi linger
1 Mar. 22
Alar. 30 Mar. 28
Mar. 25 Mar. 15
(quar.)
Holland Furnace Co
1 Mar. 22
Apr.
Helme (Geo. W.) Co
Preferred (quar.)
Hlckok Oil Corp.,
Per
Payable of Record
Hawaiian Sumatra Plantation.
Hayes Industries, Inc
March
9
1 Mar. 15
1 Mar. 15
1 Mar 15
Mar. 16
Mar. 20
Mar. 30
Mar. 15
Mar. 20
Mar. 20
June 20
June 20
Sept. 20
Sept. 20
Dec.
20
Jan.
Dec.
20
tux
tSl H
111 X
tsix
Apr.
July
Mar. 20
Jan.
Dec.
25c
Mar.
Mar. 15
43Xc
87Xc
S2X
SIX
SIX
Jan.
Oct.
June 20
Sept. 20
20
Apr.
Apr.
Mar. 15
June
May
Apr.
Apr.
Mar. 15
Mar. 11
10
liMar. 15
Volume
Per
Name
Share
of Company
6c
Montana-Dakota Utilities
50c
Montgomery Ward & Co
Class A (quar.)
Moore Corp.,, Ltd. (quar.)
Preferred A and B (quar.)
Moore (Wm. R.) Dry Goods Co. (quar.)
Quarterly
Quarterly
Quarterly
Morrell (John) & Co
Morris Finance Co., class A common
Class B
$15*
40c
$15*
$1M
$1)4
ux
$ix
.
50c
$2)4
50c
common
Morris (Philip) & Co., Ltd.,
75c
Inc. (quar.)
52
Extra
5% conv cum. preferred (quar.)—
M
Morris Plan Insurance Society (quar.)
Mar. 20
Mar. 7
Mar.
7
Apr.
July
1
1
1
1 Oct.
1-2-41 Dec. 31
Apr. 25 Mar. 30
Oct.
Mar. 30 Mar. 15
Mar. 30 Mar. 15
Mar. 25 Mar.
Mar. 25 Mar.
June
June
1 May 15
1 May 24
1 Aug. 23
1 Nov. 22
Apr.
Apr.
1 Mar. 23
2 Mar. 15
$1X
10c
lc
2 Mar. 22
1 Mar. 22
35c
5c
__
50c
75c
25c
15
Mar. 30 Mar. 11
15 Mar. 30
Apr.
Apr.
15 Mar. 30
Mar. 27 Mar. 15
Apr.
2 Mar. 20
44c
Apr.
1 Mar. 20
Apr. 15 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar. 15
10c
June
25c
Apr.
1 Mar. 11
Apr.
1 Mar. 11
Apr. 15 Mar. 30
55c
(quar.)
40c
50c
Ltd. (quar.)
(quar.)
National Brush Co. (quar.)
National Candy Co
515*
(quar.)
1st and 2nd preferred
25c
National Cash Register
National City Lines
35 June
(quar.)
Class A (quar.)
National Cylinder Gas Co
National Dairy Products (quar.)
Preferred A & B (quar.)
National Department Stores Corp. pref. (s.-a.)-
Nation^l Grocers, Ltd., prior pref. (quar.)
Lead
-—-
.
(quar.)
Apr.
1
75c
May
May
1 Apr.
1 Apr.
50c
20c
20c
$15*
30c
37)4c
12Hc
$1)4
1
Mar. 20
25c
Preferred
Preferred B
1 May
Apr.
Apr.
'
National Biscuit Co
National Breweries.
June
25c
Nachman Spring-FilledNational Battery Co., preferred
Mar. 29 Mar. 16
UK
(quar.)__
C.) 5% pref. (quar.)
Murray Ohio Mfg. Co
Muskegon Piston Ring Co
Mutual Systems, Inc
8% preferred (quar.)
Myers (F. E.) & Bro
15
15
Mar. 29 Mar. 18
1
Apr.
1 Mar.
Apr.
Apr.
Apr.
1
1 Mar.
1 Mar. 25
1 Mar. 15
Mar. 30 Mar. 15
May
1 Apr.
19
25c
Mar. 30 Mar. 13*
Mar. 25 Mar. 20
National Standard Co
50c
Apr.
National Steel Corp
National Steel Car Corp. (quar.)
Natomas Co. (quar.).
50c
Mar. 30 Mar. 23
Apr. 15 Mar. 30
25c
National Malleable & Steel Castings Co
(interim)
National Oil Products
-
50c
Preferred
1 Mar. 15
1 Mar. 14
20c
Apr.
30c
-
Navarro Oil Co. (quar.)
Nehi Corp
Mar. 30 Mar. 20
Apr.
1 Mar. 18
50c
51-31)* Apr.
(quar.)
1 Mar. 18
N. Y. Curb will announce ex-div. date
New Amsterdam Casualty
New Britain Machine Co.
later—
1.185*
$15*
37Kc
(semi-annual)
(quar.)
Apr.
1 Mar.
1
$15*
$134
20c
Pacific Tin Consol. Corp
$15*
Page-Hersey Tubes, Ltd. (quar.)
Panhandle Eastern Pipe une—
Class A & B
Paramount Pictures, Inc., 1st pref.
Second preferred
Davis & Co
(quar.)
(quar.)
Annuities
New Orleans Public Service $7
(quar.).
40c
(quar.)
$12*
Penna. Glass Sand Corp., $7 cum. pref. (quar.)
75c
Penney (J. C.) Co
$13*
Pennsylvania Edison, $5 pref. (quar.)
70c
$2.80 preferred (quar.)
$12*
Pennsylvania Power & Light $7 pref. (quar.)—
$134
$6 preferred (quar.)
$13*
85 preferred (quar.)
Pennsylvania Telep., preferred (quar.)
Pennsylvania Water & Power (quar.) —
*1H
Preferred (quar.)
25c
Peoples Drug Stores, Inc
50c
Peoples Gas Light & Coke
50c
Perfect Circle Co. (quar.)
25c
Pet Milk Co. (quar.)
10c
Philadelphia Co. (quar.)
$134
56 preferred (quar.).
$i 3*
55 preferred (quar
$134
$6 preferred (s.-aA
Inc.Philadelphia Dairy Products Co
$134
First preferred (quar.)
50c
Philadelphia Electric Power, pref. (quar.)
30c
Philadelphia National Insurance.$1,313*
Phillips Packing, 5K% pref. (quar.)
1234c
Phoenix Acceptance Corp., class A (quar.)
50c
Phoenix Fire Insurance Co. (quar.)
Pictorial Paper Package
.-Pilot Full Fashion Mills, Inc., 6% cumu. pref..
10c
Pioneer Gold Mines of B. C. (quar.)
$134
Pittsburgh Bessemer & Lake Erie 6% pf. (s.-a.)_
$13*
Pittsburgh Coke & Iron Co., $5 prer. (quar.)—
$15*
Pittsburgh Fort Wayne & Chicago (quar.)
$12*
Preferred (quar.)
$1
Pittsburgh Plate Glass
15c
Pittsburgh Screw & Bolt
$13*
P la infield Union Water (quar.).
15c
Plomb Tool 6% pref. (quar.)
15c
Plough, Inc., common (quar.)
35c
Plymouth Oil Co. (quar.)
621S
7m
-
25c
Pond Creek Pocahontas
of Canada, Ltd., 6% cum. pref—
6% non-cum. participating pref. (quar.)
Pratt & Lambert, Inc.
Preferred
pref
t$155^
New York Air Brake Co
50c
New York City Omnibus
New York & Honduras Rosario Mining Co
75c
75c
1 Feb.
29
1 Mar. 15
1 Mar. 21
1
Apr.
12
Mar. 29 Mar. 20
Mar. 30 Mar. 20
Ry. (quar.) —
$1)*
Apr.
NY, Pa, NJ Utilities Co., $3 non-cum. pref
New York Power & Light 7% pref. (quar.)
$6 preferred (quar.)
New York Shipbuilding, preferred
New York State Electric & Gas, 5 >4 % pref. (qu.)
75c
515*
51)4
t$15*
515*
Apr.
Apr.
Apr.
Apr.
Apr.
1 Feb. 29
1 Mar. 15
3c
8x
Apr.
15 Mar. 21
15
New York Transit Co
--
Newark & Bloomfield RR.
(s.-a.)
Newberry (J. J.) Co. (irregular)
Newberry Realty preferred A (quar.)
25c
$1)4
60c
$154
$1)4
Preferred B (quar.)
50c
Niagara Wire Weaving (quar.)
30c
Nicholson File Co. (quar.)
50c
1900 Corp., class A (quar.)
50c
Class A (quar.)
50c
Class A (quar.)
60c
Noblitt-Sparks Industries
30c
North American Co. (quar.)
75c
6% preferred (quar.)
71J4c
5 %% preferred (quar.)
10c
North Texas Co. (initial)
$1)4
Northern Ontario Power pref. (quar.)
$154
Northland Greyhound Line pref. (quar.)
Norwalk Tire & Rubber, pref. (quar.)
Novadel-Agene Corp. (quar.)
25c
Ogilvie Hour Mills (quar.)—
$1)*
5% preferred (quar.)
$1)4
6 % preferred
50c
Ohio Brass Co., class A and B
40c
Ohio Finance Co. (quar.)
$1)4
Preferred (quar.)
$1 J*
Ohio Edison Co. $5 preferred (quar.)
$1)4
$6 preferred (quar.)
$1.65
56.60 preferred (quar.)
$15*
57 preferred (quar.)
$1.80
57.20 preferred (quar.)
10c
Ohio Loan & Discount (quar.)
58l-3c
Ohio Public Service Co., 7% pref. (monthly)
50c
6% preferred (monthly)
412-3 c
5% preferred (monthly)
$1H
Ohio Service Holding Corp. 55 non-cum. pf.(qu.)
$15*
Ohio Telephone Service Co. 7% pref. (quar.) —
(quar.^-
—
75c
Ohio Water Service
$5j4 preferred (quar.)
$3 preferred (quar.)
Old Colony Insurance (quar.)
Old Colony Trust Associates
Omar, Inc., 6% preferred (quar.)
Omnibus Corp
Preferred (quar.)
Co. 6% pref.(qur.)
16
16
19
18
1
1
1
Mar. 30 Mar. 15
1 Mar. 15
Apr.
1 Mar. 15
Apr.
1 Mar.
Apr.
1 Mar.
Apr.
Apr. 25 Mar.
1 Mar.
Apr.
Apr.
Apr.
20
1 Mar. 20
1 Mar. 20
1
Apr.
1
Apr.
1
Apr.
Mar. 23
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
15
15
30
Mar. 19
Mar. 30
Mar. 30
Mar.
8
*1 Mar. 11
1 Mar. 11
1 Mar. 15
1 Mar. 15
1 Mar. 15
Mar. 30 Mar. 15
$154
Mar. 30 Mar. 15
75c
$5
25c
Mar. 30 Mar. 15
Apr.
Apr.
1 Mar. 20
15 Apr.
1
$1)4
Mar. 30 Mar. 15
30c
Mar. 30 Mar. 14
$2
$1)4
$1)*
Apr.
Apr.
Apr.
1 Mar. 14
1 Mar. 25
1 Mar. 25
Mar. 30 Mar. 20
30c
July
2 June
Oct.
1 Sept. 16
30c
Ottawa Light, Heat & Power
Co. (quar.)
5% preferred (quar.)
preferred (quar.)
Otter Tail Power, 56
$514 preferred (quar.)
Pacific Can Co
(Calif.) (quar.)
5% preferred (quar.)
$1)*
$1)4
$154
25c
30c
20c
Preferred A (quar.)
Preferred C (quar.)
Pacific Lighting Corp., pref.
30c
25c
(quar.)
16)*c
$D*
SI)*
15
Dec. 30 Dec. 16
1 Mar.
2
Apr.
Apr.
Apr.
1
Feb.
29
Apr.
1 Feb.
29
1 Mar.
2
Mar. 30 Mar. 22
1 Mar. 23*
Apr.
1 Apr. 15
May
May
May
Apr.
1 Apr.
1 Apr.
15
15
15 Mar. 31
May
Mar. 16
Mar. 15
Mar. 15
Mar. 11
Mar. 11
Mar. 15
Mar. 15
Mar. 15
Mar. 15
Mar.
15
Mar. 15
Mar.
5
Mar. 21
Mar. 14
Mar. 11
Apr.
1
Mar, 25
Mar. 25
1 Apr.
1
1 Mar. 20
Apr.
1 Mar.
8
Apr.
Apr. 15 Mar. 22
1 Mar. 15
Apr.
4
May 15'May
UMar. 15
Apr.
Mar. 30 Mar. 15
1 Mar. 15
Apr.
1 Feb. 29
Apr.
June
1 May 15
June
ljMay 20*
Apr.
Apr.
2|Mar. 11
llMar. 11
llMar.
Apr.
Apr. 20 Mar.
llMar.
Apr.
Apr. 15'Mar.
1 Mar.
Apr.
Mar. 30 Mar.
llMar.
Apr.
Apr. 15 Mar.
Apr. 15'Mar.
1 Mar.
Apr.
Mar. 23 Mar.
Apr. 15 Mar.
l Mar.
Apr.
9
20
23
31
15
6#
21
30
30
15
8
15
21
Apr. 15 Mar. 25
Apr. 15| Apr.
6
5
July 15 July
Mar. 15
Apr.
Mar. 14
Mar.
Mar. 13
1
Mar.
Mar.
1
60c
Mar.
Mar.
Public Service of
New Jersey—
Public Service Co.
1
(Oklahoma)—
$12*
$134
7% prior lien stock (quar.)
6% prior lien stock (quar.)
Publication Corp., voting trust
Preferred (quar.)
ctfs. (quar.)
Puget Sound Power & Light $5 prior pref
Puget Sound Pulp & Timber
Preferred (quar.)
Pure Oil Co., 5% preferred <quar.)
53* % preferred (quar.)
6% preferred (quar.)
Putnam (G.) Fund of Boston
Quaker Oats Co. (quar.)
Preferred (quar.)
Quarterly Income Shares (quar.)
Radio Corp. of America, $3 34 1st pref. (quar.)-B preferred (quar.)
Railroad Employees' Corp. class A & B (quar.)Preferred (quar.)
Rainier Brewing Co., partic. pref. A & B (mo.).
Participating preferred A & B (monthly)
Ralston Steel Car, preferred (quar.)
Rath Packing Co
Ray-O-Vac Co
8% preferred (quar.)
Reading Co., second preferred (quar.
Real Silk Hosiery Mills, 7% preferred
Reece Button Hole Machine (quar.)Reed Drug Co., common (quar.)
Class A (quar.)
Reed Roller Bit Co. (quar.)
•
Extra
preferred (quar.)
Corp--Co
30c
7% preferred (quar.)
Rand (interim)
Remington
Preferred
(quar.)
Republic Investment Fund (new)
Republic Investors Fund pref. A and B (quar.)__
Republic Natural Gas Co. common (quar.)
Republic Steel Corp., 6% cum. pref. A (quar.)__
6% cum. conv. preferred (quar.)
Reynolds Metals Co. pref. (quar.)
Rice-Stix Dry Goods Co. 1st & 2d pref. (quar.).
Rich's. Inc., 634% pref. (quar.)
Risdon Mfg. Co. 7% preferred (quar.)
Riverside Silk Mills, class A (quar.)..
—
Roberts' Public Markets, Inc. (quar.)
Mar. 30
Mar. 20
Mar. 20
Mar. 20
tSl 3*
Apr.
50c
Apr.
Apr.
Apr.
Apr.
Apr.
15*%
134%
134 %
15c
$13*
$134
20c
87 34c
813*
20c
20c
10c
10c
1 Mar. 20
Mar. 27 Mar. 18
Apr.
30c
1 Mar. 20
1 Mar. 20
15 Mar. 20
1 Mar. 21
1 Mar. 2X
llMar.
l'Mar.
1 Mar.
8
8
8
Apr. 15'Mar. 30
Mar. 25 Mar.
1
May
1
May
Apr.
May
Mar.
Apr.
Mar.
Apr.
Mar.
Apr.
Apr. 20 Mar.
9 Apr.
Apr.
9 May
May
15
11*
11*
30
30
2
2
Mar. 30 Mar. 20
1 Mar. 20
Apr.
15
50c
Mar. 30 Mar.
50c
Mar. 30 Mar. 15
50c
Apr.
t«2
10c
10c
82*c
11 Mar. 21
Mar. 25 Mar. 12
1 Mar. 20
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
25c
Mar. 31 Mar. 20
5c
Mar. 31 Mar. 20
3734c
$12*
20c
$134
10c
15c
20c
$134
liH
$12*
$124
$12*
1 Mar. 23
Apr.
Mar. 25 Mar. 15
1 Apr. 20
May
1 Mar. 21
Apr.
1 Mar. 11
Apr.
1 Mar. 11
Apr.
1 Mar. 16
Apr.
1 Apr. 15
May
Apr. 25 Apr. 16
1 Mar. 11
Apr.
1 Mar. 11
Apr.
1 Mar. 20*
Apr.
1 Mar. 15
Apr.
Mar. 30 Mar. 15
1 Mar. 22
Apr.
1 Mar. 12
10c
Dec.
$13*
$124
Apr.
1 Mar. 20
1 Mar. 20
25c
Apr.
Apr.
10c
Corp. (quar.).
634% preferred (quar.)-.
Roeser & Pendleton, Inc. (quar.)
Oct.
10c
Rochester Telephone
Apr.
Apr.
July
10c
Quarterly
Quarterly
Quarterly
Rome Cable Corp
Apr.
Apr.
$12*
15c
1 Mar. 23
Apr.
Mar. 30 Mar. 13
1
Apr.
1
Apr.
Mar. 30
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
1
Apr.
Apr. 15
1
Apr.
1
Apr.
Apr. 25
1
Apr.
1
Apr.
$12*
(guar.)
25c
1 Mar. 15
Mar. 30
1 Mar. 15
—
7% preferred
Reliance Manufacturing
15
Apr.
Mar.
1 Mar. 30
1 Mar. 15
15
Mar. 30 Mar. 22
Mar.
Reliance Electric & Engineering
1 Mar. 15
Apr.
Mar. 20
(quar.)
(N. Y.)
Public Service Co. (Colorado), 7% pref.(mthly.) 58 l-3c
50c
6% preferred (monthly)
412-3C
5% preferred (monthly)
$13*
Public Service Electric & Gas, $5 pref. (quar.)
Prudential Investors, Inc., pref.
Reliable Stores
1 Mar.
15
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar. 15
30c
Quarterly
Quarterly
Quarterly
Pacific Finance Corp.
Nov. 15 Nov.
16
25c
Oklahoma Natural Gas
Orange & Rockland Electric
5% preferred (quar.)
Ottawa Electric Ry. (quar.)
1 Mar.
Apr.
1 Mar.
Apr.
1 Apr.
May
1 Apr.
May
1 Mar.
Apr.
1 Mar.
Apr.
May 15 May
Aug. 15 Aug.
25c
$134
$134
3734c
Public National Bank & Trust Co.
1 Mar. 20
8
$13*
(^uar.).
1 Mar. 15
1 Mar.
50c
Procter & Gamble 8%
1 Mar. 15
New York Lackawanna & Western
xim
20c
Accident Insurance
Premier Gold Mining (quar.)
Price Bros. & Co., Ltd., pref
Providence & Worcester RR
Apr.
Apr.
Apr.
May
1 Apr.
1 Mar. 15
30 Mar. 20
...
Mar. 30 Mar. 15
$1)4
ar.
Lives & Granting
15c
New Jersey Power & Light Co., $6 pref.
New London Northern RR. Co. (quar.)
May
Apr.
Apr.
on
40c
$15*
New Idea, Inc
Mar. 28 Mar. 18
Mar. 30 Mar. 16
1 Mar. 15
Parke
Peninsular Telephone Co
Penna. Co. for Insurances
Payable of Record
Apr.
1 Mar. 16
Mar. 27 Mar. 11
1
Apr. 15 Apr.
Apr.
1 Mar. 15
Apr.
1 Mar. 15
preferred (quar.)--
Paraffine Cos., Inc
Preferred (quar.)
8
Mar. 30 Mar.
1 Mar. 16
Apr.
Mar. 30 Mar. 20
1 Mar. 15
Apr.
12c
(quar.)
England Telep. & Telegraph
Hampshire Fire Insurance Co
75c
(quar.)
pref. (quar.) —
Prosperity Co., 5% preferred (quar.).
5% preferred
Providence Gas Co. (quar.)
Providence Washington Insurance Co
Mar. 30 Mar. 20
25c
Extra..
New
1
Apr. 22 Apr.
1 Apr. 15
May
1 May 20
June
50c
New England Fire Insurance
New
10c
3234c
(quar.)
Power Corp.
Nehi Corp., stock div. of 4 additional shares of
common stock for each share of common held.
Neisner Bros., Inc., 4H% pref. (quar.)
Nelman-Marcus Co., 7% preferred
Preferred
Pacific Southern Investors, Inc.
Pacific Telep. & Teieg. (quar.)
Preferred (quar.)
8
8
Share
Company
Pacific Public Service (quar.)
Mar. 20
Dec.
$15*
National
Mar. 15
Sept.
Motor Finance Corp., $5 pref. (quar.)
Mt. Diablo Oil, Mining & Devel. Co.
Preferred
Apr.
1
Apr. 15
Apr.
1
Apr.
1
Apr.
1
Apr.
1
July
1
51
Morrison Cafe Consolidated, 7% pref. (quar.)-Morristown Securities Corp
Name of
Holders
When
Per
Holders
When
Payable of Record
51
Quarterly
Quarterly
Murphy (G.
1885
The Commercial & Financial Chronicle
150
Mar. 29 Mar. 14
15c
Apr.
50c
25c
May
Apr.
25c
June
50c
10c
1 Mar. 20
1 June
1
20
Sept. 20
15 Dec.
5
1 Mar. 11
...
Royal China
Rubenstein (Helena), Inc., common—
(25c. and 25c. special)
Class A (quar.)
Ruud Mfg. Co. 'quar.)
Russell Industries, old (quar.)
Preferred (quar.)
Sabin Robbins Paper
Preferred (quar.)
10 Mar. 30
1 Apr.
15
1 Mar. 15
5
15 June
Mar. 30 Mar. 15
Mar. 30 Mar. 15
$12*
Apr. 20 Apr. 10
Apr.
1 Mar. 20
The Commercial & Financial Chronicle
1886
When
Per
Name of Company
Share
Safety Car Heating & Lighting Co., lnc
Safeway Stores, lnc
7% preferred (quar.)>6% preferred (quar.)
5% preferred (quar.),
San Antonio Gold Mines, Ltd. (s.-a.)
$1
75c
$1H
$1A
$ih
%7c
?3c
-—
Extra
Sangamo Electric Co
Sangamo Co., Ltd. (quar.)
25c
Savannah Electric & Lower 8%
pref. A (qu.)_
7A% preferred B (quar.)
7 % preferred C (quar.)
6 A% preferred D (quar.)
6% preferred (s.-a.)
Savannah Sugar Refining (quar.)
Schenley Distillers, 5M% preferred (quar.)—«,
—
Scott
Paper Co., $4.50 preferred (quar.)
$4 preferred (quar.)
Scovill Mfg. Co
I25c
$2
$ia
%i%
Ma
Mar.
8
'Mar.
8
Apr. 20
Apr. 20
Mar. 15
Mar.
5
Mar. 15
Mar.
Mar. 10
Apr.
Apr.
$1H
$1H
%1V\
SIM
Sharon Railroad Co
Sharon Steel Corp. preferred
(quar.)
Shell Union Oil Corp. 5j4 % cum. pref. (qu.)—
SIM
Manufacturing Corp
10c
Sherwin-Williams (Canada)
XIS A
preferred
Silver King Coaliton Mines
10c
Silverwood Dairies, Ltd., partic. preferred
(interim)
t20c
Simon (H.) & Sons
Preferred (quar.)
Mar. 15
Mar. 15
Mar.
Mar.
Apr.
15
9
Mar.
Mar.
Mar. 12
Mar. 12
Mar.
Mar.
Mar.
Mar. 23
37 Me
Mar.
Mar. 23
SIM
„
May
Feb.
9
20
financing plan of
pref. stock will be retired as of
Prior preferred (quar.)
Smith (L. C.) & Corona Typewriter
Preferred
(quar.)
(quar.)
SIM
So no to tie Corp., preferred
miU
(quar.)
South Carolina Power Co., $6 1st pref. (qu.)
South Penn Oil Co.
(quar.)
South Porto Rico Sugar Co.
SIM
37 Mc
25c
(quar.)
Preferred
(quar.)
South West Pennsylvania Pipe Line
Southern & Atlantic Telegraph, gtd.
(s.-a.)
Southern Bleachery & Print Works,
62 Mc
Southern California Edison, orig. pref.
(quar.)__
Original preferred (special)
37 Mc
Preferred C (quar.)
Southern Canada Power Co., Ltd.
(quar.)
6% cumul. partic. preferred (quar.)
Southern Grocery Stores, lnc
34 Mc
i20c
Inc., 7% pf_
__
SIM
SIM
Mar. 15
Mar. 30
Mar. 15
Apr.
Apr.
1 Mar.
7
1 Mar.
7
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
1 Mar. 12*
5%
5%
5%
5%
preferred (quar.)
preferred (quar.)
preferred (quar.)
preferred (quar.)
Steel Co. of Canada (quar.)
Mar. 15
Mar. 20
Apr.
Mar. 20
Mar. 30 Mar. 16
Apr.
Apr.
Stecher-Traung Lithograph
Apr. 30
15 Mar. 20
Apr.
Apr.
Apr.
Apr.
SIM
12Mc
SIM
SIM
SIM
15
Mar. 30 Mar. 15
Mar. 16
50c
(quar.)
15 Mar. 20
Mar. 30 Mar. 15
Apr.
50c
1 Mar. 20
15 Mar. 20
1.5 Mar. 20
Apr.
Apr.
June
75c
1 Mar. 16
Mar. 30 Mar. 15
10c
_
Mar. 15
Apr.
Mar. 29 Mar. 15
SIM
Standard Oil Co. of Ohio
pref.(quar.)
Starrett (L. 8.) Co..
1
1 Feb.
15 June
16
1
15 Mar. 15
23
Apr.
16
1 Mar. 15
15 Mar. 30
Mar. 30 Mar. 19
Mar. 30 Mar. 19
Mar. 31 Mar. 15
Mar. 31 Mar. 15
June 30 June
15
Sept. 30 Sept. 14
I43Mc
I
Sterchi Bros. Stores, 1st
preferred
Stlx, Baer & Fuller Co., 7% pref.
Sundstrand Machine Tool
Sunray Oil Corp
5 A % preferred (quar.)
Sunshine Mining Co.
t43lf)Cc
75c
(quar.)
(quar.)
Strawbridge & Clothier, 7% preferred
Sun Life Assurance of Canada
(quar.)
43Yl
JS3M
50c
5c
68 Mc
„
(quar.)
Superheater Co. (quar.)
40c
12Mc
Superior Oil Co. of Calif., common
Superior Portland Cement class B
25c
50c
Participating class A
■_
Superior Water Light & Power 7% pref. (qu.)__
Swift & Co. (quar.)
Sylvanite Gold Mines (quar.)
.....IIIIII
Extra
82 Mc
SIM
30c
5c
5c
Tacony-Palmyra Bridge (quar.)
1,111" 11
31 Dec.
14
May
May
1 Apr.
1 Apr.
5
5
Mar. 30 Mar. 15
1 Mar. 25
Apr.
Mar. 30
Apr.
Apr.
Mar. 15
1 Feb.
21
1 Mar. 16
Mar. 30 Mar. 10
May
1
Apr.
1
1 Mar.
1
Apr.
Mar. 30 Mar.
1
5
Apr. 15 Apr.
May 20 May 10
2
Apr. 12 Apr.
1 Mar. 23
Apr.
Apr.
Apr.
1 Mar. 15
1 Mar.
Mar. 30 Feb.
Mar. 30 Feb.
1
12
12
"IIII
I.I>1111111
_
Preferred
(quar.)
Taggart Corp. preferred (quar.)
Talcott (James), lnc
5c
Apr.
Apr.
Apr.
Apr.
1 Mar. 18
1 Mar. 16
1 Mar. 15
1 Mar. 15
May
1 Apr.
Apr.
1 Mar.
Apr.
1
10c
25c
_
25c
common
_
Tip Top Tailors, Ltd. (quar.)
7% preferred (quar.)
6% preferred (monthly)
5% preferred (monthly)
Toronto Mortgage Co. (Ont.)
(quar.)
Torrington Co
Trade Bank of New York (quar.)
Tri-Continental Corp., pref.
(quar.)__
Trico Products Corp. (quar.).
Corp. 7% pref. (quar.)_
Twentieth Century Fox Film Corp., pref.
(qu.)
208 So. La Salle Street Corp. (quar.)
Twin States Gas & Electric, 7% prior lien
(qu.)
Underwood Elliott Fisher Co. (quar.)
Union Bag & Paper Corp
Union Buffalo Mills 7 % 1st pref
Union Carbide & Carbon Corp
Union Investment Co. 7.6% pref.
(quar.)
8
SIM
SIM
15c
SIM
25c
58 l-3c
50c
41 2-3c
SIM
40c
15c
SIM
62 Mc
SIM
c
SIM
50c
15c
tSl
60c
95c
SIM
$2
15
1
Mar. 16
Mar. 29 Mar
11*
Apr.
Apr.
Apr.
Apr.
1 Mar. 18
1
Mar
5
Apr.
1 Mar. 20
Apr.
1 Mar. 20
Apr.
Apr.
Apr.
Apr.
Apr.
May
Apr.
Apr.
Apr.
1 Mar. 15
Mar. 25 Mar.
1
1 Mar. 15
1 Mar. 15
1 Mar. 15
1 Mar. 20
1 Apr.
1
19
Vlar. 15
1 Mar. 14
1 Mar. 20
Mar. 30 Mar. 15
2 Mar. 16
Apr.
Apr.
1 Mar.
Apr.
Apr.
Apr.
Apr.
Ap.r
1 Mar. 25
15
United Elastic Corp
United Fruit Co
1 Mar.
8
liMar. 22
1 Mar.
2
1 Mar.
2
Mar. 11
May
Apr.I
Apr.
July
June
Preferred
Oct.
Sept. 30
Apr.
Apr.
Mar.
8
1
Mar.
Apr.
Mar. 21
Apr.
Mar. 20
25c
Mar.
S1K
(quar.)
(quar.)
0.36% prior preferred (monthly).
6% prior preferred (monthly)
Mar.
Feb. 29
Feb. 29
58 l-3c
53c
50c
t
United Loan Industrial Bank (Bklyn.) (quar.)__
United New Jersey RR. & Canal (quar.)_„
United Pacific Insurance Co. (quar.)
$2A
VIA
%1A
02Ac
3714c
$1)4
Machinery (quar.)
(quar.)
Apr.
Apr.
1
1
1
1
10
Mar. 15
Mar. 15
Mar. 15
Mar. 20
Mar. 20
Mar. 29 Mar. 19
5 Mar. 19
5 Mar. 19
Apr.
Apr.
Mar. 30 Mar. 26
50c- Apr.
1 Mar. 16
1 Mar. 16
$1H
$1A
Quarterly
Quarterly.
_
June
Sept. 15 Sept.
2c
United States Pipe & Foundry Co. (quar.)
Apr.
2c
_
Quarterly
Quarterly
Dec.
50c
50c
_.
7% preferred (quar.)
(quar.)
Dec.
8714c
$1A
(quar.)
.......
•1ft
Universal-Cyclops Steel
Universal Leaf Tobacco (quar.)
8% preferred (quar.)
20c
Universal Products
40c
$1
$2
15 Mar. 25
15 Mar. 25
15 Apr.
15 July
5
6
1 Mar. 21
Mar. 28 Mar. 18
Apr.
May
1 Apr.
Apr.
1
18
Mar. 21
Mar. 29 Mar. 15
1 Mar. 2
1 Mar. 2
1 Mar. 16
25c
Ventures, Ltd
Mar. 25 Mar. 18
$1
(quar.)
Vapor Car Heating Co., inc., 7% pref. (quar.).
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
Mar. 25 Mar. 18
June 10 June
1
SI A
$i'4
$1'A
%l%
5c
...
Vermont & Boston Telegraph (ann.)
S2
SIM
Viau Ltd., 5% preferred (quar.).
2A %
Vicksburg, Shreveport & Pacific Ry. Co
Preferred (semi-annual)
2¥s
Victor Chemical Works
Virginian Ry. Co. 6% preferred (quar.)
6% preferred (quar.)
(New stock) (initial)
Vulcan Detinning (quar.)
Quarterly
7% preferred (quar.).
7% preferred (quar.)..
7% preferred (quar.)
3714c
3714c
6214c
%1A
Sept. 10 Aug. 31
Dec.
10 Nov. 30
3-1-41
3-9-41
Mar. 30 Mar. 14
July
1 June 15
1 Mar. 20
8
1 Mar.
Apr.
Apr.
1 Mar.
Apr.
8
Mar. 30 Mar. 20
May
Aug.
1 Apr. 20
1 July 20
Mar. 26 Mar. 16
June 20 June
10
SIM
Sept.20 Sept.10
Apr. 20 Apr. 10
July 20 July 10
SIM
Oct.
50c
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
fig
Wabasso Cotton Co. (quar.)
Waldorf System, Inc. (quar.)
Wagner Baking Corp
2nd preferred
2nd preferred (quar.)
1st preferred (quar.)
Warren (S. D.)
Washington Railway & Electric 5% pref.(quar.)
5% preferred (s.-a.)
Waukesha Motor (quar.)
Wayne Pump Co
Welch Grape Juice Co., preferred (quar.)
Preferred (quar.)
Wellington Fund, lnc
Wells Fargo Bank (quar.)
West Penn Electric, class A (quar.)
7% pref. (quar.)
6% preferred (quar.)
West Penn Power, 4)4% pref. (quar.)
West Point Mfg. Co
West Texas Utilities Co., $6 cum. pref. (quar.)..
West Virginia Pulp & Paper Co_
West Virginia Water Service pref. (quar.)
Western Electric Co
Apr.
July
20 Nov. 30*
1 Mar. 16
$ 1.16 2-3 Apr.
$1
Apr.
$1)4
Apr.
Light, $7 pref..
$6 preferred
Valve Bag Co. 6% pref. (quar.)
Van Camp Milk Co
5
5
15 Dec.
Sept. 20 Aug. 31*
Apr.
Apr.
Apr.
$1
5
15 June
June 20 May 31*
50c
United States Sugar pref.
Utah Power &
Mar. 30 Mar. 26
50c
United States Playing Card.
United States Smelting, Refining & Mining
15c
25c
t$i£
SIM
75c
19 Oct.
1 Mar. 15
1 Mar. 20
1 Mar. 20
1 Mar. 20
1 Mar. 20
Mar. 25 Mar. 18
June
June
1 May
1 May
25c
Apr.
1
50c
SIM
SIM
.
20c
S3M
SIM
SIM
P
60c
SIM
10
1 Mar. 23
SIM
S2J4
15
15
Mar. 15
Apr.
1 Mar. 16
May 31 May 15
Aug. 31 Aug. 15
Mar. 30 Mar. 15
Apr.
1 Mar. 25
Mar. 30iMar
15
May 15 Apr. 19
May 15 Apr. 19
Apr. 15 Mar. 20
Apr.
1 Mar. 15
Apr.
1 Mar. 15
10c
Apr.
SIM
!
Apr.
1 Mar. 11
1 Mar. 15
75c
Apr.
SIM
15 Mar. 20
Apr. 15
Mar. 20
(qu.)
I
50c
Mar. 30 Mar. 15
35c
;
Western Pipe & Steel 7% preferred (s.-a.)
Western Tablet & Stationery Corp.. 5% pf.
Westgate-Greenland Oil Co. (monthly)
Mar. 30 Mar. 25
75c
Western Grocers, Ltd. (quar.)
Preferred (quar.)
Western Massachusetts Cos. (quar.)
July
Apr.
Apr.
Apr.
Apr.
Apr.
SIM
lc
Westmoreland, Inc. (quar.)
Weston (Geo.) Ltd. (quar.)
20c
Whether ill Finance Co.
(quar.)
15c
Wheat!ey Mayonnaise (quar.)
1214c
25c
6% preferred (quar.)
15c
Wheeling & Lake Erie Ry
Wheeling Steel Corp., $5 preferred (quar.)
$6 preferred (quar.)
Whitaker Paper
Preferred (quar.)
Whitman (William) Co preferred (quar.)
Wieboldt Stores 6% pref. (quar.)
Prior preferred (quar.)
Will & Baumer Candle Co. preferred (quar.)
Winn & Lovctt Grocery class B (quar.)__
Class A (quar.)
Preferred (quar.)
Winsted Hosiery Co. (quar.)
$1
SIM
SIM
$1
SIM
SIM
75c
—
Extra
SIM
$2
25c
50c
SIM
SIM
50c
SIM
Quarterly
xtra
Quarterly
50c
SIM
Apr.
15 June "29
1 Mar. 20
15 Apr. 10
Mar. 15
Mar. 15
Mar. 15
_
Mar. 15
Mar. 30 Mar. 15
Mar. 21
Apr.
Mar. 12
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
May
May
Aug.
Aug.
Mar. 12
Mar. 16
Mar. 16
Mar. 16
Mar. 20
Mar. 20
Mar. 15
Mar. 20
Mar. 20
Mar. 20
Apr.
Apr.
15
15
Oct.
Nov.
15
July
July
15
15
15
50c
Oct.
Apr.
Mar. 11
10c
Wood (Alan) Steel,
Nov.
25c
.
Wiser Oil Co. (quar.)
Wolverine Tube Co.
Mar. 23
Apr.
Mar. 25 Mar. 12
Mar. 30 Mar. 19
t87Mc
7% preferred
Woodley Petroleum (quar.)
Wright-Hargreaves Mines. Ltd. (quar.)
Extra (both payable in U. S. funds)
(Quarterly)
10c
10c
5c
tlOc
Extra
I5c
Yale & Towne Mfg. Co
;
Yellow Truck & Coach Mfg. Co.,
15c
7% pref.
(qu.)
Youngs town Sheet & Tube Co. com
5)4% preferred A (quar.)
Mercantile Institution
Quarterly.Quarterly
Zion's Co-operative
*
Apr.
Apr.
Apr.
2c
United States & International Securities 1st pf_
United States Petroleum Co. (quar.)
_
Mar. 18
75c
United Light & Railways Co. (Del.)—
7 % prior preferred (monthly)
xtra
30
Mar.
United Fuel Investments pref. A
United Gas Improvement (quar.)
Preferred
6
Mar. 31
$1
-
Mar. 30 Mar. 12*
5 Mar. 11
Apr.
Mar.
5
15c
1 Mar. 22
1 Mar. 22
Mar. 21
Mar. 21
75c
United Carbon Co
United Dyewood Corp., pref. (quar.)
—
1 Mar.
50c
Toknefm Oil Tank & Pump Co
Toledo Edison Co., 7% preferred
(monthly)
Preferred (semi-annual)
May
SIM
Thatcher Mfg. Co.
(quar.)
Union Pacific RR
Mar. 30 Mar. 16
Mar. 30 Mar. 16
10c
_
Tubize Chatillon
50c
25c
10c
Telautograph Corp. (interim)
$5 Conv. prior preferred (quar.)
Tide Water Assoc Oil, pref.
(quar.)
Mar. 30 Mar. 16
68Mc
Teck Hughes Gold Mines
(quar.)
Thompson Products, Inc.,
Mar. 30 Mar. 16
SIM
62 Mc
preference (quar.)
Texas Corp. (quar.)
Texas Electric Service $6
pref. (quar.)
Texon Oil & Land Co
50c
25c
Mar.
Mar.
15c
........
Dec.
Preferred (quar.)
Steel Products Engineering
$2
30c
Standard Fire Insurance (N. J.)
(quar.)
Standard Fuel, preferred
5 A % participating
15c
SIM
t87Mc
.
Extra
Class A (quar.)
Extra
40c
63c
$6 cumulative preferred (quar.)
$6 cumulative preferred
Square D Co
5% preferred (quar.)
Standard Brands, Inc. (quar.)
$4A preferred (quar.)
Standard Chemical Co. (Interim)
Preferred
tSlM
nh&
Participating preferred (partic. div.)
Southern Phosphate
Corp. (quar.)
Southern Ry.—Mobile & Ohio certificates
(s.-a.)
Southwestern Gas & Electric Co.,
5% pref. (qu.)
Southwestern Light & Power Co.—
Apr.
Apr.
Apr.
2
_
Mar. 16
Mar. 16
Mar. 15
Apr.
Apr.
Apr.
Apr.
Mar.
10c
Quarterly
Quarterly
Preferred
Holder
15c
United States Trust Co. (quar.)
SIM
SIM
12Mc
Smith (H.) Paper Mills, pref. (quar.)
•
Mar. 15
15c
May 1.
Skenandoa Rayon pref. A (quar.)
„
Mar. 30
When
Payable of Record
$lh
(quar.)
United Shoe
Mar. 20
Mar. 21
1940
25c
United States & Foreign Securities 1st pf. (qu.)_
United States Gypsum Co. (quar.)
Preferred (quar.)
SEC approves proposed
company,
United Biscuit Co. of America preferred
United Bond & Share, Ltd. (quar.)
23,
$1
25c
Mar. 10
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
Apr.
SIM
SIM
37Mc
Singer Manufacturing Co. (quar.)
Sioux City Stockyards (quar.)
$1A partic. preferred (quar.)
Skelly Oil Co. preferred (quar.)
If
Union Premier Food Stores. Inc. (quar.)
Union Stock Yards of Omaha
Union Twist Drill Co
United Aircraft Products
Preferred
$5A dividend prior stock (quar.)_.
Shaffer Stores Co. 5% pref. (quar.)_„
Share
Company
Mar. 15
Selected Industries, Inc.,
Sheller
Per
Name of
Mar. 15
Mar. 20
Apr.
25c
8
Mar.
Apr.
37Mc
8
Mar.
Apr.
50c
Apr.
%IV* Apr.
$1.12 A May
$1
May
25c
(qu.)..
Mar. 18
Apr.
Apr.
Apr.
$134
-
Mar. 15
Mar. 18
Mar. 18
Mar. 18
Apr.
Apr 20 Apr.
5
Apr. 20 Apr.
5
Mar. 15
Apr.
Mar. 30 Mar. 27
Mar.
8
Apr.
25c
Scranton Electric, $6 preferred (quar.)
Scranton Lace Co
Securities Acceptance Corp. 6% cum. pf.
Common (quar.)
Holders
Payable of Record
Apr.
Apr.
Apr.
Apr.
March
SIM
25c
_
July
July
Apr.
Apr.
Apr.
Apr.
Apr.
2 May 22
May 22
Feb.
15
Feb.
15
Mai1. 21
Mar. 15
Mar.
2
Mar.
2
50c
15 May
Sept.15 Sept,
5
5
50c
Dec.
5
SIM
Apr.
50c
June
15 Dec.
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the case of non-residentf of Canada
a tax of 5% ofthe amount of such dividend will be made*
deduction of
Volume
The Commercial & Financial Chronicle
ISO
Condition
of
the Federal Reserve Bank
New
The
of
1887
Weekly Return of the New
Clearing House
York
following shows the condition of the Federal Reserve
The
Bank of New York at the close of business Mar.
20, 1940,
in comparison with the previous week and the
weekly
corresponding
STATEMENT OF
date last year:
ASSOCIATION
issued by
statement
Clearing House
MEMBERS
CLOSE
OF
*
Gold certificates
on
$
York
City
YORK
CLEARING
HOUSE
THURSDAY, MAR. 21, 194u
Net Demand
Time
Undivided
Deposits,
Deposits,
Average
Average
Surplus and
Capital
Members
$
New
Profits
•
Clearing House
$
NEW
THE
BUSINESS
OF
Mar. 20, 1940 Mar. 13,1940 Mar. 22, 1939
Assets—
the
Friday afternoon is given in full below:
on
AT
York City
hand and due from
United States Treasury.*
Redemption fund—F. R.
7,932,407,000 7,914,531,000 5,564,848,000
1,155,000
1,346,000
1,853,000
90,341,000
109,917,000
93,366,000
notes
Bank of New York
t
Total reserves...
Bills discounted:
6.000.000
206,312,000
14,613,000
Secured
U.
by
Bank of Manhattan Co.
20.000,000
13,931,000
26,512,700
503,951,000
39,375,000
National
Other cash
77.500.000
67,518,600 a2,205,867,000
172,215,000
20.000.000
4,731,000
128,114,000
City Bank
Chem Bank & Trust Co
8,023,903.000 8,009,243,000 5,676,618,000
Guaranty Trust Co___._
8.
Govt,
direct and guaranteed
Other bills discounted
35,000
477,000
105,000
879,000
512,000
984,000
1,362,000
21,000,000
Corn
133,000
42,117,000
Cent Hanover Bk&Tr Co
1,229,000
90,000,000
Manufacturers Trust Co
obligations
15,000,000
695,412,000
56,744,100
184,702,000 62,137,587,000
40,151,100
644,586,000
72,745,600 cl,043,491,000
294,291,000
19,065,100
10.000,000
109,480,000
50,000,000
7,000,000
650,725,000
53,188,800
67,436,000
4,409,900
133,291,800 d2,823,043,000
52,333,000
3,922,200
81,047,700 el,107,945,000
13,941,000
2,515,700
9,395,300
128,232,000
397,765,000
27,959,100
103,962,000
8,525,000
87,411,000
9,910,300
2,935,000
29,425,000
2,052,000
51,978,000
518,887,000
925,016,000 13,827,242,000
717,475,000
Exch Bank Tr Co.
First National Bank
Total
bills
Bills bought In
discounted
market.
open
Irving Trust Co
....
216,000
Industrial advances
Continental Bk & Tr Co.
4,000,000
100,270,000
2,048",000
2",048", 000
3,834,000
Chase National Bank...
Fifth Avenue Bank
407,496,000
344,089,000
408,181,000
257,500,000
Title Guar & Trust Co..
344,156,000
332,401,000
134,762,000
Marine Midland Tr Co..
New York Trust Co
anteed:
500,000
Bankers Trust Co
Bonds..
Notes
Bills
25,000,000
6,000,000
5,000,000
12,500,000
Comm'l Nat Bk <fc Tr Co
Total U. S. Government securities,
direct and guaranteed
7,000,000
Public Nat Bk & Tr Co.
751,585,000
752,337,000
Total bills and securities
754,145,000
Due from foreign banks
755,369,000
17,000
1,102,000
178,692,000
9,858,000
19,604,000
17,000
1,325,000
168,577,000
9,858,000
16,612,000
,
Other assets
:...
4,502,000
1,627,000
37,187,000
4,044,000
38,780,000
6,079,000
730,075,000
*
62,000
2,782,000
As per official reports:
National, Dec. 30, 1939; State, Dec. 30, 1939; trust
companies, Dec. 30, 1939.
143,969,000
Includes
9,005,000
deposits
in
foreign
(6)
13,143,000
March 20, $72,869,000;
(e)
Total assets
662,952,000
724,663,000
Totals
Federal Reserve notes of other banks...
Uncollected items
Bank premises.
99,846,000
50,159,000
28,134,000
1,679,000
March 20,
branches
(c)
as
follows:
(a)
$3,402,000;
March 21,
Feb.
24,
$247,284,000;
$68,013,000;
(d) Feb. 29,
$19,671,000.
8,974,437,000 8,973,885,000 6,575,654,000
Liabilities—
F. R. notes In actual circulation
Deposits—Member bank
U. 8.
reserve
150,811,000
Foreign bank..
119,613,000
127,046,000
299,774,000
143,127,000
310,123,000
Other deposits
liabilities, incl.
LONDON
84,027,000
each
207,095,000
873,000
887,000
Mon.,
Tues.,
Wed.,
Thurs.,
Mar. 18
Mar. 19
Mar. 20
Mar. 21
42/9
101/3
42/9
10017 %
42/9
101/3
42/9
102/6
Cable & W ord
£61
£61%
£61
£61
Central Mln & Invest..
£14
£14%
47/6
£14%
£14
Cons Goldfields of 8 A.
51,106,000
53,326,000
7,109,000
Other capital accounts.
10,264,000
51,106,000
53,326,000
7,109,000
10.143,000
46/10 %
36/-
Courtaulds 8 & Co
50,989,000
De Beers
52,463,000
Closed
Hudsons Bay Co
92.3%
vanoes.
92.2%
67/8/6
16/9
25 /3
118/9
£20%
80/£7 %
£14%
67/6
8/6
16/9
25 /3
118/9
£21%
80/£7%
£14%
91/3
£32%
78/9
15/-
80/-
Metal Box
89.9%
£7%
£21
Ford Ltd
£7VB
66/6
8/9
16/6
26/118/9
Electric & Musical Ind
Imp Tob of G B & I..
London Mid Ry
note liabilities combined
1,683,000
bank's
or a
Rio Tlnto
Federal
£14%
91/3
Royal Dutch Co......
2,646,000
own
£7%
Rolls Royce
1,674,000
t "Other cash" does not Include Federal Reserve notes
Rand Mines
Reserve bank notes.
£32%
Shell Transport
United Molasses
the Reserve banks when the dollar was, on Jan. 31, 1934. devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated
as
Vlckers
West
profit by the Treasury
...
26/3
18 /7 %
22
£7%
68
/3
8/6
17/1%
25/3
Holiday
120/£21%
80/£7%
£14%
91/3
£32%
78/9
15/26/3
18/4%
26/3
18/4%
Wltwatersrand
£4
Areas
under the provisions of the Gold Reserve Act of 1934.
91/3
£32%
78/9
15/9
78/1%
15/6
26/1%
19/-
Swedish Match B
certificates given by the United States Treasury for the gold taken
over from
36/-
Fri.,
Mar.
48/1%
36/1%
47/6
36/-
£77,8
Distillers Co
7,457,000
8,164,000
Total liabilities and capital accounts..
8,974,437,000 8,973,885,000 6,575,654,000
are
received by cable
British Amor Tobacco.
1,340,000
8,852,632,000 8,852,201,000 6,456,581,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13-b).
These
as
day of the past week:
Boots Pure Drugs
Capital Accounts—
x
EXCHANGE
Mar. 16
7,431,892,000 7,436,950,000 5,311,381,000
154,758,000
160,912,000
142,208,000
accrued dividends.
Total liabilities.
F. R.
STOCK
Quotations of representative stocks
194,819,000
Sal.,
Total deposits
Deferred availability items
Other
THE
1,265,109,000 1,253,452,000 1,001,652,000
acc't.. 6,827,831,000 6,890,517,000 4,825,440,000
Treasurer—General account
£3%
£3%
£3%
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the
resources
and liabilities of the reporting member banks in 101 leading cities from which weekly returns are
These figures are always a week behind those for the Reserve banks themselves.
the Federal Reserve System upon
immediately preceding which
the figures for the latest week
we
The
an
announcement of the Federal
changes in the report form
are
in
our
department of "Current Events and Discussions,"
also give the figures of New York and Chicago reporting member banks for
Commencing with the statement of May 19. 1937, various changes
described in
appear
were
obtained.
The comments of the Board of Governors of
made in the breakdown of loans
as
week later.
a
reported in this statement, which were
Reserve Bank of New York of April 20. 1937. as follows:
confined to the classification of loans and discounts
This classification has been changed primarily to show the
amounts of
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market
Subsequent to the above announcement. It
paper." Instead of In "all other loans,"
as
formerly.
1
made known that the new items "commercial, industrial and agricultural loans" and "other loans"
was
would each be segregated as "on securities" and "otherwise secured and unsecured."
A
detailed explanation of the revisions was published In the May 29, 1937, issue of the
more
"Chronicle."
page
3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON MAR. 13, 1940 (In Millions of
Federal
Districts—
Reserve
Total
$
ASSETS
New York
Boston
Cleveland Richmond
Phila.
$
Atlanta
St. Louis
Chicago
Minneap. Kan. CUy
Dallas
Dollars)
San Fran.
$
$
$
23,437
1,171
9,824
1,148
1,931
710
634
3,442
721
402
684
532
Loans—total
8,616
617
3,334
427
697
265
308
912
330
190
299
270
967
Commercial, Indus, and agricul. loans
Loans and Investments—total
%
$
2,238
4,367
299
1,789
202
273
116
164
534
193
100
179
179
339
Open market paper
333
66
122
25
8
16
4
37
11
4
20
2
18
Loans to brokers and dealers in securs.
659
22
509
25
21
3
6
43
5
1
4
4
16
476
20
214
31
25
15
11
72
12
7
10
13
46
81
198
49
41
31
43
1
2
"129
459
94
195
"74
91
Other loans for purchasing or carrying
securities
Real estate loans
1,183
_
48
Loans to banks
1,550
Other loans
186
13
673
Treaury bills
173
115
52
"111
56
1
1
6
10
28
22
383
"68
"58
"50
"165
1
389
43
1
13
19
30
67
43
57
116
97
91
714
2
1,780
.
Reserve with Federal Reserve Bank..
822
31
158
177
34
290
328
2,686
317
658
151
117
1,076
2,387
3.491
Obligations guar, by U.S. Govt
Other securities
38
6.490
Treasury notes..
United States bonds
54
1,324
99
126
51
70
268
72
51
185
121
1,472
274
286
66
104
507
104
44
142
58
313
10,477
513
6,339
454
574
195
131
1,228
198
114
204
141
386
33,
139!
21
66
98
21
46
22
14
62
13
7
16
12
23
224
224
342
214
230
546
195
110
325
301
296
529
86
100
39
47
83
22
16
24
29
238
1,204
9,679
940
1,338
502
407
2,616
480
295
547
483
1,016
5,343
237
1,081
263,
747
200
190
958
190
119
145
137
1,076
573
14
64
53
47
33
44
135
17
3
24
31
108
8,268
335
3,622
441
466
315
310
1,234
361
166
430
272
316
730
23
1
142
476
Cash In vault
Balances with domestic banks
;..
3,181
174
*
1,294
81
19,507
Other assets—net.
.
li
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic
banks
—
Foreign banks
Borrowings.
—
Other liabilities
Capital accounts
1
667
5
1
1
1
1
724
21
"289
15
17
"34
""21
6
7
3
296
3,719
246
1,612
377
95
388
95
58
104
348
9
1
21
/
216'
The Commercial & Financial Chronicle
1888
March 23, 1940
System
Weekly Return of the Board of Governors of the Federal Reserve
Mar. 21,
The first table presents the results
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
The following was
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
for the System as a whole in comparison with the figures for the eight preceding weeks
for the latest week appear in our department of "Current Events and Discussions
returns
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT
Mar.
Three Ciphers (000) Omitted
Mar.
20,
13,
1940
1940
1
Mar.
6,
1940
Feb.
$
%
28,
1940
Feb. 21,
1940
THE CLOSE OF BUSINESS MARCH 20,
Feb. 14,
1940
1940
Jan. 24,
1940
Xar.
22,
1939
$
$
S
$
S
$
$
31,w
Jan.
Feb. 7,
1940
1940
ASSETS
Gold ctfs.
on
15,739,122
9,430
369,498
15,674,618
10,118
356,186
15,793,621
9,574
367,455
Redemption fund (Federal Reserve notes)
Other cash
384,791
Total reserves—
16,234,379
16,170,650
16,118,050
16,069,527
15,997,622
8,334
361,786
15,932,621
9,360
362,538
15,868,621
9,572
16,367,742
hand and due from U. S. Treas.x-
16,304,519
12,317,721
15,483,120
10,118
387,624
15,552,120
9,335
413,222
8,602
10,163
413,173
395,551
16,017,361
15,974,677
15,904,895
12,723,435
15,619,619
1
Bills discounted:
Secured by
U. 8. Government obligations,
334
369
470
512
741
455
520
558
644
1,871
Other bills discounted
1,632
2,620
2,507
6,167
5,338
6,168
6,264
6,388
6,357
1,568
Total bills discounted
1,966
2,989
2,977
6,679
6,079
6,623
6,784
6,946
7,001
3,439
10~498
"lb", 423
lb",404
10,704
lb", 427
'id,434
10*485
10,373
10*911
14,091
1,342,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1,133,225
1,344,045
1.133,225
1,344,045
1,133,225
2,475,270
2,477,270
2.477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,564,015
2,490,651
2,494,653
2,493,776
2,494,327
2,494,539
2,494,589
2,495,182
2,582,099
direct and fully guaranteed...
554
Bills bought In open market...
Industrial advances—
.....
United States Government'securltles, direct and
guaranteed:
f
Bonds
...
Notes
Bills
Total U.
S.
Govt, securities,
Foreign loans on gold
an
0
•
....—
—
curitles
....
Gold held abroad
2,487,734
2,490,682
-
47
Due from foreign banks
Federal Reserve notes of other banks
...
Uncollected Items
Bank premises
Other assets
\:
direct and
guaranteed..
Total bills
911,090
1,176,109
476,816
—
—-
....
Total assets.....
-
—
—
47
47
47
47
47
47
47
18,484
712,167
41,703
69,540
19,935
64,759
20,003
636,295
41,771
63,931
21,273
619,180
41,703
65,695
21,582
638,754
792,040
41,792
62,895
22,084
598,495
41,792
61,460
24,626
625,068
41,808
61,973
26,266
640,571
41,711
60,703
19,692,932
19,637,142
19,471,590
19,432,186
19,373,873
19,481,901
19,235,778
19,222,788
""168
47
17,604
721,035
41,689
67,081
41,741
.
*
19,444
592,833
42,723
47,384
19,169,375
16,008,086
LIABILITIES
4,895,048
availability Items
Total liabilities
—
4,832,101
4,827.752
4,335,416
631,565
377,032
354,865
12,147,656
507,485
412,567
300,014
8,989,181
642,138
392,526
340,677
12,149,576
549,441
407,313
315.284
13,719,249
678,445
13,633.639
594.538
3,098
13,623,425
596,109
3,140
13,552,919
606,706
2,733
13,526,050
755,965
2,867
13,470,873
575,359
2,415
13,421,614
616,701
2,153
13,367,722
6,452
621,950
1,991
10,722,484
602,179
3,665
19,285,900
19,120,562
19,081,351
19,023,136
19,131,350
18.885,415
18,872,569
18,819,415
15,663,744
136,107
151,720
26,839
36,908
136,102
151,720
26,839
136,081
151,720
26,839
136,075
36,195
151,720
26,839
36,103
136,093
151,720
26,839
35,899
136,093
151,720
36,581
136,074
151,720
26.839
36,395
26,839
35,711
136,008
151,720
26,839
35,652
135,954
151,720
26,839
35,447
149,152
27,264
32,920
19,692,932
19,637,142
10,471,590
19,432,186
19,373,873
19,481,901
19,235,778
19,222,788
19,169,375
16,008,086
87.8%
9,080
87.7%
87.6%
87.5%
8,361
87.5%
8,376
87.4%
8,395
84.5%
9,126
87.5%
8,638
87.5%
9,080
87.5%
8,966
1,349
1,468
1,641
181
226
244
260
3,818
1,608
3,717
222
155
1,038
1,580
3,708
2,399
4,656
2,247
3,632
978
45
3,995
1,191
932
176
1,116
1,126
1,119
198
279
355
377
403
265
193
157
148
149
205
197
243
295
325
1,966
Total deposits
Deferred
Other liabilities, inel. accrued dividends
4,836,768
12,096,727
160
...
4,846,468
12,150,709
1,108
Other deposits
4,860,778
12,240,683
595,990
161
...
4,858,677
12,317,794
561,406
380,844
363,381
125
j
4,889,287
12,367,086
535,988
412
United States Treasurer—General account..
Foreign banks
4,881,754
12,438,580
19,341,358
Deposits—Member banks' reserve account...
12,256,250
707,493
390,780
399,786
13,754,309
688,626
3,375
Federal Reserve notes In actual circulation
2,989
2,977
6,679
6,079
6,623
6,784
6,946
7,001
526.387
364,406
389,876
353,533
361.381
388,173
354,408
•
1,222,206
234,761
276,336
CAPITAL ACCOUNTS
Capital paid In
Surplus (Section 7)...
Surplus (Section 13-b)
Other capital accounts
...
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
Commitments to make Industrial advances
8,350
135,006
12,524
Maturity Distribution of Bills and
Short-Term Securities—
*
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted..
1-15 days bills bought In
16-30 days bills bought in
31-60 days bills bought In
61-90 days bliis bought In
Over 9Q days bhls bought
228
•
3,439
open market.......
97
open market.......
128
59
open market
open market
'n open market.
270
....
Total bills bought in open market
"
554
"
"
"
*1*435
"l",439
"1,484
1~468
2,410
215
159
149
97
233
*1*592
1*587
1*468
415
59
171
353
339
491
501
299
181
157
283
292
331
184
493
503
232
8,228
8,055
8,000
8,284
7,995
8,061
8,180
8,069
8,568
10,936
10,498
Total industrial advances
1,493
381
249
Over 90 days industrial advances
~l",453
130
1-15 days Industrial advances.
16-30 days industrial advances
31-60 days Industrial advances
61-90 days industrial advances
U. S. Govt,
773
10,423
10,404
10,704
10,427
10,434
10,485
10,373
10,911
14,091
/
'
392
523
178
275
280
securities, direct and guaranteed:
1-15 days...
16-30 days..
31-60 days
2,475",270
2,477,270
2,477",270
2,477*270
2,477", 270
2,477", 270
2.4*77*,270
2,47*7*276
2,47*7*270
52,010
26,500
179,703
181,733
2,124,069
2,475,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2,477,270
2.477,270
2,477,270
2,564,015
-
61-90 days
Over 90 days..
......
Total U. S. Government securities, direct
and guaranteed
Total other securities
------
«
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
....
5,227,268
332,220
5,216,078
334,324
5,210,592
321,305
5,180,520
321,843
5,166,486
305,708
5,163,324
316,856
5,160,100
323,332
5,164,940
332,839
5,178,093
350.341
4,631,875
296,459
4,895,048
4,881,754
4,889,287
4,858,677
4,860,778
4,846,468
4,836,768
4,832,101
4,827,752
4,335,416
5,333,500
5,328,500
5.323,500
5,313,500
543
615
723
5,298,500
1,068
5,298,500
1,296
5,305,000
493
1,152
5,309,000
1,307
5,309,000
1,390
4,764,500
3,193
5,333,993
5,329,043
5,324,115
5,314,223
5,299,568
5,299,796
5,306.152
5.310.307
5,310.390
4,767,693
Collateral Held by Agent as Security for
Notes Issued to Batik—
Gold ctfs.
on
hand and due from U. S. Treas—
By eligible paper
United States Government securities
Total collateral
*
"Other cash" does not Include Federal Reserve notes.
x These are certificates given by the United States Treasury for the gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
31, 1934-, these certificates being worth less to the extent of the difference, the difference Itself have been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
cents on Jan.
Volume
1889
The Commercial & Financial Chronicle
150
System (Concluded)
Weekly Return of the Board of Governors of the Federal Reserve
WEEKLY STATEMENT OF RESOURCES AND
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
LIABILITIES OF EACH OF
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
%
$
$
$
certificates
Gold
and
hand
on
$
Atlanta
Chicago
$
$
$
16,367,742
941,176 8,023,903
Redemption fund—Fed. Res. notes-Other cash *
Total reserves
999,168
875,221
8,334
361,786
909,456 7,932,407
536
1,155
90,341
31,184
15,997,622
425,762
San Fran.
$
$
$
%
due
from United States Treasury
Dallas
Minneap. Kan. City
St. Louis
$
Cleveland Richmond
Phila.
ASSETS
BUSINESS MAR. 20, 1940
236,541
Ml
1,007
47,301
634
642
348
290
16,287
9,866
20,166
14,610
878,064
1,069
36,441
330,600 2,462,403
405,247
279,916
379,683
251,441
915,574
14
28
22
""136
146
137
527
800
604
722
28,110
25,344
22,263
19,883
903,858 1,025,312
448,629
359,179
269,408
388,326
309,995 2,414,095
Bills discounted:
Secured by U. S. Govt, obligations,
dirfict. and
45
13
15
50
54
141
135
121
87
141
89
.512
1,632
55
1,966
Total bills discounted
25
35
477
186
148
136
137
195
89
336
55
334
gqarant#*>d
Other bills discounted
47
136
160
165
183
118
480
686
10,498
S.
3,211
909
95,983
81,049
407,496
344,089
110,049
92,927
136,881
115,581
68,047
54,420
144,666
60,199
122,156
*50,832
62,820
53,044
110,635
45,952
39,720
33,541
51,129
57,459
43,173
93,422
2,475,270
177,032
751,585
202,976
252,462
125,506
100,372
266,822
111,031
73,261
115,864
94,302
204,057
2,487,734
Notes
U.
2,048
1,342,045
178,498
754,145
206,373
252,926
126,551
101,309
267,353
111,120
73,491
116,118
94,942
204,908
—.
U. 8. Govt, securities, direct & guar.:
Bonds
Total
1,411
800
1,133,225
Industrial advances
316
Govt,
securities,
direct and guaranteed
Total bills and securities
1
1
4
1,581
30,642
450
1,290
41,037
4
2
2
6
1
2,422
2,091
710
34,607
9,858
4,551
5,510
2,024
99,002
3,379
30,853
2,248
17,045
1,391
16,611
4,719
6,375
1,865
64,542
2,532
3,397
3,030
55,719
1,408
81,988
2,259
5,812
2,430
1,724
3,213
2,556
19,692,932 1,195,359 8,974,437 1,176,112 1,373,523
647,518
473,831 2,840,377
553,990
374,277
533,794
47
3
18
5
17,604
545
1,325
887
721,035
68,476
168,577
Bank premises
41,689
2,880
Other assets
57,081
3,781
Due from foreign banks
Fed. Res. notes of other banks
Uncollected Items
Total assets
LIABILITIES
.
'
»
see a
.
28,547
1,165
2,328
2,938
5,089
378,874 1,170,840
4,895,048
403,120 1,265,109
346,071
452,729
219,959
158,850 1,074,142
192,115
141,177
182,273
80,089
379,414
616,124 6,827,831
613,327
66,555
261,431
40,279
11,517
7,145
35,699
11,133
399,786
220,792 1,452,288
120,795
27,315
46,067
13,436
3,673
7,003
36,670
314
Other deposits
287,626
42,414
16,507
2,325
263,580
37,622
24,179
695,575
66,195
35,702
11,248
159,927
Foreign banks
12,256,250
707,493
390,780
207,625
39,329
11,517
2,347
650,124
31,872
28,086
19,254
700,315 7,431,892
741,683
808,720
348,872
268,546 1,622,823
320,372
210,206
310,726
F. R. notes in actual circulation
Deposits:
Member bank reserve account
U.S. Treasurer—General account--
*
150,811
143,127
310,123
49,559
27,621
7,011
8,445
5,164
260,818
729,336
688,626
67,244
154,758
55,272
78,651
63,316
33,543
98,211
30,551
13,613
30,171
26,641
36,655
315
873
386
349
93
125
430
114
139
238
120
3,375
193
19,341,358 1,170,994 8,852,632 1,143,412 1,340,449
632,240
461,064 2,795,606
543,152
365,135
523,408
11,905
14,010
5,271
4,631
14,323
1,007
3,734
5,247
5,725
4,114
4,709
3,246
713
13,589
22,824
1,429
6,929
1,477
2,953
3,152
1,001
2,036
4,376
14,198
4,393
2,204
8,974,437 1,176,112 1,373,523
647,518
473,831 2,840,377
553,990
374,277
533,794
378,874 1,170,840
1,115
755
20
151
60
485
3,750
St. Louis Minneap
Kan. CUt
Dallas
$
$
13,754,309
Total deposits
Dererred availability items
Other liabilities, incl. accrued dlvs
Total liabilities.--
CAPITAL ACCOUNTS
51,106
53,326
136,107
9,341
[151,720
10,405
26,839
36,908
Capital paid in
Surplus (Section 7)
2,874
7,109
1,745
10,264
Surplus (Section 13-b)
Other capital accounts
Total liabilities and capital accounts 19,692,932 1,195,359
342
Commitments to make Indus, advs-.
9,080
♦
711
1,674
"Other cash" does not Include Federal Reserve notes,
a
Three Ciphers (000) Omitted
In actual circulation
$
$
421,151 1,358,600
93,491
18,031
364,029
17,958
480,563
27,834
234,078
14,119
173,075 1,125,187
51,045
14,225
203,61E
11,504
145,524
4,347
192,291
10,018
89,691
9.61C
439,452
403,120 1,265,109
346,071
452,729
219,959
158,850 1,074,142
192,115
141,177
182,273
80,0811
379,414
440,000 1,375,000
375,000
482,000
250,000
175,000 1,130,000
209,000
147,500
195,000
91.00C
464,000
85
88
40
25
107
440,055 1,375,085
375,088
209,040
147,525
195,107
91.00C
464,000
hand and due
55
493
Total collateral
5,333,993
-
United States Treasury
quoted
are
93
482,000
Asked
3 1940---.
May 22 1940
June 12 1940-
June 19 1940
Francs
Wed.,
Tues.,
Thurs.'
Mar.20 Mar. 21
Francs
Francs
Francs
Francs
-------
8,250
8,145
8,225
8,150
Bank de Paris et Des Pays Bas
1,020
994
998
1,003
1,008
Banque de l'Unlon Parisienne...
Canal de Suez cap..-—-------
500
16,750
500
501
16,850
500
16,660
500
16,655
622
2,130
550
625
2,122
555
627
2,165
552
753
250
Banque de France
8,255
629
2,110
546
16,690
622
2,120
555
Comptolt Natlonale d'Escompte
Coty 8 A
784
235
789
245
789
240
787
245
Courrieres
0.05%
8 1940
Mon.,
Sat.,
Frl.,
Francs
0.05%
5 1940
cable
,
Mar. 15 Mar. 16 Mar. 18 Mar. 19
0.05%
0.05%
0.05%
May 29 1940
June
0.05%
0.05%
BOURSE
of the past week:
0.05%
0.05%
May 15 1940
0.05%
0.05%
0.05%
0.05%
April 10 1940
April 17 1940.
April 24 1940
May
1 1940
270
558
266
559
1,699
262
555
1,697
268
560
269
555
1,713
1,714
284
634
Cie Distr d'Electricite
Cie General d'Electricite
Citroen B
Quotations for United States Treasury
Notes—Thurs.,
Mar. 21
-----
--------
Credit Commercial de France
Figures after decimal point represent one or more
32ds of
Credit Lyonnals.
-------
1,705
622
279
645
Kuhlmann.853
850
848
853
864
1,650
985
1,013
1,660
980
1,010
975
1,647
1,670
980
1,017
1,005
1,690
970
1,000
985
--
36
1,935
74.10
83.50
115.50
1,956
73.55
83.35
114.75
1,955
73,40
83.35
114.95
1,968
74.20
84.00
114.80
1,983
74.15
84.42
114.80
2,795
1,805
65
1,164
647
86
421
46
2,835
1,809
63
1,155
647
84
2,795
1,790
66
2,880
1,790
65
417
647
86
422
2,842
1,775
66
1,155
647
-■ 84
413
45
45
46
45
the
New
Closed
Energle Electrlque du Nord..—
Energle Electrique du Littoral..
point.
Int.
15 1940...
Dec.
15 1940.—
Mar. 15 1941—
15 1941
Dec. 15 1941.-.
Mar. 15 1942...
June
L'Alr Llquide
Int.
Rate
Maturity
June
Rale
1H%
1 K%
1K%
1H%
1}^%
1 H%
Bid
Maturity
Asked
101.23
10i"25
102.3
102.5
June
Dec.
Bid
104.29
Sept. 15 1942...
Dec. 15 1942...
100.10
Asked
104.31
1H%
104.16
104.18
15 1943
1K%
102.25
102.27
15 1943...
1
103
103.2
102.3
102.5
102.16
102.18
Mar. 15 1944.
103.16
103.18
June
H%
1%„
—
H%
1%
H%
15 1944—
Sept. 15 1944...
Mar. 151945—-
102.2
102.4
101
101.2
102.3
102.5
100.25
100.27
Lyon (P L M)
-
NordRy
—
Orleans Ry (6%)
Pechlney
Rentes, Perpetual 3%
-
1
4W%
5%, 1920
Saint Gobain C & C
——
Schneider & Cie
-
Soclete Generale Fonciere
Soclete Lyonnaise
«__
—
Tubize Artificial Silk pref
THE
BERLIN STOCK
EXCHANGE
Union d'Electricite..
Wagon-Llts
Closing prices of representative stocks as
each day of the past
week:
Mar.
Mar.
16
18
138
172
Prlvat-Bank A. G. (6%)
113
Deutsche Bank (6%)
116
Deutsche Reichsbahn (German Rys. of 7%) .129
Dresdner Bank (6%)
112
Farbenindustrie I. G. (7%)-.-—
181
Relchsbank (new shares)
107
Commerz und
Siemens & Halske
(8%)
(6%)
Vereinigte Stahlwerke
241
115
137
172
113
116
128
112
180
107
241
115
—
1,158
639
644
1,155
648
86
422
received by cable
Mar.
19
Mar.
20
Mar.
21
Mar.
22
Per Cent of Par
Allegemelne EIektrizltaets-Gesellschaft(6%)
Berliner Kraft u.Licht (8%)
978
1,010
Pathe capital
Soclete Marseillaise
w
60,038
Quotations of representative stocks as received by
Asked
Bid
•-
Mar. 27 1940.
PARIS
THE
Bills—Thursday, Mar. 21
for discount at purchase.
Bid
175,000 1,130,000
250,093
each day
a
$
5,227,268
332,220
Eligible paper..
May
San Fran.
Issued to banks:
from United States Treasury
April
?
%
Agent as security
Gold certificates on
Rates
Chicago
5,333,500
Held by Federal Reserve Bank
for notes
Atlanta
Richmond
4,895,048
Issuedto F. R. Bank by F. R. Agent
Collateral held by
2.187
STATEMENT
$
$
$
$
%
%
Federal Reserve notes:
Cleveland
Phila.
New York
Boston
Total
17
10,710
10,224
2.121
4,101
3,974
1,266
1,865
3,613
1,142
1,255
Less than $500.
FEDERAL RESERVE NOTE
Federal Reserve Bank of—
1,698
1,514
538
367,668 1.145,598
137
173
113
116
128
112
-179
107
242
114
138
172
113
116
129
112
180
107
244
114
139
174
113
116
129
112
180
107
238
115
Unite
i
States
York Stock
Hollday
,
Government
Securities
on
Exchange—See following page.
Transactions
at
the
New
York
Daily, Weekly and Yearly—See page
Stock and Bond
Averages—See
Stock
1905.
page
1905.
Exchange.
1890
March
1940
23,
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded In the day's range, unless they are
taken of such sales In computing the range for the year.
No
thq only transactions of the day.
account Is
United States Government Securities
Below
furnish
the New York Stock
on
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
'
Quotations after decimal point represent one or more 32ds of a point.
we
a
Daily Record of U. S. Bond
Dally Record of U. S. Bond Prices Mar. 16 Mar.18 Mar.l9 Mar.20 Mar.21 Mar/22
Treasury
120.17'
(High
Treaaury
107.5
107.17
107.17
106.30
107
Close
107.17
107.17
107
107.5
2
Total sales in $1,000 units...
15
61
Low
114:30
114.28
Close
114.30
114.29
Total sales in 11,000 units...
1
2MB, 1960-65
114.29
3
(High
(High
2Mb, 1945
44
-
~
_
m*drnm
mmmm
mmmm
Close
Total sales in $1,000 unUs...
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mrnrn-rn
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
Low.
108.31
mmmm
Close
2MB, 1948
Ix)w.
108.31
mmmm
Total sales in $1,000 units...
Total sales in 11,000 units..
101.6
101.4
101.4
101.4
101.3
I Close
101.4
101.3
(High
| Low.
101.4
101.4
Close
.
8
—
103.20
103.20
High
103.22
103.23
103.20
103.20
2MB. 1950-52
106.21
106.20
106.5
106.5
5
mmmm
106.26
mmmm
106.31
106.26
106.31
106.26
2
Low.
m
m
m
mm
mm
m
mm
106.5
mmmm
1
106.31
6
mm mm
m
mmmm
mm
mmmm
■mmmm
106.20
106.28
mmmm
Total sales in $1,000 units...
103.23
4
High
Low
mM
mmmm
106.28
106.28
mm m
Low.
103.22
Total sales in $1,000 units..
♦
5
High
2MB. 1949-53
mmmm
mmmm
mmmm
mmmm
108.31
High
Close
10
mmmm
Low.
High
Ms, 1941-43
1
107.4
(Low.
120.17
51
114.30
3MS, 1940-43
107.20
120.17
Total sales in 11,000 units..
3^8. 1946-66
107.17
120.14
(Close
4s, 1944-64...
t-» 00 Mar. 19 Mar.20 Mar.21 A/ar.22
O
Prices^Mar.16
(High
120.17
jlxiw.
4Mb, 1947-62
120.17
1
'
"
mm*" *
mmm
-
'
Close
103.22
103.23
Total sales in $1,000 units...
1
3
103.20
103.20
1
7
(High
Low
109.20
Close
109.20
Total sales in $1,000 units...
Close
Total sales in $1,000 units...
2
m
■
mmmrn
mmmm
109.20
3Ms, 1943-47
104.21
104.20
104.21
104.20
Total sales in $1,000 units...
1
25
109.27
109.29
109.25
109.27
109.29
109.28
109.25
109.27
DAY
109.29
109.28
109.25
109.27
Total sales in $1,000 units...
22
25
*1
1
*2
(High
110.16
110.16
110.14
Low.
110.16
110.16
110.14
110.16
110.14
25
5
1
3
105.12
mmmm
mmmm
105.12
m
m
m
m
104.3
103.30
104.10
104.2
103.27
Close
104.17
104.10
104.2
103.30
Total sales in $1,000 units...
1
110.14
1
18
Federal Farm Mortgage
m
m
3Ms, 1944-64
112.4
111.27
mm*+m
mmmm
■mmmm
mmmm
108.10
108.9
mmmm
108.10
108.9
108.10
108.9
Low.
112.22
Close
Total sales in $1,000 units...
112.22
111.7
(High
3s, 1946-48............' Low.
mmmm
1942-47
,
■
mmmm
111.1
'm
mmmm
■
Close
_
111.7
111.1
m
m'm
'
m
m'm
m
m
mmmm
mm
.
...
m
m'm
mmmm
....
mmmm
mmmm
mmmm
.
m
m
mm
mmi.m
m
mmmm
Total sales in $1,000
units...
111.1
mm
25
1
'■mmmm
mmmm
Low.
111.7
mmmm
mmmm
'
rHigh
26
mmmm
mmmrn
1
Low.
'
mmmm
■'
High
3s, 1944-49
mmmm
mmmm
Total sales in $1,000 unUs...
(High
II"
'
Total sales in $1,000 units...
80
14
:mrnmm
Close
111.27
50
23
'
Low.
111.30
112.4
Close
m
mm
m
High
Total sales in $1,000 units..
2
2MB, 1942-47
100
:
■
Low.
111.18
111.15
111.9
110.28
Close
Low
111.15
111.10
111.9
110.28
111.10
111.9
mm m
mmmm
l
tmmmrn
Total sales in $1,000
unUs...
111.15
.
nn
mmmm
(High
38, 1961-66
Close
Total sales in $1,000 units...
2MB, 1965-60.
109
108.11
108.19
108.31
108.30
108.28
108.11
108.14
109.5
108.28
Low
(Close
Home Owners' Loan
6
109.5
6
108.31
2
,
110.28
2
109.3
(High
_
108.4
108.1
107.30
Low.
108
108.1
107.27
107.29
I
Close
108.4
108.1
107.27
107.30
j High
.
Total sales in
108
1
3s, series A, 1944-52
108.11
108.18
4
11
7
High
109.17
109.17
109.12
Low.
109.17
109.16
109.12
Close
Close
Total sales in $1,000 units..
109.17
109.16
109.12
Total sales in $1,000 units...
*4
2
1
High
Total sales in $1,000 units..
2Mb, 1945-47
9
4
(High
2Mb, 1948-51
Low
I
High
1MB. 1945-47
109
•
(High
108.14
Low.
108.14
108.1
(Close
108.14
108.1
1,000 units...
2
107.27
107.28
107.28
108.1
*
■mmm*
107.30
*3
102.r
mmmm
1
107.27
107.28
107.25
107.8
107.27
107.28
107.25
107.8
Total sales in $1,000 units...
3
1
8
102.1
102.1
*1
1
J Cash sale.
Treasury 2Mb, 1955-1960
Treasury 2Ms, 1956-1959
5
of
sales
coupon
were:
Treasury 4s, 1944-1954
1
107.13
Low.
102.1
102.4
102.4
Low.
above table includes only
Transactions in registered bonds
bonds.
*2
104.20
_____
mmmm
Note—The
107.30
1
(Close
.114.24 to 114.24
IIIIIII"
.108.28 to 108.28
.107.28 to 107.28
52
High
107.19
107.3
107.6
Low.
107.18
107.2
107.3
(Close
107.19
107.3
107.3
Total sales in $1,000 units...
104.20
f Deferred delivery sale.
107.30
6
104.20
$1,000 units...
Odd lot sales,
12
mmmm
Close
Total sales in
3
(High
2
mmmm
Low.
109
Close
3
$1,000 units...
2MB, 1942-44
109
Total sales in $1,000 unUs...
„
DAY
rHigh
112.22
2Mb, 1958-63.
HOLI¬
mmmm
104.15
Close
2MB, 1966-59
mmmm
104.17
mm
112.4
Total sales in $1,000 units...
Total'sales in
'mm~m
15
m
m
mmmm
Low.
Low
2Mb. 1951-64
I
105.12
mmmm
104T7
■
(High
3Ms, 1949-62
10
40
mmmm
-mmmm
mmmm
High
2s, 1948-50
110.14
Total sales in $1,000 units...
3Ms. 1946-49
103.31
110.14
110.16
3MS, 1944-46
103.31
103.28
mmmm
mm
mm
Total sales in $1,000 units...
HOLI¬
109.27
109.27
103.26
mmmm
m
m
Low.
Close
Close
109.28
10
mmmm
'
m*mm
High
2s, 1947
Low.
(High
3M8, 1943-46
104.15
104.15
Total sales in $1,000 units...
104.20
Low.
Close
104.13
104.13
103.31
103.28
104.15
Low.
Close
104.21
(High
3Ms, 1941
104.13
High
2MB. 1951-53
11
14
United States
8
Treasury Bills—See previous
United States
Treasury Notes, &c.—See previous
page.
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
Ranoe Since Jan. 1
for
NEW YORK STOCK
the
On Basu of \0G-Share Lots
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Mar. 16
Thursday
Friday
Mar. 18
Mar. 19
Mar. 20
Mar. 21
Mar. 22
Week
$ per share
$ per share
Shares
$ per share
6778
*140
$ per share
68
145
*66i2
*139
*42
4512
*42
*46
47l2
*46
7*8
1734
48is
34
6'8
67i2
145
141
4512
47i2
6719
141
$
per
share
67U
*141
67U
*42
45i2
*42
47l«
*46
47ig
46
73«
7i4
73«
2478
243s
241?
1734
1734
4812
1734
177s
177s
1778
18
50
4978
50'>s
50
?8
7«
51t4
?8
78
6
6*8
v«
IDs
*34
10
1014
10
IOI4
*15
1534
21
2I3S
.
*78
1U2
*934
*9U
*1458
20i2
*71
618
3534
*1412
*184
67
1534
*67
36
1434
*1412
*134
1534
15i2
53 78
53
3834
63Vg
10i8
*1858
10i8
48
53
978
4614
6I4
1038
37S12
ID?
1034
161?
21i«
36
1434
1234
14
778
8
75S
18
243s
183g
49
50]8
1
ni2
IDs
1612
22
75i4
*10i4
1012
*12
36i4
*14i2
3634
13.1
161?
537g
*1534
163s
53i2
1914
*1834
5378
19is
*15
*5312
*185s
58
5934
2
Closed—
IOI4
Friday
1,200
1,700
40
2,200
1434
200
2
700
100
400
1534
100
400
10
*48
4834
10i8
48
48's Mar 16
s8 Feb 7
X In receivership,
300
9,500
1,300
Def. delivery,
100
100
war.
Alghny Lud St! Corp..No par
Alleghany & West 6% gtd.100
Allen Industries Inc
1
Allied Chemlrai & Dye. No
par
Allied Kid Co
5
Allied Mills Co Inc
No par
Allied Stores
Corp
No par
5%
preferred
A Ills-Chalmers
Mfg..
100
No par
Alpha Portland Cem
No
Amalgam Leather Co Inc
6% conv preferred
par
1
50
Amerada Corp
No par
Am Agrio Chem (Del)..No
par
Am A'nines Inc
10
American Bank Note
10
260
a
10
6%
n
preferred
New stock,
50
r
Cash sale,
x
Apr
120
Apr
3
33'2
9
3U2 Mar
49i2 No*
5612 Oct
3
6i2 Aug
19
Sept
25
6
9
Jan
45U
Apr
68
-78 Mar 11
84
Jan
7
7
Jan
8
5
Da
Jan
145g
Jan
8
3
1$
Jan
4
Jan
4
9i2 Jan 18
1334 Jan 19
18>4 Jan 15
72
Feb 19
9i8 Jan 23
171
12
Feb
2
12i2
17
6i4 Dec
h July
534 Aug
4l2 Aug
4i2 Sept
Mar 14
8
June
23i4 Feb 21
14
Apr
52
May
73i2Mar 21
ll38Mar 12
Feb 13
180
684
Apr
151i2 Apr
Mar 15
14
Jan 25
13i2 Jan 15
15
Feb
9
9i2
Apr
Jan
2
6
Apr
Jan
734 Mar 16
lli2 Sept
27i2
Mar
Jan 31
7li2 Sept
I49i2 Sept
1578 Sept
34Mar
9
Apr
2638 Mar 14
19ij Jan 4
58i8 Jan 2
1034 Jan 30
No par
war.
5M% pf A without war. 100
$2.50 prior conv pref. We par
500
2,400
Jan 16
17*8 Mar 14
par
53
8
487a Jan
21
Highest
share $ per share
Feb
6
Feb
per
70'4 Feb 14
45
7'a Mar 15
$
4114 Feb
147
3
10
200
Good
3684
10i4
48i4
10
48
...No par
Corp
Alaska Juneau Gold MIn
365s
14&S
19
par
share
per
4D4 Feb
Air Reduction Inc
No par
Air Way El Appliance..No
Allegheny Corp
6M % Df A with $30
5X % pf A with $40
1,600
1,400
4,800
1534
*53l2
Address-Multgr
6,200
200
73l2
59
97g
No
Express...
Adams-MIlllIs
1,600
Exchange
179
5912
46i4
Stock
h
58
97«
Adams
600
5334
1918
60l4
l0i4
46U
Mar 19
12i4
1334
81s
68i8
*67
1434
Bid and asked prices; no sales on this
day.
Mar 21
141
2
3534
134
1634
lOig
77g
3534
*14l2
53
73l2
1214
13i2
69
178
67
100
9,700
6i4
123s
1114
11
1612
2214
8i4
8
*67
1434
6i8
?8
1234
1378
1378
No par
No par
25
900
123s
*1912
*1012
1612
22l4
179
178i4 179
$
4M % conv pref
Abraham & Straus
Acme Steel Co
2,000
1,400
34
.
67
2
1914
5714
101?
179
7l2
1258
share
per
100
"""166
46
243g
6U
?8
*12
67
6i8
12i8
*iii8
*lli8
*1534
2!l2
*73i2
$
Abbott Laboratories
4512
75g
a;
Par
Year 1939
Lowest
Highest
600
24i2
?8
1
*135g
68J2
7%
2438
12
*72
101«
17914
1234
13l2
1312
734
734
*53
53
1034
16-4
205S
1018
*14
1834
*10
2034
179
36i4
2
lis4
11
*12
67
6's
78
]
1U2
*72
10l2
1012
17712 178
*12
1212
13l2
1312
7«4
T'&
7«
11
150
451?
*46
7*8
4812
V8
67
*140
150
67
*42
2458
73fl
1U2
♦
$ per share
25
25
*46
.
68
Lowest
Range for Previous
93a
10
Apr
Mar
Jan
Sept
U4 Sept
10
Jan
2
Sept
20'2 Sept
I8I4 Sept
18
Sept
23i2 Sept
28*4 Jan
69
Sept
1178 Oct
20012 Sept
1478 Sept
I5ia Sept
113s Jan
6 384
Jan 22
1
143s Mar 12
68
9
54i2
Apr
35\2 Feb
417a
Jan
4
28
Apr
16
Jan
9
I5g Feb 28
14i4Mar 15
2 3s Jan
9
1634Mar 18
56i2 Jan 3
1234 Apr
U4 June
71
Aug
4838 Jan
I97g Jan
33s Sept
21
-
12
Aug
50
Apr
1834 Mar 16
4134 Jan 12
978 Mar 18
4
16
Apr
6OI4 Mar 21
1U2 Jan 4
26
June
46
50
46i2 Dec
53
Mar 18
Jaa 22
Ex-div.
y
Jan
21
Ex-rlght
Jan
.
3
934 Sept
Sept
74i2 Sept
24i2 Sept
47
Dec
1734
Jan
60
Jan
f Called for redemption.
Si'
Volume
LOW
New York Stock Record—Continued—Page 2
ISO
PRICES—PER
HIGH
SALE
Monday
Tuesday
SHARE,
Wednesday
NOT PER CENT
Frid
Thursday
STOCK8
NEW YORK STOCK
the
On Basis of
Mar. 18
Mar. 19
Mar. 20
Mar. 21
Mar. 22
Week
$ per share
S per share
$ per share
$ per share
$ per share
Shares
7%
714
7i4
7i2
3878
38l2
3834
♦132
133
"132
114
114
113i4 114
♦1695s 172
*169% 172
23l2
3812
19l2
♦107
133
*39
3878
111
*134% 137
111
13
*1012
*7%
8
784
*6%
634
6*4
13
91
18ig
2934
1811S
1818
18is!
30
2914
4i8
4%
4l2
*323s
60
*28
*§1%
*5
6
15s
2214
5
I
4%
*41
4212
5114
•55s
4134
*234
19
19
19i8
54
54
13l4
13%
13%
52%'
20
54
13
*5112
2012
58
1312
284
234
*2i2
23l2
2378
2534
3*4
5318
4483
338
*2584
3
53%
53
5318
44l2
4484
4484
26
314
24%
I *645s
12U
*12
10%
473s
13
13
1278
*16
1678
*1638
*19
20%j ' 18%
87
*16%
172
175s, *16%
87l2
8734
8812
88%
14434 146%
5
5lg
87%
87%
89
*145% 147
5%
5%
87s
9
*9312
17%
17234
171
172%
86%
4838
97
200
884
5*8
9
97
7
7%
73s
39%
40*4
40*4
41
6%
6*8
6*8
43
*40
40
43
*40
273g
273s
36%
35
35
*2134
22
22
22
27l8
11178 112
112
112
*12
14
*12
14
234
3414
2*2
2*2
*34*8 3538
109*4 109*4
8*4
778
*4034
658
6i2
43
2878
28*4
283s
*35
*95*4
*40
283s
37%
*35
2134
1103s 11034
*22
*35
2134
*110*8 110*4
110
*60
38*4
*60
10
10
83s
*
8%
*83g
83s
*
100
10%
*8*2
105g
39*2
107s
39*2
107S
9
*8*2
*
100
100
68
*60
39
105s
87s
100
*60
39*4
107s
*812
*85
Exchange
75
75
*72
7%
76*2
*74
Closed—
*68
74
*68
74
*70
*43
4578
*43
100%
*99
*99
215s
14
15
15
1
225s
225s
*107
|
109
93s
9%
49
*48%
*69
72
*117
120
*6%
1%
*43g
*2758
6
14
478
*534
•
45
99
99
2134
21%
2134
2178
22
53
17
16*4
16*2
16%
*12
*43
100*4
*51
52*2
53%
53*4
17*4
13%
53*2
53*2
17*8
*12
*14*8
22%
1634
*12
13l2
15
2234
14
49
48
49
6834
*6834
6834
*117
120
*117
*117
120
1,400
9%
48
*69*4
117
AnchorHockGlass Corp No par
4%
*4*2
*29*8
6*2
*14*4
*7*2
28*2
63s
1458
5
6
11
45*8
15
8*8
28*2
6*2
11
11*8
14*4
14
5
47s
14*8
478
534
14i8
47s
6
578
10*2
*4334
11%'
30*2
734
28
Ills
11
30
2934
2678
124
9*8
69
31*4
31%
2178
2178
55U
55*2
*36
37*4
72
733s
119
27
20*2
934
27
27
5
15ig
5*8
6
578
10*4
103g
44
44
*145s
*7
28
1078
15
8*4
28
11
295s1 30*4
J 113*2 11312 *113l2
*11312
*11312
*10534 113
14%
*10534 113
307s
27*2
27*2
293g
*2634
28
9*4
*6534
30*4
21*2
55*2
36*2
717s
100
"MOO
200
300
1,400
!
400
2,900
24,900
3,800
300
"""266
*11738 119
2634
*193s
9*2
478
578
10*4
10*2
2,000
119*2 11912
1,100
27
27
20
20
9*2
934
27*2
*20
934
95g
18
*17
18%
xl8%
18*2
15
*14*2
15
*14*2
15
*66*2
20*8
193s
prices; no sale
*66*2
7234
20
on
-
7234
*66*2
205s
2138
21*2
this day.
200
I93g
72
15
10
12,600
22*4
{In receivership,
a
Def. delivery,
100
9
Jan 11
81
Oct
4434 Mar 20
100i2Mar 8
25i4 Jan
38
June
90
Jan
100
June
21
Sept
z4934
Dec
71
Apr
30*8
Aug
2634 Sept
26
Sept
2434 Oct
3
21i2Mar 19
50*2 Feb 24
16*4 Mar 16
1334 Feb 1
13*4 Mar 20
5434 Feb
23% Jan
18
5*4
Jan
I884
15
Jan
23% Feb 16
Jan 2'
Apr
9% July
Apr
9
50
Aug
48*8 Aug
71
Sept
116
June
127
Jan
Apr
8
Sept
4
1*2 July
2
Apr
3%
Jan
16
Nov
30*2
Jan
7% Jan
14
Mar 16
18
3*8 Aug
9*8 Aug
3% Aug
434 Sept
Jan
26*8 Feb
8
1034 Mar
1
25*4 Jan 15
10938 Jan 10
Feb
6
Jan 15
6334 Feb 27
26% Jan 15
8
Jan
3534 Mar 19
70*8 Jan 22
115
Jan
2
18
Feb 29
Jan
Dec
30*2
Jan
49
Dec
87%
Jan
10*4 Aug
21*2
Jan
6
Apr
13
Jan
29% Mar
6
24%
Apr
33
Feb
19*2
Jan
13% Jan
4
32
9
Mar
115'^ Mar 12
29*8 Jan 25
10934 Mar 7
30% Mar 12
127
Jan 21
9% Jan 27
64
Feb 28
11*8 Aug
15% Apr
109*2 Oct
17
Apr
Apr
107% Nov
2734 Sept
104% Sept
7% Apr
128*2 Aug
Apr
17%
Apr
22*2
Dec
48*8
Apr
Sept
56
Deo
Nov
32
3
50*4 June
99% Apr
15% Apr
22% Jan
8
15
Jan
4
80
Mar
25% Feb
Nov
16%
52
3
5
32
958
73%
3384
Jan
Jan 26
26% Nov
115% Nov
28
July
98
83*4 Jan
39
121
14% Mar
x Ex-dlv.
884
11% Sept
11*2
9
5512 Jan
19% Mar 18
9% Nov
21% Sept
8*8 Jan
11% Jan
23% Jan
r Caah sale,
5% Sept
5*2 Mar
9i2Mar 18
n New stock,
4*4
32*8 Mar
No par
5
110%June
7
Jan 15
Black & Decker Mfg Co No par
Boeing Airplane Co
Jan
6
34*2 Jan
Bloomlngdale Brothers.No par
Blumenthal <fc Co pref
.100
Jan
Mar
1*2 Mar 2
178 Feb 7
1634 Jan 19
26*4 Mar 18
19% Jan 16
5
9*2 Aug
18*8 Sept
104% Apr
42%
435g
9% Mar 19
pfd$2.50d!v ser'38No par
Ino
Oct
Jan
Apr
56*4 Jan 18
Bliss & Laugblin
Jan
Apr
Jan 15
Blaw-Knox Co
7834
Oct
Dec
41
Feb 19
100
10%
30
55
No par
Apr
70
21
7% preferred
5%
Jan 16
Beneficial Indus Loan..No par
Pr
73
Jan 11
.9
300
*18*4
*14i2
Jan
9i2 Jan
96i2 Jan 12
10*2
85
20
2,900
*20
Mar
78
No par
978
20*2
Jan
13
Feb 10
122
Bethlehem Steel (Del)-No par
Jan
68
34% Mar 8
22*2 Mar 13
Best & Co
Sept
Feb 13
30*4 Jan 15
5
50
Dec
884 Sept
70
50
Bendlx Aviation
60
75
113i2Mar 19
26% Mar 16
20*2
27*2
934
Beatrice Creamery
Aug
Apr
65
'
No par
100
25
No par
Bigelow-Sanf Corp Inc. No par
28
10
.5
3%
3334
Mar
1534 Feb 16
1st preferred
Deo
Bept
106
Sept
7% Sept
5% Apr
52*2 Jan
Bayuk Cigars Inc
4
31*4 Sept
7*2 Jan 23
BarnsdalJ OU Co
21
37
4
4
7
1334 Jan 18
50
Apr
Feb 13
6434 Feb
43*2 Mar 18
500
*27
*14*2
*67*4
19*8
73
400
6
Jan
Apr
Apr
May
97
Mar
54%
1%
Feb 29
6*4 Mar
6484 Sept
884
21
10
Belgian Nat Rys part pref
1,100
14,900
Feb 23
No par
Beldlng-Heminway
75i2
15
111
3% Jan 3
35*2 Feb 27
6% Jan
100
36*4
114»4 June
14% Jan
600
56
27% Aug
Jan
478Marl5
Beech-Nut Packing Co
7434
Apr
8
6*4 Mar 18
10*4 Mar 20
$5 preferred w w
Beech Creek RR
1,300
13%
2
Jan 10
...--100
50
100
4,900
1,900
28", 700
35
Jan
114
{Baltimore & Ohio---——100
11
31*4
500
Sept
Sept
Sept
8% Mar
2% Jan
28*2
*27*4
2734
*1057s 112
12
12434 Jan 10
5Ji% preferred
Jan
Aug
15*4 Sept
40
Jan 29
110
14%
96
48
Feb 29
Brothers
3%
Jan
Apr
Apr
3
8
Barker
4*8 Sept
8% Apr
78
Apr
153*4 May
8% Jan
2O84
Jan
57
Oct
Sept
Apr
120
4% preferred
75*4
132
Aug
100
13
Oct
Sept
97*4 Sept
4
No par
Baldwin Loco Works v t c
34
24
No par
No par
Jan
14*2 July
18*4
283g
5% conv preferred
Atlas Tack Corp
Nc par
of Del (The).3
41
Jan 11
Atlas Powder
$5 prior A
Aug
July
Aug
Apr
9
Apr
15% Apr
75% Mar
13% Deo
20*8
8*4
Feb 21
Feb
80
20
734
43*2
31%
38*2
73
Aviation Corp.
Nov
69
153
Apr
Apr
Jan 15
100
114
9
3
3
63
800
1078
31*4
Jan
9% Jan
47*4 Jan
99
Feb 14
Austin Nicholas
144
Oct
140
Jan
51
tAuburn Automobile..No par
Jan
Jan
110
50
20
46% Sept
63
Sept
Deo
20i2 Jan 15
6% preferred
Jan
80*4 Sept
153g Mar
18*2
1073s Mar 8
83g Jan 12
4734 Jan 2
...
Jan
87*2
8934
25
8*4
56
27
100
5% preferred
Jan
171%
4% conv prefserles A...100
Atlas Corp
6
Atlantic Refining
1412
36
20*2
Atl G & W 1 8S Lines..No par
45*8
*27*2
100
Atlantic Coast Line RR
*712
3634
75*2
119
100
22*4
Apr
10% Jan
7*4 Mar 16
1
Nov
188s
Apr
41
Jan 12
49
162
73
Jan 15
8*8
Sept
Feb
148
Jan 15
96*2 Jan 12
100
9
25% Aug
35% Apr
127*2 Sept
59% Apr
Jan
7
58% Nov
7
Feb
10
Artloom Corp—.....No par
6% preferrred
Mar 13
37
6
..100
100
18
Dec
z26
175*4 Mar 12
110
5*8 Jan 21
46*4 Jan 23
68*2 Jan
100
6% 1st preferred
7% 2d preferred
Jan 27
106*2 Jan
N# par
Associated Dry Goods
Feb
Mar 21
11
__6
Constable Corp
1412
*44
55*2
119
Arnold
Feb 23
22% Mar
Mar 19
2i2Mar 18
31*2 Jan 12
No par
Armstrong Cork Co
Bangor & Aroostook
Conv 5% preferred
Barber Asphalt Corp
900
7434
*17
Bld and asked
1478
5512
18
69
370
3634
15
21
900
26,500
9,900
4,600
74*4
11834 11834
73
18
69
1,500
30
65s
534
478
100
56
3534
7234
$6 conv prior pref
7% preferred
36*2
*55
36*2
19
Armour&Co(Del)pf7% gtdlOO
7% preferred
*12212 124
*122*2 124
*12078 124
9*4
9*4
9%
*9*4
9*4
9*4
9*4
69
69
*6558 69
69
*655s
*65*2
32%
3278 33*8
3318
32*8
313s
31*2
22
2178 2178
2178
2178
2134
2178
55i2
35
conv
Armour & Co of Illinois
2
110
Archer Daniels Mldl'd.No par
4,100
1,000
Jan
26*8 Jan 22
preferred.No par
Andes Copper Mining
20
A P W Paper Co Inc
5
200
124
*122
L*14
205s
145g
114
*10578 113
*10534 113
$6.50
500
71
3012
6*8
Marl6
5*4 Jan 30
39
Anaconda W & Cable..No par
120
63s
6*4
39
"""266
49
438
6*4
100
Preferred
93
6% Feb 23
12% Jan 4
8*4 Mar 18
$5 prior conv pref
25
Anaconda Copper Mining. .50
520
934
30*2
150*4 Jan 22
333$ Jan 3
Jan 12
5
Jan 22
500
15
3012
30
9
150*2 Jan 21
Mar 18
200
1%
478
4*2
Feb
1434 Mar 18
7
15,000
2234
*1*2
70
9084 Feb 23
86*4 Jan
Amer Zinc Lead & Smelt..,
109
1*2
11
«
*13*2
2258
*107
4
3
l4634Mar 21
89
Jan
95
$6 1st preferred
American Woolen
f
•
No par
..No par
100
100
14
1*2
30
85
Am Type Founders Ino
110
Am Water Wks & Elec. No par
3,300
1,000
17
14
1*2
478
6
1434 Feb 29
16734 Jan 15
25
1,700
Friday
2
2;
..100
6% preferred
Jan
1
5,300
17
Jan
Amer Telep & Teleg Co... 100
American Tobacco
.25
5334
1*2
434
414
Jan 18
22
22
1*2
29
Feb 28
66*4 Mar 19
97*2 Jan
1*2
4%
142
149
11*8 Feb 23
Apr
IO84
52*2 Jan
Jan 22
3658 Jan 12
1*2
29
34
50
Jan
12*4 Mar
Am Sumatra Tobacco..No par
8,000
75g
295s
958
70i2
7012
71
120
2
46
5% preferred
100
Atch Topeka & Santa Fe..l00
*65s
4312
14*4
778
2834
27
4934
2984 Feb
Assoc Investments Co.No par
65s
4312
14*8
*7*4
*27*2
*19*2
4878
par
60
65g
14%
119
97s
70
par
64*4 Feb
11*4 Jan
9% Jan 16
"166
6*2
44%
9*8
*65*8
958
978
49*4
17*2 Jan
4H% conv pref
100
American Safety Razor.. 18.50
Oct
Apr
32
Apr
28
Apr
8*2 Sept
140
Sept
11% June
Jan
13% Mar 16
40*8 Jan
124% Mar
3%
Mar
25
Dec
21% Sept
10% Jan
45
6*2
14
124
1334
2278
54
163
8
99
738
4384
265S
1334
2284
*1067s 109
Jan
5*8 Sept
112
Mar
5*4 Jan
63*4 Jan
8%Mar 15
Apr
22%
Mar 19
26
43
2%
Mar 20
121
99
*52
Jan
4
Jan
Mar 18
*43
*6*2
11*4
*27i2
14
734
73s
11*4
734
17
22%
93s
4434
100
*12*2
14
2234
9*4
9*8
4434
*99
*10678 109
*10678 109
11*4
*11
7*2
4578
2158
22
*51
7%
Jan
1534
4,000
1,900
2,900
74
7%
7*2
Jan
79%
Apr
2338 Feb 23
Good
734
76*2
75
30%
Aug
11
1838 Jan 23
9
75
*7*4
Aug
41
81
100
75
13
Jan
25
6
Common class B
Sept
147g Jan
3% Jan
Mar
600
9
60
100
Stock
Deo
3% Aug
Aug
25
2234 Jan
Mar 18
155
100
60
Mar 14
23*4 Jan 30
25
Sept
8
Sept
43% Sept
52% Jan 23
American Sugar Refining..100
Preferred
100
107a
*68
73s
6% Jan
42
13i2 Feb 16
17*4 Jan 5
900
75
Jan
Feb 24
"""800
76%
7%
33
Feb
39*4
*68'
Apr
2% Mar
25% Apr
4184 Apr
1%. Jan
14% Jan
384 Sept
15
68
*75
25% Nov
12
500
234
68
Apr
12
*34l2
3878
Apr
No par
22l2
110*8
39
4
Preferred
Co. .No
Co-No
30% Nov
984 Jan
Apr
3*4 Feb 19
30i2 Feb 24
5
Amer Ship Building
Jan
5
60% Mar 21
2:51*4 Mar
American Seating
11% Sept
18% Sept
86*2 Sept
10
37
25gMar 15
22*8 Jan 26
..100
17*2 Sept
884 Feb
12%
No par
37
68
2
$6 preferred
American Rolling Mill
Aug
5%
13
No par
$5 preferred
No par
Am Rad & Stand San'y.No par
132
6*4 Sept
3% Jan
6O84 Feb 16
18*8 Feb 1
51*8 Feb 16
American Locomotive..No par
Preferred
4
100
Oct
115% Mar
7*4 Jan
6i8 Mar 16
40% Jan 24
60
Oct
25%
Dec
American Stores
""960
2834
*60
pref
Oct
64
1%
American Stove Co
612
*3858
10*8
conv
40*4
2% Sept
26*4 Jan 22
*12
5l2
5%
Jan
116*2 8ept
179
July
484 May
Amer Steel Foundries..No par
43
50
512
24*4
100
pref
American Snuff
1,400
77s
50
558
50l2
non cum
Amer Internat Corp...No par
6% preferred
4U4
68
5%
50
6%
No par
Amer Smelting & Refg. No par
Preferred
100
"MOO
*12
14
14
*1214
14
*2*2
3%
234
*212
3
35
35
35*8 35*8
3512
109*4
10834 10834 *107*4 109*4 *108
5&s
55g
512
5%
5*2
5l2
52
53
52%
52i2
*51*4
52
*10834 109%
American Ice
Feb
Aug
24*4 Jan
35*4 Jan
6*g Jan
33% Feb 13
56*4 Jan 13
2*8 Jan 3
American Home Products... 1
61
Mar
Jan
140
28*4 Jan
4*8 Mar 18
50
Aug
8
5784 Sept
2*8 Jan
Mar
2878 Jan
500
98
3834
*2%
34
10
American Hide & Leather... 1
300
8734
4U2
*40
22
275g
97
6%
40
37
2712
*35
5*4
9*s
9
97
39
6*8
680
3,300
4878
8
*95
700
10*4
10*4
10*4
3012
30*8
30*2
49l2
49*4
493s
146
146*2 146l2
14634
6634
67
*65*4 66
*149*2
*149*2
2678
273g
2634
2684
1234
1234
1278
1278
*1584
1612
*1512
163s
20
20
1934
2012
87
87
8512
85*2
16*2
*16*2
1678
16*2
171
172*4
17134 172
10*4
30
878
97
73s
6%
5,300
2,100
7%
6%
13,300
12
39%
738
39
834
*93l2
1,800
2,600
66
89
Amer Hawaiian 8S Co
Dec
5
share
per
3*4 Mar
5*2 Jan
4
484 Mar
18
3
12
8834
No par
119
10
145*4 14512
*5*8
5*4
9*4
9*2
$6 preferred
Apr
9
91
1*2 Feb 28
21*8 Mar
No par
No par
Amer Power & Light..-No par
155
87
$7 preferred
Jan
May
5*2 Sept
6*4 Apr
Jan
143g Feb 23
10i2 Jan 26
81*4 Jan 2
2*2 Jan 17
5
Apr
Sept
16% Aug
30*4 Aug
13*i Apr
9% Mar
3
Corp._20
6% 1st preferred
83%
150
2
2
3
8*4
2
6% conv preferred..... 100
American News Co
No par
66
89
89*4
14478 14478
Feb 23
23*2 Jan
6% Jan 15
110
12
87*2
13
9
32*2 Jan
5134 Jan
16
18
Feb
6
10
.
176*2 Jan 16
' 6
10*4 Mar
Co NJ25
100
66
87*2
Am Coai Co of Allegh
10,600
II84
85% 85%
*16%
17
17184 172
87%
87l2
88l2 8912
*14438 14534
5%
5%
109%
Amer Metal Co Ltd...No par
66
4884
Feb 15
1,900
12
103s
138
400
66%
30I2
Jan 15
Amer Mach & Fdy Co-No par
Amer Mach & Metals..No par
145s
30
86
86
87
300
1,500
13*2.
14*4
*10i8
__
*149%
26%
2634
1,800
55*8
1338
15
144i8 *143% 147
67
—
6634
67
*14912
263s
2678
2678
1258
1234
1278
*1534
1658
165s
19
1934
1934
67
"""2OO
21
*54
155
156
133
Amer Invest Co of Ill—No par
1412
12
48
„
*143
68
*155
Ids
31%
1018
300
14%
*65
66
*3012
48i8
157
1214
30%
*41l4
*5H2
20%
.
85s
834
884
*155
157
*155
157i2 *155
14
1384
1378
135s
I4i8
85s
66%
100
234
2478
234
284
24
122
2534
500
*234
3*8
27s
25
2434 2434
121
♦118
121
124*8
124*8 *117
26
26
26
26
*2534 26
3
3*8
3%
3*8
3*8
3*4
54
*53*4
*5314
53*2 545g
53i2
45
4478
45
4578
4484
4484
85a
878
85s
87s
8%
878
284
233s
*54%
133g
~1,500
29
538
4134
52l2
*5l4
4184'
American Chicle
6% conv preferred
35
60i2
278
*27%
53s
*5%
*41
1914
54
1314
2314
278
29
*28
5%
5H4
5H2
*116
5
60%
278
1912
4778
2,400
3,800
60
54U
*66%
*149%
2634
3078
434
60
278
29
1314
*140% 146
3034
60
19
*64%
12%
10%
30%
400
*32i2
28
5H2
122
1834
5934
*234
*27i2
*5ifi
100
17 2d preferred A
600
1834
35
5414
*116
15s
*33
Feb 1'
Amer European Sees...No par
514
34
109
AmerA For'n Power—No par
22
*5
*32
5
.
800
6
22
18%
31%
478
Mar
No par
preferred
l'ioo
20
25a
184
5%
18l2
3034
43s
25g
*5
22
*5
30
438
I84
22
106
100
10
..100
American Encaustic Thing
1
1312
90
25s
100
Preferred
Am Chain & Cable Inc.No par
American Crystal Sugar
13%
90
Apr
5
700
13%
91%
116*2 Jan
125
19
Am Comm'l Alcohol
*13
60
*41
20
Jan 12
Feb
112
i
3*2 Aug
3is4 Apr
4534
132
Highest
share
per
Mar
Mar
Mar
Mar
American Colortype Co
*89%
25s
2912
2%
300
»
1693s
23%
38*2
19i4
25
American Car & Fdy..No par
5 % cony
share
5
130*2 Jan
100
Preferred
500
6
158
2214
*45s
100
per
8ig Feb 20
Jan 3
Jan 13
5*4
38*4 Mar 16
..100
American Can
200
1234
19
*5
62
*684
1
Lowest
Highest
$
$ per share
Fdy.No par
8i4
678
*778
6%
7
91l4
234
*18l2
28
5%
4112
8*4
3412
*284
29
5i8
*41
13
8*4
2,900
1,000
1,000
20%
*108
llll8
I36l2 137
*10i4
13
109
*1014
10l2
8%
4i2
60
234
109
2912
*32
3518
*5914
234
111
234
1*4
300
4134
*5
22i2
5
T.766
20%
634
6
lh
*2184
*45s
1*
4034
20
284
234
*6
22
40
1934
1234
5U
158
40
20
*89
*41*
22
40
American Bosch Corn
Am Brake Shoe &
5H% conv pre!
25l2
10%
*778
13
*89
6
25
684
13
92
27s
25l2
*13412 13634 ♦1355s 137
734
13
234
24%
*1912
13
♦89
♦5
243s
*107
*13412 137
*10%
4,500
1,200
75g
40i2
39
19i2
*107
7i2
75g
40
24
3934
19i4
1912
7%
75s
39
x40% 40%
*132
133
*132
133
*131% 133
11312 11378
113U 11312
114i8 114i8
171
171
*1695s 172
169% 170
2414
2334
24
7%
39
Par
Year 1939
100-Share Lots
Lowest
Mar. 16
■
I
EXCHANGE
$ per share
38*4
|
■
r Previous
Range for Previous
Range Since Jan. 1
Sales
for
AND
Saturday
1891
Oct
Jan
Oct
57*2 Mar
100
8ept
120*8 Sept
3234
Oct
Apr
24%
Oct
Apr
1784
Jan
22
Dec
36*4
14
8%
Oct
13%
Dec
23% Mar
35
Apr
67
Deo
16*4
Aug
3484
Jan
yEx-rlghts. f Called for redemption.
New York Stock Record—Continued—Page 3
1892
SALE PRICES—PER
HIGH
AND
Monday
.
SHARE,
NOT PER CENT
Tuesday
i
Wednesday
Thursday
Friday
Range Since Jan. 1
Sales
STOCK8
for
LOW
Saturday
NEW YORK STOCK
the
Mar. 18
Mar. 19
Mar. 20
Mar. 21
Mar. 22
$ per share
$ per share
$ per share
$ per share
$ per share
$ per share
*
On Basis of
Shares
25
25%
257g
25%
25%
25%
70%
*68%
25%
25%
*24%
25%
23%
23%
24%
23%
21%
21%
25%
2334
22
22%
21%
*2
2%
2
*2
31%
*31%
32%
*31%
6%
6%
10%
6
21
2H4
38%
z20%
6%
1034
20%
*38
38%
10i2
212
2%
I8I4
18%
22%
20%
9%
"4%
38%
38%
20%
38%
52%
52%
*38
52%
38%
234
234
18%
*18%
18%
2%
18%
22%
22»4
22%
22%
22
*88
90
100
52%
52%
2%
87
2,800
4,500
900
2034
*38
18%
3
11,800
10%
20%
500
3
11,500
18%
22%
2,000
25,800
90
200
60
60
60
60
60
2,700
20%
20%
20%
20%
2O84
1,300
1
*35
36
*35
24%
24%
9%
9%
9%
*105
106%
4%
5
38
36
9%
106
106
'5
38
*35
25%
9%
24%
5
38%
90
22
15
6%
87
434
*36
20%
Jan
Borg-Warner Corp
Boston <fc Maine RR
20
9%
*106%
434
10%
♦51
24%l
23%
9%
*106%
10%
Mar
62
1
3,900
5934
36
23%
10%
2034
117
——5
100
Bower Roller Bearing Co
5
25%
2,600
Bruns-Balke-Collender.No par
9%
9%
2,300
Bucyrus-Erie Co
*106
106%
5%
5%
38%
38%
38%
5%
5%
40
5%
4,800
I
5%
40
5
100
7% preferred
Budd (E G)
230
No par
100
Mfg
7% preferred
39
5%
23%
5%
23%
22%
23
23
23%
24
24%
24%
700
32
32
32%
30%
30%
30%
19%
20%
20
20%
30%
20%
6,600
11%
11%
19%
11%
30%
20%
2,400
19%
3234
19%
130%
19%
11%
*11%
11%
11%
3%
11%
11%
Burlington Mills Corp
1
Burroughs Add Mach..No par
*9%
10
3%
3%
9
9%
634
6%
*22%
3%
11%
67
22%
3%
*8%
3%
3%
*9
10
24
3%
10
6%
*634
22%
*22
22%
*3%
*3%
11%
11%
67
67
22%
2234
400
3%
11%
6434
3%
3%
2,200
11%
11%
900
*63
14%
*14
6434
14%
*13%
1434
23%
23%
*13%
23%
14%
24
*14
23%
*52
53
53
*52
52%
1%
*52
*52
1%
1%
1%
6%
14%
1%
634
6%
6%
*14%
14%
14%
1434
19%
20%
19%
20
*38
3834
5%
38
5%
38
5%
5%
*41
41%
*86%
23%
2334
3
3
88
*37%
5%
20%
*37
39
39
65
88
24%
2%
*2234
2334
234
234
*113% 11434
*4%
4%
*7
8%
*5
5%
*94
38%
6%
29%
*19%
38%
6%
30
20
*19%
4%
4%
38%
39%
5%
6
10JO0
*38%
39
300
Cannon Mills.--
5%
*5%
5%
100
Capital Admin class A
42%
41%
41%
*41%
43%
90
88
*87
8834
260
23%
2%
27g
*67% 69%
*117
11834
500
8734
88
2334
*2334
x2%
2%
278
67%
117
50
6
24%
2%
67%
117
50
2934
30%
115% 116
116
10%
1034
234
2%
112
114
484
8%
*7%
8
*5
5%
*5
5%
*38
102
3834
*94
38
6%
6%
30%
20
30%
103
21
21
24%
2434
102
*94
38%
6%
31
30%
*19
20
*19
103
*102
*21%
*25%
22%
26
4%
*4%
434
39%
39%
3978
94%
94
94
*1%
134
40
Exchange
700
1,100
Closed—
Good
8
*29%
4%
39%
1,800
31
Cerro de Pasco
2,600
38%
6%
Certain-teed Products
890
22
700
%
3ie
1,600
%
3,500
%
%
11%
11%
%
%
h
11%
34
*<h
11%
11%
*34
35
*34
35
*34
*46
49%
*45
49%
%
*45
*%
%
%
*%
%
*%
1034
10%
*1134
10%
*34
35
49%
%
%
*46
49%
5%
*30
1234
5%
33%
*10%
12
11%
5%
5%
*30
33%
578
*30
10%
12
6
31%
*12
15
Jan 18
^Chesapeake Corp
No par
Chicago Pneumat Tool-No par
"""160
Pr pf ($2.50) cum div No par
tChlc Rock Isl & Pacific—100
7% preferred
100
35
1,900
%
600
800
*10%
*12
Preferred...
$3
%
1034
6%
6
*30
preferred—No par
Chickasha Cotton Oil
2,200
Chile
25
Copper Co
8384
8434
83%
84%
84%
86
85%
8534
84%
85%
16~400
13%
13%
13%
13%
13%
93%
13%
13%
13%
700
City Ice & Fuel
94
94
13%
*93%
100
6H% preferred
City Investing Co
City Stores
94
94
94
94
*45
3%
35
3%
35
93%
*45
*45
"3%
'2%
278
3434
34%
*—.
34%
278
35%
94%
*45
*27g
3%
35%
37%
3
37%
65
"""306
3
37%
2,000
66
112% 112% *112
11278 *112% 11278 *112% 1127g *112% 112%
42
3934
40%
39%
39%
3938 40
x40%
41%
4234
85%
80
*77%
*77% 85% *78
*78%
85%
*78%
85%|
*48
*48
*48
38%
41%
*140
38%
38
38%
42%
41%
4134
141
140
140
38%
4134
141
118% 118%
120% 120% *119
*62
*62
*48
38%
39
39%
39
427g
43%
42%
X140
2,900
*48
42%
141
40
140
140
3934
43
2,400
5,200
63
6334
18%
141
50
Chrysler Corp
17%
*384
*4%
*3%
25
24%
5%
87%
17%
4
5
4%
25%
25%
5%
28
Clev Graph Bronze Co (The). 1
Clev & Pitts RR Co 7 % gtd_50
Special gtd 4% stock
50
Climax Molybdenum—No par
Cluett Peabody & Co..No par
Preferred
100
600
63
200
Coca-Cola Co (The) —No par
Class A
No par
8,600
Colgate-Pal molive-Peet No par
2,900
1,900
Collins & Aikman
6%
29%
29%
29%
2934
30%
*29%
30
*109% 112
*109% 112
*109% 112
17
*17
18%
17%
17%
*17%
18
4%
378
3%
*334
4%
*384
4%
*334
*4%
*334
5
434
4-%
4%
5
*334
2478
2434
5%
8678
25%
25
25
25
434
25%
25
25%
2478
25%
25
5%
5%
87%
86%
86%
5
434
*86%
87%
*72
75
*72
75
72%
72%
7212
*94
9534
♦94
95%
9534
957g
96
8%
8
8
*784
8%
734
*21%
45%
*105
87%
22%
45%
23%
45%
107% *105
5484
*110
55
54%
112% *110
•13%
1
1384
1%
63%
63%
32
32
•
""406
20
25
5%
247g
5%
247g
5%
*334
23%
45%
*23
45%
107% *105
54
54%
112% *110
13%
1
*63%
3178
Bid and asked
13%
1%
13%
23%
23
45%
45
107% *105
54%
112%
14%
54%
112
137g
72%
72%
23
*21%
45%
107
14%
1
1
1%
64
64
32
317g
32
317g
64%
32
prices;
no sales on this day.
45%
*105
Oct
18% Apr
23g Apr
103% Sept
6
35% Jan 2
7634 Feb 14
pref called
35% Jan
35% Jan
136
9
2
Feb 29
118
Jan
2
61
Jan
8
16% Jan 15
103% Mar
5
5
28
Mar 18
Feb 28
Colo Fuel & Iron Corp.No par
17
Mar 18
3
Jan 19
Colorado & Southern
4% 1st preferred
—100
100
4% Jan 19
3% Mar 12
600
700
Columbia Pict
70
2234
200
3,100
$2.75
112
100
14%
15,900
1%
5,500
64%
600
32
18,900
a
Def. delivery,
t c
No par
preferred.No par
conv
preferred
conv
Commercial
Solvents..No par
Jan 13
Mar 20
x
% Aug
% Aug
10
31
25
Apr
91% Jan
14% Jan 26
53%
9
Apr
Apr
79
Jan
Feb
Feb
6
Jan 30
384 Jan
38% Mar 12
65
Mar
6
114% Jan 10
43% Mar 8
78
Feb 19
*39% Mar 14
45% Mar 7
7% Apr
46% Sept
2% Apr
15
Apr
68
Feb
106% Sept
20%
69
63
19% Jan
2
Mar 20
Jan
6
51% Jan 15
110% Jan 9
13
Mar
2
1
Mar
1
Ex-dlv.
y
Jan
34% June
21%
Apr
125
Sept
105
Sept
58
Jan
20
Feb 21
106% Feb 0
10334 Jan 30
35% Feb 3
112% Feb 10
19«4 Jan 3
4% Jan 2
5% Jan 3
4% Jan 12
26% Mar 12
26% Mar 12
7% Jan 4
92% Jan 10
Jan 26
9
Apr
Sept
4
Feb 14
123% Jan
Mat 21
684 Jan
Apr
4% Dec
Feb 27
142
79
30% Jan 15
Cash sale,
% June
10% Mar 18
13% Mar
6% Feb 29
97
Commonwealth Edison Co..25
r
30% Aug
44
Aug
Mar
%Mar 12
% Jan 2
% Jan 3
Mar 15
62% Mar 12
New stock,
50
Maf 21
No par
n
Dec
Dec
Apr
10
86
45
Commonw'lth & Sou ..No par
%
%
3g Jan
1% Jan
1434 Jan
35% Jan
72
104
pf ser '35.No par
$6 preferred series
86
10
Comm'l Invest Trust..No par
$4.25
23
100
Commercial Credit
%
3",800
conv
v
1% Sept
1% Aug
42
6% preferred series A
100
5% preferred
100
Columbian Carbon v t c No par
4534
t In receivership,
Jan 17
Feb 27
Apr
Aug
6% Apr
z3% Dec
27
Apr
8684 Oct
Apr
98
Mar
Sept
17
Apr
*60
65
Sept
18
98
% June
Jan 30
28
June
5% Aug
%
Mar 13
2% Mar 19
32
22
% Jan
93
111
3
384 June
9%
*60
110
106%
32
79% Jan 15
12% Jan 15
5% Mar 16
54
1
8
Mar 12
2284 Jan 13
54
14
4% Feb
30
600
7%
64%
8% Mar 5
11% Jan 16
Columbia Gas & Elec__No par
*110
54%
112
7%
Jan 12
2,200
97
77g
7% Aug
58
84 Jan
% Jan 8
% Mar 1
%Mar 19
22,700
72%
97
9
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
"2", 100
584
96
100
434 Jan
Jan 13
34 Feb
10% Mar 18
3334 Jan 19
46
41% Jan 10
883 Feb 15
36% Feb 15
20% Jan 4
105% Feb 20
27% Mar 21
26% Mar 9
Feb 28
Feb 28
2
No par
110
434
86
*63%
5%
5
86
64
s
1
77g
*334
3% Jan 3
114% Mar 9
5% Feb 10
Jan 29
l%Mar
5% conv preferred——100
25
*4%
Mar 19
12% Feb 15
6684 Feb 21
243s Feb 23
423g Jan 8
97% Jan 16
2% Jan 3
2% Jan 24
12% Jan 4
102%»Mar
6% preferred
*109% 111
17
5
Clark Equipment
No par
CCC & St Louis Ry 5% pf-100
Clev El Ilium $4.50 pf.No par
...
29%
30
*109% 112
5
No par
100
—100
12034
1197g 1197g
11934 120%
*62%
63%
*61%
6334
18
18
18
18
18%
18%
18%
18%
18%
103% 103%
103% 103%
103% 103%
103% 103% *103% 103%
*102»32
*102»32
*102»32
*102»32
*10283!
6334
10
No par
Childs Co
*13%
*45
9
100
6% preferred
Chicago Yellow Cab—No par
31%
5
100
100
6%
31%
conv
-
400
13
6
*30
2
Mar
1% Mar 15
300
49
4% Jan
3884 Mar
94
934
%
%
%
1,600
%
9
tChic & East 111 Ry 6% pf-100
JChic Great West 4% pf—100
2,600
49
Jan
Chicago Mail Order Co
5
tCblc Mil St P & Pac.-No par
$5 preferred
100
{Chicago & North West'n.100
%
%
12%
5
%
11%
%
10%
Cab Mfg
%
%
10%
300
1
Mar 19
*34
*34%
%
*%
*%
%
*10%
*1134
%
35
%
%
%
*%
%
134
Mar
21
Chesapeake & Ohio Ry..—25
Preferred series A
100
100
37
6% Jan 22
2784 Jan 26
18% Feb 13
No par
5,300
%
*16
112
102
40
%
%
11
No par
Checker
%
%
2% Mar 18
Fib Co 6% pf-100
Cham Pap &
Common
1,200
2,000
400
*h
1
100
27%
4%
400
10%
Copper.No par
6% prior preferred
Chain Belt Co
:""Io
1%
34
2I84 Jan 22
116
3% Apr
3% Apr
10%
sie
Jan 12
85% June
1%
11%
9% Jan 22
62
Jan
Mar 11
*10%
*4
*%
107% Jan 12
75
II834 Jan
56% Jan
31% Mar 12
Apr
95
10%
11
Feb 14
47% Feb 26
26% Jan 18
July
13% Apr
2% July
63% Aug
110
Apr
38% Apr
13% Apr
84
Apr
92% Jan 31
*1%
»i»
Jan 30
111
3% Jan
35
77
7
*10%
%
66
100
Jan
29% Sept
4% May
2
1%
31#
2% Jan 24
27
Apr
36% Dec
3% Sept
Jan
10%
%
5
Jan 18
Jan
Jan
Apr
12
Mar
1%
*%
4
6
3
4
Mar 14
Feb
Mar
Feb
Aug
9%
6
10%
%
6%
40%
5%
42%
89%
Feb 27
%
4%
9
2
%
2
4
5
13% Apr
48% Mar
1
10%
%
*3i«
484 Jan
3784 Mar
.—100
Co
Apr
4
39% Jan 12
23
Preferred
June
1
6% Mar
5% Apr
18% Apr
2% June
7
Ap,
25% Apr
11% Aug
22% Feb 21
Carpenter Steel Co
Carriers & General Corp
Case (J I)
11
4
5
Mar
38% Jan
85% Mar
Caterpillar Tractor
No par
Celanese Corp of Amer. No par
7% prior preferred
100
Celotex Corp
No par
5% preferred
100
Central Aguirre Assoc.No par
Central Foundry Co
1
Central 111 Lt 4 H % pref—100
3
3
Jan
16% Jan 15
2
Jan
$3 preferred A_.
Carolina Clinch & Ohio Ry 100
6
1
Jan
Jan
36
51
Apr
Apr
Apr
3
15% Aug
21% Apr
11% Apr
7
1% Jan 23
6% Jan 15
13% Jan 18
64 •% Mar 19
Apr
4
Jan 10
Mar
2234Mar 12
4% Jan 3
1334 Jan 3
81% Jan 3
15% Jan 4
26% Feb 9
62% Mar 13
1% Feb 21
8% Feb 21
I63g Jan 8
13% Feb 7
23% Jan 18
9434
29%
Jan
5% Feb 26
*1%
%
3
3% Mar 16
11% Mar 18
7
Apr
Apr
7% Jan
6% Mar 16
2034 Jan
Apr
9%
Century Ribbon Mills.No par
Preferred
100
10%
3i«
Marl6
Feb 19
13%
31%
2
*134
3i«
9
Nov
10
6
1%
%
3% Mar 18
39
4
Jan
Friday
95%
*1%
11% Mar 21
27
14
26% Feb 21
10% Feb 9
106% Mar 14
6% Jan 5
4434 Jan 5
6% Feb 17
26
Apr
Apr
Apr
7%
684 Feb
1%
2
1
10
4
Apr
Nov
4% Mar
10%
*1%
No par
Mar
11
11
13
11
tCentral RR of New Jersey 100
1%
1%
Mar 20
Apr
Apr
Central Violeta Sugar Co
10
*10%
1%
Mar 19
3
4184
1%
300
5%
102
38
31
200
434
1934
*93
1'4
650
2,500
103
2534
4%
*93
6%
9,300
Stock
66
2%
113%
Canadian Pacific Ry
10
10%
?34
*5
300
2,300
116
23%
*4%
800
50%
30%
23%
7%
39%
4%
*65
*102
*102
94%
10%
3834
6%
30%
*19%
39
30
*112
*4%
*71i
*94
23%
50%
234
*4%
38%
5
100
25
Canada Sou Ry Co
38%
23
*93
95
1
Callahan Zinc Lead
5%
21%
23
"2",500
*5%
2%
20
1%
38%
*23%
103
52%
5%
8/%
102
21%
*93
Canada Dry Ginger Ale
24
38%
23
6,400
39
*23%
6%
29%
23
21%
35
65%
24
6%
22%
20%
39
65%
3784
22
20%
23%
7%
5%
29%
103
20%
*37
66
*5
104%
Campbell W & C Fdy.-No par
1%
7%
5%
114
113% 113% *112
4%
4%
4%
4%
*103
1,300
2%
*94
102
Calumet & Hecla Cons Cop-_5
15%
7%
15%
2,700
15%
*65
7%
Copper & Zinc
7
23%
23%
2%
"i'700
5% conv preferred
Butte
Byers Co (A M)
15%
66
*65
*52
160
14%
24%
21% Jan 15
834 Jan 15
101% Jan 15
434 Mar 16
1°
38%
67
67
*67
68
67%
67%
11834
*116% 11834 *116% 11734 *117
49
4934
49% 49% *48% 49%
29
29%
28%
29
28%
2834
115
115
114% 116
113% il434
10%
10%
10%
10%
10%
10%
65
65
24%
Jan 15
7%pf-100
*41%
5%
41%
*87%
*23%
2%
20%
24
35
1
'
52%
1%
7%
1%
6%
15
5%
*38
38
*5%
41%
24
Bush Terminal
*5%
534
38
-.30
5
No par
Participating preferred--100
Byron Jackson Co
No par
California Packing.-.-No par
5% preferred
---50
2234
Jan 15
Mar 15
1
Jan 23
1834Mar
2234 Mar
93% Mar
60% Mar
25% Jan
3534 Feb
5% Sept
734 Aug
16%
53
21%
12%
4%
12%
Butler Bros
3%
3
Jan
48
20
4
3
3
2234 Jan
39% Feb
33
500
11%
13% Jan 30
4
12% Jan
18
Bash Term Bldg dep
*2212
1% Jan 5
12% Jan 30
3
Mar 15
2884 Jan 12
110
3%
11%
6434
4
Mar
49
7
3
Jan
No par
2,100
22%
3534 Jan
6
Bullard Co
9%
7
31% Jan 15
Bulova Watch
11%
384
7
25% Jan
234 Jan
484 Jan 18
20
Jan 19
384
1,800
Jan
21% Mar 18
2
Jan 17
16% Jac
1834 Apr
1% Apr
19% Apr
No par
No par
Budd Wheel
9%
334
7
*13%
23%
1%
6%
3,100
11%
6484
3%
11%
5%
7
6%
6%
3%
67
5%
5%
5%
5%
■»
Jan
12%
Mar 21
51
38%
*
51
Mar 16
24
---5
Brooklyn & Queens Tr.No par
$6 pref ctfs of dep.--No par
Bklyn-Manh Transit.-No par
$6 preferred series A.No par
Ctfs of deposit
No par
Brooklyn Union Gas---No par
25%
16
Sept
100% Sept
26
10% Jan 15
19% Jan 23
38% Mar 5
Brown Shoe Co-—...No par
36
Highest
share
per
Jan
Bridgeport Brass Co...No par
Briggs Manufacturing-No par
Briggs & Stratton.....No par
Bristol-Myers Co
%
21% Jan
3
Brewing Corp of America
% per share
2734 Mar 11
123% Jan 6
70% Mar 20
21% Jan ~
par
Borden Co (The)
200
share
par
Bond Stores Inc
22%
2%
3234
32%
6%
1034
per
No
Class B
3,900
87
59%
*35
36
6%
5
I
Year 1939
Lowest
Highest
No
Bon Ami class A
24
*2
32%
*6%
1,800
59%
20%
*84%
87
60
20%
2
2
32
32
24%
21%
20%
18%
2234
22%
22
6%
10%
51%
2%
51%
52
23%
22%
23%
2%
2
31'4
6%
10%
120
Bohn Aluminum & Brass
100
70
22
23
190
68
23%
♦35
1,500
70
120
68
2:414
*38
26
120
119
67
25%
23%
♦51%
2%
I8I4
2134
*84%
5934
20%
26
119
66
66%
26
Par
120
26
25%
11934 120
120
1940
Range for Previous
100-Share Lots
Lowest
Week
66*2
2434
23,
EXCHANGE
Mar. 16
120
March
8% Mar 15
23% Jan 29
11% Apr
101% Feb
20%
100
Apr
Apr
11%
Apr
234 Aug
3% Sept
3% Aug
14
Apr
14
Apr
5%
74%
62%
Apr
73
Apr
6%
Jan
Jan
Dec
15% Dec
3
3884
108% Feb 21
5584 Feb 9
98%
Oct
42
Apr
48
113
Jan
Mar
15%
1%
73%
32%
Ex-rights.
Jan
Apr
10334 Sept
8% Aug
Jan
1% Dec
Jan
4584 Jan
x25% Apr
Jan
T Called for redemption.
Volume
LOW
AND
New York Stock
ISO
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Monday
Tuesday
Mar. 16
Wednesday
Thursday
Mar. 18
Mar. 19
Mar. 20
$ per share
$ per store
$ per share
23
11%
8*4
25*4
12*8
*82%
92
305s
♦109
$ per share
5
♦5
23%
11%
8*4
27
23%
11%
*8%
253s
12l2
*82%
92l2
8U
125,
8412
92
8%
8*8
3034
111
*7.
9%
26
2384
11%
10%
26*8
1234
13
*81i2
84
93
93
11
♦85s
9212
8%
31
111
83s
812
31
1
'8
914
914
9i2
4%
7*8
7-4
1%
4%
7i4
*134
4i8
73g
1*8
1%
1
1
♦92*4
45*4
94%
7%
40i8
3%
2212
♦25*4
15%
*51%
♦5312
1
4534
114
♦114
7%
40%
334
2234
*7
40%
312
28i2
155S
22%
♦2534
15i2
53
*52
54l2
6034
*5384
595s
168%
578
1
4534
1
94
116
90
82
*3%
6%
4%
6%
85
*12%
*26%
3%
13%
7
3414
43%
42%
15%
42l8
*42%
1512
8912
36%
43l2
155g
8078
*3%
6%
67g
90
42
9%
30
30%
90
90
19%
*4%
*15%
4%
21
*26%
17%
1634
84
*1234
2734
37g
13
2734
37g
413g
10ig
31
41
912
3H4
92
95g
£29%
*89%
68
*58
19
19
*4*8
478
«15l4
*684
*11134
7%
17
714
21
27
*26%
17l2
17
165g
45g
*%
434
%
*118% 119%
19%
19%
.
175g
17
4%
17%
163g
45g
16*4
6
94l2
46%
11518
100
200
300
50
6,100
\ioo
*3%
634
*1%
1%
1%
2%
2%
*1%
1%
2%
1%
Coty Inc
Coty Internat Corp
Crane
Jan
9
35% Mar
9
45
2
3,000
100
2,600
200
2%
2%
1%
*1%
pref
No par
Crown Zellerbach Corp
5
$5 conv preferred
No par
Crucible Steel of America.. 100
Preferred
100
Cuba RR 6% preferred... 100
Cuban-American Sugar
10
1,300
1,600
134,800
Preferred
Exchange
10
"l'Boo
30
6
Curtis Pub Co (The)
Preferred
300
Good
10
*4
4
4
4%
4
8%
8%
8%
24%
23%
*%
*6%
39%
25%
23%
8%
24%
*%
*6%
610
6
1
6%
40%
42
25%
25%
1
6%
1
*17
17%
*9834
99%
23%
23%
*36i4
82%
82
83i4
1535g
1714
6%
117% |
3,500
9,400
15412 155
17«a
*6l4
67g
116
36%
5
*4%
151%
Preferred
6% partic preferred
37%
434
15,100
800
151% 152
1,800
2,200
500
1,000
1%
4
4
%
7%
41%
41
42
25%
25%
25%
18%
7%
No par
122
Jan
2
126
116
Feb
2
118% Jan 19
26% Jan 22
4% Jan 22
37% Mar 21
6% Jan 3
166% Jan 2
cum
Eaton
preferred
100
Manufacturing Co
4
Edison Bros Stores Inc
2
Elttngon Schild
No par
18
98%
*99
100
24
*23
24
4
4
334
334
3%
%
%
*%
23%
%
*%
%
23%
91
1734
39%
39%
*18%
2434
*22%
*89%
17%
39%
*18%
2378
91
»
18
17%
*23
*23
-
%
%
*2314
237g
2384
23%
89%
8934
89%
1734
*1734
397a
2434
*40
18%
40%
89%
*17%
40%
*18%
92
«
>-* 00
2434
Elec A Mus Ind Am shares
Electric Power A Light. No par
$7 preferred
No par
$6
preferred
No par
Elec Storage Battery ..No par
Elk Horn Coal Corp—No par
3
El Paso Natural Gas
Endicott Johnson
Corp
60
100
1
5% preferred
Engineers Public Service
400
$5
100
preferred
No par
95% pref erred.... ..No par
$6 preferred....
No par
%
500
1%
600
JErie RaUroad
2%
1%
1,100
conv
100
4% 1st preferred
100
4% 2d preferred....... 100
200
""400
4
9%
800
7%
100
43
3,200
2,200
1,200
26%
18%
99%
100
4%
%
17% Jan
4
1% Jan
2
1% Jan 27
36% Jan 12
1,100
109% Jan
5
Mar
1
12% Jan
72% Mar
4
83
80
Mar
4
89
84
Mar
4
97
8
300
1% Mar
8
2% Mar 20
1% Feb 20
15% Sept
1
Aug
3
Def. delivery,
Jan
Exchange Buffet Corp. No par
% Mar 20
434 Jan 9
8% Mar 11
34% Jan 15
25% Mar 15
44% Mar 11
28% Feb 23
1
18% Mar 20
100% Jan 19
28% Jan 3
47« Jan 4
8% pref
100
Federal Light A Traction... 15
15
a:96
$6 preferred..
2
Federal Min A Smelt Co
Federal Motor Truck..No par
4H% preferred
A .No par
100
Ferro Enamel Corp
1
Mar
Feb 16
23% Mar 16
3% Mar 18
% Mar
1
2l7g Jan 23
857g Jan 12
Fidel Phen Fire Ins N Y.S2.50
17% Jan 30
37% Jan 18
Filene's (Wm) Sons Co. No par
a
34 Aug
1
Aug
l7g Sept
1% Apr
65% Sept
3% Sept
6
Apr
14% Apr
% Dec
234 Apr
24
Apr
20
Apr
11
Apr
Jan
1
Fairbanks Co
22% Jan
n
New stock.
r
Cash sale.
£ Ex-dlv.
y
8
1
1
25
91
20
Apr
Apr
Apr
Apr
69
7
Fairbanks Morse A Co. No par
7
Jan
8
Fajardo Sug Co of Pr Rico. .20
Jan
Jan
Feb
Jan
28
32% Aug
£103% Mar
62%
65%
934 Jan
4
1% Sept
6% Apr
20% Apr
18«4 Apr
23% Apr
% Apr
Jan
Jan
7i
134
3%
1%
5
8
Jan
26% Mar
Federated Dept Stores .No par
1,400
% Jan 22
3
Mar 19
8% Jan 16
200
18%
112
20% Jan 15
400
40%
24%
1% Jan 10
417g Jan
4634 Jan 29
5
91
40%
32% Mar
3
24
*177g
3
3134 Jan
Ex-Cell-O Corp
Federal Water Serv
*18%
Jan 12
42
Jan
134 Jan
Evans Products Co
200
t In receivership,
9
50
Eureka Vacuum Cleaner
50
24
24%
18%
Jan
33% Mar 14
Jan 15
1
Equitable Olflce Bldg..No par
300
40%
Bid and aaked prices; no sales on this day.
91
277b Jan 15
16
Jan 31
178
111% Sept
12% Apr
334 July
138% Apr
155% Sept
15% Apr
8% Jan
36% Jan
100
4%
*%
9
4
478Mar 2
26% Mar 15
22% Mar 15
28% Jan 23
1
99%
Mar
Mar
Apr
*%
*23
172
96
Jan
8% Sept
Sept
13
93
Sept
Sept
Jan
3
Jan
9
Jan
3
Mar 16
Jan
3
40% Feb 14
22% Jan 5
Ex-rights.
Deo
Sept
8ept
Nov
Nov
Nov
7
June
17% Mar
10% Sept
11234 Deo
25% Oct
27% July
18% Deo
Oct
28
8%
1%
125%
32%
34%
4478
10%
20%
Sept
Jan
Oot
Jan
July
July
Nov
Mar
90
July
13% Nov
35% Jan
22% Jan
July
87«4 Nov
34
116% Nov
188% Sept
124% Aug
Apr
4,200
7%
14578 Feb 26
Deo
52% Sept
Apr
Apr
Apr
Sept
108
8%
26
25%
*17%
Jan 17
Duquesne Light 5% 1st pf.100
6%
94
10
112
120
22%
9%
25%
42
98%
17%
3%
17%
4
4
8%
13% Jan 18
126%
1
Feb
144% Dec
17% Deo
19% Jan
187% Mar 12
Eastern Rolling Mills
..6
Eastman Kodak (N J)-No par
40%
37% Mar
17% Deo
Apr
Jan 15
Eastern Airlines Inc
Jan
32% Aug
13
Apr
41% Jan
Dec
Jan
preferred
Jan
110
Mar
175
$4.50
Deo
6
117
4
5
2% July
38
101%
100
preferred
61% Sept
67% Sept
Aug
177
6
Jan
3
5,700
89
26
8
17
20
85
1%
7
18% Mar
397g Mar 12
200
78
1%
6
5
12% Mar 16
13g Jan 2
1,500
*111% 112
8%
8%
8%
2%
Mar
5% Feb
12% Feb
Du P de Nem (E I) A Co...20
800
112
2%
162
Jan
14% Jan 12
Aug
343g Jan 16
200
1%
2
142
55
6
1,300
%
*1%
2%
*1%
Feb
3
45
*82%
86
Mar
Electric Auto-Lite (The)
37
*86
Jan 15
30
10
Apr
20% Sept
Electric Boat
200
37
%
2178Mar 11
237g Jan 10
Mar 16
Apr
Sept
Apr
3634 Sept
5% Aug
1334 Sept
66
Sept
934 May
18
28
5,300
*4434
82%
Jan 25
Feb 29
19
75
1
Jan
14% Mar 12
38
Dec
103
Jan
Jan 10
Jan 27
Feb
.
Apr
9,400
1,000
89
1158 Jan 31
34% Jan 15
163s Jan 15
3s
10% Feb 21
81
No par
10
6,100
78
No par
Jan 15
125%
23%
34%
43%
20
Douglas Aircraft
600
5%
78%
No par
No par
28%
24%
31%
45
Co
Doehler Die Casting Co No par
Dome Mines Ltd
No par
8%
27%
23%
31%
*1%
1%
37%
Dixie-Vortex
Duplan Silk
27%
32
12% Aug
3% Sept
No par
5
23%
5% Jan
34 Jan
No par
30
23% Jan
23% Jan
500
116
11234 Jan
13% Apr
3% Aug
14% Sept
4% Apr
103
Sept
1534 Apr
23
Apr
4% Jan 31
3g Jan 18
Feb 27
Dec
5% Nov
31% Jan
32% Sept
55% June
25
Sept
1638Mar 19
8
May
Jan
Jan
5% Mar
167gMar
8% Feb
18% Jan 15
10%
4078
45
207g Jan 11
76
116
Jan 12
11%
25
51% Sept
91
19% Mar
118% Mar 15
18% Mar 15
33% Jan 2
38% Mar 1
Deo
Apr
27% Mar 11
Devoe A Raynolds A..Np par
Match
No par
17%
22% Mar
73%
16
Jan
978 Sept
5% Sept
9
Sept
34
Sept
101% Deo
Feb
11% Mar
3% Sept
10
Diesel-Wemmer-Gllbert
Mar
Apr
4% Aug
19% Apr
Jan
2534 Jan
Dresser Mfg Co
Dunhill International
5
40
24
38
18% Jan 30
4% Jan 5
35
108% Aug
2% Jan
12% Mar
778 Mar
19%
28%
7%
63%
13%
32%
Dec
20
Dow Chemical Co
"4" 600
172
*168% 172
33
327g
327g
1678
16%
*16%
1
1
1%
38%
3778
38%
137g
14%
13%
1%
1%
1%
25%
98«4
26
Conv 5% preferred
16
Feb 26
25
Davison Chemical Co (The).l
6% Jan 22
Dayton Pow & Lt 4^ % pf. 100 zlll
Jan 19
Deere & Co
No par
19% Feb
500
1,600
1,200
*17
3634
40
17%
14% Jan 11
53
5
2% Aug
Apr
48
Aug
9
Aug
29% Feb 24
4% Jan
Jan 12
Class A
"l,500
91% Feb 24
June
3
Feb 14
53
5% pref with warrants.. 100
37
Jan 12
62
12% Feb 20
26
90
Diamond T Motor Car Co...2
Distil Corp-Seagr's Ltd.No par
800
135g
37
2034
20%
25%
98%
*23
£79
32% Mar 14
4,800
200
*6%
6% Feb
Jan 23
""406
*1314
'
24%
Jan
82% Feb 23
4% Jan
8% Feb 23
Jan 12
1914
13%
8%
75
43
82
200
4
9234 Jan
28
Diamond
80
25%
%
Feb 20
34% Jan 22
78% Jan 22
3% Jan 16
1
A
34i2
39i2
*79
8%
89
Apr
Apr
Apr
Apr
9
1
Class
IDenv A R G West 6% pf. 100
Detroit Edison...
100
*%
*1%
4
28
Cushman's Sons 7% pref.. 100
$8 preferred..
No par
Cutler-Hammer Inc
No par
100
79
24%
Sept
42% Feb
17% Jan
46
Erie A Pitts RR Co
8%
23%
*®4
33
Jan 15
378 Jan 15
300
300
Feb 26
15
40'% Mar 21
9% Jan 15
Delaware & Hudson
4,100
Friday
734 Jan
No par
Davega Stores Corp..
Closed—
32% Feb
No par
...
Curt Iss-Wright
32,900
Stock
100
Inc
28% Mar 15
6% Jan 15
Delaware Lack & Western..50
203s
1978
Jan
Apr
Sept
3
Sept
% Sept
16
Sept
93
Apr
Jan
conv
Pref ex-warrants
100
205g
197g
105
Jan
6478
27
$2.25
1,600
187g
Feb 28
98
49
150
37% Jan
Corp (The).2
Sept
Jan
37
79
1%
2%
1%
6% Mar
2,900
39l2
*9%
4
Jan 11
1 % Mar
24% Jan
700
9%
65% Jan
177
2
100
4% Jan
Aug
11
Ma*
w w. .No par
19
17%
658
Mar 19
Maris
Feb
91
100
No par
*87g
I884
152
59
170
85
Mar 11
Jan 10
1712
40
6
Jan
z87% Sept
32% Apr
£106
Sept
5
Apr
29% Apr
1% Apr
197g Aug
16% Apr
No par
40
112i2
*39
*13l4
*36%
20%
1934
8I84
53 % Feb
297g Feb 14
8
32«4 Nov
9% Oct
2
Crown Cork & Seal
600
2934
92
*34
%
1%
conv preferred
*
173g
I75g
47g
47g
%
*3s
1191411914
1914
193g
6%
*%
5%
Jan 22
Feb
Apr
Crosley Corp (The)
30
20
Jan
8%
Dec
400
4,600
3412
25
20% Mar 20
17i2| *16%
19
Jan
share
per
30% Jan
97# Deo
1
26% Jan
678 Aug
20% Apr
714
*34
Feb 17
Jan 26
Mar
4% Feb
3% Jan 22
1
22
2634
%
*14
II984 11934
47%
116%
73g
407g
1
21%
2634
484
Jan 19
Sept
9% June
Highest
i
11%
Cream of Wheat
41
103s
17%
Feb 29
6% Jan 13
88
15% Jan 10
13g Jan 10
97% Jan 10
25
Co..
41
173g
%
1%
ICO
4
,
%
Preferred
4
*16l2
17i2
434
Mar 20
41% Jan 19
Feb
17% Jan
17
4
21 7g
7
Feb
18% Mar
53% Mar 12
61% Jan
Cuneo Press
*115% 117% *116
117% *116
117% *116
33% 34
34% 36%
3578 36%
35%
4%
4%
478
4%
47g
478
434
*
15134 153
152% 152% 151
152% 151
*172
172
172
177%
*168% 172
*168%
32
3134 32%
32%
32% 32%
32%
17
*16%
16%
16%
16% 16% *16%
1
1
*1
1
1
*1
1%
37
37%
37% 37%
37% 3778
37%
13
13
12%
13%
13%
13%
13%
*1%
1%
*138
*1%
1%
1%
1%
5
5
4%
4%
4%
478
478
*27
27
27
27%
26% 27
27%
23
23
23
23
*23%
23%
*23%
31%
31%
31% 3134
3178 317g
31%
*1%
1%
1%
1%
1%
*1%
1%
37
♦3734 38%
37% 37%
37% *37
45
45
45% 45% *45
45%
*44%
♦111
112
112
112
*110% 112
*111%
8%
8%
8%
8%
8%
8%
8%
*77
76%
76%
76% 76%
76% 76%
82
82
81% 81% *80% 81%
82%
*86
*86
88
86% 86% *86% 88
%
6
Cudahy Packing Co
2634
12i4 Mar 19
2% Jan
438 Mar
104
Jan
7% Sept
334 Dec
6% Aug
1
July
1'4 Apr
8% Aug
15% Mar 16
140
21%
20
19
28
24
18
Apr
Dec
Jan
52% Mar 19
300
*1514
*634
l%Mar
3igMar
1412 Feb
10034 Jan
14% Mar
27
Mar
8
Sept
Apr
Aug
Apr
Apr
Apr
Nov
10134
34
438 Jan
Jan 31
94
20
10
334 Feb 77
7
25
400
*112
8i2 Jan 31
pref. 5% series
50
Corn Exch Bank Trust Co.20
Corn Products Refining
25
13U
275g
73s
Jan 18
7a Jan 19
1
conv.
84
17
107
Apr
Apr
4,800
*13
13
13
*13
13
13
13
13
13%
*116% 121% *11612 120i2 ♦116% 120% *116i2 120
*117
120
185
18 534 186
184% 185
185i2 185% 18534
118534 186l2
*124
125
126
125.
12578 126
125% 12512 1257g 12578
%
7%
Continental Steel Corp. JVo par
Copperweld Steel Co
5
13
2634
153
79%
Feb 21
Feb 7
Mar 20
Jan 5
2214 Mar 21
27i2
215g
27
45g
73
Mar 19
978
32%
109%
1%
share
900
434
17
7i2
17%
17%
Mai 15
93
Continental Oil of Del
500
434
85
734 Jan 30
30% Jan 15
38
84
112
6%
113
13
112
1434 Feb 2 t
No par
2,300
37g
19
15%
7% Jan 29
Continental Diamond Fibre. 5
Continental Insurance
$2.50
Continental Motors
1
2734
19%
434
57g Jan 13
25% Jan 15
13% Feb 29
834Marll
297s Jan 2
5
100
8% preferred
Continental Can Inc
$4.50 preferred
3,500
85
85
*4i4
*1514
7%
1934
80%
6%
3,100
5
19
No par
41
19*4
17
*81
*414
19%
78%
152
807g
19
19
17%
6%
200
Class B
4
%
150
37*8
19
l2
19%
19%
78%
700
2,400
25,500
7,700
3
243g Feb 17
Jan 15
Feb 23
Continental Bak Co cl A No par
2,800
9934100
£29% 29%
6&S
65g
34%
3412
*40i8
4314
19
147
150
*93%
46%
per
22% Jan 12
8
6% Jan
$
Feb 10
Consol Coal Co (Del) v t C..25
5% preferred vtc
100
2,000
Mar 16
share
79
Consumers P Co$4.50 pfNo par
Container Corp of America. 20
1
per
86
1,700
68
78
634
13%
500
$
100
preferred
$2 partic pref
No par
Consol Laundries Corp
5
Consol Oil Corp...
No par
Consol RR of Cuba 6% pf.100
700
1
*58
77
17%
400
1,200
22,000
2,900
*114
1
Year 1939
Lowest
No par
100
6 14% prior pref
100
42l4
1534
9012
3712
37g
7%
Aircraft Corp
Consol Copperxnines Corp
5
Consol Edison of N Y..No par
$5 preferred
No par
Consol Film Industries
1
200
12i2
92
147
*6
50
160
6,600
11,400
12l2
68
19%
17%
85
*58
19
19%
77ig
85
68
*19
14
Consolidated Cigar
5
Range for Previous
Highest
$ per share
No par
Congoleum-Nalrn Inc.-No par
Congress Cigar
No par
tConn Ry & Ltg 414 % prellOO
20
92
19
80
Consol
2,800
4034
10-%
2834
*8914
37
*36
834
I884
4,700
1234
10%
297g
18%
*39%
8%
1834
*7834
13%
34%
3934
2714
12l2
42ig
15%
*8934
37U
89l2
13
11812 118l2 *118% 11934
19% 193s
19l2 1934
*34
34% *34ig 34i2
40
40
395g 395g
*85s
9i2
884
834
1834
19
1834 19%
*79
80
79%
79%
*13
135g *1314
1358
*36% 37
*36% 37
*34
2914
85
7*8
*6*4
*11134
21%
1734
27
Conde Nast Pub Inc
*27*8
434
17
21
27
1,100
1,400
10l8
2912
*89%
*4l4
*1514
♦26l2
~2~i%
434
*%
*81
42
19
17
*6%
*111»4
63g
378
♦58
19%
312
612
13
9%
30*8
♦89U
68
3l2
2734
378
*58
36
8078
83
42
9%
89
35U
378
614
83
153g
89
*80
8012
♦27
42
9978
7
35
13
27%
3%
9978
2914
42i8
1514
15i8
89i2
3434
80l2
*312
6i8
*83
102
4234
*37
42%
34%
46i2
33%
4234
684
90
24%
llSg
1
94
101
3234
34%
84
Par
200
92%
92l2
92% 92l2
85s
87g
8%
834
30 7g
3078 3Hg
31%
109% 10914 *109% 111
1
*78
*7g
1
*914
97g
*9U
934
4
4
4*8
4%
73g
73g
7%
73g
ih
1^8
1®4
I84
3%
3%
35g
3%
*16
I684
*1514
I67g
*101
*100*4 102
10134
153s
153s
15i8
155g
3414
4234
*612
32%
*80
27%
127g
3314
*401g
65g
3278
43%
1534
27
2914
67g
3212
*38%
15%
24%
*11%
*85g
2914
67g
65s
42
llSg
9%
Lowest
55g
7i8
7
7
7
40l4
40i4 4012
40% 4034
405g
40%
358
4
35g
334
334
378
4
22%
2234 2278
223g
2234
22U
22i2
28
28
28
*2534 28
*2814
29
16
16
155g
I6I4
163g
16l2
1634
53
5334
53
52l2 5212 *52%
5314
54
54
54
54
54%
*535g
54
59
6034
59l2
60ig
5978
6OI4
*170
173
*170
173
174
*170
174
6
6
6
6i8
57g
534
6
*1
1%
1%
1%
1%
H4
U4
2034
2012 207g
20lg
207g
205g 207g
6O84
*168% 173
57g
6
♦1
1%
1%
20% 20%
205s
*102
104
♦9912 103
29
2878
29
287g
42
24%
1
*92*4
4514
1143s
Shares
113s
*884
46
4534
1143s 11438 *114
7
678
7
94i2
8 per share
24
94
1%
♦9334
45U
$ per store
*5
13
Range Since Jan. 1
On Basis of lOO-Store Lots
EXCHANGE
Week
5
123g
STOCKS
NEW YORK STOCK
the
Mar. 21
125g
♦314
3%
314
3I8
3i8
♦14
*14%
1712 *14l2
16
♦10118 102% ♦101% 10134 ♦10012 10214
14*4
15i8
1458
14*4
1478
15
12*8
1212
*12l4
12l2
1214
1212
114
1893
Sales
Friday
Mar. 22
84
3078
*10914110l2
1
4
7l2
178
35g
17
5
2334
84
*78
9U
4
5%
11%
10i8
2578
1234
3034
*37g
7%
*5
55s
23%
♦109
1
♦9
♦1*4
4
for
Saturday
5
CENT
Record—Continued—Page
81
Jan
29
Dec
2% Aug
34 May
1834 Apr
8234 Sept
17% Nov
27«4
Apr
16% Sept
June
14
118% Feb
31% Deo
8%
186%
183%
30%
19%
3%
40%
18%
3%
12%
41%
Sept
Jan
Feb
Oct
July
Jan
Oct
Nov
Mar
Jan
Jan
38
Feb
35
Sept
3% Sept
42'4 Nov
55
Sept
111
Jan
1378 Aug
80% June
89
Aug
95
Aug
178 Sept
Sept
3
6
Sept
3% Sept
65% Sept
5% Mar
13
Jan
25% Nov
2% Jan
8% Sept
4378 Jan
38% Sept
18% Aug
98
31%
6%
1%
27%
8934
23%
40%
21%
Deo
Dec
Nov
Jan
Oct
Feb
Nov
Deo
Dec
^ Called for redemption.
New York Stock Record—Continued—Page 5
1894
AND
HIGH
PRICES—PER
SALE
Wednesday
Thursday
»
Mar. 16
Mar. 18
Mar. 19
Mar. 20
Mar. 21
|
$ per share
$ per share
$
per
$
share
1912
19% *1912 20
IO514
*10412 105% *105
*443g
4514
*4412
45
19i4
1914
19'8
19%
193s
1934
105% 105U
44%
193s
35%
35%
35
35
*35
*2412
*23g
25
212
24l2
2%
24i2
2%
*24I2
23s
43g
*281Z
323$
*2
2%
*1312
I6I4
7412
43g
34
3212
2i8
3
1412
*7214
*4I4
*28i2
32
75
412
*72
34
32's
*2812
2
193s
*72
75
414
900
434
434
*2812
32i2
34
325S
2
34
323s
2
*2812
32%
*178
234
'2
1414!
12i2
27g
13i2
16l2
16
*13l2
1638
16
27S
136
*135
*1812
2»4
912
2012
*55
58
9i2
25s
9%
*1812
I
*53i2
234
912
203s
57
1734
1734
1734
1734
*11558.116
116
116
3734
38V
37&8 3778
47«4
4778
4712
48
*116i2 117 ,*116i2 118l2
%
l2
*20
l2
*51%
534
*1778
116
95
*94
521s'
*6014
6234
*126
*5H2
52
634
534
129
534
534
Q
0
19
9
9
*106
110
*106
110
*106
34
34
1534
9878
1514
95
%
%
*4
1514
9214
%
165s
27i2
1634
2714
7g
*34
1534
*95
*12
%:
1678
1678
28
28
a 165s
27i2
1434
1538
95
1434
*1434
2612
23l2
1214
1778
2612
235g
*1434
15
26
»9612
2612
233g
12»4
1778
100
19
19
1812
19
6i8
*5078
6I4
5112
6I4
5078
6l4
5078
7i8
738
54l2
714
73g
233s
1214
*1634
*54
1634
*42
3U
17
4312
314
2578
23i4
1214
*1634
*96i2 100
53i2
1678
*42
3ig
258
258
26s
8OI4
18'4
8OI4
18%
6734
*7914
*66
22i8
*93
22&S
95l2
358
*61l4
3%
66
1
1
*75g
8
1314
13i4
18
67
22%
*93
3%
*6H4
78
734
13i4
1,500
*335g
*24U
13
14U
34
2484
13l4
f} 2218
22l2
2714
27U
13812
*138
55
*45
234
81
*12l4
*16
18
2%
I8I4
67
6534
22i2
94i8
22l2
95
35g
66
312
*6H4
1314
*1318
3334
*2414
2i8
24
378
2:1618
218
*20
23
j *115s
24
147
778
98 <
314
318
*110
112
314
112
*136
147
7%
98
314
*110
7l2
9812
3i2
112
33g
*
314
50
300
912
10
3,500
1878
600
5,000
2234
200
95
1,300
33g
100
51
"l",2o6
3414
100
2434
1858
3112
634
1234
634!
1234' *1234
-634
13U
31l2
6i2
*1234
*102
110
*102
54
54
J54
*34l8
110
*102
31l2
634
35
*335g
31l2
612
13i4
110
212
2,100
140
214
378
*3l8
*15
34l2
*3212
*35l2
1734
400
378
""500
1512
34%
1,500
*104l2 10612
20
35g
33g
3i2
112
200
1334
1,300
2,700
220
100
*34
1,000
300
700
5
5
*434
5
*47g
514
2214
2214
22%
223g
22l2
2258
57s
22l2
534
2212
578
534
%
34
57s
84
10
1018
21
21
934
*20i2
10l8
2112
413s
*40
413s
5I2
5S4
78
*40
*5i8
f
*
5i2
*5i8
2,300
500
""160
5U
84
34
34
84
34
84
1014
10i2
3,500
4H2
41%
*5ig
5i2
IOI4
21%
4012
5U
10l2
*20i2
103s
2]i2
578
10
215g
6
2112
40l2
514
223g
534
50
Jan 20
Mar 21
Hecker Products
Corp
1
25
Helme (G W)
Feb
6
3134 Jan 26
23i2 Jan 18
1 >% Jan 30
22i8Mar 16
27
5634 Feb 16
1984 Jan 4
44
34
9
Jan
3
Mar
2%
234 Feb
88
Mar 18
Feb
1734 Jan
3i8 Jan 27
15
Feb
7
JaD
Jan
17i2 Jan
5
preferred
100
Hud Bay Mln & Sm LtdNo par
5%
Hudson Motor Car
No par
-
Sept
22% Sept
May
32% May
38
Nov
1834
Dec
17
8
15
18
Oct
106i2 Jan 12
99
Apr
Apr
105
Oct
104
96
May
103% Nov
17
Apr
123
Sept
33% Sept
144
May
10% Oct
2314 Mar 18
714 Jan
91
3
Jan
4
8i2 Feb °6
Jan
37s Jan 11
2
Apr
484 Nov
Feb 14
113i4 Jan 29
93
Apr
12% Dec
13% May
978 Jan 10
100
Feb
2
117
Mar
148
Oct
167
June
3
10
Apr
63
Apr
18% Nov
101% Sept
135% Mar
65% Aug
8
1534
Jan
96% Mar 14
5
13312 Jan 30
Jan
Jan 15
Jan 23
3012 Mar 2
5% Jan 18
I2ig
Feb
1
128% Apr
Mar
7
54
Jan
11514 Jan
1834 Jan
9
100
Sept
Apr
Sept
Nov
Aug
May
Sept
Apr
Apr
Oct
65
1538 Feb 23
1434
29%
5%
8%
6OI4
4734
34
Jan
4
4
77sMar
95
Mar 11
lli2 Feb
67
Mar 16
10878 Mar
6
5i2 Mar 8
47i2 Jan 24
84 Jan 3
3
Jan 11
215gMar21
5U Jan 19
34 Feb
9
934 Mar 18
Jan 12
50% Feb 21
I5g Feb 20
7i2 Feb 20
27
Jan
5
6i2 Feb 17
27
834
60%
102
4134 Jan
5
80
a
RR Sec ctfs series A...1000
5
6% Jan
3
Def. delivery,
n New stock,
r
Cash sale,
x Ex-div.
y
Ex-rlghts.
110
Oct
66% May
36% Mar
17% Jan
73% July
5% Jan
3584 Sept
8% Jan
38i4 Jan 25
Mar
Jan
Jan
11% Mar
21% Sept
Apr
Leased lines
6
July
19
51
% Dec
2% Sept
2134 Sept
4% July
40
20
5i8
115
11034 Aug
9% Sept
57
Sept
Sept
4% Sept
s4
1
Nov
8% Apr
100
Sept
3
Jan
110
1' 6
92
Mar 20
1058 Jan
1
Jan 12
Mar
87i2 Jan 10
52
Feb
6
3% Jan
17
4%
71
3
107U
Mar 21
Mar 21
Jan
107
28i4
Jan
16%
100
684 Sept
Feb 21
16
2
4%
12% June
Sept
3
3
41
53% Dec
35% July
2134 Mar
11
Jan
*40
141% July
6
3
Mar 15
1
100
25
Aug
22% Sept
3334 Sept
37% Sept
36
21
200
Hupp Motor Car Corp
Illinois Central RR Co
Dec
Jan
14i8 Mar 8
703g Jan 29
lllig Jan 10
678 Jan 3
100
Dec
Sept
Aug
Apr
2
C..25
35
Sept
8
35i2 Mar 11
v t
Mar
1% Nov
10%
15%
10%
22%
32
3318 Jan 30
Houston Oil of Texas
80
29
11212 Jan 16
Howe Sound Co
38% Jan
IO934 Jan
5% Sept
9
No par
Hlnde & Dauch Paper Co... 10
Holland Furnace (Del)
10
Hollander & Sons (A)
5
Holly Sugar Corp
No par
7% preferred
100
Homestake Mining
12.50
100
Jan
Nov
2484 Jan
74% Mar
Jan
61
No par
2%
86
Feb 29
131
No par
Mar
384 Mar
34
100
-
47
2014 Feb 19
No par
B
Jan
37
No par
preferred
Mar
5
34i2 Jan 17
17i4 Jan 15
3034 Jan
6% cum preferred
Hershey Chocolate
Class
13%
66% Mar
24% Jan
Apr
Apr
Apr
9
4
2
Apr
54
Nov
Apr
234 Feb 23
28% Feb 2*
4
Dec
2484 Jan
22% Jan
12% Apr
16% Apr
23% Aug
129% Sept
42
May
24% Jan
14% Apr
10
Apr
3
14
preferred
14% Dec
934
10
4
12
Dec
% Aug
45g Apr
9
Motors.._.--No par
Household Finance
67
6
1578Mar 21
1U2 Jan 4
Apr
Apr
Nov
2% June
Jan 29
34t2 Feb
155
conv
87
Feb 21
Jan 8
Jan 3
Jan 2
3034 Jan 12
Hercules Powder
$4
53
21%
35% Mar 12
55
Jan
-13% Apr
69i2Mar
2434 Jan 19
9714 Feb 21
4is Feb 8
7U2 Jan 9
142
Apr
70
Jan
20-38 Jan
243s
18-38
2734
29ig
May
Jan
1%
358 Mar
Mar 21
50
Apr
584 Apr
43% Oct
6% Aug
43
Sept
14
Sept
6% Mar 6
6178Mar 14
13334 Jan 15
100
Preferred
Hercules
15%
4
6% preferred series A... 100
22
J In receivership,
3ii
Jan 17
233g Jan
13% Jan
24% Jan
*21
5i8
25
Hazel-Atlas Glass Co
Hudson & Manhattan
2,600
1,800
1,700
Bid and asked prices; no sales on this day.
*5
100
1
100
2
6% preferred
Corp of Amer class A
6H% preferred
Hayes Mfg Corp
5%
*110
5
91i2 Jan 23
100
Houdaille-Hershey cl A.No par
""766
3234
6U
1334
110
5414
99% Feb
27% Mar
8% Jan
Feb
18% Mar 18
6i8 Jan 3
47i2 Jan 3
preferred
100 10H2 Jan 15
Hanna (M A) Co $5 pf.No par zlOl
Feb 14
Hat
4,300
18
97% Nov
98
6%
110
*102
♦4&S
No par
l",20<j
"2" 500
12l2
67
10
8
6I4
*34
25
Co
99i2 100
612
13l2
553g
35i2
1312
25
Water.
Hamilton Watch Co
"
Apr
8% Sept
Feb 13
Harbison-Walk Refrac. No par
7l2
15
10% /ug
Mar 19
7% preferred class A
Hall Printing
Jan
Jan
15% Oct
4384 Sept
20% Nov
15% Jan
4
2
preferred
41
Sept
7
20
1,600
*6l4
110
6%
Jan
18i2 Feb 27
100,
100,
100
Jan
Apr
1%
20%
2434 Mar
133g Jan
*
<>
No part
25
147
2434
112
111
10
preferred
preferred
20
*136
712
9912
8%
104
104
24%
Yi%
Guantanamo Sugar
Hackensack
10
36
18
1638
*16
5
(The).Noparl
Gulf Mobile & Northern...
123s
1258
I25g
1212
1338
13ig
135g
*66
*67
68
68
68
6778
6778
6778
115
*110
115
*110
115
1135s *110
*110i8 115
55g
55s
5i2
55g
5l2
55g
5%
6i2
55s
55s
49
49
2:49
50
49
48
48i4
*4834
""
4812 4812
*7,
*1
*1
*1
*78
1%
1%
1%
H4
1U
35
*34
100
*
1.534 Feb
2
100
1
Jan
92%
14
3
Preferred
6%
10% Jan
111% Nov
ia4 Sept
28
Apr
Jan
Great Western Sugar. .No par
Oct
Feb
% June
12% Sept
16
Jan
No par
Dec
85% Aug
30
16
preferred.
Apr
34 June
19% Apr
12% Aug
10
10
20
Mar
15% Jan 11
13
(W T) Co
2434
1178
24
3234
5412
5%
Us Jan 11
1914 Jan 4
99i2 Feb 21
84 Jan 9
18i8 Jan 9
3384 Jan 4
No par
163s
3134
*13
Grant
7
105
No par
dlv ctfs.No par
700
3134
*102
5514
35l2
1234
6778
w
Without dlv ctfs
38
3% Sept
7
II4 Jan 30
8-34 Feb 24
1478 Jan 4
2734
"3,466
5334
Grand Union
28
3
34 Jan
2
7i4 Feb 5
13i.i Mar 16
9i8Mar 8
1
5
*2714
5514
35l2
53l2
100
Gt Nor Iron Ore Prop ..No par
100
18&8] *1612
Preferred
Graham-Paige Motors
Granby Consol M S <fc P
Great Northern pref
11458 H458 *114
11478
11478 *114
*1612
*16i2
18
*1612
18
18%
32
No par
4,500
60
*3112
No par
6,600
100
*1612
..No par
1334
3,600
11418
preferred
$5 conv preferred
Gotham Silk Hose
23%
10i8
11434 *113
5%
126% June
Sept
Apr
Jan 10
Jan
July
5684
197a Jan 2
1178 Jan 16
2U Jan 22
80is Feb 28
16i2 Jan 15
63i2 Jan 15
21*8 Jan 15
Goodyear Tire & Rub b-No par
678 Mar
10
99
128'4
112
!2634Mar20
56% Mar 8
110
Jan
2
1
No par
72%
Jan
2i2 Jan 29
13
90
Jan 15
50
2314
I
20
18
15
5
1634Mar 19
27i4 Mar 19
14i2 Jan 13
1634Mar 16
38i2 Jan 2
Telegraph Co 100
Granite City Steel
14
4
n
Jan
125% Dec
36% Apr
3
1
Goodrich Co (B F)
39
5
55i2 Jan
Jan 13
Greyhound Corp
214
130i2 Jan
4714
Gold & Stock
365g
95*4 Feb 16
Jan 15
Jan 15
No par
No par
1,500
234
81
118% July
1% Jan
65% July
44
51
$6
4H % conv preferred
10734 Sept
% Dec
128
Mar 20
Gobel (Adolf)
44% Jan
47% Aug
8
Feb 16
Jan
130% Mar
Jan
9
25%
Oct
Apr
Jan
2
4% Jan
Dec
16
Jan
101% Jan
a4 Feb
15U Mar
86i2 Jan
i2 Feb
Jan
31
2
37i2 Jan
Jan
Jan
75
106
2
1
3
18
35
Apr
9
6
12 ?% Mar
Mar
1784 Apr
43
2
Jan
5s Jan
86i2 Jan 16
July
5% Sept
Apr
5
1934 Jan
41
48i2 Jan
40
103% Mar
116% Jan 31
1185s Jan
7
Goebel Brewing Co
7%
2%
Mar 12
2
No par
preferred
Glidden Co (The)
Mar
149
Feb 10
No par
9,400
200
1
Dec
Sept
11
128
i2 Jan
116
$5 conv preferred
Brothers
8,000
12
37i2 Feb 29
45 ig Jan 12
Gimbel
Friday
108
*113
...
100
1,700
10i8
10i8
103s
1014
1038
105g
10l8
10i2
*108l4 109
*10814 109
*108U 109
*10838 109
163
166
163
163
165
166
♦1603s 163
14
14
14U
HI4
1434
155g
1534
1434
1512
1534
*93
94
94
94
94
92l4
94
94i8
9412
94U
131
13134 131
*131i4 132i2
*131i4 132i2
131i4 *13112 132i2
*63
65
65
66or
*62i2
66i8 *6212 65ig
*63
65lg
10i8
No par
preferred
Good
*160-% 163
108
General Refractories
I6l8
1178
312
111
No par
6% preferred
100
Gen Realty & Utilities
1
$6 preferred
No par
1578
147
7l2
*98>4
No par
Gen
3,200
*136
734
Public Service
Gen Railway Signal
34
105
98
1
No par
34
*104
147
—No par
preferred
34i8'
105
734
Common
General Printing Ink
Green Bay & West RR
Green (H L) Co lnc
105
*95
/
66
225g
15
24
$5 preferred
No par
Gen Outdoor Adv A...No par
20
*136
10312 105
Corp
50
106%
16i2
100
10
preferred
50
*16
*16
5334
500
18i8
16i2
16%'
12,400
800
36
*104i2 10612 *104i2 106l2 *10412
800
Closed-
912
18
*16
7i2
13i2
36
*16
Exchange
5012
I3l2
23
15
No par
General Mills...
55
214
23
No par
Sept
4
17% Jan 15
H314 Jan 2
Jan
65
9
3
237g Jan
100
9
Jan
4
61
Jan
Apr
Jan
5
pref series A.No par
General Motors
6%
1,600
*3212
I8I4
Stock
2,000
I8I4
16%
*35
1838
300
1,700
1
36
36
17
8I4
3412
34l2
1,800
1
1
*3i8
1812i *1734
40
734
37s
15i2
16
*3%
34%' *3212
36 ! *35
3i8
12
700
13812 138l2 *135i2 142
163s
2
"l",900
145
Jan
Jan
96
3i2 Jan
ll7s Jan
Mar 14
7%
1834
52
40
2i2Mar 19
914 Mar 18
6
No par
General Foods Corp
$6
43%
*24
I6I4
*1178
700
900
z7% Mar 20
135
Apr
3
8
Mar 20
57U Jan
8I4 Jan
1834 Feb
$4.50 preferred
No par
Gen Gas & Electric A..No par
5%
104
Jan 15
48i» Feb
Electric Co...No par
Apr
3a4
x9% sept
45% Aug
5% May
Jan
7
Jan 19
51
100
7% cum preferred
General Cigar lnc
7% preferred
conv
Jan 24
102
18% Oct
15% Sept
104% Dec
July
94
Jan
Gillette Safety Razor.-No par
24
34
60
2,900
1314
2334
34U
5
General Tire & Rubber Co...5
24
3334
48'>8 Mar
5% Sept
July
7% Aug
3
""800
*94
27841
Jan
General Telephone Corp
20
Gen Theatre Eq Corp..No par
Gen Time Instru Corp .No par
13'4
2314
2734
14
3%.8ept
2
9
Jan 26
No par
Class A.
General
Jan
4
100
34
*45
Cable Corp
378
1714 Feb 16
1878 Mar 5
Mar
1,400
1,000
34
2734
200
18
3334
2434
55
General
No par
5
No par
Corp
Jan
Sept
3
1214
*1314
34U
140
Bronze
55
36
Jan
1214
14
138
$8 preferred
General
Sept
9
3
5
6%
Apr
18% Apr
1% Apr
8
104
11
Jan
9084 Jah
9% Sept
27
Feb
2i2 Jan
Feb 13
2312
*65
13l2
938
preferred
No par
Transportation.....5
General Baking
5
$6
Gen Am
1%
Jan
2934
Aug
35
4i8 Mar 19
24
•135s
*45
400
8I4
938
13
*1734
*110
912
2312
*35
77s
1312
330
*
26,400
1
%
814
*1314
13
15l2
*3212
*9614
54
101
Gen Steel Cast $6 pref..No par
1834
312
60is
pref No par
9
Jan
5
Sept
37% Sept
108%
66% Aug
Feb 23
Jan
Oct
32ig Jan 25
Jan 18
13
240
*7914
66
314
Jan 29
234 Mar 18
12i2Mar 2)
No par
28
23i2
19
23i8
10
preferred
1478
1478
2712
81
66l2
6
General Shoe Corp
*258
234
8
2
14
Mar
75
300
314
95
2258
2734
27
2%
2278
13
55
338
95
2212
138l2 13812
3
*6514
14
""366
17
94ig
312
13
16
28
$3
Gamewell Co (The)
Jan
Aug
July
25
May
li2 Apr
21
Apr
103% Apr
20i2 Jan
5
31
10
35
51
31%
38
17
107i2 Jan
Feb
317* Jan 15
$6
20i2
23
7%
*13
1,500
I6i2
20i2
6I4
50i4
738
5334
505s
714
7
66l2
1
300
534
55
505s
*53
8
18,300
4,400
*96i2 100
*96l2 100
20
2012
6I4
63s
*79U
1878
78
78
734
200
28
*1634
*16
*103l2 105
*10312 105
24
24
23I4
2312
3%
I6I4
*136
2358
258
81
1834
2214
*3i8
27
17
*79M
33 58
25
*20
*1434
17
I8I4
90
1,200
1,800
98
*42
12
R? 24
*1634
2778
4314
1178
*3212
1634
27»4
1478
1212
314
3,000
68
68
42i2
12
ris
%
1612
*89
4314
314
*12
*318
%
163s
93
58
17
28l4
1478
17
I 16
24
1638
*891g
17l2
16's
*20
1514
92l2
*9612 100
*19i8
1934
6I4
50i4
507g
7%
7h
534
1714
3314
*2414
2i8
534
17
14
27
634
17
3i8'
1,300
9
9
914
914
*10812 HO
*108i2 110
*34
1
*34
1
2718
2334
1234
43%' *42i2
500
95
17
*13
*45
95
Mar 15
Freeport Sulphur Co
Gabriel Co (The) cl A ..No par
Galr Co lnc (Robert)
1
5H % conv preferred
50
Gen Amer Investors,.-No par
200
12912 129%
128
12912
53% 54 f
53l2
54
12634 12634 *126«4 127is
52i8
52'4
*5014
52
8
378 Feb
No par
200
44
95
Co
5
20
*20
Francisco Sugar
Gay lord Container Corp
700
44
Feb
17
200
10
*20
Mar 18
70
3
38%
I2
10
Foster-Wheeler—
Gannet Co conv 16
4734 4734
11612 11612
54
3378
16%
2%
534i
9%
110
105
Gar Wood Industries lnc
68
54
3378
2i8
52>8
30
.•—100
"MOO
97g
21
53i2
3312
I6I4
33l2
95
129V
5334
1277s
t Follansbee Brothers,.No par
Machinery Corp
10
Food
300
2,110
2%
95
i
Florshelm Shoe class A.No par
F'k'nSlmon&Co lnc 7% pf-100
18
18
1778
1778
,*116% 119
*11612 119
44
15
25
"
18%'
12
2
3
"l'.ioo
136
3812
Apr
Sept
Apr
Jan
Jan
%7 conv pref erred ....No par
278
38i4
3878
47i2
48i4
116i2 116i2
.
*12
5g]
38%
46
21
800
*55
105% June
35*8 Mar 13
24i2 Jan 3
3i2 Jan
1,900
*1934
25% Sept
Jan
Jan 25
2
1978
Apr
Jan 15
33
58
197s
17%
99%
I8I4
2334 Jan 23
2i4 Jan 30
share
per
3
Jan 24
2134 Jan
i.06
32
43*8 Jan 18
Highest
share $
per
No par
""600
34
278
934
2714
236g
12%
*9l8
*135s
136
\
share
No par
First National Stores—No par
4K% conv pref
514
25s
978
Feb 26
per
Flintkote Co (The)
700
*13
136
*2l2
934
*55
116
l2
*20
126
934!
19V
58
383g
475s
48i2
11778 11778
12
12912 129l2
62% 53
2:136
2l2:
3758
44
126
126
126
9&s
1914
*5312
*94
94
12834 129%
5278
53U!
136
2l2
*20
44
94
136
136
19% Mar 19
104
$
Florence Stove Co
200
12 1 *11%
12 | *1H2
12 | *1H2 1134'
11% lll2
4834
4834
48% 485s1 *48
48»4 *48
4834
*48
4834'
*634
7
6i2
6i2
*6i2
634
*6l2
634
634
684'
*102
10312 *102
10312 *101
102%' 10212 104
*101
104
52
52
*50
5234
52i2
527g
53%
6134 *51
6134
7%
734
*7%
73s
7%
73s!
*738
734
712
75g
234
share
100
*1H2
*135
$ per
Lowest
Highest
500
400
1414
1678
17%
163s
*100
10514
10514*100
10514*100
10514*102
10514*102
4%
4I4
4%
4I4
4I4
4'8
4U
412
424
*438
14l2
16
6% preferred series A—100
3,600
1634
234
234
*13l2
Firestone Tire & Rubber,..10
75
*412
414
32
2%
*72
75
Par
Year 1939
100-Share Lots
Lowest
200
19%
196s
I95g
196s
I05i2
10514 105U *105
44i2
44i2
45i8
45lg
193s
193s
193g
I93g
3512
35i2 35% a:35i2
2478
*24% 2512
2478
*2434
23s
*2i4
2i2
214
214
31
3012
30i2
*3012 31
107l2 *105l2 107l2 *10512 107i2
17
17i2
17i2
17*4
1714
*178
2
234
45
Shares
On Basis of
Week
3512
30
30
*2934
*2934 31
*105l2 10712 *10512 107i2 *10512
17
*1638
17
*1612
17
*72
share
per
EXCHANGE
Friday
Mar. 22
$ per share
Tuesday
$ per share
STOCKS
NEW YORK STOCK
the
SHARE, NOT PER CENT
Monday
1940
23,
Range for Previous
Range Sines Jan. 1
Sales
for
LOW
Saturday
March
9
Aug
Aug
Apr
38% Sept
434 Sept
184
2%
2034
Jan
Jan
Jan
35
Jan
41
Mar
11%
*1 Called for rpdemptl m
Jan
Volume
New York Stock Record—Continued—Page 6
ISO
LOW AND HIGH
HZfty
Mar. 16
*6%
6i2
25% 26
*111% 112
...
82*4
12%
12%
6%
3%
*110
3
44%
110%
4%
*4
9%
*1%
*33
178
9%
2
$ per share
35
178
160
3«4
8%
6%
133
11%
52%
3%
53%
35%
33%
26%
*3%
*53
*33
26%
9
27%
56%
*13%
13%'
*120
*1734
*12
6%
35%
*6%
34%
6%
35%
*131
132
11
11%
53
54
3%
3%
*3484
35%
*32
33
*25%
26%
53
53
99
34%
*2%
29
27
£15
4984
71%
8%
28
...
15
4984
71%
129
*52%
13%
*6^8
57%
30%
25%
25
4
*7%
*13%
32%
2134
13
*1284
*97% 102%
11%
6%
11%
6%
*97% 101%
3434 35%
13%
13%
36%
37%
*2%
284
*29
30%
25%
25%
*3%
4
27%
27%
31%
3134
7%
15
*13%
7%
15%
16
15%
5
32% / *32%
2134 *21%
5
*4%
100
4
16
*15%
13«4
31%
7%
30%
7%
18
*12
27%
*3%
*27
14
"~6%
*17%
*90
13
*29
27%
30%
30%
*7%
*13%
13«4
100
15%
15%
5
5
31«4
32%
5%
32%
,
22
2134 22
*110
111% *110
111% *110
111%
3%
3%
3%
3%
3%
3%
*1
1
1
1
1
1%
-
3
3
21%
13%
21%
*2%
13%
28
*27%
49
49%
3%
21%
13%
*27%
48%
21%
*3%
22%
3%
22%
13%
27%
13%
*27%
13%
27%
4984
6%
43%
48%
7
7
*684
6%
*42% 43
*42% 43%
*106% 108% *107% 108%
*108% 109
10884 10834
*170
172% *170
*20
2034
25
25
38
*1284
13
4834
*684
*42%
934
93
85
8%
*8%
*2684
*125%
15%
15%
50
71
2034
24%
38%
12%
*3734
12%
14
14%'
I
6%
1884
*90
*12«4
13
*20%
24%
*38%
*12%
172
36%
13%
37%
234
30%
25%
*13%
15%
15%
*5%
32%
*21%
111%
*3%
%
3%
£2184
13%
27%
'4934
6%
43
3%
27%
3184
7%
*170
*20%
2434
25
3834
*38%
13
*12%
22%
13%
27%
50%
6%
43
172
17
17
17
17
17
27%
29%
30
30%
43
3
3
3%
17% *17%
*17%
17%
*106
IO784 *106
10734
24% 24%
24% 2434
154
*150
150
*18%
19
*18%
*56
57
150
57
18%
57
3
3
29%
4234
*3
36
108
30%
43%
3%
14%
2,000
20
200
*14%
*12%
1184
*6%
35%
13%
*36%
*2%
2934
25
*3%
27%
31%
*7%
*14
13
115
H84
"l*I66
7
101%
400
110
36%
13%
14,500
800
37%
2%
Stock
2934
25%
Exchange
4
Closed—»
32
7%
15%
%
3%
21%
13%
*27%
15%
15
*14%
*14%
1%
1%
1%
1%
5
5
5%
5
7%
7%
14%
14%
39%
40
10
11
8
7%
1384
734
15
4,900
Good
10
Friday
600
*14%
500
1
1,900
3%
22
2,500
300
800
100
50%
6%
7
43% 43%
*106% 108
108% 108%
2,300
1,000
50
353s
108
300
100
2,200
171
100
2084
25%
""666
39%
200
1234
300
17%
31%
26,900
3584
4,900
900
108
30
43%
3
400
31%
4234
3
88,500
1,600
700
70
1,700
50
300
8
10%
35%
34%
34%
3434
3434
2534
2584
*26%
*166%
2634
50%
50%
*3%
384
27
27
*103
105
*14%
15%
14%
15«4
110
*107
«
50
50
14%
51
334
29%
3%
*26%
*103
«
*334
105
.
14%
*27
*103
*14%
26%
*166%
51
51%
3%
334
29%
27%
105
1434
*103
1434
8%
14
43
784
13%
42%
11%
100
24,300
15%
8
1,330
2,400
25,000
13%
43
12%
12%
*35
36
35%
27%
27% 27%
170
*166% 170
51% *51
51%
334
*3%
384
27% *27% 29%
105
1484
*103
14%
16%
1584
I584
1534
1584
1584
16%
*107
110
*107
110
*107
110
*107
Bid and asked prleer; no sales on this day,
470
2,800
13%
42%
11%
-
"""230
""600
14
-
200
3,900
1%
10%
-
700
200
27,300
500
1,800
""766
300
400
105
1434
""766
16%
2,500
110
t In receivership.
8
Def. delivery,
Jan 16
123
Jan 13
14% Feb
45% Mar
69
Mar
6
2% Jan
Apr
2% Apr
7% Aug
1% Apr
12% Jan
6
Jan
7
41
Apr
Sept
384 Apr
2% Aug
178s Septt
142
'
8%
3
38% Jan
4
35
Dec
Jan 11
123
Sept
5% Apr
36% Jan
5
81% May
40% Sept
28
5
19
Apr
33
Oct
100% Feb 21
484 Jan
84
Jan
107
Dec
Jan
29
4
Sept
7% Aug
Jan
76
8% Jan
28
Mar 13
127
Mar 18
17
Jan
37s Sept
4% Jan
10% Jan
86
_
Sept
7% Nov
Apr
119% Sept
18
18
Jan
122
Aug
133
June
83
Sept
130
Mar
7
'
55% Jan 16
13
Mar
120
Feb
~
67
Jan
3
14% Jan
5
121
6% Jan 22
Mar 16
7% Jan
4
17
Feb
20
Jan
6
13
Feb 15
15% 'Jan
8
97
Feb 23
97
5
Feb 23
35
Apr
Apr
Jan
13
117%
,6% Apr
11
Apr
8% Apr
90
Sept
15% Jan 8
12% Apr
8
85
13% Feb V
7% Jan 3
5
Aug
79
June
A. 1
i
'
Jan
9
Mar
Kendall Co $6 pt pf A..No par
Kennecott Copper
.No par
Keystone Steel & W Co .No par
34% Mar 18
13% Mar
3878 Jan
14% Feb
3
Kimberly-Clark
No par
Kinney (GR)Co
1
_$5 prior preferred...No par
Kresge (8 8) Co..
10
Kresge Dept Stores
1
35
39
3
2% Jan 15
25% Jan 15
24% Jan 16
3% Feb 29
Kress (S H) & Co
25
90
No par
Kroger Grocery & BsJt.NO par
Laclede Gas Lt Co St Louis 100
5% preferred
100
100
_
Jan 15
Feb 27
28% Jan 19
7% Mar 14
14
Mar 12
15% Feb
No par
484 Feb
31% Jan 15
_
..5
21% Feb 21
preferred......100
IO984 Jan 31
3
....50
No par
60
Feb 20
% Feb 20
preferred....
2% Feb 19
Lehman Corp
(The)
1
Lehn & Fink Prod
Corp
6
Lerner Stores Corp....No par
LIbbey Owens Ford Gl.No par
21
Jan 16
12% Jan 12
2684
48%
6%
41%
IO684
& Llbby
7
Life Savers Corp
__5
Liggett A My era Tobacco..25
Series B
Jan
No par
Jan
Jan
Jan
Feb
Jan
18
15
12
14
15
.25
105
Feb 26
Preferred. ............100
171
Mar 21
....
Lily Tulip Cup Corp..No
Lima Locomotive wis.No
Link Belt Co
Lion Oil Refining Co.
par
19
par
24% Mar 18
36% Jan 18
11«4 Jan 2
15% Jan 2
No par
No
too...........No
5%
3
Jan
3
Mar 18
16% Jan 30
106
Mar
7
2334 Jan
149% Mar
16% Feb
55% Jan
10
33%
10
133
100
Mack Trucks Inc.....-No par
15
20
10
16
Feb 24
Jan 12
__i
M and el Bros.........No par
2334 Mar 16
27% Jan 15
H84 Jan 9
33% Jan 19
284 Feb 5
6% Feb 28
J Manhattan Ry 7% guar. 100
27
Jan
28
Macy (R H) Co Inc
Madison Sq Garden
Magma Copper.
No par
No par
10
Manati Sugar Co
7
Apr
12% Sept
Jan 11
12
Jan 17
Jan 4
25
Jan 10
115
Jan
4
Jan
8
Jan
Feb 19
29
Jan 11
53% Jan 3
7% Feb 13
43% Feb *9
108
Jan 23
109
Mar 13
17884 Jan 12
20% Jan 6
29% Jan 3
2
25
Mar
118
Mar
Sept
9%
Apr
23
Apr
36% Apr
4% Apr
33
Sept
95
Sept
95% Sept
152
Sept
15
Apr
I884 Jan 11
109
Jan
Feb
21% Jan
4
Jan 25
Jan
3284 Mar
5634 Mar
10
Sept
43% Aug
108% Aug
10934 Aug
180
May
19
Nov
18% Sept
Aug
13% June
2934 Dec
6
2
Mar
Aug
16% Sept
Jan
19% Apr
35
13% Nov
10
138
60
884 Sept
jan
2784
47
105
Jan
25
159
6% Sept
3% Sept
2084 Aug
31% Apr
38% Sept
.
18% Mar
5% July
37% Oct
Apr
5
Jan
Sept
Dec
31% Mar 21
46% Jan
4
Dec
4
30% Oct
268# Aug
6% Jan
2984 July
29% Oct
13% Jan
23% Jan
17
30% Sept
101% Sept
108% Mar
38
112
20
14
Jan
Jan
3% Apr
2% Sept
% May
1% Apr
1% Jan
4% Jan
23% Jan
40
2384 sept
20% Apr
16% Sept
Sept
1584 jan
36% Apr
40% Sept
19
Mar
Jan
3284 Dec
54% Jan
109% July
2I84 July
62
Jan
6% Sept
22% Mar
110
June
2438 Feb
159% June
20% Mar
67
3
28
Apr
35
Sept
Aug
135% Mar 11
2884 jan 3
124
Feb
135
Nov
18
Aug
30% Jan
3384
Oct
25% Sept
1284 jan
4
4
11% Sept
43% Feb
19% Jan
38
8
25% Apr
40
Mar
Sept
1
Apr
6
9
Apr
Apr
30
27
Nov
29
5
Apr
Oct
1584 Nov
17
3
16% Mar 12
12%
16% Jan
1% Jan
5% Jan
8% Mar
15% Feb
44% Mar
14% Feb
40% Jan
3134 jan
10
Apr
16
1
Apr
2%
684
8%
17«4
Sept
Sept
Mar
Nov
45%
8%
57%
37%
Nov
1
Mar 20
13
Jan 31
35% Jan 15
784 Jan 15
Masonlte Corp.
.No par
Mathleson Alkali Wits.No par
7% preferred...
.100
34% Mar 5
25% Mar 14
161% Jan 6
May Department Stores...10
Maytag Co
......No par
50
Mar 18
3% Jan 22
....No par
26
Feb
56 1st cum pref .....No par
McCall Corp.........No par
McCrory Stores Corp
1
98
Jan 11
Cash Bale,
16%
5%
3534
23%
5
5
Sept
46% Sept
5
3
1
r
3
Mar 21
9% Jan
i884 Jan
99
2
par
n New stock,
82
100% Dec
1484 Mar
10% Mar
Jan
484 Jan 13
3% Jan 31
.....
100
Feb 26
Apr
Apr
20
Apr
184 Apr
12% Apr
20
Apr
3«4 Dec
884
Sept
37b Jan 2
778Mar 11
35i4 Feb 28
31% Feb 28
14% Feb 16
5
Market St Ry 6% pr pref. 100
Marshall Field A Co...No par
53 preferred
Feb 1«
4
28
24
I684 Nov
99% Jan
18
July
14% Jan
Manhattan Shirt......
25
Maracalbo Oil Exploration..1
Martin (Glenn L) Co..
Martin-Parry Corp....No
26
29% Jan
Apr
7% Apr
19% Jan
I2I84 jan
11% Jan
14% Jan
Ctfs of deposit....—
Modified 5% guar—100
Ctfs of deposit
Marlne M1 dl and Corp
Jan 24
37% Mar 15
18% J an 2
42% Mar 11
—100
preferred—
Jan
284 Jan 24
31
13% Mar 6
18% Feb 23
327b Feb 9
106
preferred..........100
7% preferred
4
9
3384 Jan 15
par
C6.50 preferred..,
No par
Loft Inc.......
l
Lone Star Cement Corp No par
Long Bell Lumber A...No par
Loose-Wiles Biscuit..
..25
Lorillard (P) Co...
Jan
Mar 17
27% Mar 18
par
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp...._l
Loews
Oct
121% Mar 11
96
Libby McNeil
JUne
10«4 Jan
3284 sept
125
Mar
105
io84 Jan 31
5% Feb
conv
87
Sept
1284 Feb 27
6%
9% Jan
9% Feb
1484 jan
Sept
95
conv
Sept
13
Kelsey Hayes Wh'I
4%
38
59
Keith-Aibee-Orpheum pi.. 100
tLehigh Valley RR
Lehigh Valley Coal
1484 jan
57% Dec
May
60% June
6%
3
Jan
100
Lambert Co (The)
Lane Bryant
Sep
5584 jan
138 May
6% Aug
25% Aug
3% Jan
39% Jan
1
Class B
Jan
10
14% Jan 2
60% Feb 9
5% Jan 24
66% Feb 6
36% Mar 6
...100
conv cl
Oct
I9584 Mar
71% Sept
i6684 Aug
Sept
45% Sept
Jan
133
Aug
Sept
5% Dec
9% Mar
8% Deo
46% Oct
109% Dec
678 Sept
16% Sept
3% Oct
17% Apr
90
Jan
38
21
50% Mar 21
77% Jan 4
123% Jan 19
121% Mar 11
...
6% conv preferred
a
Jan 30
2484 Jan 18
Jones A Laughlln St'l pref. 100
Kalamazoo Stove & Furn...l0
Kan City P & L pf ser B No
par
Kansas City Southern-No par
6%
5%
41%
11%
9
82% Feb 16
Louisville Gas & El A..No par
Louisville A Nashville—100
5
14
.
No par
100
MacAndrews A Forbes-
"moo
Mar 18
25% Feb
97% Jan 15
384 Feb 29
384 Feb 29
lntertype Corp
No par
Island Creek Coal...
1
$6 preferred
.1
Jarvis (WB)Co
1
Jewel Tea Co. Inc. new.No par
4% preferred
Jan
3484 Feb
Foreign share ctfs...No par
Interstate Dept Stores.No par
Preferred
100
Johns~Manville.
Jan 22
51
par
300
*1
39%
Teleg...No
400
5
14%
*166%
*14%
131
Lehigh Portland Cement.—25
10
600
13%
17%
303s
<t
1,300
28%
171
Telep
Lee Rubber & Tire.
1
26
-
15
Inter
1,200
1
34%
—-
...
5
34%
—
6,100
5,
8/
26
*166%
60
.1%
3934
39%
9%
700
**500
27%
17% *17%
17% *173s
17%
10734 10784 *106%
♦106%
2434 2484
24% 24%
2484 24%
150
150
*147
150
149% 150
18%
18%
18%
18%
1884
1834
56
56
57
57
*56% 57
34
*3312 34
34
*33% 34
1%
6% Mar 16
34% Mar 21
...100
6% conv preferredKayser (J) & Co
*17%
5
Preferred
Kaufmann Dept Stores
34% *33% 34
*135
140
*135
*134% 140
*134% 140
140
*135
140
2334 24
24% 24%
2484 2434
25% 25%
25% 25%
28% 28% *28% 28%
28% 28% *28% 28%
28% 28%
*12
12
*12
12
*12
12%
12%
12% *12
12%
35
36
*35
35
35% 35%
*34%
36
*34% 35%
3
*234
2%
2%
2%
*2%
3%
3%
3%
3%
7
*6%
6%
*6%
*5%
6%
*6%
6%
*6%
6%
31
31
31
*29
31
*30% 3184 *31
31
3184
*29
31% *30
31%
30% 30%
3034 31
*30% 31%
16
*16
I684
16%
16%
*16%
16%
*16%
16%
16%
16%
15%
16% *15% 16%
16%
.16%
16%
16%
16%
*33%
1
.
7% pref. called
200
100
25%
*38%
1284
27%
Internat'l M ining Corp.
Int Nickel of Canada.-No
par
Preferred
58
*90
*20
17
Preferred
,
25
27%
35%
10
13
20»4
39%
13
500
'
684
18%
1
3%
'
600
15%
15%
15%
5%
*5%
5%
3212
31% 32
22%
22% 2234
111% *110
114%
3%
*3%
33s
17
108
300
1
''V
1,200
2,000
*12
*99
3584
13%
*36%
*2%
*29%
25%
*3%
27%
31%
*7%
100
15%
*6%
*17%
100
100
2784
500
600
120
*99
2034
36
36% 36%
36%!
108% 108% *108
108%
29
28%
28%
30%
4284 4234 *4234 43%
14%
120
*9784 102%
11%
11%
634
684
28%
*3
I *56%
57
17
43
70
56%
,13
100
Internat'l Harvester ...No par
*126«4 128%
*121% 122
*121% 122
6%
"i",500
4%
984
85%
8%
5
16
300
60%
70%
50
129
28
36%
35%
108% 108%
28
2834
*9
27
10734 10734 *106% 108
108% IO884
10834 109
172% *170
*20
24%
38%
4%
4
47% Mar 20
Sept
98»4 Sept
145
178
83
4%
8
6284 Jan 4
171
Jan 23
5% Jan 5
11% Feb 17
100
4
Jan
53% Mar 5
..100j 157% Mar 12
lot. Hydro-Elec Sys class A.251
3% Mar 20
Int Mercantile Marine..No
par
8% Jan 15
400
*4
3
Apr
9% Apr
4% Apr
284 Sept
284 Dec
3
par
5034 Jan 18
3% Mar 19
35%
157
67
191% Mar 12
Business Machines.No
5% preferred
100
International Salt
No par
International Shoe ....No par
International Silver........50
7% preferred..
....100
33
*12
8% Mar 18
1% Jan 19
32% Feb 1
5% conv pref
.....100
Internat Rys of Cent Am
*
*24% 26%
*98% 102%
4
4%
147% May
Jan
110% Feb 14
Mar 19
4,300
*32
.*17%
Jan
4
1034 Mar 18
33
*120
13%
108
.15
25%
•
Jan 17
Jan 15
Jan 15
Jan 15
Inter Paper A Power Co
33
71
40
131
14% Feb 21
6% Feb 14
5% Feb 28
Jan 22
200
25%
*126
11%
5%
3%
284
9% Sept
29% Jan
Apr
Marl6
40
50
90
Int.
400
*15
Feb 27
_
9,300
4
£27
154
Jan
7% Mar 20
80% Jan 22
12
53
*125%
150
100
.No par
54%
*3%
9%
86
133
"
*5284
35%
*84%
*8%
93
4% Apr
I684 Apr
Jan
1134
4
*3484
Jan
54
52%
35%
52%
*84%
*8%
*121% 122
11%
*6%
6%
98% 100
34% 3434
*13%
13%
37
37%
*2%
234
29%
25%
25%
*384
*2634
*130
11%
54
*98% 102%
*126
11%
34%
13%
37%
284
13%
37%
131
II84
*98% 102%
4%
4%
*4%
4%
*9%
984
*125%
*97% 102%
99
131
£5312
*334
29
118
No par
Internat Agricultural ..No par
Prior preferred.....
100
1,100
15,600
6%
1884
*12%
6%
6%
200
6%
56%
13%
*12
12
*1184
3,700
160
35%
71
*90
*12%
12%
*96% 102%
5634
*159
6% Jan 31
25% Mat 16
111% Mar
No par
Interlace Iron
100
6%
129
*6%
*1734
100
100
35%
15%
4984
13%
13%
*90
160
6.600
3,200
4,100
26%
*53
684
18%
56
56%
160
..10
No par
...
"3" 700
Highest
f per share f per share
Interchemical Corp
No par
6% preferred....
100
Intercont'l Rubber... .No par
200
4,400
384
934
*120
*6%
5584
*157
S per share
Lowest
Inspiration Cons Copper...20
Insuranshares Ctfs Ino
.1
t Interboro Rap Transit... 100
Certificates of deposit
4,400
9%
127
70%
Ingersoll Rand....
6% preferred....
Inland Steel Co.
""760
3%
*121% 122
*53
700
200
9%
8%
'126
*121% 122
1,000
179»4 *176% 179%
Year 1939
Highest
S per share
Par
Indian Refining
Industrial Rayon...
....
*176
Range for PreHous
Lowest
.
384
9
15%
49%
129
Shares
3%
93
26%
15%
3 per share
9%
33
127
71%
55%
160
On Basis of 100-Share Lou
EXCHANGE
Week
9%
9
....
180
NEW YORK STOCK
the
Friday
Mar. 22
3«4
8%
49%
*126
j
6%
35%
4
*84%
70%
,
384
26% 26%
*98% 102%
4%
438
4%
9
X5434
53%
35%
33
93
15%
*49%
Mar. 21
Range Since Jan. I
8%
11%
53%
*3434
*98% 102%
4%
4%
*4%
4%
*84%
*8%
*26%
*125%
f
$ per share
160
131
10«4
53%
*34%
Thursday
Mar. 20
STOCKS
6%
35%
131
11%
3%
1895
Sales
3%
8«4
35
53
*53
.
*176
55%
160
6%
35%
*131
180
55%
4
35
.Wednesday
|
6»4
*177
8%
6i4
Lmsda^
Mar. 19
S per share
$ per share
*6%
684
634
7
7%
7
*26
27
I
26%
26%
2684
26% *26% 26%
111% 111% *111% 112
112
112
*111% 112
*154% — *164%
*154%
*154%
8084 81% *81% 84
*83
84
83% 83%
12%
12%
12%
12%
13%
13%
12%
13%
6%
6%
*5%
6%
*5%
6%
*5%
6%
3%
3%
3%
3%
384
3%
3%
384
*2%
3
*2%
3
3
*2%
*2%
3
44
45
45
46
46
47%
45% 46
110% 110% *110
110% 110% 110% 110
110
*4
4
4
*4
4%
*4
4%
4%
8%
9
8%
9%
9%
984
9%
9%
*134
2
*134
2
*134
1%
*134
1%
*33
*31% 34%
34
34% *33
*33
34
*6%
55% 56
*157«4 160
384
8%
i
....
82
*2%
4312
1
Mar- 18
f per share
6%
SHARE, NOT PER CENT
for
Saturday
*154%
SALE PRICES—PER
2
14% Jan 13
147g Jan 31
108
x
Feb
Ex-dlv.
6
170
Feb 28
Mar
17
3
6
14
21
4% Apr
3% Aug
7
26% Aug
Apr
2
May
8
30
Sept
4
2034 Aug
2
5312 Jan 4
4% Feb 23
27% Jan 13
103% Feb 29
16% Jan 8
17
Mar 12
111
Feb 24
Ex-rlghts,
984
20
155
Nov
4034 Apr
3% Sept
24s4 Dec
93
Jan
10% Apr
934 Jan
88
1 CMtal (or
Jan
ra
6% Sept
784 Oct
16
176
Nov
Nov
Nov
Oct
Dec
Jan
Sept
July
6384 Oct
6% Mar
36% Mar
105 jqne
15% Aug
17% Nov
108% Dec
I) npil on
JL
New York Stock Record—Continued—Page 7
1896
AND
HIGH SALE PRICES—PER
SHARE, NOT PER CENT
STOCKS
NEW YORK STOCK
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Mar. 16
Mgr. 18
Mar. 19
Mar. 20
Mar. 21
Mar. 22
On Basis of 100-Store
Week
2434
♦7%
*383g
10%
*8%
24*4
2434
738
39
*7%
*3838
,10%
9%
8*4
978
10*4
8%
39
8*4
$ per share
25*4
7%
3934
2534
734
25
3984
40
10*4
10*4
8*4
$ per share
40
10
2478
734
39l2
10*8
24«4
738
'
7%
39
9 per share
$ per share
$ per share
26
10*2
700
McGraw-Hill Pub Co..No par
900
Mclntyre Porcupine
79
*76
79
*76
79
*76
79
*76
3,200
*60
66
61
*63
65
*63
*63
400
32
McLellan Stores Co
40
6% conv preferred
Mead Corp
100
16 preferred
66*2
32
66*2
32*2
Mines..5
McKeesport Tin Plate...— 10
79
61
*76
22
23
21
1312
3034
9%
14*4
1334
*13*8
14
*13*4
120„
*48«4
60
108
3%
*9*2
*34
234
34
78
278
*13*4
*31
hi
he
3*4
....
17
6%
*17*4
15%
16*4
II84
2334
12
*165
*166
1934
15
170
18
*18
15
33
Marl6
37
Jan
4
Jan 25
120
Mar
5
500
8% cum 1st pref
100
Minn-Honeywell Regu.No par
111
47
Feb 29
53*4 Jan
8
44*4 Sept
B—100
106
Jan 20
103% Sept
900
Minn Mollne Power
40
Midland Steel Prod
4% conv pref series
""400
Impt___l
No par
10
4,400
3,400
Mission Corp
Mohawk Carpet Mills
700
Monsanto Chemlcdl Co
20
10
34.50 preferred
No par
Preferred series B—No par
200
70
4
Jan 30
5% Feb 16
No par
30
140
37
preferred
No par
No par
Munsingwear Inc
Murphy Co (G C)
I684
3,600
National Acme Co
12%
12%
7,500
Nat Aviation
24%
6,300
National Biscuit Co
21
*1984
15
15
15
""400
100
pref
cum
21
15
""166
12
12%
12%
12%
12*2
12*4
12%
12%
12*4
17
17%
1634
17
16%
16%
16%
1634
1678
114
114
*114% 116
115
*114% 116
114
114% *114
113% 113% *111% 113%
112
112
*112*4 113*4 *111% 113*4
6
6
*5%
6*4
*5*2
6
*5%
6
584
584
*6*2
634
6%
6%
*634
6%
6%
6%
678
67g
24%
25*4 25*4
25*8
24% 24%
2434 24%
2434 247g
*13
14
13
13
14
*13
*13
14
13% *13
1034
1034
1034
1034
10%
10%
10%
1034
10%
10%
*88
91
91
*91
92%
*91
92
91%
91%
91%
*20%
21
20%
2034
2O84
2034
20*4 20%
20*2
21
1,600
1,100
*12%
16%
17% Mar
8
14
2
7% Aug
7*2 Sept
21% Sept
147% Oct
10% Apr
87
Sept
9,800
50
Stock
60
500
Exchange
400
6,600
Closed—
100
16
Jan 24
Jan
4
Nat Distillers Prod
No par
Nat Enam A Stamping No par
400
34.50 conv
Co
1
preferred-No par
10
National Lead Co
1
110*2 Jan 25
10912 Jan 30
6*4 Mar 9
6
23
Jan
2
Jan 15
12% Mar 2
10% Jan 19
91
Mar 20
19% Feb
7
~
167% *163
167% *163
167*8 *163
*163
167%
167% 167%
Friday
""600
2I84
5,100
1,300
2,200
734
65*4
42*2
*41%
6%
*934
*24%
*86*4
48*2
*108
42*2
*42
4234
4284
42%
6*4
*38*g
5%
9%
*24%
86I4
42*2
6*8
9%
26
86*4
*40%
978
26
88
48%
112
6*4
4234
42*2
6*4
9%
9%
*24%
2584
*86
4234
*41%
42%
6*4
10
*24%
25
*24%
*86
90
*46
49
*46
49
49
50
*108
112
*108
112
*108
112
*73
7234
12
1134
73%
12
*41%
42
42
43
43
43%
14%
15%
43
15
15%
7334
12%
45
14%
15%
15
15%
15%
1534
15
15
29*8
3284
29%
32s4
29*4
29*2
*3284
*4
5%
*4
*67g
834
*6%
*112
118
*112
33*2
5*2
8%
118
*55
60
*50
**2
1*4
*38
*%
*1534
2984
*31*2
4%
7%
*112
73%
12
60
%
1*4
%
55
*12
11%
16
31%
31%
32
32
*5
*6%
*112
118
16
5%
8
55
5g
*2
1*4
.
1,600
10
12
400
5
200
8*4
*2
300
*2
1,400
1*4
1%
1*4.
1*4
1%
*%
*2
*%
*3g
%
%
15
1534
15%
15%
1534
15%
14%
15
15*8
£103
103
103% 10314 *10334 104%
10434 10434 *104*2 105
33
*32%
34
32% 32%
*31% 32*2 *32
32% 32%
214
*214
216
*214
21534
215
215
215% *212*2 216
112% 112%
113*4
*112
113*4 *109% 113*4 *112
113*4 *111
20%
21%
2034 21
20*2
20%
20% 20%
20%
20%
*57
58
57*2
57*2
57*2 57*2
*6684
58
*56%
58
56%
56*4
5634
*55
56
5634
5634 *56
55%
56
21
23%
2334
21
21
24*4
24%
22%
20*2
21
*1*4
*%
"4,200
147g
*89%
7*2
90*4
784
113
*111
*89*4
7%
34%
4%
4%
*4034
4184
*4%
*4034
67g
7%
19
19
1334
1334
108
*107
*5
5*4
15%
*139
9%
1534
*89*4
90
89
7*8
18%
*13%
108
5*4
16
7%
18%
13%i
108
5*4
16
142*4
142% *140
9%
934
9!
7*4
18%
13%
108
*5
*1584
141
984
35
7%
19
13*4
108
5%
16
141
10
35
16* 600
1,000
13%
10834 IO884
*5
5%
16%
*138% 141%
10*4
10*2
*35
37*2
15%
36
*33
35
28%
*27%
28%
*27%
28*2
*28
*51
55
*54%
55
*54%
55
*54*2
60*2
5%
6O84
5%
6
6
19
1934
*115
60%
*5%
6*s
*18%
9%
125
61%
5%
6
20
10
*115
6034
*5%
125
61
5%
13%
*115
61
5*2
28*2
55
125
61*4
5%
1334
109
*5
15%
141
100
*54%
*115
6134
5*2
6
6
6
6
6
19%
19%
*18*4
10
9*4
20
10
12%
360
3384
47%
2,200
1,000
*13*4
14
14%
13484 *132% 135
153% *151
153*4
600
10
9%
12%
33%
13%
3334
33%
33%
3334
47
47
47%
47%
47
13*4
13%
*13%
13%
13%
13%
13%
£132
*151% 154*4 *151% 153% *151
6
*6*4
♦
132
*12%
*131
153% *151
6*4
13
*12%
6*4
£6%
Bid and asked prices; no sales on this
60
20
9%
47%
136
300
5*
6
33%
*134
2,300
6234
19
33*4
134
125
day.
120
300
30
6,149
6*4
t In receivership,
a
2
Jan
15
Jan 22
Mar 18
Jan
9
5
2
1*4 Jan 23
% Jan 25
13% Jan 15
52% Jan
*2 Jan
92
Jan 30
28*2 Jan 15
10
Feb 14
Jan
4
75% Mar 9
14% Feb 20
50
Jan
3
Mar 19
8
115% Mar 11
Feb 20
56
% Jan
Jan
4
2
% Jan 11
16% Feb 19
107
Feb 27
3434 Mar
8
3
111
Jan
5
Jan 17
33% Jan 30
4
Jan 31
40*4 Mar 14
2684 Jan
43*2
Feb
5
140
Jan 11
9% Mar 16
1034 Sept
4% July
15*4 Sept
106
Nov
118*2 Mar
May
120
Mar
47
July
62
Mar
%
3
Dec
1% Dec
% May
8% June
70
Apr
31%
Dec
Nov
113
June
29
26%
Feb
59% Aug
59
Aug
29% Nov
89
Nov
1484
113
Dec
40
Oct
Jan
284
Apr
6*2 Nov
32%
Apr
4484 Aug
Aug
101% Sept
6
Jan
4
14*8 Sept
30
4
12
Sept
20*2 Mar
Mar 21
100% Sept
5
4
484 Aug
15% Sept
113% May
8*2 Jan
Jan
14% Mar
144
Sept
217
Sept
Sept
109
17
94*4 Dec
33% Dec
Jan
168
100
22
1% Sept
5*4 Sept
134 Sept
103*2 Sept
18% Apr
52% Sept
50*2 Sept
12% Apr
112% Feb 15
34*2 Jan 3
5*8 Jan 3
42*2 Jan 12
7% Jan 3
5% Jan
Feb 19
12% Jan
3
128
7*2
33
27*8
Jan
Apr
148*2 July
16
Sept
July
55*2 Sept
Oct
Mar 19
41
Jan 11
26*2 Jan 19
30
Feb
8
16*2
55
Jan 22
55
Jan 22
40*8
Apr
Jan
119
Feb 23
120
Jan 17
114%
Jan
6
50
70
Jan
6*2 Jan 10
684 Jan 6
3
Apr
Aug
35
59*2 Jan 15
5
10
5% Feb 29
5*2 Feb 24
19
No par
No par
Pacific Finance Corp (Cal).lO
Mar 15
9% Mar 20
11
Jan 15
32% Jan 15
25
No par
4684 Feb
No par
13
Cash sale,
4584 Sept
Apr
Jan
18% Jan
100
6% preferred
100
Pacific Tin Consol'd Corp—1
Apr
June
Jan 24
Pacific Telep A Teleg
1784 Sept
Sept
62
Apr
7
15% Mar 15
Co. 12.50
Pacific Ltg Corp
Pacific Mills
July
23% Sept
25*2 Sept
82
No par
No par
Pacific Gas A Electric
Apr
90*2 Feb 20
9% Jan 3
13% Mar 19
103% Jan 22
No par
r
8
6
100
1st preferred
N^w stock,
3
Jan 10
7% Mar 16
2d preferred
n
2334 Jan
Jan
6*2 Feb 24
Pacific Coast Co
Apr
8%
27
3
58
18% Jan 20
Owens-Illlnols Glass
42
112% June
I84 May
59
No par
Pacific Amer Fisheries Ino
Apr
105% Sept
18*2
5
No par
35.50 conv 1st pref.-No par
Outboard Marine A Mfg
5
Outlet Co
No par
Preferred
100
11%
29%
87%
Jan
Apr
Oct
Feb
June
Aug
10*8
Jan
33% Mar
5*2 Jan
6
Oliver Farm Equip
100
Jan
30
21% Jan
Mar
88
60
Co
Jan
20
50*4
5%
Apr
11% Sept
18% Jan
39
15%
Dec
32
51% Mar 21
Mar
20% Mar 18
Telegraph...50
6% preferred
35% Sept
59*4
2%
55
Ohio Oil Co
Def. delivery,
Apr
41
7
66
Norwalk Tire A Rubber No par
Otis Steel
Feb
119
110
100
1
173*8 Aug
145
33% July
Feblo
7% Mar
110
29% Mar 16
3134 Feb 14
3*2 Jan 12
6% Jan 31
50
50
(The)
8% preferred A
Oppenhelm Collins
Jan
27*2
43% Mar
Jan
Jan 26
Omnibus Corp
Mar
106
39
Jan
Northern Pacific Ry
Jan
16%
Aug
5% Aug
113
Otis Elevator
Oct
Jan
183g
Sept
Jan
219
60
39%
28*2
65
*28
*46%
134
141
*35*8
*12
12%
1,800
2,400
47
*33*4
100
5%
16
10-%
47
*12%
210
109
10*2
10*4
12%
33%
984
900
13%
Jan
52
Jan 22
Preferred
7*2
Oct
Feb
10
Jan
110% Feb 26
20% Mar 5
Northwestern
6*2
28*2
132
208
10
North States Pow 35 pf No par
19%
173% Jan 31
Jan
82
1
7*4
8
Mar
4%
20*8 Sept
10% Sept
8% Sept
83
Sept
17% June
152
Sept
July
Co...50
19%
22
100
Northern Central Ry
7*2
Jan 31
96
100
North Amer Aviation
19%
Mar 14
Mar 21
Jan 6
Jan 3
Apr
5
160
7%
7%
25%
15%
12%
Jan
Mar
8%
Apr
71*2 Feb 1
11*4 Jan 18
45,300
700
114
Apr
Jan 16
6% preferred series
5 % % pref series
""ilo
8ept
4*2
40
500
6,200
107
4
Adjust 4% preferred
400
90
7%
3
Norfolk A Western Ry
North American Co
Sept
18% Aug
Jan
50
Noblltt-Sparks Indus Inc
Jan
634
107% Mar 12
1NYNHA Hartford
100
Conv preferred
100
IN Y Ontario A Western.. 100
N Y Shipbldg Corp part stk.. 1
7% preferred
100
16
6% Jan
18*2 Apr
73*8 Mar
100
Nov
17*8 Nov
95*8 May
23«4 Sept
26*4 Jan
114
87
.50
N Y Lack A West Ry Co..
15
28% Mar
175
117%
25% Mar 13
No par
Dec
9% Jan
26% Nov
1884 Sept
Sept
Jan 26
No par
52
14%
14% Mar 16
5% preferred
Jan
Mar
Sept
Dec
Nov
Jan
4
41
10
19%
*27%
125
*89%
734
500
6,200
734
7%
7*2
7%
*11134 113
*11134 113
*111% 113
34
34
*33*2
36
34%
34i4
34%
4*4
4%
4%
4%
4%
4*s
4%
*39%
41
41«4 *39% 4134
4134 *39%
7%
*32
*115
89
700
*111% 113
34%
*33*2
90
50
Jan
Jan
7%
44*2
1484
70*2
111%
9%
3
3
4
4
12
No par
New York Dock
37% Mar
Jan
No par
10% preferred
40
55%
12%
Jan 12
100
122*2 May
5784 Oct
47
Sept
Jan
10
6% preferred series A
May
110
83
NYC Omnibus Corp..No par
121
3
24
N Y Chic A St Louis Co... 100
Oct
IH84 Sept
8%
73«4
984
13%
100
N Y A Harlem RR Co
118
*54
Dec
10% Jan 29
1
1% Sept
2*2 Sept
27
New York Central
200
Apr
14*8
8*8 Sept
No par
Jan
Jan
Jan
21
116*2 Jan
148% Jan 29
9
Jan
Mar
14%
2%
984
21%Mar 18
7% Mar 6
63% Jan 22
8% Jan 15
12% Jan 2
N Y Air Brake
*110
55
Mar
17%
£8% July
100
4H % conv serial pref
Newberry Co (J J)
Newport Industries
200
140
3
8
Jan
43
No par
Newmont Mining Corp
500
167% Mar 21
16*4
13% Mar 12
17% Jan 5
40*2 Feb 10
3*2 Jan 4
9% Jan 10
No par
Natomas Co
1,400
31%
32*2
Feb 26
Aug
1
National Tea Co
2,800
1,300
25,500
16
5
100
100
5H % prior preferred
""306
15%
*6%
Corp
25
National Supply (The) Pa_.10
32 conv preferred
40
5% pref series A
12%
31%
*3134
No par
National Steel
""loo
46
15*4
Natlohal Pow A Lt
Nelsner Bros Inc
24%
46
100
Nat Mall A St'l Cast Co No par
6% prior preferred
14", 800
73
73
*112
118
*110
55
43
42%
7%
90
16
16
30%
3234
4*2
8
*110
*110
*110
*72%
1134
.100
7% preferred A
""300
51%
51*4
*108% 112
7234
11%
*72%
*4134
*41%
10
*86
90
4234
6%
10
6*s
100
6% preferred B
146% *144
146% *144
146*2
146*2 *144
146*2 ♦144
*22%
23*2
2234
23
2234
21% 21% *21%
22
734
7%
784
734
734
7%
734
7%
734
65
65%
66
65
£6534
66
6534
6534
66*2
8*4
8%
8%
8%
8*2
8%
8*4
8%
8%
8%
*12%
13*2
13%
*12%/ 13%
*12%
13% *12%
*12%
13%
*145
Jan
14
24% Jan 24
170% Mar 6
18% Feb 16
20*2 Jan
Nat Gypsum
2,300
165
2
1834 Feb
1,900
Good
ll%Mar 18
2234 Jan
1484 Mar 1
10% Jan 30
16% Jan 15
No par
Sept
43% Sept
5% Sept
Nat Bond A Share Corp No par
Co—1
Nat Dairy Products...No par
7% pref class A
100
7% pref class B
.100
Nat Dept Stores
No par
6% preferred
10
9
52% Mar 12
7% Feb 15
22% Jan 3
Nat Cash
Register
Apr
Feb 15
97
National Cylinder Gas
30
Apr
92«4 Jan 17
100
5% pref series A
*1934
15
10
Nat Bond A Invest Co.No par
98
15
98%
21
7%
170
6
Corp
6%
54
Oct
3% Aug
Aug
2
Dec
Jan
Sept
6*2 Jan
Sept
17%
4
17% Mar 6
13*2 Jan 13
18
40
120*2 Nov
85*2 Jan
114
July
19
8*4 Feb 16
50
6
Louis...100
6% Jan
28*2 Jan
21*2 Sept
39% Jan
16% Sept
30
5% Jan 13
Myers (F A E) Bros...No par
Nov
Nov
Apr
50
111
73
63
30% Dec
Apr
105
Jan 22
Feb 13
18*2 Sept
16%
Feb 28
39
3
1034 Jan
59% June
10
Mar 14
Nash-Kelvlnator Corp
Nashv Chatt A St
Feb
Mar
I.534 Mar 20
78*4 Mar 15
109
2334
*1934
10
Feb
67% Jan 23
preferred
100
Murray Corp of America.. 10
5%
12*4
*96
2
1
23
Apr
Sept
Sept
40*8 Apr
31% Aug
22% Sept
9% Apr
3
Feb
Mullins Mfg Co class B
24%
21
15
Jan
45
Mar 14
Apr
112
56
6
12
99%
121% Jan 30
1
23%
*96
110
Jan
9
27
Dec
8534
8
118
18*4 Feb 27
26% Jan 9
400
18*4
884 Aug
1
Aug
111% Mar 14
15
30
*1934
Jan 15
116% Mar 8
119% Mar 18
50% Jan 15
43% Feb 14
30% Feb
5,300
15*4
18*4
104
36
%
10%
1534 Jan 20
""260
37
*96
% Jan
% Jan
19% Jan
Mueller Brass Co
79
*167
*11 Jan 26
14 Jan 18
£l634 Feb 29
Apr
2% Aug
% July
10*2 Jan 12
"7~666
18
484 Jan
5
1
Motor Wheel Corp
18%
170
2% Mar 16
Motor Products Corp. .No par
800
18%
18
10% Jan
.1% Jan
1,000
18*2
*96
43% Mar
9% Mar 11
84 Feb 13
Apr
2% Sept
Sept
6
6
8
4% Jan
""l20
*18%
*167
110
4
Apr
101
Montg Ward & Co. Inc.No par
Morrell (J) <fc Co
No par
Morris & Essex
50
12,400
434
16%
Jan
334 Jan 29
37% Jan 16
7% preferred series
7%
1634
13% Mar
No par
Mo-Kan-Texas RR
52%
6%
18%
99*2
14%
Apr
No par
500
6*2
16%
Aug
Apr
*50*2
170
*165
18
18%
99*2
1934
*96
15%
1134
23%
23%
2378
170
18%
15%
1134
23%
July
6*2
11%
18%
6%
7141
3
14
Feb 21
25
16%
12
23%
1734
15%
11%
18%
6%
18%
5
5
3134Mar 5
11% Feb 21
16% Jan 2
52%
*50
52%
6*2
6*2
18%
Aug
July
39% Aug
28% Dec
Jan 15
I784
*50
62*2
*50
52*4
6*2
6
Feb 24
26
10% Oct
101*2 Nov
14% Sept
Jan
56
1
Mar
34% Mar
6*8 Jan
Mar 19
6% Aug
88
8% Jan 27
13% Jan 29
6*2
678
684
7
*50
66
28
10
900
7
80
6
29% Jan 30
434 Mar 19
5
Miami Copper
Mld-Contlnent Petroleum..
"3" 100
7
7
11% Jan
5
5
*110
*110
Jan 12
Feb
Mesta Machine Co
200
15
10
63*4 Feb
25*2 Dec
39
7
600
35
9*4 Jan
10234 Mar
Highest
share % per share
15% Apr
5% Sept
Sept
884 Apr
9
3
9
4
15
6
12*2 Jan
per
11% Sept
A—100
J Missouri Pacific RR
100
5% conv preferred
100
*78
8*g Feb
47*2 Jan
2
64
700
*1634
17%
11078 111
*117 * 118
119% 119*2
53%
5334
*43*2 4434
28*2 28%
13*2
1334
17
17%
*23
24%
78
Jan
Lowest
I
store
Mar 12
16*2 Jan 10
2,100
2,000
1
*4%
99
per
26
38% Mar 11
9% Mar 18
8*8 Feb 1
21
*he
'II
78
*111
*111
1
(The)
•%
6
*6,
"ie
78
78
Co
%
share
x2284 Jan 15
7% Jan 17
120
3*4
17
77*2
77*2
78
Mengel
36.50 preferred
78
'ie
No par
series A .No par
per
5% conv 1st pref
50
Merch <fe M'n Trans Co.No par
840
97g
3*4
17
100
15.60 pref ser B w w.No par
Melville Shoe Corp
1
43
*39
43
*1634
17
•16»4
17
110% 110*2
109% 109%
110*8 110*2 *108*2 110
11734 11734
11734 118 ;*116% 11734
*117*2 11734
*117
119%
120
120
119% 119% *115
120
53
53%
52%
52% 3:52% 53%
52%
53
*43%
45
*43% 45
*43% 45
*43l2 45
*27%
28*2
27*4
27*4
27% 28
27*4
27*4
14
13%
13% *13%
13%
*1278
13%
13%
17
17
*1634
17
17
1678
1678 *1634
25
*23%
25
*23
24% *23
*23
24%
*4%
4%
*4%
478
*438
4*2
4%
4*2
*34
37
35
35 I *33%
36
*33% 35*2
14%
1534
1334
14-%
*13
1234
1334
13%
*111
1,000
4%
97g
*34
hi
*4
4
4%
*39*2
978
3*s
%
*4
%
3
•
4
95s
78
%
*4
17
78
5
22
13*2
31*4
10
14*8
14%
34*4
43
9*2
3
234
**!«
*»16
800
32%
5
2I84
13*2
31%
10*4
10
4
*378
*39
43
934
*958
10
14*4
3%I
37S
*38*2
37S
43
*39
32%
5
22
""106
9%
14
14%
33
3378
3378
34*4
33
33*8
33*8
117% 117*2 *117*2 119
116*2 116*2
116*4 116*4
50
50
50
50
*48
49l2 49*2
49*2
*107
108
108
*107
*107
108
*107
108
•116
*107
*31
5
2I84
9*2
14*4
9%
9*2
14*4
9*8
14
33
33
31
31
~
31
31
95s
14*4
434
*13%
31
23l2
6
32*2
32*4
434
2134
14
32*4
5
32*4
4%
32*4
6
23%
1
McGraw ElecCo
2,100
*83s
8;
884
*8*4
8%
*103
107
*10284 107
*102*2 107
10
10
*834
10
*834
10
102% 10258 *102'2 107
*834
10
9«4
*834
Shares
784
3
Lots
Highest
Lowest
Par
25*2
.784
1940
EXCHANGE
the
S per share
23,
Range for Previous
Year 1939
Ranoe Since Jan. 1
Sales
for
LOW
March
5
Jan 23
64% Jan
2334 Feb 13
12*2 Jan 4
13% Mar 19
34% Feb 17
Jan
3
16% Jan
4
50
2*8 Apr
11%June
3«4 June
984 Apr
27*2 Apr
41
9%
130*4 Jan 16
139
Mar 12
114
151
154
Jan 24
128
6
*
Feb
6
Feb 26
Ex-dlv.
y
7% Jan
Ex-rights.
4
6*2
Apr
Apr
Apr
Sept
Dec
26*2
Dec
54
Dec
120
Dec
7*2 Sept
7% Nov
25
Nov
15% Sept
1284 Mar
3484 Mar
52
Oct
21*2 Sept
132
June
156*2 July
7*2
Dec
1 Called for redemption.
T7,
New York Stock
Volume 150
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
Record—Continued—Page 8
QTHPTTQ
Ranoe Since Jan. 1
On Basis of 100-Share Lots
for
Saturday
Monday
Mar. 16
Mar. 18
$ per share
7%
3%
175s
7i4
3%
*95
8l2
7S
*42
*95
7%
7%
73g
*87i2
93%
11
*8712
*87g
*16l2
178
4334
*2034
15s
1034
*612
*5434
7
56%
*54
91%
358
915g
Q
Q
*16%
*178
*43
*20%
1%
1078
18
2
4334
21%
lSg
*6i4
3341
9H4
334
3i4
3%
*21
*314
23
14
*20%
*1358
*11914
2H4
215g
39
3914
38
36l4
412
*25g
14
*11914
213s
39
*3612
*2i2
*10
*7%
35g
19%
*7%
7S
*42i8
3278
17g
17g
43%
2078
2078
*21
I118
*6i2
*5512
91%
18
3534
a43%
*8134
*3%
*314
*20l2
*1358
*11914
~2~1%
2H2
3934
39U
36i4
3612
4i2
*25g
10
978
312
*2034
14
13
35
44
44
44
*8134
86
*83
88
*83
612
*39
90is
905g
140
*130
6l2
*6i2
*3714
383s
49
38l8
3812
*434
*5514
5%
58
*412
5514
55U
*812
*2678
912
27l2
4912
*812
93g
*9
*25
16i2
*25
1214
*14434
34
2H2
53g
*4i2
55
*812
27
27
*49
49%
*
110
"*434
5
23
7i8
267g
*49
♦
110
23
7
734
5
434
23
23
*6i2
5534
9H4
*35s
56
9178
334
4,200
400
3l2
400
312
....
*13
14
n2
1'2
*14
*'4
38
22U
2134
27
*26%
*49
*
23
23
3314
3314
1H2
*1134
*3514
10
*13
1434
10
14
*1234
1018
10i8
10l2
1%
]38
*163
16*
164
*116
164
164
164
*116
120
26
26
9
834
90
*90
26i4
9%
26i8
9J8'
*90
9334
217g
13,200
712
1,270
9'8
367g
445g
4,700
86
*82
*130
7i8
*40
3834
5
*4l2
58
*50
9
834
*265g
2712
*49
49l2
*
514
23
~2,700
9H2
1,200
140
"2",000
714
49
10
3914
2,700
12
*22
14
1034
13g
%
1214
12i8
37
300
500
30
1,800
100
29
110
Stock
17l2
80
40
31
13
ea
Exchange
400
38
1238
*12l8
Closed—
123g
373g
300
430
1143s 114%
41%
3,400
42
113
11314
300
125
125
200
26l4
9
9384
*90
2634
93g
92
60
2,200
1,000
803g
80
801S
*14l4
1478
55g
*7334
*6478
143g
15
143s
14%
1514
*1412
145g
1414
14i2
1514
1514
*1518
6I4
15i2
400
6i2
76,300
1
6514
H8
20
20
*15
57g
*7334
64%
1
1978
15
6
6i8
15
*15ig
15i4
6I4
6%
6i2
66
li8
*7334
66I4
1%
20
*20
*7384
64%
65i4
1
1%
20
20
!
16
1512
*155g
16
28
*26
28
*27
277g
*15
1558
*15
1534
*15
1534
*25
26
*25
26U
*25
2634
*25
*2H2
*33s
2178
"334
21%
2:2034
15l2
28
16
1612
*27
1514
*7334
6612
1*4
2012
1612
66I4
66U
T,900
1%
1%
20i2
7,200
*20
163g
2758
1514
*27
2612
2034
334
*25
15
*2112
*33g
217g
*49
55
49
49
*47
49
*47
49
*lli4
712
12
7l2
III4
III4
*1038
12
*1034
11%
*1034
*7
*73g
734
*712
*12
1278
12
*55
57
*54l2
57
*55
5712
*56
80
*60
80
*66l2
134
80
4
9i2
1%
134
134
18%
2H2
*33g
*7
734
*12
12
*95s
9%
134
19
734
13
*12
934
95g
*5514
*6612
134
134
1934
13
97g
56l4
80
134
21
3l2
47
*12
9%
1,100
16i2
2734
100
3%
30
934
Jan
Aug
3% Sept
45% Mar
9% Oct
23
Apr
31% Sept
26
21
Hosiery
9
20,100
*89
90
800
747g
*7314
300
*lli2
*1H2
1214
1134
12
1214
I2I4
*22
25i2
*22
26
*23
26
*25
26
12i2
2634
75
13
2634
*78
81
*78
81
*78
8012
*78
80l2
79
80
55
50
50
50
50
*50
55
13 ig
13
13
13
13%'
1334
14%
*85
93
x90%
1334
*90l4
9312
*90'4
94
77s!
7%
4134
*5334
6%
*6i2
10%
19i8
*7g
*38
14
*12
*218
4134
57
7
714
11
19i8
1
39
h
%
3I2
77g
4112
*5334
67g
*6%
*1034
1912
*7g
3734
*%
*12
*218
*4
*4
51
50
10l2 11034
114
♦111
112l2 113
24 ig
25i2
778|
4134>
57
8
4134
55
6%
67g
712
*6i2
*107g
1914
III4
195g
3734'
*78
38
H4
383g
%j
*14
3g
°S'
*U
3i2;
*2i8
....
|
113
11212 113
23%
24
818
4H2
*54
634
*107g
1%
I
*612
1912| *1918
50
50%
110l2 110l2
i*lll
8
413g
J *54
6%
7%
11%
90i4
*4
3
....
50i8
50%
110l2 110l2
11U8 112
11134 112l2
24U
25i2
*7.
38
2,100
100
83g
8%
8l4
4H2
4112
1,100
6,200
55
5318
53 ig
10
6%
778
HI4
678
7%
4,200
*6i2
778
1078
1978
1%
38%
%
*%
*2i8
40
55
143g
9312
4134
19U
%
1078
*19I4
*%
39
5034
51
110l2 11012
IIII4 111%
UII4 112'8
2612
27'4
3C0
*2%
1*000
500
100
3
*4
5034
32
Feb
%
51
4,600
U0l2 110l2
310
IIII4 1J1%
nn2 11134
26l2
2714
260
860
6,800
Sept
Aug
Jan
14 34
Jan
Jan
129
164
Jan 2J
147
Sept
Apr
Sept
Jan
4
111
Sept
3
z22% Aug
934 Mar 11
6% Aug
70
Sept
6384 Aug
1034 Jan
32% Jan
90
Mar 16
80% Mar 20
15% Feb 9
15% Feb 3
14% Mar 15
14% Mar 11
5% Jan 6
1
Dec
Feb
Aug
112
Feb
6% Mar 20
67
3
Mar 11
Mar
6
17g Jan 29
21% Feb 23
8
16
Aug
8% Jan
85% June
19% Jan 24
167g Jan
3
4
Mar 15
28% Feb
9
23
55
Jan
3
4% Feb
8
Mar
4
2%
40
7
Apr
16%
9
6%
Apr
10
9
9
Apr
10% Jan
3
14% Sept
17% Jan
75% Mar
56
9%
Dec
50
Dec
Jan
5
60
Apr
4
178 Jan
237g Jan
2
% July
12% Apr
Mar 21
83% Mar 14
63
Aug
84
Sept
53
Jan 12
37% July
56
Sept
157g Feb 20
7% June
Apr
4
42
Apr
29
2
Jan
94
Jan 10
87
Apr
11%
Jan
Sept
45
Jan
58
Jan
10%
Jan
6%
7% Jan
12
Feb 27
Apr
6% May
10
Sept
15% Sept
20% Jan
9
84
Apr
Jan
3
27%
Apr
% Jan
2
7g Jan
334 Feb
3
9
% Aug
134 May
4
Jan 23
9
3% May
1% Feb
42
3
% Jan 19
Jan
Jan 30
Jan
Jan
Dec
Jan
July
8% Jan
36% Feb
9
Jan
2
Mar 14
111
114
116
% June
-
2734
Mar 14
53
44% Jan 15
lll%Mar 19
111% Mar 20
19% Jan 15
No par
5%
1434
62
634Mar 19
Jan
7834
Apr
35
6% Jan 20
1078 Jan 25
18% Jan 15
104
9%
53% Mar 12
_
100
100
100
3
-
9% Mar 11
4178 Mar 14
6% Jan 18
39% Jan
52% Jan 29
2
Nov
21% July
43
78% Mar
1434 Jan
6
4
75
Oct
Nov
234 Nov
28% Sept
9534 Dec
8934 Oct
20% Jan
40% Jan
3
9234 Jan 31
Jan 23
22% Feb 6
7634 Feb 16
45% Feb 28
978 Jan 3
87% Mar 12
%
Mar
Jan 12
69
1
Sept
5% Sept
54
Jan
6
11% Feb
Jan
Dec
13% Feb
18% Jan 22
79% Jan 23
100
27
Dec
Mar
65
Jan
2884 Deo
2234 Sept
2884 Oct
Dec
1«8 Jan
Lead
10
{St Louis-San Francisco... 100
6% preferred
100
{St Louis Southwestern...100
5% preferred
100
Safeway Stores
..No par
19
20% Sept
16
July
9% Mar 18
493g Feb 6
St Joseph
2%
Nov
23% Sept
12% June
10% Apr
64
No par
67%
6% June
2834 Jan
7
Mines
90% Mar
81% Jan
18% July
Aug
Jan 13
Jan 31
June
5
14% Jan 16
40
Aug
166
117% Dec
41% Sept
1134 Sept
11
15i2Mar 16
x2034 Mar 20
3% Jan 15
Aug
Aug
143
85% June
53% Apr
1% Dec
16% Apr
27
25
Sept
66
118
77% Feb 13
49
II934
4134
114%
128%
Jan 12
Feb
Feb
Jan
Apr
31% Apr
101% Sept
85
Jan
84
16% Sept
1634 Sept
Apr
143% Mar 13
Feb
Jan
2%
Mar
112
160i2
117%
2534
8%
Sept
16% Sept
Aug
42% Feb 27
115% Jan 11
9
Dec
17
6% Sept
18
Oct
Oct
Sept
Sept
Sept
% May
60%
Sept
2% Sept
% Aug
6
Sept
24
7% Aug
Feb 20 a:127%
141% Jan
149
Apr
17% Sept
6% Apr
42
11034 Feb 21
124
%
Sept
Aug
11%
16%
48%
25%
40%
20%
June
697g Mar 13
118% Jan 2
2
3934 Jan 18
Richfield Oil Corp..."..No par
Rltter Dental Mfg
No par
preferred
preferred
preferred
Savage Arms Corp
18
6
% Feb 27
1478 Jan ~
112% Feb 16
10
5%
6%
7%
95
176
2% Feb 27
Jan 16
6534 Jan
Spring
1
Reynolds (R J) Tob class B.10
Ruberold Co (The)
Apr
Sept
1284 Jan
3314 Mar 16
100
Roan Antelope Copper
50
158
12% Aug
Feb 13
15
Jan 13
Maris
11% Jan 15
11% Mar 15
Reynolds
Common
Jan
1% Mar 12
2234 Feb
% Jan 12
7% preferred
100
5}4 % preferred
100
Reynolds Metals Co—No par
5H % conv preferred
32% Sept
14% Sept
4% Aug
6% Apr
22
Apr
15% Jan
10
...
{Rutland RR 7% pref
~
"8
12
5s
3
*4
"l~400
H4
3914
*14
Jan 18
1214
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper <fe Brass
5
Class A
10
*8612
Mar 18
58 Feb 14
20% Jan 2
Republic Steel Corp...No par
90
7478
Sept
Apr
Mar
2%
142
5
{Reo Motor Car
"
34% Jan
19% Jan
12
Preferred with warrants..25
87
*50i2
11
Mar 19
24
10
1
74
,
Mar 18
16
6
Remington-Rand
Mar
8% Jan
28
100
Preferred
72% Jan 25
174
Jan
Sept
12
4
27% Jan
8% Jan
638 Feb 19
51
Apr
12
Mar 12
35% Mar
Jan 17
7.
Feb
171
Feb
110
t69% Feb 16
—1
85
•
4
Jan 29
7
..25
50
50
......50
*7112
13
Jan
107i2 Feb 10
4i4 Feb 27
1
*80
*50
Jan 22
48
100
74
40
Aug
6
11% Jan 19
100
46% Sept
2
67g Feb
Reliance Mfg Co
1,100
Apr
36
Rensselaer <fe Sara RR Co.. 100
20%
July
31%
9
85
2034
Jan
35
8
*70
2OI4
Mar
7
Apr
87gMar 6
27% Jan 10
49% Jan 5
8
"2",200
154
25
66
13
100
5
103% Mar
Sept
234 July
2
*80
19lg
4134 Jan
4
Feb 16
1,400
134
Mar 20
124
5
5
50
Rayonier Inc
•
39
Jan 10
19% Feb
Real Silk
7% Mar 21
Aug
Aug
1% Sept
6
73 ig
12
7318
6
2
Jan 23
136
200
13
56
134
9578Mar
Jan 23
1U4 Marl8
80
20
91
% July
74
Sept
Rels (Robt) & Co 1st pref. .100
Reliable Stores Corp..-No par
30
734
56
Jan
1
100
11
*67
Apr
%Mar
60% Jan
""360
21
Apr
{Radlo-Keith-Orpheum No par
Raybestos Manhattan. No par
4% 1st preferred
4% 2d preferred
47
Sept
Sept
Sept
Mar
Sept
634 Sept
75
Radio Corp of Amer...No par
$5 preferred B
No par
$3.50 conv 1st pref..No par
26l4
Sept
40
Jan
No par
$2 preferred
Reading Company
100
2
4
45
Jan
Jan
No par
6% preferred
100
6% conv preferred
100
Purity Bakeries...
No par
Quaker State Oil Ref Corp.. 10
200
15
25
Apr
Jan
85
185s
*80
19ig
*33g
334
50C
17
13% Sept
8
Pure Oil (The)
80
8
3
No par
Pullman Inc
10,800
7978
21
4
44
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J..No par
$5 preferred
..No par
6% preferred
100
7% preferred
100
8% preferred
100
Pub Ser El & Gas pf $5.No par
"a 200
79%
6
5% conv 1st pref
5% conv 2d pref
2658
79%
4
584 Sept
1934 Sept
100
25
No par
Procter & Gamble
91g
92
79'4
Jan
Jan
Mar
Jan
Oct
Apr
7%
4
No par
9
7934
45
2
5
B
26
*79
39% July
Apr
May
9
3
Jan
36i2Mar
Pressed Steel Car Co Inc
*90l4
100
Feb
30%
Jan
Jan
85
par
Pittsburgh Steel Co
No par
7% pref class B
100
5% pref class A
100
5M% 1st ser conv pr pf. 100
Pittsburgh & West Va
100
Pitts Y'n & Ash Ry 7% pf.100
PIttston Co (The)
No par
Plymouth Oil Co
5
100
2,500
27% Sept
100
Pitts Screw & Bolt
300
69
Mar
Mar
Apr
30
Pittsburgh Coal of Pa
..100
6% preferred
100
Pitts Coke & Iron Corp No par
$5 conv preferred
No par
Pitts Ft W & Ch 7% gtd pf 100
Class
124
534
J Porto Rlo-Am Tob cl A No par
a 200
Deo
June
Aug
28%
5
4i4 Jan 31
Pond Creek Pocahontas No par
Poor & Co class B_.
No par
100
24
17
36
100
600
i
15
5% Sept
33
Jan 11
136
par
1,300
Good
Friday
4
Aug
Aug
Sept
74I4 Jan 26
i4Mar 20
8884 Jan 15
10
100
Hosiery
Preferred
Pitt C C & St L RR Co
*
5
2%
17%
II84
120%
47
40
Pillsbury Flour Mills
Pirelli Co of Italy "Am shares"
300
Feb 17
Apr
Apr
Apr
Jan 20
3434 Feb
par
300
5l2
25l2
8
72
175
738
934
84
Mar 14
Jan 3
4% Sept
Sept
21
Sept
2% Feb
13% July
II84 Mar
59% Deo
9484 Aug
434 Sept
10%
8%
47%
48%
6% Jan 11
25
50
2734
*14
1218
69
Reading C & I. No
Philip Morris & Co Ltd
5% conv pref series A
Phillips Jones Corp
No
7% preferred
Phillips Petroleum
No
Jan 24
7% Mar 20
No par
Phlla &
20
49l2
*1%
*363g
preferred
74
Jan
Jan
47
10% Feb
40% Jan
303g Feb 1
2138Mar 18
21
48
2
Jan
Jan
26
Apr
1% Aug
534 Apr
x5% Deo
8
Feb
14%
107%
13%
1178
6
5
40%
3834
4%
1234
36%
28%
z2278
8%
Feb 16
9% Mar 19
Petroleum Corp of Amer
5
Pfelffer Brewing Co ...No par
Phelps-Dodge Corp
Philadelphia Co 6% pref
5
33% Feb 5
35i4Mar 21
3
4
Jan
4
21% Jan 15
No par
Pierce Oil 8% conv pref
1%
2112
14
10%
134
*1234
10l2
prior preferred
preferred
100
14378
1437g *143
1637g 16378
1637g 1637g
*1153g 11984 *116
11934
26%
938
5%
5%
104
Apr
4% Jan
Mar 20
118i2 Jan
100
100
100
,.100
834
110
*53g
A...No par
Pet Milk Co
Phoenix
5
55
ser
Peoria & Eastern Ry Co
Pere Marquette Ry Co
$6
14
pref
Pennsylvania RR
50
Peoples Drug Stores._.No par
Peoples G L & C C(Chic).. 100
87
700
*143
144
119l2 *1153g 120
118% Jan
2434 Jan
*43
*l4
117g
*143
5
3612
44lg
12
12i8
1134
*34i2 36
36%
3612
69i8
6834
6834
6812
68%
69
1143s 1143s
114% 114i2
114% 11412
*4112
4134
41l2
4178
413g
4158
41l2
4134
*112
1I312 11312 113% *113
11312 *113
113l2
*124
126
*1243s 126
12578
125ig 125i8 *125
144
3
900
69i4
*114% 115
*143
Jan
16% Jan
200
69
144
25
13
....
*13g
lh
314 Jan 23
20i2 Feb 5
300
110
5
No par
490
39
4912
Penn-Dlxle Cement
22
39
*8i2
2
23l2
385g
*412
2% J an
34
39
*50
95
2312
39
93g
6
33 58
49
5%
5
Feb
11
7
Jan 17
23gMar 12
Mar
""600
91
22
88
600
140
Jan 15
li4 Feb 28
914 Jan 11
584 Jan 13
55
conv
60%
14% Sept
1% Apr
18
Penn G1 Sand Corp v t c No par
$7 conv preferred
No par
884 Sept
2
Sept
Jan
Apr
Sept
92
Sept
6% Sept
72
Sept
7% Sept
36
6
No par
10
17
June
%
5
No par
100
5
19% Deo
35
3
Penney (J C) Co
300
Jan
97s Sept
2% Jan
Penn Coal & Coke Corp
14
Jan
484
44% Jan
Penlck & Ford
22
11%
Apr
7
Feb
share
Dec
9
100
2,600
*130
18
per
7
Jan
600
7
4
91
No par
12% Mar
7% Mar
62% Jan
40
140
978 Feb 20
Pathe Film Corp
...1
Patlno Mines & Enterprises. 10
36
14
9H2
8
Highest
!
3
2
Mar
share
134 Feb
Parker Rust Proof Qo
2.50
Parmelee Transporta'n.No par
*258
*10l2
%
92
per
4278 Feb 24
1
200
40
3634
17
8
Jan
Feb 23
101% Jan 25
8% Jan 4
2
8% Jan 18
1
Park Utah Consol Mines
1,500
2,900
3514
7%
9%
10
9
43g
*21
Jan 15
Jan
I
Mar
1
Jan 18
7
85
21
4014
3414
100
Parke Davis & Co
35%
11
8
44
1
100
400
*121
91
*%
m8
*1138
11%
*ni4
3s
11%
1134
884
*1212
13%
834
....
10%
90
*314
22
22
634 Jan 16
34 Feb 13
41i2 Jan 12
100
preferred
Park & Tilford Inc
T,5o6
7
36ig
55
800
11%
5612
9134
334
conv
6% 1st preferred
6% 2d preferred
Lowest
8% Jan 4
4% Mar 11
2034 Jan 3
V15% Feb 15
No par
Paramount Pictures Inc
100
9
18
5
Pan-Amer Petrol & Transp._6
Panhandle Prod & Ref
.1
4%
9,500
7i8
917g
$ per share
7'8Mar 21
3is Jan 12
No par
Parafflne Co Inc
1114
834
7
""960
21
357g
3g
8i2
11%
7'4
n2
26
17g
714
7i8
*7ig
7i8
70
*70
*70
70i2
7012
7012
7012
*7034
175
*17212 175
*17212 175
*172i2 175
*17234
7
7
7
x7
7
714
7ig
7%
10
9
9
*9
10
*8%
10
*87g
29
*26
29
28
28
29
28i2
28i2
16
16
16i2
*1534
16i2
1634
*16%
1634
27
27
*28
*28
33
31
*28
2912
13
12
1214
*12i2
*12i4
13
12%
13l2
*145
*14434
*14434
*14434
*7o
1
1
1
1 lo
%
*7S
21 i4
21
21
*21
2H2
2114
*2114
2112
714
IOI4
*142
8%
»16i2
9
484
10H2
7i8
9178
734
110
14
11%
*95
22
44
*89i2
%
4334
10
Pan Amer Airways Corp
%
23
3534
*130
65,900
21U
73s
*14
205g
178
4334
23
44
87
Packard Motor Car
Year 1939
Highest
$ per share
Par
Pacific Western Oil Corp
20,700
4334
*21
2212
22%
734
3514
3834
70
*11914
22
2134
40l4
397s
36i4 x35%
*25g
412
10
*10l2
34
34
4378
38%
*172i2
35g
8%
36
45
*714
334
712
87S
*3714
*22
334
.
712
87g
7
*434
915g
22
3i2
22U
734
834
140
*49
57
400
7i8
•
4
9
14
22
634
*
18
23
33l2
89i4
*130
9%
Shares
Lowest
*43
17s
3s
89
7%
9178
11%
634
213s
712
101%
$ per share
Range for Previous
EXCHANGE
Week
2018
*7i2
*4214
134
22
834
43
11%
634
56%
91%
3314
7i2
7i8
334
8i2
4314
9i8
*16%
213g
213g
22U
8%
1
17s
714
*87l2
33
3312
2314
19ig
*7i2
%
714
37g
2014
4334
2114
15s
10%
7i2
56i2
9134
334
*95
7%
91%
9i8
10
23
*7'8
334
the
Mar. 22
21
S per share
%
4334
*95
10112
7U'
73g
*8712 9178
9
93g
*16i2
18
178
178
4334
4334
1012
*21%
7%
*7g
4334
10112
| Mar.
$ per share
334
1934
NEW YORK STOCK
Friday
Thursday
i
Mar. 20
|
$ per share
'19
*7
7b
4334
101%
Wednesday
,
Mar. 19
75g
334
17%
812
7o
|
per share
*7i8
35g
18
*7%
*41
$
Tuesday
i
1897
Sales
NOT PER CENT
82%
Jan 29
96
Feb 23
104%
1034
*
2978 Mar
6
Apr
Oct
17% Sept
34
1 Jan
2% Nov
49% Sept
% Sept
2
Jan
6
Sept
6% Sept
5134 Nov
JaD
109
Jan
113
Jan
116% June
Apr
A'lg
Oct
23
Sept
D
*
Bid and asked prices; no sales on this day.
{ In receivership,
/
a
Def. delivery,
n
New stock,
r
Cash sale,
x
Ex-dlv.
y
Ex-rights.
Called for redemption.
1898
LOW
New York Stock
AND
HIGH
SALE
Saturday
Mar. 18
$ ver share
12%
"7634
;
*12%
Tuesday
|
Mar. 19
1
$ per share
12I2
SHARE, NOT PER CENT
Sales
$ per share
12%t
12%
J
Thursday
Mar. 20
j Mar. 21 J
$ per share
j 8
>
per share
12%
1278
the
12%
Week
Shares
Par
600
600
112
*16
17
*112
16%
16%
*16
17
*9%
10
*9%
2134
11%
2%
*14%
10
*9%
10%
22
22%
11%
2%
22%
22
22
11%
11%
*2%
15
2%
15
26
*149
29%
2%
15
26
25% 26
167% *150
157
29%
29% 2978
150
1134
12%
14»4
15%
25%
11%
15%
11%
14%
12%.
12
15
15
26%
*35
38%
26%
26
26%'
*35'
38%
2%
2
6%
*5
*64
70%
*64
*22%
23
41%
33
33
*55%
60
9%
*63%
177# Mar
76% Aug
No par
45% Mar 11
No par
112% Feb JO
108% Mar ~
115% Jan 11
No par
No par
% Jftn
% Jan
2
1% Jan
2
54 preferred
4-2%
preferred
100
Seaboard Oil Co of Del-TV© par
500
700
Seagrave Corp
1,900
No
Sears Roebuck & Co
Servel I no
6,900
No par
64
l
YM
Sharpe & Dohme
500
No par
S3.50 conv prefser A.No par
Sbattuck (Frank G)
No par
Sbeaffer (W A) Pen Co.No par
1,200
20
4,700
Shell Union Oil
100
634
*10%
11
*13%
14%
1%
23
25%
25%
43%
43%
No par
31%
80%
7
1%
378
1138
14%
2278
25%
4334
25
43%
X31
31
55%
9%
61
6
*65
*21%
42%
934
33%
56
734
79%
7%
534
60
534
60%
124
9%
*30
-
32
10%
11%
6034
21,500
122% 122%
10
10%
10
*23
2378
2234
9
23
23
2
2
2
14
32%
33
32
5%
39
39
5
5
*14%
32%
32%
29%
7%
*5%
*5%
*3784
7%
22%
22%
2238
30
2934
*7
2934
30%
7%
7%
7%
5%
578
29%
7%
584
5%
*5%
♦3734
*5%
*3734
5%
41%
578
41%
41%
5
*5
5
5
5%
5%
*5%
6
*5%
6
4478
44%
334
447„
384
44%
4478
334
3%
3%
33%
33%
33%
*734
33%
33%
3334
734
5%
5%
8
11%
*9%
52
3934
*478
5
32%
32%
17%
10%
3934
478
478
33%
534
6%
*4
4%
4%
*32
3934
*39
5%
5%
33%
32
18%
10%
91
21%
2134
6%
6%
17
18%
18%
19%
8
*7
8
86%
*834
9%
834
1178
2%
23
2%
86%
8
2%
87%
434
19
*7%
2%
8
2%
*78%
*4%
"MOO
11%
11%'
11%
22%
*2%
22%
22%
22%
2%
*'?3°
2%
"?!»!
2%
29%
27
2 7
13
*27%
%
%
41%
4134
41%
42
12%
11%
82%
12%
12%
12-%
»
9,700
19,300
6
18%
300
1,800
2%
%
*38%
6%
6%
19%
*4%
8%
434
41%
2
5,600
*77%
*8
%
*17%
91
2234
4934
12%
*4%
41%
12%
*58
91
22%
4934
6%
18%
*7%
2%
8
12%
716
116
91%
22%
4934
22%
1238
17%
2,500
*2%
12%
16%
200
10%
12%
26
44%
18%
10%
22%
12%
27
*17%
23%
2734
*0378
*83%
700
18%
10%
*2%
*26%
16
300
12%
2?8
26%
8334
3,600
12
4%
884
234
*114
4%
33%
87%
434
9%
11%
*2%
12
2'4
*77
33%
2
*22%
I
12
22%
*7
5,600
22%
4934
6%
17%
84%
11478 *114
12%
94%
95
95
85
*83%
85
2%
3834
Jan
2
Jan
4
preferred
Standard Gas & El Co.No par
54 preferred
No par
$6
cum
prior pref
57
cum
prior pref
12%
%
12,500
13
12%
84%
8234
12%
8312
1,100
8,500
16
16
95
95%
*83%
No par
No par
Standard Oil of Calif...No par
Standard Oil of Indiana
25
Standard Oil of New Jersey.25
Starrett Co (The) L 8..No par
Sterling Products Inc
10
Stewart-Warner Corp
Stokely Bros & Co Inc.
85
16%
95
*83%
*2634
8,800
5,700
114%
16%
10
2,500
1,600
95%
85
preferred
534%
preferred
w.l
$3.60
5
25
conv
1
100
1
10
.....100
25
par
par
Transamerlca Corp
2
Transcont'I & West Air Inc..5
Transue & WUUams St'l No par
Trl-Continental Corp. .No par
No par
20th Cen Fox Film Corp No par
7%
No par
preferred
100
Twin Coach Co
1
tUlen & Co
No par
Under Elliott Fisher Co No par
Union Bag & Paper
No par
Union Carbide & Carb. No par
Union El Co of Mo55 pf No par
Union Oil of California
Union Pacific RR Co
25
"1,156
11,500
70,200
United Aircraft Corp.j
5
Un Air Lines
16%
*16%
*116%
5
1634
1634
1634
400
61%
17%
61%
61%
United Carbon Co
*17%
61%
18%
300
17%
100
2%
10,000
United-Cair Fast Corp.No par
United Corporation....No par
Bid and a,*ked prices; no sales
on
*38%
this day,
I
39
39
39
t In receivership,
a
Del. delivery,
No par
Transport
No par
Preferred
2,000
$3
n
100
preferred
New stock,
..No par
No par
r
Feb 13
1078 Jan 20
2778 Jan 5
2% Jan 3
17% Jan 3
35% Feb 28
Apr
5% Apr
4584 Sept
118% Sept
7%
Apr
19% Sept
134 Aug
10
Apr
22% Sept
578 Sept
Jan
734 Sept
17%
Jan
10
Oct
66
Jan
128% June
1134 July
38% Jan
3% Sept
22% Jan
30% Mar
10% Jan
25% Sept
32% Jan 25
9% Jan 3
7% Jan 4
2434 June
37% Sept
4% Aug
12% Sept
Feb
2
34% Jan
2
4
Jan 25
5% Feb
42% Feb
5
1
7% Feb 21
Mar 19
Cash sale,
x
7
Jan 11
5% Mar
40
Mar
6% Mar
7
5
5
5
Mar 21
Apr
9% Sept
32% Aug
5034 Sept
4
3% Aug
584 Jan
38% Sept
1138 Sept
Jan
Feb 14
Jan 8
4
534 Nov
9
Jan
8
8% Sept
22%
Jan
8
15% Dec
24
Oct
48
61
Oct
30
34
14
Mar
8
284 Feb
5
6% Mar 15
4
2
4% Jan 17
3o%Mar 8
2% Jan 4
Jan 15
1534 Mar 11
23
10
11% Jan
5% Mar
5
12% Jan 15
7
Jan 19
2% Feb
2
11% Feb
6
22% Mar 15
2% Jan 26
24
Jan 15
9% Jan 15
%Mar 16
39% Jan 16
1178Mar 18
78% Feb
112% Feb
16
3
3
1034
34%
Jan 31
Mar
5
3634Mar
5
Ex-dlv.
y
Jan
378
Oct
5
6%
5%
334
Jan
Sept
96
Feb
Apr
25
Dec
Apr
54%
Jan
Sept
Apr
8% Sept
1278 Dec
1078 Jan
3
4
2
Mar
7
74
Apr
4
3
Apr
734 Sept
9% Feb 21
13% Jan 4
6
Apr
14% Sept
26% Jan
5%
25%
Jan
Jan 23
278 Mar 8
26% Mar 8
13% Mar 14
1% Jan 11
45
Feb 19
147g Jan
8
883g Jan
4
115
Jan 12
Jan
8
4
89% Feb 10
27% Mar 20
1634Mar 21
5
17% Jan 12
Nov
Jan
2
54% Feb
Nov
33
Jan
49% Feb 9
19% Mar 19
Jan
Oct
6
Apr
82% Mar
Jan 15
112
2
83
3
3
8%
234
41
Apr
Sept
18% Dec
14% Mar
Jan
Mar 14
Oct
1% July
7% Apr
9% Aug
Jan
7
534
434 Nov
33% Nov
Jan 24
19% Mar 19
Dec
Apr
52
17% Jan
Jan 15
1%
Dec
2s4 Sept
17
24%
97%
Jan 11
2234
43%
14%
15%
3
2%
95
Jan 15
5
7
Jan 27
Jan 16
Mar
3%
42% Feb 16
534 Mar 8
2684 Jan
2
Aug
Jan
Feb 16
Jan
Sept
7
Jan
Mar 21
277# Jan 15
26
18% Jan
4
Jan 16
4
9% Sept
7% Mar
43% July
6% Mar
4%
35%
8%
6%
12%
53
37g Jan 16
33% Oct
3% Aug
9
3
34
3% Aug
478 Aug
4078 Jan
3% Jan 12
93
19%
38%
12% Feb 21
63% Feb 20
124
Apr
Apr
84
27
90
5
3%
8%
12%
Sept
17
100
47%
*117
12% Jan
6% Aug
30
23% Feb 15
100
United Biscuit Co
Jan
87# Feb 15
67# Jan 27
25% Oct
33% Sept
2
Jan
8% Mar 20
1834
39%
1
10
47
3834
13% Feb
No par
Truscon Steel Co
19
2
6
Jan 19
77% Feb 1«
4% Feb 13
47%
2%
Jan
Mar 21
2
6
18%
2
9%
22
20% Jan 13
46% Jan 19
46%
2%
39
Jan 23
89% Mar
19-%
2
Jan 15
56% Jan 23
Timken Detroit Axle
10
Tlmken Roller Bearing. No par
45%
.2%
9% Mar 16
1
16%
•
2
Feb
$1.50 preferred
Jan
Oct
Dec
Jan
$3 50 cum preferred.No par
Tide Water Associated Oil.. 10
$4.50 conv pief
No par
Truax-Traer Corp
2078
Sept
50% Jan
100
preferred
10%
Apr
80
No par
No par
Thompson (J R)
Thompson Prods Inc..No
Thompson Starrett Co.No
$6
Jan
Apr
Apr
15
preferred
Third Avenue Ry
5%
434
65
No par
Preferred...
Thermold Co
$3 div
Dec
8034
5
6
pref
conv
7% Jan
108
June
Oct
2
2% Jan
7% Jan
94
53% Sept
7% Mar 19
5% Feb 5
.60
The Fair
Dec
16% Mar
36
9
Mfg
18% Apr
5% Dec
63
75% Mar
34% Dec
Apr
1
w
Without warrants
Talcott Inc (James)
18%
18
Apr
2884 Mar 16
Swift International Ltd
18%
62
Apr
8% Aug
57s4 Dec
Aug
22
16%
62
11
42
20%
28% Jan 11
6% Feb 7
25
4434
*17%
36
22% Dec
5178 Sept
34% Dec
38
Swift <fc Co
27%
*116%
9% Sept
70% Nov
Apr
Apr
46% Jan
33% Jan
Sutherland Paper Co
...10
Sweets Co of Amer (The)...50
27
18
Apr
Sept
60
13% Apr
24% Sept
2234 Aug
28% Jan 29
76% Feb 8
9
Symington-Gould Corp
'
36% Nov
4334 sept
3% Jan
2234 Jan
26% Jan
2784 Jan
Mar 18
122
Sunshine Mining Co
10c
Superheater Co (The)-.No par
Superior OH Corp
1
Superior Steel Corp.......100
Jan 18
Dec
29% Dec
21% Jan
23% Jan
10
4234 Feb 23
1
26%
62%
434
18% July
35% Sept
143
Jan 19
Mar 14
25
.....No par
100
Oil
3734 Mar
Mar
1% Aug
Sept
15% Sept
3% Sept
18% Jan
5
No par
Feb 28
784
Jan
Apr
24
Jan 19
1
Studebaker Corp (The)
6%
Jan 19
3
108% Feb 16
Jan 19
7% Jan 31
26%
44%
26%
Apr
Apr
5
Jan
65
2984 Jan 26
5
Stone & Webster
Sun
Jan
Sept
11% Apr
15% Apr
Jan 29
Sept
17% Mar
14
34
11% Jan
60
Sept
127
2% Feb 23
7
Dec
21
12% Apr
10% Aug
1% Sept
23%
10%
Jan
1
2
6
30
42%
39
9% Feb
Twin City Rapid Tran.No par
%
Jan
56
4% preferred
Union Tank Car
2
12%
Feb 19
15% Jan
20% Jan
347# jan
6% Mar 15
10378
1%
3%
10%
13%
22%
800
42%
%
114% 114% *114
95
*83%
27
*26%
45
43%
1734
17%
16%
16%
116
*116%
61%
*61%
18
*17%
85
13%
2,500
1
83%
_
95%
*2738
"266
42
#18
83%
83%
83%
114% *114
114%
16
16%
16%
16%
30
*8
30
No par
200
41%
1234
*16
16
8%
Jan 19
11% Mar 18
No par
54.50
70
10%
91%
50
*2%
*77%
*4%
30
1,000
*17%
22%
49%
150
112
Apr
Dec
13
16% Jan
2834 Feb 23
6
5% Mar 11
10% Mar 6
5%
*4
1434 Feb 26
22% Jan 16
Thatcher
31%
6%
Feb
127
Jan
9
Jan
J an
3% June
Apr
11%
Jan
Jan
2% Mar 11
Jan 19
Texas Faclflc Land Trust
Texas & Pacific Ry Co
3934
4%
1934 Jan 13
100
100
17%
11%
2434
12%
11% Feb 28
500
5%
31%
34%
10%
1,900
3934
2
91
5%
5%
*4
*17%
800
3934
x34
10%
3,600
8%
4%
2%
7
3% Jan 23
3234 Jan 2
*3%
4%
33%
91
34%
*7%
6
101
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal & Oil
10
4%
6%
Mar 12
5
Tennessee Corp
Texas Corp (The)
6
113
Standard Brands
2,100
6%
Jan 29
60% Feb
Telautograph Corp
32
111
No par
1
10
6%
4934
2%
Conv 84.50 pref
200
*39
70
Square D Co
1,300
^53
*334
Feb 21
2
4%
53
*52
334
92
118
8
39%
33%
Apr
103% Jan 31
9
434
1,000
Aug
28% Oct
29% Jan
98% Nov
Feb
*37%
10,500
22% Jan
Apr
Mar 21
400
7
Feb 19
32 84
35% Mar
5%
384
25
19
878 Sepi
Apr
Apr
Dec
47
538
45%
2% Jan 10
434
17%
2%
16%
15%
Jan 15
600
334
Jan
No par
Spiegel Inc
Feb
Jan
10778 Nov
24
Mar 16
pref A
Oct
11 a4
97s Aug
Jan 30
28%
778 Sept
54
98% Aug
8
1443# Jan
Jan
Jan
Sept
4
Jan
29
conv
6
53
53
3
19
18
105
2
72
38% Aug
17% Sept
13 %
16
99% Jan
18%
2134
108% Feb 7
6% Jan 10
Jan 15
5% Feb
20% Mar
2% Jan
21% Jan
18% Mar
Sept
Dec
June
28
14%
7%
11%
334
105
1
3% Sept
24% Sept
3% Jan
85~8 Nov
37# May
41
2934
7%
36% Jan 11
10% Mar 15
Dec
6%
6
*5%
6%
43
7% Mar 13
40% Feb 13
534
65
♦7%
45
5134Mar 21
23%Mar
29%
334
Feb 24
Jan 16
53
Apr
51
6% Jan 13
..1
6
2,900
1,600
3
4
57% Mar
14% Mar 18
784
15%
*2
18
434
Woo
5%
21%
80
3,900
"
15%
49
2%
7%
22%
*9%
4%
♦4%
32%
*7
22%
15%
22%
80
30%
100
11%
3134
6%
15
15%
49
♦7
*14
3,000
15
21%
6%
2,100
15
49
6%
1634
1,000
2%
5%
2
10%
10%
22%
2
34
4%
*90
10
22
33%
7%
5%
11%
3178
*17
17%
10%
91
500
578
11%
2
9
4,300
6%
31%
32
Friday
4538
*51
4%
*32
6%
|
53
*334
800
5%
*5%
11
*39
1,200
44%
3%
734
16
*51
4%
2,500
Good
*9%
8
*147g
16
7%
578
334
5%
33
*7
22
5%
778
15
7%
4434
5%
2%
22%
5
7%
5%
"
23
6034
79%
Jan
Jan
Jan 29
30
11%
60%
31
100
934
11
30%
7,600
Closed—
32
9%
60%
14
1,400
20,700
12,600
938
9%
11%
14
Stock
Exchange
6
9% I
15
1
15% Aug
1% June
60% Apr
11% Apr
10% Apr
21
800
6
*584
60
*13%
2,700
6
534i
1034
14
2,200
Sept
Jan
10% Jan
52% July
117% May
% Aug
65
200
734
60
*13%
17,500
734
79
18
26
2
3734 Jan 15
17# Feb 8
preferred
105
5
Jan II
50
1
Apr
Apr
No par
90
3,600
7%
2%
7%
4,200
7934
*123% 124
9
*30
16% Jan 11
25% Mar 16
No par
%
334
44 % Sept
Spencer Kellogg & Sons No par
Sperry Corp (The) v t c
1
Splcer Mfg Co
No par
530
734
10%
5%
1,700
934
79%
23%
*7
9,800
2% Mar 19
87
100
Sparks Withlngton
3
15
..No par
6%
55.50
200
734
23%
22%
"""900
793g
*122% 124
10
10%
10%
7%
9%
100
Jan
19
Mobile & Ohio stk tr ctfs 100
56
10
Ry
preferred
25
Spear & Co
55
55
10
Southern
3,700
70%
22%
43%
3334
42%
Southern Calif Edison
Southern Pacific Co..
6
34
42%
*33%
34
32
79%
124
22%
*5%
70%
22%
10
29%
2%
7
7
7%
7%
6%
7%
10734 108
*107% 108% *107% 108
1%
1%
1%
1%
1%
1%
334
3%
4
3%
4
4%
*li
*1034
12
11%
12
12%
14%
14%
*1334
14%
13%
14%
22%
23
22%
23%
22%
23
25%
25%
25% 25%
2534
26
43% 44%
43% 44%
44
43%
*30
1034
124
2%
No par
100
preferred
7,300
15%
26%
38%
2%
64
10734
378
*10%
*13%
2234
*60%
15%
26%
*35
8%
9,200
35%
1%
*122%
So Porto Rico Sugar
90
*21
41%
934
2,400
38%
*5%
55
15%
15%
27
31
4
Feb 27
20
Feb 26
27
15%
26%
*35
1®4 Jan
8034 Jan
13%Mar
12% Mar
51% Feb
4% Feb
Jan
109
% Feb 26
10
149
12
49
1734 Mar 19
Feb
15%
26%
3,200
% Jan 2
784 Feb 21
Jan 11
15
15%
12%'
Jan
10
Socony Vacuum Oil Co Inc. 15
South Am Gold <fc Platinum.. 1
S'eastern Greyhound Lines..5
"800
30
12%
434
'
Smith & Cor Typewr..No par
Snider Packing Corp.—TV© par
2,000
1,600
64
9%
*897«
15
12,500
35
10%
9
100
No par
2%
63«4
1034
578
4%
31 a4
Skelly Oil Co
11%
35%
10%
♦37#
Slmonds Saw & Steel
700
11%
6334
9%
52
200
*2%
35
9%
*39
10
2%
35%
534
*9
Petroleum
Smith (A O) Corp
35
7%
*15%
Slmms
100
35
5%
5%
200
6% preferred
-—100
Sloss Sheffield steel & Iron. 100
56 preferred
No par
64
7%
*7'
1,200
40
64
534
22%
2834
preferred--.10
conv
Silver King Coalition Mines.. 5
Simmons Co
...No par
120
64
79%
7%
*2
534%
200
117
*65
70%
22%
41%
33%
934
678
4
7984
33%
55%
1 0734 *107
2234
*64
*2134
9%
63%
34%
1%
334
*30
par
Sbaron Steel Corp
No par
$5 conv preferred——No par
800
"
%
—.100
.
112
29%
share
per.
Aug
Sept
11%
I
Highest
share 5
per
10
22
30
$
61
22
26%
share
Feb 13
112
157% al49
per
13% Jan 11
10%
22%
S
77
tSeaboard Air Line
700
116% 117%
share
Jan 23
*9%
2%
6
70%
17%
10%
29%
12%
2%
22%
413g
26%
2
*5
32%
55%
934
67„
*107
6
41
35%
35
2%
*16%
*9%
22%
11%
2%
15%
26%
*150
2978
12%
15%
38%
22%
26
150
29%
*2
41
15%
2584
*35
*478
11%
2%
11234
per
Lowest
Jan
*115
112
$
Year 1939
Highest
11 «4
80
7,100
*106% 108
*10678 108
108
108
*106
108%
*578
6
6
*57#
6%
6
*57S
6%
20% 21
21
2078
21
21
21
21
*2%
212
*2%
212.
*2%
2%
2%
2%
2%
2%
*22%
25
2334 2334 *23%
25
*23% 25
*22%
25
18%
19
18%
18%
19
*1834
1878
'I9ig *19
1934
♦102"i«103% 102»ul02i%« *1021Ji« 103% *1021%.
103% *102"j« 103
111% 112
*110
111%
112
112
115
115
11234
Range for Previous
8% preferred
Scott Paper Co
54.50 preferred
7,600
21
113% *112
1940
72
108
*112
23,
Scbenley Distillers Corp
6
534% preferred
—100
JSchulte Retail Stores
1
500
6
I
Lowest
1,400
.
21
March
EXCHANGE
Mar. 22
9
Range Since Jan. 1
On Basis 0/ 100--Share Lots
NEW YORK STOCK
Friday
$ per share
Wednesday
*12%
1234!
77
77
77
*75%
77
*76%
77
77
77
'4
%
%
%
%
%
%
%
%
5%
*5
5%
5%
5%
5%
5
*5%
5%
5%
*457g
46l2
4584 46
*46
46%
46%
*46
46%
46%
*11234 114
*11234 114
*11234 114
*11234 114
*11284 114
*108'2 1085*
108% 108% *108% 108%
108% 109
108% 108%
*4
%
%
%
%
%
*%
%
%
H
h
h
84
84
%
%
34
%
84
34
18
18
*1778 18%
1734
1734
1734
1734
1734
1734
2%
2%
■/
2»8
2%
2%
2%
2%
2%
*2%
278
83%
83
83%
84
83%
84%
8434
85
85
85%
13'2
13%
13%
13%
13%
13%
13%
1334
13%
13%
*12
12l2
12%
12%
12%
13
12%
13%' *1234 13%
*56%
61
*57% 61
*57%
61
*56%
61
*56
61
478
47g
484
484
434
4?8
434
5
5
5%
54
54
54% 54% *53% 54%
54%
54%
5434
5434
7%
7%
7%
7%
7%
7%
*7%
7%
7%
7%
*40
40% *40
40
40%! *39% 40% *39% 40%
40
1012
10%
10%
1034' 10% 1034
107g
11%
107s
11%
*106
STOCKS
for
Monday
Mar. 16
PRICES—PER
Record—Continued—Page
119
Feb 23
65% Mar
19
2% Jan
42
6
Feb 21
3
Feb 13
11%
Apr
Dec
1934 Sept
1% Apr
17% Apr
7%
34
Apr
Dec
34% Sept
6
Aug
4% Sept
88
34%
12%
Jan
434
Jan
66
Jan
13% Dec
94% Sept
118
15% Aug
81% Apr
105
Apr
Jan
334 Aug
35% Aug
65% Apr
1Q834 Sept
78
Jan
1934
July
Jan
Sept
90
20% Mar
July
24% Sept
31
Aug
51
Apr
16% Dec
183-j July
778
14% Sept
112% Mar
Nov
119% June
52
Apr
69%
13%
Apr
20
Oct
Mar
2
Apr
334
Feb
30%
Apr
3978
Aug
Ex-rights. "'1 CaUsd for redemption.
T
Volume
LOW
AND
New York Stock Record—Concluded—Page 10
150
HIGH
SALE
1899
PRICES—PER
\ Wednesday
|
Mar. 16
Mar. 18
Mar. 19
$ per share
$ per share
S per share
5i2
*5
5%
63%
4%
5%
5
5%
63%
4%
•
64
4%
SHARE,
Tuesday
Monday
5i2
5%
64%
4%
*31%
33
33
78%
78
78*4
13
5%
6
6
55g
64i2
*5l2
*62
*4i4
*33i8
78i2
|
Mar. 20
$ per share
6i8
1
Mar. 21
|
$ per share
*91
8
9
9
*80%
*176
82
180
*5i8
*31
*176
5%
*5i8
33
21%
*31
*176
180
5l2
33
*518
100
56% Jan 10
United Electric Coal Cos
6
4% Feb 29
Unltqfl Eng & Fdy
5
33
Jan 18
35
No par
75
Feb 27
*9
21%
5i8
5%
5I4
93s
60l2
35%
*6012
10
*9
*6012
62
35%
*36*4
35%
3634
60t2
35i4
*36%
13s
13s
37
1%
34%
34%
1125s 113
6112
61%
65i2
637g
55
117% 1175s
1173S 1173s
38%
46%
3778
38%
45
45
*2%
2'4
2%
*7
73g
*178
2
*45
*7
*55
63 78
*1434
*68i2
15
14%
69
*150
68%
157
97
98
*150
*9778
*%
*17%
%
*17%
3H2
19
31
32I8
39
36?8
138
13s
13s
13s
3478
3484 3512
11412 114l2
6212
62l2
*66i4 68
5512 563s
11734 H734
*37i2 38i2
113i2
6H2
62l2
65l2
66
54
5514
1173s 1175s
*37l2
4518
178
17s
*5534
15
15
.
3812
45i8
2i8
7i4
17S
6478
*45
46i2
*2
*134
2%
714
1%
*5618
627s
*14
15i4
*7
68
68
68
68
*150
68%
157
157
*148
157
99
99
97i2
99
%
19
*12
*173s
18
3134
*3812
%
*1714
58
1
134
*1
13s
7
7%
215s
215g
*100
10134
5%
5i4
32%
32%
U 8 Playing
1,600
12,000
1,600
I3g
13s
35
3414
115
11514
*61% 6H2
*6478
65
5512
56%
40,800
11734 11778
1,300
*37i2
900
400
300
38i2
4612
2i8
714
134
59i2
15i4
6812
*45
2%
*7
134
5912
*1334
68i2
50
400
""700
100
12
800
20
5,500
33s
1,300
2734
500
15%
1%
138
*34
7%
718
21l2 211?
9978 100
514
514
32i4 32i4
7i8
2H4
15i2
*7U
15i2
100
5%
1578
157s
7l2
13s
15l2
49
49
1»4
2
178
8%
9
*8i2
*334
*2834
*277S
*17l2
22%
*334
578
29l2
28i8
1778
2234
4
2
134
*8
1014
578
2934
*414
*2834
283s
*28
*80
*80
13s
*45
175s
221?
221?
414
*99
100
3278
334
49
112
*34
714
2H2
538
334
_
li8
15s
13s
714
2114
32l4
*73g
"
*734
*13g
2434
378
24l2
4
49l2
*45
134
1®8
10%
57g
29%
*414
17i2
334
334
7%
84
223g
23%
3834
225s
4i8
334
*6
58
39
15i2
8
H2
25i2
4
4912
134
393g
*35g
4%t
*334
*6
7%
*6
*60
67
*60
67
*60
67
97l2
2914
*971?
98
*97i2
98
9712
3034
31
2934
30
l's
I5g
7;
*2H2
Exchange
22
400
1;
73s
'"166
534
100
32
534
32%
*1512
Closed—
"2,100
800
Good
400
2,800
1534
Friday
800
300
*7%
8
*23i2
334
26
378
4,300
*45
4914
50
134
10%
3,100
'""306
158
*2834
*2784
500
2234
4
....
2214
70
210
100
Va-Carollna
6%
5
No par
Chem
100
preferred
Va El & Pow $6 pref..-No par
Va Iron Coal & Coke 5% pf 100
25
25
100
preferred
Vulcan Detlnnlng Co
J Wabash Railway Co
5% preferred A
5% preferred B
Waldorf System
..No
7%
100
preferred
5
53.85 conv pref
No par
J Warren Btos Co
No par
34%
3678
67
*60
67
97%
3H2
*9712
500
34%
98
31
110
3II4
4,100
Westvaco Chlor Prod..No par
.30
100
5H % conv preferred
100
Wheeling Steel Corp...No par
*9
10
lUs
*45g
111.4
478
3,000
700
White Rock Mln Spr
5U
3,800
White Sewing Mach
*15s
314
53s
6034
*121
184
312
512
61i2
——
1*8
*3%
5»4
*6034
15g
33g
15s
35g
5%
24
405g
*—.
126
24
5%
61
61
*120
41
24
48
52
*49
21
*20
21
20
20
314
3%
15g'
1%
3i2
53s
3%
514
3i8
1%
334
5%
61
61
61
125
*120
125
245s
41
2478
403s
18
69
*54%
69
*33%
36
200
*42
45
100
69
*54U
*33%
69
35
*5414
34i8
*33l2
69
35
*5414
*34
*41
45
*41
45
*42
45
*113
115
43%
4312
114
114
89
22
22
16i2
1634
118i2 1185s
10i2
3778
10i2
38i2
*8734
22%
117% 117%
22%
10-34
1034
38%
87
3778
*8H2
87
23
23
22-%
23
151g
15
1534!
2I4
*
214
180
700
167g
1634
118% 118ig *118%
*81i2
15
2h
2U
407s
*87%
2234
89
16-3s
*103s
M00
8,500
1,600
35%
*63
I
387g
8612
22l2
1534
*23s
115
115
117
118%
87
87
a87
87
*22%
23
2234 i2234 2234
17%
1734
17%
173s
1734
*118% 120 i
120
*118% 120
11
11%
1034
1034
1034
3934
40%
40 |
40
4078
8612
*8U2 90l2 *81% 90%
227g
2278
23 I
2234 23i4
16%
16%
16 I
16
167g
87%
212
Bid and asked prices; no sales on
23g
21?
this day,
*2%
1,300
10,900
80
1,000
6,100
100
1,600
4,300
500
2%
t In receivership,
SS)
Motor Co
Co No par
Corp.— l
No par
Prior preferred....
20
Wilcox OH A Gas Co....—.-5
54 conv preferred
Willys-Overland Motors..... 1
10
6% conv preferred...
No par
Wilson A Co Inc
56
a
Def. delivery,
101
Sept
3% Sept
3
Sept
Jan
4
8
Apr
Apr
85
Mar 15
6% Jan
June
Apr
3
35% Jan 11
14%
Oct
7
Dec
1%
9%
6084
3O84 Sept
16% Feb
9% Jan 10
1% Jan 10
25% Jan 10
Dec
.
21
Jan
1% Jan
3
9
Dec
36
3
50
44
6%
Jan
Mar
6%
Feb
58
1% Nov
Mar 16
Jan
20% July
1478 Mar
2% Jan
3% Dec
4% Feb 19
Oct
23% July
98% July
Jan
July
3%
Apr
Jan
1384 May
738 Sept
4% Nov
19% Apr
3534
Oct
1434
484 Jan 11
31% Jan 5
24%
Jan
Jan
20
Apr
Sept
1%
4% Feb 23
jan
3284
Apr
3
16
Jan
Oct
384
Dec
July
80
Deo
28%
Jan
75
Jan
4
55% Aug
2
110
Mar
7
85
Apr
114
Jan
3
95
Apr
107%
112%
108
Jan
8
88
Apr
106
Deo
105% Sept
16% Nov
115
Nov
102% Feb 14
111% Jan 10
6% Feb
27%
117% Mar 15
19% Jan
5
Mar 21
Jan
Dec
19%
Dec
4
36% Nov
684 Sept
11% Sept
2
Sept
Apr
Apr
2
3%
Apr
5
2834 Jan
3
3
%
16%
Dec
Apr
18%
Apr
82%
Apr
May
1
21% Mar 18
20%
2-%
Jan
7% Jan
I
Jan
Dec
103% Fdb 14
40
58 Jan 31
4
79
28% Jan
118
Jan
4
138
Jan
6
126
37
Sept
37% Sept
Sept
121
Jan 20
145
Mar
Apr
28%
39%
Deo
Dec
j-29
Apr
39%
Dec
4
42
July
75
Oct
Jan 30
74
Apr
97
15%
Apr
38%
Oct
80
26
Jan
80
Jan
45
July
78
33% Jan 23
35% Jan 19
65
Feb
8
67
94%
jan 29
98
10%
15%
30%Mar 12
38% Feb 13
39% Jan 3
Mar
33% Jan
2584 Jan 18
3
9
4%
Jan
6%
14
Jan
20%
Sept
3% Jan 11
5
Jan 15
4% Jan 13
4
4% Nov
3484 Nov
14
22
2% Aug
1% Feb 16
4% Feb 15
1
6
2%
Dec
4% Nov
June
3%
Feb
6% Feb
7% Sept
2-% June
Jan 29
Jan
Aug
Apr
1'4
8
Oct
Mar
Oct
7
Apr
3% 3ept
8
Oct
12%
I534
Dec
7
5"'% Mar
Mar 11
1% Jan
3
Jan
8%
8
6% Jan 26
4
1934- Feb 28
3
Jan 11
13% Jan
2
Jan
Jan
10
Mar 19
4% Mar 19
38
3
70
Apr
Aug
Jan
5
6
32
116
Jan
2
121% Mar
1
105%
Apr
10
22
Mar
1
25% Feb
9
15
Apr
Wool worth (F W)
10
38%
Jan
2
41% Feb
36
Sept
50%
Jan
17% Mar 18
21% Jan
Apr
23%
Jan
Co
Worthlngt'n PAM(Del)No par
7% preferred A
...100
6% preferred B
100
Prior pref 4J^ % series..100
Prior pf 4H% convserleslOO
Wright Aeronautical...No par
6184
68
Jan 19
Jan 22
Jan 29
Co..—25
B__ t
Mar 16
100
Preferred
1
Zonlte Products Corp
r Cash
sale,
16% Mar 19
115% Jan 5
10% Feb
'
37% Mar 16
10%
85
5
75
Mar
25
Jan
3
1884 Sept
19%
Jan
4
11%
Apr
98
Apr
127
122% Feb 24
Nov
Deo
Mar
Oct
Apr
Apr
22%
2
Aug
3
30
Apr
89
May
Jan 15
Jan
6
74
5
28% Jan
4
17
3
16%
Jan
2% Mar 14
Ex-rl .h a.
Nov
Sept
12
3
Feb
x Ex-dlv
Oct
Sept
21% Jan
56% Sept
92
Sept
34
Sept
9% Aug
Jan
48% Jan
12
Oct
69
89% Feb
14% Feb
1
74
119% Mar 14
31%
22
Mar
3134 Sept
Apr
Apr
23% July
8
8
86
2
115
38%
53%
124%
85%
33%
217g
60% Jan
105
60% Nov
Sept
Aug
47% July
43
May
Jan 25
43% Mar 16
85
Young Spring A Wire..No par
Youngstown S A T
No par
5)4% preferred ser A—100
Youngst'n Steel Door.-No par
Zenith Radio Corp
No par
71
Mar
37% Jan
22
Yellow Truck A Coach cl
70
Mar 16
34
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg
New stock,
Mar
3
No par
100
preferred
Woodward Iron Co
n
Deo
131
Jan 30
lOuMar 18
White
Sept
Feb 15
111
20
1
White Dental Mfg (The
July
15
68
IO584 Jan
68% Jan 2^
Wisconsin El Pow 6% pref.
73
73
*87U
600
4034
18%
*63
34
53g
63
123
*63
73
*5414
514
*6112
*120
5,000
1,400
5,600
40%
*1734
*63
I7841
I5g
358
18%
1712
73
17%
ll2
358
73
4H8
173g
4034
200
1,100
318
2478
41
17%
3%
700
247g
25
243s
17%
200
118
Mar 18
55 conv prior pref..-No par
55
*24i8
*63
5
46
preferred
Nov
101
5%
15%
100
9
6%
Sept
40
21
33% Jan 13
3% Jan 13
5% conv preferred
Wheeling A L E Ry Co
40
Apr
80
Co.—10
100
preferred
Sept
Mar
1
6
4
5
50
50
1st
Sept
116% July
44% Dec
56% Aug
65
Sept
2984 Deo
584 Sept
3384 Sept
1% July
l%Mar
7% Mar 8
22% Feb 17
24
3% Jan
13% Mar 19
103% Feb 14
Westlnghouse El A Mfg
10%
3%
2884 Mar 7
2734 Feb 26
Feb
1
21
«4 July
64%
l's Jan
2% Jan
Jan 16
Weston Elec InstrumentNo par
10
20
15
13
12
13
4% Jan 11
22% Mar 18
10%
3l8
3% Jan
4584 Jan
l%Mar
6% Jan
105% Jan 15
130
Jan 15
*9
20
738 Mar 15
3
2
1% Jan
21% Jan
Westlnghouse Air BrakeNo par
10
3ig
3
July
June
78
4
22
Co No par
Maryland
11
20%
Mar 14
20% Jan 18
Western Pacific
105s
*3
1
100
*9
*1978
Jan 22
3,000
20
Jan
Mar
85
163
7
.100
100
preferred
preferred
Western
35
100
125
1
4,300
*3514
5%
1
4
WestPennPowCo 4K % Df-100
70
478
Feb
Sept
9
48
1984 Jan
No par
54 conv preferred
110
*45s
90
Jan
Oct
Deo
17
Apr
17
Apr
112% Sept
4% July
6
Jan
2%
64
Apr
Sept
34% Apr
54% Aug
65
Sept
18% Apr
2% Apr
8% Mar 12
2834 Feb
West Penn El class A..No par
*65
5
3l84Mar 14
118
Feb 21
Wesson Oil A Snowdrift No par
*85
5i8
44% Mar 15
2338
24
111
1117s
13434 135
2834
2834
1,100
16
109
1
70
5lg
5% Jan 23
100
110
5
49%
Mar 18
Sept
8% Mar
Aug
25
35% Mar 6
39% Mar 15
17
No par
preferred
*65
*5
3
4% 2d preferred
.100
6% pref.. 100
Western Union Telegraph. 100
2,700
16
69% Feb 28
'"206
22i2
235g
60% Sept
Sept
45% Apr
% Jan
146
31%Maf 14
4% Jan 4
3184 Jan 4
27% Jan 31
116% Feb 29
4
Apr
May
9
Feb 29
5
Wayne Pump Co
4684 July
Apr
46
% Jan 12
June
Oct
13s
Jan 15
6
56% Jan
z70
6% May
2% Mar 12
59%Mar 21
15% Mar 13
2884 Jan 17
1% Jan 18
Warner Bros Pictures
7%
6%
43
634 Feb
Ward Baking Co cl A..No par
Class B
No par
*85
47$
49%
Feb
15% Mar 12
68
5
Jan 16
1334 Feb 20
No par
110
5
54
6% Mar
5234 Jan
11484 Nov
68% Sept
Dec
I84
6
7% Jan 12
37% July
8284 Sept
120% Sept
37%June
39
2% Mar
15% Sept
Sept
30
par
No par
Preferred
*65
51
Mar 15
48% Feb 20
Ltd No par
Walworth Co
Walk (H) Good & W
Jan
39
93% Jan 31
5% Jan 19
32% Mar 16
6% preferred...
600
118% Jan
2
100
100
100
Walgreen Co
No par
4%l % pref with warrants 100
July
60
41% Aug
98% May
2
34
34
48
4
Jan
1% Feb 15
6% Jan 9
1% Jan 19
Western Auto Supply
334
Jan
7034 Jan 11
68% Jan
43% Jan
3,800
*6
65
...100
*85
5
Feb 19
5
3
100
preferred
68
*434
2
I84 Jan
41% Jan
115% Mar 21
Jan
110
51
Jan
61
64% Feb 29
53% Mar 18
40
334
7i8
h
11%
478
Jan 15
46
*64
9
1% Jan 2
34% Mar 18
109
Mar 21
Jan 23
*85
11
2
Mar
70
9
37
Jan
116
110
1034
Oct
Mar
34
28% Jan 22
35% Jan 15
*65
9
67
49
II484 Jan 23
*85
10l2
478
434
46
*19i2
*3%
Apr
West Va Pulp & Pap
—
7i8
46
32'4 Sept
31% Oct
1% Dec
31% Apr
8684 Apr
1,000
39l2
684 Aug
8
19
Victor Chemical Works
Apr
Apr
3% July
4
6
3
5
Jan
Mar
7% July
35% July
29% Sept
10% Sept
13%
2
Jan
..100
7%
230
11
113
180
Apr
23
9
3234Mar 11
26% Jan 5
684 Jan 10
Vanadium Corp of Am.No par
Van Raalte Co Inc...
5
Webster Elsenlohr
103
4
6% Mar
70% Jan
% Jan
700
103
65% Sept
14984 Sept
38% Jan
16% Jan
2212
4
117i8 *11612 117U
1438
135s
13%
*10H4
Jan 11
9% Jan 18
60% Mar 18
100
22l2
*334
103
Jan 25
Jan 22
Waukesha Motor Co
90
Aug
89
181
Mar 21
500
200
5%
17% Sept
14
Sept
70
200
23
70
Mar
101
Vlck Chemical Co
Jan
5
159
7% 1st preferred
7% Sept
11
35% Mar 15
No par
Sales
Nov
Sept
934 Mar 12
10% Jan 3
2
Preferred
14
Apr
87% Mar
Jan 19
'"loo
112
395g
378
Vadsco
Sept
June
Feb 13
18
107%
11212 112%
Feb 24
6% Jdar 18
15
75
67
28%
22l2
29% Feb 13
21
95
117% June
3% Aug
584 Mar
8
3
Jan
62
18
107
1
6%
Feb
8% Sept
35% Sept
Apr
Sept
Jan
74
Mar 18
148
No par
Warren Fdy & Pipe
No par
Washington Gas Lt Co.No par
*68%
107i2
4% Feb
7%
100
100
51 1st preferred
2,000
8
5% Jan
94
884
11
No par
preferred
Universal Pictures 1st pref.
53 convertible pref.-No par
*80
Feb
35
25
preferred
200
30
80% Mar 15
177
No par
7%
Preferred
578
*5s
34;
Stock
Jan 15
7% Jan 25
8% Jan 23
U 8 Tobacco Co..
6%
20
95
5
5% Mar 18
4% Feb
share
7% Mar
110
Jan
1334 Mar 12
80
per
Dec
54% Dec
3% Apr
2584 Apr
62% Apr
Jan
15
10% Jan 13
Mar
115
United Stockyards Corp
1
Conv pref (70c)
No par
United Stores class A
5
5
65% Mar 14
5% Jan
117% Feb 24
100
Virginia Ry Co
3312
*34
Highest
share $
4%
Mar 13
6
per
4% Aug
6% Mar 21
6
112
No par
5%
8:
45
...
50
Preferred
11% Mar
U 8 Steel Corp
Preferred
Vlcks Shreve & Pac Ry...l00
10
*4l4
18
*334
300
20
*8
2238»
21U
22
217g
2212 23
2212
23i4}
2214
2278
2378
11034 11U2
1103411214
11178 112
110t2 11112
*13414 135
♦134U 135
*13414 135
*13414 135
*28
28l4
2812
2814
2834 2834
28i4
29
35
35
35
35
3514
3514
3514 3514
*36
*36
37
37
*36
3678
*3514 37
2912
110
117
10%
57g
29%
*22%
39%
%
5i2
3278
283s
*80
*1%
100
101
18
*80
3834
334
7%
2U2
2912
2278
2278
21
22i2
2H8
217s
*6778
*687s
70
68
6878
*67% 70
10778 1077S *10714 107% /108% 10812
10714
11H2 112 I 11214 112%| 113
11134
113
10212
*102l2 105 I 103
103 | 103
103
*117
11778 *117
n778 xll7
117
*11612
14
14
I
14
14
*1334
|
13% 14
*10114
*10114
*10114
*101i4
385g
H8
H2
1%
73g
283s
2812
1734
2214
*384
*8
22
38%
*92
*1
514
2412
378
*3212
*1
3214
7i2
13s
7%
300
3912
*133
10
100
50
8% 1st preferred
U 8 Smelting Ref & Mln
8%
173g
*133
No par
US Rubber Co
Universal Leaf Tob
%
'
Card Co
JU 8 Realty & Imp
400
""460
173s
*734
*4334
100
20
10
<6 conv pref erred... No par
Universal-Cyclops Steel Corp 1
157
9914 101
117
Prior preferred
200
1,000
2412
378
29
300
3034
1%
Partlc & conv cl A ..No par
37
80
n2
No par
37
*2934
*3%
2734
1%
U S Leather Co
3584
*62
*1
5
5M% conv preferred
50
U 8 Industrial Alcohol.No par
353s
33%'
-
20
100
U S Pipe & Foundry
80
*1
No par
preferred
500
30
13s
97l2
100
978
30
24l2
378
*60
400
*62
U2
213s
2234
1,500
5i2
30
25%
*5g
200
32
80
*1
pref. 100
U S Hoffman Mach Corp
*6012
*45
*714
*I3s
*2334
*6
7%
116
*133
-
*1%
*2834
28ig
*173s
*2212
*334
U S Gypsum Co
*30
45
*133
*133
*384
U S Freight Co
600
*62
*115
.
*45
600
63%
3134
38i2
116
3
3%
3%
33g
3i8
3l8
*31g
3%
28
28
27%
27% *2714
28i4
*2712 28l4
*115l2 117
*115%117
*11512 117
*11512 117
*7
*7
*65s
778
778
77S
778
83g
*4384 45
*4334 45
*4384 45
*4334 45
*32
*32
33% *32
3312 *3212 3312
3312
*92
*92
92
92
96
93%
9212 9212
*15%
U S Dlstrlb Corp conv
80
*60
31
1
180
No par
200
1;
18
$6 first preferred
64
*148
99l2
USA Foreign Secur_..lVo par
2178
*914
No par
UnltedyMer & Manu Inc v t c 1
United Paperboard..
..10
5i2
*60
95s
$5 preferred
300
30
4434
80"
30
6012
3534
United Fruit Co
4% Jan 11
United Gas Improv't-.No par
200
3334
34
3312 34
*3812 39l2
3812
38l2
*115l2 116
*115% 116
45%
*4514 4534
4558 455g
*60
63l2; *60
6312
63l2
38%
116
4534
*1111
95g
6012
*353s
*3684
5
10
800
2,000
30
117
*4 5
95g
62
200
*62
39
*116
53s
34i8
*7
1412
21i2
5I4
113
73s
33
213s
3514
3634
*2
65
*31
*5l8
3H2
2178
*514
514
*9
2%
178
*57
600
2,300
6,900
180
2U4
3514
3634
13g
34%
343g
112% 113
6H2
61%
65%
65%
53l2 54i8
*64
*3712
33
~
21
21%
3
85% Jan
*176
534
2
140
78
*5%
Jan
share
200
*33
180
5
per
434
3334
7834
1314
78s4
*176
Lowest
Highest
$
5 per share
64
33i8
512
*31
21i2
5%
*5
180
Par
400
51?
13
13%
131«
1318
13i8
13l8
*116
120
*116
120
116% 116% *116
120
12
12i4
1234
1214
1234
1234
1234
127s
484
4%
*45s
*412
434
*4%
434
47g
5%
*512
534
512
534
534
578
57g
94
94
98
a93% 9312 *93i2 98
*93i2
8
8
8
8
8
8
812
8i2
9
9
9
*878
9
9i4
*9l8
93s
82
82
82
81
81
82
8234
82l2
94
8
79
Lowest
Week
Ran (re for Previous
Year 1939
Shares
$ per share
*4i4
33
34%
Range Since Jan. 1
On Basis of 100-Sftarc Lots
EXCHANGE
64
x78
434
Mar. 22
STOCKS
NEW YORK 8TOCK
the
United Drug Inc
United Dyewood Corp
Preferred
55g
64i2
412
CENT
Friday
25,500
6i8
5%
55s
6412
*43g
13
32%
79%
13%
116% 116%
12%
12%
5
*4%
65s
5%
.
NOT PER
Thursday
Sales
for
Saturday
Jan
3% 8ept
H Called for redemption
m.j'ni
1
1
sag
I
1
mi
n, lot,
1900
March
1940 2
Bond
Record—New York Stock Exchange
THURSDAY, WEEKLY AND YEARLY
NOTICE—Prices
"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,
^nd when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such sales in computing the range for the year.
The Italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
are
Thurs.
BONDS
Inter st Period
N. Y. STOCK EXCHANGE
Week Ended March 21
Ranee or
Sale
Thursday's
Price
United States Government
Treasury 4 3*s
Treasury 4h.
_
h.
Low
Bonds Sold
Since
Hieh
No.
120.17 120.14
120.17
53
High
119.30120.23
♦Chile Mtge Bank 63*8
114.28
114.30
4
114.14114.30
♦6 3*8 assented
♦114.25114.29
1940-1943 /
D 101A
101.3
1941-1943 M 8 103.20 103.20
109.20
1943-1947 J D
102.8
101.5
15
101 3
103.23
12
109.20
2
104.20
104.21
26
109.29
51
110.14 110.14
110.16
23*8
23*8
2Kb
23*8
1948-1961 M S
1951-1954 J D
109.20109.30
32
111.27
......
112.4
112.22
112.22
111.1
111.7
110.28
111.18
16
109.5
110.18
112 6
111.19112.28
102
110.10111.7
109.28111.18
107.7
109.5
1950-1969 M S
109.17
7
108.28 109.17
109
3
108.2
107.30
108.14
5
100.28108.16
107.8
"107130
109.12
109
107.28
64
100.9
109.5
107.30
1958-1963 J
D
107.3"
107.2
107.19
33
105.27107.19
-—1960-1905 J
23*s
23*s
D
107.5
106.30
107.20
129
105.25107.20
_
2 3*a
1945 J D
1948 M S
-
2 3*s
2 J-^s
-—
1949-195'' J D
1950-1952 M S
23*s
1961-1963 J
1947 J
2s
-
D
108.10109.2
108.31
103.31
108.31
5
107.17108.31
106.5
106.28
7
105.1
106.31
8
105.5
106.31
103.26
104.15
63
105.12
105.12
15
102.20104.15
104.16105.23
103.27
104.17
56
102.23104.17
Mortgage Corp—
Mar
15 1944-1904 M S
*108.16108.20
May
108.9
108.10
3s
Jan
15 1944-1949 Af N
15 1942-1947 J
*105.4
105.8
23*8
Mar
1 1942-1947 M 8
Home Owners' Loan Corp—
3s series A
May
1 1944 1952 MN
1942-1944 J
1945-1947 J
2X9 series G
1X9 series M
108.9
26
107.30 107.27
108.4
102.1
102.1
105.15
104.20105.2
23
107.18108.4
3
104.15104.25
2
102.4
101.10102.5
Municipal
1947
O
a
♦External
sec s
27
*263*
263*
263*
*63
263*
65
133*
133*
133*
*13
263*
133*
13
5
f 7s 1st series...1957
♦External see s f 7s 2d series. 1957
O
123*
123*
1
O
133*
123*
f 7s 3d series. 1957
0
*123*
123*
Antwerp (City) external 6s
1968
Argentine (National Government)—
D
8 f extl conv loan 4s Feb
S f extl conv loan 4s
Apr
Australia 30 year 5s
External 5s of 1927
External g 4Mb of 1928
96 X
A
O
86 X
1955 J
J
80 X
1972
...1957 M
86 X
S
1950 M N
J\
1957 J
74"
♦Bavaria
(Free State) 03*8. ..1945 F A
Belgium 25-yr extl 63*8
1949 M S
External 8 f 6s
J
1965 J
External 30-year s f 7s
1955 J D
♦Berlin
963*
Ill
933*
863*
79
843*
803*
783*
863*
813*
803*
74
753*
18
10
101X
99
101X
98
107X
107X
O
D
21 Vb
*nx
21 X
O
16X
16X
O
17
♦External
s
♦External
s
f 63*8
f 63*s of 1920
f 63*s of 1927
♦7s (Central Ry)
Brisbane (City) s f 6s
f 6s
D
External readj
43*-43*8
External s f 43*-43*s
1976 A
80 H
65
O
1952 M N
96 X
102X
93X
1968 UN
1954 J
1950 M
July 15 I960 J
♦6s Jan. 1937
coupon on..I960
♦Farm Loan s f 6s
Oct 15 1960 A
♦6s Apr. 1937 coupon on..1960
O
1942 UN
♦7s assented
1942 UN
♦External sinking fund 6s
♦6s assented
1960 A
O
15
1960 A
♦Extl sinking fund 6s..Feb 1961 F
♦6s assented
♦Ry extl
Feb 1961 F
f 6s
13X
...Jan 1961 J
♦6s assented
Jan 1961 J
s
♦Extl sinking fund
6s..Sept 1961 U S
♦6s assented
Sept 1961
♦External sinking fund 6s
u
s
1962 A
O
1962 A
♦6s assented
O
♦External sinking fund 6s... 1963 ATN
♦68 assented
For footnotes see paee
1963 M N
1905
.
,
73
85
External loan 43*s eer C
"l3~3*
14 x
13X
523*
1977
:
203*
102
1023*
1023* 103
99
101X
♦100
73
84
1
-
63*
123*
10
123*
1023*
11
100
26
89
108
24
100
108
133*
13
14
23
113*
173*
123*
23 3*
133*
133*
183*
22
47
56
61
101
104
74
80
133*
135*
133*
37
603*
603*
♦603*
"i§
80
♦Czechoslovakia (Rep of) 8s...1951
♦Sinking fund 8s ser B
1952
*133*
*133*
133*
54
63
1942
1955
External g 43*8
Apr 15 1962
Dominican Rep Cust Ad 63*8.-1942
1st ser 63*8 of 1926
1940
17
203*
♦103
1949
Denmark 20-year extl 6s
External gold 63*8
203*
1*102
1944
1949
♦El Salvador 8s ctfs of
dep
Estonia (Republic of) 7s
543*1
45
443*
A
363*
713*
71
70
703*
703*
713*
113*
96
102 3*
103
183*
133*
1948
1967
48
(Republic) ext 6s
1945
♦Frankfort (City of) a f 63*8—1953
40
Finland
French Republic 7 3*s stamped. 1941
7 3*8 unstamped
1941
External 7s stamped
1949
7s unstamped
♦7s
123*
D
102
|
"D III!
110
D
15
83*
53*
15
1949
103*
14]
8
"ioj* "iil
183*
113*
1958
unstamped
1083*
123*
0\
1965
116
106
-1949
*143*
73*
11]
German Prov & Communal Bks
♦(Cons Agrlc Loan) 0 3*s
♦Greek Government s f
♦78 part paid....
Haiti
(Republic) s f 6s
♦Hamburg (State 6s)
1964
203*
1968
153*
21
"16*
21
143*
163*
223*
12
70
883*1
A...1952
103*
1946
♦Heidelberg (German) extl 7 3*sl950
Helslngfors (City) extl 03*8
1960j
Hungarian Cons Municipal Loan—
♦7 3*s secured s f
g
15
70
103*
1945]
♦7s secured s f g
15
16" '203*
203*|
*213*
..1968
ser
133*
*24
7s—1904
ser
♦Sink fund secured 6s
♦6s part paid
*73*
1946
13
183*
79
♦Hungarian Land M Inst 7 3*s. 1961 MN
♦Sinking fund 73*8 ser B—.1961 Af N
72
72
78
Hungary 73*8 ext
30
803*
875*
103*
73*
103*
103*
123*
*73*
81
11
Irish Free State extl
60 Vb
623*
63 3*
7
633*
4
88
65
67
15
44
8
96 X
101X
93 X
16
573*
57 3*
563*
563*
f 5s
40
633*
Japanese Govt 30-yr s f 63*8
Extl sinking fund 5 3*8
♦Jugoslavia (State Mtge Bk) 7s
♦Leipzig (Germany) s f 7s
66
673*
453*
192
14
933* 1013*
1003* 107
91?*
963*
823* 933*
♦Medellln
(Colombia) 63*s
943*
6
92
963*
♦4s of 1904
833*
19
79
89
84
783*
883*
♦Assenting 4s of 1904
♦Assenting 4s of 1910
{♦Treas 6s of '13 assent
*5X
*14X
15X
*HX
♦153*
*U X
*143*
♦133*
14X
13X
*14X
13X
♦143*
133*
143*
133*
*143*
133*
4
153*
6
7
153*
483*
87
1965
64
643*|
773*
52
19
1957
573*
15
123*
1947
"l"53*
14
153*
~20~"
14
153*
17
123*
1954
123*
♦Assenting 5s of 1899.
11
80
123*
72
1
8
Ummmm
•••••
13*
30
X
13*
"13*
12
~"x
"13*
13*
27
X
X
13*
13*
1945
13*
.—1954
1954
1945
1933 J
J|
1
13*
16
15
11
135*
113*
133*
133*
36
12
143*
133*
17
123*
143*
16
133*
"l"6
16
143*
17
133*
17
133*
14
12
143*
133*
10
133*
12
143*
163*
143*
133*
17
28
"143*
123*
133*
*143*
133*
865*1
Mendoza (Prov) 4s read!
1954
♦Mexican Irriga'n gtd 43*8
1943
♦43*8 stmp assented
1943
♦Mexico (US) extl 5s of 1899 £.1945
94
6
1954
66
68
503*|
1952
(Province) 7 }*s 1950
1023*
943*
87J*
15
92
24
75
*47
14
113*
73
683*|
66
1951
Italian Public Utility extl 7s
103*
"30"
913*1
1960
ser B
653*
13
16
973*
8
Italy (Kingdom of) extl 7b
Italian Cred Consortium 7s
85
*8
A
at 43*8 to...1979
84
1967 J
f 7s
683*
823*
1961 J
A
ser
81
"94 X
1944 J
s
External 5s of 1914
86
.Aug 15 1945 F
....1961 J
(Rep)—Extl
49
60
70
*12X
*133*
(Ger) 7s
♦Chile
903*
433*
1960 A
30-year3s
-
.89
335*
683*
"683*
74
633*
1967 J
1968 UN
5s
f 6s
-
♦Costa Rica (Rep of) 7s
Cuba (Republic) 6s of 1904
♦Lower Austria
Canada (Dom of) 30-yr 4s
s
91
63
61X
1984 J
f 7s
♦Farm Loan
Cordoba (Prov) Argentina 7s—1942
443*
42
443*
-
72
O
1975 M N
♦Stabilization loan 7 3*s
♦Carlsbad (City) 8s
♦Cent Agrlc Bank
;
173*
*793*
1977 M 8
-.1976 F A
10-year 2X9
25-year 3 >4 s
7-year 2 3*s
30-year 3s
1962
25-year gold 43*8
1953
{♦Cordoba (City) 7bstamped.. 1957
Copenhagen (City) 5b
263*
♦263*
'
♦53*8 unstamped
1965
♦53*8 stamp (Canadian Holder) "65
♦German Rep extl 7s stamped.. 1949
753*
173*
1901 M 8
f 4 3*-43*b
Refunding s f 43*-43*8
s
1947
20
263*
1940 J
96 3*
95
76 5*
163*
803*
9X
♦Secured
j
♦71
D
3% external s f $ bonds
Bulgaria (Kingdom of)—
265*
273*
263*
♦Sinking fund 7s of 1926
♦Sinking fund 7s of 1927
German Govt International—
♦5 3*s of 1930 stamped
84
73
1950 J
1902 J
s
34
20
Oct 1901
703*
42
103
♦Budapest (City of) 6s
External
283*
1928
153*
143*
143*
143*
46
173*
Buenos Aires (Prov
of)
♦6s stamped
s
153*
873*
873*
156
17
1952 J D
1957 M 8
.1958 F A
Sinking fund gold 5s.
20-year
1957 A
1957 A
13X
D
16
873*
79 J*
803*
*12
1960 A
s
343*
323*
*263*
of
94
1
953*
923*
853*
♦External sinking fund 6s...1958 J
♦Brazil (U 8 of) external 8s
1941 J
(Germany)
273*
.
-
♦6s
♦6s of 1927
67
......
10
92 X
1972 F
A
♦Austrian (Govt) a f 7s
333*
Jan 1981
♦Colombia Mtge Bank 63*8—1947
12J*
*71
1948 M N
1971 MN
15J*
133*
133*
123*
123*
1
133*
143*
66
133*
1
133*
29
60
133*
*
63*
13
*123*
283*
263*
2
J
8 f external 43*8
8 f external 43*s
14
*63*
1951 .
♦Cologne (City) Germany 63*8-1950 J
Colombia (Republic of)—
5 3*s 2d series
:.
1969
♦Dresden (City) external 7s—1945
A
1948
7s series D
103*
10
2d series sink fund 53*8
1940
Customs Admin 53*s 2d ser..1961
5 3*8 1st series
1969
1945
8 f
173*
*123*
—1960 J
♦Public wks 53*8.—June 30 1945
105.1
*104.31 105.3
J W104.20 rJ04.20nl 04.20
D
Akershus (King of
Norway) 48.1968 M 8
/
♦Antloqula (Dept) coll 7b A
1945
J
♦External a f 7s series B
1945
♦External s f 7s series C
J
1945
♦External
♦External
♦7s assented
♦Chinese (Hukuang Ry) 5s
107.29108.13
Agricultural Mtge Bank (Colombia)
♦Gtd sink fund 6s
♦Gtd sink fund 6s
1960 J
♦Chilean Cons Munic 7a
Sinking fund 53*8—Jan 15 1953
Bee Over-the-Counter Securities.
&
123*
108.20
New York City Bonds—
Govt.
123*
♦143*
—1962 J
4 3*s external debt
i03l30
3s
3Xb
.....—1901 \
1962 i
♦6s assented
133*
113*
123*
113*
123*
113*
106.28
106.26
io'e'i"
D
1948-1950 J
2Mb
Treasury 2a..
D
*108.30109.2
133*
*143*
♦6s assented—-—
110.6
26
*123*
<
1961
♦Guar sink fund 6s
111
35
108.11
130
•
•
♦Guar sink fund 6s
109.24110.1
D
123*
i 13*
•
143*
123*
173*
.
1957
1961
♦63*s assented———-—1961
104.20105.17
109.27 109.25
Low
Hieh
143*
123*
*143*
—1957
♦Sink fund 63*8 of 1926
103 20 104.24
"104.20
I Low
Foreign Govt. & Munlc. {Cord.)
114.30
O
1949-1952 J
23*s
114.9
A
1941 F
1943-1945 A
1944-1946 A O
1946-1949 J D
—
Low
«...
Since
Jan. 1
Week Ended March 21
O
1946-1950 M 8
—
Ranee
N. Y. STOCK EXCHANGE
Jan. 1
D
1940-1948 J D
1951-1965 M S Ilbl28
1965-1900 M 8 108.18
1945-1947 M S
Foreign
BONDS
Ranee
Ashed
1944-1954 J
-
3h
Federal Farm
Bid
1947-1952 A
.
Treasury 3 3*s
K Treasury 33*8
Treasury 33*8
Treasury 33*8
Treasury 33*s
Treasury 33*8
Treasury 3J^s
Treasury 3 An
Treasury 33*8
Treasury 3a
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Week's
Last
"133*
27
163*
12
143*
143*
Milan
(City, Italy) extl 63*8
Mlnas Geraes (State)—
♦Sec extl
s
f 63*8....
1952j AO
49
483*
1958
503*
1959]
113*
115*
1952
71
♦6s series A
1959
New So Wales
713*|
(State) extl 5s.. 1957
♦Sec extl s f 6 3*s
♦Montevideo (City)
External
s
7s
f 5s
External
4s
s
s
f 43*8
1963
s
F
A;
1956 M S,
..1965]
f extl loan
Municipal Bank extl
...1944!
f 5s...1970
81
96
1943
20-year external 6s
;
External sink fund 43*8
3
4
963*1
4
533*
8
83*
123*
123*
10
44
71
4
40
713*
85
803*|
Apr 1958
Norway 20-year extl 6s
84
79
903*
"15
78
89
13
85
963*
9
85
06
I
96
82
13
68
90
743*1
76
21
61
8034
753*1
29
59
80
733*
80
873*
Volume
ISO
New York Bond Record-Continued-Page 2
Thurs.
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Foreign Govt. & Mun.
Oriental Devel guar 6s
Extl deb 5 Ma
1955 A
b
*70%
-
104%
-
ta.
-
-
1959 M
f 6s 2d ser..1961 A
*8%
10%
S
D
9%
9%
9%
O
12%
65
58
14
51%
67%
80
1
104%
76%
70%
O
A
O
*12%
A
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946 A
100
100
88
46%
48
34
13%
13%
14%
51
13%
55%
14
36
56%
6%
9
♦Convertible 4 Ha.
1943
-
«.
11%
12%
13
11%
«-
13%
100%
13
1951
3S..1989
Beech Creek ext 1st g 3%s
1951
Bell Telep of Pa 5s series B
1948
13
88
98
21
"10%
12%
♦BerllD Elec El & Undergr 6
7%
11%
Beth Steel
6
11
8%
10
7%
7%
12
3
23
60%
*12
"79%
77
85
79%
1957 Af N
*9
"~9%
9%
"ii
10
{♦8s extl loan of 1921
1936 J
J
1956 M
S
....1968 J
23
20%
11%^ 11%
10%
10%
10%
10%
35%
36%
11%
J
10
109%
94
104% 109%
102%
102%
50
100% 102%
"79%
8
13%
12
7%
7%
25
21%
11%
11%
36%
17%
16
1
16
14
15%
14%
5
11%
11%
15%
1962 Af N
12%
1958 /
D
*5%
1958 J D
♦Slleslan Landowners Assn 6S--1947 F A
*4%
♦4%s assented
1955
F
9
m
w
1st
74
con
O
74
1
45
47
162
41%
47
45%
47
25
46 %
45
46%
47
41%
40%
9%
3
9
77
2
62
78
5
109
110
A
9%
5%
5
109%
109%
102
"89"
f 5Ha
s
*46%
1971 J
1952
Tokyo City 5s loaD of 1912
M
J
S
100%
100%
100%
1945
MN
113%
1947
Bklyn Un Gas 1st cons g 5s
1st lien & ref 6s series A
MN
112%
*114%
F
1961 A
A
External a f 5%s guar
39
55%
14
37
40
62
10
53
62
53
62
*62%
♦External
s
f 6s
1960 Af N
63
63
4
52
s
f 6s
1964 Af N
63
63
4
63
96
97%
"31
106%
*109%
106%
110%
9
MN
"36%
~36%
2
36
41
37%
37%
27
3r %
40
MN
35%
37%
*5%
6
37%
37%
J
1957
A
Consolidated 5s
Calif-Oregon Power 4s
52
52
53
40
44%
53%
Canada Sou cons gu 5s A
52
52
53
17
53
D
50
50
13
51%
54%
14
46
54%
O
A
O
A
O
68%
41%
57%
103%
68%
J
41%
56
103%
103%
1978
J
1978 F
3%s extl readjustment
1984 /
Venetian Prov Mtge Bank 7S..1952 A
♦Vienna (City of) 6s
♦Warsaw
1952
1958
1958
1961
(City) external 7s
♦4%s assented
Yokohoma (City) extl 6s.
RAILROAD
54
#OQ
J
O
M N
F
44%
A
J
"47% """4
*5%
*5%
D
65
62%
"43" "51"'
8%
*8%
...........
A
F
OO
"47%
8%
-
m
8
5
-
65
6
56%
-
7%
65
INDUSTRIAL
AND
1957 J
July 1969 J
Guaranteed gold 5s
Oct 1969 A
Guaranteed gold 5s
.1970 F
Guar gold 4%s
June 15 1955 J
Guaranteed gold 4%s
1956 F
Guaranteed gold 4%s..Sept 1951 M
Canadian Northern deb 6 Ha—1946 J
Canadian Pac Ry 4% deb stk perpet J
Coll trust 4 Ha
1946 M
1944
Dec 1 1954
5s equip trust
Coll trust
COMPANIES
ctfs
gold 58
1948
4s
1947 J
Coll trust 4s of 1907
50%
Af S
104
D
*102
10-year deb 4%s stamped... 1946
1952
108
1st
cons
*109%
1943
4s series B__
'm
<+ m — *»
61
85%
"85%
79%
3%s
"45%
♦5s stamped
1950
Allegh & West 1st gu 4s
1998
Allegh Val gen guar g 4s
1942 Af S
Allied Stores Corp deb 4%s._..1950 A O
4%s debentures
Allls-Chalmers Mfg conv
Amer IG Chem conv 5 Ha
Am Internat Corp conv
1955
-
m-m
109
80%
109
54%
59%
1
60
53
61
85
87
1981
1947
1948
gold 4s
Celotex Corp deb 4 %s w w
♦Cent Branch U P 1st g 4s
Cart & Adlr 1st gu
{♦Central of Ga 1st g 5s.-Nov 1945
♦Consol gold 5s
1945
♦Ref & gen 5 Ha series B
1959
♦Ref & gen 5s series C
,.1959
82
4
98%
99
36
110 %
110%
111
"62%
*16%
62%
63
105
104
105%
23
102
105%
104%
104%
104%
17
103
104%
MiV
108%
107",,
1083»2
84
107"i»109%
O
109%
109%
110
77
108
109%
106%
45
107% 109%
Af 8
2030 Af S
1949 Af N
5%s.-_1949 J
J
20
17%
19
"87
17%
60%
64%
97%
110%
98%
34
111
S
J
J
67%
S
89
/
83%
75%
J
A
MAT
99%
1943
3%s debentures
1961 A
3%s debentures ...
1966 J
Am Type Founders conv deb..1950 J
Amer Wat Wks& Elec 6s ser A. 1975 M
N
108%
108%
109
Anaconda Cop Min s f deb 4 %s 1950 A
O
106%
106%
107%
78
36
36%
22
44%
44%
3
♦Anglo-Chilean Nitrate—
S f Income deb
D
1st m
s
F
A
1957 J
J
4s series B.1955
f 4s ser C (Del)
108%
*105%
1967 Jan
{Ann Arbor 1st g 4s
1955 Q J
Ark & Mem Bridge & Term 5s. 1964 Af S
Armour & Co (Del)
108%
J
•
Wr
4.
-
—
*
urn
*97%
-
110
♦Mobile Dlv l9t g 5s
Central Foundry mtge 6s
53.1947
1946
1941
1941
Cent Hud G & E 1st & ref 3 %s. 1965
Cent Illinois Light 3%s
1966
{♦Cent New Engl 1st gu 4s
1961
{♦Central of N J gen g 5s
1987
Gen mortgage 5s
105% 107
4
99
107
109
106% 107%
34
40
44%
50
98
98%
102%
A
O
6%
8
M
S
74%
*107%
108%
A
*95
O
40
46%
14
26
3
16
16
108%
107%
102
101%
102%
17
1995 A
1995 Nov
1995 MN
1955 J D
Adjustment gold 4s
Stamped 4s....
Conv gold 4s of
O
—
1909
Conv 4s of 1905
Rocky Mtn Dlv 1st 4s
1960 J D
1948 J D
J
1965 J
Trans-Con Short L 1st 4s
1958 J
Cal-Ariz 1st & ref 4 Ha A
1962 Af S
Conv deb 4%s
-
»
—
---
103%
1946 J
1944 J
J
1st 30-year
5s series B
1944
J
Atl Coast Line 1st cons 4s July 1952 M
106^
10-year coll tr 5s
4s
56
87%
1
*95%
103%
106%
97%
m,
**
—
*92%
87%
Potts Creek Branch
93%
R & A Dlv 1st con g
94
1
91%
94
104%
77
95%
99%
1
105%
30
99%
99%
103% 107%
101% 101%
117
12
J
J
J
*100
109
117
,
*110
-
109
114
117%
106
*109
117
106
M S
92%
106% 108%
20
114
General 4s
92
93%
16
45
95
53
62
77
15
69%
67%
16
64%
70
39%
32%
4
38
41
1
32
34%
68
68%
12
68
105
105%
6
105
71%
107%
105
14
70
For footnotes see page 1905.
D
95%
99%
66%
"68%
J
76
1st & ref 4 Ha series B
1st & ref 5s series A
..1958
1977
..1971
125%
96%
98%
13
69%
J
46
94%
53
1953 M S
99%
13%
69%
66%
1959 J
99
122%
95%
20
Atl Gulf & W I SS coll tr 5s
18
99
J
96%
Atlantic Refining deb 3s
122
98%
123%
99%
12
98
J
3s—1949
3%s...l949
1949
82
A
J
93%
71
32%
75
104% 106%
103
104%
F
122%
J
1st g 5s
110%* 112'ji
MN
J
1989
1941
62%
O
9
J
104%
64£j
54
58
A
22
1948 J
S
S
73%
46
J
53%
Second mortgage 4s
M
M
...
107
104%
*106%
66
J
72%
39
S
18 4
Illinois Division 4s
94%
J
M
"16
15
79
78%
20%
106% 110*
Chic Burl <fe Q—111 Dtv
71
1948 J
62%
110"m110»»2
"78%
48
01
*60
MN
M S
64
47%
46
95%
77 d
16%
♦Chicago & Alton RR ref g
D
Atl & Dan 1st g 4s
*
MN
16
14
66
66
"47%
3%
15
114
106%
1
18
30%
7%
44
108% 110%
110
May 1 1945 Af N
Oct 1952 MN
1964 J
A
1st 4s..1946 J
4s
1989 J
2d consol gold 48
Warm Spring V
99%
106% 109
110
111
101% 104%
99% 100%
94%
71
A
88%
103% 107
54
General unified 4%s A
L & N coll gold
104%
*114
«.-«
/
8
94
*109
D
Atl & Charl A L 1st 4%s A
87%
*92
99%
J
Atl Knox & Nor 1st g 5s
104%
*86%
87%
*,
1955 J D
Conv gold 4s of 1910.
104%
O
F
85%
99% 102%
Atchison Top & Santa Fe—
General 4s
F
A
Chesapeave & Ohio Ry—
General gold 4%s
74
16%
--I960
Central RR & Bkg of Ga 5s...1942
Central Steel lstg s 8s
..1941
Certain-teed Prod 5Ha A..... 1948
Champion Paper & Fibre—•
S f deb 4%s (1935 Issue)
1950
8 f deb 4 % s (1938 Issue)
1950
1992
Ref & imp mtge 3Ha ser D..1996
Re & impt M 3 Ha ser E
1996
Ref & impt M3Ha ser F
1963
Craig Valley 1st 5s
May 1940
100
27%
6%
2%
95
1
111
111
46
4s...1954
95
102%
8%
2
97%
74%
M S
gold 4s....1949
Through Short L lstgu
Guaranteed g 5s
92
102
94%
"85% "90%
6%
M
1962
Central N Y Power 3%s
85%
102%
3
"9
28
27%
.1987
♦General 4s
Cent Pac 1st ref gu
109%
21%
*16%
Amer Telep &
Teleg—
20-year sinking fund 5%s
77%
108
"16
88
87%
6%
70
"~9
45
*40
28
89
80%
101% 108%
84%
79%
50
98%
D
F
99%
A
D
12
10
107
98% 105%
103%
95% 103
109% 113%
60% 68%
96
19
77
109%
109
F
24
104%
84%
*42
J
66
89
87%
104%
84
23
68%
67
104%
2
5
♦Mid Ga & At Dlv pur m
101%
16
6%
63
97%
94%
109% 111
99
*5
59
100
97%
A
8
♦Mac & Nor Dlv 1st g
2
101
99%
99%
3%
47%
9
11
99%
D
5
41
97%
46
102%
8
105
97%
127
102%
101%
*4%
*4%
47
100%
.
102%
102
102
5s.—.1946
43%
105%
.
101%
O
A
6%
♦Chatt Dlv pur money g
101
85
96
2%
71
105%
80%
2%
2%
80%
66%
105% 106%
44
40%
60
51%
102% 104%
9%
76%
48
12
7
6%
69%
*7%
49
106 %
101
68%
4S..1951
5
79%
71
~
5
6%
2%
*2%
85%
...
5
5%
103%
99% 106%
109% 107%
Carriers & Gen Corp deb 5s w w 1950 MAT
79
*63
1951 F A
4s...1952 M S
♦Alplne-Montan Steel 7s.
Am & Foreign Pow deb 5s
70
6
81
{♦Carolina Cent 1st guar 4s...1949
Caro Clinch <!fc Ohio 1st 6s ser A 1952
69%
..1949
58
conv
101
103%
107% 108%
104%
107% 108
61
1946
Coll &
6
*108
*40
Alleghany Corp coll trust 5S...1944
104
m-m
69%
110%
1948
assented.
Alb & Susq 1st guar
«
108
1948
Albany Perfor Wrap Pap 6s
warr
w
1943
Ala Gt Sou 1st cons A 5s
6s with
107%
#
Adriatic Elec Co extl 7s
55%
1
104
2
82
—1960
Collateral trust 4 Ha
f {♦Abltlbl Pow & Paper 1st 5s. 1953 J D
Adams Express coll tr g
J
11
98%
Canadian Nat gold 4%s
Guaranteed gold 5s
A
51%
54%
43%
43%
A
"Va
5%
O
1960
1966
1962
Bush Term Bldgs 5s gu
37%
"1%
1952 A
1955 /
Bush Terminal 1st 4s
97%
106%
108% 108%
O
♦Certificates of deposit
93%
105
109% 112%
D
1979 Af N
3%-4%-4si»s extl conv
4-4 %-4 Ha extl readj
92
113%
106%
3%-4-4%s (J bonds of *37)
external conversion
87
112
111% 114%
"97""
A
4%s stamped modified
63
3%s-4-4%s ($ bonds of '37)
external readjustment
1979 Af N
19
115
D
J
F
{{♦Burl C R & Nor 1st & coll 5s 1934
63
♦External
113%
47%
50%
44%
88% 100%
1957 MN
{♦Buff Roch & Pitts consol 4%sl957
63
83% 102
90
1950
series B_ 1981
Niag Elec 3Ha series C...1967
Buff
40
9%
1st lien & ref 5s series B
87
60%
"61 "
O
♦Uruguay (Republic) extl 8s—.1946 F
^
47
Debenture gold 5s
15%
62
^
48
48
82
38
4
24
89
88%
74
39%
63
■
250
47%
A
1941
1950
Buffalo Gen Elec 4 %s
63
9
89%
88%
♦Certificates of deposit
Taiwan Elec Pow
77
101%
109%
gtd 5s stmp ctfs__.__1941
1st 58 stmp ctfs
15%
*15%
A
14%
109% 109%
'109%
47
Certificates of deposit...
5
104% 105%
"77"
A
Certificates of deposit
Bklyn Union El st g 5s
5
.....
3
Bklyn Queens Co & Suburban RR—
16
Sydney (City) s f 5%s
1961
106
D
Bklyn Manhat Transit 4%s.~ 1966 MN
23
17
16
extl
J
Boston & Maine 1st 5s A C-.-1967 M 8
1st M 6s series II
1955 M N
{♦Boston & N Y Air Line 1st 4s 1955 F
D
sec
1944
Big Sandy 1st mtge 4s
Brooklyn City RR 1st 5s ctfs__1941
1946 J
♦7s series B
1959
3%s ser F
10%
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
1962 Af N
♦Silesia (Prov of) extl 7s
106
11%
27
18
15%
107%
18
*16%
16
108%
102%
O
♦Sinking fund g 6 Ha
106
109 X
D
35%
15%
26
16%
15%
Cons mtge
9%
7%
1945 J
f 7s
s
15
12
1940 A
♦Secured
15%
14%
16
*14%
Ha 1956
M 4%s ser D..1960
7
13%
22
16
Bklyn Edison cons mtge 3%s..l966 MN
J
1950 /
♦7s extl water loan
~29~~
115% 117%
131% 133%
61
San Paulo (State of)—
♦8s external
72%
*15%
7%
11%
72%
105*32
cons
1st g 4%b series JJ
1952 Af N
45
84
105*32
22
"77
72
45
IfCons mtge 3%s series E...1966
3%s conv debs
1952
7%
*8%
J
...1964 M S
54
57%
50
106%
105*32
8
14
59
1955
32
70
59
'105%
*15%
U5H
♦Berlin City Elec Co deb 6%s..l951
♦Deb sinking fund 6%s_.:._-1959
*11%
56
*70
Belvldere Delaware cons 3 %s..1943
10%
59%
59%
58
95% 101
133%
11%
♦Debenture 6s
A
53
96%
133%
21
1967 J D
1952 A O
59
1960
1st & ref 5s series C
7%
♦78 municipal loan
18
61%
116
7
10%
10%
13%
115%
19
12%
9%
10%
18%
*35
59
4s stamped
Battle Creek & Stur 1st gu
103
4
89
99
49%
54
8
59
12
6
13
57
46%
13%
56
55%
96%
1951
Con ref 4s
~6
1966 MAT
J
1959
Bangor A Aroostook 1st 6s
7
9%
♦7s extl loan of 1926..
♦Roumanla (Kingdom of) 7s ..1959 F
Toledo Cin Dlv ref 4s A
11%
10%
S%
27
56
54
ref 4s__.1941 MAT
Certificates of deposit
10%
9%
♦Saxon State Mtge Inst 7s
25
♦Certificates of deposit
P L E & W Va Sys
9%
11%
f
29
I960
10%
9%
O
♦6s extl dollar loan..
47
8%
*19
O
D
1968 J
s
S'western Dlv. 1st mtge 6s.1950
8%
*12%
S
♦6%s extl secured
7
P L E & W Va Sys ref
24%
7%
"zl3"~
40
57
10%
5^
26%
25%
24%
24%
56
9%
7%
30%
25
57
10%
41
9
27
28
4s..1941
9%
10%
8%
16%
24%
45
24%
10%
15
54
29%
25%
24%
28%
24%
24%
105
3
paid...
1953
July 1948
1995
6s series C
1995
5s series D
2000
5s series F
1996
Ref & gen
Ref & gen
7
A
Sao Paulo (City of. Brazil)—
♦8s extl secured s f
69%
11
6%
1946 A
1953 F
coupon
70%
67
9%
*10%
1950 M
f 4s
64%
14
7%
7.
♦Rio de Janeiro (City of) 8s
♦Extl sec 6%s
♦Saarbruecken (City) 6s
64
67%
25%
Ref & gen
4
♦Rhlne-Maln-Danube 7s A
Rome (City) extl 6 Ha
67%
67
10%
7%
1947 F
f g
65%
87
100>i«101%
Stamped modified—
74%
.....
1941
f 7s
s
66 %
*84
1st mtge g 5s
Ref & gen 6s series A
7%
1952
Queensland (State) extl
25-year external 6s
{Bait <fe Ohio 1st mtge g 4s July 1948
6%
.
-r9
73
68
10%
3
High
43 H
82
HKPi#
78
1
100%
Low
ioo»r«
73
7
4
Since
Jan. 1
58
9
11
No.
57%
56%
57%
conv
Austin & N W 1st gu g 5s
103% 105%
9
High
Low
Railroad & Indus. Co*. (Cont.)
{{♦Auburn Auto
II
Bid
deb 4Ha 1939
1941
Baldwin Loco Works 5s stmpd.1940
1
1961
1966
f 6s
s
12
55%
1950
1963
♦Prague (Greater City) 7 Ha
1952 M N
♦Prussia (Free State) extl 6 Ha. 1951 M S
♦February 1937
High
Low
18
8%
1968
♦Extl loan 7 Ha
Santa Fe extl
No.
17%
Price
Week Ended March 21
Range
Range or
Thursday's
<fc
Asked
Sale
N. Y. 8TOCK EXCHANGE
65
*8%
*14%
*8%
f7s.-_.1947
♦4 Ha assented
♦Porto Alegre (City of) 8s
8
High
1940
♦4 Ha assented
♦External sink fund g 8s
♦6s extl
Jan. 1
Week's
Last
BONDS
Since
B5<§
1958
♦Stabilization loans
s
76%
69%
1947 M 8
Ha assented
♦External
*11%
63%
56%'
76%
1963 MN
f 6s 1st ser. .1960 J
8
O
1953 J D
♦Poland (Rep of) gold 6s
♦4
56%
...1963 Af N
♦Stamped assented
♦Peraambuco (State of) 7s
♦Peru (Rep of) external 7s
♦Nat Loan extl
63%
1958 M N
Oslo (City) s I 4%s
&
Low
A
1953 MS
♦Panama (Rep) extl 5%s
♦Extl b f 5s ser A
♦Nat Loan extl
Bid
Range
Is
Ask
Thur day's
Price
(ConcT)
1952 F
♦Nuremburg (City) extl 6s
,2
Range or
Sale
Week Ended March 21
1901
Thurs.
Week's
13
16%
97%
M S
91
A
83
89%
80%
91
83
70
F
25
97% 102%
87%
92%
77%
83 .
F
A
87%
87
88%
65
83%
99%
90
|
New York Bond Record—Continued—Page 3
1902
Last
STOCK EXCHANGE
Week Ended March 21
Range or
Thursday's
Since
y.
Price
a
0
(♦Secured 4Mb series a——1952
♦Certificates of deposit—
1960
Ch 8t L A New Orleans 6s
1951
Gold 3 Ms
June 16 1951
Memphis Dlv 1st g 4s—1951
Chlo T H A So-eastern 1st 5s—1960
Income guar 5s——-Dec I 1960
1944
1st mtge 4s series D
1963
1st mtge 8Kb series E——J963
3Ms guaranteed.———1951
Chic A West Indiana eon 48—1952
1st A ref M 4mb series D
1962
15 k
Nigh
120
19K
j
J
21
24 m
24m
27K
27 m
Dow Chemical deb 3s....—.1951 J
10
27m
Dul MlssabeAIr Range
1
16m
12m
12 h
6K
21
17m
9M
9H
20
11
1
*100wa«
j
24 M
26
j
j
86
20
26 M
6M
1M
14m
M N
7
93
1M
14 m
IK
14 m
72
16
a
O
6M
4
4
16 K
16
"I
16M
M N
16M
16
M N
17
*14 m
M N
M N
17
"l7m-
J
D
J
D
j
D
9m
UN
2M
F
J
17m
"m
5%
US
7
IN
/
D
/
D
J
12
12m
13 m
15 k
8
17
5
74
•
8m
8m
2m
7M
2k
35m
16m
10m
17
18
16
19
10m
10m
10m
1
44 M
49
38
16K
14
13 M
12 M
6m
5M
71
6
18
17
7K
19
4H
7
6M
IK
80 K
42
"U
5M
6M
IK
M S
60m
50
48M
63 M
53M
106
107 M
61M
106
100 m
14
93 m
94
23
90
94
25
89 m
95m
65m
3
49 m
12 m
57
93 k
65 m
54K
93
*12 m
109 m
*110m
13
17
108 M
109 k
107 m 109 m
111m
109 m 111
108m
108m hom
111m
108M
111
A
111
J
64 m
109
75
15 1952
Columbus Ry Pow A Lt 4s
5s stamped
1965 UN
1st mtge 3 Ks series I
conv
62
63m
100
67
100M
108m 110 m
106 m 108 m
1o0m 106m
109 m 109 m
109 M
77m
87 m
78
7
90m
82 m
74m
38
76
69 h
70 m
17
69m
105
"I
69M
70
5
29
22
104
104M
34
104
104 M
5
104M
-
86m
77
28
«.
83 m
76 k
105
«
105
27
*113
105"
08
27 m
100 m
73M
34m
103 m 105 m
103k 106
103 m 105
113m 114
*112
108 M
108
110m
126m
107m 109m
108M
*109m
108 m
107
3Ms debentures.—.........1956
1958
106m
107 m
107 m
100 m
106 M
3 Ms debentures...
deb 3 Ms
110m
127
5
127
108 M
1951
105
{♦Consol Ry ron-conv deb 4a—1964
*14m
104m
15m
..—.1965
*15
♦Debenture 4s.............1965
♦Debenture 4s.............1956
109m 111
125
130
89
108 M 108 M
109 M 109 m
*118
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 78—1956
108 M 109 M
100 M 107 M
106 M 107 m
109
107m
107 m
106m
108M
100
14
105
15m
107 M
107 M 109 m
46
14
104 m 105m
15
16
15
8
15m
*15
f 5s
16K
*15
"MM "ie"
"15 n
57
..I960
57 m
65m
60
Consumers Power Co—
1st mtge 3Ms—May 1 1965 M N
1st mtge 8Ms.............1967 UN
1st mtge 8M8—
........1970 UN
1st mtge 8Mb.......
...1966 UN
Container Corp 1st 6s........1946 / D
15-year deb 5s
....1943
Continental Oil conv 2mb—.1948
Crane Co s f deb 3 Ms
1951
Crown Cork A Seal a f 4s
1950
S f 4 Ms debentures
1948
Crucible Steel 4Mb debs
1948
/
D
Ernesto Breda 78
J
D
F
A
J
1952
7M8 series A extended to 1946...
39 m
44
6s series B extended to 1946.
Del A Hudson 1st A ref 4s—1943 in
page
1905.
10
53
57
70
21M
26
19m
19 K
27
18 M
24M
19K
11
19
24
18
21
23 m
'lZK
14m
13 K
O
13 K
115
13K
18
3
49 M
57 M
53M
14m
14m
53 K
102
92
14m
1975 A
...1956 /
53 K
/
58M
92 K
93
97
59
*53 m
/
18
1
103
4
101m 102 m
107 m
55
105
4
106 m 110m
104 m 105 m
100 m
3
D
O
106.m
15
29m
39m
29m
8
39 m
44 k
13
35
6
58 m
"95
103 m
106 M
103"" 104M
104M
19
103 M
22
101K 104
106 K
41
105 M 106 K
46M
~49M
49
~~6X
103
104 M
*42
J
D
"5
7
117
6K
6M
8
6K
46M
49
54
6M
6
8M
8M
6
2M
2M
2M
2M
100Uji100»T|»
3K
*2M
*2M
3
103
*105
49
50 K
50 m
-
.
_
-
-
•
53M
123M 124M
103M
103 M
1
103
105
/
103
103
1
101
103
1945 /
J
♦Sinking fund deb 0mb...—1940 J D
♦20-year s f deb 6s
..—1948 ATN
Gen Motors Accept deb 3mb
1951 F A
Gen 8teel Cast 5 Mb with warr. .1949 J
/
{♦Ga a Ala Ry 1st cons 58 Oct 11945 J
J
{(♦Ga Caro a Nor 1st ext 6s...1934 J
/
♦Good Hope Steel a Ir sec 7s
1945 A O
*27
24 M
*30
32M
Gen Cable 1st
s f 5
Ms A
1947 J
Goodrich (B F) 1st mtge 4Mb..1956 J D
Gotham Silk Hosiery deb 5s w w '46. M S
104 m
68 K
General 4mb series D
General 4Mb series E
General mtge 4s series G
Gen mtge 4s series H
Greenbrier Ry 1st gu 4s
Gulf Mob a Nor 1st 5Ms B
1st mtge 5s series C
Gulf a Ship Island RR—
105 m
3PM
Springfield Dlv 1st
43
46
Western Lines 1st g
34
67 m
63k
g 3
30
68 M
14
60
70M
2
17
22 M
41
104
20
18M
105M
89 K
*87
_
104 M
104 M
21M
105M
83H
91K
3
"104M
80
•
104M
80
90M
*85
107 K
85
90 M
87
90
72
86
107 M
97
15
9
105 M 107 K
96
100
96M
89
85 M
90 M
17
85 M
92
82 M
82 M
3
81
84
82 M
82 %
30
81
84
96
49
99 M 104
92
88
28
71K
75M
58
58
99 m
99 M
89M
71M
.
100
90M
72 M
64
*58
Feb
*6M
..1940 Mil
1950 A O
"86"
O
1969 IN
...1949/
J
O
O
98 M
100
205
108M
109
58
99 m
109
*20
47 M
120M
72 M
47 M
3
1
98 M
99
13
32 M
32 K
33M
20
*126 M
"47 m
15 K
111M
112
J
84
15M
112
*87 M
J
~86~"
1951 A
O
86 M
86 K
*
.
54
9
....
"86"
86
—
86 M
96
90 M
100
107 M 109
21M
21M
120M 123
72 M
80
50 M
44M
97
32
125
.....
47 K
15m
.—.1951 /
1952 J
1953 M N
....
120M
72 M
120M
83M
90 M
♦85 M
J
87 M
79M
82
1950 A
8M
83
86~
*75
6
7M
1951 Af S
4s......1952 A O
—.—.1956 Mil
Purchased lines 3 Ma
Collateral trust gold 4s
M
32M
104 M
*29
Feb
♦Adjustment Income 5s.Feb 1957 A
Illinois Bell Telp 3 Ms ser B
1970 A
Illinois Central 1st gold 4a.—1951 /
24
29
26 M
104 M 107
96 m
Hudson Coal lstsf 5s ser A. ...1962 / D
Hudson Co Gas 1st g 5s
1949 M N
Hudson a Manhat 1st 5s ser A.1957 F A
gold
-
82 m
82 m
♦Harpen Mining 6s
Hocking Val 1st cons g 4 Ms—1999 J
/
Hoe (R) a Co 1st mtge
1944 A O
{(♦Housatonlo Ry cons g 5s...1937 UN
Houston OU 4mb debs....
1954 Af N
1st gold 3 Ms
Extended 1st gold 3 Ms
1st gold 3s sterling
*
16M
105
...1946 J
1967 J
mi*
*20 M
107 K
1977 J
1946 j
1st ref a Term M 5s stamped 1952 J
Gulf States Steel s f 4Mb
.1961 A
Gulf States Util 3Ms ser D
104M
67 M
19
/
1976 J
Gen mtge 3 Kb series I
♦Green Bay a West deb ctfs A
♦Debentures ctfs B
m
-
*13
1942 / D
Great Northern 4M« series A—1961 J
General 5 Ms series B
1952 /
General 5s series G
1973 J
m
*26 M
Grays Point Term 1st gu 5s. ...1947 J D
Gt Cons El Pow (Japan) 7s
1944 F A
1st A gen sf 6Ms
1950 J
/
32
40
103
*101
St Louis Dlv a Term g 3s
Gold 3 Ms
24
104 m
104
*102 K
104
♦Certificates of deposit. .
101k 105
28 H
30*
103 k
102 K 105
*102
S
M
106 H 108
Fort St U D Co 1st g 4 Ms
1941/ J
Francisco Sugar coll trust 68—1956 M N
104 m 107 m
102 k 104
105 m
97 K
107 M
102 K
{(♦Proof of claim filed by owner.. UN
(Amended) 1st eons 2-4s
1982
{(♦Proof of claim filed by owner.. UN
Refunding 5s
1955
40-year 4mb
...Aug 1 1960
Cairo Bridge gold 4s
...1950
Litchfield Dlv 1st gold 3s
1951
Loulsv Dlv a Term g 3 Ms
1953
Omaha Dlv 1st gold 3s
1951
104 k
57 K
107 M
♦Certificates of deposit...
Fonda Johns a Glov 4 Ms
1952
105 m 107 K
101k
44
97 m
107 k
102 K
A
D
1974 Af S
♦1st a ref 5s series A
36
103
*33 m
~58m
55
23
19
..1942 Af
30-year deb 6s series B
1954 J
Firestone Tire a Rubber 3 Mb. .1948 A
{♦Fla Cent a Pennln 5b
...1943 J
{Florida East Coast 1st 4Mb. ..1969 J
25
101h
106m
109 m
101X
—1942
59
105 K 105 K
54
f 6s stamped......1942 M 8
Refunding 4a.
106 m
104 m
29 m
Cuba Nor Ry 1st 5Ms.
Cuba RR 1st 5s g
s
Collateral trust
105
J
60
59
*
1st lien 6s stamped——
107 m 109 m
109m
110m
107 K
103
107m
5W*
56
22
Federal Light a Traction 1st 6s 1942 Af S
5b International series
1942 M 8
108 M 110m
108 K 111
107 k
UN
68 m
19 K
.—....1954 F
Fairbanks Morse deb 4s
7
108
109m
101K
105 k
*51
1967 ilfN
{♦3d mtge 4mb
10
108
109 m
93M
14«
107M HO
*105
1953
Grand R a I ext lstgu g 4Ms—1941 J
69 M
^
141
10
108m
54
Gouv a Oswegatchle 1st 5s
29
.
J4M
109 M
108
♦Gen Elec (Germany) 7s.
*107 M
104 M
90M
90m
*141m
1953
♦{Ref A Imp 5s of 1927
♦
(Ref A lmpt 5s of 1930
12
105 M
22 m
79 K
106M
"87 k
76 h
69 m
2
38
*100m
*100 m
54m
61m
109
*85
Stamped guar 4 Ms——..—1951
Conn Rlv Pow s f 3Ms A.
..1961
Corsol Edison (N Y) deb 3MB-1946
3 Ms debentures——1948
—...
4s series D
14K
19
*106
O
....
♦Series B
♦Gen
105 M 107 K
106 M 108 M
107m
*
1965
75
100
127
1968
1958
Conv debs 3 Mis
...
"97M 161""
1
108
*51
1965 A
El Paso A 8 W 1st 5s
*106
Conn A Pasump River 1st 4s._ 1943
Conn Ry A L 1st A ref 4mb—1951
O
1056 UN
46
101
109 m
J
O
66 m
Commonwealth Edison Co—
see
A
4
98
105 K
13 K
107m
107m
J
Ed El HI (N Y) 1st cons g 5s... 1995 J
1952 F A
Electric Auto Lite conv 4s
Elgin Joliet A East 1st g 5s.... 1941 AfN
*102 K
A
For footnotes
4s_. 1948
East Ry Minn Nor Dlv 1st
East T Va A Ga D1 v 1st 5s
49m
*106
O
s
J
35
105 K
J
/
60 M
*99
o
Debenture 6s..—.—Jan 15 1961 /
Columbus A H V 1st ext g 4s—1948 A
Columbus A Tol 1st ext 4a
1955 F
m
*108m
*108m
♦105m
o
A
49
*63
J
—1942
Series C 3 Mis guar—.
1948 UN
Series D 3 Mb guar—I
1950 F A
Gen 4mb series A——1977
Gen A ref mtge 4 Ms^series B.1981
Cleve Short Line 1st gu 4 Ms—1961
Cleve Union Term gu 5 His—1972
1st s f 5s series B guar.—1973
1st s f 4mb series C———1977
Coal River Ry 1st gu 4s
—1946
Colo Fuel A Iron Co gen • f 58—1943
♦6s Income mtge
1970
Colo A South 4Mb series A—1980 Af N
Consolidation Coal
J
48
108
Gas a El of Berg Co eons g 5a..1949 / D
Gen Amer Investors deb 5s A..1962 F A
65m
*100
Series A 4Mb guar
conv
Ry3Msl962
{(♦Dul Sou Shore A Atl g 5s.—1937
Duquesne Light 1st M 3Ms
1965
109M 111M
110M 113
40 M
40 M
112
*22 M
98
98
105 K
O
49
49 K
Spr A Col Dlv 1st g 4s
.1940 u s
/
W W Val Dlv 1st g 4s
1940 J
J
Cleve Elec Ilium 1st M 3 mb—1965
Debenture 6s.—..—Apr
D
112
112
*40
D
IN
75
75
J
J
Cln Wabash A M Dlv 1st 481991 J
St L Dlv 1st coll trg 4s
1990 UN
Columbia G A E deb 5s—May 1952 AfN
75
64
*75-
Cleve A Pgh gen gu 4mb ser B. 1942
Series B 3Ms guar..——..1942
12 m
*103
Cleve Cln Chlo A St L gen 4s—1993 / D
General 6s series B
.1993 / D
J
106 K 109 M
104m 106 M
109
106 m
1977
105m 107
108 m
93 m
3Mis ser E......1969 F
Clearfield A Mah 1st gu 58—1943 /
10
109
106 m
93 m
1st mtge gu
J
*uoK
U2~~
D
*75
75
105m
106
109m
J
108 M 110M
67
J
1st mtge 3Ms————-1967 J D
Cln Leb A Nor 1st con gu 4s...1942 UN
Gin Un Term 1st gu 3 Ms ser D 1971 IN
S
1938 M 8
75
47M
61M
J
J
O
109 k
*92
67
*105
M S
A
A
♦N Y A Erie RR ext 1st 4s... 1947 ilfN
67
O
/
F
3K
2H
6M
5
6K
*4 K
U
2M
2H
*50
M B
1955 J
♦Erie. A Jersey 1st s f 6s
♦Genessee River lstsf 6s.... 1957 J
52
61M
50m
A
J
109 K
108 K
J
10M
10
4
6
2M
7K
♦48
61M
6
6K
*60
D
2K
A
♦1st consol gen lien g 4s—.. 1996
1953
♦Conv 4s series A...
17H
5%
6M
*6 K
IK
F
2M
2K
17
6M
~2%
8M
8
9K
2K
2M
*9m
F
Nigh
108 M 109
104M 100
106 M 108 M
16
9
9K
A
4
44 k
6
J
J
1940
Erie A Pitts g gu 8mb ser B
Series C 3Ms
.... 1940
{♦Erie RR 1st cons g 4s prior.. 1996
10m
15m
*74
D
J
23m
6M
1m
13m
13 m
30
2%
26M
14
10
9m
2M
23M
6
"l7M
9k
60
114
44 K
A
/
*9m
9K
10m
57
14
UN
MN
18m
10 m
112
GO
60
0
19
—
Jan. 1
Low
2
*107 m
J
24
18 K
-
-
No
109
109
2
9M
9K
J
♦Debenture 4a
"
oa&3
*103-
16
27m
19m
Since
Nigh
Low
26
88
23
Range
Ask
&
J
26m
26m
17
j
UK
86
23 k
Bid
J
20 U
J
AfN
5
139
15m
94
20
*16
M 8
series E
(Cont.)
Ms—1971
I960
*...1909
24 m
J
{♦Choctaw Okla A Gulf con 58.1952 IN
Cincinnati Gas A Elec 3M»
1966 F A
Consol OH
"<*t A ref 4mb
1940
Thursday's
Sale
Price
Railroad & Indus. Cos.
Del Power A Light 1st 4
25K
j
——1943 A O
Ref a lmpt 4Mb
138
1st lien
Chicago Union StationGuaranteed 4s
Childs Co deb 5s
Low
24 m
J
(♦Refunding gold 4s——-1934 AO
♦Certificates of deposit
♦Conv g 4Mb-——-
1
24
26
J
26 K
18 H
27
j
1J ♦Chicago Railways 1st 5s stpd
Feb 1940 25% part paid—1927
{♦Chic R I A Pac Ry gen 4s—1988
♦Certificates of deposit———
No
II
j
s
d
♦4mb stamped-------——1987
|♦Secured 0 Mb
——1936
♦1st ref g 6s——— May 1 2037
♦1st A ref 4mb stpd—May 1 2037
♦1st A ref 4mb ser C.May 1 2037
♦Conv 4M» series A—--—1949
Jan. 1
16 m
STOCK EXCHANGE
Week Ended March 21
j
m
J
1969
{Chic Milwaukee A St Paul—
♦Gen 4s series A
..May 11989
♦Gen g 3 Ma series B—May 11989
♦Gen 4Mb series C
May 1 1989
♦Gen 4Mb series E
May 11989
♦GeD 4mb series F
May 1 1989
{♦Chic Mllw St P A Pac 6s A—1975
♦Conv adj 6s——Jan 1 2000
{♦Chic A N West gen g 3Ms—1987
♦General 4s—
——-—1987
♦Stpd 4s non p Fed lnc tax 1987
♦Gen 4Kb stpd Fed lnc tax—1987
♦Gen 6s stpd Fed lnc tax——1987
High
15m
15m
♦86 H
Y.
-ft mortgage 4 Ms
{{♦Den A R G 1st cons g 4s—.1936
(♦Consol gold 4 Ms
1936
{♦Den A R G West gen 5s. Aug 1955
.♦Assented (subJ to plan)
♦Ref A lmpt 5s ser B
Apr 1978
{♦Des M A Ft Dodge 4s ctfs—.1935
{♦Des Plains Val lstgu 4 Ms—1947
Detroit Edison Co 4 Ms ser D—1961
Gen A ref M 4s. ser F
..1965
Gen A re! mtge 3 Ms ser G—1966
Detroit A Mac 1st lien g 5s
1995
♦Second gold 4s
1995
Detroit Term A Tunnel 4 Ms—1961
IN
Chicago ind A Sou 50-year 48.1956 ./
Chic L S A East 1st 4mb
Ask
120
120
16 H
♦Certificates ol deposit--
6s—1982
{♦Chicago Great West 1st 48—1959
{♦Chic Ind & Loulsv ref 6s
1947
♦Refunding g 6s series B—1947
♦Refunding 4s series C—1947
♦1st A get 6s series A———1966
♦1st A gen 6s series B—May 1966
A
Loto
Railroad & Indus. Cos. (Cont.)
{(♦Chicago A East III 1st 6s—1934
{♦Chle & E III By gen 6s
-1951 M N
Chicago A Erie 1st gold
Bid
N.
23,
Range or
Last
BONDS
Range
Sale
BONDS
N.
March
Week's
Thttrs.
Week's
Thiers
99
37 M
126M
50 M
45«
16 K
12H
HOM 112M
90
91
86
4
RflVf
80 K
80 K
51M
68
64
40 M
46 M
"2
45
48 H
48 K
•40 m
48 K
8
45M
4
41M
49 M
45
41M
41M
44 m
43
45
55
55
"42 m
42
42 K
43
F
A
J
D
78M
78 K
/
J
"62 M
63
62 M
40M
56 H
46 M
78 K
63 M
J
/
F A
*63 M
65
62M
65M
£2 H
82 K
53
56
MN
1951 J
/
1951 J
/
Ms—.1951 / J
4s......1951 F A
♦
*
17
5
50
61M
42
60
*3.
*51"
50 M
60
*76
*55
"70"
Volume
New York Bond Record—Continued—Page 4
ISO
BONDS
N.
Y.
Railroad
&
Indus.
Cos.
a
Range or
Sale
Week Ended Mar. 21
Bid
High
No.
48 X
55
43%
17
100*6
2
Low
(Cote.)
N.
Since
Low
D
48
D
43 %
A
O
F
A
A
O mL+m
J
j
—
—
43
100 »i«
.
*57
M
m
63 M
*14
m
43
.
.
16
12
_
1
104M
105M
104 ?*
105M
j
1053*
52
101
A
106
106
106M
95
106
j
J
77
76
M
773*
20
mmrnm.
77
76 M
773*
107
72%
36M
34 M
36 M
106
30
*31 M
34M
74M
74 M
s
j
D
♦Certificates of deposit
193"
6s
♦Certificates of deposit
A
M
O
....
conv
Int Agric Corp 5s
733a
73?*
17
A
deb 4s
1942
stamped
O
85 M
85 M
3
Af N
*97M
102K
j
12 3*
♦Adjustment 6s ser A... July
J
A
O
♦1st 5s series B
J
j
♦1st g 5s series C
J
j
1M
*10?*
*10?*
{♦Int-Grt Nor 1st 6s ser A
....
O
69M
67 M
J
101 M
101M
102M
38
B
97 %
98M
29
92
92
1
68
98
69?*
14
16
70
70M
75
90 X
83 M
102 M 102 M
12M
16M
2
IX
9M
.
O
69
75M
68
14M
14M
74 M
67
76 X
10
101M 103 M
99 M
96M
84
93M
A
973*
98
46
J
4M8—
J
41 M
41 M
43
35
96 H
38 M
44M
A
453*
453*
46
87
42
47 M
Af
{♦Iowa Central Ry 1st & ref 4s.
J
8
IX
D
Af
O
A
O
A
533*
8
A
13*
O
93M
J
Apr
1st 4s
4Ms—.
12
52
55
94
21
93M
95
52
283*
35 M
16
28
36 X
24
65
69M
36 M
36 M
33M
65M
65
—
67
J
J
35
«
J
J
Kansas Gas ft Electric
D
IX
9
67
66
108
107M
1033*
1033*
108M
103M
15
2
"37""
64 M
*
1033* 105
25
13 M
13M
*13M
S
1023*
1023*
103
5
J
1073*
1073*
107M
5
107
J
J
J
J
*75
J
*80
87
J
90
A
100
9
89
89
80
85
....
100
80
80
....
170
*162?*
Certificates of deposit.
J
J
J
*107M
1
...
.
_
1977
♦Mex Internat 1st 4s asstd
1952
1979
1963
{♦Mid of N J 1st ext 5s
1940
{{♦Mil & No 1st ext 4Ma
1939
♦{Con ext 4Mb
1939
{♦Mil Spar & N W 1st gu 4s—1947
{♦Mllw & State Line 1st 3MS-1941
{♦Minn ft St Louis 5s ctfs
1934
♦
1st ft ret gold 4s
;
1949
♦Ref ft ext 50-yr 5s ser A—1962
1st gold 3 Ma
-
series C
Michigan Consol Gas 4s
Ref & lmpt 4Ma
Af N
Af
O
F
*15
Af N
"83"
"83""
80
70
1049x6
111 M
HI 3*
"78~~
78
78
*7
14
22
104M
104M
35
1
3
7%
*x
*%
*16M
70
92 M
93
63
92%
63
18
J
J
M
S
104""
103M
104M
44
A
O
26M
26M
25
J
D
*46 M
27 M
57
/
D
23 X
23 %
'io
15
15
Af S
I
J
J
3
1
73
~~7M
MN
7M
2%
5%
5%
J
*5M
J
6M
J
J
Af 8
!
♦
1946
1st ft ref 6s series A
1949
1978
{♦Mo-Ill RR 1st 5s series A—.1959
Mo Kan ft Tex 1st gold 4s
1990
5 Ms
♦25-year
♦
1st & ref 5 Ms series B
1%
J
J
J
D
5%
2
"~7
7
IX
1
"58" ~
58
.66M
3
*313*
26
32 M
364
J
J
18
6
1M
1M
1M
Af 8
58
66M
2
RR—
100
88 M
♦1st ft ret 5s series F
5
1
O
*853*
14M
174
A
O
5M
6%
44
F
A
19M
18%
Af
8
3M
2M
Af
8
19%
18M
MN
"l9%
19%
20 M
3M
19M
19M
19M
18%
19M
19M
.—1949
1980
O
"l9%
"19 M
A
4% .July 1938
18%
84
84
84 M
4
82
A
46?*
46 M
47 M
28
44
85M
51M
A
46
46
46 M
5
43M
49M
♦Ref ft lmpt
A
*40
42 M
41
44
{♦Secured 5% notes
F
A
*39
423*
40
45
Mohawk ft Malone 1st gu g
70
70
90
90
5
82
90
82
82 M
4
81
85
*62 M
64 %
■
J
/
D
82
Lautaro Nitrate Co Ltd—
J
53 M
11
523*
523*
533*
16
48
89
883*
89
3
87 X
90
O
M
S
32 M
33 M
4
32
35
533*
J
A
6
39 M
57
55
35M
J
J
35 M
34)*
49 M
Dec
—
—
52 M
Lehigh Valley Coal Co—
*37 M
F
A
*253*
34 %
*23 M
26
*54M
J
♦5s stamped.
70
*543*
F
41 %
A
2
25 M
29 M
——
26%
*23 M
A
A
J
*21M
*21M
F
F
41M
37M
37M
26
26
35
33M
29M
25M
32
*41
J
4L
J
43 M
41 %
41
Mut Un Tel gtd 6s ext
50
50
53X
48M
49X
41M
41
47
~
14?*
15
19
14M
14
15
65
14
14
5
14
Af N
Af N
16M
O
A
18
16M
*503*
16M
O
50J*
50 3*
1173*
125M
130M
A
O
125 M
125M
F
A
130M
129M
A
O
j
D
MN
F
J
-
-
F
io4M
A
O
Long Island unified 4s
Guar ref gold 4s
Af
70
8
+
m,
J
«,
913*
....
2
....
2
....
14
13
1043*
1043*
104M
70
*67
913*
50 M
116
.
54
118
125M 127 M
127M 130M
101
110
{♦New England RR guar
91 M
1945
New England Tel ft Tel 5s A..1952
1st g 4Mb series B
1961
N J Junction RR guar 1st 4s—1986
N J Pow ft Light 1st 4MB
I960
New Orl Great Nor 5s A
1983
1253*
109
125M
5
1253* 126M
1283*
84M
128M
84 M
3
30
126M 128M
83
85 M
109
1093*
17
108M 110
83 %
Af
S
Hi M
111M
2
108M 1HM
A
O
98M
98?*
9
97X 100M
90 %
94M
Louisville ft Nashville RR—
2003 A
O
2003 A
O
1946 F
92 M
91M
A
813*
813*
14
79 X
1043*
2
102 X
79
80
111
111
1945 M
s
1952 J
J
*77 M
1955 Af N
♦106M
*10M
A
26
863*
80
1043*
1980 Af 8
1944 F
92%
*86
O
2003 A
80
111
80
85
7
2
....
*
111
73 M
88
83
101M
82 M
112
79
105 M 107
55M
79
57 M
42 M
41
37
37
38
32 %
31
32 M
M
5s—1945
4s
14
6
44
109
5
118
118
1
*101 %
102M
7
69
69M
85M
84 %
86
18
52%
53
42
*102M
106M
107%
104M
107 M
105
"23
14
*1
J
J
J
*1
*%
J
O
O
M
*%
*M
*%
O
*X
J
*1M
*%
O
O
*%
*67
Af N
J
4s...1963
{ §*N O Tex ft Mex n-c inc 5s..1935
New Orleans Term 1st gu
J
36 M
J
J
D
*36 M
...1954
36M
38 3*
16
126M
127 %
71
l"06M
107
"5
75%
76
4
*56 %
59
*
A
A
O
107
J
J
76
3
J
"68M
A
O
30
A
O
104
104M
13
105
104?*
J
105M
68 M
14
31 M
4
68
30 1
2
34 M
373*
37 M
"13
37 M
deposit
1956
♦1st 5s series C
♦Certificates of deposit
4
71
127 %
Af N
F
13
103
126
♦Certificates of deposit
♦1st 5s series B
M
103
*124M
D
J
J
4 Ms A 1952 J J
New Orl Pub Serv 1st 5s ser A. 1952 A O
1st ft ref 6s series B
1955 J D
♦1st 4 Ms series D
42M
109
N O ft N E 1st ref ft Imp
♦Certificates of
.
*%
67
913*
12
3 Ms
guar
8
85
102M
102M
63 M
91
91
*83 M
18
104
100
1965 A O
1954 j D
3s
{♦Naugatuck RR 1st g 4s——1954
Newark Consol Gas cons 5s—1948
♦Consol
1103*
111 M
99%
O
89
8?M
91%
109M
111
101M 104M
73 M
106M
4Mb—
{♦Assent warr ft rets No 4 on 26 /
♦4s April 1914 coupon on
1951 A
♦4s April 1914 coupon off
1951 A
♦Assent warr & rets No 4 on '51 A
Natl Supply
87 H
90 M
90 %
O
Nat RR of Mex prior lien
1043* 104 X
108
91
A
1914 coupon on...1977 A
1914 coupon Off
1977 A
♦Assent warr & rets No 5 on '77 A
National Steel 1st mtge
5
91 %
s
♦4s April
2
S
M
19M
61M
913*
S
J
♦4s April
16M
51M
68
Af
J
19
120
Af
F
17
703*
109M
....
on...1957 J
J
♦4Mb July 1914 coupon on.. 1957
♦4Mb July 1914 coupon off..1957 J
♦Assent warr ft rets No 4 on '57 J
16M
104M
18
A
♦4Mb Jan 1914 coupon
16M
14 X
15
69 M
16M
1083* 109?*
1
— —
17
%
97 M
109M
10931
A
♦Long Dock Co 3Ms ext to
w
10
99
*1093*
D
Lone Star
*97
A
Lombard Elec 7s series A
53 M
50 3*
*U5M
O
A
15
*15
Af N
A
14H
14M
46
59 X
106M
National Rys of Mexico—
14
46
38 M
53
extended to—1946 J D
w—1951 Af N
.1949 Af 8
45
323*
*52 M
Af N
1978 F A
1951 J J
4s ser A
stpd.
Certificates of deposit
Nash Chatt & St L
Nat Acme 4 Ms
A
J
J
A
A
A
A
J
Prod deb 3 Ma w
Nat Distillers Prod 3 Mb
14M
14M
%
at 5%—1941
Nassau Elec gu g 4s
Af N
V
23 M
37 M
4s_1991 M S
N
O
O
D
J
O
O
O
O
D
Constr M 5s series A
1955'M N
Constr M 4Ma series B___.-1955 MA/
Mountain StatesT&T 3)*8—1968'/ D
MN
Mutual Fuel Gas 1st gu g 5s.—1947
42
14
5
31
32 M
1938 M S
debentures
29M
29
29M
24 M
Af N
Af N
A
1977 M S
4Mb
1965
Montana Power 1st & ref 3Ms. 1966
Montreal Tram 1st ft ref 5s..-.1941
Gen & ref s f 5s series A——1955
Gen & ref s f 5s series B
1955
Gen ft ref s f 4Mb series C—.1955
Gen & ref s f 5s series D
1955
Morris ft Essex 1st gu 3 Ma
2000
6s
Nat Dairy
J
19M
79
*23M
{Mobile & Ohio RR—
♦Montgomery Dlv 1st g 5s—1947 F
24
....
.....
42
29
25
243*
....
5
38
"19% "ill
18M
Monongahela Ry 1st M 4s ser A '60 Af
Monongahela West Penn Pub Serv
1st mtge 4Ma
——1960 A
Lake Erie ft Western RR—
J
3
45
90 X
O
J
190
12
*73
MN
17
"145
1M
19M
18%
*19M
19M
♦Certificates of deposit
89
19M
1M
Af N
1981 ~F A
H
♦Certificates of deposit
4
2%
6
»19M
♦Certificates of deposit
104 X 106 M
85
863*
12
18M
♦1st ft ref 5s series G
♦1st ft ref g 5s series
4
16M
14?*
360
11 M
14 %
♦Certificates of deposit
91
87
♦Conv gold 5 Ma
104?*
12
14 X
J
{♦Mo Pac 1st ft ref 5s ser A..1965
♦Certificates of deposit
♦General 4s
1975
106H
4
15M
J
J
1978
♦Cum adjust 5s ser A
106
104M
J
J
1977
D
Prior lien 4 Ma series
J
1962
1962
1978
Jan 1967
40-year 4s series B
F
FA
37 M
37 M
1
37 X
37 M
11
36
353*
353*
"io
36 %
39M
23
*29%
—1956 A"F
36M
♦Certificates of deposit...
♦1st 5 Ms series A
♦Certificates of deposit—
1954
O
A
36 M
For footnotes see page 1905.
"75""
75
S
M
A
series E
Paducah ft Mem Dlv 4s
St Louis Dlv 2d gold 3s
Mob ft Montg 1st g 4 Ms
South Ry Joint Monon 4s...
Atl Knox ft Cine Dlv 4s
Lower Austria Hydro El 6 Ms.
"74
"84""
*31
75
A
F
1st & ref 4s series D
45M
42 M
*S5M
S
A
F
1st ft ret 4 Ms series C
823*
51
45M
45
J
104
A
A
1st ft ref 3 Ms
77M
{ {»M St P ft SS M con g 4s Int gu'38 J
{♦1st cons 5s
1938 J
{♦1st cons 5s gu as to Int
1938 J
♦1st & ret 5s series I
1st ft ref 5s series B
60
48 3*
2
{♦Mo Pac 3d 7s ext at
4s..
82
*M
104
104
F
Loulsv ft Jeff Bridge Co gu
82 3*
82
*46 M
1M
8
105M
104
Af S
Louisville Gas ft Elec 3 Ms
78 3*
F
15
105
J
{♦Kreuger ft Toll secured 5s—
5s debenture
18
♦4s (Sept 1914 coupon)
1977 M S
♦Miag Mill Mach 1st a f 7s
1956 J D
Michigan Cent Det't & Bay City—
Jack Lans & Sag 3 Ma
1951 M S
108
MN
Louisiana ft Ark 1st 5s ser A_.
55M
433*
82
70
warr—1945
Metrop Ed 1st 4 Ma series D—1968
Metrop Wat Sew ft D 5 Ma——1950
{{♦Met West Side El (Chic) 4s. 1938
107
....
J
L,orlllard (P) Co deb 7s
39
Certificates of deposit
-
105X 106M
♦106M
J
—1949
9
19
*65
Mead Corp 1st 6s with
107 M
50
50
92 M
*83
O
F
*
J
A
1952
Gas 3 Ms debs—.—1953
81
51 %
52 M
42 M
82
~45M
J
High.
107M
77 M
85
J
Lion Oil Ref conv deb 4Ms.
106
51H
"82,"
April 1940 Q
Low
1
41M
Certificates of deposit
Market St Ry 7s ser A
101X 103
J
5s assented
21
42 H
Manila RR (South
Prior lien 5s ser A
Leh Val Term R
No.
106M
78?*
"51X
Manila Elec RR & Lt
Missouri-Kansas-Texas
......
Af
♦58 assented.
78M
7D
s f 5s
1953 Af~S
Lines) 4s
1959 Af N
J
{♦Man G B & N W 1st 3 Ma—1941 J
Marion Steam Shovel s f 6s.».—1947 A O
High
106 X
O
A
♦Certificates of deposit
68M
109
107
(Rudolph) Inc—
MN
ft
88 M
353*
1st gold 3s
IX
54M
*65
•
♦Certificates of deposit
15
65M
533*
93 M
1M
99
2013
106M
D
♦Certificates of deposit
♦Second 4s
Thursday's
Bid
Low
(Cote.)
{♦Manliat Ry (N Y) cons 4s. .1990
36
F
1st 5s B—
Debenture 5s
Karetadt
.
A
Af N
1st lien ft ref 6 Ma
Int Telep & Teleg deb g
Ref ft lmpt 5s
.
77 3*
38M
.
F
Int Rys Cent Amer
Kansas City Term
10
.
Af
f 6s series A
Kan City Sou
11X
11%
j
1941
Int Merc Marine s f 6s
Internat Paper 5s ser A & B—
a
32
1M
A
Internat Hydro El deb 6s
Ref
....
13
109M
73M
77M
70 X
1
S
♦Certificates of deposit.
105M 105 M
1053*
30 M
....
M
Interlake Iron
99 M
61
17
57 M
....
m
21
Range or
Sale
Price
A
1960 J D
Feb 1 1957 MN
Gen mtge 4Mb series
ManatI Sugar 4s s f
Week's
Last
If
Maine Central RR 4s ser A—1945 J
47
100iu 100i*u
21
.
-
.
50M
99 M
*203*
♦
47M
f
A*
1961
Rap Tran 1st 5s—1966
{♦10-year
—
47 M
j
j
t Inter bo ro
EXCHANGE
McCrory Stores Corp s f deb 53.1951 Af N
—1963 J
J
Inland Steel 3Ms series
STOCK
Railroad & Indus. Cos.
High
HI Cent and Chic St L & N O—
Joint 1st ret 5s series A
y.
Week Ended Mar. 21
Jan. 1
Ask
ft
BONDS
Range
Thursday's
Price
1903
Thurs,
Week's
Last
tat
EXCHANGE
STOCK
Thurs.
3*5?
BSSS3
42M
New York Bond Record
1904
BONDS
N.
Y.
Railroad & Indus. Cos.
Bid
Newport & C Bdge gen gu 4 Ms.1945
1946
2013
2013
.1952
10-year 3*s sec s f
A
Ref A impt 4*8 series
Ref A lmpt 6s series
Conv secured
C
3*8
NiY Cent A Hud River 3*8—1997
Debenture 4s
1942
Lake Shore coll gold 3*8—1998
Mich Cent coll gold 3*s—1998
a
39
66 M
62
31
74 M
79
High
111
76*
76
52
83
75*
76*
92*
J
106
56 m
93
J
F
A
F
A
58 m
58*
♦51*
111
66 M
61M
106
59
55*
76 m
J
52 m
57
56m
J
51*
58*
IN
12
74
79 M
Consol sinking fund 4 Ms
29
86
93
General 4 Ms series A
9
66
60M
56 M
60
1974
1978
*
48 collateral trust
N
O
A
1946
A
Ref 4 Ms series C
F
63*
M S
Conv 6% notes
D
E
1st lien A ref 3*s ser
79*
Gen mtge 4mb series E
59*
Conv deb 3Ms.
77M
81M
82 M
86M
78 M
86
81*
84*
84.
79*
6
23
81
♦107
106
53 m
52 m
108 M
60 M
63 M
47
52
108*
53
*50
104M 106 M
24
106 m
106
106*
67
63 M
5
----
109 m
109
109*
109*
109*
10
N Y Gas El Lt H & Pow g
gold 4s
♦N Y A Greenwood
J
D
125
125
1
125
F
A
117*
117*
4
117
12*
12
2000
1973
4mb series B.._.
♦N Y L E A W Dock A Imp
N Y & Long Branch gen
12
12
IN
1973
gold 3 Ms
N Y Lack A West 4s ser A
N Y & Harlem
IN
1941
M
♦Non-conv debenture
3MS--1947
M S
♦Non-conv debenture
3Ms.. 1954
A
M
----
114
60
D
1967
Electric 1st A ref 3MS--1967
J
D
8
O
16
17
15
16
18*
28 M
20 M
33
17*
4*
2
41
6M
17M
20
60
64
63
69
5M
8*
9
2M
4M
105 M
104
106
9
30
5M
10*
-
--
-
14
5M
62 M
39M
109 M 110M
85 M
90
87
90 M
31
62 m
HIM
*88
90
*88*
90"
-
-
-
-
-
--
-
5
33
5m
5
6M
111*
111*
111*
10
110
108*
5
108
109
103*
108*
103*
10
102
104
13*
13*
103*
14*
112
13
5S...1941 IN
4s
1996 O A
1949 F A
Debenture 3Ms
1959 F
A
1
71*
2
54 M
72
24
121* 125*
11
104 *
105*
106
35
106 m
106*
105M 106*
105* 108
4
116
-
114
---
107
114
107M 107M
*107*
60
54
40
2
52*
52*
*51
45
40
....
Ctfs of deposit stamped—
♦Apr '33 to Oct '34
Gen lien ry & Id g 3s Jan
Ref & impt 4 Ms series A.
Ref & Impt 6s series B
C_
D
Northern States Power 3 Ms
Ref & impt 5s series
Ref & lmpt 5s series
Northwestern Teleg
!•
~63M ~68*
65*
78
40
41*
12
39 M
42
43
15
42
54*
53*
55
103
53
47
46*
48
8
47
47
47*
10
46
47*
60 M
61M
51M
109*
5
108
109M
109*
109*
46 M
J
.1967 M
.1972 J
J
.1966 J
D
Ms
Oklahoma Gas & Elec 3M8...
.1946 J
48 debentures
107*
109*
D
*106
Ontario Power N F 1st g 5s... .1943 F A
Ontario Transmission 1st 5s.. .1945 MN
105
Oregon RR & Nav con g 4s— .1946 J
D
Ore Short Line 1st cons g 5s.. .1946 J
111*
j»
m
mm
m. m
26
108*
38
4
2
109*
-
-
-
----
-
13
107
108 M
106 M
109 m 110
109
*109
109
*109
115* 116*
105m
104* 108*
105
105
116m
116m
105m
105m
104*
107
97 m
100
98
98
*109
*42
m
*42 m
20
106m
106 m
1
1948
J
1962
—1974
1977
F
A
1st gen 5s series C
1st 4mb series D
D
D
Port Gen Elec 1st 4 Ms
1960
S
M
70*
71m
"69 m
{♦Porto Rico Am Tob conv 63.1942
♦6s stamped
1942
68 m
M
{♦Providence Sec guar deb 4s. .1957 JlfN
{♦Providence Term 1st 4s._
1956 M 8
J
3M8..1968 J
1st A lef mtge 5s
2037
1st A ref mtge 8s
2037
Pub Serv of Nor 111 3Ms
1968
Purity Bakeries s f deb 5s
1948
22m
22 m
*3M
{♦Radio-Keith-Orph pt pd ctfs
for deb 6s A com stk (65% pd).
{♦Debenture gold 6s
1941
{♦Deb 6s stamped
1941
Reading Co Jersey Cent coll 4s.1951
Gen A ref 4 Ms series A
1997
Gen A ref 4mb series B
1997
104
109 M
108*
m
111*
118m
5
105 M
110M
111*
116M 118
1
119
118
119
106*
22
74*
75*
27
74M
59*
1
58 M
104 M 109 M
77
113*
13
111*
112m
25
109 M
110*
44
107 M
-
-
.
-
-
■
_
*70
s
104
105
D
J
D
O
*55 m
J
J
J
J
Paramount Pictures 3Ms deb.. 1947
Parmelee Trans deb 6s
Pat & Passaic G & E cons 5s.
Penn Co gu 3 Ms coll tr ser B.
Guar 3 Ms trust ctfs C
M
1944 A
109*
110
77*
----
3
110
110*
*101*
S
103*
103*
A
*50*
11
110*
63*
110m
.
—
-
—
104
---
1949 M
_.
10
86*
86*
5
O
43 m
42
43*
7
S
125*
126
72
.1941 F
A
*68*
*102*
.1942 J
D
*105*
Guar 3 Ms trust ctfs D
Guar 4s ser E trust ctfs
.1944 J
D
28-year 4s
.1963 F
6
*55 m
52*
64
57*
"57
55*
m
70 m
69 m
36
69*
69 m
1
69*
101M
18
100 m
2
65
64*
60*
75*
75
Remington Rand deb 4M8 w w. 1956 M 8
4Ms without warrants
1956 M 8
Rensselaer A Saratoga 6s gu
1941 MN
100m
Republic Steel Corp 4 Ms ser B 1961 F A
Purch money 1st M conv 5 Ms '54 MN
96 m
100M
100m
100M
1946
♦3Ms assented
♦Rhine-Westphalia El Pr 7s.-.1950
♦Direct mtge 6s
♦Cons mtge 6s of 1928
1952
1953
♦Cons mtge 6s of 1930
.1955
.1952 MN
108
96 m
94 m
108
96 m
108m
96 m
97
97
103*
98* 100*
91*
14
107
100
92
101
96*
108*
97
99* 101
26
30
16*
17
15
19m
15
*15m
15*
MN
*16m
14*
15*
15*
F
A
*16m
14
16*
A
O
,*16*
14*
14*
Richfield Oil Corp—
4s
f
s
conv
1952 M 8
debentures
Richm Term Ry 1st gen
1952
5s
1939
{{♦Rio Grande West 1st gold 4s 1939
{ {♦Rio Grande June 1st gu 5s
♦1st
con
_
_
J
106
106
106
103 m
103 m
103 m
103 * 105
A
*8M
10*
10*
D
40
38*
J
J
30
30
28*
40
31
10m
10m
10*
12*
1949 A
A coll trust 4s A
J
109
106
J
1955 F
♦Rlma Steel 1st s f 7s
O
10m
1977
M
S
1967
1967
1969
M
S
*108
M
S
*111M
M
8
109m
~4o"~
*122 m
Gen mtge 3Ms series H
Gen mtge 3 Ms series I
Gen mtge 3 Ms series J
{{♦R I Ark A Louis 1st 4MS--1934 M S
8
O
108* 111
107*
109m
6*
*21
-.1948 A
8m
21
109m
9*
21
75
{♦Rut-Canadian 4s stmp
1949
J
J
*6M
"~8m
7*
9
108
H' 110
{♦Rutland RR 4 Ms stmp
1941
J
J
*7m
9m
7*
9*
109 M
110*
93
Saguenay Pow Ltd 1st M 4Ms. 1966
103* 104M
50
92 m
84 M
42
87
124
45
126
1947
112
112
1996
1996
*40
70
*35
65
2d
gold 6s.
St Louis Iron Mtn A Southern-
♦{Rlv A G Div 1st g 4s
1933 lifN
♦Certificates of deposit._.
62 m
62
*53
62 m
59*
63*
58*
27
63
63
18m
23*
66*
72
106
St L Rocky Mt A P 5s stpd
J
J
J
21m
17
65m
65 m
11
39m
41
13m
12m
13m
129
10*
62*
13*
12m
13m
12m
25
10
13
14m
25
11
15*
10*
15*
12*
J
{♦St L-San Fran pr
21
12M
J
{♦St L Peor A N W 1st gu 5s—1948 J
St Louis Pub Serv 1st mtge 5S-1959 M S
104 *
106 *
104*
14
103
104 M
97*
8
94
...
98*
110* 112
92*
93
St Jos A Grand Island 1st 4s
106
-----
97
H6
MN
102*
105* 105M
102*
*105$)
104 *
98* 102
100M
74
67 M
102 M
*107
Penn-Dlxle Cement 1st 6s A... .1941 M
102* 105
♦Ruhr Chemical s f 6s
48 M
86*
A
108* 109*
79
-
S
.1942 M S
♦Paulista Ry 1st s f 7s
25
*55 m
A
9
D
J
148
222* 224
109m
St Lawr A Adir 1st g 5s
1955 F
f g 3s loan ctfs
147
150
J
5
63*
112
74 M
_
*77
112M
110*
Paramount Broadway Corp—
1st M
3*
63*
109
224
109m
*14m
109*
Panhandle Eastern Pipe L 4s.. .1952 M
25*
*17m
113
113
J
78
17*
4m
*222 m
J
109*
1955 J
58*
63 m
J
111*
tfg4*s
78
24
172
111 m
*147
81*
107*
59
85
63m
J
1966 J
Paducah A 111 1st
"35
108* 110
79
84*
*110m
Public Service El A Gas
67*
104
69m
69m
♦Rhine-Ruhr Water Service 68.1953 J
1961 J
1966 J
74
72
68m
69
22
{{♦Postal Teleg A Cable coll 5s 1953
110* 110*
*107 m
J
1950 J
1st 5s extended to
m
1st & ref mtge 3 Ms ser H
1966 A
46*
*106
J
108 M
109 M
1st & ref mtge 3 Ms ser I
Ref mtge 3Ms series C
46
44*
40*
106* 106*
♦110M
J
Pitts Y A Ash 1st 4s ser A
1st gen 5s series B
45
*26 m
60*
111* 113M
Pacific Tel & Tel 3 Ms ser B
41
42*
43m
Roch Gas A El 4 Ms ser D
1946 J
{♦Pac RR of Mo 1st ext g 4s... 1938 F
1938 J
{♦2d ext gold 5s
48
m
42
43 m
*100 m
103 M 108 M
59*
74 m
Pacific Gas & EJ 4s series G._. 1964 J
116*
116
116m
116m
105 m
J
109 M 110M
105 M 107
105*
106
1st mtge A 4Ms... .1962 J
Pacific Coast Co 1st g 5s
108
108
*107
J
105 M
117*
*117*
111
107 M
119
.1961 J
Ore-Wash RR A Nav 4s
108*
109*
0
*105
.1946 J
Guar stpd cons 5s
108
110
108*
109
108*
6m
7*
*6*
*109
108 m
S
1st mtge 3
*105m
Gen mtge 4 Ms series C
1956
Revere Cop A Br 1st mtge 4mb 1956 J
♦Rheinelbe Union s f 7s
1946 J
4Ms ext.. 1944
1st mtge 4s
111* 112
_
MN
{♦Og & L Cham 1st gu g 4s...
Ohio Connecting Ry 1st 4s... .1943 M S
.1966 MN
Ohio Edison 1st mtge 4s
108* 108 M
42 M
42
1967
63*
41 m
.1948 J
Otis Steel
m
M
65*
1997 Q
2047 Q
2047
2047 J
2047
2047
North Pacific prior lien 4s
106m
108
107
*108m
*109
*78
107
*45
D
100*
101»i«103
107m
*107
1951
124
coups.1945
♦Apr '33 to Apr *38 coups. 1945
1940
Series B 4 Ms guar
1942 A O
Series C 4 Ms guar
1942 MN
Series D 4s guar
1945 MN
Series E 3 Ms guar gold
1949 F A
Series F 4s guar gold
1953 J D
Series G 4s guar.
1957 MN
Series H cons guar 4s
1960 F A
Series I cons 4 Ms
1963 F A
Series J cons guar 4 Ms
..1964 MN
Gen mtge 5s series A
1970 J D
Gen mtge 5s series B
1975 A O
J
Gen 4 Ms series C
1977 J
Pitts Va A Char 1st 4s guar—1943 MN
D
Pitts A W Va 1st 4mb ser A—1958 J
1st mtge 4mb series B
1959 A O
1st mtge 4 Ms series C
1960 A O
Pitts C C C A St L 4Ms A
98
99 m
*99
13
108* 112 M
101»ie 101»16
10116ie
Pressed Steel Car deb 5s
106*
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 & sub coupons.. 1945 A
♦Oct 1938 & sub coupons
1945 A
55
*110
123*
1974 M S
1974 M S
5s
Gen & ref 4 Ms series A
13
10
*113
8*
109m
Potomac Elec Pow 1st M 3MS.1966
107
106 m
3*
6
15M
123*
1954 F A
Debenture 4s
3
5
15M
11M
23
68
♦Certificates of deposit
18
7m
12
5
15
*54
J {♦Norfolk A South lstg
North Cent gen & ref
104 M
23
121
13
*110*
5
108 M
105*
105*
*9
12m
106 M
----
27*
24
-
-
»
62
107* 110
3
108*
105*
105*
27 m
43
6
43*
109*
3m
108m
109 m
A
8
10*
♦Certificates of deposit
M
43*
1967 J J
N Y Trap Rock 1st 6s
1946 J D
6s stamped
1946
{{♦N Y Westch A Bost 1st 4Ms *46 j"j
Niagara Falls Power 3 Ms
1966 M S
Nlag Lock A O Pow 1st 5s A.-.1955 A O
Niagara Share (Mo) deb 5 Ms.1950 MN
{ {♦Norfolk South 1st A ref 58.1961 F A
North Amer Co deb 3 Ms
S
3
1952
4
N Y Telep 3*8 ser B
Nort A W Ry 1st cons g
1937
J
109 M
16
7m
8
2
11m
3
M
J
1948
109*
{{♦N Y Susq & West 1st ref 5s. 1937
{♦2d gold 4 Ms
1937 F A
♦General gold 5s
1940 F A
♦Terminal 1st gold 5s
1943 MN
106*
111*
him
11
11m
Pitts Coke A Iron conv 4 Ms A.
78
105*
111m
111M
Phillips Petrol conv 3s.
*107
J
104 M
J
16
18*
J
J
13
17
8
mtge 3Msl963 J
105m
8
16
3*
N Y Steam Corp 1st
108
105m
M
15M
18
Lt A Pow 3 Ms. 1965 MN
6s stamp...1958 J J
Richm Gas 1st 6s A
1951 MN
106 M
J
15
19*
N Y Rys prior lien
"I
{♦Phila A Reading C AI ref 58.1973
♦Conv deb 6s
1949
15
15*
N Y Queens El
109
107m
105m
8
16*
115
107
107m
3
3*
N Y &
Phila Co sec 5s series A
{{♦Philippine Ry 1st s f 4s
16M
16
31
7m
58
61*
111*
J
18*
S
55
109* 110m
2
6*
J
54 M
109
3
110m
15*
*60*
2
110
31
51
55 m
55
109
110
2
*81 *
..1955
D
/
15
D
4s...-1992
♦General 4s
"55"
S
M
10
6
63
56
56
J
J
15*
{♦N Y Providence A Boston 4s 1942 A O
N Y & Putnam 1st con gu 4s.. 1993 A O
{♦N Y Ont A West ref g
60 m
63
J
M
4*
106 M 106M
60 M
67
110
*107
A
110
----
--
18*
4
8m
Apr
F
J
110*
72 M
4*
114M 117M
64
69*
115
71
•
12
20
67
115
Phi la
15
117m
87*
116
110m
29*
«
*
114
*109
*
-
~
*
4
115
98 M
98
J
19m
,
82
66m
66 m
15
-m
95 M
43
117
117m
15*
16*
.U
m
25
84 m
114m
114m
15
»
_
O
4s...-1955 J J
♦Non-conv debenture 4s
1956 IN
♦Conv debenture 3Ms
1956 J J
♦Conv debenture 6s
1948 J J
♦Collateral trust 6s
1940 A O
♦Debenture 4s
1957 MN
♦1st A ref 4 Ms ser of 1927.-.1967 J D
MN
{♦Harlem R & Pt Cheslst 4s 1954
♦Non-conv debenture
96 m
84
108 M
89 M
A
67
16*
95M
J
65
70
99*
85
29
F
64
*75*
M S
O
31
97 m
96m
"84 m
57
87 m
96*
MN
61M
*16
O
A
4s. 1939
1947
{ j*N Y & N E (Bost Term)
{♦N Y N H & H n-c deb 4s
106 M
108m
86 m
97 m
90 M
119M
1977
1981
3
--
100 M 102 M
101M
107m
1974
4
75
102 m
114M
87 M
1943
61*
*71*
117
68
113
General g 4 Ms series C
General 4 Ms series D
*70
S
15
General 5s series B
57
_
*60
2
23
119m
13
57
57
114m
99 M
61*
IN
108 M
113M 114M
11*
99 M
63 M
100
*98
5 Ms '42 IN
J
5s 1943 J
4s
126M
118M
Phila Bait A Wash 1st g 4s
Lake 5s—1946 IN
♦N Y L E & W Coal & RR
1st ser A 5s—1956
1956
1st g 4
5s...1948
1949
"17
h4m
90 m
107m
1974
Ms series C
1980
Phelps Dodge conv 3Ms deb... 1952
1st 4s series B
109
107
108 M 109 M
119
102m
Apr 1990
Peoria A Pekin Un 1st 5 Ms
Pere Marquette
109*
108* 110
10
109*
107 M
20
*64 m
108
N Y & Erie—See Erie RR
107
High
114m
♦Certificates of deposit
4s
108M
108
"*9(t~
119m
A
1
Low
114m
H4*
Peoples Gas LAC cons 6s
1943
Refunding gold 5s
1947 M S
♦Peoria A Eastern 1st cons 4s.. 1940 A O
♦Income
No.
*109
1968
61M
High
107 m
107m
O
A
Since
Jan.
108m
108m
1970
1981
1984
1952
5
55
81*
84
1951
—1947
1965
1966
N Y Dock 1st gold 4s
Purchase money
General 5s series B
Debenture g 4 Ms
21
63*
53*
......
3 Ms extended
N Y Edison 3*s ser
1970
1960
1965
C
115
62*
54*
A
to—1947
3-year 6% notes
1941
Y Connect 1st gu 4 Ms A
1953
1st guar 5s series B_
1953
1st mtge
Gen mtge 3Ms series
General 4Ms series D
Ref 5 *s series
A
is
bid
Low
A
62 M
N Y Chic A St Louis—
Price
4Mb debentures
1974
MN
Pennsylvania RR cons g 4s
1943
Consol gold 4s
1948 MN
MN
4s sterl stpd dollar.May 1 1948
63 M
1
1940
Range
Thursday's
A
Asked
Sale
*>
>-iQ.
Pennsylvania Pow & Lt 3Ms.. 1969
67
57
Range or
Railroad & Indus. Cos. (Cont.)
65M
59*
f!
Week Ended March 21
58*
77 m
57
Y. STOCK EXCHANGE
1
No.
♦111
58 m
N.
Since
Jan.
Asked
High
Low
(Cont.)
1998
Last
23,
Week's
bonds
Range
3
Thursday's
Sale
Price
N Y Cent RR 4s series A
March
Page 5
-
Thurs.
Range or
Last
STOCK EXCHANGE
Week Ended March 21
Continued
-
Week's
Thurs.
98
1955
lien 4s A..1950
♦Certificates of deposit.....
1950 J
♦Prior lien 5s series B
21
J
5
65*
39
4 M8 series B
D
*106*
O
97*
.1981 J
*98
-
--
-
-
98*
----
10
105
106 *
96 M
98*
97 M
99
13m
13m
12
12
12m
223
10
11m
11M
11M
46
10
12*
{♦St L 8 W 1st 4s bond ctfs...1989 MN
Penn Glass Sand 1st M 4Ms.. .1960 J
Pa Ohio & Det 1st & ref 4 Ms A. .1977 A
6
61
61M
17
56
64
J
*30
27*
30
16
17*
♦Certificates of deposit
♦Con M 4 Ms series A
1978
M
♦Ctfs of deposit stamped
♦2d 4s inc bond ctfs
Nov 1989 J
§♦ 1st terminal A unifying 5s. 1952 J
'
For footnotes see page 1905.
S
♦Gen A ref g 5s series A
1990
J
J
J
16m
16 m
*8M
32
17
9m
"~8
8*
10*
Volume
New York Bond Record-Concluded-Page 6
ISO
Thurs.
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Week Ended March 21
Railroda & Indus. Cos.
Thurs,
Range or
Sale
{Cora.)
Bid
Ask
&
Low
High
St Paul & Duluth 1st con g 4s__1968 J
D
J»St Paul E Gr Trk lBt4Ms~-1947 J
t*St Paul & K C Sh Lgu 4MS--1941 F
J
"*5~~
A
*6M
Since
CQ<§
NO.
6M
87 M
rn.rn.-m
N.
•
m
Low
High
82
82
4M
5M
Last
EXCHANGE
Railroad &
6M
Range
Sale
I*
1940 J
1972 J
St Paul Un Dep 5s guar
a96M
1943
1963 A
l08M
San Diego Consol G & E 4s
1965 m:
mrn'm
J
..1946
...
8
108
M N
43
1939 F
A
107 M 108 M
2
111
109 M
27 M
28
6s series A
♦Certificates of deposit
ti*Atl & Blrm lstgu 4s
{♦Seaboard All Fla 6s A ctfs
44
41
41M
20
25m
28
47
S
6M
4M
6M
F
A
A
6M
5M
2M
2M
96 M
95M
96 M
J
*65 M
68 M
M
6
*2M
J
J*Wabash Ry ref &
gen
-.1941
1941 M S
6 M8 A.1975 M S
♦Ref & gen 5s series B
1976 F
♦Ref & gen 4 Ms series C
Ref & gen 5s series D
11M
11
6
15
....
50
7 m
72
7m
13
16
7
18
64
76 m
9
74
232
84 m
89 m
35m
36m
32m
30
31m
36 m
35
35m
70
70
11
108
20
117m 120
1st mtge 3 Ms series I
West Va Pulp & Paper 3s
111M
111
111 m
5
110m 112
100m
100 m
J
1954 J
D
42
Socony-Vacuum Oil 3s debs
50
99M 102
104M 106
107M 109
♦Westphalia Un El Power 6s
1953 J
J
West Shore 1st 4s guar
2361 J
2361 J
J
5S--1963
A
1962
A
Southern Calif Gas 4Ms---
1961
1965
1st mtge & ref 4s.
mm
mm
"104M
108
A
17
104 M
108
104 M
108
49
103M 105M
4
110M
109M Hi
105
1947 J
105 M
109 M
105 M
105 M
2
1946
J
99 M
99 M
99 M
20
97 M
1951
So Pac coll 4s (Cent Pac coll).-1949
1st 4 Ms (Oregon Lines) A.—1977
Gold 4 Ms
1968
A
106M
105 M
106 M
9
J
44 M
43 M
44 %
37
89m
89 m
7
2
1946 M S
17 M
17 m
17
16m
♦5s assented
16m
17
66 m
6614
Registered
48 M
118
43 M
44 M
49
44 M
82
43 M
10-year secured 3Ms
1981
1946 J
44 M
44 M
91
Gold 4 Ms
43 M
43 %
51M
51H
52 M
72
51M
San Fran Term 1st 4s
1950 A
77
77
77
80 M
1955
1955
58
Devel & gen 4s series A
Devel & gen 6s
Devel & gen 6 Ms
1st g 5s
57 M
58M
89
"*87M
J
87M
87 M
"21
57 M
65 M
J
1994 J
1956 A
--.1956 A
1956 A
1996 J
Southern Ry 1st cons g 5s
"86M ~88M
55 M
55
5514
125
55
75 M
75
75
39
78M
*75
80
78
67
111M
1HM
14
110
107 M
107 M
22 M
108 M
7
107
2Ms debenture
1953 J
Studebaker Corp conv deb 6s..1945 J
105 M
108
104 M
1950 M
1951 J
1953
108 %
1950 F
1951
Texas & N O con gold 5s
~107M
105 M
1943
2000
J
1
-
17M
105
19
104 M 106 M
105 M
108 M
17
1949
92
105
18
129 M
115
3
109
44
91
34
99 M
88
92
107
107 M
36
105M 107M
105M
105 M
66
33
1
104 M 106 M
55
66 M
108 M
28
107M 110M
66
J
"i08M
1977 A
69 M
69
69 M
32
69
68 M
69 M
22
67
97 M
62
22 M
13m
103 m
106m
99 m
10
97
100
110
*110m
110
21
21 m
77
20 m
20 m
24
16m
16m
22 m
21
7m
8m
15
6m
9m
7
7m
8
1968 AO
108 m
*7m
108m
1961 J
D
109m
109 m
{♦Wor&Conn East 1st 4 Ms.-.1943 J
Youngstown Sheet & Tube—
J
*9m
20
107
106 m
108
105 M
105 m
105 m
Conv deb 4s
1948 M
1st mtge s f 4s ser C
1961 M N
S
9m
109 m
110
7
107m 109m
12
109 m 110m
50
105m 109m
105 m 106 m
9m
9m
•
33
e
67M
67 M
Cash sales transacted during the current
1964
69 M
69 M
91
91
91
1
60
59
60M
78
50 M
20 M
M
S
1960
Jan 1960
20M
21M
420
13M
100 M
106
100 M
106 M
6
{♦Third Ave RR 1st g 5s
1937
J
1952 J
100 M
J
Tide Water Asso Oil 3 Ms
M
J
11
95
week and not included in the yearly
range:
No sales.
Cash sales; only'transactlon during current week,
r
transaction
72.M
72
during current week,
100M
n
Deferred delivery sale; only
a
Odd lot sale, not included in year's range,
Ex-interest.
§ Negotiability impaired by maturity,
t The price represented is
the dollar quotation per 200-pound unit of bonds.
Accrued interest payable at
exchange rate of $4.8484.
dM
a;
K The following is a list of the New York Stock Exchange bond Issues which
have
been called in their entirety:
Treasury 3Ms 1940-1943, June 15 at 100.
reorganized under
companies.
{ Companies reported as being in bankruptcy, receivership, or
Section 77 of the Bankruptcy Act, or securities assumed by such
♦
Friday's bid and asked price.
♦
Bonds selling flat.
z
♦AdJ income 5s
103
12m
7
21m
♦Certificates of deposit
72
91
107 M
1
69
1980 J
Third Ave Ry 1st ref 4s.-
102
13
106 m
113M
1979 A
Gen & ref 5s series D
5
12 m
20 M
4s
Wisconsin Elec Power 3 Ms
Wisconsin Public Service 4s
104 M 106
126M 128M
114M 115
107 M 109M
Gen & ref 5s series C
Tex Pac Mo Pac Ter 5 Ms A
47
12m
106 m
1947
{♦Sup & Dul div & term 1st 4s '36 Af N
104M 105 M
Gen & ref 5s series B
Texas & Pacific 1st gold 5s
D
♦Certificates of deposit
23 M
107M
106
90 M
J
1959 A
3s debentures
106 M
104 M
115
J
Texarkana & Ft S gu 5 Ms A
22 M
107
105 M
105 M
*128 M
Term Assn of St L 1st cons 5s._1944 F
Texas Corp deb 3 Ms
68
*106
~R)5M
f g 4s
9914
1021!#
108 M
1961 J
Swift & Co 1st M 3Ms
-
99 m
1021is
"I2M
52 m
41 m
47
113m 115m
96 m
9914
112
68
♦{Spokane Internat 1st g 5S-.1955 J
1946 F
Tenn Coal Iron & RR gen 5s
-
46m
72
"iliM
J
Staley (A E) Mfg 1st M 4s
Standard Oil N J deb 3s
3
m
78
1
J
1951
Br1964
1st & ref 3s series C
15m
46 m
mm
84 M
1968 J
St Louis Div 1st g 4s
So'western Bell Tel 3 Ms ser
70
14
11
*115m
99 M
A
1960
{♦Wis Cent 50-yr 1st
61M
79 M
79
75 M
80M
21
79 H
72
66 m
48 m
-
99 m
Conv deb 3 Ms
Winston-Salem S B 1st 4s
50 M
58
67 m
48
Wilson & Co 1st M 4s series A-.1955
gen
17
55
70 m
67 m
18
46
S
1966 F
18m
67 m
67
J
18m
16m
69 m
"48~~
91
108m
64
7
*15
69 M
67
1960 M S
30-year 5s
{{♦Wilkes-Barre & East gu 5S..1942 J
47 M
So Pac RR 1st ref guar 4s
1st 4s stamped
23
1946 M S
1949 M
44 M
1
ser A
1940 M N
48 M
44 M
85
107 m
{♦Western Pac 1st 5s
1c0m
88 m
108 m
17 m
White Sew Mach deb 6s
1969
82 m
108m
Wheeling & L E RR 4s
Wheeling Steel 4 Ms series A
Gold 4 Ms
99 m
108 M
J
100M
105M 107M
43M
48M
47M
53
43 M
50 M
43 M
50 M
11
39
84
O
...1977
106
Southern Natural Gas—
4 Ms
83 m
1943 A
106 M 108 M
9
Southern Colo Power 6s A
83M
O
1952
110
West NY&Pa gen gold 4s
mm
109
Southern Kraft Corp 4Mb
mm.mrn.mm
Western Maryland 1st 4s
1st & ref 5 M8 series A
Western Union Teleg g 4Ms.-.1950 IN
25-year gold 5s.1951 J D
108 M
M
F
119
*117
1979 J
3s debentures
30 M
1966 J
102
South Bell Tel & Tel 3Ms
23
mrnrnm
109 m
117m
105 M
3
m 109 m
126
127m
108m
105 M
23M
109
117m
101M
23
128m
*127
107m108
mm m
rnmmm
117M
105 %
mmmm
—
77
108 M
102
F
14M
33M
15M
70
109
mmmmm.
70
D
1964 J
South & North Ala RR gu
*13M
A
66
*108m
*j08m
D
1952 A
F
29 M
7
9m
7
9m
105m 106 m
West Penn Power 1st 5s ser E..1963 M S
Simmons Co deb 4s
♦Silesia Elec Corp 6 Ms
*32 M
mm
89 m
Westchester Ltg 5s stpd gtd.._1950 J
Gen mtge 3 Ms
1967 J
67
—
9m
9m
7
76
8M
7M
57
____
7m
88
15M
4M
mm
65m
4M
96 M
m
66
S
Washington Cent 1st gold 4s.-.1948 Q M
Wash Term 1st gu 3 Ms
1945 F A
1st 40-year guar 4s
1945 F A
2M
m
m
89M
1955
5M
95
31
105 m
7
*
4
-
7
*
2M
m
7 m
105 m.
13
•
7
A
b
13
42 m
7M
13m
12m
10m
8
13M
82
41
7M
1955
6s debentures
-
7m
(Hiram) G&W deb 4Ms 1945
Walworth Co 1st M 4s
-
7M
1978
1980
♦
Walker
•
10 m
10m
*
A
Warren RR 1st ref gu g 3 MS--.2000 F
3M
15M
2M
mmmrn
15M
1M
4
6M
5M
16
1M
23
*13M
M
*12
1941 M S
4M
4
mm
{♦Warren Bros Co deb 6s
3*4
3M
46
15
12 M
2
*1M
4M
*42
1948 M
11M
4M
A
1941
Slleslan-Am Corp coll tr 7s
Shinyetsu El Pow 1st 6 Ms
♦Siemens & Halske deb 6 Ms
s
45m
16m
17
28
1954
1952
1951
1946
1941
Gen refund
37 m
28
16 m
*26
Warner Bros Pict 6s debs
1
12
V.
1935 F
♦6s Series B certificates
Shell Union Oil 2 Ms debs
6
125
30M
2814
44
29M
44M
118
123H
18M
11M
5M
1933
1935
6
High
106m 108m
64
1954
♦Omaha Div 1st g 3Ms
♦Toledo & Chic Div g 4s
109M inn
109M HI
21
30M
*110M
Low
14
44
{♦Dee Moines Div 1st g 4S..1939
68 M
16
*120
♦Certificates of deposit
1945 M
54
21
3M
1959
114
63M
*41
A
1989 M.
§t♦Seaboard Air Line 1st g 4s. .1950 A
{♦Gold 4s stamped
1950 A
♦Adjustment 5s
--Oct 1949 F
Mem Div
No.
108
42
A
Since
Jan. 1
High
107 m
Range
"is
Ask
♦Det & Chic Ext 1st 5s
98M
116M
108 M
27
Scioto V & N E 1st gu 4s
{♦Refunding 4s
97M
108
27M
mm
J
s f 6Ms series B
♦Stamped
6
116M
*109 M
+
1946 J
♦Guar
97 M
63
Santa Fe Pres & Phen 1st 5s—.1942 M
{♦Schulco Co guar 6 Ms
♦Stamped
97 M
*116
S A & Ar Pass 1st gu g 4s
San Antonio Pub Serv 4s
1st mtge pipe line
&
Low
M
1966
1939
{ {♦Wabash RR 1st gold 5s
{♦2d gold 5s
or
Thursday's
Bid
Price
Indus. Cos. (Concl.)
Virginian Ry 3Ms series A
5
Week's
♦1st lien g term 4s
tPaclfic ext gu 4s (large)
cons
STOCK
Week Ended March 21
St Paul Minn & Man—
♦1st
Y.
Jan. 1
714
*
BONDS
Range
is
Thursday's
Price
^o.
1905
Week's
Deferred delivery sales
No sales transacted during current week.
transacted during the current week and not Included
in the yearly range;
Prague 7M8, 1952, March 18 at 10M.
105M 107 M
Tokyo Elec Light Co Ltd—
65M
63 M
56 M
66 M
1960
/
D
86
86
66 M
86
40
Tol & Ohio Cent ref & imp 3Ms
3
85M
89M
Tol St Louis & West 1st 4s
1950 A
O
66 M
66
66 M
15
64 M
66 M
Tol W V & Ohio 4s series C
1942 M £
1953 J D
1st 6s dollar series
Toronto Ham & Buff 1st g
4s. .1946
1949
A..1953
♦Tyrol Hydro-Elec Pow 7MS--1955
Trenton G & El 1st g
j
r
------
*106M
..1945
1962
UJigawa Elec Power s f 7s
UnloD Electric (Mo) 3Ms
1st lien & ref 5s
*89 M
91M
107 M
9M
*8M
111"32 111"32
~U4M
111»»2112M
101M 102M
114M
34
107 M
108 M
5
106M 108 M
116
116
1
113M U6M
114M
97 M
12
M
97 M
19
105 M
97 M
105 M
1
6914
12
97
United Biscuit of Am deb 5s
1950
United Cigar-Whelan Stfl 5s.„1952
68 M
83 M
85
97M
84M
~I05M
Vandalia cons g 4s series A
Cons s f 4s series B
1947
1959
1959
1955
1957
128
113
96
96
115
77
105 M
*14 M
105 H
m
-
—
-
72
----
21, 1940
Va Iron Coal & Coke 1st g 5s
Va & Southwest 1st gu
1st cons 5s
53
United
Total
Mis cell.
Municipal
States
Bond
Bonds
For'n Bonds
Bonds
Monday
Wednesday
63,000
4,834,000
877,000
508,000
5,908.000
492.000
114,000
4,420,000
$968,000
$23,082,000
579,010
HOLIDAY
2,869,149
Total.
$3,601,000
$18,513,000
Jan. 1 to Mar. 21
Week Ended Mar. 21
Sales at
New York Stock
106M
25
2,869,149
5,562,870
40,501,560
57,598,237
$968,000
$3,003,000
7,417,000
25,184,000
$8,656,000
3,601,000
18,513,000
56,307,000
296,960,000
$20,891,000
65,519.000
341,537,000
$23,082,000
Stocks—No. of shares
$35,604,000
$361,923,000
$427,947,000
.
Bonds
Government
State and foreign
24M
Railroad and industrial
*14M
*23 M
*14 M
~~92M
102
101M
91
106 M
91
106M
91M
101
101M
mrnmmm
____
1
54
100M 102 M
102
30
101
7
106 M
5
91M
90
106 M
Total
mrnmrnm
12
91M
91
106 M
"23M ~25~~
20
92 M
102
19
106 M
18
90
86M
93 M
Stock and Bond Averages
103M
93M
Below
100M 108
86 M
100
93M
108
*109
the
daily closing
stocks and bonds listed on the
as
*109
are
averages
compiled by Dow, Jones & Co.:
——
""m
1968
1949
Bonds
2003
-—1958
*70
m
60M
""M ""M
m
109 M
109
*44
of representative
New York Stock Exchange
Stocks
1934
1934
1939
1940
1939
1940
Exchange
85
105
~24M
4,905,000
954,000
818,000
Friday
97 M
24
*23 M
159,000
3,817,000
654,119
644,530
Thursday
Sales
$3,015,000
$124,000
$460,000
4,523,000
3,814,000
512,520
Tuesday
State
$2,431,000
3,928,000
478,970
Vera Cruz & Pacific RR—
§♦4 Ms July coupon off
§♦4 Ms assented
Va Elec & Pow 3 Ms ser B
Railroad &
Number of
Shares
Satuiday
69 M
110M
23 M
Exchange,
Stock
Stocks,
Week Ended
Mar.
105M 109
61M
York
98
110
*23 M
-
{♦Debenture 5s
♦5s stamped
96
*110
U N J RR & Canal gen 4s
1947
9
4
1970
1971
{{♦Util Pow & Light 5 Ms
♦5 Ms stamped
8M
19
34-year 3 Ms deb
35-year 3Ms debenture
1953
1944
U S Steel Corp 3Ms debs
1948
♦Up Steel Works Corp 6 Ms A.1951
♦3Ms assented A
1951
♦Sec s f 6 Ms series C
1951
♦3Ms assented C
1951
♦Sink fund deb 6 Ms ser A
1947
♦3Ms assented A
1947
United Stockyards 4Ms w W..1951
Utah Lt & Trac 1st & ref 5s.—1944
Utah Power & Light 1st 5s
1944
95
107 M 109
102 M
102
-.June 2008
United Drug Co (Del) 5s
85 M
1
New
99 M
125
106M 108
"13"MT3M
107 M
———
June 2008
1st lien & ref 4s_.;
125
-
•
1959
Union Pac RR 1st & Id gr 4s... 1947
w
107 %
*13M
{{♦Union ElevRy (Chic) 5s.„ 1945
UnioD Oil of Calif 6s series A
1942
38 debentures
«.
the
at
Daily, Weekly and Yearly
#14
1952
♦Guar sec s f 7
*125 M
98
99 M
*99 M
5s
Tri-Cont Corp 5s conv deb
Transactions
28
110
40
45
10
83
mrnmmm
10
59
30
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
Date
20
Indus¬
50
61M
109
10
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
mmm mm
"62M
Total
Mar.
21
24.29
48.98
107.80
91.81
46.81
108.70
Mar.
20
146.91
30.13
24.10
48.96
107.69
91.79
46.95
108.71
Mar.
19
146.43
29.95
24.07
48.78
107.91
91.61
46.52
108.75
88.69
24.04
48.55
107.95
91.51
46.69
108.76
88.72
24.02
48.57
107.88
91.50
46.35
108.69
88.60
146.73
30.19
Mar.
18
145.59
29.86
Mar.
16
145.76
29.78
88.78
88.78
New York Curb
1906
Exchange—Weekly and Yearly Record
March 23, 1940
week's range unless they are the only transactions of the week and when selling outside
shown in a footnote In the week In which they occur.
No account ts taken of such sales in computing the range for the year.
NOTICE—Cash and deferred delivery sales are disregarded In the
weekly range are
of the regular
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
the week beginning on Saturday last (Mar. 16, 1940) and ending the present Thursday (Mar. 21), Friday being Good Friday
and a holiday on the Exchange.
It is compiled entirelv from the daily reports of the Curb Exchange itself and is intended
In the
to include every
Last
Par
for
Sale
of Price*
Low
High
Week
Price
Low
19%
19%
60
1
common..6
com___l
4%
5%
800
Feb
22%
Jan
22%
10
Acme Wire Co common.
19
Par
high
Mar
Jan
22%
5%
Mar
4%
Class A
Class B
Air Associates Inc
Jan
6%
Mar
Jan
11%
2%
28%
%
Feb
6%
11%
6%
100
10%
11%
300
1%
2%
27%
300
17%
Jan
%
%
100
*16
Mar
72%
72%
104% 106
95%
96%
72%
Mar
30
101
Jan
108
Feb
40
93
Jan
98
Mar
2
Southern..50
pf.»
preferred
com...*
Alliance Investment
*
Allied Products (Mich)..10
Class A conv com
25
Feb
1
Jan
2%
1%
11%
25
A lies & Fisher Inc
50
11%
151% 159%
1,500
350
117
116
138%
114%
100
Jan
"44%
"44% "44%
Mar
20%
168%
Mar
Jan
Jan
117
Mar
Feb
17%
Feb
Feb
Feb
11%
110%
Mar
103%
Jan
107%
Feb
Mar
1%
Jan
Jan
45
Jan
Mar
7
Jan
Feb
100
72
20%
Feb
*16
77
Jan
Mar
Mar
%
Jan
50
33%
"Hi "l%
'""760
"36% "38%
MOO
1,700
31%
Jan
33%
Feb
31
33%
Jan
33%
Mar
1
Mar
31
1
Jan
34
31%
Jan
14%
Mar
39%
18%
%
Mar
1%
Jan
Jan
Mar
10
38%
Amer Export Lines com__l
15%
14%
*16
716
400
•16
Jan
Feb
13%
Mar
2,400
32%
Mar
"29%
29
30
39%
3%
31%
Jan
10c
1
12%
34%
3%
11%
34%
12%
33%
3%
150
10
34%
33
34%
Class B n-v
Amer Foreign Pow warr...
Amer Fork & Hoe com...*
American Gas & Elec
com
$2 conv preferred
$2.60 conv preferred... 1
Amer Hard Rubber Co..50
Amer Laundry Mach
25
16
100
Jan
31
Feb
Jan
Mar
16%
Jan
Jan
29%
Jan
10
Am Superpower Corp com *
8%
7%
"""%
1st $6 preferred
*
63
$6 series preferred
*
12
American Thread 5% pf._5
Anchor Post Fence
*
30
Feb
4%
8%
Jan
Jan
5,800
Amer Seal-Kap common..2
%
Yooo
63%
250
*16
63
12%
800
3%
3%
100
1%
1%
100
2
400
12
12
Jan
*16
63
%
2
Angostura-Wupperman ..1
11%
preferred
..*
""2%
Common cl A non-vot..*
2%
25,500
10
Jan
16%
2%
44%
100
2%
10
44%
Jan
Feb
*
1
1
300
1
Jan
1%
Feb
100
preferred
32
32%
100
Brillo Mfg Co common...*
Class A
113% 114%
Am dep rets
17%
17%
200
16%
18%
18%
500
18%
18%
Mar
1%
300
1%
Jan
Feb
22
Feb
25%
"550
22
Jan
200
4
Mar
Feb
18
Jan
27%
5%
18%
Feb
ord bearer £1
Am dep rets ord reg
£1
{Brown Co6% pref
100
1%
1%
22
"25%
Class A preferred
25
4
Brown Fence & Wire com.l
4%
*
Brown Forman
$1.60 preferred
25
$5 1st preferred
*
Vor trust ctfs
1%
Feb
1%
2
Jan
4%
10
Mar
38%
"37% "38%
""250
28
Jan
20%
20%
21
99% 100%
12%
12%
1,200
—
*600
Can Colonial Airways
Feb
2%
7%
Jan
1
'"5% ""5%
""500
12%
Am dep
12%
2
2
Feb
7
115
Feb
94%
Jan
99
Jan
Jan
Jan
6%
Mar
5%
Feb
5%
Jan
14%
Feb
2%
%
Feb
1%
Jan
1
Mar
%
"266
**16
Jan
1
Mar
18%
300
xl5%
Mar
8%
12,700
1%
1,800
%
17
1
19
Class A voting
Marconi
1
1%
Capital City Products...*
Carib
Syndicate
•""760
*
a7
6%
Jan
8%
Feb
Carnation Co common
*
39%
%
Jan
*i6
Jan
Carnegie Metals com
1
Carolina P & L $7 pref...*
165""
..1
*16
%
600
%
*
2%
2%
300
2
Feb
%
Mar
.
Jan
6%.
Jan
$6
preferred
Casco
Assoc Laundries of Amer *
*ii
Feb
*i«
Feb
400
105
57^500
3%
100
14
15%
900
26
26
300
3%
"15%
Avery (B F) & Sons com.5
x-w
Class A common
Mar
%
2%
13%
23%
2%
3%
17
Feb
Jan
Jan
1%
5%
5%
Feb
%
1%
6%
Jan
Jan
Feb
6
Feb
Jan
Mar
Products
3%
3%
3%
6,600
$7 dlv. preferred
Feb
2%
Jan
Jan
1%
Jan
1st partlc pref
Jan
Feb
25
Jan
7
6%
38
Jan
Jan
106
90
92%
11%
Jan
99
98
12%
800
Mar
Jan
Feb
Mar
12
Jan
20
18
2%
3,
1,200
113% 115%
250
"31% "31%
"""25
Jan
3%
Jan
2%
Cent Pow & Lt
115%
9%
7
Feb
20
Mar
Jan
15%
Jan
Jan
1%
Feb
3%
Jan
4%
Jan
9%
7% pfd 100
preferred
preferred
Conv preferred
Conv pref opt ser
1
%
100
6%
7%
1%
1%
30
100
42
10
3%
23
3%
200
21%
23%
600
Feb
3
Jan
3%
Jan
Jan
25%
Mar
19 %
53
Jan
Baldwin Locomotive—
Feb
34%
Feb
Jan
85
Jan
Jan
17%
Feb
Jan
109
Jan
103%
Feb
Feb
9%
Mar
106%
97%
7%
Feb
1%
6%
1%
%
Feb
%
1%
Jan
150
Mar
1%
25
25
2%
Jan
Feb
4%
Mar
3%
5
10
Cherry-Burrell common..5
Co
Char is Corp common
Chesebrough
Mfg
Jan
Mar
116
68
Jan
78%
8%
Feb
10
21*
Jan
Jan
Jan
%
27%
5%
63
5%
Mar
22%
Mar
26%
Jan
200
Jan
Mar
7%
Mar
Chicago Rivet <fe Mach...4
Chief Consol Mining
1
Chllds Co preferred
100
26%
24%
26%
175
500
6%
%
%
Feb
Cities Service common.. 10
4%
4%
1,000
200
%
Mar
%
Jan
58%
4%
63
4,100
64%
Feb
5%
5%
100
4%
Jan
1
%
Barium Stainless Steel...1
%
%
Barlow & Seelig Mfg—
$1.20
conv
A com
$1.50 conv pref
„
6%
200
9%
10%
3,000
10
"l5"
20
1
Feb
10%
7%
Jan
Jan
9%
Mar
13%
Jan
Jan
6
Jan
*
$0 preferred BB
*
Cities Serv P & L $7 pref.*
$6 preferred
*
City Auto Stamping
*
City & Suburban Homes 10
Jan
Feb
4%
Feo
Clark Controller
Mar
9%
6
10%
BeauBrummell Ties Inc._l
Beech Aircraft Corp
*
6%
5
Bath Iron Works Corp...l
Baumann—See "Ludwig"
com..
preferred
60c preferred B
Basic Dolomite Inc com.
Beaunlt Mills Inc
$6
7%
5%
6
"l5~"
100
4%
12%
7%
5,600
5%
Jan
15
8%
Co
5%
55
55
56
111% 115%
110
107
7%
6%
7%
""266
Clinchfleld Coal Corp.. 100
4
4%
42
.
5%
4%
43%
6%
Mar
Feb
Mar
Mar
5%
56
Mar
Mar
30
50
89
Jan
115%
Mar
70
82
Jan
110
Mar
700
Feb
5%
6%
100
300
1,000
Jan
7%
Feb
Jan
6%
Jan
Mar
16%
%
Jan
%
Jan
Mar
4%
Mar
700
42
Mar
Mar
120
16
Clayton & Lambert Mfg..*
Cleveland Tractor com...*
63
Claude Neon Lights Inc__l
Feb
Cleveland Elec Blum
For footnotes see page 1911
~""*i6~""%
1
Mar
Jan
360
250
Bardstown Distill Inc
Jan
110
3,300
Jan
Jan
13
Jan
50
6%
Jan
7
6%
11%
110% 110%
77%
78%
25
23%
8
Jan
Mar
Chamberlin Metal Weather
5%
6%
%
Jan
Jan
Mar
6%
6%
Jan
8%
2%
22%
preferred
Jan
%
%
2%
Mar
30
7%
115
5%
1%
Baldwin Rubber Co eom.l
Purch warrants for com
Jan
1
6%
100
100
'29.100
Chicago Flexible Shaft Co 5
'
5%
Jan
1,000
Strip
Ayrshire Patoka Collieries 1
Jan
"360
%
%
Cent <fr South West Util 50c
Jan
Mar
3%
20%
69%
109
101 % 102
1
Cent States Elec com
105
14
*
Jan
15%
7%
7%
1
Feb
%
9%
7% pf 100
5% pref. 100
Cent Ohio Steel Prod
40%
Jan
Cent Maine Pow
Cent N Y Pow
1%
*11
*
Cent Hud G4E com
9%
1
100%
11%
*
Jan
Feb
Jan
%
10
*
Feb
14%
1%
25
Warrants
Babcock & Wilcox Co....*
3%
Mar
16
25
Aviation & Trans Corp...I
Axton-Flsher Tobacco—
18
*16
5
Automatic Voting Mach..*
w w
Feb
5
110
1
Automatic Products.
2%
Mar
Mar
400
Celluloid Corp common. 15
400
22
200
97%
7% 1st partlc pref... 100
6% pref 100
*
{Austin Silver Mines.....1
Jan
8%
Celanese Corp of America
Coast RR Co pref...100
Atlas Plywood Corp
Jan
Jan
*16
105
Castle (A M) common..10
Catalln Corp of Amer
Assoc Tel & Tel class A...*
Atlanta Birmingham <fc
Feb
39%
39%
*16
*
1
Carrier Corp common
z6%
Carter (J W) Co common. 1
warrants
*
18%
25
*
7%
Atlas Drop Forge com...6
Jan
6%
8
..."
25c
600
19
Jan
*
Canadian
%
18
108
2%
6%
*
Class B non-voting
8%
*16
£1
{Associated Gas & Eleo—
"l% ""2%
Jan
Mar
7% partlc preferred...25
Carman & Co class A
18%
22%
Mar
Mar
12%
1%
Camden Fire Insur Assn. .5
6
"Hi
Jan
Feb
98
100
Calamba Sugar Estate..20
Class B
Atlas Corp warrants
Jan
11%
43
20%
650
5%% prefshs£l
Jan
Associated Elec Industries
Atlantic Rayon Corp
Jan
Feb
Canadian Indus Alcohol—
2%
Jan
Jan
6
Atlantic Coast Line Co..50
Mar
**16
100
50c
Jan
l"500
2%
Feb
1%
Cables & Wireless Ltd—
Feb
2
Jan
Assoc Breweries of Can...*
2%
Feb
300
Cable Elec Prod com...60c
%
Ashland Oil & Ref Co
2%
20%
20
T266
Burry Biscuit Corp..12%c
Feb
Art Metal Works com
Atlantic Coast Fisheries..*
Jan
1%
1%
1
Feb
50
1
Jan
""2% "2%
_*
113%
500
5%
19%
2%
Distillery. 1
preferred
$6
30
4,000
V t c common
Mar
Mar
British Celanese Ltd—
Mar
7%
2
Feb
14
34
British Amer Tobacco—
1%
11%
""2%
""2"
38
*
Jan
Jan
Jan
Feb
Feb
Mar
*
Registered
29%
12%
30%
British Amer Oil coupon..*
Jan
17
Jan
3
Burma Corp Am dep rets
•i6
3%
49
Mar
75
Jan
Mar
300
2%
preferred
15%
Mar
Feb
96%
6% preferred
12%
2
Mar
7%
Atlanta Gas Lt
8%
6%
200
1%
96%
A
Mar
2
3%
*
preferred
Jan
5
2
Jan
10
Common
7
3,500
44%
100
Feb
Arkansas P & L $7 pref
Amer deposit rets
1%
400
6%
Canadian Car <fc Fdy Ltd—
113%
Arkansas Nat Gas com...*
preferred
Mar
7%
5
_.*
Preferred
Brill Corp class A
3%
1%
JArcturus Radio Tube.-.l
6%
15%
Bunker Hill & Sullivan 2.50
Appalachian Elec Power—
$5
Aeronautical... 1
Mar
Mar
Jan
2%
5%
6%
Mar
44%
'1% """260
1
8%
Mar
12-
Jan
Mar
109
Jan
7%
*
>16
3%
Apex Elec Mfg Co com...*
Class
..*
preferred
Bruce (EL) Co common. .5
Buckeye Pipe Line
50
Buff Niagara & East Pow
Jan
28%
%
2d
Jan
Jan
30
....
Brazilian Tr Lt & Pow
Feb
%
43
Jan
6%
22
85%
6%
8%
2%
20%
700
30
Mar
%
8%
100
68
175
43%
1%
Jan
Feb
200
Jan
Jan
100
220
2%
Jan
68
Jan
Feb
1
40%
%
7%
18
%
300
6%
6
16%
1%
Jan
5
7% 1st preferred
7%
600
43%
12%
100
Brown Rubber Co com
103
4,100
400
Mar
%
Jan
15
%
14%
101
Mar
6%
18
*
Feb
6
%
28%
Amer Pneumatic Service.*
38
6%
100
**16
2%
42
300
",300
z39%
50
100
*
800
Jan
*16
14%
...»
Bowman-Biltmore com
14%
1
Amer Potash & Chemical.*
Republics
2%
25
Borne Scrymser Co
Bourjois Inc
29
1
Amer Meter Co
17
%
Mar
Mar
6
Am dep rets ord reg_.10s
Jan
43%
46
13%
British Col Power cl A...*
Mar
Jan
%
1%
43%
29
14%
18
12%
100
7% 1st preferred
28%
14%
100
Amer Maracaibo Co..
Option
com
Jan
Jan
Mar
Mar
100
0
1
1
*
C) Co
Mar
Mar
34%
10%
16
Amer Mfg Co common. 100
Preferred
Jan
25
50
Feb
11%
25
preferred
3%
525
20
Amer Lt & Trac com
6%
Bohack (H
14%
*
*
Class B
25
14
£39%
6
Bridgeport Gas Light Co.*
Bridgeport Machine
*
Class B
$7
$3 opt conv pref
Brewster
Amer Cyanamid class A. 10
American
Blue Ridge Corp com
Blumenthal (S) & Co
Jan
1,400
125
4
1
1
Jan
6ie
45
136
250
%
common
*i6
Class A with warranta.25
6%
39
*
*
Class A
Corp
39
*
2%
Am Cities Power & Lt—
Amer General
*
$2.50 preferred
& Machine Co com
Jan
77
8%
Mar
Blrdsboro Steel Foundry
Jan
6i«
Jan
27
'at
13%
Mar
77
High
Janr
Jan
39
50
45
13%
%
preferred
S3
17%
6%
125%
"ISO
"39
45
*
1%
$5.60 prior pref
10
%
18%
Amer Centrifugal Corp._.l
1,100
%
10c
10c
Class A common
6%
"39"
39
Breeze Corp common
American Capital—
Common class B
5,200
123
*
Bliss (E W) common
7%
41
Conv preferred
Low
Shares
20%
23
6%
1
Benson & Hedges com...*
Blauner's
93%
Amer Box Board Co com.l
High
Low
127% 127%
25%
Berkey & Gay Furniture
Jan
200
""46
Price
100
Feb
1,050
107
107
100
Week
Purchase warrants
50
8%
9%
98% 104%
1
for
of Price*
6%% pf.100
Bickfords Inc common
5%
104%
Bell Tel of Canada
Bell Tel of Pa
Feb
Jan
American Beverage com.. 1
American Book Co
com...
Mar
%
Aluminum Industries com *
Aluminium Ltd common.*
77%
Jan
Feb
17
Aluminum Goods Mfg..
preferred
10
20
11%
100
preferred..
""500
1
1
158%
Aluminum Co common..
6%
Feb
.500
Warrants
6%
Jan
2%
Alabama Power Co $7
$6
5%
10
Feb
26%
{Air Investors common..*
Conv preferred
Alabama Gt
Corp
Bellanca Aircraft com
Aero Supply Mfg—
Alns worth Mfg
Bell Aircraft
Week's Range
Sale
(Continued)
Share*
Range Since Jan. 1,1940
Last
STOCKS
Range Since Jan. 1, 1940
Week t Range
Sale*
Thurs
Sale*
Thurs.
STOCKS
during the week covered.
security, whether stock or bond, in which any dealings occurred
5
Jan
48%
7%
Feb
5%
Jan
2
Jan
2%
Mar
42
Mar
Feb
Volume
New York Curb Exchange—Continued—Page 2
150
Thurs.
STOCKS
Last
(Continued)
Sale
Par
Club Alum Utensil Co
Price
*
334
.
Week's Range
of Prices
Low
for
|
High
3 34
Sales
3 34
Range Since Jan. 1, 1940
600
Cohn & Rosenberger Inc.*
Colon Development ord
Jan
Feb
6
Feb
Fed Compress & W'h'se
834
Jan
Fidelio Brewery
1
Fire Association (Phila) 100
Fisk Rubber Corp
1
134
Feb
"434 "534
3 34
Jan
234
434
Jan
434
'"400
434
Mar
634
Jan
77
850
100
7134
Mar
65 34
66
1
134
6 6 34
400
64
134
134
1,300
Jan
83
Jan
7034
Feb
134
Feb
234
Jan
Jan
8
Jan
5
Mfg Co
Florida P & L $7 pref
Ford Motor Co Ltd—
*
Am dep rets ord ref
Class A non-vot
Jan
134
Jan
34
134
Jan
Mar
Feb
4634
Feb
37 34
Jan
34
Feb
325
4034
400
34
34
100
*u
Feb
1734
Jan
18
Feb
Mar
45
Feb
Common
Conv
3
200
2J4
Mar
82
83
1,400
7834
Jan
83
Jan
Jan
120
Feb
134
33
33
134
3334
134
Jan
134
Mar
3234
Mar
3934
Jan
Jan
334
Jan
Mar
9734
Feb
3
100
95
96
20
95
134
434
7% prior pf 100
91
"4M "4k
91
91
"i;2"66
Feb
434
Mar
10
90
700
6
Jan
1
"634"
Cont Roll & Steel Fdy...*
Cook Paint A Varnish
634
10
*
"7 k"
*
10
734
25
"I'Vs
Copper Range Co
*
100
834
25
500
300
400
Jan
108 34
Mar
1,100
234
Jan
334
Feb
500
1534
1534
Feb
1734
Jan
Feb
1634
Jan
10634 10834
3
1634
Mar
1234
1034
2834
1034
1934
2934
22
22
25
86
86
10
1934
29
Jan
3634
12
Mar
Feb
70
Feb
300
200
1,300
Jan
934
1734
2734
134
Jan
15
Mar
1034
1934
Mar
Jan
Jan
3234
Jan
Mar
Jan
17
Feb
19
Jan
22
Feb
2734
Feb
41
934
734
25
Jan
41
Jan
8534
Feb
87
Jan
73
Gen Fireprooflng com
Jan
78
Jan
1
Mar
1,200
1034
1034
Jan
Jan
Gen Pub Serv $6 pref
*
3834
3834
30
Jan
Gen Rayon Co A stock—*
34
34
Feb
General ShareholdingsCorp
Common
1
134
134
300
7334
7434
30
Jan
Feb
134
400
134
Feb
Feb
734
Jan
21
434
2,600
1934
Feb
2234
Jan
700
434
Mar
634
Jan
500
34
Jan
*16
Mar
Feb
Jan
34
134
7734
Jan
134
Jan
10
Feb
Feb
Jan
Crowley, Miiner A Co—*
$6
*
Mar
Jan
1634
25
34
Feb
5534
Feb
>•«
Mar
ht
Mar
75
*
Feb
Jan
60
6% pf 100
preferred
conv
Mar
Feb
Jan
*u
"400
64
Gen Outdoor Adv
Jan
15 34
1434
1334
100
preferred..
134
25
2534
534
Jan
Mar
7
Jan
34
1
90
Jan
35
44
Jan
Mar
7234
Jan
10334
Jan
Feb
Mar
Feb
34
Jan
134 ' Jan
77
Jan
General Tire A Rubber—
6% preferred A
100
10
$3
3834
9834
99
100
934
Jan
25
3834
Mar
225
9834
Mar
Jan
300
8734
534
4034
Jan
434
634
Feb
8
23 34
99
Jan
834
Jan
9
Feb
102
$5
preferred
GUbert (A C) common...*
734
7 34
*
234
234
600
134
Jan
234
Feb
GUchrist
Crown Cork Internat A..*
8
8
200
734
Jan
8 34
Feb
Crown Drug Co com...25c
134
100
Glen Alden Coal
Jan
Jan
10
Feb
Mar
41
Mar
10134
91
Feb
Mar
734
45
Mar
Jan
Gladding McBean A Co..*
134
10534
434
preferred
Georgia Power $6 pref...*
10
3834
Gen Water G & E com—1
Preferred
234
34
$6
9
Crown Cent Petrol (Md).5
300
34
*
Warrants
Feb
*;
100
Jan
H
®i6
1434
16
Jan
434
434
100
34
350
1
134
1534
Amer dep rets ord reg-£l
134
1434
134
734
20 34
Crocker Wheeler Elec..__*
100
*
Gen Gas & El 6% pref B.*
134
21
preferred
General Alloys Co
Gen Electric Co Ltd—
Jan
Jan
70
5
5%
100
General Investment com.l
1,000
£1
preferred
conv
Jan
134
1
4%
Jan
34
*
Croft Brewing Co
Mar
Jan
1
*
Jan
534
50
stock
conv
134
34
1
$3
534
98
434
Cornucopia Gold Mines 5c
Creole Petroleum
1534
Jan
34
6
Feb
450
100
Consol Royalty OU
10
Consol Steel Corp com...*
334
2,000
3
Courtaulds Ltd
Jan
Mar
7
Gatineau Power Co com..*
117
3
com
Jan
Mar
13%
9634
1534
GameweU Co $6 conv pf..*
83
44
1
conv preferred
34
6734
3
1
1
3
Consol Min & Smelt Ltd..5
S6 preferred A
Jan
10
11,100
1534
Fuller (Geo A) Co com__.l
1
Cosden Petroleum
10834
15
partlc pref
Fruehauf Trailer Co
25
100
Corroon A Reynolds
1534
100 frcs
44
434% series B pref
com
*16
6834
1534
Feb
Froedtert Grain & Malt—
4 3 34
3634
34
Amer dep rets
44
Consol Gas Utilities
S3 prior preference
800
6834
6
3634
Fox (Peter) Brewing Co..5
Jan
42 34
36
Consol GELP Bait com.*
Cooper-Bessemer
High
*16
100
Ford Motor of France—
1
Continental Oil of Mex
Low
634
*
ht
1,200
*
preferred
Range Since Jan. 1,1940
*18
*
2,100
V t c ext to 1946....—1
Consol Retail Stores
for
Wee
Shares
Ford Motor of Canada—
*16
Compo Shoe Mach—
Consol Biscuit Co
High
634
£1
134
Conn Gas A Coke Secur-
preferred
of Prices
934
Class B voting
4234
Week's Range
Low
25|
*16
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv__l
5%
Fedders
134
;
Commonw Distribution.. 1
Cont G & E
Jan
634
Commonwealtb A Southern
8%
Mar
71 34
£1
warr.
Sale
Fiat Amer dep rets
Feb
500
Columbia Pictures Corp.
$3
Price
3
134
134 '
Columbia Gas A Eleo—
Warrants
Sale
Pa
High
734
134
Colt's Patent Fire Arms.25
5% preferred
Columbia Oil & Gas
Last
(Continued)
Low
6
Cocksbutt Plow Co com..*
6% conv preferred
Colorado Fuel A Iron
STOCKS
Week
Shares
1907
Thurs,
7%
conv
preferred
$6
Cuban Tobacco
Cuneo Press
1
Feb
134
Feb
Jan
2134
Mar
7
Jan
8 34
Feb
234
Jan
234
Jan
Goldfield Consol Mines. .1
Goodman Mfg Co
*
834
834
50
*
com
nr
634% pref. 100
Curtis Lighting Inc
112"
"220
111
434
100
"iek "17"
Feb
Jan
7
Feb
4
Feb
434
Jan
"750
19
Feb
"7"
1934
Jan
Gray Mfg Co
50
19
Jan
32
Feb
"TOO
7
Jan
8
Jan
100
434
Feb
34
134
2434
400
34
Feb
100
8% debenture
100
Derby OU & Ref Corp com*
A conv preferred
"lk "Ik
"766
934
934
Detroit Paper Prod
17
Jan
7% 1st preferred
Gt Northern Paper
Feb
Greenfield Tap & Die
Feb
8434
134
Feb
95
Mar
Jan
2
Jan
Grumman Aircraft Engr._l
Guardian Investors
1
11
Feb
Gulf OU Corp
Jan
1734
Jan
Jan
134
Jan
Mar
1834
Feb
22
Jan
2634
Feb
2034
2134
500
2634
Jan
834
9
"II"
934
234
100
Jan
234
Jan
1434
1634
3,500
234
1434
Feb
*16
200
hi
Jan
Mar
1734
1X«
1634
34
"34k
Jan
3434
110
H§k
934
3534
110
11334 11434
46
Jan
Jan
Jan
Mar
1,900
34
Mar
3934
30
109
Mar
11134
Jan
70
"
112
Jan
11434
Mar
934
Mar
Jan
1434
Jan
18
28
Feb
30
Jan
25
69
Jan
7034
Feb
134
Mar
134
Jan
34
Jan
34
Feb
134
Jan
134
Mar
734
Feb
28
Jan
Hartford Rayon v t c
1334
Jan
834
134
934
134
1,400
634
934
Mar
434
Feb
1234
Jan
534
Mar
28
200
Mar
Mar
2734
1
300
31
Mar
Hecla Mining Co
Jan
109
Mar
Helena Rubensteln
134
Jan
7134
Mar
34
Jan
134
134
77
Mar
Jan
Jan
"2k
""566
134
Mar
234
Jan
734
300
634
Jan
734
Mar
Feb
1234
10
Jan
234
Hearn Dept Stores com..5
Mar
25
6
27
Corp
Jan
2,000
400
1
B non-vot common
Hazeltlne
78
134
11
6%
conv
preferred....60
25c
1934
634
734
Preferred
Preferred
25
ex-warr
300
234
Feb
5234
625
4234
Jan
5534
Mar
20 34
22 34
1,450
1734
Feb
2434
Mar
Feb
10
34
1934
1934
Jan
$7 preferred series A
*
$6 preferred series B
*
1534
Easy Washing Mach B
*
334
1634
1 534
4
1 634
134
2 34
5 34
6 34
5834
6834
13
Mar
1534
Economy Grocery Stores.*
Eisner Electric Corp
1
6
$5
preferred
*
5834
5734
J6
preferred
*
6834
67
Elec P & L 2d pref A
*
13
1234
100
500
100
1,600
11,900
1,900
1,900
150
warrants
Mar
15
Mar
334
16
134
534
55
62
1234
2
1
1
34
26
26
34
100
1234
34
4
Mar
26
66
69
70
68
100
'7lk
70
68
34
70
...100
Empire Power part stock.*
25
734
~26*
1134
600
234
1734
Jan
334
Jan
100
Jan
2134
Feb
634
1,800
634
Feb
Jan
734
300
434
834
834
2634
10
100
~26~
"166
26
Jan
Jan
734
734
Jan
1034
Mar
Jan
11
Mar
Jan
2734
Mar
27
Mar
Jan
Mar
1134
100
1134
76
7734
525
67
2034
300
2034
"I6k "I6k
"loo
12
Jan
100
934
1234
Mar
1234
Mar
14
Jan
14 34
Feb
2934
77
Jan
HolUnger Consol G M
1034
Jan
Holopbane Co common..*
Feb
'
Jan
1234
Jan
79 34
Jan
Feb
Mar
2134
Feb
Feb
Horn A Hardart Baking
Jan
120
Horn A Hardart
3334
110
Jan
3534
Feb
Feb
11134
Mar
1634
Mar
234
Mar
834
Jan
Mar
6134
Jan
Mar
70
Jan
preferred
100
HubbeU (Harvey) Inc..
Mar
20
Jan
Humble Oil A Ref
Jan
Hummel-Ross Fibre Corp 5
Jan
Hussmann-Ligonier Co.
Jan
{Huylers of Del Ino—
Mar
Jan
Mar
334
14
134
23
Jan
26
Mar
Mar
79
Feb
5%
Common
6034
1,000
434
434
100
Mar
Hygrade Food Prod
7134
Mar
Hygrade Sylvania Corp..*
Jan
72
Mar
Jan
26/
2434
2434
434
2434
125
Eureka Pipe Line com..50
27
27
27
FairchUd Aviation
10
700
50
Jan
834
34
Mar
Feb
•11
Feb
2334
434
Jan
Mar
Jan
2534
434
Jan
27
Mar
2334
9 34
Mar
434
Mar
11
Jan
FairchUd Eng & Airplane. 1
534
434
534
1,400
9,200
Faistaff Brewing
1
934
934
400
734
Jan
Fanny Farmer Candy
1
934
2534
1234
634
934
2534
50
1334
1434
1,300
2334
1034
Jan
"iik
Jan
Feb
Jan
Feb
Hydro-Electric Securities
5
arrear
Jan
534
Jan
Jan
Jan
34
1034
Feb
Jan
1034
Feb
4034
234
3834
234
4034
700
550
Feb
234
Jan
29
Jan
Mar
234
3
4034
Jan
Feb
Jan
Mar
50
"2234 "2334
"ilaoo
434
500
434
Illuminating Shares A..
Imperial Chemical Indus—
Am dep rets regis
£1
Imperial Oil (Can) coup.
Reglstered
Mar
Mar
Mar
Mar
Jan
6334
Mar
Mar
11
1134
11
1134
1134
4
6
Jan
Jan
Jan
Jan
1,300
11
Mar
1234
Jan
600
11
Mar
1234
Jan
Jan
1334
Jan
Jan
24 34
Feb
734
Mar
Imperial Tobacco of Great
1434
2634
634
734
Imperial Tobacco of Can.5
2534
Mar
Jan
1134
*
Mar
6034
"23 k~
434
ctfs
Illinois Zinc Co
234
2234
434
734
5% conv preferred
Dlv
68
Feb
734
«34
234
Hllnols Iowa Power Co.
25
Mar
434
Jan
34
70
Mar
Jan
58
...
7% pref stamped
100
7% pref unstamped. .100
70
200
Britain A
Ireland
Indiana Pipe Line
Indiana Service
7%
1911.
14
5934
Jan
1,500
434
Feb
Mar
Feb
(Geo A) & Co com*
Jan
716
1034
1434
Horn (A C) Co common
Jan
834
Jan
35
Hormel
Jan
6034
he
834
Jan
Jan
1734
6334
6534
100
Jan
120
434
Jan
64
72
934
7
1234
.,
Feb
70
175
834
1
Horder's, Inc
5
20
7134
'16
234
1934
29
2034
Hey den Chemical
10
Hires (Cbas E) Co
1
Hoe (R) A Co class A...10
77
26
Empire Diet El 6% pf 100
Empire Gas & Fuel Co—
1
Mar
Holt (H)—See Henry
34
Emsco Derrick & Equip. .5
Equity Corp common.. 10c
$3 conv preferred
1
27
Henry Holt & Co—
Participating class A.
334
9
100
100
.25
w w
2234
15
1934
634
10
334
5034
*
Elec Bond & Share com..5
Jan
27
Class A
HeUer Co common
52
100
100
Feb
Haverty Furniture conv pf *
Hewitt Rubber common..5
334
Feb
Hat Corp of America—
7i34
634
1034
10
page
Jan
135
10
134
"2"
*
see
7 34
Jan
HammermiU Paper
Jan
Eastern MaUeable Iron..25
For footnotes
500
114
Jan
Jan
Mar
....
*
MetaUurgical...*
934
Mar
40
Gypsum Lime A Ala bast.*
Hall Lamp Co..
5
Mar
East Gas A Fuel Assoc—
Fansteel
""150
Haloid Co
7134
134
100
Hosiery cl B com *
Duro-Test Corp common. 1
Esquire Inc
~43~~
105
Jan
734
10834
2734
DubUIer Condenser Corp.l
100
225
/ Mar
1134
Jan
Jan
.1034
534
Durham
6% preferied
634% preferred
7% preferred
8% preferred
Mar
10834
7
Feb
600
73 34
10
Electrol Inv v t c com
834
105
Jan
134
TOO
100
Electrographlc Corp
27 34
234
*
preferred
1554
Mar
800
134
434
n"
*
Elgin Nat Watch Co
25
Mar
934
Harvard Brewing Co
Dominion Tar A Chemical*
Option
Jan
Feb
1434
2534
634
Hartman Tobacco Co...
Mar
13
Dominion Steel & Coal B 25
Eastern States Corp
Feb
Hartford Elec Light
2134
Dlvco-Twin Truck com__l
434% prior pref
6% preferred
25
9
Gulf States Utll 15.50 pf.*
$6
Feb
130
Grocery Sts Prod com..25c
Mar
Dobeckmun Co common. 1
Common
Jan
Feb
"43"
105
*
934
Am deprcts ord reg...£l
Eagle Picher Lead
Jan
*16
100
934
25
DistUled Liquors Corp...5
DistUlere Co Ltd—
Duval Texas Sulphur
Jan
Mar
7
100
Feb
1634
preferred
10
Diamond Shoe Corp com.*
Duke Power Co
*
14
7%
preferred
10
Non-vot com stock
100
De VUbiss Co common.. 10
7%
*16
25
*
100
1
Driver Harris Co
100
500
Jan
2 4 34
*
preferred
2634
17
Detroit Steel Products.._*
Draper Corp
$3
134
134
34
20
w w
Detroit Gray Iron Fdy...l
Det Mich Stove Co com__l
10
50
434
134
2734
*
Detroit Gasket & Mfg—1
6% preferred
Mar
434
19
200
Jan
Great Atl A Pac Tea—
1634
"7k~
""A
6,200
Grand Rapids Varnish...*
Jan
29
734
Stores
1
Dennlson Mfg cl A com. .5
Dejay
734
Gorham Mfg common.. 10
434
Decca Records common. .1
$6 prior pref
*
112
1734
35
Class A conv
preferred
Gorham Inc class A
434
1
Dayton Rubber Mfg
$7
*
634
5
Darby Petroleum com—5
Davenport Hosiery Mills.*
734
834
834
10034 10034
734
Godchaux Sugars class A.*
Jan
*
Curtis Mfg Co (Mo)
*
Class B
10
preferred
*
18
25
Crystal OU Ref com
Co....
preferred
£1
10
6% pf.100
100
634
734
Feb
2,100
10
10
10
1034
1034
20
10
Mar
16
Jan
Mar
1634
Jan
Week'8 Range
for
(.Continued)
Sale
of Prices
Week
Par
High
IjOw
Price
110%
109J* 110%
250
109%
Mar
113
100
%
Mar
1
Feb
Jan
1
Feb
1
1
preferred
100
71%
10
Mach *
"nU
""700
72
22%
22
Elec—
Pref $3.60 series
Internat Industries
9%
10
60
Inc...l
1%
1 %
200
of Prices
High
Range Since Jan. 1, 1940
for
Week
Shares
Indus A..*
Internat Paper
& Pow warr
»i.
500
3%
%
Mar
7%
1,500
7%
Mar
4%
Mar
150
17%
Jan
18%
Jan
114%
Jan
2
Mar
Feb
8
Jan
.1
"lH
%
Jan
Jan
11
7%
Jan
73%
Feb
22%
Mar
Mid vale Co
-.10
Sup...*
9%
1%
Mar
14%
Jan
Midwest Oil Co
600
Feb
1%
Jan
Midwest Piping &
8
Mar
12%
Jan
Mar
107
7%
225
1%
7%
1%
7%
Mining Corp of Canada.
1%
18
106
shares.*
*
50c
$2 non cum dlv
Feb
21
18
600
8
1%
1%
3,300
3
M innesot a
Jan
500
200
66%
650
Mississippi River Power-
17
17%
1,400
17
Mar
19%
Feb
17%
17%
17%
Mar
19%
Feb
4%
17%
4%
400
4%
1,200
4%
Jan
%
100
%
Jan
%
Mar
Mock Jud Voehrlnger—
$2.50
10%
500
8%
%
Jan
9%
Mar
%
Jan
Molybdenum Corp
1
Monarch Machine Tool..*
30%
18%
Jan
Monogram Pictures com
37
Jan
Monroe Loan 80c
%
Class B
1
8%
%
$1.75 preferred—
*
1,100
16%
300
32
50
Feb
3%
Mar
Jan
8%
Jan
13%
200
10%
Feb
13%
Mar
3%
25
3%
%
Mar
Mar
5%
Jan
%
Jan
17%
Mar
17%
Feb
Jan
*11
Jan
Feb
3
Jan
Jan
2%
Feb
Murray Ohio Mfg Co
2%
2%
1,600
1%
1%
200
1%
90 %
89%
96 %
96%
preferred
100
preferred
...100
7% preferred
100
Jones & Laughlln Steel. 100
90%
96%
1.50
50
88
Jan
95
Jan
28%
1,200
25%
Mar
36
Mar
27%
Jan
6
Jan
Mar
% pref. 100
Keith (Geo
7%
6%
4%
7%
4%
600
20
Key Co common
3%
111
%
%
Jan
%
500
5%
17%
4%
6%
preferred.
Mar
7%
MaJ
4%
Jan
Mar
Jan
Mar
National Fuel Gas
Mar
Nat Mfg & Stores com
*
National Refining com
*
Jan
National Steel Car Ltd
B
10%
Jan
National Sugar Refining.*
Jan
7%
Jan
National Tea 5 % % pref. 10
300
Jan
88%
6%
85
Mar
*
Common
100
2,000
1,200
300
'166
2%
8,800
%
Feb
Navarro Oil Co
Jan
12%
Feb
Feb
*6%
Jan
43%
Mar
Mar
3%
Feb
25%
Jan
4%
Mar
9%
80
Jan
Nelson (Herman)
Jan
11%
Feb
16%
Feb
6%
Mar
6%
Mar
Feb
%
Feb
Feb
6
Feb
2%
Jan
3
Mar
13%
9%
50
1,800
1%
Jan
New England Tel
Jan
New Haven Clock Co
Jan
16%
Mar
New Jersey Zinc
Jan
22%
Mar
New Mex & Ariz Land
1%
Jan
New Process Co
Jan
13
9%
13%
Mar
Jan
10%
Jan
1
Feb
Jan
76
39%
Mar
37%
36%
Mar
44%
Jan
2%
Mar
"260
28%
28
5
400
%
700
8i#
Jan
1%
Jan
5
Feb
6
Jan
Jan
105%
Jan
1%
Mar
3%
27%
3%
"27% "28"
5%%
9
Jan
25
Jan
166%
4%
17
*
165
4%
17
24%
%
Jan
28%
Mar
Mar
7u
Jan
Feb
Jan
»li
Feb
New York Transit Co
200
"266
11%
1%
•u
Jan
Feb
1%
Mar
12%
14%
3,200
%
Feb
117
Jan
60
70
Jan
Feb
14%
Mar
13%
Mar
Feb
6
Jan
Mar
6
Jan
Jan
1
Jan
Jan
1%
Jan
Mar
13%
76%
25%
75
11%
130% 132%
60
132%
5
5
5
Feb
124%
133
200
5
Jan
Mar
400
12
Jan
13%
550
60
Feb
65
1
Feb
12%
60%
13%
62%
1%
1%
100
""2% "3"
13%
Feb
24%
"366
6%
1%
33
Feb
33
2
Feb
3
10
Jan
Jan
Feb
10
1st preferred
5% 2d preferred
5%
100
100
3%
5
Class B common
Nipissing Mines
Jan
2%
Jan
Noma Electric
Mar
Jan
Jan
2
Feb
Jan
4%
200
4%
Mar
5
29%
Feb
2%
Feb
Common
9%
*
preferred
Jan
Class B
6%
common..
3%
25
Jan
Nor Central Texas Oil
Mar
Mar
4
Jan
Mar
Jan
3%
Feb
30%
4%
Mar
%
Feb
%
Mar
Jan
67
89
450
84
Mar
80
10
*73
Jan
81%
Feb
«.i
Feb
5%
Jan
Mar
Feb
99%
"62""
""166
57%
Jan
67%
Jan
9
1%
"V.ioo
1
Jan
1%
Jan
4%
400
4%
Jan
5%
Jan
19,800
•u
Mar
1%
16
Jan
95
26%
Feb
26%
49%
Jan
52
%
Mar
•x«
2%
Jan
3%
ht
101 %
108%
108%
Jan
Ohio Power 6%
preferred-.100
pref
100
114%
Jan
Feb
%
Jan
Ohio PS 7% 1st pref... 100
115%
%
Jan
Mar
7%
Jan
Oilstocks Ltd common
%
Jan
uii
Jan
Oklahoma Nat Gas com.15
4%
Feb
$3
preferred
S5 % conv prior
pref
100
Jan
106 %
1108%
20
106%
Jan
114
7%
200
7%
600
1!*
Jan
12%
Mar
15%
18
18%
300
16%
Jan
18%
35%
36
600
20-
100
7%
Omar Inc
1
*
19%
Mar
Jan
37
103
23
114% 114%
115% 115%
98%
Jan
110%
104%
30
113%
Feb
116%
30
112%
Feb
Jan
115%
107%
7%
103
5
50
*
1
35
106%
110% 110%
Feb
8
18%
Jan
21
46
Jan
50
25
50
100
*
Securities
36
*
Oliver United Filters B
Overseas
ht
20
102
20
18%
Feb
Oldetyme Distillers
Feb
11
7%
42%
Feb
Jan
Mar
Feb
Jan
6% 1st preferred
Feb
Feb
4%
94%
24%
Ohio Brass Co cl B com..*
Ohio Oil 6%
Feb
5%
400
73%
Jan
Ohio Edison $6 pref
1
23%
Northern Sts Pow cl A..25
Northwest
Jan
4%
4%
5
1
Nor Ind Pub Ser 6 % pf. 100
7% preferred
100
Northern Pipe Line
10
Jan
400
Jan
5
Jan
2,275
Feb
«ii
Feb
87%
95
%
300
Feb
25
3%
7n
4%
84
Jan
%
Jan
6,500
24%
Mat
Michigan Bumper Corp._l
Michigan Steel Tube.-2.50
Michigan Sugar Co
*
29
93%
%
%
Jan
25
2%
104
Jan
6%
89%
5
•i«
600
600
5%
21%
4%
500
%
1911.
Feb
Feb
20
300
8%
%
%
10
Feb
6%
"62"
Engineering..*
Novadel-Agene Corp
*
100
105%
6%
23
Jan
1
4%
Nor European Oil com
4%
75
%
Mar
prior preferred-50
17
100
*
%
15
No Am Utility Securities.*
200
10
Feb
*
Feb
167
%
104% 104%
12%
1
Feb
15
42%
104%
300
14
Nor Amer Lt & Power—
21%
Feb
Metropolitan Edison
Jan
300
1
7%
15
104%
80
5%
89
5%
3
Jan
10
104
3%
%
1
Mar
118%
109
6%
5
63
25c
9%
Jan
23
Nineteen Hundred Corp B 1
Feb
4%
4
Jan
Jan
13%
*
Feb
25%
25
4 «
28%
7%
114%
104% 104%
100
4%
152%
200
Mar
90
Niagara Share—
Jan
Feb
70
3%
20%
100
%
2%
600
200
400
8%
Class A opt warrants
29
15
24%
115% 116
Class B opt warrants
Jan
39
20%
8%
20%
lie"
5
Common
Feb
Feb
7%
166%
6%% A preferred... 100
8%
Jan
65
pf.100
Mar
1%
35
100
17
%
I
Jan
11%
11%
Niagara Hudson Power—
9
7%
Participating preferred.*
For footnotes see page
300
800
13%
100
preferred
North Amer Rayon cl A..*
Warrants
Preferred
11%
5%
8%
1%
1
Founders shares
$6
*
9,.
400
New York State El & Gas—
2%
3%
1
preferred
1,300
Corp—
N Y Water Serv 6%
15
3%
preferred
Merritt Chapman & Scott
11
1%
25
%
*
preferred
Niles-Bement-Pond
*
McCord Rad & Mfg B
*
McWilllams Dredging...*
S6
$6
N Y Shipbuilding
Jan
May Hosiery Mills Inc—
*
10%
1%
54%
Jan
10
97%
3%
6%
Mar
46
300
Jan
Jan
5%
5%
10
7% pref.. 100
25
25%
Massey Harris common..*
Mexico Ohio Oil
N Y Pr & Lt
Class A preferred
com
50
10%
7%
Warrants
N Y & Honduras Rosario 10
Jan
10
*
Merchants & Mfg cl A
47
7%
115
25
Mar
hi
1
Par tic preferred
*
New Idea Inc common
1
1%
60
39
37
39
*
Metal Textile Corp
*
20
"i%
Communlca'ns ord reg £1
Mesabl Iron Co
& Tel 100
21
"T
Manati Sugar opt warr
Mercantile Stores
1,600
10%
69
14
*
103
§MaJestic Radio & Tel-.l
Memphis Nat Gas com..5
6%
»16
1
275
Conv 7% lstpfvtc.100
*
1%
1
Feb
Jan
40%
1%
1
37
100
1
5%
*
Feb
1%
48%
700
100
*
Jan
Mar
2%
3%
11%
.....
*
100
N Y Merchandise
700
Marlon Steam Shovel
41
88
N Y City Omnibus—
9%
5%
Mead Johnson & Co
Pow Assoc
preferred
preferred
%
18%
13%
9%
Ludwig Bauman & Co com*
$4
$2
35%
11%
"150
2%
Master Electric Co
6%
Jan
"22%
5
Mass Util Assoc v t c
400
3% cum4%non-cum_100
Feb
9%
2%
Margay Oil Corp
44
Mar
450
*
*i»
'"150
*
Mapes Consol Mfg Co
Marconi Internat Marine
11%
13%
3%
Corp...5
N Y Auction Co com
Louisiana P & L $6 pref..*
Mangel Stores
1
$5 conv preferred.....*
Manischewitz(Tne B) Co.*
Jan
Feb
9%
47
"10%
16%
47
3
Nevada Calif Elec com. 100
New Engl
43
Jan
Feb
14%
12
Neptune Meter class A__
Jan
11%
400
*
1st preferred
Jan
31
Feb
2,700
400
*
Nehl Corp old common...*
New wl
*
Jan
Jan
Feb
92
§NebeI (Oscar) Co com...*
Nebraska Pow 7% pref. 100
17%
1
Louisiana Land & Explor. 1
Lynch Corp common
*
55
Jan
..
"l"6% "16%
40%
Conv 7% 1st pref
Nat Tunnel & Mines
Feb
6
300
100
..100
Loudon Packing
5%
Nat Union Radio Corp.__l
Long Island Lighting—
7% pref class A
6% pref class B
12%
17%
6i«
43%
91%
12.50
Transit
National
"26
31%
5
*
12%
3%
*43
*
Jan
Jan
*
._
3%
600
50
9%
12%
3%
*
Nat Rubber Mach
National Oil
1%
13%
10%
Locke Steel Chain
47
"l"2%
Jan
*
Lone Star Gas Corp
15%
47
9%
»i»
95
14%
47
National Container (Del) .1
112%
Loblaw Groceterias cl A..*
Class
50
33 conv preferred
7%
Jan
10
15%
National City Lines com.l
Jan
2%
"22"
%
141%
Jan
28%
25
preferred
2%
%
22
4,900
National Candy Co
Jan
%
25
5%
Jan
2,200
120%
6
Llpton (Thos J) class A..1
Feb
10%
#16
National Breweries com..*
Mar
6%
5%
138
9%
%
10
1
Nat Bellas Hess com
2%
Le Tourneau
Lit Brothers common
20
10
100
*
(R G) Inc.-l
Line Material Co
5
1,400
11%
10%
Nat Automotive Fibres..1
Jan
16%
2%
L500
5%
81%
*
1
Conv preferred
Lehigh Coal & Nav
*
Leonard Oil Develop...25
"3% ""3%
Feb
Nestle Le Mur Co cl A
6%
4%
4%
Mar
4
*
Feb
77%
10%
Products
10
3%
100
*
National P & L $6 pref
*71
10
7U
Jan
10%
preferred
Jan
19%
4%
Jan
10%
6%
Nachman-Flpringf illed
Mar
Mar
5%
»n
600
Jan
2
Langendorf Utd Bakeries—
Lefcourt Realty com
30
%
Mar
72
7% pref..100
Class B.
26
Jan
9%
Jan
41
Lane Wells Co common..1
171
Mar
15%
8%
Mar
11 %
4%
Mar
23
100
1%
55
19
166
400
67%
"88% "88%
Lakey Foundry & Mach._l
30
150
800
1,500
Kresge Dept Stores—
4% conv 1st pref
100
Kress (S H) special pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Lake Shore Mines Ltd
1
168%
23%
?*.
12%
16
8%
10
Koppers Co 6% pref... 100
Mar
8%
""*40
*
1
Feb
7
15%
1%
2%
7
Mar
100
11%
13%
6%
400
8%
%
1%
2%
Kelin (D Emll) Co com..*
Klelnert(I B) Rubber Co. 10
Knott Corp common..
1
32
15%
"72"
"72"
1%
11%
7%
Jan
12%
*
100
Mar
Jan
89
Klrkl'd Lake G M Co Ltd. 1
Class A
Mar
,
*
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
5% preferred D
100
Kingston Products
1
Klrby Petroleum
1
Jan
*
7%
E)7% 1st pf 100
Kennedy's Inc
6
Ken-RadTube&LampA *
5%
%
5%
10
Muskogee Co common
Jan
Jan
Julian & Kokenge com..*
Lane Bryant
90%
98
105%
103 %
27%
116%
25%
Mar
Feb
4 Jan
Muskegon Piston Ring.2%
90
105
104
5
%
Mountain Sts Tel & Tel 100
1%
10
117%
Jan
24%
%
138% 139%
3%
§Mountain States Pw com*
2%
Jersey Central Pow & Lt—
Kobacher Stores Inc
Mountain City Cop com.5c
Jan
Mountain Producers
Feb
4%
Mar
2%
5%%
Feb
Jan
Mar
500
%
h«
6%
Jan
1
7
23
Montreal Lt Ht & Pow.
15%
16
*
Co
Jeannette Glass Co
11
26
§Moore (Tom) Distillery
Mtge Bank of Col Am shs._
50
Jan
67
600
Moody Investors part pf.*
200
Feb
Mar
3,300
31
168
Jan
7%
16%
16
Jan
2
*
Montgomery Ward A
3
500
15%
Jan
Jan
6
6%
6%
30
%
200
16%
Jan
"n
9%
10%
10
7
*3%
*
1
A
6%
A
Util—10
' 8%
3%
1
Italian Superpower
Feb
Mar
13
8%
57%
4%
8
z3%
Vitamin—1
Equip.. 1
Interstate Hosiery Mills..*
Interstate Power $7 pref.*
Investors Royalty
1
Iron Fireman Mfg v t c—*
Interstate Home
Kansas G & E 7
14
30%
Montana Dakota
International
Jacobs (F L)
4i«
14%
31
31
$3.50 prior pref
*
Warrants series of 1940.
%
117
6% preferred
100
Missouri Pub Serv com..*
Jan
5
Common
International Utility
9
Jan
11
65
65
*
Mln&Mfg
17 %
B_*
1%
7%
4%
Minnesota P & L 7% pf 100
Coupon shares
Class A
105
100
Registered shares
International Products. ._*
Irving Air Chute
Feb
Midland Steel Products—
Mar
70%
*
$2 conv preferred
Mar
100
10
1%
International Petroleum
Internat Safety Razor
High
Low
7%
1
Class B v t c new
Middle West Corp com..5
Mid-West Abrasive
8
Internat Metal
'w
100
9
Insurance Co of No Am.
International Cigar
%
%
V t c common
Internet Hydro
Week's Range
Low
Midland Oil Corp—
Industrial Finance—
1940
%
Class A v t c new
1
Class B
Price
Middle States Petroleum—
Jan
%
%
Sale
Par
Hihg
Low
%
Indpls P&L6H% pf-.lOO
Indian Ter Ilium Oil
Non-voting class A
Shares
Last
STOCKS1
(Continued)
Range Since Jan. 1, 1940
Last
23,
Sales
Thurs,
Sales
Thurs
STOCKS
7%
March
New York Curb Exchange—Continued—Page 3
1908
21
20
2%
2,000
Jan
49%
200
111% 113%
2
2%
300
111%
Mar
114%
1,600
1%
Feb
2%
7%
Jan
8%
Feb
2%
Jan
3%
Feb
49%
113%
21
107
Volume
New York Curb Exchange—Continued—Page 4
149
Thurs.
STOCKS
Last
{Continued)
Sales
Week's Range
Sale
Par
Price
of Prices
Low
for
Range Since Jan. 1, 1940
Low
134
5%% let preferred...25
Pacific Lighting $5 pref—*
Pacific P & L 7% pref—100
Pacific Public Service
$1.30
34%
30%
107
34
%
30%
34%
700
30%
107
100
107
50
preferred
*
Pantepec Oil of Venezuela—
5%
5%
5%
10,100
34
Mar
64
Feb
Feb
20
54
"l2%
..
Jan
9
Feb
Selby Shoe Co
Jan
"l2% "l~2%
4
104
Feb
Common
Mar
Jan
Convertible
Feb
35 4
Jan
$5.50 prior stock
Jan
494
Feb
16
Feb
2%
Pennroad Corp com
1
Cent Airlines com.l
174
2
2%
1%
14%
3
Feb
4
2 4
Mar
*i#
Mar
600
2
3
Mar
112
109)4 109)4
Mar
Feb
2
Shattuck Denn Mining...5
Shawinigan Wat & Pow..*
Jan
2
Jan
Jan
113%
7
7%
Mar
174
800
Feb
24
724
904
284
Mar
74
Jan
Feb
84
84
Mar
Jan
Jan
Jan
Mar
Jan
Jan
120
Jan
314
6 4
Feb
10%
38%
11)4
25,300
40%
850
10)4
100
94
Jan
"14 "14 "I/Joo
4
Feb
14
Jan
64
1,400
14
7
%
8
600
Pitts Bess& LE RR.—50
1
104
Pittsburgh & Lake Erie.50
50)4
Pittsburgh Forgings
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
$3
conv
*
pref
m*
7.50
Polaris Mining Co
Solar Mfg Co.
Sonotone Corp
94
104
2
24
24
370
114
114
1024 1034
14
14
94
104
*
"30
114
Feb
Feb
Feb
%
Feb
14
14
6% preferred B
4%
"14
14
374
374
5% original preferred.25
Jan
2
1%
143
Jan
24
1%
Feb
Feb
155
Mar
Feb
Jan
%
100
104%
%
Mar
Feb
%
Mar
1%
Jan
105%
Mar
Feb
14
4%
200
1%
Jan
1%
Mar
300
4
Jan
4%
Mar
14
384
1,400
1%
Mar
300
37%
Mar
44
Jan
Jan
35
Feb
22
2%
Jan
44%
44%
10
44%
Mar
46%
Mar
30%
400
29%
Jan
29%
29%
800
28%
Jan
30%
30%
Mar
Jan
Southern Colo Pow cl A.25
1%
1%
100
1%
Mar
7% preferred
100
South New Engl Tel
100
Southern Phosphate Co. 10
170%
"""40
Feb
114
614
Jan
Jan
94
99
Jan
14
4
*
Preferred A
1%
Spalding (A G) & Bros_._l
5% 1st preferred
*
Spanish & Gen Corp—
Am dep rets ord reg..£l
Spencer Shoe Corp
*
Stahl-Meyer Inc
...*
Feb
Feb
Mar
14
4
44
Jan
Jan
Jan
Jan
9
8%
814
Feb
Jan
Jan
22 4
Mar
Jan
14
Jan
200
1
Jan
394
9
'is
'16
4
42
Mar
Jan
10
Feb
200
hi
100
34
*
*
Jan
84
4
8
8
8%
1,800
*
6
974
Jan
Feb
Mar
Jan
Jan
4
54
94
84
100 4
Mar
Jan
Feb
Mar
Mar
Public Service of Colorado
100
100
Standard Brewing Co
Common
conv
60
106%
1104
13%
24
13%
Jan
"""160
5%
Jan
19%
5%
Mar
100
2%
Jan
2%
Mar
20
24
24
24
400
16%
1,100
23
23
23%
400
24
Jan
%
Jan
14
Jan
16%
Mar
19%
Jan
24
Mar
14
Mar
11
Mar
29%
37%
Mar
Standard Oil (Ohio) com 25
$5 preferred
.100
20%
33%
20%
33%
110
20
J:
20%
800
34%
1,300
28%
Mar
50
108%
Jan
110
2%
n
Jan
110
Feb
Feb
Feb
Jan
106 4
Feb
Standard Pow &Lt
1
316
*16
18,200
316
Mar
113 4
Mar
Common class B
*
316
sie
100
*16
Mar
%
%
*
Mar
27%
Jan
Jan
Standard Products Co...l
8%
Mar
10
Jan
Jan
Standard Silver Lead
4
Jan
*n
Jan
32%
Mar
40%
1%
Feb
21
Feb
504
1074 1074
20
104 4
Jan
1094
Feb
Standard Steel Spring
Standard Tube clB
109%
Jan
1124
Feb
Standard
Wholesale
20
8%
84
20
8%
50
20
400
1
5
"34%
32%
34%
"40"0
1
1
Jan
21
Mar
1
Jan
62
Feb
Jan
Jan
Jan
Phos¬
phate & Acid Wks Inc.20
78 %
77 4
78 4
375
75 4
Mar
86
Jan
Starrett
24 %
224
25
450
224
Mar
32 4
Jan
Steel Co of Canada—
154
154
200
11 4
Jan
174
Mar
'"04 "64
84
(The) Corp
Ordinary shares
*
9
Mar
Stein (A) & Co common..*
74
Feb
Mar
Sterchi Bros Stores
"166
04
Jan
20
1154
Mar
125
Feb
153
30
1494
Feb
153
Jan
124
Mar
13
Mar
10 4
Feb
6% 1st preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc.....l
Feb
4
Feb
Stetson (J B) Co com...
Stinnes (Hugo) Corp
Feb
Raymond Concrete Pile—
124
39 4
124
1
Feb
35
Jan
40
Mar
4
14
244
Jan
Mar
14
2%
26 4
Mar
Jan
54
hi
39 4
14
4
1
Jan
54
*
50c
18%
50
104
10
1,100
*
*
Reeves (Daniel) common
50c
Reliance Elec & Eng'g___5
5%
54
54
12,900
1
1
184
"184
""206
*
4
1
14
14
14
200
Jan
6
Feb
13%
50
3%
100
Jan
Sunray Oil
7%
10
11%
13
4
13
""150
94
Feb
11
13
1,100
94
Jan
104
Jan
Feb
34%
100
33
Mar
36
13
>Jan
13
4%
100
Taggart Corp com
1
4%
Feb
Tampa Electric Co com..*
Tasty east Inc class A
1
27%
$3.30 A part
Class B common
15
104
Jan
»i#
1044
Feb
Technicolor Inc common.*
101
Jan
1044
Jan
110 4
Feb
1164
Feb
Tcxon Oil & Land Co
2
124
Jan
Thew Shovel Co com
5
Taylor Distilling Co
100
12 4
Jan
100
Jan
Mar
Root Petroleum Co
1
24
24
100
24
Mar
6 4
Mar
*
*i»
63
*
2 %
250
66
Jan
*16
Feb
1
±4
200
*
134
Ryan Consol Petrol
*
Ryerson & Haynes com._l
St Lawrence Corp Ltd
*
14
400
65
Mar
34
Jan
5
Mar
134
Jan
154
Jan
43
4
Jan
Jan
47 4
Mar
Ordinary reg.
14
600
Def
registered
5
Jan
Jan
2%
21%
12%
600
2%
18%
Feb
2%
Jan
23%
Feb
11%
%
Jan
13%
Mar
4%
100
450
100
10%
900
4
5
3%
754
Jan
Jan
74
Jan
4
14
35
1
Jan
Jan
Jan
*
134
4
134
134
200
12 4
Jan
14
Jan
284
28
284
800
28
Mar
31
Jan
28
28
10
24
Jan
400
Mar
Scranton Elec S6 pref
*
Scranton Lace common..*
1911
294
Mar
Jan
10%
Jan
175
66
64%
Jan
Jan
*16
Tubize Chatillon Corp.-.l
25
4
65%
Trunz Pork Stores Inc—*
Feb
Jan
Jan
%
Jan
Trans Lux Corp—
Jan
Jan
04
Jan
7% preferred
...100
Tonopah Mining of Nev.l
15
Feb
04
*
Jan
5
Jan
Transwestern Oil Co....10
35
...1
1
59
Jan
Mar
Tri-Continental warrants
Sanford Mills
Jan
Mar
4%
56
70
Jan
Samson United Corp com. 1
Jan
109
Jan
Jan
Feb
Mar
115
Feb
57%
64
4
63
16%
114
Jan
2
175
59
100
Feb
Jan
Jan
24
Mar
•ii
%
12%
110%
100
105%
44
24
24
Jan
112
Feb
4,400
2%
%
4%
*
Feb
Jan
Jan
Jan
Jan
Toledo Edison 0% pref 100
14
14
15
pref..50
Jan
36%
40
%
£1
...5s
3 4
14
Jan
Mar
27
Tobacco Secur Tr—
Todd Shipyards Corp
65
6
1,600
2%
20%
Tobacco Prod Exports...*
24
34
34
74
Jan
9%
15
Tobacco & Allied Stocks..*
24
104
14
Feb
24
114
24
114
5
2
114
14%
113
...1
Realty & Constr *
5
Jan
Mar
13%
37%
12%
15
Tilo Roofing Inc
Roosevelt Field Inc
700
29
%
1
Rome Cable Corp com
6%
4%
Jan
*i6
Texas P & L 7% pref..100
Royalite Oil Co Ltd.....*
%
10%
13%
10
14
334
Jan
Jan
4%
Mar
300
0% preferred D
100
Rochester Tel 6%% prflOO
20
3%
Feb
200
Swan Finch Oil Corp
Feb
2
4%
1,900
Superior Oil Co (Calif)..25
Superior Port Cement
irishman
8%
Jan
1%
Jan
Am dep rets ord reg... £1
Jan
Jan
37%
34%
Jan
Jan
50
5%
1%
1%
Feb
14
4%
100
37%
19%
x 54
24
Rolls Royce Ltd—
8
1%
Feb
Jan
7%
Feb
37%
Mar
Jan
4%
36
1
—
Rochester G&E16 % pf C100
Roeser & Pendleton Inc..*
9%
10%
»i$
Feb
14%
Jan
...50
...
54% conv pref.
5
*
*
1
64
14
Mar
*i«
4%
Jan
Feb
Jan
34
8
Mar
Feb
12
Jan
62
33
4
134
4
200
(S) Co
Jan
Jan
34
1%
2%
Sullivan Machinery
Sun Ray Drug Co.,
Rio Grande Valley Gas Co-
1
Stroock
._*
Feb
13
1
13%
3%
Sterling Inc
153
4
'
600
v t c.l
1154 H6
8
page
Jan
2
Jan
Feb
*
St Regis Paper com
Mar
Feb
Mar
Jan
39 4
$2.50 conv pref
Jan
2%
1%
%
16
Feb
*ie
1%
104
15
Jan
1%
425
Rustless Iron & Steel
Jan
*i6
8%
454
Ry & Light Secur com..
Rossia International
12
Feb
12%
444
Railway & Util Invest A_1
Voting trust ctfs
2%
100
44%
100
.
14 %
""5% "~5%
24
200
Feb
Pyle-National Co com...5
Radiator—_
Jan
200
794
Pyrene Manufacturing.. 10
Quaker Oats common
*
Republic Aviation
{Reynolds Investing
Rheem Mfg Co
Rice Stix Dry Goods
Jan
Feb
10%
93 4
Reed Roller Bit Co
3
14
250
Puget Sound Pulp <fc Tim *
preferred
Jan
2%
300
2
884
Red Bank Oil Co
3
Jan
Puget Sound P & L—
Common
2%
10%
874
6% prior lien pref
100
7% prior lien pref.-.100
Quebee Power Co
Mar
14
88
*
*
3
Mar
Jan
4%
""6% "6% """266
66
170%
6%
7%
Mar
1
*
$5 prior preferred
$6 preferred
"04
Jan
preferred-.20
Standard Invest $54 pref *
Standard Oil (Ky)
10
*
$6 preferred
Public Service of Okla—
Feb
Jan
2
Preferred
1124 1134
Public Service of Indiana—
$7 prior preferred
Mar
167
*
Standard Cap & Seal com. 1
Conv preferred
10
Standard Dredging Corp—
$1.60
169"
5%
Southland Royalty Co...5
4
700
66
169%
25
Jan
204
1
*
1st preferred
1st preferred
10
Feb
8
25c
$6 preferred
Jan
Southern Pipe Line
Southern Union Gas
15
81 4
*
Prudential Investors
14
Mar
Mar
11
"u
100
Providence Gas
12 4
104
Jan
Jan
100
44
Prosperity Co class B
84
Jan
14
4
*
Producers Corp
l-or footnotes see
Jan
Mar
30%
45
Jan
800
44
Pressed Metals of Am—1
Mfg..
15%
21
25
Jan
100
5
Prentice-Hall Inc com
Savoy Oil Co
Jan
Jan
Jan
1%
4
Southwest Pa Pipe Line. 10
Southern Calif Edison—
Jan
Premier Gold Mining.... 1
Schiff Co common.
Mar
1%
1
444
13 4
Jan
55
100
900
5
—
Pratt & Lambert Co
Scovill
11%
6,900
"l45% 146"
1
Soss Mfg com..
94
1,200
56 4
55
Canada..*
1st preferred
100
.
Jan
Jan
1
South Coast Corp com_._l
South Penn Oil
...25
Feb
Power Corp. of
7 % preferred —
Salt Dome Oil Co
114%
14
Amer dep rets ord reg.£l
Sioux City G & E 7% pf 100
Skinner Organ
5
Feb
74
*04
25c
Potero Sugar common
conv
Jan
19
*
Jan
Pneumatic Scale com... 10
Class A $2
111
54% pref series C...25
1
.
74
Russeks Fifth Ave
96%
Simmons-Boardman Pub—
Jan
34
1
Silex Co common
6
10%
Simplicity Pattern com..l
Singer Mfg Co
100
Singer Mfg Co Ltd—
10%
Meter
Royal Typewriter..
Jan
Feb
20
Mar
Mar
54
11%
pref
Feb
89
112
Simmons H'ware & Paint. *
Pitney-Bowes Postage
conv
Feb
6%
112
Feb
X304
40%
Pioneer Gold Mines Ltd.
$1.20
7%
5% cum pref ser AAA 100
16
6
*
Mar
18%
450
Feb
117
1
Mar
Feb
93
Feb
*
series A. 10
Feb
1%
2%
Feb
91
175
26
7)4
•is
Jan
Mar
5%
15%
Jan
24
7%
Jan
Feb
*16
2
400
Feb
*
Oil..
9,600
17%
112
Phoenix Securities—
Raytheon Mfg com
14
54
15%
Mar
Philadelphia Co common
preferred
14
Serrick Corp
1
Seton Leather common...*
1094
PnUa Elec Pow 8% pref.25
Richmond
Jan
»ie
111
Mar
Reiter-Foster
52%
60
*
conv
150
25
Mar
$3
57
£1
Sherwin-Williams of Can.*
f3
Alexander
1,500
bhreveport El Dorado Pipe
Line stamped
...25
77
6%
57
Amer dep rets reg
Jan
550
0%
7%
Jan
Mar
Mar
384
200
0%
%
Mar
78
Powdrell &
916
6%
59%
59%
Jan
07)4
Plough Inc com
%
Jan
65
77
Pines Winterfront Co
4
Feb
Jan
12
1
Jan
Jan
Feb
1064
109%
11
%
Jan
05
common.
Jan
4%
Mar
Pepperell Mfg Co——100
Conv $3 pref
Mar
7
52 %
4
Penn Water & Power Co.*
Common
9%
74
250
17 4
Pennsylvania tugar com
Penn Traffic Co
2%
Phillips Packing Co
Mar
200
Jan
50
20
Phila Elec Co $5 pref
1%
8%
5
Jan
2
112
Pharis Tire & Rubber
Jan
7,200
1,000
Sherwin-Williams com..25
Penn Pr & Lt $7 pref
Perfect Circle Co
%
1
Jan
57
14
*
—*
Feb
5
37
preferred..
39%
Feb
1
56
114
Pennsylvania Gas & Elec—
Penn Salt Mfg Co
Jan
Jan
Mar
9%
5
13.600
*
Class A common
"11
7
.1
5,500
17%
Pennsylvania Edison Co—
pref
$2.50 series pref
Mar
53
...25
stock
65
Penn
$5 series
Feb
4
Sentry Safety Control—1
-2 %
Mar
»i6
Selfridge Prov Stores—
34 4
50c
Penn Traffic Co
7%
700
39
Allotment certificates
Jan
Jan
pref25
Penn-Mex Fuel
500
4
*
43 4
12
""600
Jan
74
%
74
Selected Industries Inc—
12
""266
9
High
45%
*
—
34
Jan
Jan
Low
74
Segal Lock & Hardware..1
Jan
Range Since Jan. 1, 1940
Shares
4
com
Warrants
334
9
High
Securities Corp general.._*
Seeman Bros Inc
*
30
9
A—*
for
Week
of Prices
pref..*
Jan
Feb
Feb
44
Peninsular Telephone com*
Pierce Governor
Water Service $6
Sculin Steel Co
314
Feb
54
Week's Range
Low
Scranton Spring Brook
1084
95%
Mar
12
Parkersburg Rig & Reel-.l
Patchogue-Pl y mouthM ills *
$6
Mar
Price
Sales
Seiberling Rubber com...*
shares
Class A $1.40 cum
Mar
34 4
Jan
Feb
304
20
Paramount Motors Corp.l
Parker Pen Co
10
Pender (D) Grocery
Class B
14 4
Feb
107
"200
1st
American
33 4
Sale
Par
High
88
"~5~4 "~54
*
Last
(Continued)
Shares
Pacific Can Co common._*
Pacific G & E 6% 1st pf.25
STOCKS
Week
High
1909
Thurs.
Common
Class A
...
1%
1%
800
1
Jan
1%
Mar
2%
2%
2%
800
2%
Mar
3%
Feb
%
%
%
400
*16
Jan
»u
8%
Jan
78 %
Jan
400
8%
Feb
Jan
300
31%
24
Jan
10%
39%
3%
..1
9
34
1
Tung-Sol Lamp Works.-.1
80c conv preferred
*
1
Udylite Corp
§Ulen & Co ser A pref.—.*
Series B pref
1—-*
9%
34%
2%
7%
3%
3%
%
%
2%
7%
3%
%
200
1,400
7%
3%
%
200
%
500
2,400
Mar
Jan
Feb
Jan
Feb
8
Jan
Feb
4%
Jan
Mar
1%
Jan
Mar
1
Jan
Lout
I Sale
I'art price
10
*
Unexcelled Mfg Co
Union Gas of Canada
Week's Range
High]
Low
900
300
com...*
Sts
UnStk Yds of Omaha.. 100
United Aircraft Prod
1
United Chemicals com—*
A oart
United
18*4
6*4
18 A
7
2,100
200
*
1st $7 pref.
United G & E
com_.._l
non-voting.*
IX
"%
99*4
Jan
Jan
102*4
Feb
23,666
100 A
94 M
Mar
Jan
64 M
Jan
Canada Northern Pr 5s '53
7% pref. 100
A.
Feb
Jan
Feb
1X
Mar
2%
Jan
300
92*4
Jan
101X
Mar
X
Feb
?u
Jan
Jan
89
Jan
%
Mar
IX
Jan
f^Chlc Rys 5s ctfs
Mar
Jan
Jan
IX
38 V,
Jan
33*4
25
2,1 (X)
.50
Jan
25
Mar
Cities Service 5s..
Feb
70
Feb
29%
240
100
78 X
77
7814
525
%
71X
43
42%
5%
43
6%
6%
40
42%
Jan
P
Jan
4%
243 X
Feb
Jan
1%
Feb
Feb
Mar
A
Feb
6*4
6
4*4
Jan
6%
Mar
Jan
7%
Feb
Jan
7A
Feb
At
Mar
"16
200
500
4
800
61
Jan
3
JaD
%
71
29 A
3*4
Feb
6
2614
Mar
Jan
33 A
Mar
Feb
2%
5,200
19%
1,150
27 X
IX
32
400
2M
Feb
5
»u
Jan
M
M
700
2%
2%
2M
1,400
^
2
6%
200
5,700
Jan
11%
1,000
1,300
63%
100
63%
53%
Wagner Baking v t c
*
53 %
53%
49
Jan
93
Mar
Jan
95*4
Mar
Jan
*
1
.1.25
70
13.000
66
Jan
85
80
Mar
86
83%
86
64,000
44,000
76*4
92*4
Jan
84%
69 A
83 A
80 M
Mar
95 %
95
96 M
46,000
91
Jan
92*4
97*4
Mar
133
Feb
134*4
Jan
5MB
300
139
{133
(Bait) 3*4sser N... 1971
1st ref mtge 3s ser P. 1969
Consol Gas (Bait City)—
Gen mtge 4Ms
..1954
110
110M
7,000
109 M
Feb
111*4
Jan
108
108 M
14,000
107 X
Jan
109
Jan
125 M
Feb
127*4
Jan
78 M
Jan
Jan
90*4
Mar
{126
—
129
Consol Gas Utll Co—
1943
Cont'l Gas A El 5s—1958
Cuban Tobacco 5s—1944
88
2%
Feb
90
58
18,000
88 M
90% 118,000
58 %
6,000
94*4
93%
94%
18,000
106M 106M
3,000
104 X
Feb
6M
6*4
1,000
5M
6M
{»u
6M
2,000
5 A
Jan
Feb
M
Feb
83% 101,000
{110M 112
41,000
78%
77%
77 X
Jan
Mar
3
Jan
2
Mar
6%
Mar
Jan
24
Mar
8%
Jan
11*4
Mar
Feb
18 A
Feb
IX
Jan
1%
Feb
Mar
61
66
Jan
Aug 1 1952
♦Certificates of deposit
6M
♦6 Ms
Aug 1 1952
1956
Jan
3Ms'65
Elec Power A Light 5s 2030
Elmira Wa Lt A RR 5s '56
1953
1967
Feb
IX
Feb
Erie Lighting 5s
Mar
1%
Jan
Jan
Finland Residential
Jan
55
Mar
6*4
Mar
1
83*4
Jan
Mar
112
Jan
Jan
83*4
119*4
Feb
Mar
110
Feb
77
Mar
Jan
3,000
117*4
104 M
Jan
105*4
9,000
103 X
Mar
105*4
Jan
46 M
Jan
Mar
Mar
{38 M
Federal Wat Serv 5 Ms 1954
52
Jan
6*4
{105M 107 M
104M 104M
Empire Dlst El 5s.... 1952
Ercole Marelli Elec Mfg—
6 Ms series A
107
118A 118M
1950
El Paso Elec 5s A.
%
81 M
Edison El 111 (Bost)
%
109
99 M
109
99
2,000
109
Jan
47*4
109*4
27,000
96
Jan
101*4
47 A
109
99 M
Mtge
6,00o'
Jan
Jan
Banks 6s-5s stpd...l961
22%
Jan
50*4
Mar
Jan
Florida Power 4s ser C 1966
102 A '
102
102 M
43,000
98 A
Jan
102*4
Mar
17 X
1
2.50
13%
Jan
20 A
Jan
Florida Power A Lt 5s. 1954
104 X
104% 104%
63,000
103 %
Jan
104*4
Mar
1,200
%
Jan
1%
Feb
Gary Electric A Gas—
4,000
100 %
84
Jan
101*4
Jan
Mar
87*4
Feb
89
Feb
102
Feb
100*4
Jan
1%
_
23 A
22
23 A
'26 A
26%
27
1
1
50
Jan
25
1%
10
%
2,000
68 A
66
23 A
Mar
Jan
17
300
28%
Feb
IX
Jan
General Bronze 6s
Mar
5s ex-warr
"6% "6%
1,400
..
76
Jan
General Pub Serv 5s..1953
Jan
11A
Feb
Gen Pub Util 6Ms A.
4%
Jan
6A
Mar
♦General Rayon 6s A. 1948
Jan
8
Mar
Gen Wat Wks A El 5s. 1943
2
Feb
Georgia Pow A Lt 5S..1978
85
18,000
84
87 M
19,000,
{100
•
97*4
97M
107 A
73%
Jan
Feb
4
Feb
♦Gesfruel 6s.
X
Mar
1
Jan
Glen Alden Coal 4s... 1965
"72
IX
Feb
Gobel
(Adolf) 4Ms... 1941
Grand Trunk West 4s.1950
81
1
Jan
96 M
{74
.
3 A
..
101M
83 M
85
1956,
Georgia Power ref 5s..1967
IX
50 M
84%
1940
Feb
50M
101
stemped.1944
5%
68 A
......
Gatineau Power 3Ms A '69,
9 X
68 A
....1953
86M
98
70
Jan
73*4
2.000
70
Jan
87*4
7"
Jan
78
Jan
15
Mar
4
Jan
Gr Nor Pow 5s stpd.^1950
Mar
2
Jan
Green Mount Pow 3Ms '63!
99 M
10
Feb
Grocery Store Prod 6s.
1945
{61
200
Jan
Feb
102
IX
96%
IX
2%
Jan
Guantanamo A West 6s '58
51
51
6%
8,400
4M
Jan
6%
Mar
Guardian Investors 5s. 1948
33
33
Jan
*
14 X
Jan
17 A
Feb
*
10
Jan
10*4
Jan
..*
Jan
♦Hamburg El
Western Tablet A Statlon'y
79
{77 M
108M 108 %
104
103M 104
75
Jan
Mar
Mar
Mar
108*4
Mar
105*4
6<;M
Feb
63
Jan
1,000
50
Jan
51
Mar
2,000
33
Mar
35
42*4
Feb
Jan
50
{14M
Jan
Feb
Mar
107 X
103
1,000
13,000
64
{15M
1935
♦Hamburg Elec 7s
Jan
40,000
Mar
6
Mar
72
1 %
59%
107*4
81
2%
JaD
Jan
Jan
70
14%
Feb
98*4
81
600
6
Feb
{18
200
55
96
66 A
200
20
75
32.000
1%
100
Jan
26,000
107M
2%
15
17,000
Mar
75
73
2%
1414
Jan
96 A
105*4
107
99 M
2%
Jan
74 M
38,000
76 M
97 M
81
98%
103
1%
15
Western Maryland Ry—
Underground;
Mar
15 M
Feb
16
W..1946
102 M 102 M
1,000
103
Jan
103*4 104 %
21,000
lu2M
l'Y*X
Feb
Houston Gulf Gas 6s.. 1943
Jan
105
Mar
1943
103M 103 M
3,000
191M
Feb
103*4
108 X
Feb
111
Jan
66*4
Jan
79
Mar
67
Jan
78*4
Jan
109*4
Feb
Jan
106*4
Mar
Jan
105*4
Mar
Mar
A St Ry
,..1938'
5Ms
Heller (W E) 4s w
conv
deb 6 Ms
9
Jan
10 X
Feb
Houston Lt A Pr 3 Ms. 1966
1
6%
Feb
7'X
Feb
♦Hungarian Ital Bk 7Ms'63
15
10
Jan
6 A
Feb
Hygrade Food 6s A... 1949
77
77
6M
Feb
7A
Mar
76
76
1%
Jan
2
Jan
25
5 A
A Co....*
6A
6A
100
Williams Oil-O-Mat Ht..»
Wilson Products Inc
1
Co...
*
10
Jan
Idaho
Jan
111 Pr A Lt 1st 6s ser A. 1953
4M
4%
200
6%
7
1,700
Jan
Jan
108 X
Mar
4*4
Jan
4%
6 %
Jan
7%
414
100
7%
104 X
8A
8%
11%
9%
Mar
5A
Feb
Power 3Ms---1967
1st A ref 5 Ms ser B.
1954
6%
Petroleum
1.000
108M 109 X
6,000
106M
106M 106%
69,000
105
104 % 105 %
104 X
104
31,000
42.000
107*4
10514
103*4
Mar
104 A
104*4
99%
99% 100
12,000
101*4
97 *4
Jan
May 1957
Jan
100
Feb
1958
99 A
99%
99 A
7.000
98*4
Jan
100
Jan
64
65 A
6,000
64
Mar
73*4
62
63 A
10,000
62
Mar
72*4
Jan
72
Feb
5 f deb 5 Ms
—
Jan
Indiana Hydro Elec 5s
Jan
Indiana Service 5s
1950
Jan
1st lien A ref 5s
1963
Wool worth (F W) Ltd—
62
70 M
♦Indianapolis Gas 5s A 1952
12
5s
Wright Hargreaves Ltd..*
1,000
109
1st Aref. 5sser C... 1956
7% pf 100
Wolverine Portl Cement .10
2
{109 A 111
..1949
6s series B
Jan
Winnipeg Electric B com.*
dep rets.
Feb
96*4
*11
5%
com
58*4
Feb
114
IX
.
Jan
Mar
87%
Jan
6A
Wichita River Oil Corp.
93
52
93
Detroit Internat Bridge—
Jan
87 M
90
6s ser A stamped...
Mar
1
Westmoreland Inc
Jan
1951
Consol Gas El Lt A Power
'it
Western Air Express
Weyenberg Slice Mfg
Jan
1%
1A
Westmoreland Coal Co
70
Jan
700
*
Common
Jan
..1969
Cities Serv P A L 5Ms. 1952
Debenture 5s
70
400
West Va Coal & Coke
7% 1st preferred
77*4
14,000
146,000
16A
West Texas Util $6 pref..*
Western Grocer com
JaD
Jan
95M
M
l!._
Wayne Knitting Mills—5
78*4
66
Jan
2
—*,..
Co
80
Jan
40,000
Jan
6
..
Watt A Bond class A
Jan
67 M
70
95M
I %
7% preferred
100
common....—*,__
5A
5%
12
5%
200
3,000
12
Jan
5%
12*4
Feb
Indpls Pow A Lt 3 Ms .1968
Mar
6%
Jan
70 M
4,000
106*4
108*4
34,0(H)
40 M
22,000
62*4
10)*4
Jan
Feb
109*4
Jan
Jan
International Power Sec
108 A
40
Jan
43*4
7s series E
1957
43 M
44
10,000
40
Mar
49*4
Jan
7s series F.
1952
41A
41
42 M
39,000
40
Mar
47*4
Jan
Interstate Power 5s...1957
63 A
61M
63 M
93,000
61
Feb
68
Jan
1952
41A
41X
21,000
6 Ms series C
BONDS
Bonds
Sold
Power
2,000
Mar
85
90
43 M
1%
Wahl Co
Co—
$1,000
106 M
Mar
109
Feb
1951
105%
105% 105%
20,000
104 M
Feb
107*4
Jan
1st A ref 58
...1956
104%
104% 104%
6,000
104 M
Mar
105*4
Jan
1st A ref 5s
...1968
104M
105%
102X
102
..1946
1st A ref 4^8
1967
Am Pow A Lt deb 6s..2016
101
Amer Seating 6s stp._1946
104
1963
Debentures
4*4s._.1948
...1961
Feb
106*4
16,000
101M
Mar
103 A
Jan
Italian Superpower 6s.
99 %
Jan
105%
Jan
Jacksonville Gas
100
Jan
102*4
Feb
108*4 109 %
11,000
108 %
Jan
111*4
Jan
106
{41
Isarco Hydro Elec 7s. 1952
1963
40%
1942
53
40
Feb
51
Jan
Jan
105*4
Feb
106*4
Jan
104
Jan
106*4
Mar
107*4
5,000
106M
{107M 108 M
Iowa Pow A Lt 4 Ms..1958
46,000
Appalachian Elec Pow—•
1st mtge 4s
106
{106
5s series B.
102*4
Jan
40 A
Iowa-Neb LAP 5s...1957
100M 101 %
{102*4 103
4,000
40
1955
....
Debenture 6s
106% 106%
1st Aref 5s
1st 5s
92
Jan
Jan
69 %
Mar
1%
300
1
'it
.....
*
Alabama
10,000
3,000
46
106
100*4
70
IX
14
i
7% pref.. 100
*
Vogt Manufacturing
Waco Aircraft Co
Amer
45 A
92
45 M
Feb
Mar
100
1958
%
Mar
16%
11
"i'x "Ih
11
—
§Util Pow A Lt 7% Pf.100
Valspar Corp com
1
%4 conv pref erred. ....5
Van Norman Mach Tool.5
Venezuelan Petroleum—1
Woodley
104 M
Jan
73
At
Jan
17*4
stock
1
com..5
7
Wolverine Tube
3,000
Jan
Mar
70 M
♦Deb 7s
Utility A Ind Corp
Wisconsin P A L
105
79
71M
Eastern Gas A Fuel 4s.
1
Utah Radio Products
Wilson-Jones
105
{99 M 100 A
Cudahy Packing 3Ms. 1955
Delaware El Pow 5 Ms 1959
6
Utility Equities com... 10c
Williams (R C)
41*4
Jan
69 M
'it Mar
300
A
Feb
Mar
Jan
2614
33M
3*4
22 M
Utah Pow A Lt $7 pref...*
Wellington Oil Co
Mar
71M
Conn Lt A Pr 7s A
4
71
4%
26%
...5'
Wentworth Mfg
31
52.000
73
Jan
4X
Universal Products Co...*
—:
33.000
79
70 M
Feb
1,600
»J«
insurance..—8
Universal Pictures com... 1
Class B
34
78
1955
1966
1950
44
2,300
67*4
70
1
Universal Corp v t c
Walker Mining
33 A
Conv deb 5s
83%
6%
6 X
Universal
Va Pub Serv
41
79
1949
Community Pr A Lt 5s '57
-
*»»■»«»•*«»
-
Mar
Jan
Debenture 5s
warr—*
U 8 Lines pref..
*
U S Plywood
.1
$1*4 conv pref
20
U S Radiator com
1
U S Rubber Reclaiming..*
U S Stores common
50c
1st $7 conv pref
*
United Stores common ,50c
United Wall Paper
2
Universal Consol Oil
10
Universal Cooler class A- *
—
31 %
33 A
1927
6s series B...
24
70
$5 1st uref with
preferred
43,000
Cincinnati St Ry 5 Ms A *52
32
33
100
Sharing..25c
United Shoe Mach com.25
Preferred
25
United Specialties com...l
US Foil Co class B
1
U S Graphite com
..5
U 8 and Int'l Securities..*
$5.50 priority
34
,..1940
Yards 5s....
*)«
United NJRR& Canal
Conv
33%
79
Chic Jet Ry A Union Stock
83
*
Utah-Idaho Sugar
Feb
33 A
Jan
1,900
United Profit
'm
Jan
9,000
100*4
Cent Power 5s ser
%
deprcts ordreg...
m-
107*4
Jan
Cent States Elec 5s...
8%
X
3,900
2414
--*
pref...,
-»
Jan
93M
Jan
62
Feb
%
»i»
preferred
*•
Mar
106 X
99 %
'""% "~A
Milk Products...*
13
13,000
21,000
107""
United Molasses Co—
Am
80
79
Carolina Pr A Lt 5s—1956
Jan
Jan
106 % 107
99 % 100
1942
Canadian Pac Ry 6s..
{102M 103 M
97 A
96 M
4.000
100*4
83*4
97
Mar
Jan
Jan
'11
4,100
A
Common class B
1st
98*4
Jan
X
6%
'
United Lt A Pow com
$3 partic
Feb
15,700
JM
1*4
100*4 101
Feb
Jan
96
94 M
100
8
8
151
141
65,000
22,000
D..1957
1948
5*4s
...1954
Cent States P A L 5%h '53
Chicago A Illinois Midland
Ry 4 Ms series A
1956
400
—
1.1. ■
97
Jan
16,600
Corp warrants
.
High
96 M
Broad River Pow 5s.. 1954
X
|
95 A
150M 150 A
Birmingham Gas 5s—1959
7%
1
Low
96 M
Feb
14
Range Since Jan. 1, 1940
rn
I
96
Feb
Jan
I
97
19%
Jan
$
Bethlehem Steel 6s... 1998
Jan
6X
for
Week
Birmingham Elec 4 %a 19681
Feb
12
of Prices
t
High
Feb
17%
Jan
Week's Range
Low
1940
23,
m
,
Mar
1%
U%
3%
1H
12
60
Option warrants
$6
100
A
'»16
United Gas Corp
United
"18 A
14
614
14
pref....*
Sts.-lOc
United Elastic Corp..
Feb
64 X
IX
12
Union Premier Foods
cum
I Price
High
3*4
1%
Union Investment
Un Cigar-Whelan
Low
Shares
1H
Sale
(Contin ued)
Week
12*4
Last
BONOf
Range Since Jan. 1, 1940
Jot
I
oJ Prices
Sales
Thurs.
Sales
Thurs.
.
STOCKS
{Concluded)
$3
March
New York Curb Exchange—Continued—Page 5
1910
Feb
109*4
48*4
Jan
4>*4
47 M
40 M
42
29,000
53
Jan
38
Jan
45
Jan
Jan
42
Mar
53*4
Mar
—
5s stamped
106M
107 %
4,000
106%
Feb
108
Feb
Appalac Power Deb 6s 2024
127
127M
5,000
126
Jan
129
Jan
Arkansas Pr A Lt 5s.. 1956
107 M
107%
Jan
Kansas Gas A E
52 A
106 X
47
107*4
51%
25,000
82,000
Jan
Associated Elec 4*4s._1953
Feb
62*4
Jan
Lake Sup Dist Pow 3 Ms '66
5,000
49,000
1*X
12X
Mar
30
Jan
Long Island Ltg 6s... 1945
Mar
26*4
Jan
Louisiana Pow A Lt 5s 1957
17,000
30.000
13
Mar
28*4
Jan
Mar
Jan
14
Mai
28*4
34*4
68 %
Mar
106 A
Jan
107*4
Mar
106%
Jan
109
Mar
95%
Jan
102
Mar
1,000
92%
JaD
22,000
4,000
103*4
Jan
105
Feb
105
8,000
105
Jan
105 *<4
Feb
1« 5*4
Jan
106*4
Mansfield Min A Smelt—
%
i05M
Kansas Elec Pow 3 Ms. 1966
53%
103*4 103M
Jersey Central Pow A Lt—
5s series B
1947
§A8sociated Gas A El Co—
1948
14
14
1949
13*4
14
♦Conv deb 5s
1950
♦Debenture
1968
♦Conv deb 5*4s
1977
AssocT AT deb 5^8.A'55
Atlanta Gas Lt
4^s.. 1955
Atlantic City Elec 3 Ms '64
Avery A Sons (B F)—
13*4
13A
14X
14%
14%
14%
1,000
68%
6814
6,000
{107 % 109*4
109
109
4~000
12
75
Jan
Feb
5s without warrants 1947
{101*4 105
97 %
97%
97*4
Mar
Baldwin Locom Works—
♦Convertible
6s.
1950
103% 107%
83,000
103 M
Mar
120
Jan
1st 5s series B
1957
110% 111%
109 %
Mar
116
Jan
5s
1960
111%
49,000
2,000
110
Mar
117
Jan
Bell Telep of Canada—
series
C
For footnotes
see
112
page 1911
♦7s
mtgesf
I
1941
125*4
Jan
127
1,000
105*4
Jan
107*4
Feb
104M 105M
10,000
106
Jan
8,000
104 M
105
Jan
107 M
Jan
108
Jan
127
106M 106 M
{16
105*4
*107 M
40
{17
McCord Rad A Mfg—
6s stamped
1948
Deb 4 Ms.
conv
1952
4MS.1947
Metropolitan Ed 4s E.1971
4s series G.
1965
Jan
Mar
7,000
127
6s.2022
{68M
70 M
Feb
67
70
Memphis Comml Appeal—
Mengel Co
,
5s with warrants...1947
ec
105M
{106M 108
♦Leonard Tietz 7Ms-.1946
♦Conv deb 4%h.
♦Conv deb 4*4s
5s
1961
4Ms series C
{100M 101
Jan
99 M
90 A
Jan
101
Jan
Jan
107 M 107 M
2,000
2.000
107
Feb
9'%
110*4
Jan
Feb
109
2,000
108
Jan
110M
Feb
91
91
109 M
3T
Volume
New York Curb Exchange—Concluded—Page 6
149
1911
Thurs.
Week's
BONDS
Range
Range Since Jan. 1, 1940
of Prices
High
Midland States Pet 6%s '45
99%
66
Low
99 %
Midland Valley RR 5s 1943
66
Mllw Gas Light
4%s_.1967
1978
Minn P & L4%s
1st & ref 58
100M
102 M
106M
10,000
104M
4,000
109
2030
109
t
Jan
103 M
109
Mar
92
Jan
98 %
Feb
Jan
127M
Neisner Bros Realty 6s 1948
New Amsterdam Gas 5s '48
2,000
23
4,000
110M
78 %
Jan
Mar
108 M
124
Jan
77 M
122%
71M
71M
Jan
66
67
28*666
63 M
Jan
66 M
10,000
63
Jan
66 M
67%
15,000
f2M
Jan
1954
*109M 110
108 M
6%s
Jan
Deb 6s series A
Utah Pow & Lt 6s A..2022
Jan
110
1st lien & gen 4)4s..l944
Va Pub Service 5 % A. 1946
1st ref 5s series B
Mar
♦Ext 4%s
Jan
Wash Ry & Elec 4s
1951
West Penn Elec 5s...2030
101
103
101
1,000
101
Jan
102 M
Jan
103
103
8,000
102
Jan
103 M
Jan
87 M
103
87 M
1,000
81
87 M
Jan
102% 103
24,000
102 M
107 M
107 M
12,000
105M
Feb
107 M
*105M
-----
104 M
Feb
106
113%
Feb
114%
*113% 114M
Mar
62 M
62 M
1,000
102 M
102M
4.000
101%
Feb
105M 105M
7,000
104 M
Jan
5,000
45 H
105 M
105
Jan
46 M
UNo Indiana G & E 6s. 1952
46 M
J105M 105%
55
Feb
Mar
M'
Jan
Deb s f 6s
105%
108%
4s._1962
108%
Okla Power & Water 5s '48
65
ser
Feb
102 M
106
♦Stamped 5s
1947
FOREIGN
Jan
Mar
106%
106%
111?-*
Feb
Mar
16,000
M
Jan
3,000
110M
Jan
108M 108 M
107 M
Jan
108% 109M
1,000
23.000
107 M
Jan
108 %
109 %
14,000
106 M
Jan
1075*
102 M
Jan
105
Feb
11,000
109%
Mar
Jan
104M
109M 109M
96
*94
♦6s ctfs of dep
♦6s ctfs of dep
Jan
112
Jan
97 J*
43
Jan
43)4
Jan
♦7s
Feb
44,066
104
6,000
103 M
Mar
1962
105% 105 %
104% 104M
107% 108M
1,000
104 M
8,000
107 M
Jan
108M 108 M
8,000
107M 107 M
12,000
*43 M
107%
Penn Pub Serv 6s C..1947
108
1954
27.000
44
101M
Jan
103
Jan
1,000
*107M 108
96 M
98 %
111
Pittsburgh Coal 6s... 1949
96 M
96 M
18,000
94 M
%
105 %
108 %
Mar
29,000
96 M
110M
Mar
14,000
101M 102
"
87666
104 M
100
♦Pomeranian Elec 6s. 1953
13
♦Portland Gas & Cok 5s '40
90 %
91
88
88 M
7,000
108M 108M
5,000
108
♦Certificates of deposit..
108M
30
4Mb series F
1961
Potrero Sug 7s stpd.,1947
110
Power Corp(Can)4%sB '59
♦Prussian Electric 6s_ 1954
87
88
*14
14
"lojjoo
16
*50 M
_
110
Mar
Jan
Mar
83 M
83 M
97 %
98 a
Jan
106 M
1
0
Feb
48
Mar
Jan
Jan
102
Feb
14
106M 106M
Jan
94
Mar
Feb
90)4
Mar
1.000
110
50
Feb
87
Mar
14
Jan
1,000
150
Jan
Jan
3,000
Jan
109%
Mar
Jan
108
Feb
Jan
Feb
114
Mar
105
Jan
67666
Feb
107
Mar
103% 104
13,000
103%
Mar
105
Jan
*94%
*96%
95%
94
Feb
97
Jan
96%
96%
jlooo
95%
Feb
98%
Jan
26%
26%
26%
1,000
26%
Jan
29
Feb
26%
Jan
28%
Feb
12%
Feb
12%
Feb
Feb
*22
35
*26%
*22
29%
*22
35
*22
35
35
110%
*10
25
11%
Feb
11%
25
11%
Jan
11%
Jan
1951
*12
30
12
Jan
12
Jan
♦Bogota (City) 8s ctfs 1945
Bogota (see Mtge Bank of)
♦Caldas 7)4s ctfs of dep '46
*10
40
*10
40
Mar
15
Jan
ser
ctfs of dep
♦Baden 7s
♦Cauca
1948
1948
♦7%s ctfs of dep...1946
Valley
7s
*13
14
*10
25
*10
25
♦Prov Banks 6s B..1951
*14
35
14
Feb
14
Feb
1952
*14
35
14%
Feb
14%
Feb
Colombia (Republic of)—
♦6 ctfs of dep..July '61
*22
40
*22
40
♦7s ctfs of deposit..
13%
Cent Bk of German State &
♦6 series A
♦6s ctfs
of dep..Oct
'61
Cundinamarca (Dept ol)
♦6%s ctfs of dep... 1959
Danish
Ext
Jan
Jan
1945
25
25
Feb
109
D ctfs of dep.
*11
5%s
*12
30
...1955
*46
65
48%
Jan
52
Jan
1953
*38
45
39
Feb
49
Mar
6
5s
Jan
Danzig Port & Waterways
♦External 6%s
1952
53
Jan
♦German Con Munic 7s *47
914
15
Jan
Feb
158
Mar
♦Secured 6s
*6
14
*12%
1939
*11%
*11%
*10%
11
14
Jan
12%
12
20
7
Jan
Jan
12%
Feb
Jan
10%
Mar
Jan
,
Mar
25
♦Hanover (Prov) 6%s.l949
Lima (City) Peru—
1.000
Mar
12%
12%
10
14
...1947
♦Hanover (City) 7s
1958
20
9%
Mar
108
Jan
♦Maranhao 7s
94 %
Jan
1004
Jan
♦Medellin 7s stamped. 1951
*13%
14
91 %
Jan
100
Jan
♦7s ctfs of deposit.. 1951
*10
•17,000
90 %
Jan
97
Jan
♦6%s ctfs of dep
*10
Jan
25
25
95 M
95 M
1,000
93 %
Mar
20 M
20 %
1.000
18 %
Jan
14 %
Mar
13
1958
1954
13
10%
Jan
13
Mar
13%
5,000
Mar
15
Jan
26%
Jan
Mtge Bk of Bogota 7s. 1947
*14
108
30
108 M
*12*666
103
103
103
15
6,000
2,000
Jan
109)4
Jan
134
Jan
17
Mar
23
Jan
Jan
26%
♦7s ctfs of dep.
14%
♦7s ctfs of dep
Jan
*20
.1946
.1947
71 M
10.000
63%
Jan
72 *4
Mar
91M
93
14,000
91
Mar,
27,000
90 *4
92
Mar
Jan
Jan
*1*1*666
98 %
47,000
110*
*20
♦6%s ctfs of dep... 1947
Mtge Bk of Denmark 5s '72
92 M
98)4
97%
Jan
90 M
92
*22
ioi"
101
Southeast P & L 6s
112
111% 112
*92%
94
101M
Feb
Jan
95)4
101%
Mar
Jan
112%
Jan
28
109M
Ref M 3Ms B.July 1 '60
Sou Counties Gas 4 Ms 1968
"50H
109M 110M
109% 110M
12,000
108)4
Jan
110)4
4.000
108 *4
Jan
110%
Jan
105M 105M
50 M
51
13,000
104)4
Jan
105%
17,000
106% 106M
5.0001
So'west Pow &
100% 101
107M 107M
3,000
6s..1945
1989
Feb
LOOO
*12"
Jan
14%*
Mar
Mar
*26%* Mar
"
14%
40
40
*20
40
45
45
46%
16%
16%
1,000
38%
9%
Jan
♦Parana (State) 7s....1958
Jan
16%
Mar
♦Rio de Janeiro 6%S-1959
9%
9%
30,000
7%
Jan
Mar
♦Russian
t%
%
%
%
Jan
10%
*i«
Govt 6%s._1919
1921
t%
*80%
*17
25
*17
1,000
25
♦5%S
%
Jan
%
Jan
77%
Feb
79
14%
Jan
17
Mar
14%
»Jan
17%
Mar
Feb
Mar
Feb
S' western Assoc Tel 5s 1961
Lt 68.2022
Jan
26
40
♦Santa Fe 7-4s stmp.. 1945
Sou Calif Edison Ltd—
26
1,000
40
26%
Mtge Bank of Colombia
70 M
*92%
*22
♦7 ctfs of dep..Oct '47
♦Mtge Bk of Chile 6s. 1931
Mar
Jan
29 *4
104
*26%
♦7 ctis of dep. May '47
♦Issue of Oct 1927
Jan
Mar
102 *4
♦Issue of May 1927.....
Jan
Mar
12
35
29M
107%
99
204
134
J131M 134M
_
2,000
59
*58
Jan
50
Jan
105
Jan
106%
Feb
105%
108%
58%
♦7s
...........1961
Feb
99
1949
♦Santiago 7s
Feb
107*4
50
Feb
Jan
53
Mar
Jan
Mar
Electric—
6s (stamped)...
64
M
62 M
64%
38,000
49
Conv 6s (stamped) .1948
64 M
62 %
64 M
15,000
49)4
Jan
Debentures 6s_
1951
64
62 M
64 M
49,000
48
Jan
'66
64
62 M
64
28,000
48
1957
64
62
M
64
31,000
48
Standard Pow & Lt 6s 1957
64
61%
64
93,000
18
19
6,000
44
44
1,000
29
Jan
45
Mar
30
30
2,00
24 4
Jan
30
Mar
42
44
42
Jan
46
Debenture
10%
Feb
115%
60%
106 %
Sheridan Wyo Coal 6s 1947
8ou Carolina Pow 5s._1957
Standard Gas <fc
Mar
106%
Jan
10,000
20M
Inc3s...l951
Spalding (AG) 5s
7%
108%
Jan
47,000
29 M
Serv
2,000
2,000
52%
94%
91 M
♦Schulte Real Est 6s.. 1951
Pub
Jan
104%
105%
96 M
*15M
S'west
Jan
"u666
95%
Wks 6s..1937
1951
103
*10
Jan
90 M
Joaquin L & P 6s B '52
Sou Indiana Ry 4s
Mar
*10
Feb
Jan
90%
Safe Harbor Water 4 Ms '79
1960
Jan
10,000
57
94 M
96
1952
1
Jan
101%
100%
'57
Jan
11*
ser
♦7s 2d
Jan
Queens Boro'Gas & Elec—
Ref M 3 Ms-May
84%
Jan
♦7s 3d ser ctls of dep '57
Mar
Feb
ser
♦6%s stamped
1950
2025
Jan
Mar
25
Pub Serv of Oklahoma—
1970
8
.
109% 109%
107% 107%
*11
%
106)4
"moo
54
152 M 152 M
6% perpetual certificates
1st 4 Ms series D
7 i
25
Public Service of N J—
Shawinigan W & P 4 Ms '67
Mar
7,000
25
Jan
97 M
98 M
110M 111 M
J106M 106 %
Pittsburgh Steel 6s... 1948
Scullin Steel
Mar
101%
*11
Feb
Jan
Scripp (E W) Co 5Ms. 1943
103
Jan
*11
108%
4IM
San
Jan
97%
1945
Jan
83,000
♦Saxon Pub
100 %
4,000
1945
108 %
48
5%s series A..,
11,000
A ctfs of dep.
109 %
45M
♦Ruhr Gas Corp 6%s_1953
♦Ruhr Housing 6Ms.. 1958
100
C ctfs of dep. 1945
107 %
45 M
1950
98%
B ctfs of dep.
Jan
Piedm't Hydro El 6%s '60
1st & ref 4%s ser D.
99
5,000
16.000
ser
Jan
Jan
1966
11,000
98%
102% 103
ser
Feb
96
C
Jan
Feb
99%
♦7s
107 M
17,000
ser
93%
119
80
♦7
106
99 M
1st & ref 5s
Jan
99%
98%
♦7
107%
99
4s series A
Jan
79%
Jan
107 M
108
99 M
Puget Sound P & L 5%s '49
Mar
Jan
106
Phila Rapid Transit 6s 1962
Potomac Edison 5s E. M)56
Jan
115
Jan
Peoples Gas L & Coke—
1961
88
10,000
116%
107
106% 107
103%
♦78 1st ser ctfs of dep '57
102 M
4s series D
90,000
1,000
lombia—
Feb
101M
Phila Elec Pow 5%s..l972
23,000
4,000
116
57
Aug '47
Apr '48
90 M
102 M
1981
Jan
Feb
84
8
Jan 1947
93 M
93 M
4s series B
87%
89%
108%
8
109%
♦78 ctfs of dep. Jan '47
Mar
Penn Ohio Edison—
5s series D.__
♦20-year 7s
109 M
111 M
Deb 5%s series B..1959
92%
116%
79%
99%
98%
102%
♦7s ctfs of dep. Apr '46
Jan
110 %
96
1950
5s series H
Jan
Jan
80%
108% 108%
90%
92%
GOVERNMENT
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
Jan
104
93 M
1979
6s series A
75
77%
79
83
108%
AND MUNICIPALITIES—
J109M
1964
1st 5s
Feb
Jan
"93 M
Penn Electric 4s F....1971
19%
Antioquia (Dept of) Co¬
A. 1948
Penn Cent L & P 4Ms. 1977
Jan
Jan
Jan
M
49
105M 105%
*103
109M
Pacific Ltg & Pow 58.1942
Park Lexington 3s
17%
*114% 116
Mar
Pacilic Gas & Elec Co—
Pacific Pow & Ltg 5S.1955
Jan
30
"*80%
S^York Rys Co 5s..„ 1937
107% 107%
3%s.'68
Okla Nat Gas 3Ms B.1955
Pacific Invest 5s
Jan
*19
*103% 105
Wise Pow & Light 4s. 1966
Yadkin River Power 5s '41
111M nth
1945
.1941
118%
45%
Jan
West Newspaper Un 6s '44
Wheeling Elec Co 5s... 1941
Feb
Mar
J103M 105
IJN'western El 6s stmp '45
1st 6s series B
Jan
Jan
20
West Penn Traction 5s '60
1956
No Bost Ltg Prop 3% 8 '47
Nor Cont'l Util 5%s__1948
Serv
Mar
Waldorf-Astoria Hotel—
5%s series A
Ohio Public
Feb
12%
Jan
102% 103
Jan
100 %
Nippon El Pow 6%s._1953
Ohio Pow 1st mtge
66%
20
100% 101%
99%
Mar
%
No Amer Lt & Power—
Ogden Gas 1st 5s
Jan
Feb
117%
43%
32^000
44%
Jan
25
103
Mar
96
,—1954
N'western Pub Serv 5s 1957
43%
Jan
Feb
8
...
100%
94
35,000
1964
Westch'r Ltg 4s 2004
Debenture 5s
62%
4,000
1950
_
311666
99 M
1st mtge 3%s
N Y &
.
96 %
98 M
stamped-1950
N Y State E & G 4%s 1980
11
1946
.
96 M
99 M
Penn & Ohio—
York
1973
♦5s income debt.... 1954
♦Income 6s series A. 1949
New
'52
*96%
1942
.
Rys"(Del)"5)48
United Lt & Rys (Me)—
6s series A
1952
New Orleans Pub Serv—
5s stamped
1959
Jan
71M
17,000
High
Mar
*20
.....1974
5 %s
Un Lt &
Jan
66 M
Debenture 5%s
United Lt & Pow 6s.. 1975
Jan
Feb
66 M
New Eng Power 3%s_1961
Feb
Mar
Low
65%
9%
*118
♦United Industrial 6%s '41
♦1st s f 6s
1945
Mar
66 M
New Eng Pow Assn 5s 1948
United El Service 7s.. 1956
Jan
Mar
*66%
65%
"*43%
Jan
25%
111M
High
§Ulen & Co—
Mar
98
99 M
112M
107 %
82M
1948
Jan
......
Feb
128
1950
100
2022
11
109
5s
Jan
*21666
6s series A
Conv 6s 4th stp
1950
United Elec N J 4s... 1949
Jan
Conv deb 5s
115
100% 101%
108%
118%
103%
65%
Feb
Feb
Mar
N E Gas & El Assn 5s. 1947
106%
100%
Jan
121
11,000
Tietz (L) see Leonard—
Twin City Rap Tr 5%s '52
Jan
106
43*666
79
122
*121
106
20 M
*5*666
127% 127 M
*109
"*79**
107M
111M
107% 107%
*116% 119
Tide Water Power 5s_1979
Mar
M
104 %
110M
Mar
107%
of Prices
Mar
104
111M
107 M
Range Since Jan. 1. 1940
Low
Feb
106 M
Jan
7,000
*20%
..2022
Jan
105 M
10,000
111
Range
Price
Texas Power & Lt 5s. 1956
Jan
102
51.000
§*Nat Pub Serv 5s ctfs '78
6s series A
2,000
70
103%
103 M
96 M
95M
Nebraska Power 4%s_1981
Navada-Calif Elec 5s_1956
38,000
Jan
100M
Jan
99 M
99 M
112M 112M
96%
Nat Pow & Lt 6s A...2026
5s series B
10,000
30,000
103K 104
103M
Nassau «fe Sullolk Ltg 5s '45
Deb
Jan
102M
103 %
104
Miss River Pow 1st 5s. 1951
Missouri Pub Serv 5s. 1960
65
3,000
Feb
106 M
1955
Week's
Sale
(Concluded)
High
99%
103
Mississippi Power 5s__1955
Miss Power & Lt 5s._ 1957
1,000
102 M
102%
103%
Last
BONDS
Low
(Continued)
1948
6s.Dec
1
6s gold debs
M
♦Starrett Corp Inc 5s. 1950
Jan
72%
72%
Jan
Jan
Jan
72%
72%
Jan
Jan
72
Jan
49
Jan
18
Mar
71%
24)4
Feb
Jan
Jan
Stinnes (Hugo)
Corp—
2d stamped 4s.....1940
2d stamped 4s
1946
Ternt Hydro El 6 Ms. 1953
Texas Elec Service 5s.
_
I960
*
44
"~42M
106
106
106M
23,000
36,000
104)4
Jan
106%
Jan
Mar
No par value,
interest.
n
a Deferred delivery sales not Included in year's range,
d ExUnder the rule sales not Included in year's range.
Cash sales not In¬
cluded in year's range,
Ex-dlvldend.
z
* Friday's bid and asked price.
Bonds being traded flat.
No sales being transacted during current week
*
| Reported
in receivership.
5 Called for redemption:
Northern Indiana G A E 6s 1952, May 1 at 105.
Northwestern Elec. Co. 6s stpd. 1945, May 1 at 103.
e
Cash
sales transacted
during the current week and not Included in
weekly
or
Included
In
yearly range:
No Sales.
V
Under the-rule sales transacted
during the current
week and
not
weekly or yearly range:
No sales.
z
k
Deferred delivery sales transacted during the current week and not Included in
weekly or yearly range:
Carman & Co. class B, March 21 at 7.
Aooreciationa
Usta
AOow—
cod."
certificates
of
deposit;
"cons."
consolidated
"cum," cumulative; "conv," convertible; "M,' mortgage; "n-v." non voting stock
"v t c " voting trust certificates; "w 1," when issued; "w w." with warrants: "x-w*
without wan-ants.
The Commercial &
1912
March
Financial Chronicle
23,
1940
Other Stock Exchanges
Sales
Thurs
Range Since Jan. 1. 1940
Last
March 16 to March
21, both Inclusive,
compiled from official sales lists
Range Since Jan. 1,1939
Last
Par
Week's Range
for
Pale
Stocks—
of Prices
Low
High
Week
Price
(Continued)
Par
Bait Transit Co com
1st pref vtc.
-
90 %
"554
119%
Feb
Athey Truss Wheel cap. .. 4
5%
7%
Feb
18
257
18%
264
50c
4,8.50
45c
150
1.30
10
100
1
Common class A
1
Maryland A Pa HR com 100
Houston Oil pref
Mar Tex Oil
40c
1.30
pr O
Mar
Jan
40c
18 %
70c
Jan
30c
Mar
Jan
1,302
300
25c
140
16%
Jan
Jan
16
Mar
23c
Mar
Feb
7254
Jan
40c
Binks Mfg Co
48
Jan
12%
64
Jan
Jan
15
Mar
16
Mar
36
Feb
37
Mar
Jan
65
33%
Jan
23 %
37
3
2254
35
37
Jan
Mar
30%
1975
"3554
'°7r<
s* na»
34
Boston Stock
39% $17,000
35 541 13,700
26%
Jan
31%
Mar
31
Jan
36%
Feb
Sales
Thurs.
Week
of Prices
Sale
Low
Shares
High
Low
Price
Par
Stocks—
High
50
6% non-cum pref
*.
*
-
171% 172%
5%
5%
13%
13%
447
16754
Jan
1,250
5%
Jan
250
13%
1%
3,950
%
5%
300
5%
1%
5%
Common
Mar
Jan
17054 17254
Jan
754
Jan
Mar
6
1,550
2,300
3%
Jan
50
17%
Jan
Jan
4
Jan
33%
1,900
27%
Jan
3454
16%
11
Jan
Jan
Mar
Mar
1154
Feb
100
3%
Jan
454
Mar
18%
400
17%
Mar
2354
Jan
21%
1,200
2154
Mar
2554
Jan
21%
22%
21%
100
21
Feb
2254
Jan
4%
4%
50
4
Mar
554
Feb
700
4
4
'22
21%
Brach A Sons (E J) cap—*
10
Brown Fence A Wire—
1
Common
Mar
20
9%
Feb
254
Mar
Jan
1154
250
454
Mar
160
6
Mar
754
Jan
22
300
21
Jan
2254
Mar
14%
Jan
1654
Jan
19
100
Feb
20
Jan
16%
16%
130
854
Feb
1154
Jan
78%
86%
210
78 54
Mar
845-4
Jan
%
6%
22%
..
1754
250
3%
7%
22%
18
'0
Butler Brothers
50
10
3%
6%
14%
*
1
(E L) corn
Burd Piston Ring Co com.
18
9%
%
100
%
Jan
54
Jan
%
%
4.50
54
Mar
54
18
*
Preferred class A
Bruce Co
Capital
*
—
Castle (AM) ACocm
19
(new) 10
com-20
54
Feb
Jan
175%
Mar
92
78
Jan
86
142 54
14954
140
4454
Jan
50 54
Mar
1954
210
1854
Jan
2054
Feb
154
2
143
2
2
5
754
1054
Feb
Jan
'
134
254
1654
m
mi,*.
*
754
654
5
4%
Container Co t« com
Jan
3
Jan
Mar
1954
Jan
65*
Feb
8 %
Feb
454
Jan
554
Feb
354
Mar
53
441
42
Jan
5554
Mar
2254
200
1754
Feb
2454
Mar
68
354
6154
6054
6154
59
254
58
East Steamship Lines com *
3 54
354
*
2454
254
354
2454
2954
22
2054
Corp
*
Georgian Inc cl A pref...20
254
Feb
Feb
405
354
Mar
25
95
2154
Jan
25
2954
10
2954
Jan
3154
Feb
254
454
54
54
115
54
Mar
5
75
454
Feb
5
6%
126
6
Jan
654
j-1254 21254
Intl Button Hole Mach.. 10
50
Mergenthaler Linotype. — *
Narragansett Racing Assn
Inc
1
70
854
273
7954
Feb
5
3%
100
3
Jan
354
8,200
31
JaD
3254
1654
543
4
4
1354
7
1254
154
Jan
Jan
Jan
1254
Jan
Jan
56
%
15%
354
54
Mar
100
1554
Jan
Mar
Jan
Class A
11054
Feb
2054
Mar
17%
17%
200
1754
Mar
19
16%
250
1654
Mar
1954
31
2
2954
Jan
3154
Jan
50
Jan
254
Mar
60
154
1954
Feb
2354
Jan
200
1154
Jan
1454
50
34 54
Jan
38
50
1154
Feb
13
Jan
40
59
Jan
FltzSim A
Jan
1054
12%
Jan
14
Feb
1554
3%
17%
3%
17%
500
354
Mar
600
1554
Jan
18
51%
52%
102
5154
Jan
5754
2%
47H
52%
2%
48%
54
250
254
Jan
254
271
4554
Jan
48 54
767
51
Jan
5554
6%
11%
6%
11%
95
654
Jan
100
1054
2154
1154
Jhn
1254
23%
266
Jan
2454
Jan
1254
25
Jan
2754
1754
Jan
2054
3%
25
26%
42%
46%
new*
Gardner Denver com
454
Jan
General Foods com..
13054 132
54
54
Jan
654
13354
Mar
12454
Mar
General
60
54
Jan
61c
3,984
45c
Feb
Corp cm-5
Gen Finance Corp com...l
Gen Amer Trans
*
MotorsCorpcomlO
53%
*
Common
11c
15c
Feb
13
1354
185
13
Mar
1554
Jan
Great Lakes DAD com..*
2154
154
2254
154
782
21
Feb
Jan
Hall Printing Co com
160
154
Feb
2454
154
1154
1054
1154
954
800
1054
954
Jan
12
Feb
*
Mar
Hlbbard Spen Bart
33 54
27 54
206
29
Jan
1254
3354
Jan
Stone A Webster
•
Torrlngton Co (Thel
Mar
Hoiidallle-Hershev
2554
Jan
28
Feb
x76%
78 54
666
72
Feb
8454
Jan
4354
4354
50
4254
Jan
44
Jan
48c
2,162
41c
Mar
Jan
Union Twist Drill Co
154
120
154
Jan
Jan
-
2654
Jan
Feb
Inland Steel Co cap
•.«.«.
25
-
*32
7734
United Shoe Mach Corp.25
*
-
11%
25%
25
25%
1,150
18
18%
9%
105
750
854
Jan
9%
250
8 54
Jan
10
3854
Jan
42
Jan
1454
Jan
1654
Indiana Steel Product coml
35
5
«
4,
«.
«.
-
10
JaD
Jan
10
Helleman Brewing cap
~~9%
1
9%
9%
com.25
~40"
*
400
12
40
40
13%
12%
13%
725
1154
Hubbell Harvey Inc com.5
16%
16%
%
14
"1%
4%
1614
%
4%
250
Hupp Motor Car Corp cml
Illinois Brick Co cap. ...10
16%
R
cl
100
54
Mar
150
4%
Jan
285
Mar
*
*
4*
154
M
"
27
27
27
154
30
2%
100
954
254
*
82%
12
8254
international Harvest com*
41c
Utah Metal A Tunnel Co.l
50C
54%
3%
56%
213
3%
50
15
15%
931
19
20
350
Interstate Power $7
Bonds—
95 54
1948
$10,000
96
9854 10154
10154 10154
..1948
__
9%
2%
pref.*
Jarvls (W B) Co-
Eastern Mass St Ry—
1948
9254
Jan
1,250
9354
10154
Mar
200
Jan
96
Mar
101 % Mar
10354
Feb
.1
Common
15%
Jefferson Elec Co com—*
8%
4%
Kellogg Switchboard com.
Ken-Rad TubeAL'p comA*
CHICAGO
$3.50 pref
Lindsay Lgt A Chem—
Trading Dept. OGO. 405-406
10 S.
Last
Stocks—
Par
Week's Range
for
Sale
of Prices
Low
High
Range Since Jan. 1, 1940
Price
Shares
High
Low
Common
67
354
12 54
Allied Laboratories com..*
For footnotes see rage 1915
Mar
500
"2%
Jan
Mar
454
Jan
5%
Jan
1354
1754
5%
5%
200
12%
16%
50
12
70
Jan
2%
300
1554
154
2%
754
54
2
12%
16%
5a
Feb
Jan
254
26
254
28
28
100
25
Jan
28
29%
29%
20
26
Jan
29 54
13%
14%
850
1254
Feb
1554
3%
3%
100
3 54
Mar
4
Jan
26%
3%
Mar
30
Jan
3%
300
Middle West Corn "an
7%
7%
7%
pf A *
Miller A Hart Inc env pf__*
1%
1%
-
13%
—
1
*
25
25
Jan
354
1,450
Mar
954
250
154
Mir
254
Jan
6%
1%
6%
754
Feb
16%
10 %
90
*22
26%
22
"41
conv
41
41
52%
50
6%
1%
1%
553
67
450
Feb
1254
200
254
1154
Jan
1354
Feb
Muskegon Mot Spec cl A.*
22%
53%
23%
19
19
100
1854
Jan
2054
Feb
Natl Bond A Invest com.*
18%
18%
Montgomery Warn
60
354
754
Mlckelberry's Food com. 1
354
12J4
Jan
6
100
10
%
2054
2%
21%
6754
Jan
354
7
7
2%
21%
*
3
4
Feb
29
%
%
67
7054
254
Jan
Preferred
*
50
20
Monroe Chemical Co com *
Advance Alum Cstgs com.5
Aetna Ball Brng Mfg coml
j
29
Minneapolis Brew Co cm.l
Modtne Mfg Co com
Laboratories-
554
4954
*
Midland United
Week
Mar
28%
$2 cumul part pref
Sales
43
4
Class A com
Thurs.
190
5
Merch A Mfrs 8ec
inclusive, compiled from official sales lists
Mar
754
Jan
Marshall Field com
March 16 to March 21, both
854
4
f
Jan
Louoon Packing com
Lynch Corp com
Mapes Cons Mfg Co cap.
Chicago Stock Exchange
2154
Jan
150
54
Liquid Carbonic Corp com*
CHICAGO
Mar
400
354
2554
Lion Oil Refining Co cap
Municipal Dept. OGO. 521
Salle St.,
La
19
454
500
10
Common
Exchanges
17
Feb
800
Llbby McNeiiuvLibbvrom?
Bell System Teletype
14%
4
Lincoln Printing Co com.*
Members Principal
9054
6254
*
Cumulative pref
Vmi H.Davis & <90.
3
Jan
6354
Feb
354 -Mar
*
Leath A Co com
Listed and Unlisted
1
554
1354
3%
%
Klngsbry Brewing Co cap 1
SECURITIES
954
4%
3
3
5
Jan
10
8%
45
44
Kentuckv T'tll Jr cum of.60
Kerlyn Oil Co cl A com
654
22%
11%
Illinois Central BR com 100
*
9
lie
454
22%
Fein-Werner Motor Parts 3
376
27 54
50
25
14
11c
Feb
Gillette Safety Razor—
2154
Mar
3%
26%
I
174
45c
22 54
3754
352
Jan
600
3
100
654
25c
400
Brewing com.5
Fox (Peter)
Feb
50
3%
100
Mar
46c
12
250
254
45c
37
12
14%
1554
Feb
13%
42%
16%
Jan
Mar
13%
37
13%
14%
Feb
54
2%
26%
16%
254
69c
2%
CoJD A D com*
1454
55c
Jan
354
2654
4454
15
Fairbanks Morse A Co cm*
11c
SerelesB5s_.
54
20
115
26%
Elgin Yatl Wntob Co
15
6
2H
Dodge Mfg Co com
*
Eleo Household Utll cap.6
20
--*
Series D 6s
454
,
1754
11054
2454
7054
31
Goodyear T A Rub com..*
Gossard Co (H W) com
*
Ctfs of dep
Series A 454 s
8
Feb
60
16%
*
*
Common
254
45c
100
...
Jan
Feb
116% 116%
26%
26%
70
76%
Goldblatt Bros Inc com.-*
Co..
91
4
300
*
14%
57c
2.50
Bros
1054
Jan
350
Dixie Vortex Co—
Old Colony RR—
Warren (S D)
Feb
4%
7%
"17%
10
254
6 54
132
New England Tel A Tel 100
NYNHAHRR
100
6% cumul pref
16%
154
4%
15%
—35
Class A
1454
254
vto.1
.
80
Decker(Alf)A Cohn—
Deere A Co com
Maine Centra)—
PR
Jan
32
-----1
Common
Fuller Mfg Co com
Shawmut Assn T C
67
7H
110
Crane Co com
-.25
pref
100
Ounn!ngharnDnie!:itores2 %
Jan
Mar
5
654
*
Quincy Mining Co
200
15%
Cudahy Pack'g
Jan
63
5954
154
654
*
Pacific Mills Co
79
31%
90
Common
General Capital
Common
37
Dayton Rubber Mfg—
100
-.100
Butte
Jan
%
15%
Continental Steel pref-.100
Eastern Mass St Ry—
Mass Utilities Assoc
36
7%
c50
particshvtcB..*
Feb
6
354
Pennsylvania
Com
254
195
5054
Barnr
250
4
Oil Corp
Consmra Co pt sh pf v t
254
140
354
Gillette Safety
13
2,150
15%
Jan
1654
754
52 54
Gilchrist Co
Jan
Feb
12%
1%
32
—.25
Capital
Feb
254
1654
100
100
Employers Group
154
77
12054
2054
3%
154
254
70
....*
1st pref
250
Feb
16%
Jah
254
5
Mar
Mar
1854
1054
36%
1%
83%
4H
Compressed Ind Cases cap5
Consolidated
135
54
112
50
Commonwealth Edison—
50
754
110
1954
78%
Club Alum Utensil com-.*
1954
7
'
18
200
154%
113
12%
Mar
4954
754
1354
36
1H
Feb
162%
Jan
54
112
19%
Cities Service Co com... 10
1954
<
Adjustment
54%
113
Chicago Yellow Cab com.*
49 54
-..
preferred
154
Jan
Range...
25
En of Gas A Fuel Assn—
prior pref
%
*
16754
Mar
Copper
Common
50c
$7 preferred
*
Prior lien pref
*
Chain Belt Co com
_.*
Cherry Burrell Corp com.5
Cbleago Corp common—.1
Common new
Chi Flexible Shaft com...5
5
343
51
Central A S W—
Jan
348
.
Calumet A Hecla
"86%
•
oref
2
8554
8454
14254 144
14354
1""
Class A 1st pref std-.lOO
Class C 1st pref std—100
Class D 1st pref std
100
Boston A Providence
100
Abbott
Mar
7
Mar
17K
Mar
10154 10154
..
.
1,494
154
8554
100
Edison Co
100
Elevated
100
Herald Traveler,.*
A Maine-
Warren
JL%
Jan
10%
5
;
.
Jan
Mar
6%
3%
Jan
Jan
17554
654
1554
3%
17%
6
Feb
100
Jan
Chrysler Corp common. .5
Boston A Albany
Prior preferred
154
200
«.
-
-
17154
"Hi
•'#*»
A'»>er Tet <*
Blgelow-Sanford Carpet—
Preferred
100
North
Mar
Borg Warner Corp—
Preferred,.-
American Pneumatic Ser—
6%
89
8%
1
—
Range Since Jan. 1, 1940
for
Week's Range
Last
,
4%%
120
Central-Illinois Seers com-1
Exchange
inclusive, compiled from official sales list
March 16 to March 21, both
Boston
96%
350
Bliss A Laughllnlnccom.5
cent 111 Pub Ser
Boston
90
2054
4154
2054
16%
Central CJd Storage
Boston
Feb
Campbell Wy A Can Fdy—
Bonds—
Boston
Jan
19
33
com
capital
35%
40
16%
36%
Cumul conv pref.-—30c
Bank.20
Bait Transit 4s flat
A
Bendlx Aviation
19%
25
19
1854
10 54
"10%
10
Belden Mfg Co com
50
36 %
17%
*
Feb
Mar
22%
6
2254
2254
2.00
265
Aviation Corp (Del)
—5
Berehoff Brewlnv tvrp
1
800
15
V
55c
Feb
1%
258
16
37
-
Jan
17
Jan
15
fct.'t- Oil#'..
3%
Bastlan-Blessing com
Mar
37
Western National
6%
Aviation A Transport cap. 1
Feb
13%
100
-
..—3
Jan
10
45%
67
"l%
130
123
25c
Jan
Mar
Mar
127
com.-.10
Seaboard Comml
9%
13%
66 %
Jan
1.85
83
Jan
7%
126
47
15%
16
6
Owings Mills Distillery._.l
Penna Water A Pwr com. *
Preferred--
5
Jan
116
13%
46%
100
N>W Amatar-l rn I 'aSUHlty
120
35c
46%
Merch & Miners Transp..*
Mt Vrn-Woodb Mis pfd
100
264
264
50
Mercantile Trust Co
Jan
40c
Finance Co of Am A com.6
55c
Jan
78%
17%
20
Fidelity A Deposit
1.50
28
Jan
Feb
20
19
-
Jan
21%
Mar
551
7%
754
126% 127
9%
9%
..
High
Low
36
Co.,*
*
pref. 100
Amer Tel & Tel Co cap. 100
Armour & Co common—5
Aro Equipment Co com—1
Asbestos Mfg Co com
1
Mar
445
83
11754 11854
11854
4H% pref p
100
Davison Chemical com. 100
1854
40c
1.60
82 %
83
1,241
1.65
35c
35c
1.60
100*
-
.
Consul Gas F T, A Pow.
Week
20
20
—25
Class A
A Ills-Chalmers Mis
Altorfer Bros con v pref-
High
Low
Shares
19
13%
1854
-.*
v t c. *
..
Shares
Price
Amer Pub Serv Co
Arundel Corp
for
of Prices
Low
High
Allied Prods Corp—
Bales
Thurs.
Stocks
Week's Range
Sale
Baltimore Stock Exchange
110
100
3
54
Jan
954
Jan
11
Jan
22
19
Jan
Jan
Feb
Feb
Jan
154
41
Jan
4254
Jan
547
5054
Jan
Jan
120
21
Jan
5554
23 54
Mar
1654
Jan
1854
Mar
50
50
154
Mar
—
Common
53 %
Volume
The Commercial & Financial Chronicle
150
,
*
'
1
Thiers.
National Standard
for
0/ Prices
com. 10
Low
27 #
33
27X
Prior lien pre!
33
100
Ohio Listed and Unlisted Securities
Feb
28#
Jan
28
Feb
34#
Mar
3
Feb
5#
Mar
5X
1,300
3,750
11#
100
10#
18
62#
"16#
High
25
4#
*
Low
100
11#
10#
5
Northwest Bancorp com.. *
62#
10#
Jan
200
10#
Mar
100
16#
Jan
100
12
Members Cleveland Stock Exchange
Feb
VI
Jan
18#
Mar
70
13#
50
Mar
14#
Jan
*
11#
11#
50
11#
Feb
12
Jan
*4
#
200
'#
Jan
#
Mar
15#
15#
100
14#
Feb
15#
Mar
1#
21#
#
.35#
1#
22#
200
1#
Mar
2#
Jan
347
GILLIS 1°*,0J RUSSELLco.
Jan
13#
61#
13#
Mar
6
Omnibus Corp com
Ontarior Mfg Co com
UbIm CinmrcB
Peabody CoalCommon cl B___.
Penn Elec Switch
5
X
A10
conv
Penn Gas & El A com
*
Penn RR capital.
1#
50
Potter Co (The) common. 1
Peoples G LtACoke
cap ioo
Pressed 8teel Car com:
1
12# "11#
117
21#
Mar
24#
Jan
Thurs.
200
#
Mar
Last
Week's Range
for
35#
Mar
#
38#
Feb
250
Feb
Sale
of Prices
Week
300
11#
Mar
14#
Jan
123#
Feb
154
Feb
Canfield Oil
Jan
City Ice A Fuel..
Feb
Clev Cliffs Iron pref
_*
c Clev Graphite Brohze cm 1
,
117
140
115
Mar
152
153
110
150
Feb
37
100
33
Feb
10
55#
Raytheon Mfg—
Common
50c
...
_
1
Rollins Hosiery Mills com 1
SHUfctamo Electric
South Colo Pow cl A
Jan
1#
Jan
?0
Feb
Cleve Railway
Cliffs Corp com....,
9
Feb
10#.
Feb
Colonial Finance
Low
85#
791
81#
Jan
87
Jan
Eaton Mfg
2#
550
#
Jan
2#
Mar
c
29#
24#
28
Jan
30#
Mar
c
22#
Jan
25#
Mar
c
Glidden Co
1#
120
1#
Mar
Mar
Goodrich
20
1#
100#
Mar
Goodyear Tire A Rub
29 X
29#
24
-
1#
10
Feb
Jan
1#
97
555
Jan
Jan
11
Jan
Feb
100
Low
13#
176
12#
Jan
i. 14#
54#
85
51
Feb
60#
60
35#
Jan
43
Mar
29#
1,213
1,773
17#
Jan
Mar
29#
18#
12#
33#
21#
Mar
15#
.5
15#
18
16#
120
11
105
27#
100
19#
Mar
a23
59
21#
Jan
Great Lakes To wing... 100
14
14
50
13#
Feb
14
Feb
Feb
(BE)
..
14
37#
Feb
16#
Mar
197
16#
Jan
78
10
80
Feb
631
25#
Mar
27#
Jan
1#
7#
6#
100
Jan
1#
Jan
Hanna (M A) $5 cum pfd_*
c Industrial Rayon com..*
245
1#
2#
Feb
9
Feb
Kelley Island Lime
..*
14
14
100
50
6#
Mar
Feb
Lamson A Sessions
*
3
3
150
3,400
15#
Storkline Furn
Corp
com
Sunstrand Mach Tool
10
6#
'23"
Texas
Corp
23#
29
30
22 #
22
44#
Swift International cap. 15
Swift A Co
25
19
29 X
coma
25
cap
Thompson (J R)
29
Mar
32#
Feb
1,700
22
Jan
25#
Mar
26
42#
Jan
45#
Mar
Miller Wholesale Drug
4#
Jan
Murray Ohio Mfg
*
Jan
National Acme
4
25
84
17#
19#
82#
53#
4
160
78#
Feb
88
IX
Jan
19#
Mar
81#
Mar
87#
Jan
Natl Refining (new)
National Tile
56
700
53#
Mar
68#
Jan
Nestle LeMur A
117# 118
118
14#
70
173
115#
Feb
118#
Jan
c
......
W&hl Co com
600
1#
Feb
1#
Jan
c
Ohio Oil
#
.5
1#
,_*
1#
300
#
Jan
100
#
1#
21#
1#
20#
22#
Jan
Jan
22#
Western Un Teleg com. 100
W'house El A Mfg com .50
Mar
Wieboldt Stores Inc com.*
Cumul prior pref
*
Wisconsin Banksnrs com.*
5X
c
Feb
Richman Bros
28#
Jan
Wrlgley (Wm Jr) cap
Yates-Amer Mach cap
44#
215
15#
Mar
17#
135
33
Mar
37
Jan
7#
12#
Feb
Jan
167
4#
9#
319
13#
Jan
150
Zenith
Radio fnpn
16 X
17#
3#
Mar
Jan
Jan
1#
Jan
Jan
1
Jan
111
Mar
115
6#
Feb
110
c
U S Steel
5#
450
......
Van Dorn Iron Works
5
3#
100
1,650
Jan
4#
Jan
18#
Jan
23#
Jan
36#
Jan
40#
Mar
25
27#
46#
53#
Jan
35#
Mar
11
286
520
89#
Jan
White Motor
Jan
3#
Jan
6
55
16#
Jan
c
Youngstown Steel Dr cm*
75
Cincinnati Listed and Unlisted Securities
Cincinnati Stock
York Stock
Exchange, New York Stock Exchange
Fourth
Exchange
March 21,
to
>.V*
-;''v
•
Stocks—
Par
for
of Prices
Week
Price
Low
High
Par
Stocks—
Low
Shares}
for
of Prices
Range Since Jan. 1, 1940
Week
Price
Low
High
Low
Shares
High
High
20
1
20
100
18
•
Jan
25
2
15#
Mar
16#
Feb
Baldwin Rubber com
1
6#
6#
6#
530
10
14#
Mar
15#
Feb
20#
20#
20#
420
Jan
7#
22#
97#
10
96#
Jan
97#
Mar
11#
11#
240
11#
Mar
12#
Jan
3#
150
3#
Jan
3#
Jan
--*
Burroughs Add Machine.*
Burry Biscuit com
12 #c
Continental Motors com.. 1
Detroit Edison com
100
Detroit Gray Iron com...5
6#
19#
Jan
14#
3#
3#
15#
97#
*
Burger Brewing
Preferred
1#
1#
100
87c
Feb
1.25
Jan
3#
1,180
4#
Feb
47
Mar
105
Feb
13#
h'eb
14
Jan
50
IX
Feb
47
47
30
43
103
105
55
102
City Ice
13#
Cin Ball Crank..
Cin Gas A Elect
Jan
Jan
8
50
.100
Champ Paper pref
pref.. .100
107# 107#
107#
Cin Telephone
50
Cin Tobacco Ware
49
2#
99#
107
329
20
2#
2#
...
13#
2
2
...5
Cin Street
99
Mar
Jan
2#
97
Jan
Feb
2#
Feb
110
Brlggs Mfg com
Det-Michigan Stove com
Ex-Cell-O Corp com
100
Mar
Frankenmuch Brew com.
4
3
3
Jan
Feb
Fruehauf Trailer com.-.-l
138
140
5
130
Feb
140
Mar
Cohen (Dan)
*
6
6
50
6
Mar
6
Mar
5#
5#
318
5#
Mar
6#
Jan
2#
2#
5
2#
Jan
2#
Feb
10#
10#
23
10
Feb
12#
Jan
16
16#
225
13#
Jan
Mar
Mar
3
Gemmer Mfg A
*
Goebel Brewing com
1
Grand Valley Brew com.-l
Hall Lamp com
*
Hoover Ball A Bear com. 10
Hoskins Mfg com
2#
Houdaille-Hershey B
*
Hudson Motor Car com..*
Hurd Lock A Mfg com...l
Kingston Products com._l
Kresge (8 S) com
10
Masco Screw Prod com—1
McClanahan Oil com
1
Michigan Silica, com!—-1
*
Dow Drug
..10
Eagle-Picher
♦
4#
28
28#
255
Jan
52#
53#
236
26#
51#
16#
28#
53#
Formica Insulation..
Jan
55#
Feb
.100
64
64
64
10
4#
Jan
6#
Mar
.100
10
16#
.
'
*
Gibson Art
General Motors.
Hatfield Prior pref
Preferred
10
10
17
6
Jan
10
Mar
Hobart A
*
42#
42#
25
40
Jan
43
Mar
Kahn
♦
13#
30#
14
31
12#
Jan
15
Feb
28#
Jan
31#
Mar
#
Mar
#
Mar
#
Mar
♦
Kroger
—
31#
*
Moores-Coney A
31#
331
#
230
#
#
IS
18
.....
.
4
18
50
69
*
PAG
3#
68#
69#
452
48#
49#,
-
*
«»
2
*
2
Jan
*
Michigan Sugar com
Jan
70
Mar
Micromatic Hone com
50#
Mar
Mid-West Abrasive com
2#
Feb
13#
Jan
17#
Mar
9#
Jan
13
Mar
65#
47#
1#
15#
16#
317
12#
300
11
Mar
Jan
540
2
3#
119#
111
3#
118#
Mar
1#
200
1#
Feb
1#
1#
340
1#
20#
Jan
1#
Jan
Jan
Mar
12
Jan
26#
15#
26
1
50
—
5
Motor Wheel com
610
15
25#
14#
1,752
2#
29
29
29
15#
10
2#
Jan
2#
Jan
135
28#
Jan
32#
Jan
4#
Mar
5
Feb
33
32#
300
2#
2#
2#
400
2#
Jan
2#
76c
70c
75c
1,400
56c
Mar
75c
Jan
8#
9#
1,782
5#
Feb
9#
Mar
17#
17#
200
17#
Feb
18
8#
32
Exchange
14
.500
13#
Feb
14#
Jan
13#
480
11#
Feb
13#
Mar
5#
5#
200
5#
Jan
6#
Feb
49c
950
41c
Feb
1#
1#
100
1#
Mar
25#
25#
25#
955
24#
Jan
1.00
1.00
270
44c
90c
Jan
both inclusive, compiled from official sales lists
Sales
Thurs.
Last
Sale
Par
Stocks—
Addressograph-Mui
Airway Elec pref
Amer Coach A
Body
cm
Price
9
9
9
8#
5
8#
8#
Range Since Jan. 1, 1940
for
Week
Shares\
11
Low
"96"
Jan
17#
Mar
85
8#
Mar
19#
10#
Feb
6#
Jan
8#
Mar
Mar
12#
Jan
12
359
11#
85
90
135
85
059# a60#
06#
a6#
Amer Home Prod com.-l
High
125
11#
Brewing Corp of Amer—3
For footnotes see page
of Prices
High
Low
al7# al7#
10
..100
Apex Electric Mfg
*
Preferred100
c
Week's Range
"~72c
10
19c
Jan
25c
Jan
250
2#
Jan
2#
Feb
72c
75c
265
72c
Mar
90c
Mar
1,382
7#
Jan
2,900
1#
Jan
10
9#
1#
"17"
1#
17
17
5#
Jan
3#
Jan
480
8#
Jan
41
245
56#
6
Jan
Jan
Jan
90
60#
7
Mar
7
6#
1#
1#
500
2#
2#
200
Scotten-Dlllon com—- -10
"22#
22#
22#
578
-1
Simplicity Pattern com... 1
St d Tube B com
1
Stearns (Fred'k) com-..-*
Timken-Det Axle com.-.10
Tivoll Brewing com
1
United Shirt Dist com
*
United Specialties *,
1
5#
5#
1#
5#
1,026
*
"i
#
.....
Wolverine Brewing com._l
Young Sprine A
Wire
*
Jan
Mar
4#
4
Feb
Mar
Mar
1#
2#
Mar
Jan
Mar
25
Jan
Jan
6
Mar
100
1#
Jan
1#
Mar
200
1#
Jan
100
13#
Jan
1#
14#
Mar
700
21
Jan
24
2#
'
320
4
120
Feb
Jan
2#
Jan
2#
Jan
3#
Jan
4#
Jan
5#
6#
1,885
Jan
6#
Mar
1#
1#
1#
2#
3,500
1#
Jan
2#
Mar
1#
2,700
1#
Mar
1#
Jan
1#
400
1
Feb
1#
Jan
20c
20c
20c
900
10c
Jan
20C
Jan
10#
10#
10#
111
10#
Mar
2#
Wayne Screw Prod com..4
Mar
1#
1#
22
8#
12#
21#
2#
1
Mar
Mar
Mar
1#
14
21#
.
Warner Aircraft com
2
1#
1#
14
4
11#
170
997
.._*
Jan
4,900
1,335
—
1#
Jan
Jan
Feb
20c
3#
Universal Cooler B
1#
2#
19c
7#
Sheller Mfg com
62c
26
2
20c
11#
_.
Jan
14
3#
River Raison Paper com
Jan
Feb
13#
5#
13#
11#
1#
Peninsular Mtl Prod com. 1
Cleveland Stock
March 16 to March 21,
Jan
32#
3#
.
Mar
200
11#
10
.
Jan
300
*
Murray Corp com
Packard Motor Car com
Jan
4#
Parker-Wolverine com--- *
50
PreferredWurlitzer
125
4#
Gar Wood Ind com
Jan
2#
12#
Timken Roll Bear
US Printing.
3#
49#
National Pumps pref.. ..10
Jan
20
Jan
1#
3#
119
2#
4
*
5#
1#
'"25#
25
Consol Gas
3#
119#
Federal Mogul com
Mar
2#
Jan
Mar
1#
....
Cocoa Cola A
c
Jan
15#
15#
100
Baldwin pref
....
Sales
Week's Range
14#
Laundry Mach. ..20
Amn Roll Mill
Nash
Exchange
compiled from official sales lists
Sale
Auto City Brew com
Amer
Stock
Last
Range Since Jan. 1, 1940
Week's Range
DETROIT
Thurs
Sales
Last
Sale
•
Jan
Jan
New York Curb Associate
March 16 to March 21, both inclusive,
both inclusive, compiled from official sales lists
Thurs.
\
Jan
28#
274-275
Teletype Cin
Detroit
'
48#
Feb
Telephone: Randolph 5530
Cincinnati Stock Exchange
March 16
Jan
Mar
Feb
Chicago Stock Exchange
Building
St., Cincinnati
Telephone Cherry 3470
Jan
Feb
Mar
22
100
Exchange
Ford
and Other Principal Exchanges
E.
Jan
3#
6#
13#
»
Members
New
Detroit Stock
Established 1878
115
Jan
Watling, Lerchen & Co.
LYONS «l£2:
Members:
Jan
37#
a22# o23
Youngstown Sheet A Tube*
Feb
..50
Mar
'
210
alO# alO#
a38 # a40
^
g
52
68#
5#
Jan
Mar
5
3#
5#
10#
Vlchek Tool
Jan
Jan
277
448
a49# a49#
a53# 065#
5
5#
3#
3#
*
....1
Jan
39#
40#
031# 031#
Timken Roller Bear com*
c
U pson-Walton
*
com
Jan
Mar
al8# o20#
*
com
Jan
3#
Jan
14
Jan
16#
Mar
1#
#
14#
Feb
Jan
3#
15#
5
com
Jan
2#
12#
7#
84#
2#
14#
Mar
175
290
93#
5#
78
Jan
13
117#
87#
Jan
Jan
13
Jah
87#
*
Jan
35#
203
#
Thompson Products Inc.
1
Jan
4
4
Feb
Jan
600
Feb
13#
6#
4#
3
37
91#
4#
cap..2
15
90
"
Woodall Indust Inc
Jan
Feb
5
Feb
Feb
Mar
13
14
101#
Jan
Mar
29
14
50
5
53
105
*
100
20
Jan
Feb
aT.
91#
91#
5#
Jan
Mar
25#
18#
7#
14#
315
285
Feb
*
com
Republic Steel
Jan
1#
#
1#
#
:
*
..,
Reliance Electric
2
Jan
41
■
*
Jan
#
50
101
25
Mar
014# 015#
^_*
...
21#
22#
21#
110# 110#
6#
6#
*
common
16#
New York Cent RR com*
1#
12
80
039# a41#
16#
16#
032# 034
6#
6#
all# al2#
al5# 0I6#'
3#
3#
__1
1,450
53
105
«25# 026#
*
Jan
53
105
105
Midland Steel Products..*
45#
Patterson-Sargent
Utility & Ind Corp—
Common.,
Walgreen Co
600
81#
19#
U S Gypsum Co com.^..20
United States Steel com..*
7% cumul preferred .100
Utah Radio Products com-1
100
..
Martin (Glen L) com
1
Medusa Portland Cement-*
83#
Union Carb A Carbon cap *
United Air Lines Tr cap.5
Mar
r_
22#
4
25
com
Jan
7#
23#
Preferred...
•
70
-
25#
7X
Jan
a22
*
com
1#
7#
5
Jan
*
.10
78
Warner
Jan
Jan
*
com.
25#
Srewari
Feb
Mar
19#
20#
24#
Firestone TAR
25
*
70
Jan
Sterling Brewers Inc com.l
Standard Oil of Ind
Mar
70
U#
11#
a31# a32#
al9# a 19#
a37# a38#
al7
al7#
17#
19
9#
75#
St L Nat Stkyds cap
High
70
a40# a41#
24#: 29#
General Electric com...*
600
2
1#
Range Since Jan. 1, 1940
Shares
13#
54#
*
1,600
1#
30
High
70
1
2
2
Price
*
26
85#
Southwest Lt A Pow pref_*
Sales
100
100
5
Spleeel inc common
#
Par
250
9yg
25
com
100
(Concluded)
9#
1#
29#
9#
83#
29#
1
sear.i Kuebuck A Co cap.*
Serrick Corp cl B com... 1
Slgnode Steel Strap pref.30
.
Sou Bend Lathe Wks cap
1
Stocks
100# 100#
10
9#
new*
com
Schwitzer-Cummins cap.
A. T. & T. OLEV. 505 & 500
#
115
"
152
Billdlng, Cliviland
Telephone: CHerry 5050
36#
12#
37
Quaker Oats Co common *
Preferred..
100
Rath Packing com
1913
'
■
Range Since Jan. 1,1940
Shares
27X
32
Northern 111 Finance com.*
Northwest Eng Co cap
North West Util—
High
18
Corp cm20
k
*•»
Week
Price
Noblitt-8parkR Ind com..5
North Amer Car
Week's Range
Sale
Par
'■
Sales
Last
Stocks (Concluded)
■'
4
12
Jan
1915
*5
The Commercial & Financial Chronicle
1914
March
Sales
Thurs.
Range Since Jan. 1, 1940
Last
(Concluded)
Wm. Cavalier & Co
United
5
Loe
•
Log Angeles
623 W. 6th St.
65
5
Week's Range
Last
Sale
Stocks—
of Prices
High
Low
Chrysler
Par
Stocks—
for
Range Since Jan. 1, 1940
Week
American Stores
Low
Bell Tel Co of Pa
High
100
Mar
3)4
Jan
m
Feb
17154 172)4
171)4
pref.. 100
167
168)4
Jan
175)4
Mar
102
122)4
Jan
127)4
Mar
4)4
Mar
395
6
Jan
5)4
5)4
150
4)4
Jan
6)4
Feb
85 H
»
5h
•J--'-***
*
84)4
85 H
135
8054
Jan
90)4
465
3)4
Feb
4H
Feb
514
20)4
Jan
32)4
Mar
-■
«
-
Budd Wheel Co
m
-
37c
700
31c
Mar
37c
Jan
4)4
100
4)4
Mar
5
Jan
Chrysler Corp
Curtis Pub Co
*
3)4
3)4
2c
2c
1,000
2c
Jan
Jan
Electric Storage Battery 100
31)4
3154
23)4
23)4
150
23)4
26
Jan
..10
54 H
10
12
95
8)4
12
Mar
8
a84X
7%
asm asm
754
7)4
70
83)4
Mar
Feb
Feb
174
7 '4
Feb
10)4
2c
Jan
90)4
Jan
..5
com
General Motors
Horn A Hardart (Pa)
Lehigh Coal A
Lehigh Valley
50
9)4
Jan
10)4
Mar
Nat'l Power A Light
*
5)4
Jan
5)4
Feb
Pennroad Corp v t c
10
6)4
Jan
Pennsylvania RR
1
50
115
9)4
Mar
8)4
Mar
10 54
11
Mar
320
Jan
Phila Elec Power pref—25
36c
1,100
35c
Feb
43o
Jan
Salt Dome Oil Corp
Jan
Scott Paper
H
9)4
9)4
a52H a54)4
125
330
a25%
a25)4 a25)4
25
10 X
9
36c
' |
9
Fitzsimmons Stores
H
a 53
36c
6
36)4
8)4
Feb
Jan
b>.
54 54
Feb
Jan
5
23)4
Mar
36)4
36)4
36)4
Mar
70c
70c
100
70c
Feb
al0)4 aim
10
9)4
Jan
6
Jan
2454
Feb
38)4
Jan
80c
Jan
10)4
3X
Jan
2)4
107
Mar
8)4
Jan
Mar
Mar
2)4
Jan
24)4
Jan
Mar
2)4
Mar
Jan
21
2,462
1,300
2H
117)4 118H
35
117)4
Feb
30)4
367
30 H
Jan
31)4
1
654
6)4
50
6 54
Mar
7)4
45)4
46)4
315
45)4
Mar
4854
5I«
*16
100
'19
Jan
54
54
288
.54
Feb
—
«.
1
2)4
_
w
54
Jan
Jan
Jan
.
Feb
X
Jan
1
1)4
United Gas Impvmnt com*
Preferred.
*
11654
2)4
380
1)4
Mar
2H
Jan
55
36)4
Mar
41)4
Feb
13H
6,697
11)4
Mar
15X
Jan
115)4 11654
13 H
39 H
12)4
*
Preferred
2)4
38 54
2H
...*
United Corp com.
—
_
.
Jan
120)4
3054
2)4
pref— *
Tonopah Mining
Feb
1H
2,923
2
22)4
Jan
2)4
3)4
7
75
7)4
1)4
21)4
Jan
55)4
Jan
3)4
Jan
126
Jan
2
*
Phiia Elec of Pa $5
Transit Invest Corp pref
206
70c
10
2
2H
Penn Traffic com
160
a22)4 a23
aim
147
200
6
6
a23
Mar
119
6,606
7)4
2154
6)4
20
2)4
7H
200
a6)4
Jan
50)4
1,058
54)4
123
3)4
m.
330
«82X
Ltd_.l
General Motors com
10
General Telephone Corp. 20
Gladding McBean A Co..*
Goodyear Tire A Rubber.*
Hancock Oil Co A com—*
Holly Development Co—1
Lane-Wells Co
1
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp.-1
Los Ang Industries Tnc
?
Los Angeles Investment. 10
Mascot Oil Co
-1
52 H
Navigation* "~2 X
5)4
10)4
5)4
5H
4
32 H
120
com-*
a6)4
a7SVs a82%
10)4
10)4
8)4
9
10 H
am
Exeter Oil Co A com
400
13 H
123)4 125)4
*
—
American Tel A Tel
Shares
Feb
31c
25
Douglas Aircraft Co
*
Electrical Prods Corp
4
Emsco Derrick & Equip..6
High
11X
23 M
12
District Bond Co
Low
327
4)4
Creameries of Amer v t C. -1
Range Since Jan. 1, 1940
for
Shares
13H
12)4
13
2c
Consolidated Steel Corp pf*
lists
Week
of Prices
High
Low
Price
31c
5
Jan
3)4
Sales
4%
oil Corn— *
Corp
Consolidated
Jan
4
20
Sale
Budd (E G) Mfg Co
3)4
3)4
3)4
Co...l
Berkey A Gay Furn Co—1
Broadway Dept Store
*
Buckeye Un Oil pfd v t c..l
Calif Packing Corp com..*
Central Invest Corp..-100
62)4
Jan
200
JaD
Sales
Thurs.
Bandini Petroleum
Mar
54
594
Week's Range
Last
both inclusive, compiled from official sales lists
Price
Feb
both inclusive, compiled from official sales
Angeles Stock Exchange
Par
2H
38)4
3)4
3)4
Thurs.
Los
Feb
48)4
Philadelphia Stock Exchange
Teletype L.A. 290
March 16 to March 21,
March 16 to March 21,
2)4
35 H
55)4
54
3)4
111 54
Jan
33
a35
110)4 11154
55)4
...
48)4
Jan
Mar
40
a35
Westnghse El A Mfg Co. 50
San Pranclaco Stock Exchange
Angelee Stock Exchange
8 .Steel Corn..
Warner Bros Pictures
Chicago Board ot Trade
High
Low
Shares
a43)4 a45H
al)4
al)4
a35
10
US Rubber Co
Week
a45H
alVt
United Corp (The) (Del).*
MEMBERS
York Stock Exchange
Nmw
for
of Prices
Low
High
Price
Par
Aircraft Corp
Week's Range
Sale
Stocks
1940
23,
139
111)4
Mar
117 H
Feb
Feb
Mar
13c
13c
Jan
16c
27)4
30)4
669
28)4
Jan
32)4
1H
1)4
1)4
526
1)4
3
Feb
4»/«
4X
4)4
324
4)4
Feb
Jan
4)4
Jan
45c
45c
45c
1,000
40c
Jan
50c
Jan
Thurs,
1
m
IX
2)4
3,180
1)4
Jan
2H
Jan
Last
Week's Range
for
Occidental Petrol Corp__.l
Oceanic Oil Co.
....1
18c
18c
18c
950
25c
Feb
30c
Feb
Sale
36c
36c
36c
200
35c
Mar
47c
Feb
of Prices
'jOw
High
Shares
10c
alOc
100
10c
Jan
10c
Jan
12)4 a 12)4
18
11H
Jan
12)4
Mar
Menasco Mfa Co
..
13c
alOc
1
Pacific Finance Corp com 10
Pacific Distillers Inc
—
5X% 1st pref
al2)4 a\2%
20
10%
al0)4 a 10)4
a33)4 a33)4
228
33 U
Jan
401
33 %
12)4
12)4
Mar
Mar
Feb
Feb
34)4
34)4
Mar
34)4
31)4
47)4
31)4
31)4
100
30)4
Feb
31)4
Jan
47
47)4
456
47)4
Feb
49)4
Jan
a5)4
a5)4
a20)4 a20)4
15)4
15)4
2
554
Jan
1
20)4
Mar
Pacific Public Serv com..*
pref
.*
Puget Sound Pulp A Timb*
a2054
Republic Petroleum com.l
2%
2)4
254
Richfield Oil Corp com ...»
7
6)4
7
1st
15 A
100
1)4
1)4
8)4
Ryan Aeronautical Co...l
Safeway Stores Inc
*
4)4
5)4
a50
a50
31
52
52
15
51
Jan
35
35 H
90
35
Mar
Feb
Dr
35)4
33)4
Feb
8)4
Jan
Griesedleek-West Brw cm-*
Mar
9
100
42
Mar
12)4
100
11
Feb
12H
Feb
7H
33 H
30
7
Jan
7)4
Mar
4)4
Jan
5)4
160
33
Mar
36 H
Jan
Jan
International Shoe com.
Key Co com..
Laclede-ChrLsty CI Prd cm*
7)4
714
25
6)4
6)4
100
5
*
4)4
370
38)4
Jan
33
Feb
27
Jan
31
Mar
Lemp Brew com..
6
Feb
Mar
McQuay-Norris com
Midwest Pip A Sply
30
30
?9X
Feb
Mo Portland Cement cm25
29)4
29)4
28
Jan
30)4
29)4
Jan
29 A
Jan
Natl Candy com
So Calif Gas Co 6% pfd A25
34)4
12)4
33 )4
12
Feb
34)4
Jan
Mar
15)4
Jan
26)4
Jan
22)4
23)4
2254
Mar
6
6)4
5)4
Mar
16)4
16
16)4
16
Feb
17)4
14
13)4
14
13)4
Mar
15H
Jan
4H
Jan
5X
Feb
6
2
Union OH of Calif
25
Universal Consol OH... 10
1H
5)4
Vega Airplane Co..
.
6)4
4)4
5)4
7
4
1st pref.
Jan
115
160
2H
2)4
2)4
254
Mar
3)4
Jan
1
am
a6)4
a6)4
5)4
Mar
5)4
Mar
Yosemlte Ptld Cem pref. 10
2)4
2)4
2)4
2)4
Mar
3
Feb
Scruggs-V-B Inc com
1st pref..
Stix Baer A Fuller
com
12
Feb
12H
Feb
99
Mar
Jan
Feb
Mar
4)4
Mar
654
Jan
108)4
Feb
110H
Mar
130
2H
Jan
2 H
Mar
1
Feb
6
10
1.05
8
110
96
2
1.37
Jan
Jan
8
Mar
87 H
8
Jan
96
Mar
54
54
260
54
Mar
77c
Mar
7 H
7)4
754
200
5H
Jan
7)4
Mar
7H
Jan
9
Mar
8H
26
27)4
205
26
65)4
$ 1,000
65
8H
8)4
27)4
15
32
65)4
10
_.
98
73
Feb
Mar
11)4
20
2H
1.05
1
Wagner Electric com
39
Feb
9)4
96
_
Sterling Alum com
4H
Feb
11
50
4)4
109
2H
5
..100
Scullin Steel warrants
•
98
4)4
St. Louis Pub Stv com cl A1
3
Feb
11)4
109
100
Mar
Mai
10)4
St Louis Bk Bldg Eqpt cm*
Mar
6)4
10)4
12 H
98
.100
7)4
Feb
37 H
50
Rice-Stix Dry Goods com. *
Jan
5
31
11H
Feb
5H
39
10)4
11)4
11)4
*
2nd pref
"
1154
com
Mar
Wellington Oil Co of Del.. 1
Western Air Express
33
33
30
Transamerlca Corp
44
43)4
YH
V
12
Jan
43)4
12)4
25
34)4
Mar
Hussmann-Llgonier com .-*
Jan
12)4
Mar
9H
Huttig (S A D) com__ji>..5
30
22 H
91 H
Jan
Jan
Jan
34)4
Jan
7)4
27
Mar
1)4
Jan
28 74
Pacific Co...iU(
81
30
450
30
Standard Oil Co of Calif..»
Mar
9H
31
Southern
22
19 H
6)4
29)4
.
809
9
30)4
preferred C
22)4
91
6
preferred B
22 H
9)4
30
6
Jan
Mar
14)4
91)4
31
6%
Mar
2
19 H
Feb
18)4
1
7)4
6)4
34
Mar
180
"22)4
Ltd..25
So Calif Edison Co
Jan
1
19
..*
100
Falstaff Brew com
_
Mar
31
270
1.89
Jan
15)4
12
34
1.80
1.80
Jan
fMar
Jan
725
15)4
4
Feb
3)4
50
14
34
Sontag Chain Stores Co..*
Signal Oil A Gas Co A
150
15
__
Jan
31
4
1
Pepper com
Emerson Electric pref.
Mar
42H
52)4
3)4
7
31
*
20)4
a51
31
Jan
Feb
41H
10
Mar
1,455
Security Co units ben Int..
Century Electric Co
Chic A Sou Air L pref.
High
41
35)4
*
234
383
5)4
—
Low
150
52
50
5% pref.
Range Since Jan. 1, 1940
Week
41)4
*
1754
100
8)4
—
Jan
2)4
1,053
1
8 54
American Inv com....
Sales
Price
Jan
12
900
2
Warrants
Roherrs Public Markets.
Par
Stocks—
10
Coca-Cola Bottling com.. 1
Collins-Morris Shoe com .1
Columbia Brew com
.5
6
compiled from official sales lists
March 16 to March 21, both inclusive,
Brown Shoe com
34)4
Pacific Lighting Corp com*
34)4
St. Louis Stock Exchange
Jan
20
a3d%
25
25
6% 1st pref
12%
a
'>•
paclf 1 c Gas A Elec com..
7c
a
10
-.10
Preferred A._
Preferred C
a\2V%
a
a
2,000
Mar
28 H
Mar
Feb
66)4
Jan
Mar
12)4
Jan
Mining—
Black Mammoth ConsollOc
9c
9Hc
9)4c
9c
Mar
14)4c
Jan
Calumet Gold Mines ColOc
lc
lc
1(
)4c
Jan
2c
Cons Chollar GAS Mng.l
1)4
ix
i)4
1)4
Mar
2)4
Jan
25c
Hc
He
)4<
He
Feb
He
Feb
ai9%
a47)4
a
172
172
172
Bonds—
Imperial Devel Co..
Jan
St Louis Pub Serv 5s.. 1959
10
9)4
10
1964
Incomes—
8,000
9X
Unlisted—
AmerRadA Std Sanl
Amer Smelting A
*
Refining'
Amer Tel A l ei Co
Anaconda
im
Oopner
28)4
5<
Armour A Co (111)
Atch Topeka A S Fe
854
5
RyHX
5)4
22
27)4
5)4
10
Jan
Jan
47 *4
Mar
Jan
29)4
Feb
5)4
22
Mar
5)4
Mar
6
22
Mar
2'54
Feb
6
Jan
7M
aim
al4)4 al4)4
15
Jan
15)4
all
all
Mar
31 )4
Feb
11)4
34)4
Mar
*
!
Barnsdall Oil Co
a75
a71 V% a75
73)4
Feb
76
Feb
«22
a22
23)4
Feb
Bendlx Aviation Corp...
32)4
Bore-Warner Corp
Columbia Gas A Elec
Solvents
6)4
31)4
all
11)4
32)4
a22)4
*
23)4
Feb
a4)4
am
a4)4
am
a5)4
5)4
Mar
13)4
Jan
14H
154
4)4
Feb
LOUIS
ST
STOCK
ST.
418
I AT-
EXCHANGE ISSUES
BANK
LOUIS
A. T. & T. Tel.
ST.
OLIVE
(MEMBER)
STOCKS
Jan
Mar
\
Inc.
ACTIVE
Mar
a5H
10
Cities Service Co
Jordan & McKinney
Mar
m
v t c.
Bethlehem Steel Corp
Gatch Bros.,
Jan
6
Baldwin Locomo Wks
ST. LOUIS, MO.
Jan
174)4
2m
28)4
22
Mar
Mar
»4
172
6)4
Aviation Corp fThel fDeO'
Commercial
8)4
47
49)4
al4J4
Continental Motors Corp. 1
3)4
aim al4)4
I)4
1)4
3)4
354
Continental Oil Co (Del) .5
a.22%
St. L. 494
Garfield 3450
7
Jan
a22)4 a22%
Commonwealth A South.. *
1)4
10 x
Curtlss-Wright ( orp.
Class
1
A
a28)4
Elec Pow A Light Corp..
General
Fleernr
r
am
a38)4
o.
Goodrich (B F) Co
•
18)4
Intl Nickel Co of Can
*
a35)4
International Tel A Tel.,
Kennecott Copper Corp.. •
a36
Loew's Tdo.
a36)4
Montgomery Ward A Co
a53)4
New
a
Nor
York Central Rh
American
Aviation.10
Packard Motor Car Co
*
Paramount Pictures Inc..l
Pennsylvania
RR
6(
15)4
23)4
3)4
a7H
a21)4
Radio Corn of Amer
6)4
Radio-Keith Orphm Corp*
Republic Steel Corp
Sears Roebuck A Co
1)4
19
1
Jan
354
Jan
10)4
a28)4 a31 )g
am
«5)4
9)4
2'«54
Feb
I
%
Feb
2"h
Feb
a37 )4
a38)4
38
18)4
Quotations
St. Louis Bank and Trust Companies
on
Mar
9)4
•
8
Jan
8
Jan
Jan
40
Jan
18)4
18)4
Mar
20
Jan
a35)4
a4)4
04)4
a34)4 a36
a36
a36)4
a52)4 a53)4
35)4
Mar
38 H
a35
39 H
Mississippi Valley Tr Co..
29)4
31)4
4)4
Feb
36)4
Jan
35)4
Jan
35)4
Feb
al4X al5)4
20)4
23)4
""IS""
Jan
20)4
Mar
3)4
3)4
a7X
a7)4
o21H a21)4
6
6)4
1)4
1)4
:m
Jan
19
19
"18 H*
25 H
4
I
Week's Range
Sale
of Prices
Jan
7)4
Jan
24 H
Stocks—
High
1)4
19
6)4
Mar
1)4
Jan
Armstrong Corp Co
Mai
22)4
Jan
Arkansas Nat Gas Corp..*
>.
6
Jan
7H
I
9)4
Jan
12 H
)
Mar
for
<
Range Since Jan. 1, 1940
Week
Shares
Low
High
39 H
~
2
2
18H
Jan
23 H
Feb
40)4
Feb
25
37
J8n
100
2
Jan
456
9)4
Mar
11)4
Jan
Feb
2
Jan
9)4
11)4
11)4
50
11X
Mar
13 X
30c
30c
1,400
25c
Mai
40c
Jan
Jan
*
Carnegie Metals Co.
1
Claik (D L) Candy Co...*
6
6
200
5H
Jan
6X
Feb
Feb
Columbia Gas A Elec Co. *
5H
5H
5)4
40
5H
Mar
7)4
Jan
6H
4
Mar
Byers (A M) Co
25
23)4
Feb
Cran McKenz A Hender'n *
alOH
al0)4
10)4
1
22)4
10)4
Jan
Tide Water Assoc Oil Co. 10
Feb
11
Jan
Devonian Oil Co..
Union Carbide A Carbon. *
a83 )4
785/4
Feb
8 '54
Feb
17)4
a83)4 084)4
17)4
17)4
)
United A ir T ines Trnnsr>__ r
)
15)4
Jan
17 H
Mar
Duquesne Brewing Co...5
Follansbee Bios pref... 100
Jan
39 H
~
85
*
Jan
11)4
a22%
17)4
-
21)4
10H
a6H
11X
17)4
.
21
39 H
*
Blaw-Knox Co
11)4
21H
Allegeny Ludlum Steel...*
*
Low
Jan
aUX all )4
al4)4 al5)4
a6)4
a6)4
11)4
II)4
a22
a22)4
For footnotes see page 1915
Price
Par
Mar
a82)4 084)4
a
54)4
Sales
Last
Jan
all )4
Swift A Co
52)4
inclusive, compiled from official sales lists
Thurs:
Feb
5)4
:
St Louis Union Trust Co..
Mar
Feb
7)4
a84 J4
al4)4
133
j-130
Pittsburgh Stock Exchange
March 16 to March 21, both
Jan
21 H
*
Studehaker Corp
Ask
Bk
Commerce
A Trust Co
41H
Jan
Feb
36
Socony Vacuum Oil Co.. 15
Southern RyCo
*
Standard Brands Inc
Mercantile
36
First National Bank
Jan
3)4
Bid
,4 s*
Bid
/34
Boatmen's National Bank.
Jan
...
13 X
6H
1,300
Mar
6H
16)4
10
16H
190
16)4
Feb
17X
13 H
14
367
11
Jan
14
Mar
18)4
18)4
25
13
Jan
20
Jan
6
Jan
Volume
The Commercial & Financial Chronicle
ISO
i HUTS
sales
Last
Stocks (Concluded)
Par
Lone Star Gas Co
.
.
.
Week'8 Range
of Prices
Price
Low
„__*
103%
Low
Stocks (Concluded!)
9%
Feb
10%
Jan
1,630
5
Jan
5%
Mar
1%
10
1%
Sales
Last
High
1,967
36
1%
32%
90
70
Mar
Union Oil Co of Calif
Union Sugar com
United Air Lines Corp
Universal Consol Oil
Jan
103%
Mar
8%
Jan
11,820
730
16%
16
16%
8%
Feb
6%
17%
200
8%
Feb
8%
19
18
19
643
Jan
19
Feb
8%
5
13%
13%
210
14%
13%
5%
4%
4%
Jan
3%
523
3
Jan
29%
5%
3%
29%
272
3%
17
17
210
10
-
.
.
22%
.
1%
Pacific
on
111
Jan
Amer Rad A Std Sanitary. *
8%
150
366
200
62o
Jan
Amei Woolen Co com
100
8
21
50
1%
2%
Jan
Stock
Exchanges,
Standard Time
which
(2 P. M.
New
York
Stock
8%
*
8%
8
_
Aviation Corp of Del
Saturdays)
Bendlx
-
«
«
«
for
of Prices
Par
Price
Low
Jan
83
8%
Feb
Jan
145
22%
Jan
\
307
6%
a5 %
70
32%
Jan
9%
25%
9%
Mar
7%
Jan
Jan
5%
Jan
Feb
3'%
Mar
8%
2,080
Mar
6
5%
30%
32%
1%
240
700
1%
Feb
12%
629
12%
Mar
14%
Jan
2.00
2.00
50
2.00
Mar
2.00
Mar
4%
4%
4%
7
4%
Feb
5%
5%
150
+.
w
m
5
2
Jan
5
Mar
Jan
•
7%
7%
7%
357
30%
7%
Feb
5%
32%
7%
.1
10%
9%
10%
2,309
9%
Jan
11%
34%
34%
38%
34%
215
33%
Jan
36
38%
241
37%
Jan
41
al8% al8%
3(
1.10
Mar
Goodrich (B F) Co
a31
*
com
Hobbs Battery Co A..
_
*
_.
High
6%
Anglo Amer Min Corp.._l
Anglo-Calif Nat'l Bank.20
Associated Ins Fund Ino.10
Low
7
7
20
4%
High
7C
17
18%
105
Hill Gold M cap__l
I-.-..-, 'L
B.
18%
Mar
Jan
21%
Mar
Mar
23%
744
23
Jan
15%
26%
52%
65
51
Jan
52%
Jan
105%
30
Jan
105%
Mar
950
26c
Jan
32c
642
4%
2,965
3%
Jan
4%
125
84%
Feb
8514
55
296
51
Jan
57
Feb
32
150
801
32%
24%
Feb
24%
31%
23%
5%
Jan
24
Feb
5%
Feb
Jan
Jan
Jan
5%
5%
235
15%
-mf
»
15%
1,592
89
18%
49
15
Feb
Jan
55
Feb
2.00
Mar
3.50
Jan
Jan
5%
Jan
Jan
19%
Mar
18%
354
4
17%
8%
36%
93%
30%
8%
43%
96%
.
8%
128
43%
97%
100
291
30%
Galland Merc Laundry
*
Gen Metals Corp cap..2%
30%
260
18%
18%
20%
21
18
Feb
15
20
Jan
22
20%
Mar
11
Jan
Jan
44
Feb
Jan
97%
33%
19%
Mai
7
7
7
52%
6%
100
6%
52%
605
52
-
6%
325
Feb
Jan
7%
55%
*
m
6%
30%
Mar
290
Jan
34
6
210
5%
Jan
6
11
1,322
9
Jan
11%
Mar
16%
Feb
16
16
16
115
16
Hale Bros Stores Inc
*
14%
14%
14%
215
13%
Jan
..1
70c
72c
700
70c
7%
Mar
J,
«r
~
L
70c
*
"~80c
80c
3%
3%
Preferred
r
50
10
40
Magna vox Co Ltd
i
27%
30%
Jan
"6c
44
Feb
60c
2%
Jan
1.15
Feb
Jan
3 75
Feb
15%
500
610
6
24
40
Jan
42
160
42
Mar
31
2,536
27%
Mat-
60c
100
50 c
Mar
16%
8%
Feb
com
70c
Feb
900
15
Jan
17%
Mar
12%
525
11%
Jan
12%
2.10
1.95
1.75
Jan
10
Class B
14
25%
23c
22
210
25
Jan
•
-n
26
Jan
Jan
corn
Feb
420
25
Mar
38?
22%
Mar
95
20%
Mar
655
3%
Jan
80
21%
Jan
1,117
6%
5%
Feb
6%
Mar
Jan
Feb
124
4%
4
9%
15
9
29%
30%
29%
599
29
Jan
379
29
Jan
750
29%
Mar
201
Jan
Feb
Mar
Feb
Jan
Mar
Jan
4%
12%
30%
30%
30%
Feb
"
29%
Jan
Feb
Jan
Jan
Mar
Jan
75c
75c
Jan
1.10
Mar
06%
10
6
Jan
10%
11
1.00
«6%
11%
620
9
Jan
7%
12%
Feb
a44% a45
a47%
♦
—
-
L
1.00
1.00
55
56
Mar
44%
1.15
Jan
Mar
55
44%
49%
Mar
Jan
95c
1,113
66%
1%
4%
Feb
1%
300
1%
Jan
a3%
-
Jan
Feb
4"
400
1%
-
„
59
172
a44% a47%
55%
.
5c
55%
4%
7%
25%
26%
23%
4%
23%
a6%
30%
......
5
•No par value,
year,
a3%
25
3%
Jan
10
4
Jan
4
d Deferred
Ex-dividend,
x
—L.
O.
Feb
Jan
Jan
Mr.
Doty,
Yorker
to
28c
Feb
Mar
1.35
200
1.25
Mar
1.50
Jan
1,309
Jan
34%
Feb
3'%
31%
672
739
47%
47%
772
47
Feb
107%
10
107
Mar
50
range
for
NOTICES
held
Georgia
hold
Employees Credit Union, it
the
the
of
who
had
Executive
resigned
Secretary
from
of
Alden
D.
5%
5%
150
5%
Jan
5%
20%
524
20%
Jan
21%
Jan
in
a
securities
Mr. Lewis handles
industrial, railroad and real estate bonds
enlarged quarters
the 11th floor of the Field Build¬
on
Their telephone number has been
&
Co.
offices
the
are
at
has
39
been
formed
Broadway.
partners
in
the
here
to
conduct
Stephen
the
company,
an
investment
Fuller
Dan
latter
and
serving
Paul
as
a
their
organization
manager
as
a
corporate
statistician.
Mr.
Greeley
was
of the Statistical Department of D. M. S. Hegarty & Co.
—Dunbar B. Abell, formerly Vice-President of Garvin & Burke, Inc., and
Feb
20%
to engage
—Amott, Baker & Co., Inc., have announced that Ralph H. Greeley has
formerly
5%
New
Hotel
limited partner.
Jan
20%
Fuller
with
Fuller
Jan
*
Union,
Hotel
National
changed to Randolph 2100.
joined
..*
Credit
the
the
—The investment firm of Dempsey-Detmar & Co. has moved their offices
from the 8th floor to
Jan
108%
announced from
was
of Vice-President of the
post
Chetter,
post
ing, 135 South La Salle Street, Chicago.
Mar
Feb
34%
31
unlisted
to
and bank and industrial stocks.
Feb
47
Admitted
c
t In default.
—Sydney S. Lewis has formed the S. S. Lewis Co.
*—S.
34
dividend,
Cash sale—Not Included in
Exposition.
business
30%
r
Listed,
Jan
Andrews, President.
who
replaced Mrs.
Jan
30%
s
4
Doty, credit manager, has been unanimously elected President
the office of F. L.
4%
14%
32%
32%
30%
b Ex-stock
delivery,
Ex-rlgbts
g
4
CURRENT
Mar
Jan
«.
«.
Odd lot sales
a
trading privileges,
Feb
11
6%
1.00
West Coast Life Insur
Feb
385
66
29%
5
23%
14%
Feb
9%
29%
1
Warner Bros Pictures
Jan
33%
107%
M.
Utah-Idaho Sug Co com..5
Jan
296
3%
6
25
com
United States Steel
10c
4%
550
..
„
United Aircraft Corp cap.5
200
21%
4%
12o
4%
-
1
U S Petroleum Co
260
1.35
*
1st pref...
Studebaker Corp com
Jan
Mar
33%
^
*
Pac Pub Ser com
10
14
J
25
15 dividend
10%
Jan
4%
26
-
Jan
9%
4%
25
6% 1st pref
7%
935
23c
Pacific Coast Aggregates.5
Pac Light Corp com
2,490
21%
*
com
3,545
10%
10
25
...*
com
2.10
9%
9%
"21%
Jan
Mar
So Pac Gold Gate 6% pflOO
Standard Brands Inc.....*
Feb
Occidental Petroleum.... 1
Oliver Utd Filters A
*
Feb
l"o
5'%
over-the-counter public utility,
Jan
17%
Occidental Insurance Co. 10
5c
300
282
business with offices at 80 Broad St., New York
City.
Jan
12
9%
Jan
Jan
17
*
Jan
35%
Feb
1
Menasco Mfg Co com
Natomas Co..
1.55
Jan
43%
32%
12
10
.
Mar
35%
40
17%
6
.
1.20
3f
1,800
■6%
25
Feb
Mar
1
March Calcul Machine
Meier & Frank Co Inc.
5%% pref
Feb
55c
■
475
Jan
2.00
15%
1.30
Jan
Mar
300
40
40
42
_
Lockheed Aircraft Corp..]
6
16c
Jan
Feb
1,600
6%
15%
;..*
Mar
a21% a22
of the Hotel New Yorker
41%
10c
25
25%
22%
22%
a20% a21%
3%
3%
25%
a21%
3%
25
Mar
■*
Langendorf Utd Bk A..__* 1±
Leslie Salt Co
105
90c
3%
..10
Class B
43
43
Mar
a6%
26
6% pref
Jan
15
10%
~
Jan
3%
500
Jan
34
-
Greyhound Corp com....*
Preferred
Jan
34
-
Jan
50
25c
5c
*
com
So Caiif Edison com
Feb
Feb
6
-
"34
..*
Gladding McBean & Co..*
a4%
6%
38%
4%
10c
Riverside Cement Co A..*
Corp
Jan
Mar
25c
5c
Radio Corp of America...*
Texas
25c
Jan
34%
Mar
Mar
'
GeneralMotors Corp com 10
General Paint Corp com..*
Holly Development
Jan
Jan
5%
2<
10c
Packard Motor Co com..*
Pennsylvania RR Co
50
Shasta Water Co
100
85(
a51% a53%
3%
3%
a53%
10
com.
Mar
a4%
-
«.
No American Aviation.__1
North American Co
I
88%
100
M
1
6
Nash-Kelvlnator Corp...5
National Distillers Prod..*
Q t*
a
96
8%
4%
18%
18%
20%
TVT
1YX
17%
92%
4%
"97%
Jan
Mar
256
90
8%
M
-
Food Machine Corp com 10
Foster & Kleiser pref....25
Home F A M Ins Co cap. 10
Hunt Brothers com
10
Jan
50%
5%
~wmL
EmDorlum Caowell corp.*
iolden Ktate Co Ltd
28c
102%
Feb
32
*
Preferred-
Mar
Feb
8%
4%
..
7
Feb
27c
89%
Fireman's Fund Ins Co.-26
Mar
13
4%
24%
*
Emsco Der A Equip Co... 5
Fireman's Fund Indm ColO
16
Jan
54%
1
Doernbecher Mfg Co
6%
125
85%
10
_
500
Feb
Jan
1.10
1.30
-
«.
Mountain City Copper
122
M J A M A M Cons
Jan
25c
a34% a'36
Montgomery Ward A Co.*
tJ'J
Commonwealth Edison..25
Cons Chem Ind A_.
_
Feb
19%
u
10
Preferred
Mar
7%
Jan
6%
34%
10
Jan
4%
170
4%
Kleiber Motor Co
7%
Jan
Jan
Mar
Feb
15c
—
—
......1
Feb
210
Mar
25c
'
Copper Corp com..*
4
309
5
5
7
Kenn
1.10
Jan
6%
34%
*
-
34%
Intl Tel & Tel Co com
*
Italo Pet Corp of Am com 1
5%
1,510
50
Cent wur-eka Mln Co com 1
.
6%
340
18%
21%
15%
105
Caterpillar Tractor com__*
com
Mar
52%
Calif Water Service pref 100
Creameries of Amer com.
Feb
20c
23%
.50
Clorox Chemical Co.
6%
Jan
15%
20%
15%
Calif Packing Corp com.. *
_
Mar
14c
700
122%
6
1,030
6%
6%
20
Preferred
7
122
122%
100
com.
600
6%
1
Pre erred.
240
20c
4%
4%
Atlas Imp Diesel Engine. .5
Bank of California N A..80
Beech Aircraft Corp
Calamba Sugar com
6%
20c
......
1.10
......
Mines.. 1
Intl vickel Co of Can
*
92
a30% a31
Idaho-Maryland
Range Since Jan. 1, 1940
Shares
Jan
Mar
1%
Preferred...
Alaska Juneau Gold Mln 10
1st pref
31
12%
Consolidated Oil Corp
Curtlse-Wright Corp.__
Week
Sale
Stocks—
6%%
Jan
1%
«»
-
Pac G & E Co
27%
12%
Corp...5
Cons Edison Co of N Y.. *
Exchange
Week's Range
Feb
8
a4%
100
Columbia River Packers..*
Sales
Last
Pacific Can Co
6
6%
Mar
Mar
Cities Hervloe Co com.. 10
inclusive, compiled from official sales lists
Thurs.
Mar
Blair A Co Inc cap
1
Bunker Hill A Sullivan 2.60
Cal Pac Trading Corp pfd *
Exchange
Francisco Stock
March 16 to March 21, both
Natl Auto Fibres
-
171
200
2/%
8%
«21% o21%
9%
9%
„
-
8
27%
8%
^
_
3
com
Aviation
„
_
8
8%
Atchis Top A 8anta Fe 100
Atlas Corp com
5
are
offices in San Francisco and Los Angeles
own
Jan
Feb
Mar
Unlisted—
Jan
Domlnguez Oil Fields Co.*
General Electric Co
*
San
i
59c
117%
Cortlandt 7-4150
D1 Giorgio Fruit com
Feb
Jan
Broadway, New York
Private Wire to
Crown Zeilerbach
9%
173%
Mar
Feb
Mar
1%
Coast
M. Eastern
Members
com
Mar
22%
106%
Schwabacher 6l Co.
Chrysler Corp
8%
206
43
23%
Bait A Ohio RR
Carson
Jan
Western Pipe & Steel Co. 10
Jan
Anaconda Copper Mln..50
Anglo Nat Corp A com
*
Calif Cotton Mills
18%
Feb
2%
28%
.
until 5:30 P.
Jan
lc
Feb
110% 111%
Jan
Mar
Jan
Mai
Feb
......
Mar
27%
15%
Jan
lc
1%
9
Mar
15%
5%
?%
29%
5%
10
Unlisted—
open
16
200
1%
High
Mar
5%
1,200
lc
1%
Pennroad Corp v t c.1
solicited
Low
6%
Vega Airplane Co
1%
Victor Equipment cord
1
Wailalua Agricultural... 20
9
lc
1
Westinghouse Air Brake..*
Westinghouse El A Mfg. 50
Orders
Range Since
Shares
High
6
25
Mar
Low
6
26
Feb
99%
6%
205
Week
2
Mar
36
Jan
for
of Prices
Price
Par
Transamerica Corp
Week's Range
American Tel A Tel Co. 100 al72% al71%aI72%
Amer Toll Bridge (Del)..l
55c
55c
9
1
_
Shares
103% 103%
87%
7%
5
San Toy Mining Co.«,
Shamrock Oil A Gas Co.
Thurs.
Sale
5%
36
*
_
Ruud Mfg Co..
•"
•
Range Since Jan. 1, 1940
9%
1%
Pittsburgh Brewing pref..*
Pittsburgh Plate Glass. .25
Pittsburgh Screw A Bolt.
High
9%
5%
Mountain Fuel Supply.. 10
Penn Federal Corp
•
Week
*
_
:
for
Sale
1915
4
before that with J. Arthur Warner & Co. and Hoit,
Rose & Troster, is
now
associated with William J. Stelmack Corp. in the trading department.
Pacific Tel A Tel com.. 100
Preferred
135
152
100
135
152
43
20
99%
Puget Sound P & T com..*
Rayonler Inc com
1
42%
608
43%
Feb
an
26
149%
41%
99%
Jan
99%
Feb
Jan
is
15%
310
12%
Jan
100%
17%
19%
1
investment business with offices at 80 Wall St.
distributing
..*
Signal Oil & Gas Co A
16%
2.55
2.55
222
2.55
Jan
2.75
Feb-
quarters on the 5th floor of 25 Broadway, New York City.
"18%
18%
18%
686
18%
Mar
19%
Jan
years the
6%
Mar
8%
Mar
Jan
7
1,125
5
......
5%
1,375
4%
Jan
5%
Mar
5%
10%
100
5%
10%
26%
Mar
Jan
Mar
6%
11%
Feb
30%
Mar
—W.
10%
......
29
Super Mold Corp
22%
Mar
31%
175
31%
20c
20c
100
50c
200
10%
10%
315
92
92
12%
5%
23
10
31%
31%
1
cap
.
pref
474
3,410
11%
22%
20c
•
.
*
Mar
25%
33%
11%
5%
23
.
Thomas Allec Corp A
.
.*
Tide Water Ass'd Oil com 10
eonv
885
5%
*
Texas Consol Oil Co
54.50
400
26%
34
50c
100
Spring Valley Co Ltd
30%
26
34
"26%
'
Southern Pacific Co
120
"io%
92
40
1,523
10
Jan
Mar
Mar
30
Feb
34%
Jan
15%
6
Jan
Jan
Mar
Feb
15c
Feb
20c
Feb
46c
Feb
60c
10%
Feb
11
Jan
Feb
93
Jan
Sagar & Co., members of the New York Stock and Curb Ex¬
announce
the removal
of their offices to
—The Executive Committee of the
larger quarters
on
the
City.
Chicago Stock Exchange
on
March 20
approved the membership application of George T. Weymouth, partner of
Laird & Co.,
Wilmington, Del.
—Edmund W. Tabell, for the past six years with Alexander Eisemann &
Feb
91
S.
15th floor at 30 Pine Street, New York
Jan
26%
33%
For the past 25
firm has been located at 25 Beaver Street.
Jan
5%
So Cal Gas Co pref ser A 25
Standard Oil Co of Calif.
Mr. Rabin
Jan
'6
6%
7
*
Soundview Pulp Co com..6
At present,
stock of the National Credit Co.
—On March 30 the Barr Shipping Corp. will move their offices to larger
changes,
com
common
"16%
Schlesinger (B F) 7% pfd 25
Shell Union Oil
Rabin Co., in this city to engage in
Mar
Jan
378
Rlcnfieid Oil Corp com... *
Ryan Aeronautical Co
154
-—Morris Rabin has formed the M.
16
Republic Petroleum com.l
......1
Jan
Mar
15%
100
Rheem Mfg Co
138%
99%
•
Preferred
Jan
42%
'
Paratrine Co's com..
130
Co.,
has
become associated
with
the
New
York
Stock
Exchange firm of
—D. H. Blair & Co., Inc., specialists in life insurance
logins, have moved
Chrisholm <fc Chapman.
to
larger quarters on the 29th floor of 29 Broadway, New York City.
March
Commercial & Financial Chronicle
The
1916
1940
23,
Canadian Markets
LISTED
AND
UNLISTED
Montreal Stock Exchange
Service
on
Stocks
(Concluded)
Par
95
Municipal Issues
Closing bid and asked quotations,
6s
Oct
59
6s
5s
1 1941
87
78
June
6s
Dec
15 1954
4
2 1959
Jan
29
Feb
21
Mar
23
Feb
26%
Feb
Jan
Feb
*
10
3%
Mar
6
Jan
Feb
26%
26%
Preferred
*
Power
2 1950
95
4
InternationalPower pref 100
25
90
Jan
94
Feb
27
5
23%
12%
Feb
13
50
7%
Jan
4
90
"23%
90
23%
170
Lake o' the Woods
4s
Feb
1 1958
89
May
1 1961
89
3
12%
23%
12%
25
8%
5%
8%
5%
1,060
5
Feb
8%
97
8
Feb
10
60
Jan
92
55
107
Jan
120
Montreal Cottons
72
69
72
64
68
Preferred
National Steel Car Corp.
Thursday, March 21
(American Dollar Prices)
*
•
Ask
Bid
•
"72%
31%
•
.100
Ogllvle Flour Mills
Ask
"62"
*
Noranda Mines Ltd
Preferred
Jan
Jan
Mar
t
Feb
31%
Feb
43
20
40
Feb
45
Jan
51
51
88
50
Feb
Jan
38
725
36
Feb
56%
38%
38%
40
38%
Mar
41%
Mar
62
62
91
61
31%
38
•
Niagara Wire Weaving
Railway Bonds
6%
9%
36%
"5l""
25
Preferred
Mar
38%
40
100
National Breweries
80
Jan
9%
43
"30%
•
Montreal Tramways
8%
80
80
100
..100
Montreal Telegraph
96
8%
*
Mont L H A P Consol
94
5%
*
McColl-FrnntenacOU...
69
Jan
81
Legare pief........
Massey-Harrls
92
4%s
•
Laura Secord
97
1 1951
31%
60
70
72%
709
31%
32
115% 115%
30%
30%
Mar
30%
4,708
Jan
69
Jan
26%
Jan
32%
Feb
70%
Mar
78%
Jan
200
30%
Mar
33%
162
10
13
162
Feb
50
161%
11%
Feb
Feb
Jan
Feb
162
Mar
Ottawa Car Aircraft
*
68%
4%s
Sept
1 1946
87%
89
Ottawa Electric Rys
*
11%
11%
60
Feb
13%
11%
Mar
67%
10
5s
Dec
1 1954
84
84%
Penmans
*
70
70%
145
58
Feb
72
Mar
79
69
72
1 1960
76
77%
Power Corp
10
313
10
Jan
11%
Canadian Pacific Ry—
Canadian Pacific Ry—
perpetual debentures.
Sept 15 1942
*
15 1944
1 1944
July
4%s
March 21
16
A
St Lawrence
Ask
Bid
Ask
Canadian Northern Ry—
Canadian National Ry—
98%
4%s
Sept
1 1951
98
4%s
99
4%s__
June 15 1965
Feb
1 1956
4 %s
July
98%
98
11957
1 1946
July
6%s
110% 111%
Grand Trunk Pacific Ry—
102
July
1 1969
5s
Oct
1 1969
1 1970
1
1962
86
90
Jan
1 1962
80
82
12%
inclusive, compiled from official sales lists
Last
Week's Range
Last
Par
Price
22%
2,843
20
Feb
24%
12%
135
12*
Jan
15
8%
55
8%
Mar
9
Jan
25
103%
Mar
103%
Mar
120
13
Mar
of Prices
High
Low
Range Since Jan. 1, 1940
for
Low
15
Jan
Jan
77
Feb
86%
21
76
Feb
83
245
5%
Feb
6%
15
2%
Jan
4
Mar
45
28%
Jan
37
Mar
10
55
Feb
35%
35%
60
Jan
Jan
13%
*
"2%
*
60
Mar
13%
13%
125
12%
Feb
13%
Mar
21%
*
21%
550
21%
Mar
23%
Jan
2%
805
2
Feb
2%
2
Jan
2%
2
2
"69"
24
2
20
69
69
10
58
Jan
70
24
•
100
25
Zellers pref
Week
Shares
Jan
70
60
*
.*
-
Jan
Mar
78%
77%
5%
Woods Mfg pref
Jan
21%
12%
4
tvinnlriee Electric B
Sales
Thurs.
Jan
30
50%
5%
Winnipeg Electric A
20%
Jan
Mar
4
Wllsils Ltd
Mar
30
42
*
Weston (Geo)
18%
25
•
Wabasso Cotton
March 16 to March 21, both
78%
26
Western Grocers Ltd
Jan
225
Vlau Biscuit
Montreal Stock Exchange
Jan
5%
28
United Steel Corp
102%
Jan
19%
,
78
•
Preferred
17%
Feb
'
42
8%
*
100
Steel Co of Canada
101% 102%
101 %
Jan
Feb
Mar
4%
103% 103%
13
13%
78
78 '
*
Southern Canada Power.. *
4s
3s
98%
101%
530
Feb
28
"22%
Simon (II) A Sons
16
18%
80%
42
Paper pref. 100
Preferred
5s
18%
28
Shawinlgan W A Power..*
Rher Williams of Can
100
98
*
..60
preferred
16
75
730
Jan
Jan
74
4%
Jan
24
Mar
17%
110
16
4%
17%
1,170
7%
10
16
16
*
St Lawrence Flour Mills..*
(American Dollar Prices)
Bid
19%
76
St Lawrence Corp
Quebec Power
Closing bid and asked quotations, Thursday,
16"
17%
76
19%
100
Rolland Paper vt
Bonds
Government Guaranteed
9%
10
•
Price Bros A Co Ltd
104%
194
13
of Canada...*
5% preferred
Stocks-
Jan
27
100
4
15 1946
Feb
7%
15
21%
4
15 1943
5s._,
Mar
6%
.500
28%
21%
24
Nov
Dominion
6%
6%
28%
46%
Oct
July
"6%
28%
June
6s
Jan
Feb
Jan
4%s:
Dec
16%
Jan
6%s
4%s
Jan
15%
Jan
Mar
5s
6s
34
Feb
15%
21%
93
4s
Jan
14%
14%
16
43
87
Bid
30
710
30
14%
Feb
21%
International
Closing bid and asked quotations,
395
1,031
30
103%
530
84
93
Jan
622
91
1 1960
100
43%
16 1961
Mar
50
103
23
15 1960
6«
Mar
43
Apr
91
Jan
23
22%
Apr
15 1952
40
Feb
43%
6fl
Sept
Jan
19
23
4%s
4%s
40
28%
97%
Province of Nova Scotia—
300
265
lntl Petroleum Co Ltd—*
Prov of Saskatchewan—
Prov of New Brunswick—
Jan
35
20%
16
Can.6
—£1
*
93
82
6b
June
Mar
8
15
lntl Nickel of Can
4%s
4%a
Jan
Mar
6
Industrial Acceptance
96
82
78
Aug
4%
35
103
14%
91
91
4%s
"35"
30
1 1962
92
89
6% ,>lar
~'+ Mar
Feb
13%
20
Jan
15 1965
Province of Quebec—
90
85
472
100% 101%
15 1943
May
1 1959
4s
12 1949
2,220
103% 104
105%
Sept
Oct
1 1953
Province of Manitoba—
July
395
7%
7
Feb
.
104%
1 1942
61
67
5%
13%
5
Feb
Feb
10%
lntl Bronze Powders
Province of Ontario—
58
96
Mar
•
6%
13%
100
Preferred
Ask
Bid
Province of Alberta—
Jan
6%
215
Smith Paper
Imperial Tobacco of
10%
89%
50
7
7%
Imperial Oil l td
Thursday, March 21
Ask
Bid
4%s
95
5%
Hudson Bay Mining....
(American Dollar Prices)
5fl
95
Gypsum Lime A AJabas..*
Hamilton Bridge...—._*
Holllnger Gold.......... 6
Holt Renfrew pref
100
68 R
Preferred
1 1948
Oct
1 1956 1
Prov of British Columbia—
10%
Jan
9%
1,675
10
0%
High
Low
Shares
10%
Preferred
Montreal
507 Place d'Armes,
Provincial and
Jan
Week
Price
General Steel Wares
Howard
4%s
for
of Prices
Low
High
Gurd .Charles)
Montreal Slock Exchange
6s
Week's Range
Sale
Greenshields & Co
Montreal Curb Market
Range Since Jan. 1, 1939
Last
Securities.
Members
Sales
Thurs.
all Canadian
24
30
23%
Feb
24%
Jan
Jan
Mar
Feb
High
Bank*—
Agnew-Surpass Shoe
prf 100
AIgomaSteel Corn
..
11%
30
14%
•
7%
Amalgamated Elec Corp.. *
46
Asbestos Corp
*
Associated Breweries
*
19
19
19
13%
12%
13%
23%
1.20
Commerce
100
171
170% 171
169
Jan
Montreal
100
209
209
209
36
200
Feb
212
Mar
308
Jan
311
Mar
182
Jan
190
Mar
16%
Jan
Nova Scotia
100
309
309
309
10
Mar
8%
Feb
Royal..
100
184
184
184
203
65
23
1.20
Feb
35
46
Mar
49%
835
23
Mar
26%
Jan
7%
19
Jan
Mar
15%
Jan
1.20
Mar
1.75
Jan
25%
Feb
40
Mar
Thurs
Feb
169
Mar
Last
10
35
40
125
166
168
172
9%
983
270
165
Jan
10%
30
Mar
7
16
16%
230
15
Feb
17%
Jan
Bulolo.
20
20
275
21
Mar
23%
8%
Feb
Jan
99
Feb
5%
*
..5
"
e%
6%
100
96 %
96%
6%
97%
*
21
21
*
20%
20%
Canada Cement Co...
Preferred
Canada Forglngs CI A
Class B._
Can North Power Corp
16%
*
7%
Canada Steamship (new)
7%
185
20
Jan
23
Feb
Jan
22
Mar
16
Mar
18
Jan
937
20
64%
10
12%
14%
1,145
26
Canadian Celanese
•
25
34%
100
Converters.. 100
17%
116
100
Cndn Industrial Alcohol..'
Class B
*
Canadian Pacific Ry
Cockshutt Plow
2f
25
35
125
17%
116
3
3
3
2%
2%
2%
7%
7
7%
1,107
44
24%
25
101
Jan
350
2%
Feb
40
2%
Feb
3%
3%
6
Jan
8%
Mar
570
540
80
Dominion Steel A Coai B 26
14
"89
Dominion Textile.....
Preferred
4%
76%
4%
405
77%
200
88%
40
89%
245
89
155
100
"""6%
Drydeu Paper
2,210
88%
"76%
6%
155
7%
10
860
11
Electrolux Corp.
4
Enamel A Heating Prod..
11
5
4
4
250
33
33
15
23
English Electric A
Famous Players C Corp..
23
105
7
43%
23
36
20%
122
13%
4%
6%
86
87%
155
7%
10
2%
Feb
Mar
8
Mar
89
Jan
Jan
Jan
34
Feb
24
Jan
Jan
10
14%
Mar
S6
94
Mar
20
101
94
4%
Jan
Feb
Mar
Feb
325
101
4%
Jan
31
330
4%
11%
12
Mar
22%
15
94
Jan
Jan
13%
101
25%
Feb
Jan
4%
1.25
Feb
130
Jan
100
4%
Jan
22%
Mar
5
6%
150
5%
23%
Jan
Jan
Mar
Feb
17
Jan
19%
33
Jan
35
Jan
38
50
36
Jan
39
Feb
110
25
109
Jan
111
Feb
1.90
1.95
460
28%
187
235
16
1.55
24%
231
Jan
Jan
Jan
Jan
Jan
2%
Feb
29%
Feb
235
25c
50
20c
Jan
30c
1.10
1.25
475
1.00
Feb
1 35
4%
Mar
Jan
Jan
15%
16%
Feb
96%
Feb
Jan
Mar
105
6
Jan
Jan
8%
51
Feb
52%
Feb
10
13%
Jan
18
Feb
12
Jan
14%
16
14
14
35
15
100
15c
Feb
20c
Jan
3
Jan
3%
Mar
6%
Feb
""6%
3%
400
6%
6%
60
6%
Feb
18
9%
6%
Mar
8%
Mar
3%
10
2%
6%
2%
17
*
"3
10
7%
4,211
2%
2,175
17
55
280
2^
10
2%
Jan
Jan
Feb
Preferred
*
R
EasternDalrIes7%cm pflOO
Fair child Aircraft Ltd
6
Fleet Aircraft Ltd
*
Ford Motor of Can A—
8%
7%
8%
125
8
8%
558
7%
Mar
6%
7
225
6%
Mar
6
6
6
25
5%
5%
5%
8%
7%
21%
21%
8%
...
Donnacona Paper A
3%
6%
Dominion Woollens
3
8
Feb
Mar
6
50
15
"6%
Cub Aircraft Corp Ltd..
David A Frere Ltee A
515
16
'H"
2.50
Paper Corp
No par value,
r
ill
10
6%
52%
4%
3
5
Preferred
Consolidated
5
4%
6
52
pf *
"6%
Consol Div Sec pref
•
125
5%
5
2
25c
Commercial Alcohols Ltd
Mar
Mar
86
480
110
1.90
Cndn Westlnghouse Co
Jan
14%
100
Gndn Vlnkers Lrd
Jan
12%
.100
Cndn PAP Inv 5%cm
Jan
90%
3%
5%
142
Jan
278
1
Jan
155
Mar
653
Canadian Marconi Co
Jan
Jan
120
Jan
Feb
Jan
Jan
34
*
22
Jan
115%
33%
Cndn Tntl Inv Tr Ltd
40%
14%
___•
"33%
235
Jan
15%
5%
Mar
17%
18
*
125
Mar
143
23
Cndn Industries Ltd B
48%
9
Feb
5%
22%
17%
28
Jan
13%
5 % % preferred
Rights
23
*
Jan
Mar
Foundation Co of Canada. *
Preferred
*
Preferred
*
Catelli Food Prods Ltd...*
5% cum pref
15
City Gas A Electric Corp. *
Jan
Gatlneau Power..
•
Mar
Jan
406
100
Jan
Cndn Breweries Ltd
21
....
Jan
Jan
36%
Preferred
16%
Feb
123
Dom Tar A Chem
Mar
•
Feb
21
Dominion Stores Ltd
British Columbia Packers*
19%
123
13%
Brit Amer Oil Co Ltd
Mar
116
Mar
119
38
Brewers A Dlsts og Vane.5
Mar
64%
127%
21
14%
Mar
21%
Jan
Jan
100
36
8%
Jan
Jan
123
36%
Jan
Jan
11
558
225
5%
142
BeId-Cortlcelli7%cm pflOO
2%
1,917
4
5%
Feb
11
3%
*
Beauharnols Power Corn.*
Feb
1,014
4
BathurstPAPCoB
1.30
1.65
12
1.45
120
Mar
878
12
High
Low
Shares
135%
16
6,090
1.65
High
120
30
7%
Week
of Prices
Low
*
6% cumul pref
15%
24
Range Since Jan. 1, 1939
for
100
Aluminium Ltd
56
12%
Sales
Week's Range
128
124
26
Dominion Glass
6% cum
Paper Co..*
pref
100
66
100
Dominion Bridge
Dominion Coal pref
Abltibl Pow A
135
1,230
44%
24%
Price
28%
37%
275
43%
24
Sale
Par
Stocks—
Canada A Dom Bug (new) *
Canada Malting Co
*
Can Nor P 7% cum pref 100
7%
*
Consol Mining A Smelting 5
Distillers Seagrams
34%
124
Preferred 7%
Canadian Cottons
24
Jan
20
19%
Preferred
Mar
15
64%
14 %
6%
Jan
25
370
*
Canadian Car A Foundry. *
4%
95
71
„_60
6% preferred
Can Wire A Cable cl A
Canadian
6%
17
225
official sales lists
both inclusive, compiled from
Feb
5
Building Products A (new)*
Bruck 811k Mills
March 16 to March 21,
Mar
Jan
8%
27
29%
5%
British Col Power Cor p a .»
Montreal Curb Market
Mar
16%
12%
166
9%
29%
Jan
1,260
40
Bell Telephone
..100
Brazilian Tr Lt A Power.*
14%
155
1.20
•
Jan
25
23 %
*
Mar
11%
Jan
580
46
100
176%
Jan
7%
46
Bawlf (N) Grain
Preferred..
Jan
11
35
14%
Anglo Can Tel Co pref__50
Batlmrst Pow A Paper A.*
168"
5
30
11%
30
*
AlbertaPaclficGraln
Canadian market.
Feb
10
17
3%
9%
10
8%
5
Jan
6
890
5%
Feb
6%
8%
2,665
7%
Mar
21%
521
19%
Feb
Feb
Feb
Jan
Jan
Feb
Feo
Feb
Jan
Jan
Jan
Jan
10
Feb
22%
Feb
Volume
The Commercial & Financial Chronicle
ISO
1917
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Thurs.
Inquiries
Sales
Last
Stocks (Concluded)
Par
Week's Range
for
Sale
of Prices
Week
Price
Foielgn Power Sec Corp..*
Fraser Cos Ltd
Low
High
5c
—*
5c
Range Since Jan. 1, 1939
Shares
5c
193
15
15
15
17%
15%
17%
45
Fraser Cos voting trust
Intl Paints (Can) Ltd A
Lake St JohnP&P
*
Lake Sulphite Pulp Co
*
Loblaw Groceterias A
*
28
Paper*
20
20
20
330
16%
16%
16%
454
98
98
MacLaren
Power Ar
*
Low
9
5c
mm m'm
16
Mar
20
21%
3%
Jan
28
Jan
Maiitime Tel & Tel Co. .10
m
6% cum pref.100
Page-Hersey Tubes Ltd..*
Feb
19
1
19
Mar
1.50
Jan
27%
19%
16%
27%
Jan
Jan
2.00
Feb
22
5
6%
13%
107% 107%
108% 108%
108%
2.00
25
6%
12%
107%
25
28
26%
MeColi-Fron 6% cm pf. WO
+ m*imm
Melchers Distilleries preflO 'm'mmmmm
Mitchell (Robt) Co Ltd..*
13
N S L& P
3
65
Mar
96
5%
12%
10/%
107
11 Jordan
cum
1st pref
100
105
106%
106%
46
6
6%
5
5
109
100
Sarnia Bridge Co Ltd A._*
Sou Can Pow6% cm prf 100
45
6
2d pief.__50
Provincial Transport Co..*
n c part
mrnmmmm'
109
Standard Clay Prods... 100
United Amusement B__..*
12%
Walkerville Brewery
*
Walker-Good & Worts (H) *
-
56
*
-
-
46
Mar
105
Mar
46
Mar
Jan
Toronto
Jan
Last
Jan
565
6
Mar
20
5
Jan
110
10
110
Mar
112
8
100
Mar
100
Mar
27
90c
175
42%
90
90c
-if
42
42
Feb
5%
Canada Bread
26c
Cartler-Malartlc Gold
26c
Canada Cement Co--.
Mar
Mar
1.15
Jan
Canada Malting
Jan
43%
Feb
Canada Northern Power.
Mar
12%
nanadaCemem
■
\
3,000
2,750
26c
35c
Jan
10c
10c
Jan
13c
400
63c
Mar
87c
Jan
Mar
1
2c
2c
2c
512
2c
Feb
2%c
13c
12c
13c
10,600
12c
Mar
20c
Mar
Central Patricia Gold M.l
mmmmm
2.10
«
12c
2.10
50
12c
1,100
24%
23
l%c
3.55
12c
23
2c
2c
1,775
2,500
3.55
3.80
2,900
Duparquet Mining
1
East Malartic M Ltd....
Eldorado Gold
1
3.80
12c
Francoeur Gold
*
Howey Gold
1
J'M Consol Gold
1
.Toilet-Quebec Mines
1
Kirkland Gold Rand
1
Lake Shore Mines Ltd
1
24%
Macassa Mines
46c
45c
46c
1,900
Jan
Canadian Bakeries
*
2
52
52
Preferred
*
„..*
Mar
680
Jan
35c
Mar
35c
Mar
Feb
5%c
6c
Oanadlan.Celanese
*
4,700
3%c
Feb
4%C
8%c
Feb
Feb
34%
m'mmrnimm
4c
4c
700
4c
Feb
6c
Feb
22%
275
Canadian Dredge
*
Canadian ind Alcohol A..*
22%
Mar
31%
Jan
1,125
4.20
Mar
4.80
Feb
Canadian
C
1.32
500
1.20
Mar
1.49
Jan
Malartic Gold Fields
1.21
1.02
1.23
23,400
1.02
Mar
1.08
Mar
1.38
1.35
1.38
1.35
Mar
1.82
1.75
100
1.71
Mar
2.35
Feb
5c
5c
1,000
4%C
Jan
10%o
Jan
2.00
Feb
2.55
Mar
1.80
Mar
2.11
Jan
1
Pandora-Cadfllac Gotd
•
-«.
„
1
Pato Consol Gold Dredg'g 1
Perron Gold.
1
Preston Earn Dome M
2.50
Red Crest Gold
*
1.81
3,600
2,700
2.15
2.22
300
6c
6c
2,000
3c
Jan
2.28
2.30
350
2.35
Mar
mmrnmmm
2.30
3c
1
Sherrltt-Gordon Mines
1.80
2.22
1
Shawkey ©old
2.55
1.80
«• «.
1
San Antonio Gold-.l
1
SIscoe Gold
1
Sullivan
1
Consol Mines
Teck Hughes Gold
1
Wood-Cadillac Mines
128
Jan
Calgary & Edmonton
*
*
Dalhousle Oil Co
m
-
m
'*•
*
«%
Conlarum
Consolidated
Ajax O & G
......
...1
85c
Feb
Jan
61c
Jan
80c
3,000
78e
Mar
Jan
Cons
300
3.65
Mar
4.15
Jan
Consumers
3,700
19%c
Jan
31c
Jan
AlbertaPaclficGraln prf 100
Copper
Amm
Gold Mines
Jan
Bakeries.
*
1
6
Gas..
100
100
100
m
Mar
5%c
Mar
1 03
Jan
18c
Jan
Delnite Mines
1
1.15
«
»
p**t,rnleum......
2.40
2.56
2.43
Mar
Jan
Dominion Rank
7c
Jan
Dominion Coal pref
Dominion Explorer
1.55
1.65
11
12
1
for
Range Since Jan. 1, 1939
Week
Shares
409
1,020
1.30
High
Feb
11
Mar
2.25
17%
Jan
500
4%c
Mar
6c
Jan
600
16c
Mar
Jan
2%
29%
2%
29%
50
2%
Mar
22%c
2%
10
29%
Mar
26c
13,550
25o
Mar
36
38c
14%
15
55
14
Feb
16%
40
~2%c
Jan
Jan
40
10
38
Feb
40
Jan
Feb
Mar
3c
5,500
2%c
Mar
6%C
Jan
87c
90c
8,700
85c
Mar
1.03
Jan
2.40
2.40
450
2.30
Jan
2%c
90c
3.00
Jan
8c
7%c
8c
4,500
7%c
Mar
17C
Jan
2.25
2.10
2.25
3,543
2.10
Feb
2.68
Jan
mmmm mm
—
...1
Bagamac-.,
Cons
...
Bank of Montreal
1
Bank of Nova Scotia.
.100
.
Bank of Toronto
.100
Barkers
19c 19%c
—
*
...
1
.100
...
—1
Big Missouri—
—
1
18
305
Jan
315
Feb
265
34
260
Jan
268
200
5
22c
1,000
13%
12%
13%
420
6c
6c
5,500
1.10
2,075
1.05
1.05
90
mmm
5
5
166
166
Brit Columbia Powe
III5
...
*
A..*
British Dominion Oil—
33,600
8%
9%C
12
8%
40
Buffalo-Ankerlte
...1
Calgary Ar Edmonton
m
Mar
15%
Jan
Feb
8c
Feb
Jan
Mar
4%
165
Mar
Mar
Mar
6%
Jan
Jan
12c
9c
10
8
169
Mar
Jan
18 %c
Mar
Feb
Jan
Feb
14c
Jan
12
Mar
9
Feb
Jan
7%c
Mar
10%
265
10%
Feb
19%
9%
8
19
Jan
20
Mar
9%
10%
19%
9%
2,008
Jan
10%
Mar
5%
22%
29%
5%
265
Feb
5%
Mar
22%
29%
11c
5
23
22%
125
27
11c
600
47c
50c
15%c
17c
6.60
4
29%
50c
6.55
8%
787
16,300
2,700
Mar
Jan
11c
Mar
Jan
Mar
Jan
69c
Jan
Mar
19%c
Jan
6.55
Mar
8.60
Jan
3c
Feb
4%C
17%
Feb
14
Jan
255
11% ft] 11 %
25
11%
Mar
1.95
2.00
1,355
1.95
Feb
15
Feb
Jan
Jan
27
Jan
105
8
105
Mar
67
27
Jan
•
1.15
2,153
2%
4,000
22%c
Mar
547
1.15
Mar
24%
24
23%
1.15
710
25%
1,197
21
208
23
Mar
Jan
23%
201
Mar
Jan
20%
20%
300
20%
Mar
2c
20%
2c
500
l%c
Jan
334
"33"
32%
32%
Jan
1.25
1.25
100
1.25
Mar
13%
4%
14%
4%
1,875
13%
Mar
88
88
3
33%
165
35
3%
4%
86
Feb
Feb
373
10
Jan
8%
8%
225
5%
Jan
3c
3c
2,500
3c
Feb
5%e
8%
5%c
1,600
5%c
Mar
3.80
10,760
.
*
3.80
3.55
3.55
Mar
_*
16
18
150
16
Mar
Eastern Theatres pref.. 100
Eldorado
1
100
100
5
99
;
1
..
Feb
90c
4,050
90c
24c
2,800
22 %c
Jan
4.90
Faicnmrldge
90c
24c
Extension Oil
4.90
560
4.00
Jan
Feb
Fanny Farmer..
1
28c
27c
28c
379
26%
Federal-Kirkland
1
3c
3c
3%c
2,500
3c
Feb
Fernland...............I
3c
3c
3c
1,500
3c
Mar
7c
3,500
Firestone
Petroleum...25c
Fleet Aircraft
Ford
*
A
Foundation
....
...
7c
8%
21%
*
14
General Steel Wares
*
Gillies Lake
1
10%
5%c
Glenora
1
God's Lake
52c
1
Golden Gate
1
14c
Gold Eagle.
.1
14c
Goodyear Tire A Rubber. »
6%
Voting trust pref
*
25%
.......
Halcrow-Swazey
Hamilton Bridge
Hamilton Theatres
Hard Rock...
Mar
Mar
Mar
4%
Mar
9%
Jan
4%C Mar
Jan
1%C
49 %c Mar
Mar
15%c
13 %c
Mar
12c
Mar
82%
35
81%
Mar
54
16
53
Mar
7
71
6%
24
25%
123
3.25
74
35
103
49c
3,900
5%
l%c
2%C
2%c
7
6%
24
Mar
Mar
1.75
25
Feb
Feb
48c
Mar
230
4%
Mar
4,800
8.400
1%C
Mar
2c
Jan
5
1.25
Mar
8,835
1.00
Mar
3,504
1%
7%
1%
1.10
6
Jan
5%c
6c
5%c
Feb
14%
13%
14%
25
14%
Mar
"
14%
13%
Mar
2.40
2.56
2,440
6,850
5%c
6c
16,500
5o
Feb
33 %c 34 %c
28,850
33 %c
Mar
895
29%
Mar
14
2.56
Home Oil Co
»
Homestead Oil
1
Howey Gold
i
34c
Hudson Bay Mln & Sm..*
29%
No par value.
4,200
8c
40c
14
5%c
*
*
11,700
16,500
1.00
6
Imperial Tobacco
17,400
13%c 14%c
13c 14%c
1%C
Holllnger Consolidated
♦
800
5
7%
1%
Imperial Bank of,Can..100
100
l%c
l%c
52c
49%C
15%c 16 %c
5
~2%c
Imperial Oil
182
1,363
48c
Hinde&Dauch
Hunts A
500
7,400
4,000
32%
1
1
9c
47c
6c
49c
1
.....
Feb
5c
"33"
..*
1
Mar
4%
10%
9%
3.25
1
Halliwell
7%
19%
81%
»
Gypsum.
Feb
935
1,747
63
...-60
Great l>akes voting
Great West Saddlery
*
Great West Saddlery pref50
Gunnar..
....1
5%o
8%
15
4%
Gold ale
Harker.
40c
14
.
Jan
21%
9c
"~47c
*
Rights'
6%c
7%
21
Petroleum.26c
FraDcoeur..
Gatlneau Power..
Jan
2.39
1,045
1,000
2,00
18c
Mar
6.65
3%c
LD10
23%
30
Jan
47c
3%c
*
11
15%c
16%
11%
16
40% Mar
Jan
11%C
Mar
85
*
/r...
Preferred
1.19
90
36%
.
Burlington Steel
Jan
40
*
*
300
Feb
33c
7,100
mmm
(new).*
1.05
90
6%
Mar
8c
17c
Buffalo-Canadian
12%
5%c
0,500
20
Feb
Jan
22c
7%c
*
HZ 1
Bro ulan-Porcuplne
70
122
40
~~7%c
Brantford Cordage pref-25
»
Brazilian Traction..
British American Oli..
5
5%
168%
9%c
11%
mmwm-m
mmmmmm
Brewers & Distillers..
90
16c 17%c
17 %c
»
Bralorne
Jan
308
6
1* ..50
Preferred
Bobjo
Jan
Mar
22c
*
Blue Ribbon.
28c
211
6
»
..wi.—
10%C
Feb
22c
*
Beauharnois
Bell Telephone Co
Bidgood Kirkland.... ...1
Mar
201
6c
Beattie Gold
Mar
18c
10
265
mmmmrnm
Bear Expl
Beatty 1st pref
5%c
209
308
308
♦
Bathurst Power A
3,575
2,600
209
♦
Base Metals
6c
5%c
rnmmmmm
.m-mmm
.100
Mar
29
208
208
........1
'
43%
169%
"14%
Dominion Woollens pref. 20
Dorval-Siscoe
51
100
Dominion Tar pref
East Mainrrln
5c
25c
605
Stores
Eastern Steel
Jan
16c
*
Dom
East Crest
Low
16c
26c
1,040
1,
Dominion Woollens
Sales
High
.25
;
.
Dominion Foundry....
Dominion Scottish Inv___l
Dominion Steel B.
25
Exchange
Week's Range
of Prices
100
Jan
36
2%
24%c
Dom (Mines (new).....
3.10
mmmmrnm'
12c
24%
25%
Cub Aircraft Corp
Distillers Seagrams..
mmmmrnm
Mar
32%
32%
2%
2%
22%c 24 %c
32%
Mar
Jan
m
Mar
17%
ll%c
105
"l05
16c
Jan
m
1.55
38
29
87c
55c
m
44%
5%c
2.35
m
3,612
43%
44%
174% 175
llHc
175
200
Mar
,
1.1
18
*
Mar
Low
1.55
17%
ll%c
1.68
18
_
8,000
j
Products
1.55
16c
Aunor GoldMines.... ...j
Building
550
35c
*
...
Arntfleld Gold
Biitmore
1.60
1.97
:
Anglo-Can Hold Dev.
Bankfleld
1.60
100
*
Algoma Steel
American Cyanamid B IZ10
Anglo-Huronlan
Feb
1.60
90c
Feb
Feb
Mar
5%c
Feb
600
6%
27%c
500
5%c
Mar
335
Cosmos
33
Mar
40o
1,000
Smelters
1 >avle«
Jan
75o
30c
CoiisqI Chlbougamau
1.00
3.70
5c
m
Mar
10%o
7%
;
Feb
21c
*
Alberta Pacific Grain.
Aidermac
Mines
75c
♦
Acme Gas
Mai
28c
2,200
2,650
11%
9%
2.10
...5
80c
1.55
:ioo
preferred
5
Feb
7%
40c
m
Abltlbl..
6
Mar
"30c
2.00
Price
Mar
5,024
,7
7%
5,100
38c
both inclusive, compiled from official sales lists
Par
Jan
61o
61c 61%C
1,400
Thurs.
Stocks—
10%
*
40c
Sale
50
2,900
*
...
2.00
Last
30
64c
""(Tic
Commoll
2,156
Toronto Stock
March 16 to March 21,
2%
16%
61c
Cochenour-Wllllams Gold 1
Cockshutt Plow
Jan
45c
10
Jan
2%
42c
80c
500
Mar
16%
40c
Conlagas.
6c
Mar
30
16%
78c
Jan
32%
Mar
12%
Feb
10%c
Jan
6c
11%
23%
Mar
75c
1.15
32%
Mar
2%
2%
10 %c
J
6c
Mar
280
3
77c
3.65
*
Jan
9
19%
21%
10%c
2.54
Royalite Oil Co Ltd
168
20
1
40c
Homestead Oil & Gas Ltd. 1
3
22%
Central Porcelain
2.00
Home Oil Co Ltd
660
Chesterville-Larder Lake.l
Chromium.
*
Feb
Mar
35
34%
21%
4,175
4,400
7,676
2,825
5%C
/% V
"
55
2.18
Jan
16c
800
9%
Feb
'
mm mm
490
2.10
3c
90c
*
12%
14%
25
9%
96c
m
385
200
2.17
Preferred...
Crows Nest Coal
Ajax Oil & Gas Co Ltd... 1
Anglo-Canadian Oil Co
*
•
9
21
*
78c
'rnmm
96
1
45c
80c
Jan
173
Central Patricia.
200
220c
24%
Canadian Wallpaper A
2.40
*
125
7%
9%
8%C
k
oir—
Brown Oil Corp Ltd
25
1,089
80c
-mm
Feb
P R
3c
mmmm mm
1
2.03
14%
25
Malartlc
90%c 95%c
90%'c
1
Sladen-Malartic Mines
750
Jan
28%
64c
Jan
1.75
O'Brien Gold
Pamour-Porcupine Mines. *
Mar
1.55
~~2 %
B
Canadian Locomotive.. 100
4.25
1.32
Mar
50
11%
12%
23%
12 %
43c
4.20
2
10
675
9
2 %c
*
479
>
19%
100
25
Jan
2.00
170
171%
20
Can Car <fe Foundry
Preferred
.♦
27%
*
B
Jan
1.90
2,000
1.32
'
2
Cndn Bakeries prf (new) 100
Canadian Breweries..
*
35c
4.20
Jan
17
Canadian Can A
1
22
149
50
Canadian Can
McKenzle-Red Lake Gold 1
Mar
'
2%c
25
101%
20%
35c
23
20
Jan
20
7%
19
2%c
5%c
*
Feb
Feb
Cndn Bk of Commerce. 100
Jan
Jan
16%
*
B
Mar
36
55
Jan
1.25
92%
25
Jan
4.95
49
80
105
64
4.10
Feb
Mar
64 ;
Canada Wire A
2%c
Mar
6%
,
15%
Feb
90c
125
6%
97%
Mar
140%
5%
Mar
4.00
Mar
504
Jan
200
Feb
104
342
29%
1,290
5
42
7%
Jan
90c
325
19%
Feb
4.85
5%
104
35c
7
16c
90c
6.800
19
50
10c
4.85
148
Low
37c
38
37%
17
16%
101% 102
148
Range Since Jan. 1, 1939
Shares
*
Preferred
Feb
mmmmrnm
96
*
.......
Feb
mmmmrnm
Falconbridge Nickel..—*
6%
*
Mar
12c
m
*
.
Can Permanent Mtge._100
Canada Steamships
Feb
Cent Cadillac Gd M Ltd.. 1
104
pref._.100
Canada Packers
Jan
63c
.
5
5%
for
Week
High
33c
104
*
90c
10c
Consol Chlbougamau.--.l
Dome Mines Ltd....
*
100
Low
37c
*
-
_
A
Range
of Prides
Price
.1
12%
41
61c
mmmm'-m
Par
Calmont
Jan
'•
Cndn Malartic Gold--...*
(Continued)
7%
Mines—
Aidermac Copp. Corp. Ltd*
Reaufor Gold Mines
1
Stocks
Feb
100
Exchange
Sales
Week's
Sale
43
12%
Stock
Thurs.
Jan
375
12%
TORONTO
Jan
107%
111%
Jan
99%
Qrajn Exchange
Street
Powei of Canada—
6%
6%
unlisted
/ The Toronto Stock Exchange
.
.
Mar
Feb
Feb
and
Feb
6%
15%
Mar
45
listed
Mar
Mar
45
*
MemDer8|-yyrjnnjpeg
Jan
17%
99%
Jan
520
on
F. J. CRAWFORD & CO.
Jan
Mar
6
1.50
—
Mar
15%
3
19
19
"5c
invited
Mining and Industrial Securities
High
Mar
3
*
Canadian
8%
217
29%
29%
8%
8%
215
217%
5,050
2 40
50
7
36
215
Mar
Feb
Jan
14%
.6
14%
14%
1,940
14%
Mar
16
15%
16%
140
15%
Jan
♦
The Commercial & Financial Chronicle
1918
Unlisted
Canadian Markets—Listed and
Exchange
Toronto Stock
"
734
i
Intl Metals A
6*
Jan
7H
Feb
15H
Jan
Feb
114*
115
Mar
43 H
1,297
42 H
Mar
47
Jan
22 H
2254
746
21H
Jan
24
Feb
10
1034
185
8H
Jan
10H
Feb
4c
Mar
5
115
106
100
111
115
-
A__*
113
5c
4c
5.1(H)
8c
*
Kelvlnator
-
*
-
-
8Hc
2.2(H)
8C
Mar
19c
Jan
2 He
2,000
4HC
Feb
8H
15
2*c
8H
Mar
8 H
Mar
2.52
Kerr-Addison...
Klrkland-Hudson
Bay. -.1
-
2.53
3.5,297
2.29
Feb
9H
2.75
Klrkiand Lake.....—
-
*
-
-
LarnaqueG
1,035
22c
Jan
32c
Feb
Last
Week's Range
for
8,993
1.23
Mar
1.54
Jan
Sale
of Prices
Low
High
Week
Laura Secord (new)
-
.26
Legare pref......
Leltcb
-
-
6.60
7.50
Mar
11.4(H)
12 He
Mar
22 He
12*
5,500
VAC
9H
Mar
70c
Mar
88c
Jan
3.40
Jan
Walte
27
28
134
26 H
Mar
28 H
Jan
335
1.03
1.23
37,700
lHc
134c
134c
.5(H)
Malartlc Gold
*
Manitoba A Eastern...
Maple Leaf Gardens
5
»
Maple Leaf Milling
-
-
-
-
•
Preferred
»
McVlttle
McW utter* < iold.
Feb
9H
50
Feb
99
Jan
Mar
58
Jan
96
35
99
Mar
.50c
9,750
40c
Mar
40c
834
1.00
305
2,480
B
734c
734c
98
100
73c
B
61 H
National Steer Car
58c
Jan
9
Feb
1.33
Jan
New Gold Rose
...
9c
Jan
99 H
Mar
93 He
Feb
46
Jan
Feb
184
267
2
Jan
6c
37,534
4*c
43.5
7Hc
8c
Mar
.
North 8 tar
Jan
Mar
Omega
15c
1,000
320
Feb
Mar
60
21HC
69
Jan
onsolidaieu
37*c
Jan
Jan
634c
634c
1,340
1.16
Mar
1.40
Jan
Dlsher Steel
72 34
926
70
Mar
78 H
Jan
Dlsher Steel pref
6Hc
5Hc
3,500
4*0
Mar
Feb
5,756
45c
Feb
60c
Jan
Klrkland-Townsite
25
60c
Feb
1.05
Mar
25
3H
Feb
4
4
Mar
1.81
Jan
Feb
1.29
Jan
Oils Selections
27c
26c
27c
8,700
24c
Feb
34c
Jan
Ontario Silknit pref
8H
8H
15
45 He
49c
4,300
Jan
Jan
Feb
9
61C
Feb
Jan
11
13H
Mar
1334
1334
5Hc
5Hc
5Hc
1,300
4Hc
Mar
6Hc
Feb
1.80
1.68
1.80
2,960
1.68
Mar
2.35
Jan
4c
Jan
8Hc
Jan
734c
41,000
35c
39c
16,900
35c
Feb
53c
1.82
1,320
l.>0
Mar
2.12
3.70
Mar
6*c
1.38
3.85
5.720
2.15
2.25
2,150
9834
2.25
-----
*
3.70
98 34
10
1.33
1.40
1,300
10
1.25
1.30
1034
1034
1054
2.01
2.20
28
28
-
-
-
-
-
-
4
c
32 H
11H
Feb
1.42
Feb
2.3*
Jan
Mar
20c
Mar
Mar
180
Feb
Jan
32 H
70
Feb
Mar
175
170
175
115
135
100
175
175
175
35
155
Feb
40c
1
1
Shawkey
*
1.10
fio<
Sheep Creek
Sherritt-Gordon
------
7.85
Slgman Mines, Quebec. -J
Slscoe Gold.
Feb
5H
Jan
2.50
Jan
8c
8c
3.5(H)
8c
Feb
15c
Jan
36c
40c
4,300
34c
Feb
57c
Jan
2Hc
500
2 He
Mar
5Hc
Jan
1.10
1.10
500
1 07
Feb
1.24
Jan
95c
95c
7,270
95c
Feb
1.18
Jan
7.65
7.85
697
7.55
Feb
8.75
Mar
1
5
5
380
4H
Mar
20
6*
Feb
7H
7H
Feb
7
20
55
Jan
21H
Feb
1054
102 H
77c
16
65
5H
Jan
70
11 H
105
99 *
Jan
77c
75C
3,100
Jan
12 H
105
Feb
Feb
43c
45c
2,875
39c
Jan
61c
2,500
3Hc
Mar
7Hc
_
100
1.25
Mar
2.00
77 H
78 H
76 H
Feb
86 H
78
78
78
76
Feb
83
2.45
2.40
2.49
9,710
4*C
4c
5c
12 He
1.84
1.84
»
»
»
Sudbury Basin.
..1
Sudbury Contact
1
80
Sylvanlte Goia
*
Tarn blyn com
1
.
..
1
Texas-Canadian.
-
-
-
*
Toronto Elevator
Jan
•
Oft*.
Jan
200
1.65
Feb
2,486
6H
Mar
7H
Jan
2c
Mar
J
8H
10
50
3
3.360
41c
10
11
11
2H
3H
260
12*
12 H
95
-
-
36 H
145
37
1.000
-
36 H
36 H
_
2H
30
30 H
22
2 He
2Hc
31
31
Mar
Jan
Jan
3*
Mar
14
JaD
Mar
Jan
40
Jan
15c
Feb
Jan
5
Mar
27
2c
Jan
25
13HC
31*
Jan
Feb
2Hc
Mar
Feb
30
Feb
Mai
9c
35
Mar
Mar
He
.500
He
Mar
lc
1.75
1,750
1. o
Mar
2.35
Jan
2H
3H
75
2*
Jan
3H
Feb
21H
1.75
22 H
34
415
20 H
Feb
24
Jan
Mar
34
Mar
Mar
8Hc
«
Rogers Majestic A
2c
55c
15
He
1
------
•
Bhawlnlgan.
Feb
1.70
i
.
Jan
Jan
8H
Mar
18
.500
.100
2.00
10
Feb
10c
Feb
'
.500
20
1.40
Mar
12
10Hc 10 He
-
-
Mat
Mar
40c
Jan
3
Mar
7H
2H
22 *
34
*
Supertest ordinary
Temlskaming Mining. ...1
------
50
32
6c
.500
6c
6c
Jan
Industrial and Public Utility Bonds
Closing bid and asked quotations,
Thursday, March 21
(American Dollar Prices)
Bid
Ask
Bid
44*
46
Gen Steel Wares 4*8.1952
77*
79*
74*
76
Gt Lakes Pap Co 1st 6s '66
71
73
82
84
67
69
58*
60*
80
82
Int Pr A Pap of Nfld 6s '68
Beauharnols Pr Corp 5a '78
76
78
Lake St John Pr A Pap Co
British Col Pow 4*8.1960
75H
77
41
1948
Algoma Steel 5s
1946
39 H
Calgary Power Co 5s..1960
91*
79*
81
72
74
Brown Co lst5Hs
1961
5*8
93
Canada Cement 4*8.1951
Maple Leaf Milling—
2*s to'38-5Hs to '49...
Canadian Inter Pap 6s 1949
83*
84*
Canadian Vickers Co 6s '47
49
51
33*
78
80
60*
62*
87
88
73
75
1962
78
80
83
57
49
72
33
Prloe Brothers 1st 5s..1957
80
70
Power Corp. of Can 4*s'59
78
Massey-Harrls 4*s
1954
Minn A Ont Pap 6a... 1945
McColl-Front Oil 4*8 1949
N Scotia Stl A Coal 3 Hs '63
1957 /
1
Canadian Canners 4s. 1951
Canada SS Lines 5s
Consol Pap Corp—
1961
5Ha ex-stock
Dom Gas A Elec 6 Hs. 1945
85
86
Quebec Power 4s
Dom Steel A Coal 6*s 1955
83*
85*
Saguenay Power—
Dom Tar A Chem 4 Hs 1951
78
82
1966
81
Co—
1956
59
61
4-5s series A
1965
58*
60
1951
76
78
4-5s series B
1965
48*
50
1949
77
79
Donnaoona Paper
4s
Famous Players 4Hs..
Federal Grain 6s
•No
price,
/Flat
value.
par
4*s series B
Winnipeg Elec—
n
Nominal.
CURRENT
—Robert
A.
and
Gardner
W.
Mercantile
41,000
3 He
Feb
5Hc
Jan
1434c
4,500
11 Ho
Jan
14 He
Mar
1.85
200
1.80
Jan
2.05
Jan
approved the membership
8*c
Feb
man
7c
7c
1,500
4Hc
75c
81c
2,875
75c
Mar
1.02
90
2*
Jan
3H
Mar
house
NOTICES
Edwin
80c
5
2,655
11*
11H
1134
50
3.75
3.65
3.75
3,085
2.05
510
1.60
2,300
80
2 95
11
of the butter and
egg
of the New York
Feb
floor of same building at
12
Feb
4.15
Jan
2.05
Mar
1.90
Jan
2.00
Mar
1.50
Mar
2.05
2.00
30
29
30
110
29
Feb
32
48
48
10
48
Mar
49
Feb
88
88
Feb
90
Feb
occupy
future market.
10
87
21c
700
20c
Mar
35c
Jan
74c
73c
75c
5,100
o Xa
Mar
1.12
Jan
16 34
16 34
16 H
2.004
15W
JaD
17
Feb
of Walker Brothers, members
moved their offices to the fourth
71 Broadway, New York City, where they
will
of space, with every modern improvement to meet
day demands of the stock brokerage business.
the same amount
the present
Jan
1.50
Chicago
clearing
The Exchange also recently
the fifth floor, the firm
Jan
3.45
Feb
in Mitchell,
application of Sol Goldwasser of Frank G. Heil-
Stock Exchange, have
82
Mar
Mar
partners
Co., Chicago.
—After 42 years on
Mar
3.65
Stanley,
been admitted to membership in the
-Their firm has become a member of the
Exchange.
Jan
334
80
Ask
Abltlbl P A Pap ctfs 6s 1953
Alberta Pac Grain 6s.. 1946
Hutchins & Co., Chicago, have
21c
1
2H
1.00
1.65
40c
5
Feb
108
6H
3
High
Low
4*
645
1.30
8H
Jan
3.10
Trusts 100
Uchl Gold
110
1.0,5
-
Feb
2.95
-----
50
Preferred
-
2 65
•
Feb
-
80 He
1
Toburn
Shares
3
2H
Range Since Jan. 1, 1939
for
Week
5
5
Jan
3.05
100
of Prices
High
Low
1.80
10
334
-
*
Supersilk A
Supersilk pref
official sales lists
Sales
Jan
•
Sturgeon River
Sullivan
Mar
10
Jan
1..25
„
_
..2.
Preferred
Steep Rock Iron Mines.
Straw Lake Beach
100
10-
Jan
354 c
1.25
78 H
_
Steel of Canada
Feb
Jan
3Hc
43c
'
a
Standard Paving
99 H
Mar
87c
14*c
South End Petroleum
Toronto General
21c
Feb
10%
-.1
Sladen Malartlc
wiivhes
Mar
Feb
103 H
1
.
175
4H
•
Simpsons pref
Jan
Mar
2.16
100
Simpsons B
Jan
175
30
18 H
*
Simpsons A
Jan
4H
5
II
pref
36 H
7
♦
SUverwoods
Feb
6HC
190
9,525
454
2.25
8c
,
13c
1,800
Jan
Mar
2.35
4*
2.33
Sand River
Senator-Rouyn
1334c
57o
28
2Hc
*
1
San Antonio.
13c
13c
1
St Anthony
99 H $22,600
11
Jan
12 H
Feb
8t Lawrence Corp
Jan
41c
Jan
100
Preferred-
11
25
Pend-Orellle.
Jan
Feb
4Hc
1,500
39
185
2.18
Feb
26 H
150
454
He
32 H
*
Russell Industrial
Jan
20
Pawnee-Klrkland
Jan
Feb
35c
1,100
28
180 H
185
100
Royal Bank
Roy allte Oil
7H
Jan
20c
500
36c
35c
1
*
Roche LL
M ontreal Power
Feb
1.98
1.25
10
1,300
20c
20c
1
Reno Gold...........
River side 811k
4.25
2.25
101
Mar
10
23,170
»
10
Feb
Mar
1.13
150
2.20
1
Reeves-M acd onald
2.05
CD 00
25
10
..1
Preston E Dome
220
Jan
i
Pressed Metals
Jan
9H
Jan
1.80
3.80
Premier
Sllverwoods
7
36o
100
1
Power Corp
8.15
*
Feb
1.08
1.80
..
Mar
a
1.30
734c
Powell Rou.
7.05
20
Mandy
2.6(H)
100
5,145
*
Langley's pref
4,785
38 He
Gold
7.50
1.65
*
1.20
Pickle Crow
Pioneer
Jan
99 H
1.30
100
1.40
Partanen-Malartlc
Porto Rico pref.
30c
3
...1
1.12
Paymaster Cons
Perron Gold
Jan
5
*
Dominion Bridge
.50c
1.00
*
Porcupine
Pamour
19Hc
Week's Range
Price
*
48c
*
PacaltaOlis
2,900
7.10
*
1.35
.
Jan
Jan
1H
20c
*
1.20
-
2H
Mar
Exchange—Curb Section
*
1.40
49c
245
2
both inclusive, compiled from
-
DeHavIlland
1.21
.
3Hc
6H
Dalhousie
Jan
-
lc
Jan
*
Crown Dominion
3c
9Hc
1.00
J
Jan
2C
5
Jan
4
99 H
Paxwr
Coasolidated Pi ess A.
Feb
434c
-■
Ottawa Car
TTnlon
»
Mar
♦
Jan
He
9
,
Jan
6c
*
Mar
Mar
1.000
2,.500
7.150
Canadian Marconi
19HC
2Hc
70
*
Orange Crush pref
99
..10
Canada Machinery
1
Oro Plata
94
Canad't Bud "rew
1
Okalta Oils
25
He
2Hc
Sale
*
O'Brien
99
.
1,000
48c
97 H
1H
Par
1,500
434c
Mar
Thurs.
Stocks—
20,400
6
Preferred
Teek
16c
61 H
16c
60
72*
13 %
Last
22c
*
Feb
20c
■
254c
*
12
He
Jan
Mar
276
Mar
754c
1
Mines
Noranda
Norgold
Normetal
815
Jan
181
25
5c
•
Mar
13 H
2Hc
■
2 He
------
Jan
47
13H
98
Mar
66c
186
Mar
■
1.16
-.1
5
Jan
13H
Toronto Stock
.
19Hc
..6
Nlplsslng
Mar
37
*
March 16 to March 21,
22c
*
Newbec
4
30
Bonds—
War Loan 1948-1952...
2 He
Naybob
60
*
Coast Copper
16c
26c
National Petroleum
4
Jan
Mar
7Hc
6c
1
♦
15Hc
44 H
3,850
276
276
8c
3,.500
11c
Feb
Jan
7*c
.,5
183
Mh
1.47
98
1,000
45 H
68c
45 H
183
Jan
1.00
98
73c
Mh
6*
1.02
8
45 H
10Hc
Jan
Jan
Mar
7H
9Hc
100
.
.50
.500
i
♦
.
8H
10c
1.00
A
.
York Knitting
Feb
47
*
Wright Hargreaves
Jan
10c
preflOO
Morrls-K tr It laud
Jan
1.20
7*c
Muirheads
6H
59 H
48 H
8H
Model Oils
..
Feb
Mar
20 H
12c
19*
...1
5
255
48c
Moneta
Wood Cadillac
Jan
Mar
332
*
Winnipeg Electric A
6,465
»
Moore Corp
Jan
Jan
48
97 34
•
Modern Containers
9H
4Hc
1.33
.
Mining Corp....
Feb
Mar
1.20
1
Wiltsey-Coghlan
43 H
4
1
3c
10c
1
5H
6.05
Jan
20 H
*
7H
1.33
-.6
McKenzle
Mercury Mills
Feb
Feb
41
44
100
Preferred
70
60
97 *
100
Preferred
Mclntyre
Jan
892
8H
8H
McColl Frontenac
1HC
White Eagle...
Jan
5.45
307
...
*
Westons
554
49
51H
101
Preferred
Jan
10 He
100
51 H
5H
5H
Massey-Harrls
Mar
4H
Jan
Jan
4.00
42
20
20 H
...1
Preferred
1,2.50
3c
3c
1
Maralgo
Preferred..
96
8
7H
7 H
335
534
*
1.23
Jan
4.35
1,0.50
2,020
Feb
Jan
Jan
41 H
*
Western Canada Flour...*
7
85c
5.70
Wendlgo
Mar
14,000
Feb
4.05
Jan
He
Jan
59c
62c
Jan
6
20
6
6
6
pref 10
6H
5..50
Feb
92c
1.20
Feb
4.00
62c
Feb
47c
5*
74c
2.55
37c
2.00
43c
875
5.70
4.75
1 76
4.30
1.80
46 c
5H
4.05
...
Ma
4.20
7,575
4.20
1.99
Amulet
Mar
4,005
20,180
4.25
1
5H
1
Upper Canada.
Jan
Mar
8Hc
75c
26 *
25 *
Feb
•
Walkers
Jan
10
7c
•
Ventures
Feb
7
Feb
Jan
5,000
8
Feb
Mar
135
7 He
41H
7
7Hc
5H
•
United Steel
2.95
4.5
J
Macassa Mines
MacLeod Cockshutt... -.1
i
Jan
2Hc
*
191
42
7Hc
7
B
United Oils
3,7(H)
25 %
Madsen Red Lake—..
Jan
2,320
734
25H
.
Jan
lHc
13
3.10
25 H
*
B
Mar
High
Low
38 H
6
39 H
39 H
United Fuel A
Jan
565
1254
734
28
Loblaw A
Jan
Shares
Jan
Mar
3.05
3.10
•
27
Price
Par
Stocks (Concluded!)
7234c 73Hc
72 He
•
Little Long Lac
Feb
22
6.25
lHc
-
------
i
..
-
-
Mar
22*
25
231
12 H
12*
..1
Lebel-Oro
24
6.50
13c
3
751
24 H
32
12*c 14Hc
6.50
......
Lapa-Cad lilac
Range Since Jan. 1, 1939
23c
1.37
24 34
-
Lake of the Woods
•
Sales
Thurs.
23c
24
1
Lake Shore
Exchange
Toronto Stock
Jan
1.25
-
1.36
1
Teletype N. Y. 1-2316
4-0784
Jan
2.30
—
-
YORK
NEW
Telephone Whitehall
Jan
4c
2 He
..1
Consolidated
J M
234c
1
Jacola
Ltd.
RECTOR STREET
19
Mar
JaD
42 H
-
*
English Transcontinental,
Mar
9H
111
m
-
•
International Petroleum..
10
695
22*
100
International Utilities
734
11H
43 *
111
100
preferred
A
international N Ickel_.
So. American Bonds
High
10 H
Imperial Tobacco pref. .£1
Intl Milling pref
Low
Shares
Low
Other European Internal Securities
Foreign Dollar Bonds
Week
of Prices
High
Sale
Price
Par
Stocks (Continued)
Range Since Jan. 1, 1939
for
Week's Range
Last
*
British and Any
Sales
Thurs.
March 23, 1940
—First
Federal
Corp.,
70 Pine
St.,
this
city,
has
been
formed
to
small accounts in funds trusteed with New York
standard securities, preferably bank and insurance shares,
specialize in large and
banks
or
as
trustees,
high-grade industrials and also
Bussmann is President
distribute meritorious new issues. Theodor
of the corporation.
Volume
ISO
The Commercial & Financial Chronicle
Quotations
Bid
a2%g July
15
1969
City Bonds
Bid
a4%s Mar
1
1964
116
1
a4%s Apr
15
a4%s Apr
1
a4%8 June
1966
1972
116% 117%
117% 118 %
Jan
1
1977
98%
99%
Feb
1
1979
99%
99%
1
1975
a4s
May
1
1957
a4s
Nov
1
1958
a4s
May
May
1
1959
1
1977..
100% 102
106% 107%
106% 107%
106
107%
104% 105%
111% 112%
112
113%
112% 113%
113% 115
1
1
a3%s Mar
a3%s Jan
a4s
a 4s
1954
1954
1960
15
Oct
1976
Ask
95
a3s
1
Federal Intermediate Credit Bank Debentures
Ask
94
«3s
a3%s July
a3%s May
a3%s Nov
Over-the-Counter Securities—Thurs. Mar. 21
on
New York
1
1980
114%
a4%s Sept
1
1960
115
a4%s Mar
1
1962
1974
15
a4%s Feb
118
119%
1976.
118% 120
1977
15
1978
118% 120%
119% 120%
a4%s Mar
a4%s May
a4%s Nov
1
1981
1
1957
1
1957
a4%s
a4 %s
a4%8
a4%8
a4%s
115% 117
Bid
117%
1
Mar
1
1963
June
1
1965
July
1
1967
Dec
15
1971
Dec
1
1979
a4%s Jan
a4%s Nov
115%
116%
1919
1% due
Apr
%% due
May 1 1940
.20%
%% & 1% due June 1 1940 6.25%
%%& !% due July 11940 6.25%
122%
123%
126%
Ask
%% due
%% due
%% due
...
Aug
Oct
1 1940 6.30%
Dec
2 1940 6. 35%
Sept
1 1940 6 .30%
3 1940 6 .30%
Chicago & San Francisco Banks
121
121%
Bid
%% due
6
120% 121%
117% 118%
117% 119
119%
120%
120%
121%
124%
Ask
1 1940 6.20%
Par
Bid
Ask
Par
American National Bank
& Trust
Continental
Bid
Ask
Harris Trust & Savings. 100
100
209
294
305
Northern Trust Co
220
560
573
100
Illinois Natl
Bank & Trust
1-3
89
100
237
33
First National
SAN
91%
244
FRANCISCO—
Bk of Amer N T & S A 12 %
38%
40%
New York State Bonds
Bid
Ask
Bid
Ask
3s 1974
52.15 less
1
World War Bonus—
3s 1981
62.20 less
1
4%s April 1940 to 1949.
Highway Improvement—
61.20
4s Mar & Sept 1958 to '67
Canal Imp 4s J&J '60 to *67
131%
131%
Barge C T 4%s Jan 1 1945.
114%
Canal & Highway—
5s Jan & Mar 1964 to '71
62.35
Highway Imp 4%s Sept '63
141
Canal Imp 4%s Jan 1964._
Can & High Imp 4%s 1965
141
Vermilye Brothers
■
138
—
Specialists in Insurance Stocks
30
Public
Authority Bonds
Bid
California Toll Bridge—
San Fran-Oakland 4s '76
BROAD
ST., N. Y. CITY
HAnover-2-7881.
Ask
Bid
Teletype N. Y. 1-894
Ask
Port of New York—
108% 108%
Gen & ref 4s Mar 1 1975.
Gen & ref 3d
Holland Tunnel 4%s ser E
1940-1941
M&. S
1942-1960
J/&S
ser
Gen & ref 4th
6.25
3 %s '76
3s 1976
Gen &ref 3%s
...
108%
ser
1977
107
107%
104% 105%
99%
99%
103% 104%
Par
Aetna Cas & Surety
...
10
Aetna
Triborough Bridge—
3%s s f revenue
Inland Terminal
4%8 ser D
Insurance
1980
Aetna Life
Bid
Af&S
6.25
108
38 serial
...
rev
2%s serial
—
.
United States Insular Bonds
Bid
Philippine
Ask
Government—
Bid
U S Panama 3s June 1 1961
4%s Oct
1959
116
1952....
114
115
__
25%
19%
21%
-2%
13%
15
46%
23%
_
10
5s
Apr
1955
5s
Feb
1952
5%s Aug
1941
Govt of Puerto Rico—
100% 101%
116% 118%
105% 107
120
110
112
117% 119%
112
Conversion 3s 1947
-
...
Ask
Bid
3a 1955 opt 1945
J&J
105% 105%
3%s 1955 opt 1945.-M&JV
3s 1956 opt 1946
3s 1956 opt 1946
J&J
105% 105%
105% 105%
4s 1946 opt
M&N
1944
J&J
Ask
106% 106%
lll»i« Ul»u
.
Bankers & Shippers
Boston
Burlington 5e
/14
16
/14
4%s
16
Chicago 4 %8
/2%
58
3%
3%
3%
/2%
/2%
6%s
Denver 3s
Lincoln 4%s
5s
100
2%
3%
70%
46
50
Merch Fire Assur
52%
Merch & Mfrs Fire N Y..5
7%
8%
36%
-2%
7%
8%
National Casualty...
10
National Fire
...10
27%
58%
30%
60%
104
106
624
634
21
23
5
-.10
30
7
«*«...
99%
«...
First Trust of Chicago—
4%s
4%s
.
.
.
100
100
69
.
.
5s_
69
«...
5%s
69
mm .
Eagle Fire
-2%
Employers Re-Insurance 10
Excess
1%
51%
9%
53%
11%
Pacific Fire
Federal
50%
51%
Phoenix
99
Iowa of Sioux City 4%s..
98%
Lafayette 5s
100
4%s
99%
10%
33%
83
General Reinsurance Corp 5
43
27
Bid
10
38
40
10
34%
36%
18%
21%
122
74
77
Springfield Fire & Mar. .25
Stuyvesant
__5
3
4
Great American
28
29%
Sun Life Assurance
100
290
340
12%
Travelers
100
460
470
97
—
*
98%
99% 100
47
...5
Great Amer Indemnity ...1
Halifax
/21
5s
m
/12
86
Union of Detroit 2%s
99
...
Virginian 2s
99%
—
Virginia Carolina 1 %s
99%
16
U S Fidelity & Guar Co..2
28%
U S Fire
82
85
U S Guarantee
61
63
7%
* Westchester
Fire
51
X72
2.50
126
22%
4
10
34%
8%
24
53
74%
36%
23
83
14
27
-.10
Hartford Steam Boiler -.10
Southern Minnesota 5s
...
Obligations of Governmental Agencies
14
Bid
...
...
Ask
Par
Pennsylvania
...
Ask
2
92"
98
100
31
36
52
Potomac
100
100
110
66
San Antonio
100
98
106
8
Fremont
100
1%
3
3
Virginia
5
Ask
May 15 1940 100.2
100 5
Home Owners' Loan Corp
%s
May 15 1941 100.20 100.23
Reconstruction Finance
28..
Bid
56
...
Bid
Commodity Credit Corp—
H%
Aug
1 1941 100.19 100.21
1%
Nov 15 1941 101.10 101.12
Federal Home Loan Banks
100
...100
Ask
...
48
2%
.Dec
1 1940 101,7
101.10
Corp—
2s
Apr
1 1943 102.26 103
Federal Natl Mtge Assn—
%%
101.19 101.23
Nov
%%
1%
Call May 16 '40 at 100% 101.24 101.28
l%s Jan 3 1944—
Call July 3 '40 at 102
July 20 1941 101.1
notes
%%
2s May 16 1943—
Jan
1 1941 101.3
15 1942 101.4
July
101.3
101.5
101.6
11942 101.19 101.21
U S Housing Authority—
1%% notes Feb 1 1944.. 102.24 102.28
3
7
Virginia-Carolina
100
100
106
FHA Insured
New York Bank Stocks
Bid
Ask
Bank of Manhattan Co. 10
16%
Bank of Yorktown__66 2-3
40
50
Bensonhurst National... 50
75
100
18
Par
Bid
National Bronx Bank...50
National City
12%
40
28%
30%
12
14
33%
198
35%
204
Safety Bank. 12%
Penn Exchange
10
Peoples National
50
14
WHITEHEAD &
16
45
31%
Sterling Nat Bank & Tr 25
25%
Telephone: WHitehall 3-6850
33%
27%
800
First National of NY.. 100 1905
1945
Merchants Bank
118
108
New York Trust
FHA Insured
Bid
Companies
Alabama
Bid
442
FISCHER
Wal^ Street, New York, N. Y.
55
17%
Public National
770
Request
on
44
National
Mortgages
Offerings Wanted—Circular
Ask
44
Ask
452
57%
59%
19%
Bronx County new
10%
23
100
10
5
245
Seaboard Fire & Marine. .5
100
100
240
Security New Haven
100
Bankers
St Paul Fire & Marine..25
Seaboard Surety
First Carollnas
Bank of New York
26%
27%
11%
Des Moines
Par
8%
25%
25%
3%
46
/44
4%s
164
100
18%
37%
7
27%
Hanover
154
100
16
35%
10
Hartford Fire
North Carolina
Fifth Avenue..
129
125% 129%
78%
82%
44
105
50
13.55
124
25%
104
45
Chase
17%
3%
4%
101% 105%
25%
27%
Glens Falls Fire
100
Atlantic
Commercial National.. 100
70
16
99%
New York
Par
48
Gibraltar Fire & Marine. 10
103
St Louis
17%
37%
Globe & Republic
Globe & Rutgers Fire. -.15
2d preferred
102
90
Lincoln
10
Republic (Texas)
10
Revere (Paul) Fire.....10
Rhode Island
5
29
83
....25
8%
142
15%
35%
45
Georgia Home
Phoenix 4%s
5s
80
Denver
9%
31%
National .25
Preferred Accident
Pro vld ence-Wash lngton .10
Reinsurance Corp (N Y) .2
70
99%
...5
2.50
Northwestern
7%
136
99
North Carolina l%s
Oregon-Washington 5s
Atlanta
Dallas
68
96
12.50
North River
126%' 128
83
Joint Stock Land Bank Stocks
Par
Northern
2%
-.10
.
Southwest 5s
Illinois Midwest 5s
5
36%
Ask
....
.
5
Northeastern
28%
38%
Pacific Coast of Portland 5s
100
Fletcher 3%s
Fremont 4%s
New York Fire
8
26%
79
Montgomery 3%s
New Orleans 5s
100
First Texas of Houston 5s
2
20
New Amsterdam Cas
2
New Brunswick
...10
New Hampshire Fire
10
26
10
5
com
National Liberty
National Union Fire
32
24%
City of New York
City Title
79
New York 5s
First Carollnas 5s
10
2
48%
79
5%s
44%
9
5
2%
68%
Franklin Fire
Bid
20%
72%
42
Maryland Casualty
1
Mass Bonding & Ins.A12%
Flreman'B Fd of San Fr.25
Firemen's of Newark. ...5
Bank Bonds
Ask
34%
2%
25
..25
Flre Assn of Phlla
Bid
A Sit
32%
1%
19%
71%
34%
Fidelity & Dep of Md. ..20
Joint Stock Land
Lincoln Fire
9
Connecticut Gen Life. ..10
Continental Casualty- ...5
Federal Land Bank Bonds
Bid
.
Carolina
112%
10
10
Jersey Insurance of N Y.20
Knickerbocker
5
Rtd
50%
Camden Fire.
U S conversion 3s 1946
Hawaii 4%s Oct 1956.....
117
10
10
American Surety
Automobile
Baltimore American
4%s July 1952
5s
July 1948 opt 1943.
7
5
Home Fire Security
Homestead Fire
Ins Co of North Amer
80%
23%
Home
33%
77
10
119
4%s July
Ask
122
31%
25
American Re-Insurance. 10
2.50%
American Alliance
American of Newark.
102% 102%
99%
1953-1975.. 62.55%
1945-1952
61.50
rev
Agricultural
American Reserve
M&S
1942-1960
Par
122% 126%
51%
53%
American Equitable.. ...5
American Home
..10
1940-1941
Companies
Ask
23%
Par
Bid
Ask
Fulton
100
195
210
Guaranty...
Irving
100
292
297
10
12%
13%
Arkansas
4%s
4%s
101
102
100% 102
5s
Delaware
102% 104
4%s_.
101
Mortgages
Asked
102
District of Columbia 4%s.
Florida 4%s.
101% 102%
101
102%
101
Bid
Asked
Minnesota 4%s
101
New Jersey 4%s
New Mexico 4%s
102
101
102
N Y (Metrop area) 4%s
New York State 4%s
101
102
102%
103
Lawyers
Brooklyn............ 100
Central Hanover
20
Chemical Bank & Trust. 10
83
88
102% 105%
49%
51%
25
29
32
Georgia 4 %s
Manufacturers
20
38%
40%
52
54
Illinois 4%s
Indiana 4 %8
Pennsylvania 4%s
Rhode Island 4%s
112
102%
101% 102%
101
102%
101% 102%
101% 102%
102% 103%
102
103%
115
South Carolina 4%s
101
Louisiana 4%s_
101
102
Maryland 4 %s
101
102
Tennessee 4%s
Texas 4%s
101% 102%
101% 103
102
103%
Virginia 4%s
West Virginia 4%s
101
102
101
102
Kings County.......
1(H) 1630
Preferred
1670
.
Clinton Trust
50
Colonial Trust
25
10%
12%
Title Guarantee & Tr.
.12
3
4
Continental Bank & Tr.10
13%
15%
Trade Bank & Trust..
.10
12
14
Massachusetts
20
53%
54%
Underwriters..
100
80
90
10
Michigan 4%s
11%
12%
United States
100 1675
Corn Exch Bk & Tr
Empire
For footnotes
see page
X32
1922.
40
New York
4%s
1725
A servicing fee from
101% 102%
North Carolina
4%s
%% to %% must be deducted from Interest
rate.
102
The Commercial &
1920
March
Financial Chronicle
1940
23,
Securities—Thurs. Mar. 21—Continued
Quotations on Over-the-Counter
Railroad Bonds
Asked
Bid
Guaranteed Railroad Stocks
.1945
.1944
4Kb
:,
' 'k
Dealers in
j*,L.
120 Broadway
Chicago St
2-6600
STOCKS
Xi
■
i
1II
i
'■/
Cleveland Terminal A Valley
(Guarantor In
.1951
.1960
(Delaware & Hudson)
Allegheny A Western (Bull Roch A
Beech Creek (New York Central).
6.00
Pitts)
73 X
117 34
123
(Pennsylvania)
Delaware
^
pre/ (N Y Central)
Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
Fort Wayne A Jackson
New York Lackawanna A
8.50
Pittsburgh Bessemer A Lake Erie (U S
84 34
17
86 X
22
3.00
37 34
4034
5.00
86)4
6234
88 H
Steel)
Preferr6d
58
62
Utlca Chenango A
West Jersey A
Tennessee Alabama A
800
Seashore (Penn-Readlng)
Terre Haute A
5.00
54 34
4.00
88 X
91
6.64
137 34
67
3.00
West
243 34
6.00
,55 X
63
5.00
63 34
27 94
5.00
59 M
62
3.50
2554
3.00
66
56 34
54 54
Amer Distilling
Baltimore A Ohio 434s
62.50
63.25
5s
63.25
334s Dec 1 1936-1944..
63.00
2.00
62.60
3.00
62.00
1.25
62.25
2.00
62.25
Hartford 434s
1.75
62.75
1.25
61.00
St Louis 4Mb
New York New Haven
64.00
2.00
61.85
1.75
4348
—
2.25 New York Central 434s...
2.25 New York Chicago A
0.50
A
1.50
434s
Cent RR New Jersey
5s
Northern Pacific
2.00
Jan A July
64.50
3.75
1.75
61.80
1.50
1.50
294 s series G non-call
64.50
3.75
Dec 1
Pere Marquette
A Paclflo—
109
ctfs 334 s
0.50
62.25
62.00
1.10
62.75
5S-__dto.
if I
61.00
4s series E due
61.70
'
Trustees'
434s
Pennsylvania RR 434s
Chesapeake A Ohio—
434s
Chicago A Nor West 434s
Chic MIlw A St Paul 434s.
Chicago
....
1937-49
1937-50
434 s
10034
61.75
Reading Co 434 s
63.75
3.00
Erie RR 434s
63.00
2.25
Great Northern 434 s
61.00
0.50 St Louis Southwestern
Hocking Valley 5s
Illinois Central 434 s
61.00
0.50 Southern Ry 434 s.
62.25
1.50
Internet Great Nor 434 s
62.75
2.00
1.25
3.00
63.75
Denver A R G West 434s.
58
Francisco—
63.00
Southern Pacific
62.75
1.00
1.50
62.00
1.50
61.00
0.50
2.00
62.00
...
5s
1.50
62.00
Texas Pacific 4s
4348
Long Island 434 s
1.50
62.00
4)-4s
1.75
61.90
5s..
2.25
62.40
.....
434s
2.25
63.00
4s
•
Virginia Ry 434s...
•
62.75
2.00 Western Maryland 4Mb—
Missouri Paclf
62.50
1.75
62.50
61.75
1.00
63.75
Maine Central 5s
3.00
1.75
c
434s._
.
5s
Western Pacific 5s
*
1
98
1334
1334
12X
334
4534
234
*
25
43 H
5%
Pharmacal
2534
25
Peoel-Cola
7034
7534
Founded
24
2634
5634
6034
Pilgrim
17
1934
Pollak
10
Indus Service A.*
834
934
34
4% preferred w 1
Remington Arms com
Bankers
Co com
2%
A5
10
Buckeye Steel Castings..*
Botany Worsted Mills cl
IX
54
354
334
15
734
4
5
58
Singer Manufacturing. .100
6034
2834
Safety Car Htg A Ltg
Scovill Manufacturing. .25
2954
14434 14634
£1
434
Skenandoa Rayon Corp..*
6
City A Suburban Homes 10
634
734
Solar Aircraft
3
2
: 3 x
Chilton Co common
$1
cum
Singer Mfg Ltd
Stanley Works Inc
101
*
Strom berg-Carlson
1134
Sylvania Indus Corp
24
Tampax Inc com
__*
preferred
1034
22
6134
64
*
*
*
654
2734
2934
Tennessee Products
Supply com
10
Devoe A Raynolds B com *
61
64
Time Inc..
19
21
Trlco Products Corp.
*
"40
43
Pub
3934
49
47
334
494
2334
2454
7
634
*
*
*
Crowell-Colller
434
354
x37X
Taylor Wharton Iron A
Consolidated Aircraft—
$3 conv pref
734
1
20
25
*
*
1
Standard Screw
90
85
Coca Cola Bottling (N Y) *
Colgate-Palollve-Peet—
$4.25 preferred
Columbia Baking com
41
39
Dentists
Steel common
754
254
134
169
166
*
3354
3554
434
2534
2934
Triumph Explosives
2
United Artists Theat com. *
3X
Dixon (Jos) Crucible... 100
Domestic Finance cum pf. *
134
2
29
32
United Piece Dye Works.*
34
Draper Corp
*
Farnsworth Telev A Rad.l
73
76
100
234
354
*
5834
6054
234
100
2034
2234
10834
1
154
Federal Bake Shops
Preferred
*
30
334
834
Preferred
4
Veeder-Root Inc com
934
Welch Grape Juice com
30
25
7%
American shares
..*
Garlock Packings com
Gen Fire
preferred
West Dairies Inc com v t c
Foundation Co—
*
Extinguisher
*
Corp com *
Gen Machinery
234
4934
5134
13X
1434
20)4
2234
2
Good Humor Corp
1
2734
2834
534
4
.534
7%
25
Amer Writ Paper
/68
47
Beth Steel 3s
3834
4034
4134
4334
334s
Blaw-KnoxCo 3 34s
934
1034
134
134
*
2634
2834
34
34
934
1034
28
30
Lawrence Portl Cement 100
14
16
Mallory (P R) A Co
Marlin Rockwell Corp
McKesson A Robblns
$3
$6
5
134
1134
5634
1234
1334
46 X
4834
534
654
9834
10034 10034
1965
.1950
Brown Co 534s ser A. .1946
Carrier Corp 434s
1948
Comml Mackay 4s w 1.1969
Deep Rock Oil 7s
1937
9734
9834
/39
8834
4934
4134
9054
/5534
Stamped
Inspir Consol Copper 4s '52
Libby McN A Llbby 4s '55
McKesson A Rob 534s 1950
Minn A Ont Pap 6s
1945
Nat Radiator 5s
1946
97
/33
f24
2634
35
36
3634
39
57
59
Woodward Iron 1st 5s. 1962
100
117
...
/ 95
108
Co Inc common.. 1
preferred..
10234
1945
1950
Scovill Mfg 5348
Skelly Oil 3s.
*
5754
100
102k
1 NY World's Fair 4s. 1941
Old Ben Coal Inc 6s w-s.'48
2734
preferred
5034
34
26
conv
Merck
1
34
7034
98
6s. .1961
1960
334
5534
4 34
27
.*
42 X
11
934
334
100
*
*
*
100
*
654
734
Bonds—
100
Long Bell Lumber
$5 preferred
2~"
27
4334
*
preferred
34
534
Wickwire Spencer
York Ice Machinery
Giddings A Lewis
Machine Tool
25
*
Steel..*
Wilcox A Gibbs com
50
Worcester Salt
100
$3 cum preferred
4
1
King Seeley Corp com
1
Landers Frary A Clark. .25
3-0770
1754
654
60
*
50
100
10
Chic Burl A Quincy
Ley (Fred T) A Co
N. Y.
WHitehall
Bell Teletype NY 1-1642
*
Manufacturing
234
19
1
Cessna Aircraft
$5 preferred
ONE WALL ST.,
1254
370
34
234
234
1334
1
Exploration
2034
AX
$1.25 preferred
Kildun Mining Corp
York Coffee & Sugar Exchange
(Associate)
1134
340
Postal Telegraph System—
34
334
534
100
Interstate Bakeries com..*
1832
Members New York Stock Exchange.
New
New York Curb Exchange
17
1634
Co
Paper..25
Harrlsburg Steel Corp
5
Co.
3754
1834
23
Great Northern
Lawrence Turnure &
2034
3534
Ohio Match Co
*
Pan Amer Match Corp. .25
Great Lakes SS Co com..*
Sugar Securities
4
1834
*
234
23 X
pref 100
Mills
Preferred
Unlisted
1934
2
Armstrong Rubber A
*
Art Metal Construction. 10
Graton A Knight com
We Maintain Markets In
.
102
—50
preferred
New Britain Machine
Norwich
.
*
Petroleum Conversion... 1
Petroleum Heat A Power.*
Dictaphone Corp
St Louis-San
Nat Casket pref...
1234
Products.._*
American Mfg 5%
Boston A Maine 434s
20
pflO
Hardware
Maize
Amer
A st
1534
2X
Nat Paper A Type com.
ser_.10
Co
Corp
*
1834
series......
2d
National Casket
17
1534
37
*
berg A com..
American Cyanamld—
Amer Bern
5% coav pref 1st
Ask
B d
Par
Muskegon Piston Ring.234
40
2
*
American Arch
5.00
Atlantic Coast Line 434 s.
Canadian Pacific 434 s
62
Ask
Bid
Pa
Mills Inc
Alabama
59
Bid
3.00
47
60
140
240 X
6.00
Autocar
64.00
77 X
45
.1990
Industrial Stocks and Bonds
71
136
10.00
ASt
•
76
.1954
Virginia A Pittsburgh 4s
141
0.75 New Orleans Tex A Mex—
5s
97
"od"
69""
6534
6.00
61.10
3.00
85
152 34
Equipment Bonds
64.00
105
"75"
.1968
Washington County Ry 334b
Arlington
Canadian National 434s_
10934
93
.1951
Vlcksburgh Bridge 1st 4-6s.
American
Bid
iolk
108
.
...
Vermont Valley 4Mb
45
99
.1940
4134
106
.1946
Buffalo 4s
A Canal 334s
70
.1957
43
American Enka
Railroad
"89* :
80
.1957
United New Jersey Railroad
175""
106
85
.1947
Toledo Terminal 434s
3834
172
11834
.1967
'83
7.00
"(id"
56
103
.1942
1.50
7.00
153-3
40
90
.1961
4s
3.00
4.50
99 H
36
.1947
Peoria 5s
Toronto Hamilton A
10034
99
.1941
to.
4s
Georgia 4s
Toledo Peoria A Western
29 34
57 X
27 X
3.875
50
A Western)
43 H
41 54
650
100
50
Preferred
Warren RR of N J (Del Lack
50
98
/1434
.1949
Providence A Woroester
4.00
Canal (Pennsylvania)
Susquehanna (D L A W)
Valley (Delaware Lackawanna A Western)
—100
Vlcksburg Shreveport A Pacific (Illinois Central)..100
United New Jersey RR A
114
100
.1947
163
50.00
100
100
100
Tunnel RR St Louis (Terminal RR)
10594
.1946
9.00
100
Second preferred
10534
.2032
5.50
2.00
(Penna) pref
Pittsburgh Youngstown A Ashtabula pref (Penna).. 100
Rensselaer A Saratoga (Delaware A Hudson)
100
St Louis Bridge 1st pref (Terminal RR)
100
Pittsburgh Fort Wayne A Chicago
10154
.1948
47 94
IYA
2.00
100
50
50
50
i50
100
101
.1960
New York
45 34
7954
99
98
.1950
.2000
Pennsylvania A New York Canal 5s extended
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
66
61
.1978
Philadelphia A Norfolk 4s
New Orle&ns Great Northern Income 5s
New York A Hoboken Ferry 5s
Norwich A Worcester 434s
3.50
78 34
58
.1950
New York A Harlen 334s
100
50
A Western)
Oswego A Syracuse (Del Lack
3234
100
Northern Central (Pennsylvania)
62
Memphis Union Station 5s
New London Northern 4s
30 34
8.75
100
Destern (DLAW)
56
.1940
77
2.00
50
25
100
Betterment stock
50
.1953
.1959
74
5.00
101 34
77"
46
—
Central—Louisville Dlv A Terminal 334s.
Indlana Illinois A Iowa 4s
Kansas Oklahoma A Gulf 5s
Louisville A Nashville 334s
6.00
(New York Central)
Boston A Providence (New Haven)
Canada Southern (New York Central)...
Carolina Cllnehfleld A Ohio corn (L A N-A C L).._100
Cleve Cin Chicago A St Louis pret (N Y Central)-.100
Cleveland A Pittsburgh (Pennsylvania)..
50
Boston A Albany
"35"
.1945
77
10.50
100
100
100
50
100
100
..100
(Illinois Central)
Alabama A Vlcksburg
Albany A Susquehanna
Asked
34
.1970
Illinois
Bid
60
112
.1946
Hoboken Ferry 5s
Dividend
look
58*"
.1995
4s
Florida Southern 4s
Par in Dollars
103
.1963
Philadelphia 48
Cuba RR improvement and equipment 5s
Elgin Jollet A Eastern 3 34s ser A
Parentheses)
"60"
75
.1961
Connecting Railway of
Guaranteed Railroad Stocks
47 34
..55
.1951
Chicago Stock Yards 5s
Chicago Union Station 3 34 ser F
Since1855-
56
100
.1956
4s
Louis A New Orleans 5s
Chicago Indiana A Southern
GUARANTEED
NEW YORK
76
53
46 X
.1955
Cambria A Clearfield 4s
Tel. RE ctor
45 34
56
74 H
.1944
434s
Boston A Albany
Boston A Maine 5s
Stork Excbong*
Mjrmktn hirw York
secured notes
Baltimore A Ohio 4s
55
.1943
6a
3o$epb KlalkersSons
45 34
^1945
534s
/44
/44
.1940
Akron Canton A Youngstown
2d
conv
Income 5s..1962
10934
9934 10034
106 34
11034 11334
Sugar Securities
Telephone and Telegraph Stocks
Bid
Bonds
Asl
1951
1941
1938
Caribbean Sugar 7s
Haytlan Corp 8s
New Niquero Sugar
334s
1940-42
For footnotes see page
1
2734
29 X
9H
10 X
27
Eastern
64
Punta Alegre
/28
30
6
Savannah
Sugar
Refg... 1
26
1922.
9
32
OX
34
West Indies Sugar
Am Dist Teleg
(N J) com.*
5
3
3X
Corp.. 1
8
100
Preferred..
pref
100
100
Cuban Teleph 6% pref. 100
8X
;
Bid
Ask
10134 10534
11554 11654
New York Mutual
Pac A
Tel..25
Atl Telegraph...25
Peninsular Telep cpm _,„_*>
Bell Telep of Canada
Bell Telep of Pa
Vertientes-Camaguey
Sugar Co
Co—
Bid
834
Sugar Corp. *
/25
Preferred
1947
6s
Ast
834
/62
fix
Baraqua Sugar Estates—
Bid
5
Sugar Assoc com. 1
Cuban Atlantic Sugar
Antilla Sugar Estates—
6s
Par
Slocks
126
130
123
25{"
Preferred A
125
5334
...
K
Emp A Bay State Tel.. 100
Franklin Telegraph
100
18"
34 34
3054
3134
■
11*
100
11354
47
26
100
73
Mtn States Tel A Tel. .100
138
Int Ocean Telegraph
*
16
33
Rochester Telephone—
$6.50 1st pref.-.
Ask
18
...
So A Atl
momm
Sou New Eng
141
Telegraph
25
Telep... 100
WLsconsin Telep 7 % pf.
100
-17
19
168 34 171
118
115
•5}
.
Volume
The Commercial & Financial Chronicle
ISO
Quotations
Public
on
Over-the-Counter Securities—Thurs. Mar. 21—Continued
Investing Companies
Utility Preferred Stocks'
Bought
Sold
.
1921
Par
Aeronautical
Quoted
.
Bid
Par
Ask
Bid
*
12.09
12.86
Investors Fund C
Securities...
9.77
10.62
Ask
Keystone Custodian Funds
Adminls'd Fund Inc
1
10.49
11.20
26.67
29.16
21.45
23.47
13.87
15.25
Affiliated Fund Inc
3.40
3.73
Series B-l
♦Amerex
15%
3.14
17%
Series B-2
3.46
Series B-3
Amer Foreign Invest Inc..
7.53
8.28
Series B-4
6.44
7.10
Amer Gen Equities Inc 25c
.33
.38
Series K-l
14.62
16.04
Corp*
3%
3%
Series K-2
9.64
10.63
Assoc Stand Oil Shares...2
4%
5%
Series S-2
13.79
15.17
Series 8-3
9.42
10.43
Series S-4
3.85
4.34
1%
Holding Corp..*
Amer Business Shares
Jackson & Curtis
Am Insurance Stock
ESTABLISHED 1879
Members Principal
Stock and Commodity Exchanges
Bankers Nat
Investing—
Class A
New York City
115 Broadway
5% preferred
Basic Industry Shares.. 10
Boston Fund
Teletype N.Y. 1-1600
Tel. BArclay 7-1600
6%
...
6.65
Maryland Fund Inc..-10c
3.84
3.75
4.35
1
20.67
22.23
Fund... 10
10.70
11.70
Mass Investors Trust
15.52
Inc...
16.69
Mutual
Invest
British Type Invest A...1
.09
.24
Broad St Invest Co Inc..5
24.04
25.99
.1
13%
14%
.(Colo) ser B shares....*
(Md) voting shares..25c
Canadian Inv Fund Ltd.. 1
3.20
3.95
National Investors Corp.l
25.50
27.42
1 210.71
J 1.59
Bullock Fund Ltd
Public
Par
Utility Stocks
Century
Par
Ask
Bid
Ask
Bid
*
Shares Trust
Chemical Fund
Commonwealth Invest... 1
Alabama Power $7 pref..*
Amer Cable & Radio w
Amer G & E 4
i__5
% % pref_100
6% pref.25
7% pf._*
Associated Gas & Electric
Amer Utll Serv
Arkansas Pr & Lt
*
Atlantic City El 6% pref.*
Birmingham Elec $7 pre!.*
$6.50 preferred
104 %
2%
112% 113%
6%
96
7%pf 100
32%
34%
4%
5%
Corporate Trust Shares.. 1
New Eng G & E
37
New
7%
36
68%
70%
$7 prior lien pref
%
121%
83 %
*
*
*
$6 prior lien pref
1%
86%
$6
cum
preferred
New Orleans Pub Service.*
$7
preferred..50
Series AA
*
preferred
N Y Water Serv
46 %
6% pf .100
67
68%
62%
65
12
13%
22%
$6
Carolina Power & Light—
$7
preferred...
7% pf 100
Cent Indian Pow
74
preferred
115% 117%
*
$4 preferred-...—
107% 109
Consol Elec & Gas $6 pref.*
7%
9%
107
105
.
pref.*
100
preferred..
$7
Derby Gas & El $7 pref..*
90%
62%
*
„*
Ohio Edison $6 pref.
Continental Gas & Elec—
57%
55
88%
85%
111% 113%
preferred..
92%
65
6% preferred.
..100
7% preferred
100
Okla G & E 7% pref—100
$6 cum
preferred
*
preferred...*
$6.50 cum
7% pf.
Pacific Pr & Lt
40%
38%
40%
39%
107% 109%
Panhandle
Eastern
Line Co.—
.
100
Pipe
....*
Penn Pow & Lt $7 pref
Hartford Electric Light.25
69%
71
Gas...*
25%
27%
*
Jer Cent P & L
7% pf. -100
94%
$2
preferred.
*
preferred
*
1.30
11.51
12.36
26.94
28.97
24%
partic pref..50
Mississippi Power $6 pref.*
$7 preferred—■— —*
Mississippi P & L $6 pref.*
Miss Riv Pow 6% pref. 100
conv
15
.100
preferred
7.60
103%
10.26
10.76
4.34
4.88
Common
19.91
6.73
7.46
84.23
85.93
Selected Amer Shares..2%
8.86
9.66
stock series...10c
2.50
2.74
Selected Income Shares.. 1
4.33
3.31
3.65
Investors... 10c
Spencer Trask Fund
*
.65
.72
15.48
16.41
Scudder, Stevens and
/74%
88
1
89%
9.84
4.05
4.60
Standard Utilities Inc. 50c
.39
.43
17.42
18.93
♦State St Invest Corp...*
72%
75%
5.10
5.85
Super Corp of Amer cl A.2
3.70
AA.
1
2.57
2
3.88
1
9.92
-
-
*
4.59
*
30.44
32.73
Investors Trust.!
4.96
6%
General
Capital Corp
"
Sierra Pacific Pow com...*
84%
87
85
8
..100
4.8% preferred
96%
Southern Nat Gas
%
com.7%
5% pf.100
7% pf.100
Utah Pow & Lt 57 pref...*
Washington Ry & Ltg Co—
Participating units
West Texas Util 56 pref..*
S'western G & E
116
Texas Pow & Lt
5%
29%
86%
21%
22%
9.20
10.00
5.82
shares
<M
97%
O
2.62
2.46
2.56
♦Series
A.—
1
5.46
♦Series
B
1
5.02
25c
4.90
3.27
3.57
Trusteed Industry Shs
25c
5.88
U 8 El Lt & Pr Shares A...
5.81
6.32
B
16%
2.24
4.25
4.64
Voting shares
Petroleum
shares
'
3.77
5.06
5.72
25c
1
shares
Tobacco shares
.14
Bid
2%s 1950
Bid
Ask
Kansas Power
Co 4s__ 1964
105% 106%
107% 107%
Kan Pow & Lt
3%s_..1969
Kentucky Util 4s
3%ssf debs..
1960
1970
Amer Gas & Pow
3-5s. 1953
50%
52%
Serv 6s_. 1964
87%
89%
Associated Electric 5s. 1961
57%
58%
3%ssf debs
Amer Utility
Assoc Gas & Elec
3%s—1978
3%s._.1978
Income deb 4s—..1978
Income deb 4%s—1978
Conv deb 4s
1973
Conv deb 4%s
1973
Conv deb 5s
.1973
Conv deb 5%s..—1973
8s without warrants 1940
Assoc Gas & Elec Co—
Cons ref deb 4%s.—1958
Sink fund inc 4%s
1983
Sink fund inc 5s.... 1983
5 f inc 4%s-5%8_. —1986
Sink fund Inc 5-6s._ 1986
Income deb
Income deb
,
/60
14%
14%
15%
15%
1%
29
New Eng
-1954
4%s
1938
1st 6s
G & E Assn 5s '62
NY PA NJ Utilities 5s 1956
N Y State Elec & Gas Corp
48..
1965
28%
29
/9%
/9%
/9%
-
53.1948
67
Butler Water Co 5s
74%
75%
Calif Water Service 4s 1961
106
5s_1952
-
97%
106% 106%
105% 106
1949
Pub Serv of Indiana 4s 1969
4s
Debenture
99% 100%
103% 104%
103% 103%
Pub Utll Cons 5%s.
101% 102%
—1948
105% 107%
69%
St Joseph Ry
2
87%
50%
49
50%
3%s.'69
107%
Public Service—
Coll inc 6s (w-e)
1954
Cumberl'd Co P&L 3%s'66
61
63%
.
1st 58 series C
1957
105%
1946
5%s series B.
~
—
—
1946
6s series A
84%
101% 102%
71%
91%
73%
88
93
Huntington
*70
S'western Lt & Pow 3%s'69
Tel Bond & Share 5s.. 1958
Texas Public Serv 5s
1961
Toledo Edison 3%s—.1968
103% 104%
104
104%
75%
United Pub Util 6s A. 1960
Utica Gas & Electric
110%
1962
1st & ref 5s A
46
77%
102
105%
Monmouth Consol W 5s *56
Muncie Water Works 5s '65
101%
~
•
••
106
1950
100%
1951
1950
Westmoreland Water 5s '52
103
95
100
1st mtge 5s
1951
98
103
1st mtge 5%s
93
98
105
Newport Water Co 5s 1953
Ore-Wash Wat Serv 5s 1957
103% 103%
96
100% 101%
108
107%
3%s.l966
3%s..l96i
1956
101
5«! series C
1960
105%
6s series A
103
For footnotes see page 1922.
101
-
-
«.
99% 103%
Wichita Water—
1949
103
1952
104
5s series B
Wisconsin G & E
_
103
1951
5%8
Ohio Water Service 4s. 1964
•
103%
5s series B
Wis Mich Pow
85
105%
5s series B
104% 104%
60
80
103% 104%
Western N Y Water Co—
New Rochelle Water—
Util 3%s.l969
102% 102%
1956
105%
5s. 1950
New Jersey Water
West Texas
I960
98%
95% 100%
Union Water Serv 5%s *51
107% 108%
Service—
94%
102
Texarkana Wat 1st 5s. 1958
105%
88%
90%
106% 107
.
103% 105
100% 103%
5%s—1957
5%s
...
102
& Lt 3s..1970
Western Public
107
W Va Water Serv 4s. .1961
1950
Morgantown Water 5s 1965
100
,
104
Springfield City Water—
105%
100% 102
99% 101%
1967
Joplin W W Co 5s
1957
Kankakee Water 4%s. 1939
Kokomo W W Co 53—1958
108
/57%
106
1958
Scranton-Spring Brook
Shenango Val 4s ser B. 1961
South Bay Cons Water—
5s
.1950
58.1955
3%s..1969
Joseph Wat 4s ser A 1966
103
Ohio Valley Water
Iowa Pub Serv
101
100
Ohio Cities Water 5%s '53
Tel 3%sl970
Inland Gas Corp—
6%s stamped
1952
105%
1958
5s
106% 107%
Indiana Assoc
Richmond W W Co 5s 1957
Water Service 5s. 1961
132
Federated Util
103
4%s
Co—
1957
-
Pittsburgh Sub Wat 5s '58
Plainfield Union Wat 5s '61
106% 108
Wash Wat Pow 3%s..l964
5s
-
101
Scranton Gas & Water Co
105%
103% 104%
78"
-
107% 109
St
1954 '101%
103
1954
5s
5%8
105% 105%
44%
-
Water—
5s series B
Monongahela Valley Water
104%
S'western Gas & Ei 3%s
-
-
89%
Indianapolis W W Secure—
108% 109
75%
104
-
-
Pinellas Water Co 5%a.'59
New York Wat Serv 5s '51
Crescent
Dallas Ry & Term
1948
-
Phila Suburb Wat 4s._ 1965
101%
18%
106% 107%
1947
Sioux City G & E 4s—1966
Sou Cities Util 5s A... 1958
89%
49%
101
'
1954
104% 104%
Lt Ht <fc Pow
4%s
70%
103
1948
4s A
1951
Collateral 5s
n
103
1948
Prior lien 5s
101%
5s series B
Indianapolis Water—
1st mtge 3%s
1966
90%
..I960
1st consol 5s
6s
/17%
104% 105%
1st consol 4s
1st & ref 5s
Republic Service—
107
Dayton Pow
1950
3%s.l964
-
Pub Serv of Colo
4%s..l966
Peoria Water Works Co—
105%
106% 108
104%
1964
1961
1st lien 3-6s
Ask
Water—
1st coll trust
Community Water Service
1970
3%s
94
95
1
Roch & L Ont Wat 5s. 1938
102% 102%
6s
92%
& Lt 3%s.l967
6s. 1951
1957
City of New Castle Water
5s
1941
107
Portland Electric Power—
1st lien coll trust
Dallas Pow
102%
63
110% 111
82
84%
Parr Shoals Power
99% 100%
1st lien coll tr 5%s._
Consumers Power
105%
Atlantic County Wat 5s '58
100% 102
Penna State
102% 102%
Ashtabula Wat Wks 5s '58
(Wise)—
1964
Old Dominion Pow 58.1951
3%8
Central Gas & Elec—
1946
68.1946
Cent 111 El & Gas 3 % s. 1964
Central Illinois Pub Serv—
1st mtge 3%s
1968
Cent Ohio Lt & Pow 4s 1964
Central Pow & Lt 3%s 1969
Central Public UtilityIncome 5%s with stk *52
Cities Service deb 5s.. 1963
Cons Cities Lt Pow & Trac
5s
.......1962
Consol E&G 6s A
1962
6s series B
1962
Bid
Ask
Alabama Wat Serv 5s. 1957
106% 107
Nor States Power
109% 110%
%
Water Bonds
Bid
£lty Water (Chattanooga)
11%
11%
11%
11%
10c
Pomeroy Inc com
17%
94%
IndianaPublic Service 3%8.1969
12
-15%
1.46
63%
93%
Peoples Light & Power—
Cent Ark Pub Serv
1.33
3
..10
♦Schoellkopf Hutton &
1.18
Insurance Group shares.
63
Penn Wat & Pow 3%s
1968
61%
Northern
/io
/9%
2
♦First Boston Corp
1.07
2%
30
26
*
♦Class B
2.21
Bank Group shares
Mountain States Power—
28%
15.45
103% 104%
Montana-Dakota
Blackstone Valley Gas
6 Electric 3%s
1960
Util—
14.05
Banking
♦Central Nat Corp cl A..*
Institutional Securities Ltd
101% 102
101% 101%
Marlon Res Pow 3%s.
/13%
/14
/14%
/15
/27
/27%
/27%
/28
Ask
101% 102
111% 111%
1970
1955
Lehigh Valley Tran 5s 1960
Lexington Water Pow 5s'68
4%s
Corp—
Investors..5
Independence Trust Shs.*
Incorporated
105% 106
-
.97
Corporations
16.98
Corp..
Fund
Investment
.54
15.79
Wellington
♦Blair & Co..-
Amer Gas & Elec
.96
•
5.51
5.25
Class B
4.11
Steel
Utility Bonds
.64
.86
5.40
♦Huron Holding
Public
----
.58
Mining shares
:
'
Trusteed Amer Bank Shs—
Investing shares.
Merchandise shares
^
oo
2.52
4.49
RR Equipment shares..
19%
1
1
7.44
9.37
C
Trustee Stand Oil Shs—
Food shares.....
103% 104%
112% 115
63%
65%
-
D
6.34
5.84
8.62
shares
Electrical Equipment...
101% 103%
19%
18%
«.
♦Series
5.02
Chemical
-
-
10.78
♦Series
5.83
4.60
Aviation shares
102% 104%
5.35
Automobile
Southern Indiana G & E—
91
Supervised Shares
Trustee Stand Invest Shs—
Agricultural shares
Building shares
100
6% preferred D
mmmmm.
5.40
B...
General
5%
35%
84%
Sovereign
Fundamental Invest Inc. 2
77%
100
preterred
34%
28%
Clark Fund Inc
Group Securities—
Mountain States Power—
7%
6.75
Fixed Trust Shares A... 10
41%
Monongahela West Penn
7% pref
25
14.88
13.91
101%
Insurance stk series. 10c
29%
25%
Missouri Kan Pipe Line..5
Pub Serv
mm
.44
*
Bank
Mass Utilities Associates—
5%
mtmrnm.
18.50
Fiscal Fund Ino—
18%
26%
24%
-
.39
m
^
mm
Fundament'l Tr Shares A 2
17%
Republic Natural Gas
.2
Rochester Gas & Elec—
40%
Associates
Mass Pow & Lt
2.62
Plymouth Fund Inc... 10c
Putnam (Geo) Fund......
Quarterly Inc Shares.. 10c
5% deb series A.i
Representative Tr Shs.. 10
Republic Invest Fund—
93%
6%
100
2.83
First Mutual Trust Fund..
Pub Serv Co of Indiana—
Long Island Lighting—
preferred
2.89
1
~m.rn.4m
—
6.70
19.05
Fidelity Fund Inc
41%
63
65%
111% 113%
39%
Queens Borough G & E—
7%
•*
1
..1
7.05
2.34
B
$5 cum
32%
34%
104% 106%
91
91%
Philadelphia Co—
57 prior lien pref
7% pref. 100
Kings Co Ltg
«•
Equity Corp $3 conr pref 1
118
116
6.51
45%
Series 1956
»
Equit Inv Corp (Mass)..5
114% 116%
6.74
Foundation Trust Shs A. 1
Peoples Lt & Pr S3 pref.25
Jamaica Water Supply—*
.
1.19
F
6.22
*
Penna Edison 55 pref—*
Interstate Natural
-
17.74
25c
3.31
Series 1955
-
.
3.75
A-l—.
7.82
3.05
No Amer Tr Shares 1953.*
5.95
Series
8.30
7.22
Series 1958
1
109
8.37
7.67
No Amer Bond Trust ctfs.
17.99
Eaton & Howard Manage¬
107
8.31
10.90
7.73
Railroad equipment
Steel
1.59
2.50
Shares
7.68
10.09
equipment...
Oils
4.91
C
ment Fund series
9.53
Railroad..*
2.53
Dividend
10.19
Machinery
36%
2.90
115
6.63
9.43
Insurance stock
---
113
...1
109% 111
6.12
supplies......
Chemical
Diversified Trustee Shares
Ohio Public Service—
8.81
Electrical
34%
16.64
B
5.74
13.05
Metals
10
Deposited Bank Shs ser A 1
Deposited Insur Shs A...1
Federal Water Serv Corp—
Florida Pr & Lt $7 pref..*
»
-
D
110% 112%
~
31%
29%
117
Delaware Fund
Series
100
*
(Del) 7% pref
(Minn) 5% pref
99 % 101%
«•
2.83
I
10
100
8.22
5.29
Building
-
104% 106%
Northern States Power—
preferred
100
$6 preferred........100
Cent Pr & Lt 7% pref. 100
7%
7%
*
100
preferred
cum
m
mmmm,
Cumulative Trust Shares. *
Northeastern El Wat & El
76
Central Maine Power-—
Consumers Power $5
cum
7%
104% 106%
-
«•
♦7% preferred
7.59
42.09
Bank stock
-
2.41
100
6.58
13.37
Agriculture
Aviation
m
2.83
♦Common B shares
6.18
N Y Stocks Inc—■
♦Crum & Forster Insurance
24%
New York Power & Light—
2.41
I
♦8% preferred
1.36
123
12.41
1
Automobile..
*■'•»
•
Accumulative series... 1
com..
3.80
*
1
♦Crum & Forster
18%
20%
116% 119
New England Fund
3.82
9
2.46
Series AA mod....
Series ACC mod
.
New Eng Pub Serv Co—
98
Birmingham Gas—
$3.50 prior
5%% pf.*
Eng Pr Assn 6% pf 100
Nation .Wide Securities—
10
3.53
♦Continental Shares pf 100
National Gas & El Corp.10
Nassau & Suf Ltg
106%
2%
7.34
Manhattan Bond Fund Inc
7%
4%
3%
—1.
W'msport Water 5s
.
mmmm
The Commercial & Financial Chronicle
1922
March
23,
1940
Quotations on Over-the-Counter Securities—Thurs. Mar. 21—Concluded
Certificates
Real Estate Bonds and Title Co. Mortgage
If You Don't Find the Securities Quoted Here
1957
/5
B'way Barclay inc 2s..1956
/23
Alden Apt 1st mtge 3s.
in
which
have interest, you will probably find them in
you
Record.
monthly Bank and Quotation
our
cation quotations are
stocks
and
bonds.
In this publi¬
Ask
Metropol Playhouses Inc—
fib
Beacon Hotel inc 4s.. 1958
Bid
Ask
Bid
7~'
1945
73
74
1955
20
22
4s with stock stmp__1956
5
6
Sf deb 5s
25
N Y Athletic Club—
B'way A 41st Street—
1st leasehold 3M-5b 1944
34
36
Broadway Motors Bldg—
/4-6s
1948
63
65
1957
/8
10
54 y8
39
41
5^8 series BK
5Mb series C-2
52 M
4s '45
Cheseborough Bldg 1 st 6s '48
carried for all active over-the-counter
The classes of securities covered are:
36M
33 M
50
52
8Mb series F-l
88 M
87 M
8Mb series Q
42 H
44 M
2s
N Y Majestic
Corp—
Brooklyn Fox Corp—
Banks and Trust
Municipal Bonds—
Companies—
N Y Title A Mtge
Domestic
York and
Domestic (New
3s
Chanin Bldg 1st mtge
Canadian
Out-of-Town)
Public
Canadian
Utility Bonds
Federal Land Bank Bonds
Public Utility
Foreign Government Bonds
Colonade Construction—
Railroad Bonds
Stocks
1st 3^8
Industrial Bonds
Railroad Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and Land
2d mtge 6s
1951
103 E 57th St 1st 6s... 1941
3M
165 Broadway Building—
Sec s f ctfs 4Mb (w-s) *58
31
5s 1952
Deb 58 1952 legended...
Equit Off Bldg deb
Stocks
ties
27 M
2
Hotel units
Deposit
Mill Stocks
Mining Stocks
U. S. Territorial Bonds
33
20
Realty Assoc Sec Corp¬
6s...1958
.1939
1400 Broadway Bldg—
1st 4s stamped
1948
Fuller Bldg debt 6s...1944
1st 2M-4b (w-s)
1949
Graybar Bldg lstlshld 5s '46
55 X
68
Savoy Plaza Corp—
3s with stock
1956
fio
12
1956
J10
12
60 Park Place (Newark)—
1st 3Mb
1947
36
39
income
1st mtge 4s
37
Film Center Bldg 1st 4s '49
40 Wall St Corp
42 Bway 1st 6s
83 M
65
se
17
30
Roxy Theatre—
1st leasehold 3s. Jan 1 '52
Your subscription should be sent to
1943
1957
Sherneth Corp—
1st 8Mb (w-s)
15
34
6Mb (stamped 4s)..1949
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
39
63
1961
8Mb stamped
17
1946
500 Fifth Avenue—
Quotation Record Is published monthly and
sells for $12.50 per year.
24
25
52d A Madison Off Bldg—
The Bank and
22
37
Prudence Secur Co—
50 Broadway Bldg—
1st Income 3s
U. S. Government Securities
52
28
28M
Eastern Ambassador
Title Guarantee and Safe
/2
26
1950
Dorset 1st A fixed 2s.. 1957
Stocks
Investing Company Securities
Olicrom Corp v t c
1 Park Avenue—
Court A Remsen St Off Bid
Industrial Stocks
Joint Stock Land Bank Securi¬
21M
1948
1st 4s (w-e)
Co—
20
21M
/30
39
21
38
80
82
61 Broadway Bldg—
1950
52 William
& CO.,
/18
3s with stock
1st 3s
1958
26
1951
47
Trinity Bldgs Corp—
1st 8Mb
1939
/31
42
45
2 Park Ave Bldg 1st 4-5s'46
/43
1963
69
71M
Walbridge Bldg (Buffalo)—
12
15
37
39
Wall A Beaver St Corp—
1st 4^8 w-s
1951
20 H
22
Westinghouse Bldg—
1st mtge 4s
1948
63
67
Par
Bid
Ask
100
65
Miller (I) Sons common..5
2
1st 4s
Lexington Hotel units
European situation some of the quotations shown below are
1st A gen 3-4s
Ludwlg Baumann—
3s
3
Hungarian Cent Mut 7s '37
/30
/26
/26
/36
/12
7
8
3
5
Bid
Hungarian Ital Bk 7Mb '32
7
5
8s..
/8
J20M
/19>S
/5
Chain Store Stocks
/5
Hungarian Discount A Ex
1936
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
change Bank 7s
Koholyt 6Mb
21M
20 M
7
f8M
8M
7s.
3
/4 Yft
4%
78.
9
3
114%
/7
25
Par
28
22
Leipzig O'land Pr 6Mb '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light &
Berland Shoe Stores
/14
/57
9
no
14"
Montevideo
1945
/5
19£ 3
6Mb
/14
...
Nassau Landbank 6Mb '38
Nat Bank Panama—
/58
/50
(A A B) 4s...1946-1947
100
(C A D) 4s... 1948-1949
3
/15K
/25
16%
18M
Nat Central Savings
1
3
7
n
10
Hungary 7^s
Bk of
1962
7~~
16
2M
Mtge 7s
1948
North German Lloyd—
4s
1947
Oberpfals Elec 7s
7s to
3
3
/5
3
7
62"
1946
1952
Poland 3s
1956
/76
Porto Alegre 7s
1908
/52
many) 7s
54
1
/15
16M
9
/18
20
9
/14
10
9
5
/12
3
9
/14
/14
3
1946
7
/12
/2
/12
7
5
1941
Rio de Janeiro 6 %
1933
Rom Cath Church 6Mb '46
R C Church Welfare 7s '46
/5
/12
2
5s
ill
Saarbruecken M Bk 6s.'47
Salvador
/2
3
Prov Bk Westphalia 6s *33
6s 1930
/14
3
...
7b 1957
7s ctfs of deposit.. 1957
4s 8crip
3
7s..
8s
...
1948
8s ctfs of deposit. 1948
Santa Catharlna (Brazil)—
8%
1947
German Building A
bank
:
3/14
CURRENT
f28M
NOTICES
/45
U7
/5
f8K
Business Shares, one of the investment trusts sponsored
Mr.
/9
f7M
/3c
/16
Lord reported
"Between
40
aggregating
9%
Jan.
11
over
$6,500,000
and
'off the
...
1940,"
29,
were
board.'
he said,
consummated
In
issues and in
the actual
9M
any apparent
one
two
or
material
3
/22
/2
In
speaking of thin
markets,
Mr.
/II
8M
will affect
10
the prices
do
to
their
the specialists'
21
'
9M
potential orders behind the
Mr.
Lord said
—The
5s
.1956
22
25
.1956
22
25
so
that
ones
he believed
fUM
3
7
3
80
18 X
Kingdom of Great
more
was
there
was
any
experience
was
large operators
"Some
even
Consequently
are
known."
Street would stop talking thin
own
accord.
Inc., of Hunter, N. Y., has been merged
City.
The first joint operation
be the issuance twice a week of the
"Stock
The new publication will combine
backer Analyst.
The
full
personnel
82 M
84
Schabacker lecture
72 M
73M
heretofore.
/H
3M % War Loan.......
Uruguay conversion scrip.
70
was
popular features of both the Stock Trend Bulletins and the Scha¬
Britain A Ireland 4s. 1990
/13
/13
time
whereas in reality there may be large
that
Schabacker Analyst."
/40
s
many
'off the board.'
and
that if Wall
Service,
of the combined services will
the
77
transaction
difficulty
people could stop thinking thin markets, the situation
Stock Trend
Trend Service &
2M
fl8
said that this
"Apparently
'after 3:00'
books show blanks,
might straighten out of its
1947
no
of the securities involved," he stated.
business
300
1955
At
no
afraid to disclose their hands, for fear that a show of large buy or sell orders
Slem A Halske deb 6s_2930
Toho Electric 7s
the
feel that the market is thin and, so far as the exchanges are concerned, are
/ 14H
fl6M
United
See United Kingdom
no case was a
operation
issues were involved,
Lord
directly counter to the general belief.
13
markets,
23
with
effect upon the prices of the securities involved, and in only
instances, where very inactive
78
Tollma 7s
I
Great Britain & Ireland—
1
—
connection
delay experienced."
with the Schabacker Institute of New York
/14
company,
"security transactions
in
experienced either in selling securities or buying.
/ 15
1951
Feb.
All purchases and sales were of listed
consummated
Pub Works 7S..1945
6Mb
by this
that the market had been able to absorb readily both
readjustment of the portfolio of American Business Shares, Inc., the major
tend
f8M
according to
experience in
part of these operations being carried out in the short space of two weeks.
/14
f8M
on
large purchases and large sales.
m
m
fl2
no
f8M
fl3M
f 13 M
/14
Based
January and February in making major portfolio readjustments in American
fl2M
/14
2d series 5s
Guatemala 8s
5% was paid on July 2 and 5M%
Andrew J. Lord, President of Lord, Abbett & Co.
31
German Central Bank
3
21
Curb Exchange.
—Stock markets today are not as thin as generally believed,
/5
Saxon State Mtge 6s_.1947
...
Land-
6Hs
19 M
*
.
/20
txon
20
$5 preferred
$89.50 of principal amount.
on
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
Sao Paulo (Brazil) 6s. 1943
~
5
on New York
/5
15
5
114%
/14
/12
3
13
a
Sept. 25.
Protestant Church (Ger¬
7
6Mb.
1945
Panama City 6Mb
Panama 5% scrip
City Savings Bank
6s.
18
99
(Daniel) pref... 100
United Cigar-Whelan Stores
Quotation not furnished by sponsor or Issuer.
11 Quotation
Oldenburg-Free State—
Central German Power
/14
/57
14 M
50
Reeves
9M
National Hungarian A Ind
Central Agrlc Bank—
see German Central Bk
1
8
New York Stock Exchange.
on
t Now Belling
/14
/50
No par value,
tNow listed
/14
♦
9
7
12%
preferred
4
Interchangeable.
Basis price,
d Coupon,
e Ex coupon.
/Flat price,
n Nominal quota ion.
to 4 When issued
to-8 With stock,
z Exdlvldend.
yEx-rlghts.
...
Brown Coal Ind Corp—
__
3
31
108%
*
fl2M
Hungarian Bank19C 2
7% preferred
3H
2%
Kress (S H) 6% pref... 100
60
Municipal Gas A Eleo Corp
Recklinghausen 7s. .1947
2%
29
8M
fl2M
1
*
100
Kobacker Stores—
7
5
Diamond Shoe pref
100
FIshman (M H) Co Inc..*
/40
scrip
Munlc Bk Hessen 7s to *45
Munch 7s to
common..
7% preferred
/14
Merldlonale Eleo 7s..1957
/G Foods Inc
*
Bohack (H C) common...*
/14
Mannheim & Palat 78.1941
20 M
5
7Mb
B
/14
/5
/14
1948
Water 7s
Ask
Bid
25
8%
/26
/35c
fUM
.
6s.
1943
Land M Bk Warsaw 8s '41
4%
0
14%
14%
Brazil funding 5s.
60
1950
Ask
Bavarian Palatinate Cons
5
45
1947
1951
1st 5s (L I)
7b.
British
1952
1st 5s (Bklyn)
nominal.
/12
28
55
Textile Bldg—
1st 3-5s
London Terrace Apts—
5
73
1955
Lefcourt State Bldg—
1st lease 4-6 Mb
1948
Lewis Morris Apt Bldg—
INC.
Ask
71
(Syracuse)
Syracuse Hotel
Foreign Unlisted Dollar Bonds
Bid
27
51
Lincoln Building—
Income 6Mb w-s
Due to the
28
25
616 Madison Ave—
Lefcourt Manhattan Bldg
1st 4-5s
1948
Tel. HAnover 2-5422
St., N. Y.
41
32
Harriman Bldg 1st 68.1951
Hearst Brisbane
Inactive Exchanges
BRAUNL
3Mb with stock
39
30
26
1957
20
Prop 6s* 42
Hotel St George 4s...1950
Foreign Stocks, Bonds and Coupons
of both
courses
organizations will
be retained,
while the
and market discussion periods will be held as
The resources made available by
Stock Trend will be used to
Unterelbe Electric 6S..1953
Vesten Elec Ry 7s
1947
/40
/14
expand the T-P-V studies, in which the Schabacker Institute has pioneered
/14
and specialized.
Wurtemberg 7s to
/14
_
1945
Volume
The Commercial & Financial Chronicle
150
General
1923
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
FILING
SECURITIES
The
not
always possible to
always
STATEMENTS
REGISTRATION
OF
it is
are
as near
as
possible.
Aetna Ball Bearing Mfg.
UNDER
ACT
Co.—Earnings—
x
Calendar Years—
Net inc. after all charges
following additional registration statements (Nos. 4351
4355, inclusive) have been filed with the Securities and
to
companies in exact alphabetical order
arrange
alphabetical position
Exchange Commission under the Securities Act of
The amount involved is approximately $25,647,720.
$245,479
$69,483
$221,645
$172,761
Earns, per share on cap.
stock
$2,002
$0.57
$1.82
$1.42
________
—V.
149,
1937
1938
1939
1936
3401.
p.
1933.
Air-Way Electric Appliance Corp.—Earnings—
Harvill Aircraft Die Casting Corp. (2-4351, Form A-l), of Los Angeles,
Calif., has filed a registration statement covering 300,000 shares of $1 par
common stock which will first be offered at SI.75 per share and then at
1939
Years Ended Dec. 30—
Loss, after all charges, depreciation,
1938
$40,655
x$51,462
&c
market.
Including loss of $10,405 of Air-Way, Ltd., of Canada and loss of $92,986 from operations and write-down of company's investment in Air-Way,
Ltd., of England to nominal value of $1.—V. 149, p. 2959.
Alma
Motor
Co. (2-4352, Form A-l), of Detroit, Mich., has filed a
registration statement covering 500,000 shares of SI par class A non¬
voting common stock, which will be offered at SI.50 per share.
Proceeds
of the issue will be used for machinery, equipment, debt, improvements
5s of 1950, and Alleghany Corp. have
within which a plan of readjustment
Proceeds of the issue will be used for plant equipment, machinery,
development and working capital.
H. L. Harvill is President of the com¬
pany.
Pistell, Wright & Co., Ltd. and Fox, Castera & Co. may be under¬
writers.
P'iled March 15, 1940.
and
William W. Schenck is President of the company.
by amendment.
Filed March 16, 1940.
working capital.
x
Alleghany Corp.—Time for Filing Plan Extended—
The Marine Midland Trust Co. of New York, as trustee for the Alleghany
be
underwriter.
no
Filed March
18,
Allied
United
Biscuit
Co.
of
bonds, due 1950, and to repay bank loans and for working
MacLellan is President of the company.
Goldman,
been named underwriters.
Filed March 20, 1940.
The last
in
capital.
K. F.
„
21,041,483
18,545,878
$7,298,447
$5,635,042
$9,757,063
$9,288,002
146,560
135.744
195,428
448,789
$7,445,007
Operating income..__
18,089,834
$9,952,491
1,270,091
1.355,565
$9,736,791
Other income.
Depreciation reserve,&c.
1,267,488
$5,770,786
1,219,612
Federal
1,100,694
781,837
Total income
tax
1,353,972
al,318,266
$7,326,835
7,671,591
$7,064,553
6,960,781
$564,347 def$344,756
Shs. com. out.(no par)__
2,563,991
2,563,991
2,566,191
Earns, per sh. on com
$1.98
$1.47
$2.85
a Including surtax on undistributed profits $36,447.
$103,772
$5,076,825
3,845,988
...
$3,769,337
3,204,990
$1,230,837
Surplus
2,532.066
$2.79
Consolidated Balance Sheet Dec. 31
[Including Wholly-Owned Subsidiaries]
1939
x
1939
1938
&c.16,563,924 16,933,139
5,527,757
5,401,137
& licenses.
1
1
8,476,577
7,795,722
Land, bldgs.,
investments
Misc.
Patents
Cash
ance
907,351
funds
t
Accts. and notes
rec. (less Ves've)
3,452,203
801,348
2,891,635
2,731,581
2,375,000
30,000
a Treasury stock.
749,252
Other curr. assets. 3,078,242
Deferred charges._
424,360
830,837
640,998
518,057
894,982
Allis-Chalmers Mfg.
_
U. 8. Govt. 8ecur_
Fed.
Home
Dividends
with lower billings was attributable to
including a greater uniformity of operations throughout
and a larger amount of work in process which had not been com¬
pleted and billed at the end of the year.
The impro\ed regularity of opera¬
tions was accomplished despite a partial shutdown resulting from a strike
at the West Allis and Pittsburgh plants in the months of May and June.
The orders booked, unfilled orders, sales billed and net profit, on a quar¬
various
factors,
the year
terly basis, for 1939 were as follows:
Orders
_
payable
640,998
x
After
44,186,719 41,939,027
deducting
depreciation
.1749.
Net
Profit
$83,658,734
$17,561,413
20,816,593
Per
Share
18,636,046
17,325 499
$710,277
990.146
943,450
1,075,673
$.40
.56
.53
.60
$74,339,551
$12,367,519
17,261,753
18,335.726
19,730,594
$3,719,546
$2.09
following table shows the orders booked,
the past five years:
unfilled orders, sales billed,
and net profit for
Orders
Booked
1935.
1936
-
1937.
*
-$38,283,740
65,289,108
94,778,846
66,711,281
83,658,734
Unfilled Orders
Sales
End of Year
Billed
$7,510,593
$38,787,007
13,818,337
58,981,363
21,243,567
87,353,616
10,411,411
77,543,438
19.730,594
74,339,551
The shares outstanding on
Net
Profit
Per
Share
$1,985,137 *$1.48
4,014,113
2.27
7,841,167
4.42
2,553,946
3,719,546
1.44
2.09
this date were substantially less than in the
four subsequent years.
during the year for additions to
$982,630, of which $378,434
at Pittsburgh
building there
on leased premises.
This addition is modern in every respect and the new
machinery and equipment installed therein are expected to reduce costs.
Development, <ftc.—Development and experimental expenditures, charged
to current operations during the year, amounted to $2,010,688.
For the
year 1938, similar expenditures were $2,335,260.
Expenditures for maintenance and repairs to buildings, machinery and
equipment amounted to $2,173,423, as compared with $2,323,988 in 1938.
The provision for depreciation of buildings, machinery and equipment was
Capital Expenditures—The expenditures
land, buildings, machinery and equipment were
expended for the erection and equipment of a new shop
for the manufacture of distribution transformers, to replace a
was
*
$1,272,347 in 1939 and $1,261,466 in 1938.
Current Assets—The most important change in
of $5,033,161
the current assets is the
in inventories, due principally to the substantial
Dec. 31, 1939, which include contract orders
increase in unfilled orders at
nearing completion but not billed, and also a stock of standard types of
tractors manufactured in anticipation of sales for spring delivery.
The current assets in foreign countries were substantially comparable at
Dec. 31, 1939 and Dec. 31, 1938, and were located principally in Argentina,
Canada and England.
The cash and such part of the receivables as are
collectible in terms of foreign currencies are included in the financial state¬
ments on the basis of currently quoted exchange rates; the balance of the
receivables are due in U. S. currency and the inventories are carried at U. S.
dollar cost.
Details of the assets in foreign countries, on the bases stated
above, at Dec. 31, 1939 and Dec. 31, 1938, are summarized as follows:
1939
Collectible in foreign currencies—Cash
Trade notes and accounts receivable and
—
1938
$1,61.5,579
$1,305,515
other
1,027,909
1.197,344
$2,643,489
$2,502,860
889,183
1,383,041
669,139
1,530,458
$4,915,713
sundry receivables
1,059,537
865,371
Trade*notes
iasurance funds.
907,351
801,348
Res. for conting's.
2,600,000
108,634
$4,702,457
collectible
Inventories carried at U. S. dollar cost
2,600,000
Federal tax reserve
in U.
pension &
Miscell. reserves..
and
accounts
The company
had no bank loans or other forms
by notes payable.
Taxes—The total
Total
reserves
of $19,720,314 in
receivable
S. currency
113.409
.12,141,816 10.910,978
44,186,719 41,939,027
1939 and
19,021,220 in 1938.
y After deducting reserves of $195,646 in 1939 and
189,694 in 1938.
z Represented by 2,579,855 shares of no par value.
Consists of 15,865 shares in 1939 and 15,863 shares in 1938.—V. 150,
Total
End ofX>uarter
$19,517,521
25,710,826
3rd quarter___ 19,710,020
4th quarter,._ 18,720,367
quarter
2d, quarter
The
Sales
Billed
Unfillled Orders
Booked
1st
Res. for local taxes,
Surplus
Loan
Bank bonds
Co.—Annual Report—Otto H. Falk,
The increase in net earnings in 1939
486,301
Accounts payable.
30,000
749,193
1,792,793
437,476
Inventories
Pay Common Dividend—•
dividend of $1 on company's common stock,
a
$
25,002,563
Res. for
2,742,052
2,235,000
1938
Common stock..25,002,563
accruals, &c
Pension and insur¬
y
$
Liabilities—
$
Assct$~~~*"
with SEC—
first page of this department.
Chairman, and Max W. Babb, President, state:
increase
Net profit.
Dividends
$2.44
15 to holders of record April 1.
Cash dividend of $6 and
a stock
dividend of one share of Niagara Hudson Power Corp. common
for each three shares of Aluminum Co. common held, were paid on Dec. 27
last, these latter being the first dividends paid on the common shares since
1928.—V. 150, p. 985.
^
20,314,973
$0.41
Aluminum Co. of America—To
$27,833,880
Operating expenses
$1.31
$10)
3864.
Directors have declared
1936
1937
1938
1939
1937
$295,554
payable April
(Including Wholly Owned Subsidiaries)
..$27,613,420 $23,724,876 $30,798,546
&c
1938
$142,793
p.
See list given on
Co., Inc.—Annual Report—
Gross sales, less returns,
149,
Alma Motor Co .—Registers
.
Sachs & Co., et al, have
following is taken from the annual report:
an agreement
was reached with The Ohio Chemical &
Manufacturing Co. to acquire its fixed assets, inventories and business,
and later extended to include the excess of cash, investments and accounts
receivable over its accounts payable, for a total of 157,000 shares of the
capital stock of this company.
The transaction was completed on Feb. 29,
1940, as of Jan. 1, 1940, and therefore the financial schedules do not reflect
the acquisition in any way.
The Ohio Chemical & Mfg. Co. was one of the largest producers and dis¬
pensers in the United States of medical gases, including oxygen and carbon
dioxide, as well as medical chemicals and the apparatus and equipment
for their use.
Through this acquisition, Air Reduction Co. enters what
for it is a new, important and rapidly growing field, which is related to its
existing activities.
The Ohio company operated plants at Cleveland, Ohio;
Hoboken, N. J.; Minneapolis, Minn.; San Francisco, Calif., and Montreal,
Canada, and branches at Atlanta, Ga.; Birmingham, Ala.; Buffalo, N. Y.;
Cambridge, Mass.; Chicago, 111.; Cincinnati, Ohio; Dallas, Texas; Detroit,
Mich.; Houston, Texas; Kansas City, Mo.; Los Angeles, Calif.; Louisville,
Ky.; Memphis, Tenn.; New Orleans, La.; New York, N. Y.; Oakland,
Calif.; Philadelphia, Pa.; Portland, Ore.; Rochester, N. Y.; St.' Louis,
Mo.; Seattle, Wash., and Washington, D. C., enabling it to conduct its
activities on a nationwide scale.
The operation of these plants will be
continued and the business will be carried on by a new wholly-owned sub¬
sidiary of Air Reduction Co. having the same name as the old company.
Subsequent to the completion of this acquisition, directors of this com¬
pany authorized the application of a portion of the net excess of cash,
investments and accounts receivable of the Ohio company to the purchase
in the open market of 7,000 shares of Air Reduction Co. stock, which were
bought ,at an average price of $49.33 per share and are now held in the
treasury.
Based on the operations of The Ohio Chemical & Mfg. Co. for
the year 1939, and without allowance for expected economies or expansion
of business, it is estimated that the addition to earnings from this new source
should run at the rate of $3 per share on the 150,000 net additional shares
now outstanding.
^Account for Calendar Years
1939
$209,061
_
stock (par
—V;
December
Income
Corp.—Earnings—
Net profit after all charges & taxes.
Earns, per sh. on 75,050 shs. common
previous list of registration statements was given
1749.
Air Reduction
and
removed the common stock, no par,
registration.—V. 150, p. 1269.
Products
Allied
The
In
Corp.—Listing
Investing
Years Ended Dec. 31—
issue of March 16, page
our
the collateral securing Alleghany 5s
The New York Curb Exchange has
of Chicago, 111.,
(2-4355, Form A-2),
America
International
from listing and
1940.
registration statement covering $7,000,000 of 3 H % debentures,
Proceeds of the issue will be used to redeem the 5% debenture
a
stock withdrawn from
150, p. 1749.
Registration—
Safeway Stores, Inc. (2-4354, Form A-2), of Reno, Nevada, has filed
registration statement covering 147,688 shares of 5% cumulative pre¬
ferred stock, par $100.
Filed March 20, 1940. (See subsequent page for
further details).
due 1955.
common
of 1944.—V.
a
has filed
1938
Ry.
Underwriter to be named
Gamble-Skogmo, Inc. (2-4353, Form A-2), of Minneapolis, Minn., has
filed a registration statement covering 47,344 shares of series B common
stock, no par.
The stock will be offered to employees of issuer, of Gamble
Stores, Inc. and to employees of Filbert Corp. at book value, plus a maxi¬
mum of $2 per share, but not exceeding a price of $55 per share.
Proceeds
of the issue will be used for merchandise, improvements, equipment and
working capital.
P. W. Skogmo is President of the company.
There will
extended to March 26, 1940, the time
for the 5s of 1950 may be submitted,
under the terms of the agreement dated Sept. 28, 1939, under which Manu¬
facturers Trust Co. is holding in trust 107,579 shares of Chesapeake & Ohio
of indebtedness evidenced
,,
taxes
for
the
year,
paid or accrued,
'
.
amounted to
$3,425,287, equivalent to $1.93 per share on the 1,776,092 shares of stock
outstanding.
This amount comprises real estate and personal property,
Federal and State income, capital stock, social security and other miscel¬
laneous taxes.
The taxes in relation to the average number of employees
for the year were
$260 per employee.
number of employees at the close of the
11,511 at Dec. 31, 1938. The total
commissions, paid during the
compared with $22,720,0.54 paid in 1938.
Employees and Payrolls—The
year was 14,456 as compared with
amount of wages and salaries, including
year was
$23,450,005 as
The Commercial & Financial Chronicle
1924
Consolidated Income Account for Calendar Years
1939
1938
1937
x
American Insulator
1936
$74,339,551 $77,543-,438 $87,353,616 $58,981,303
Sales billed
Cost of sales.incl. depr.
develop., selling & ad¬
ministration expenses.
68,358,757
73,849,776
77,284,012
53,455,342
Operating profit
$5,980,795
$3,693,662 $10,669,604
707,775
266,369
675,849
151,584
$4,534,130 $11,043,748
1,020,117
1,275,980
$6,353,454
195,061
Miscellaneous
$6,875,909
Total income
Deb. int. and expenses..
Loss acct. of Pitts, flood
z
658,429
182,039
700,053
Special credit
1,021,817
19,933
980,000
74,778
...
495,392
129,129
a150,180
79,399
665.000
Prov. for Fed. inc. tax..
1,108,590
1,215,000
650,000
$7,841,167
6,202,941
12,355,218
1,773,341
$4,014,113
2,417,434
10,727,944
1,769,367
y2,341,090
Prov. for Fed. surtax
Approp. forinvent'yres.
$3,719,546
$2,553,946
2.220,021
13,745,376
2,963,314
12,245,850
Surplus at end of year—
Shs. cap. stock outst'd'g
Earnings per share
x Depreciation included-
1,776,092
1,776.092
$1.44
$4.42
1,031,686
964,889
y includes excess profits taxes,
z Special credit arising from liquidation
of notes and accounts receivable of Advance-Rumely Corp. and B. F. Avery
&
Inc.
Sons,
American Machine & Foundry
1
Rentals and
10,498,308
payable A
payrolls
11,677,994
tracts billed..
empl's' work'g
fund, Ac—...
Taxes accrued..
Inventories
280,893
29,234,183
259,934
x
&
616,707
34,839,894
11,504,060
625,031
171,746
214,854
34,533,762
11,504,060
Deferred charges
1,347,513
108,059,559 104,578,603
After reserve for receivables of
773,224
2,406,996
15-yr. 4% debs. 25,321,500
dCommonstock 5.5,129,718
Earned
>
1,221,784
337,620
337,620
113,361
Sundry creditors
Reserves
c
surplus.
Treasury stock
13,74.5,376
7>rl64,674
58,048
728,832
2,345,305
25,321,500
55,129,718
12,245,850
Dt 164,674
108,059,559 104,578,603
Total
b After reserve for depre¬
in 1939 and $18,660,791
shares,
d Represented by
$3,967,731.
ciation of buildings and machinery of $19,529,224
c
Represented
by
11,878
no
par
1,787,970 no par shares.—V. 149, p. 4163.
American Airlines, Inc.
(& Subs.)- -Earnings1938
1937
1936
Oper. revenue—Mail
$3,682,232
$3,331,474
7,442,232
353,617
204,505
$2,982,293
6,597,773
359,264
131,040
$2,444,361
5,552,817
revenue..$15,070,982 $11,331,828 $10,070,371
11,302,432
9,077,758
8,511,376
$8,334,091
6,868,805
10,712,598
450,251
Passenger
*
225,901
Other
227,417
109,495
$3,768,550
49,177
Balance
Other income—
Total income.-.
-
charges
Prov. for obsol.&deprec.
$2,254,070
39,414
$1,558,994
60,663
$1,465,286
77,036
$,817,728
757,758
1,261,918
$2,293,484
$1,619,658
439,168
1,406,294
$1,542,322
260,103
l,277i629
489,226
1,548,196
330,300
42,800
$1,467,751
$213,262
Federal income tax
Net profit
$4,589
loss$93,628
Condensed Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $1,453,430; U. S, Treasury notes, $59,974;
receivable from
purchasers of 50,000 shares of capital stock—paid on Jan. 31, 1940. $1,825,000; accounts receivable, less reserve, $1,401,847; inventories, $672,562
indebtedness of employees, $19,786; special funds (cash deposited in con¬
nection with lease agreement), $28,000; flying equipment at depreciated
value, $2,763,881; land, buildings and other equipment at depreciated
value. $1,559,218; miscellaneous physical property not in use, at estimated
realizable value, $30,420; deferred charges, $83,724; total, $9,897,842.
Liabilities—Current liabilities, $2,819,987; five-year 4J^% convertible
debentures due July 1.1941, $2,536,975; capital stock (par $10), $3,533,200;
paid-in surplus, $1,350,862; earned deficit $343,182; total, $9,897,842.
Note —On Dec. 14,1939, the company entered into written contracts for
the sale of 50,000 shares of its stock, predicated upon the listing of such
additional stocK on the New York Stock Exchange.
Such listing was
completed during the month of January, 1940, and the stock was issued
on Jan. 31, 1940.
Company has filed an application with the Civil Aeronautics Authority
for permission to operate an air transport service from Dallas-Fort Worth
and El Paso to Mexico City.
Announcement of the new route proposed
made by C. R. Smith, President.
eastern section of the new route would be operated
from Dallas and
Eagle Pass and Monterrey, to Mexico City, Smith
The
Fort Worth, through
The new route will provide direct service to Mexico City from cities
States by connections with the Southern Transcontinental
Route now operated
Fort Worth.
by American, connections being made at Dallas and
Company in February flew 15,118,819 revenue passenger miles as com¬
pared with 8,853,752 in the same month last year, an increase of 70.8%.
Mileage for February showed a decrease of 14.9% from January.—Y. 150,
P.121.
_
American Brake Shoe &
Foundry Co.—Common Div.—
Directors have declared a dividend of 30 cents per share on the common
stock, payable March 30 to holders of record March 25.
Previously regular
quarterly dividends of 25 cents per share were distributed.
In addition,
extra dividend of 25 cents was paid on Dec. 21, last.—V. 150, p. 985.
Ame-ican Canadian
American
was
on
March
American Encaustic Tiling
Calendar.Years—
20 of the retirement of Albert
H.
1939
all charges
333,879 shs. com.stk
Eanr.s per sh. on
$41,104
$0.12
Co.—Earnings—
Calendar Years—
Sales--Net
taxes-..
—V. 150, p. 1270.
112,315
tingencies.
Comparative Balance Sheet Dec. 31
Assets
Cash in bank and
1938
1939
$505,637
371,500
680,301
..
on
hand
securities
$446,555
420,080
795.474
71,063
18,112
2,102,915
1,920,994
15,524
42,019
Notes and acceptances receivaole
Inventories
51,274
Accounts receivable from affiliated companies
Notes & accounts rec., not due within one year__
receivable from officers and employees
12,686
Accounts
x
Machines
on
2,343
purchase plan
6,110
245,570
237,926
9,820,441
107,387
163,669
1
2,058,050
lease
77,712
11,467,043
250,487
163,669
1
2,059,043
46,210
$16,264,134
$17,895,663
$431,118
149,247
99,871
Investment in affiliated companies
Inv. in & adv. to Industrial Machinery Co.,
Stock of American Machine & Foundry Co
$300,000
342,667
85,478
135,393
Ltd..
Pat'ts. pat't rights, licenses, develop., goodwill, &c
y Fixed assets
Prepaid insurance, royalties, taxes, &c
Total
-
Provisional
,
51,560
94,824
liabilities accrued
Reserve for special contingencies
z
Common stock
Earned surplus
239,634
8,249,440
7,000,000
9,740,931
$16,264,134
After
239,634
7,000,000
$17,895,663
-
-
Total
depreciation of $61,640 in 1939 and $37,663 in 1938.
y After reserves for depreciation of $1,673,040 in 1939 and $1,540,732 in
1938.
z Represented by 1,000,000 no-par shares.—V. 149, p. 1316.
x
reserve
American
for
Mfg. Co.—To Pay 25-Cent Dividend—
Directors have declared
a
dividend of 25 cents per
share
on
the
common
stock, payable April 1 to holders of record March 16.
Dividend of $1 was
paid on Dec. 31 last and last previous distribution was made on Dec. 31,
1937, and also amounted to $1 per share.—V. 149, p. 4165.
American Metal Co.,
Ltd. (& Subs.)—Earnings—
1938
Net loss
on
sale of
1937
$5,906,415
471,695
1,221,674
$7,775,490
522,282
140,256
Cr241,836
033,513
1,059,665
133,429
1939
Oper. profit & misc. int, $6,714,142
Admin. & selling exps__
517,349
e Res. no longer
required
e Res. no longer
required
b Other charges
Deprec., depl., &c., res.
1,307,386
Pay. under employ, an¬
nuity plan
149,513
124,929
,
1936
$4,442,416
410,774
119,636
144,660
841,354
38,121
securs.
Prov. for amort, of book
59,103
amount of real estate,
Write-down of
Prlv. for
an
reserve
al46,006
c55,171
279,651
57,534
481,161
dl,044,872
9,557
-
13,131
39,566
invest.
for
2/9,141
503,621
19,275
$4,410,312
$1,731,599
con¬
91,137
tingency (net)
Amort .of invest.in Com-
pania Minera "La Parrena," S.A., on basis of
that company's ore ex¬
traction
Prov. for exploration
Prov. for prospective loss
on
150,000
metal purch. & sale
125,083
14,653
664,961
contr. for future deliv.
550,454
875,707
Taxes, other than income
taxes and U. S.
'
capital
stock taxes
U. S. & for. inc. taxes.Surtax on undist. net inc.
Net profit...
802,599
$2,997,250
$2,509,545
Dr2,510
06,986
Dr65,126
Dr5,546
$2,994,740
$2,516,531
Profit and loss surplus._
Preferred, dividends
10,116,891
$1,726,053
7,747,821
400,020
1,833,425
1,836,873
$2.12
8,946,484
400,020
1,224,581
$4,345,186
7,974,309
3,673,740
$3.22
$1.08
Proportion of losses ap¬
plicable
to
minority
shareholders of consoli-
dated companies
1938
loss$20.108
Nil
1937
loss$71,494
Nil
Surplus
Earn, per sh. on common
.
Of
a
1939
1938
1937
$11,568,955 $11,381,409 $13,222,841
1936
$13,222,628
sundry
and normal
in
a
mining
tional U.
profit after all chgs.
and
86,505
$967,847
Earnings per
$0.97
x Including
in 1939 losses aggregatng $103,410 in discontinuing its
manufacturing activities and from depreciation of the English pound sterling.
Note—Manufacturing costs and expenses for 1939, and 1938 as amended,
include all charges incurred for patents and developments, thereby changing
the practise of charging certain of these to the reserve for special con¬
Co.—Earnings—
—V. 149, p. 3252.
American Ice
$855,532
Common stock dividends
made
President of this company and the election to that office of Paul
M. Hahn, a Vice-President of The American Tobacco Co.—V. 150, p. 1586.
as
Net profit after
$953,448
-
-
available to Amer. M. & F. Co.- $1,039,952
share
$1.04
Cigarette & Cigar Co .—New President
Announcement
32,106
$855,532
784,434
$0.86
Net earnings
Properties Corp.—Liquidating Div.
Corporation has declared a liquidating dividend of 25 cents per share,
payable April 1 to holders of record March 25.
A dividend of 30 cents
was paid on Dec. 27 last; one of 80 cents was paid on Sept. 20 last; 50 cents
was paid Feb. 9,1939; 15 cents on .Dec. 23, 1938, and 25 cents on Feb. 15,
1937.—V. 149, p. 4018.
Gregg
96,574
.>953,448
784,434
$0.95
Plarnings per share
Net income as above
Calendar Years—
Operate Service to Mexico City—
•in the United
$887,639
of
Proportionate earnings of International Cigar Ma¬
chinery Co., not declared as dividends nor in¬
cluded in surplus
_
said.
$1,050,022
-
Loans payable to banks
Accounts payable
Federal, State, and other taxes accrued
Loans payable to bank, secured
Crl32,177
Jan. 1,
was
173,260
Trf nhilili
compensation for
of mail prior to
1937
trans
To
20,960
162,954
Net income to surplus
Dividends paid on capital stock
under stock
Operating expenses
Add'l
74,056
—
Accounts receivable
1939
Total oper.
196,371
—
Provision for estimated operating loss for year
Industrial Machinery Co., Ltd
Marketable
Calendar Years—
Express
$1,278,230
206,108
4,335,285
1,913,279
1,397,965
surtax
Ad vs. on contr.
1938.
$1,493,139
&c
-
Net profit from operations
4,093,829
profits taxes A
Deb.int.accr'd.
Total
$455,884
822,346
income
Other corporate taxes
Fed. lnc.Aexcess
Factory sites,
cauipment.
5,291,250
2,191,097
1,516,127
25,301,845
bldgs., mach'y
Goodwill A pats.
Other assets
$4,791,169
862,313
;
-
Gross profit
pletion of con¬
20,154,993
debtors,
Sundry
$
Reserve for com¬
21,219,901
receivable
Other
$5,035,102
4,404,275
$630,827
Total
Manufacturing cost and expenses
Other
$4,610,470
180,699
243,589
..
Accts.
Notes & accts.
a
royalties
1938
$4,791,513
-
-
Federal income taxes
1938
$
Liabilities—
%
hand & '
demand depos.
in
—
Depreciation--1939
1938
$
Assets—
b
Years Ended Dec. 31
1939
Sales
Net profit before depreciation, taxes,
1939
a
Co.—Annual Report—•
of this
accounts
Arising from liquidation of Advance-Rumely and other
a
Consolidated Balance Sheet Dec. 31
on
Nil
and the inability to obtain promptly certi¬
company's English subsidiary, the Industrial Ma¬
chinery Co., Ltd., its assets and liabilities are not consolidated in the
balance sheet as heretofore, but provision is made in the income report,
by a separate charge, for an estimate of its operating results for the year
1939.
The Brooklyn Mill Supply Co., Inc., another subsidiary, was
dissolved in March, 1939.
In order that a proper comparison can be
made between this report and the report for 1938, which was a consolidated
report, the figures for 1938 are shown on the same basis as the figures for 1939.
assets.
Cash
Ioss$18.206
$1.15
On account of war conditions
fied
$2.27
1,261,466
1938
$114,060
-
stock
Income Account,
$2.09
1,272,348
1539
"
Net profit after all charges
Earnings per share on common
—V. 149, p. 3401.
1,100,822
Net profit for year—
Dividends paid.I
1940
23,
Corp;—Earnings-
Calendar Years—
$5,526,021
Other Inccme—
Int. and discount (net)..
March
84,435
loss279,607
339,216
155,978
on
metal
1936,
no
^
400,020
investments,
stocks reserves,
company,
$1.73
b Adjustments
c
By
a
of metal price fluctuation
foreign subsidiary of an investment
d Includes $422,000 provision for possible addi¬
e Reserve for prospective losses
S. income taxes for prior years,
purchase and sales contracts for future delivery as at Dec. 31»
longer required.
Volume
The Commercial & Financial Chronicle
ISO
Consolidated Balance Sheet Dec. 31
Including Subsidiary Companies 80%
1939
$
a
Ac,
..13,004,512 13,839,508
17,081,461
2.782,553
Acc'ts receivable..
Inventories
4,694,356
against
in process &
ores
in
9,017,850
8.583,617 12,522,991
Advances
transit......
1939
1939
$
6% preferred stock 6,667,000
6,667,000
b Common stock..38,101,775 38,101,775
Minority interests
in subsidiaries..
670,069
248,982
Dividend declared
612,291
Drafts payable
926,547
1,113,589
c Acc'ts payable..
2,740,420
4,403,208
1,864,604
891,979
408,384
and employees..
15,677,202
Pay.
Mtge. bds. of Am.
Prov.
Mexico..
300,000
Def'd acc'ts
to
Federal
stock taxes.....
Investm'ts in cap.
stks. of unconsol
Reserves
Surplus
.
subsidiaries
420,350
39,234
Cash.;
zl8,563,603
U.S. Govt. sees.
7,258,418
49,880
14,500,926
11,105,290
250,947
272,124
5,644,378
liabilities—V.
150, p. 986.
American
&
Standard
Sanitary
but
settled
had been
held in the treasury.
American
1936
allowances
goods sold
$7,470,680
6,350,552
$8,547,985
6,911,278
$8,624,218
6,892,575
Operating income
x
$7,666,505
6,452,502
$1,214,002
$1,120,128
61,823
58,983
$1,636,706
97,984
$1,731,643
71,829
Cost of
Other income
y
Decrease in
13,000
reserve
$1,275,825
213,498
Profit
$1,816,472
186,909
74,872
z335
$776,777
891,480
$1,294,243
1,048,800
$1,414,226
1,179,900
$176,958 def$114,703
524,400
524,400
$1.54
$1.48
sale of sec. (net)i
on
$1,734,690
177,185
36,607
299,807
62
Depreciation
$245,443
524,400
$234,326
524,400
.$2.47
$2.70
loss928
Foreign & Fed. inc. taxes
255,163
$1,179,111
179,897
27,597
250,034
United States surtax
$806,238
629,280
Dividends.
Balance...
a Shs. of cap. stk. outst.
Earnings per share
'
f
289.874
Including selling, general and administrative expenses (exclusive of
z
Of
depreciation),
y Applicable to investment in affiliated company,
a subsidiary company,
a Par $18.50.
Consolidated Balance Sheet Dec. 31
1939
Assets—
1938
§
2,549,105
Liabilities—
hand
561,263
503,018
684,872
1,150,330
30,715
1,979,274
92,741
Due from employ's
123,380
1,901,442
94,811
215,171
950,620
Marketable secur.
Accts. & notes rec.
Sundry accts. rec.
Inventories
Prepaid
expenses.
Stock in affll. cos.
Cash
148,635
14,000
Res. for foreign ex¬
92,570
285,311
125,160
379,148
Capital stock
9,701,400
Earned surplus
4,226,945
9,701,400
4,089,476
change
fluctua's
Federal income tax
a
7,432,063
_
Total
14,616,207
14,732,094
Represented by 524,400 shares par $18.50.
b After reserve for de¬
preciation of $2,777,116 in 1939 and $2,588,779 in 1938.—V. 149, p. 3544.
13,650,651
24,895,127
reserves
__
343,105
Res've for metal
stocks
......
32,512,774
—
Unearned
45,424,517
172,014,893 164,108,1001
Represented
treat¬
contracts
Total
..
—
172,014,893
1,801,043
3,009,532
164,108,100
by
2,191,669 no-par shares,
y Paid on Jan.
3, 1939.
deposits,
a Metals,
at sales prices, sold under firm
for future delivery.—V. 150, p. 427.
Includes
demand
American
Telephone & Telegraph Co.—Long Distance
;
/
Impending reduction of long distance telephone rates to effect a saving
public of approximately $5,500,000 annually was announced
by the
to the
Federal Communications Commission on March 15.
As a result of conferences and negotiations which it
initiated with this
are cut to benefit the public
by almost half
company, long distance rates
a million dollars a month.
The reductions will apply to calls
beginning with air line mileages of 420
miles and extend through the meximum
mileage covered by the schedule,
which is 3,000 miles.
The proportionate reduction is increased with air
line
mileage so that the greatest reduction is at the maximum mileage
represented approximately by the rates from New York to San Francisco.
For example: The new schedules will reduce the
station-to-station day rate
between New York and San Francisco from $6.50 to $4.
The reduced rates are to become effective not later than
May 1.
On Jan. 24 the Commission voted to institute studies
looking to further
in the long lines rates.
Commissioner Paul A. Walker was
reductions
appointed to conduct this inquiry.
In the ensuing discussions,, attention
was directed to the improved
earnings of the company in 1939'.
It is ex¬
pected that the increased business developed as a result of the reduction
agreed to will affect the revenues of the company less than this amount and
will leave the company in a favorable
position as to earnings.
Such was the case in the interstate telephone rate reduction effected
by
the Commission in 1937.
Subscribers benefited to the extent of more than
$12,000,000 annually beginning that year, but the revenue of the company
not proportionately affected in part due to the increased volume of
business which resulted.
It is the Commission's view that in acceding
informally to its request for
immediate and material rate reductions without the
was
out
rate
proceedings, the
company
necessity of long-drawnis pursuing a forward-looking policy.
Under the informal methods which have been followed, the
large savings
pubiic will be available at once rather than be delayed by hearings,
arguments, and possible litigation as has been the situation in many rate
proceedings in the past.
It is anticipated that a continuance of the policy of
reducing rates will
increase the use of long distance telephone service and will result in further
benefits to the public and to the company.—V. 150, p. 1751.
1940—4
Comparative table of weekly output of electric energy for the last five
follows:
Week Ended—
1940—9 Wks.—1939
$8,544,531 $21,282,962 $18,807,408
1940
2
Mar.
9..
Mar. 16
1938
1937
1936
45,493,000
54,301,000
45,149,000
45,138,000
40,054,000
41,135,000
40,430,000
40,178,000
52,478,000
52,311,000
52,466,000
52,373,000
44,398,000
43,979,000
43,606,000
44,172,000
February Power Output—
Co.—Earnings:—
The
1938
1939
Calendar Years—
Net profit after charges, depreciation and taxes
Earns, per sh. on 539,990shs. cap. stock (no par).,
—V. 150, p. 269.
1939
51,144,000
50,865,000
52,115,000
50,439,000
24
150. p. 1586.
American Stove
Co., Inc.—Weekly
•
years
Mar.
Whs.—1939
$9,773,120
Sales
Water Works & Electric
kilowatt hours, an increase of 11.7% over the output of 45,138,000 kilo¬
watt hours for the corresponding week of 1939.
Feb.
Co.—Sales—
American Stores
Period End. Mar. 2—
American
16,807,962
Invest., &c
Other
3,105,624
Output of electric energy of the electric propertied of American Water
Works & Electric Co, for the week ended March 16,
1940, totaled 50,439,000
a
—V.
1,244,460
•
4,001,892
Output—
patents
trademarks..
Total..
355,118
1,469,045
business
new
not
American
non-curr. ac¬
Goodwill,
4,865,709
to the
23,136
14,732,094
150,000
.
16,800
7,432,063
promo¬
expenses
64,582
5,262,490
for obsol.,
contlng., &c__
2,182,778
115,337
34,657
21,215
for
tional
55,768
96,900
123,560
counts receiv'le.
Deferred charges.
&
Prov.
128,257
158,653
value of
life ins. policies.
Misc.
939,272
14,616,207
surr.
$
$
Accounts payable.
Accrued liabilities.
Cash in banks and
on
1938
1939
s
2,368,136
b Fixed assets
43,333
Res. for mine &
Rates Cut—
Sales,less disct. .returns &
on
Res.
2,580,239
for___
Total
x
(& Subs.)—Earnings—
7,038,919
accrued
ment charges.
z
Safety Razor Corp.
7,447,033
(Fed. tax est.)
bank loans
on
Total amount of these shares now
Consolidated Income Account for Calendar Years
1939
1938
1937
276,139
38,879
Int.
Corp.-
43,864.—jV. 150, p. 1751.
37,507
_
Acer, tax not due
on
Metals, at sales
prices, &c
al4,023,999
Corporation has retired 4,000 shares of its 7% cumulative preferred stock
outstanding is
832", 647
Divs. unclaimed
61,954
7,936,509
327,730
661,672
5,649,470
Preferred Stock Retired—
which
100,000
y2.705,000
Due to affiliates
prop'y purcli
co.'s
Metal stocks.!.
Radiator
547,399
100,000
Note payable for
concentr.,
ree'd
74,584,882 69,765,062
a
in
at
mines, &c„_.
ores
Total....
After depletion and depreciation of $19,988,953 in 1939 and $19,093,450
1938.
b Represented by 1.224,585 no-par shares,
c Includes accrued
9,907,124
2,146,594
Misc. liabilities.
3,283,586
Surplus
27,877,265
hand
Adv. to custs'
..74,584,882 69,765,0621
Total
12,120,358'
Bank loans
Due from afflls.
6,534,381
8,946,484
14,706,450 12,412,792
43,620,430
611,525
6,899,511
116,392
Ore concentr.
payable.
accrued
due
rec.
(not current).
Mat'l & supplies
872,370
846,237
6,628,007
10,116,892
&c.,
50,000,000
Salaries & wages
transit
Oth. misc. assets
713,713
1,817,470
income & capital
171,470
rec
for
542,937
in
$
50,000,000
x Common stock
43,620,430
Accounts, notes,
Interplant acc'ts
Acc'ts and notes
unconsol.
subsidiaries
Metal Co., New
insurance
1938
$
Preferred stock,
55,074,815
21,812,366
Prepaid taxes &
3,405,261
4,216,474
1939
Liabilities—
§
Property acc't.. 52,760,658
Investments
22,342,009
Notes
Deposits of officers
Defeixed expenses.
51,428
Invest'ts at cost—16,338,787
1938
Assets
1938
$
Liabilities—
Mines, smelters.
Cash
More Owned
or
1938
$
Assets—
1925
Consolidated Balance Sheet Dec. 31
$47,680
$0.08
$1,501,848
$2.78
Smelting & Refining Co. (& Subs.)— Earns.
Consolidated Income Account for Calendar Years
1939
1938
1937
power output of the electric subsidiaries of the American Water
& Electric Co. for the month of February totaled 215,154,737
Works
kilowatt hours, as compared with 183,228,890 kilowatt hours for the
responding month of 1939,
an
cor¬
Increase of 17%.
For the two months ended Feb. 29, 1940, power output totaled 454,978,734 kilowatt hours,.as against 382,793,691 kilowatt hours for the same
period last
year, an
increase of 19%.—V. 150, p. 1752.
■
Net
earns,
$23,686,044 $20,659,271 $31,418,718 $28 ,599,166
Profits realized from
Total net
544,043
189,242
233,197
218,310
606,935
3,374,668
500,044
1,113,501
2,710,782
d5,010,742
135,500
4,817,326
805,554
4,966,173
848,826
...
442,701
d3,711,364
802,610
1st mtge. & 1st
on
lien 4% bds. retired..
Deprec. & obsolescence .
Ore depletion—i.
Preferred
dividends
1,104,000
4,931,255
9,314,593
1937
taxes
319,632
$7,936,029 $14,122,055
$2,180,554
24,142,574
$5,010,833
20,799,041
$4,475,300
16,323,742
fl,230,000
...
loss53,268
184,930
52,336
Preferred Dividend—
Directors have declared a dividend of $1.25 per share on the $5 prior
pref. stock, payable May 1 to holders of record April 15.
Same amount
was paid on
Feb. 1, last, this latter being the first dividend paid since
Nov. 1, 1937, when $1.25 per share was also paid.—V. 150, p. 427.
Corporation has notified the New York Stock Exchange of the appoint¬
ment of Manufacturers Trust
Co. of New York and National City Bank of
Cleveland as Transfer Agents of the common stock of the corporation in
lieu of The New York Trust Co. and The Corporation Trust Co. of Jersey
City, New Jersey, and the appointment of the Cleveland Trust Co. as a
co-register of said common stock, effective April 1, 1940.—Y. 150, p. 1752.
Apex Electrical Mfg. Co.—Common Dividend—
Directors have declared a dividend of 25 cents pVA OUdl C on the common
per share
noxroK1
A yvtmI
1
tn hftlrlorc
of n*c*t*c\i*r\
Tl/fonnh
OA
T ?Ua
stock, payable April 1 to holders of record March 20.
Like amount was
paid on Dec. 26 last, this latter being the first dividend paid on common
on Dec. 26
shares since Dec. 28, 1937, when 30 cents per share was distributed.—
V. 149, p. 4018.
IIA/IVXD
"WTV
UVA/XULVU
C*
U*
T
K
+JXJ
V/v^i-1 I/O
o
of
Total surplus
1936
$9,621,355
c8,051,736
$2,982,138
24,895,127
Surplus for period
from adjust,
accured liabilities
1,086,682
460,000
Previous surplus
-.$10,540,048
Anchor-Hocking Glass Corp.—Transfer Agent—
4,470,744
6,575,007
dividend
Common dividends
Credit
312,950
4,770,136
829,745
$13,057,145 $10,611,809 $18,285,426 $17,131,036
3,500,000
3,500,000
3,500,000
3,500,000
income....
sales....
and
Corporate taxes
1938
Net profit after all chgs.
$24,693,062 $21,524,868 $32,629,931 $29,498,806
1,887,234
2,171,931
1,853,670
2,031,434
earnings
Interest on bonds
2d pref.
589,997
Ioss3,150
General & admin, exps._
Research & exam. exps__
Net
Net
^ale
..
1939
137,288
86,358
670,479
of investments
Zinc, Lead & Smelting Co.—Earnings—
Calendar Years—
301,310
676,706
339,690
cos
Other income (net)
a
American
mines, smelt.,
ref. & mfg. plants
Divs. from controlled
Prem.
1936
.
$27,877,265 $27,553,128 $25,809,874 $20,799,042
on
6% cum. 2d
pref. stock retired
Approp. for additions to
nn-no
_
Prem.
metal stock reserve...
Ashland Oil & Refining Co. (&
g2,658,000
747,300
Subs.)—Earnings—
Calendar Years—
Net profit after
surplus._$27,877,265 $24,895,127 $24,142,574 $20,799,042
Shs.com.stk.out.(nopar)
2,191,669
2,191,669
2,191.669
1,829,940
Earnings per share
$4.36
$3.24
$6.54
$6.85
Profit & loss
1939
all charges and taxes..-
Earnings for common share
—_
...
$746,890
$0.76
>1938
$566,241
$0.56
—V. 149, p. 4019.
t
States and foreign income taxes,
d In¬
cludes $170,000 ($220,000 in 1936) for United States tax on undistributed
profits,
e Includes
$1,372,455 declared payable, after Dec. 31.
f Net
credit resulting from adjustments of accrued liabilities for taxes not ap¬
plicable to the current year,
g Includes $2,000,000 appropriation for
addition to reserve for extraordinary obsolescence, contingencies, &c.
a
Including estimated United
Associated Gas & Electric
The Utility
Co.—Weekly Output—
Management Corp. reports that for the week ended March 15,
output of the Associated Gas & Electric group was 94,514,179
units (kwh.).
This is an increase of 9,093,656 units or 10.6% above pro¬
duction of 85,420,523 units a year ago.—V. 150, p. 1752.
net electric
The Commercial &
1926
Associated Gas & Electric Corp.—Counsel to Trustees—
L. Leibell, March 18, appointed Dr. Allen Eaton
Throop, former general counsel for the Securities and Exchange Commission
and a member of Yale University Law School's faculty, as general counsel
for Willard L. Thorp and Denis J. Driscoll, trustees of Associated Gas &
Electric Corp.—V. 150, p. 1589.
Federal Judge Vincent
Wheel Co.—New Director—
Athey Truss
L.
elected a director at the recent
E. Roberts.—V. 149, p. 3545.
Schultz has been
W.
succeeding the late W.
Sewerage Co.—Earnings—
1939
1038
1937
Atlantic City
Calendar Years—
1936
$436,608
302,965
$445,421
294,462
$450,277
288,007
$452,918
273,754
$133,643
1,633
$150,959
2,455
$162,270
2,429
$179,164
1,716
funded debt.
debt disc. &exp.
$135,276
81,900
3,233
$153,414
81,900
3,234
$164,700
81.900
3,233
$180,880
81,900
3,233
overhead
construc'n.
CV286
CY532
Cr2,931
C'r831
$50,428
75,000
$68,813
75,000
$82,498
$96,578
75,000
def$24,571
def$6,187
y Total gross earnings..
Oper. exps. and taxes —,
Net earnings.
Other income
—---
Net income
-
Interest on
Amort,
and
Interest
charges to
Balance of net
income
Dividends
Surplus for year
—
x781,081
$0.91
756,510
sh.of cap.stk.
$0.67
Total surplus..
Earns, per
x
annual meeting
Includes,
75,000
$21,578
$7,498
x783,539
$1.29
x788,116
$1.10
capital adjustments.
Liabilities—Funded indebtedness,
$1,365,000; accounts payable, $14,183;
$18,750; accrued bond interest, $6,825; deferred items,
$750,000;
$893,190; capital stock (75,000 no par shs.),
$756,510; total, $3,962,033.—V. 148, p. 1632.
$157,575; reserves,
surplus,
Atlantic Rayon
Corp.—Earnings—
Calendar Years—
commission
Net profit after all charges and taxes
Earnings per share on 221,620 shs. com.
Net sales and
—V. 150, p.
1939
$7,468,915
131,600
stk. (par $1)
$0.54
831.
with Curtiss-Wright
company.—V. 150, p. 1753.
Corp.—Merger
Atlas
latter
Powder Co—Allies
Atlas
1938
$5,821,272
loss72,029
Nil
Corp.—See
subsequently sold 3.50,000 shares of Vultee stock to this cor¬
of $8,50 per share, which was the same price Vultee
contemporaneously received for an additional 300,000 shares
of its authorized and unissued stock sold through underwriters to the public
at a price of $10 per share.
As a result of this financing, Vultee Aircraft,
Inc. received new working capital necessary to the conduct of its increased
poration at a price
The 100,000 shares of. Vultee
Manufacturing Corp. are subject
underwriters, in accordance with
entitled to purchase at any time
during the year 1940 the 100.000 shares at a net price of $10 per share.
As a result of these transactions, the business of Vultee Aircraft , Inc. has
ceased to be wholly owned by Aviation Manufacturing Corp.
Its opera¬
tions for the first 11 months of the last fiscal year, resulting in a net loss
of $779,129 from net sales of $1,266,348 are, however, reflected in the
in
business
of $2,550,000.
amount
the
Aircraft, Inc. stock retained by Aviation
to outstanding warrants delivered to the
which the holders of such warrants are
consolidated financial statements.
In
period of rapidly expanding business
of the military procurement
a
under the stimulus
in
threatened by war, one
or
executives.
Erofits through are employed, and theline with this stock of the corporation
ownership of policy has approved the
y which they stock options and in
subsidiary, Vultee Aircraft, Inc., of 37,500 shares of its
unissued capital stock for sale to officers, directors, and
reservation by its
authorized
and
share, and in accordance with allotments and
tions approved or to be approved by the directors
per
26,000 shares
Options upon
granted.
been
addition to the
In
authorized and unissued stock so
J>er share, which was
accordingly the costsubsequently sold Aviation Manuof said shares to 300,000 shares
Aircraft, Inc.
acturing Corp.
Vultee
^through underwriters to
The price of $10 per share,
granted, is in excess of the
book value and was approximately the market value of the Vultee Aircraft
Inc. stock at the date of the granting of the options referred to.
non-negotiable interest bearing notes.
delivered $667,000 of these notes to the British pur¬
for the King of England. These notes are
23 the company delivered $760,000 of notes
to the same agenc/, payable $50,000 on Feb.
1, 1941, and $710,000 on
Feb. 1, 1950.
Two-thirds of each of these note issues were assigned by the
French Government.
is
Although the due dates of the notes are clearly stipulated, there
a
provision that the amounts shall become due upon
pur¬
chase of TNT or on the dates mentioned, whichever shall first occur.
—V. 150, p. 1228.
Nov. 30 '36
$6,373,762
$3,511,303
Dr20,381
Dr31.262
$3,987,362
Dr222,893
$3,281,398
a3,223,961
$6,342,500
a4,896,556
$3,764,469
3,331,733
$3,516,113
$57,437
248,224
$1,445,944
386,528
$432,736
376,087
$520,818
$305,661
$1,832,472
$808,823
$1,123,703
1,519,396
1,282,158
972,389
848,058
129,248
91,691
58,312
y$421,066
$255,257
y$217,332
(net)—
profit from mfd.
products..
Gross
Other income.
& eng. & exper'l exps.
State, local & Fed. taxes,
other than income tax
$1,392,098
stockholders, states in
manufacturing or other
to produce substantial
income.
Its investments are in controlled manufacturing units such as its
wholly owned subsidiary, Aviation Manufacturing Corp., operations of
Net
company's statements, or in stocks or
non-controlled and non-affiliated enterprises, the opera¬
reflected in the income statement except to the extent .
of income received therefrom during the current year in the form of interest
or dividends.
These investments, for the most part in the aeronautical
industry, were originally made and have been maintained primarily with
the objective of capital enhancement over a period of years rather than with
the expectation of receiving substantial current income.
Recent upward
trends in quoted market values of many of these securities indicate, how¬
ever, that this investment policy may prove remunerative to the corpora¬
tion, and as these businesses become more seasoned, that dividends should
Corp. has continued during the
fiscal year the
planned
policy of devoting its resources primarily to new developments
to
enable its three divisions to take full advantage of the enlarged opportunities
which seemed to be opening up for the sale of aircraft and aircraft acces¬
sories.
This policy has required additional contributions of capital from
loss
for
before
2.995,295
602,885
6,122
pro v.
$1,392,098
depreciation
y$421,066
$255,257
y$223,454
245,908
b326,310
4,050
181,609
110,470
for depreciation..
Federal normal tax.....
Prov.
428
z461
8.540
50
Federal surtax
consolidated in the parent
securities of
tions of which are not
follow.
Aviation Manufacturing
178,362
4,810
ofsurp. prop. & equip.
Corporation is not, itself, directly engaged in
which in normal years are calculated
are
.
Sell., adv., gen. & adm.
Corp.—Annual Report—
activities
other
11 Mos.End.
Nov. 30 '37
Total income.
part:
which
Subsidiaries)
Nov. 30 '38
prod'ts $3,301,779
Net sales of mfd.
1 company
President, in his remarks to
for Stated Periods (Incl.
Nov. 30'39
Period—
company were
Emanuel,
for which Vultee Air¬
the public at $10 per share
craft, Inc. received $8.50 per share in cash.
at which the options referred to have been
Other oper. inc.
termination of the
corporation has
the outstanding
Inc. now owned by this corporation and
officers and to officers and employees of
Aviation Manufacturing Corp. options to purchase said 24,000 shares at
a price of $10 per share at any time prior to Jan
1, 1942, and in accordance
with allotments made by the directors of this corporation.
The Aviation
Corp. acquired the 350,000 shares of Vultee Aircraft, Inc. stock now owned
by it from its subsidiary, Aviation Manufacturing Corp., which received
in all 450,000 shares of Vultee Aircraft, Inc. stock in consideration of the
transfer to Vultee Aircraft, Inc. as at Oct. 31, 1939 of the net assets of its
Vultee Aircraft Division.
Book value of said assets amounted to $3.05
-Years Ended-
chasing commission as agent
to run for 10 years.
On Feb.
Victor
reserved by Vultee
capital stock of Vultee Aircraft,
has granted to certain of its own
it is stated, accepted from the British and French Govern¬
ments during February loans aggregating $1,427,000 to finance the con¬
struction of plants for the manufacture of TNT, according to a report to
the Securities and Exchange Commission.
The securities given by the
Aviation
a price
upon terms and
its own officers and executives, this
24,000 shares out of the total of 350,000 shares of
The company,
British to the
be optioned for
of $10
condi¬
of Vultee Aircraft, Inc.
of said Vultee Aircraft, Inc., stock have already
supervisory executives of the corporation.
This stock will
sale during the three year period commencing Jan., 1940, at
Consolidated Income Account
TNT Factory—
On Feb.
and orders, and especially
demands of a world engaged
of the most serious problems faced by the
management has been the retention of trained and competent
In this situation, the management instead of increasing fixed salaries has
favored the policy of assisting its executives to participate in future potential
-
Lend Company $1,427,000 for
1940
turing Corp.
set aside
Assets—Fixed assets, $3,677,995; cash, $91,565; investments, $17,566;
accounts and notes receivable, $91,472; bonds in treasury (held for sinking
fund), $15,000; unamortized bond discount and expenses, $54,696; un¬
expired insurance, $1,875; engineering, $11,855; total, $3,962,033.
23,
Aircraft, Inc.,
Aircraft, Inc. for sale to
Balance Sheet Dec. 31, 1939
dividends payable,
March
Financial Chronicle
$1,638,006
Consol. net loss
Portion applic. to
minor¬
ity interests
— —
Add'l Fed. income tax..
y$104,016
$437,327
y$104,016
e600,043
Extraordinary items....
$2,238,049
Net loss
$437,327
y$90,655
cCrl54,254
d57,000
Earns. per sh. on cap .stk
y$187,909
$0.04
Nil
$0.07
Nil
aggregating $275,767
Excluding depreciation, amortization and taxes
($361,830 in
1938).
b Depreciation and amortization of fixed assets,
c Excess of net proceeds from sale of securities previously segragated
special distribution to stockholders in compliance with
Air
of 1934, over written-down book value thereof as determined by
at Dec. 31. 1932.
d Additional Federal income tax assessments covering
a
for
Mail Act
directors
the
prior years.
e
Consists of
write-off of deferred engineering and
dies and jigs applicable to models
additional investments in development and
equipment and inventories. To provide
some of this additional working capital, 925,917 shares of the corporation's
authorized and unissued capital stock were issued July 6, 1939, for which
the corporation received $2,860,288 in cash.
All stockholders at the time
of this offering were afforded rights to purchase new shares at the sub¬
scription price of $3.30 per share on the basis of one new share for every
three shares held.
The portion of the offered stock not purchased pur¬
suant to said subscription rights was underwritten and purchased by the
and
underwriters.
experimental expenses
on
which production
acquired all the assets and business of Vultee
Manufacturing Corp. (a subsidiary of the
the parent company and large
in plant facilities,
machinery,
further increased
through the issuance in Nov., 1939 of an additional 206,000 shares in pay¬
ment for the assets subject to certain liabilities of Lycoming Manufacturing
Co.
The net assets so acquired were recorded on the books at a valuation
of $1,133,000, equivalent to $5.50 per share for the 206,000 shares issued,
and were turned over to Lycoming Division of Aviation Manufacturing
Corp.
Acquisition of the Lycoming plant will enable Lycoming Division
to continue the development and manufacture of aviation engines and
propellers through its own plant facilities rather than on leased property
In the last fiscal year
and increase its
the outstanding capital stock was
manufacturing facilities.
Subsequent to the sale of its assets to the Aviation Corp., Lycoming
Manufacturing Co. was placed in liquidation pursuant to the order of the
United States District Court for the Northern District of Indiana.
As a
result of this liquidation, Aviation and Transportation Corp. will receive
28,932 of such shares and the First National Bank, Chicago, whose loans
to Lycoming Manufacturing Co.
in the amount of $500,000 were guar¬
by Aviation & Transportation Corp., will receive approximately
52,500 of such shares, in settlement of said guaranteed loan.
Auburn
Automobile Co., of which Aviation & Transportation Corp. was also a
substantial creditor and stockholder, is entitled to receive approximately
anteed
its investments and advances for the account of
the Lycoming Manufacturing Co., of which it is estimated that Auburn
will distribute approximately 70,000 shares in reorganization.
An amended plan of reorganization of the Auburn Automobile Co. was
recently filed with the U. S. District Court for the Northern District of
Indiana, and it is anticipated that the company's reorganization will be
shortly completed.
As a result of this reorganization, if the plan now
proposed is confirmed and consummated, Aviation & Transportation Corp.
will receive a substantial portion of the 70,000 shares above mentioned, as
well as preferred and common stock in the reorganized company in settle¬
ment of its present investment consisting of convertible debentures and
110,000 such shares for
stock.
In Nov., 1939, a new corporation,
common
in
Delaware.
This
corporation
Vultee Aircraft, Inc., was organized
acquired from Aviation Manufacturing
Oct. 31, 1939, all of the assets of its Vuitee
the liabilities applicable to said division,
and in payment for the net assets so transferred to Aviation Manufacturing
Corp. 450,000 shares of its authorized capital stock.
Aviation Manufac¬
Corp., as at the close of business
Aircraft Division and assumed
patterns,
anticipated of $464,903; loss on
$80,814 and provision for Federal income tax
orders
of
are no
longer
sales of securities (net)
of $54,327.
The pro¬
from the sale of the net assets of the
in Vultee Aircraft, Inc. which resulted
a taxable profit in excess of the loss from other items although no profit
recorded in the consolidated accounts in respect of this transaction,
vision for Federal income tax arose
Division for stock
Vultee Aircraft
in
is
y
Profit,
z
Including surtax on undistributed provits.
Inc., which was incorporated 90
Nov. 14, 1939,
Aircraft Division of Aviation
Aviation Corp.) as of Oct. 31,
1939.
In consideration therefor, \ultee Aircraft, Inc. assumed the liabili¬
ties of Vultee Aircraft Division as of Oct. 31, 1939 and issued to Aviation
Manufacturing Corp. 450,000 shares of capital stock.
The stock so re¬
ceived by the latter company was set up on its books at $1,373,319 (or
approximately $3 05 per share) representing the book value at Oct. 31, 1939
of the net assets transferred to Vultee Aircraft, Inc.
On Nov. 30, 1939 Aviation Manufacturing Corp. sold 3o0,000 shares of
Vultee Aircraft, Inc., capital stock to its parent, Aviation Corp.
Al¬
though all of the capital stock of Vultee Aircraft, Inc. issued and outstand¬
ing at Nov. 30, 1939 was owned by the Aviation Corp. or Aviation Manu¬
facturing Corp., Vultee Aircraft, Inc. has not been consolidated in the
foregoing consolidated balance sheet in view of the negotiations commenced
in Nov., 1939 and consummated on Jan. 12, 1940 on which date yultee
Aircraft, Inc. sold for cash to underwriters 300,000 shares of its previously
AT0te—Vultee Aircraft,
unissued
result
$8.50 per share. As a result of this sale the
Aircraft, Inc. by the Aviation Corp. and subsidiary
capital stock at
ownership of Vultee
companies
was
if Vultee
ownership will
reduced to 60% and further reduction in
Aircraft, Inc. capital stock is purchased by
optionees or
arrangements:
(a) On Nov. 15, 1939. Vultee Aircraft, Inc. reserved 37,500 shares of its
unissued capital stock for sale at $10 per share to its officers and executives
warrant
and
holders under
options on
the following
26,000 of such shares were
allotted to certain officers and
dirftftors
of
capital
of the fiscal year certain officers and employees
the Aviation Corp. and Aviation Manufacturing Corp. were granted options
to purchase at $10 per share 24,000 shares of Vultee Aircraft, Inc.,
stock owned by the Aviation Corp.
These options are exercisable at any
(b)
Since the close
til?c)POn1Jan^l2,
to
underwriters of
194(L in connection with the sale by Vultee
300,000 shares of its previously unissued
Aircraft, Inc.
capital stock,
warrants to
Aircraft, Inc. capital
be void after
and loss statement includes th6 opcrs**
Aviation Manufacturing Corp.f or the
Manufacturing Corp. delivered to such underwriters
purchase at $10 per share 100,000 shares of Vultee
stock owned by it, such warrants, which are in bearer form, to
Aviation
Dec. 31
1940.
Yjjg foregoing
tions of Vultee
consolidated profit
Aircraft Division of
Volume
The Commercial & Financial Chronicle
150
11
months ended Oct. 31. 1939 which
resulted., in a net lass of $779,129
from net sales of $1,266,348.
The operation^ of Vultee Aircraft, Inc.
resulted in a net loss of $63,858 from sales
of $72,510 for the month of
Nov.,
1939, which loss is
not
reflected in the consolidated profit and loss
statement.
receivable, less
Due from Vultee Aircraft, Inc.
reserve.
Accrued interest and dividend receivable...
Inventories
Other notes & accts. receivable,
partly secured...
Investments
.
1938
$1,769,652
124,660
357,568
65,780
f63,697
1,285,845
270,159
banks._________
Marketable securities, at cost
Notes and accounts
$1,282,152
415,640
335,135
64,901
1,456,259
294,145
a3,294,300
726,236
g4,667,620
Other aeronautical securities
I~~__
721,235
28,779
1,682,817
339,026
Miscellaneous investments (at cost)
!___
c Land,
bldgs., machine and other equipment....
c
Property leased to others
Deferred charges
684,383
29,873
1,180,934
339,026
57,497
922,493
...........$12,100,658
$10,398,591
$316,248
$173,696
142,812
190,423
42,600
328.991
39,437
__
Development
expenses, patents, &c_
Total.
-
_I
Accrued expenses
Customers'advance deposits
Purchase money obligations......
189,906
34,701
42,600
328.991
11,729,001
4,650,325
5,191,114
8,333,250
4,139,884
2,953,065
..$12,100,658
.
..
..............
i
.
Paid-up surplus
....
Total
be available
or
rio
and
bonds
contin¬
of other
The contingent interest coupons on the convertible bonds dated
May 1,
1940, will accordingly be void, but the interest represented thereby will
contingent
contingent
interest accruing for the year 1940 on the convertible bonds, will be
payable
May 1, 1941, or thereafter, whenever available net income for the pre¬
ceding calendar year, after authorized prior deductions, is sufficient for
on
the purpose.
Equipment Trust Certificates—
The
Interstate
Commerce
Commission
on
March
14
authorized
the
to assume obligation and liability in respect of not
exceeding
$4,750,000 series J 2serial equipment trust certificates, to be issued
by the Girard Trust Co., as trustee, and sold at 103.03191% of
company
par
accrued
ment.
dividends
in
connection
(See offering in V.
150,
Baltimore Transit
and
with
p.
the procurement of certain equip¬
1590.)—V. 150, p. 1753.
Co.—Earnings—
[Including Baltimore Coach Co.]
$10,398,591
.....
Reserve against prop., leases and contingencies
b Capital stock
Earned deficit subsequent to Dec. 31, 1932
remaining income will
no
be payable on later dated
coupons as earned.
Accrued unpaid
interest to Jan. 1. 1940 on the convertible bonds, together with
Liabilities—
Accounts payable....
e
Accordingly,
gent interest will be payable on the convertible bonds
issues bearing contingent interest on May 1, 1940.
1939
hand and in
on
income,
$7,751,008, to increase the net working capital of the B. & O., such appli¬
cation of income to net working capital being permitted for the
year 1939
only.
Consolidated Balance Sheet Nov. 30
Assets—
Cash
1927
directors of the B. & O. determined to apply $2,000,000 of such
available
net income to the capital fund and the remaining available net
a American
Airlines, Inc.: $3,294,300 principal amount five-year 4Yi%
debentures, due July 1, 1941, at cost.
Convertible into shares of common
of American Airlines, Inc., at the basic conversion
price of $12.50
per share.
Held for investment, $2,422,113.
Non-convertible, held for
investment, $872,187; total (as above), $3,294,300.
b Authorized, 5,000,000 shares, par value $3
per share; issued, 3,962,958
(2,831,041 in 1938) shares; less 53,291 shares in treasury.
Outstanding in
the hands of the public, 3,909.667
(2,777,750 in 1938) shares.
c After reserve for
depreciation,
e Accrued expenses and taxes (includ¬
ing income taxes),
f Accrued interest only.
g American Airlines, Inc.: $3,294,300
principal amount five-year
debentures, due July 1, 1941, at cost.
Convertible, $2,422,113; non-con¬
vertible (paid in full in Dec., 1939), $872,188.
Vultee Aircraft,- Inc.
$450,000 shares of capital stock, $1,373,320; total (as above, $4,667,620.
—V. 150, p. 1590.
Period End. Feb. 29—
Operating
Operating
1940—Month—1939
$981,526
841,495
revenues
expenses
Taxes.
1940—2 Mos.—1939
$2,040,631
$1,849 614
1,751,430
1,623,225
198,935
174,076
$882,826
770,094
95,381
Operating income
Non-operating income.
Gross income
85,211
$44,649
$27,520
$90,266
992
853
2,020
$52,312
1,772
$45,642
5,188
$28,373
5,949
$92,287
10,376
$54,085
11,875
_
._
Fixed charges^
stock
Net income
$40,454
$22,423
$81,910
$42,210
Note—No deduction is made for interest on series A
4% and 5% deben¬
The approximate interest for the two
months, at the full stipulated
rates, is $1.56,815.—V. 150, p. 1271.
tures.
Bangor & Aroostook RR.—Earnings—
Period End. Feb. 29—
Gross oper. revenues...
Operating
a
Net
dismissed the
Calendar Years—
Profit
on
opers.
1939
1938
Net profit on opers...
$890,809
404,498
10,158
.
Total income
*$3,045,777
$1,850,961
$1,213,724
603,076
530,295
481,247
x$3,648,853
538,105
$1,320,666
__
Surp. at beginning of
yr.
Total surplus
Cash dividends (net)...
573,375
$2,045,831
22,987
193,008
25,006
.
Net profit..
$732,477
715,516
9,649
6,335
$1,211,867
4,719,795
$4,024,473
$2,911,679
55,998
$6,893,820
892,950
$5,931,662
842,671
Surplus at end
$6,000,870
1939
Assess—
Cash
a
1939
927,538
193,098
1,069,095
5,412,131
Res.for Fed .inc.tax
3,706,841
Prov.
6,271,034
6,629,773
Res. for conting..
1
1
Accrued liabilities.
Advance payments
on
Prop., plant and
equipment
Other assets
11,875
18,750
Deferred charges &
prepaid
a
After
62,884
90,330
..26,560,515 23,545,8871
reserve
d
for
4
Capital stock
...
685,122
650,000
419,935
378,890
17,600,000 17,600,000
4,024,473
2,855,681
Balfour Building,
in treasury
Total
Other income
City offices the
under the
company will operate a branch
(Del.)—Earnings-
192
reserve
for contingent additional
114,000
Total income
on
$514,962
8,843
J
Income credit—Transfer from
Federal income taxes..
Premium
Other
...
$637,997
35,830
181,775
6,644
.......
expenses
debentures
...
9,030 shares.—V.
on
8,383
10,934
1,020
25-year 6% and profit-sharing debentures retired..
deductions
Net inc. for period (before additional interest
Surplus Aug. 1, 1939
on
debs.)
$393,410
1,702,216
_..._
Additional int.
on
debs, for the six months ended July 31, 1939
Total surplus
Dividends
Drl04,736
149, p. 2962.
Inc.—Earnings—
revenues
$ 1,990,890
on common
Excess of cost
__Dr200,941 Z>r200,941
......23,5C0,515 23,545,887
over
tures
stock
par
105,002
value of debentures held in treasury.
987
_
(before additional interest on deben¬
for the six months ended Jan. 31, 1940)..^
$1,884,900
Balance Sheet Jan. 31, 1940
1940
Assets—Cash, $230,238; accounts receivable from officers and employees
a
subsidiary company (capital stock of that company held as col¬
lateral), $724; investments in capital stocks of Beneficial Industrial Loan
Corp. and of subsidiary companies (see note)—at book value which is
suostantially cost, $8,318,048; land and office building—at cost less deof
freciation, $70,610; furniture andtotal, $8,771,347. less depreciation,
fixtures—at cost
6,565; deferred charges, $145,161;
Earnings for Year Ended Dec. 31, 1939
Gross
Corp.—Organized—
Beamlite Electric
Y.
on
Surplus Jan. 31,
of $117,728 in 1939 and $96,323 in 1938.
b After reserve
c After reserve for
depreciation,
e
N.
Earnings for Six Months Ended Jan. 31, 1940
capital stocks—Beneficial Industrial Loan Corp..
Subsidiary companies
Dividends
Capital stk. held
of $961,830 in 1939 and $963,320 in 1938.
d 681,000 no-par shares,
$1.57
add'l
Surplus
e
expenses
Total
contracts
costs
Patents
1938
$307,843
664,790
219,733
129,200
4,417,597
6,697,657
3,671,753
to Investments
c
500,000
904,365
500,000
1,969,361
Inventoiles
1939
$567,467
$3.07
Interest and charges on notes payable
Amortization of deferred charges
$
2,255,455
5,610,625
"Unbilled ship, and
instal
1938
Accounts payable.
Notes payable-...
Accounts & notes
receivable
$
$209,304
600 South Michigan Blvd., Chicago.
Interest
Liabilities—
$
2,201,369
Ave.,
Administrative
1938
$
2,265,325
—
7.257
Blessing Co.—Earnings—
In addition to New York
$5,088,991
Consolidated Balance Sheet Dec. 31
$341,844
126,095
6,445
123,672
line of reflector and general lighting service incandescent
lamps
brand name of "Beamlite."
Loss.
x
$346,485
.Dr 4,641
2,532
63,049
2,209"
3,132
Beneficial Loan Society
$1,804,829
5,088,991
$274,090 "
Corp. with principal offices at 366
City, .New York, was announced on March 17
The new company succeeds to the business of B. E. Sales
Corp., one-time
operates of Birdseye Electric Co., and will produce and distribute a
complete
100,319
x$3,089,191
6,000,870
$271,558
$169,978
income....
$104,720'
$57,051
$143,161
Including maintenance and depreciation.—V. 150, p. 1271.
Formation of the
at
$1,168,792
2.855,681
$174,8,50
Dr4,872
$122,019
61,836
Years Ended Nov. 30—
Net profit after all charges and taxes
Earnings per share on common stock..
—V. 149, P. 2962.
$1,312,187
-31,053
x$3,079,695
7,500
9,492
129,200
4
Interest paid
Prov. for Fed. inc. taxes
"
Beamlite Electric
.,305,492
undist. profs
a
Madison
Income from investm'ts.
Interest and exchange.
on
1936
after
sell., adm.& gen.exps. $1,468,427
Deprec. of bldgs., mach.
and equipment, &c._,
577,618
Surtax
1937
$458,083
111,598
102,852
Net
Bastian
Subs.)-—Earnings—
$374,410
1,055
...
Interest on funded debt.
Other deductions
1939, lost his standing to maintain the
Babcock & Wilcox Co. (&
$1,150,663
692,580
$228,798
53,948
48,152
Gross income
its merits and because Mr. Kehaya who ceased to be a
case on
director of the company, in June,
suit.—V. 149, p. 3253.
$1,068,864
694,454
346,667
$120,964
Other income
1940—2 Mos.—1939
$575,465
$169,116
rev.
Operating income
Judge John M. Woolsey in U. S. District Court has dismissed the suit of
Ery Kehaya against the estate of Wood F. Axton and Edwin D. Axton,
Robert L. Axton, and the Axton-Fisher Tobacco Co. in which Mr.
Kehaya
charged damages to the company of $756,459 because of alleged negligence
in the purchase of 8,000,000 pounds of leaf tobacco in 1934.
Judge Woolsey
'
$512,157
343,041
from oper...
accruals
Tax
Axton-Fisher Tobacco Co.—Suit Dismissed—
1940—Month—1939
expenses...
$202,007
37,382
Liabilities—Collateral
note
payable
(see
note),
$650,000; accounts
payable, $97,384; reserve for Federal income taxes of prior years, $9,962;
30-year 4J^% convertible gold bonds due Feb. 1, 1960, and certifi¬
cates of deposit therefor, will be suspended from dealings on the New York
Stock Exchange March 28 but will be replaced by 30-year convertible
gold
25-year 6% and profit-sharing debentures, due July 1, If56—authorized,
$8,000,000; outstanding (after deducting $161,400 retired and $1,319,400
held in treasury), $5,954,100; common stock (authorized, 420,000 shares
without par value; issued and outstanding, 420,000 shares),
$175,000;
surplus (before additional interest on debentures for the six months ended
Jan. 31, 1940). $1,884,900; total, $8,771,347.
Note—The collateral to the note payable, which is to a bank, consists
Net profit after all
charges and taxes
Baltimore & Ohio
RR.-—Listing, &c.—
The
bonds due Feb.
1, 1960 (stamped modified).
The 4H% convertible bonds, Lincoln Park & Charlotte RR. 1st
mtge.
5% bonds, first mortgage 4% bonds of Buffalo & Susquehanna RR. Corp.
and certificates of deposit therefor should be presented at the respective
offices of the following agents; 43^% convertible bonds (Kuhn, Loeb &
Co.); Lincoln Park & Charlotte KR. bonds (Central Hanover Bank &
Trust Co.); B. & S. bonds (Chase National Bank).
Notations are to be
imprinted on the bonds and agreements and coupons are to be annexed
to the convertible bonds and the Lincoln Park bonds.
Bonds so presented
should be accompanied by an appropriate letter of transmittal.
The presentation of the bonds for such annexation and imprinting is
required by a decree dated Nov. 8, 1939, of the U. S. District Court for
the District of Maryland confirming the plan of the B. & O. for modifica¬
tion of interest charges and maturities dated Aug. 15, 1938, which is now
effective and binding on all holders of the bonds, and by supplemental
indentures dated Jan. 1, 1940, supplementing snd modifying the indentures
under which the bonds were issued, which have been executed pursuant to
the decree.
The decree provides that after March 1, 1940, no interest
due after Nov. 8, 1939 on the bonds shall be paid unless such bonds have
been duly presented as aforesaid.
The modified convertible bonds have been authorized for listing on the
New York Stock Exchange.
The available net income of the B. & O. for the year 1939, determined
In accordance with Interstate Commerce Commission accounting regula¬
tions and after deducting fixed interest, is $9,751,008, which is subject
to any debits and credits
(which are expected to be unsubstantial) to
adjust income in prior years pursuant to the provisions of said supple¬
mental indentures.
In accordance with the provisions of the plan, the
of
common
stock
of Beneficial
in investments above at
Industrial
$1,158,990.—V.
Loan
Corp. which
is
included
149, p. 1754.
Bickford's, Inc.—Common Dividend—
Directors have declared a dividend of 30 cents per share on the common
stock, payable April 1 to holders of record March 22.
Like amount was
paid on Jan. 2, last, and dividends of 40 cents were paid in each quarter
of 1939.—V. 148, p. 4019.
Birdsboro Steel
At
Foundry & Machine Co.—New Director
recent annual meeting of stockholders, John T.
Whiting was
member of the board of directors to fill the vacancy caused
by the
recent death of S. M. D. Clapper.
Mr. Whiting is President of the Alan
the
elected
Wood
a
Steel
Co.
Other
members of the Birdsboro
149, p. 4019.
Steel
board
were
re¬
elected without change.—V.
Biltmore Hats, Ltd.—<-Dividend—
Directors have declared a dividend of 15 cents per share on the common
15 to holders of record March 30.
Extra dividend of
15 cents in addition to regular semi-annual dividend of 25 cents per share
stock, payable April
was
paid
on
Jan. 25, last.—Y. 150, p. 987.
(E. W.) Bliss Co.—New Director—
James
vacancy
P.
had
Murtagh has been elected a director of this company.
A
been left by the recent death of James Skinner, Secretary.
Secretary and Treasurer.—V. 147, p. 2239.
Ernest S. McClary is now
The
1928
RR.—Assents Reach. 75%—
the road's bonds in the hands of the public
of exchange by which the railroad seeks to
avoid court reorganization, it was announced March 19 by W. S. Trow¬
bridge, Vice-President in Charge of Finance.
Vice-President Towbridge stated that the total of bonds which had
assented March 18 was a little over $78,000,000, out of the $103,786,500 in
the hands of the general public.
"This includes," he stated, "the $9,100,000 of bonds held by the Commonwealth of Massachusetts.
"While the deposits and assents to date have been very gratifying,'
reads Mr. Trowbridge's statement, "the total is far short of the amount
sufficient for the railroad to make the plan operative.
There are still
about $25,000,000 of bonds which have not been stamped under the plan.
Unless substantially all the holders of these bonds come forward at once
and join with the majority already assenting, the plan can not be declared
operative.
If they do not do this, the plan will fail and the road will be
forced to seek reorganization under Section 77 of the Bankruptcy Act.
"From the experience of other roads, which have been forced into the
courts, this will probably entail a long court proceeding with possible result
of loss of interest to bondholders for an extended period."
Mr, Trowbridge stated that an analysis of the assents to date shows
so far as the railroad can ascertain, every savings bank in the State of New
York which holds Boston and Maine bonds has assented to the plan.
A
75% of the holders of
have given assent to the plan
States, he
solution
majority of savings banks and insurance companies in other
said, who hold bonds of record have assented to the plan as the best
for all concerned of the road's financial problems.—V. 150, p. 1755.
29—
Period End. Feb.
a
Net
profit
After ordinary taxes,
a
income taxes.—V.
Directors have
cumulations on the 6%
holders of record March
Corp.—Tenders—
Cassco
The Chase
exceed
not to
150, p. 429.
proceeds from
sufficient to exhaust
released property and fire losses deposited in the sinking fund.
delivered to the corporate trust department of the bank,
New York, before 12 noon April 2, 1940—V. 145, p. 2384.
Tenders must be
11 Broad St.,
Caterpillar Tractor
Inc.—Capital Changes Voted—
March 21 authorized capital
split-up of outstanding common stock
offering of 150,000 of the new shares.
This offering, to be underwritten by F. Eberstadt & Co., of New York,
will include 100,000 shares representing new capital for the company and
Co.—Earnings-
Cost of sales, oper. exps.,
„
(inventory
Gross profit
2,539,648
$4,368,964
Prov. for Federal taxes..
$7,939,671
Cr265,935
55,955
1,768,825
X?mtpS.f!!-?.Tled--t!
$6,380,826
at
a
$3,452,793
Balance
Interest paid
of 75,000
par
stock is increased to 400,000 shares of $2.50
value, and with the sale of 100,000 shares for the company's account,
full amount will be outstanding.—V. 150, p. 1755.
shares of $10 par common
Bridgeoort Machine
Co.—Earnings—
profit after all
charges & taxes
—V. 149, p. 2504.
1936
1937
1938
1939
Calendar Years—
the
Cr349,242
7,103
1,258,311
provision for any
undistributed earnings.
Before deducting
$13,874,704
1,940,160
$10,443,421 $11,934,544
Cr489,170
Cr520,123
7,665
7,698
1,993,872
2,187,493
$8,931,053 $10,259,476
become due for
amount which may
Balance Sheet
special meeting held
50,000 shares for the account of T. E. Braniff, President.
As a resut of the above changes, the authorized capitalization
2,221,306
2,430,507
Depreciation...
x
■„
_
$6,799,471 $12,664,727
I$10,479,319
estimated)
46,763,418 42,998,833
42,929,138
49.353,123
&c., less misc. income.
Braniff Airways,
Stockholders
1938
1937
$49,728,609 $59,428,145 $o6,873,538
$59,832,443
Net sales
281938
-Feb.
1939
Feb. 29, '40
12 Months Ended—
surtaxes on
changes involving a four-for-one
preliminary to a proposed public
tenders for the sale to it at prices
of first mortgage 6% sinking fund
the sum of $20,257 representing
National Bank is inviting
par and accrued interest
bonds in an amount
Interest earned
Corp.—Earnings1940—Month—1939
1940—2 Mos.—l939
$7,868
$323
$43
$5,599
rental and interest, but before amortization and
Bowman-Biltmore Hotels
1940
23,
(Philip) Carey Mfg. Co .—Accumulated Dividend—
declared a dividend of $1.50 per share on account »f ac¬
cumulative preferred stock, payable March 25 to
15. leaving arrears of $6 per share.—V. 149, p.3548.
Boston & Maine
Over
March
Chronicle
Commercial & Financial
St
8,306,769
less reserves
Pref.
1
1
&c. 19,541,466
Prepaid Insurance,
20,025,023
36,016
39,661
and
x
goodwill
...
buildings,
Land,
equipment.
taxes, Ac
stk.
pres.
not yet
z280,564
for red
1,821,845
Res. for Fed. taxes
$100)
Common stock.
Pf. stk. (par
y
Capital
329,009
982,223
expenses
21,819,939 19,058,010
trade-mks.
Pats.,
1,582,356
payable- 2.564.311
3,260,651
Notes pay. to bks. a7,250,0CG
9,258.729 Accrued payrolls &
Accounts
Notes & accts. rec.
Inventories
$
$
Liabilities—
$
2,348,512
Cash.....
Feb. 28/39
Fe&.29.'40
Feb.28/39 f
29,'40
Feb.
A
------
9,411,200
surplus...13,733,577
Earned surplus
—16,008,985
1,249.178
11,515,200
9,411,200
13,733,577
13,821,556
Net
•
Brillo Manufacturing
x
Co.—Earnings—
1938
1939
profit after deprec., amortiz. &
sh. on 145,310 shs. com.
149, p. 3710.
Earns, per
$272,440
$1.56
$321,067
$1.90
all taxes
stk. (no par)__
—V.
Brooklyn Borough Gas
Co.—Bonds Called—
1756.
Brooklyn-Manhattan Transit
Approves Plan Modification—
Corp.—Board of Estimate
150, p. 1424.
March 14, approved Comtroller McGoldrick's
modification of the B.-M. T.-B. & Q. T. unifica¬
tion plan in such a manner as may ultimately serve to keep holders of undeposlted preferred stocks in both companies from gaining large advantages
over the assenters.
At the same time, the Board consented to fixing by the
Transit Commission of May 15 as the date for final consummation of the
B.-M. T.-B. & Q. T. unification agreement.
Acquisition by vondemnation of various elevated lines in the B.-M. T.
and the I. It. T.-Manhattan Ry. systems incident to unification likewise
was approved by the Board, which voted that the cost in each instance be
apportioned one-third against the property owners in the area of benefit,
one-third against the borough in which the lines are located, and one-third
against the city as a whole.
The lines scheduled for demolition following
unification include the Ninth Ave. "El" and a portion of the Second Ave.
"El" in Manhattan, and the Fulton St. and Fifth Ave. "Els" in Brooklyn.
Brunswick-Balke-Collender Co.—Earnings—
Calendar Years—
1939
1938
1937
Net sales
$13,745,522 $10,797,278 $11,553,310
Earns .per
sh .on com.stk.
1272.
1936
$8,792,773
770,825
$1.32
786,376
$1.41
—V. 150, p.
Bush Terminal Buildings
Calendar Years—
profit of company only
Consolidated net profit including
Net
—V. 150, p.
The
to
throwing mills.
and
'
.
all charges,
after
1937
1938
1939
$18,589
depreciation
3109.
Wyant & Cannon
Dividend—
loss$185,129
$2,823
Foundry Co.—25-Cent
■
•
Directors have declared a
1595.
Canada Northern Power Corp.,
Month of January—
Gross earnings
j
Operating expenses,
Ltd.—Earnings—
1940
1939
$437,963
$437,353
222,545
203,353
$215,418
Net earnings.
$234,000
1757.
Canadian National Ry.—Earnings—
Period Ended Feb. 29—
1940—Month—1939
Operating revenues
Operating expenses
1940—2 Mos.—1939
$17,722,756 $13,069,775 $35,324,491 $26,564,780
15,959,568
14,357,117 31,889,507 28,460,318
$l,763,188df$l,287,342
Net revenue.
Earnings of System for Week
$3,434,984df$1,895,538
Ended March 14
1940
150,
p.
1757.
Canadian Pacific
1939
$3,992,472
I
Gross revenue...
—V.
$3,199,849
Increase
$792,623
Ry.—Earnings—
Earnings for the Week Ended March
1Q40
Traffic earnings
—V. 150, p.
of any
Celanese charged
an
injunction, an
Central Electric &
The
a
company,
$2,577,000
14
1QQQ
$2,309,000
T-nrrnncfi
$268,000
1757.
Capital City Products Co.—To Pay 15-Cent
Directors have declared a
Dividend—
dividend of 15 cents per share on
stock, payable March 30 to holders of
were paid on Dec. 27 last and on Oct.
V. 150, p. 833.
,
„
^
letters patent, and
damages.—V. loO, p. lo9o.
infringement of three
accounting and triple
Telephone Co.—Plan for Integration
subject to the Utility Holding
utility which is not
for itself at a Se¬
Company Act, March 13 presented an integration plan
curities and Exchange Commission hearing.
,
The integration program calls for the acquisition by
company
Sious Falls Gas Co., now owned by a subsidiary of Associated Gas
Co., at a price of $1,600,000 and for the sale of four other
Negotiations for the sale of these properties have already
with Northern States Power Co., Otter Tail Power Co.
and two
power districts, one of which is seeking an Reconstruction
^
of the
& Electric
the
utility properties.
been entered into
.
_
Disclosure
of the integration
plan was made
by R. A. Phillips, Vice-
proposed sale
of the Sioux Falls
Co, said that,
of the Utility
general manager, at an SEC hearing on the
by Central U. S. Utilities Co., an A. G. & E. subsidiary
Gas Co,
Representatives of Central Electric & Telephone
although they are not subject to the integration requirements
Act, they thought their plan was good operating judgment, i
Seven minority stockholders of Central Electric & Power,
by J, E. Porter, Milwaukee, have appeared at the hearing to
purchase by the company of the Sioux Falls Gas Co.
Central U. S. Utilities intends to use the $1,600,000 which, it will receive
in cash and from the sale of the Central Electric preferred either to finance
construction by its subsidiary, Pennsylvania Electric Co., or to reduce its
President and
the common
record March 25. Like amounts
15, June 27 and April 11, 1938.—
Associated Electric Co,, according to
$1,600,000 is
hearing.
Associated Electric Co., if the
will use the funds to retire its bonds.
utility properties which Mr. Phillips said Central Electric
testimony at the
turned over to it,
The
sell
as
the following:
plans to
......
which he said it is "only reasonable
to suppose that we will ultimately sell" to Otter Tail Power Co.
Farmington, Minn., properties which are being offered to Northern States
North Dakota
Electric Co. properties
$65,000.
Dak.,
Power Co. at
Jamestown, N.
the common
holders of record April 5.
Dividend of 40 cents
was paid on Jan. 26 last; 20 cents was paid on Nov. 24 last and previous
payment was the 25-cent distribution made on Feb. 26, 1938.—V. 150,
—V. 150, p.
asked
•
dividend of 25 cents per share on
stock, payable April 26 to
p.
in which yarn is cuC unevenly.
"hand" in a fabric. The process
sort and the product is used singly or in
of abrading yarn is one
surface fuzziness and soft
combination with other yarns.
In the suit,
,
.
process
be applied to yarn
can
taxes
—V. 149, p.
Campbell,
The
This produces a
indebtedness to its parent company,
Co.—Earnings—
Calendar Years—
income
$4,523
116,447
99,954
1594.
Bush Terminal
Net
1938
$2,828
_
for
patents
weaving and
represented
object to the
Co .—Earnings—
1939
Bush House, Ltd.
abraded
tion loan,
profits after all
1,003,710
$1.90
America—Settlement of Suit—
of corporation against Tubize Chatillon Corp.
of patents in the manufacture of
yarn was
announced March 19 following the filing of papers dismissing the action
in the U. S. Court for the District of Delaware at Wilmington.
suit
was instigated there on Aug. 15, 1939.
,
By the terms of settlement , Tubize has been granted a license
manu¬
facture abraded yarn on a royalty basis under Celanese patents and
a cash consideration has assigned its patents on the suDject to Celanese
Corp.
Licenses to make abraded yarn under the Celanese
are
hetd by E. I. du Pont de Nemours & Co. and numerous
of the suit
violation
public
.Finance Corpora¬
—V. 150, p. 1593.
2,037,435
$4.23
Corp. of
Celanese
The Board of Estimate,
resolution contemplating
charges and taxes
printed
1940.—V
y
Settlement
15 all of its out¬
1967. Payment
York City.—
Net
depreciation of $13,290,755 in 1940 and $12,012,185
Represented by 1,882,240 no par shares, z Not yet
redemption—at par plus accrued dividends, a $2,750,000 due
After reserve for
charging
Company has called for redemption at 104 on May
standing 5% gen. & ref. mtge. bonds, series A, due Feb. 1,
will be made at the Title Guarantee & Trust Co., New
V. 150. p.
for
52,052,703 51,642,076
Total
52,052,703 51,642,076
Total
in 1939.
Calendar Years—
Net
$361,651
$529,685
$13,184
loss$200,792
properties which formerly were under option to
for $50,000 and which the company expects
Montana-Dakota Utilities Co.
eventually to sell to Montana-Dakota.
Albemarle, N. C., properties which are
Albemarle at
a
gross
price of $145,000
Central
3
Illinois
of
the city is
being offered to the City
and the purchase of which
endeavoring to finance with an RFC loan.
Albion, Neb,, properties which may be sold to a
that State or to Interstate Power Co.—V. 150, p.
Light Co.—Private
public power district in
1758.
Sale of $9,376,300
% Bonds—
The
Securities
and
Exchange
Commission on March 21
issued an order
the provisions
and sale of
Said bonds
outstanding 4.%%
approving the company's application for exemption from
of Section 6 (a) of Holding Company Act for the issuance
$9,376,300 1st & consol. mtge. bonds, 3M% series, due 1963.
are to replace a like principal amount of the presently
series.
At
present
redeemable at
the outstanding bonds, bearing 4^%
105 until 1943, which price thereafter
interest and being
decreases H of 1%
1962, are held d>y nine insurance companies.
This trans¬
action will reduce the interest rate 1%, double the redemption premium,
and leave the maturity date unchanged, which is similar to a sale of the
bonds on a 2.94 basis.
The contract with the insurance companies was
negotiated by the principal financial officer of the
Southern Corp., who also arranged for certain of the holders to purchase
at 105 and accrued interest the bonds now owned by three companies
who did not ddsire to purchase any of the 3
% bonds. No a^ent or finder
was
used and consequently there will be no fees or commissions.
The
expenses of the transaction, including legal fees, have been
approximately $10,500.
The capitalization and surplus as of Nov. 30, 1939, was as follows:
annually until
Commonwealth &
estimated at
First & consoi. mtge.
bonds—4H% series due
3M% series due April 1, 1966
4H% preferred stock (par $100)
Common stock (210,000 shares no par)
Earned
surplus
April 1, 1963
1
stated at
$9,376,300
9,178,000
11,146,400
10,833,987
3,273,721
Volume
The Commercial & Financial Chronicle
ISO
The capitalization
and surplus as shown above will not be affected by
change in interest rate and redemption provision of the $9,376,300
150, p. 1424.
the
of 4bonds due 1963.—V.
1929
30 cents paid on Dec. 21 last; 10 cents paid on April 15, 1939; 15 cents paid
on Dec. 21, 1938; 10 cents paid on April 1, 1938; dividends of 20 cents paid
on each of the four preceding quarters, and a dividend of 75 cents paid on
18, 1936, this latter being the first dividend paid since March 20,
1931, when 15 cents per share was distributed.—V. 149, p. 4025.
Dec.
Central Vermont
Ry.—Earnings—
Period Ended Feb. 29—
Railway
Railway
Net
1940—Month—1939
$553,597
446,243
revenue
$1,115,730
809,256
$47,859
26,103
$205,630
47,947
$81,155
72,755
$21,755
26,888
$157,683
71,292
$28,399
64,496
loss$5,133
Dr2,939
$86,391
Dr5,309
loss$36,097
Drl,994
from rail
way operations
Railway tax accruals...
0
30,208
•
$55,969
Other income.
Dr492
r.
charges
Total fixed charges
$55,477
103,161
loss$8,072
104,140
Balance, deficit
—V. 150, p. 1273, 988.
$47,683
$112,212
fixed
$81,082
207,070
loss$38,091
209,303
$125,988
$247,395
1'939
1938
1936
1937
Net income after all chgs
$414,341
$571,390
$770,448
$2.71
and taxes
•1.3.83
.15.32
Earns.persh.on com.stk.
$360,666
$2.33
—V. 149, p. 4169.
Chemical Fund, Inc.—To Pay 8-Cent
Directors have declared
The formation of the Charles E. Culpeper Foundation, which when
incorporated will become the largest single stockholder of the company,
and will distribute to charitable, religious and educational organizations
the entire income from its holdings of 101,380 shares of the company, was
revealed to stockholders at the annual meeting.
The announcement was made by James T. Murray, who succeeded the
late Mr. Culpeper as President and Chairman of the Board.
Mr. Murray
explained that the trust was to be set up under the terms of Mr. Culpeper's
will.
[The "Wall Street Journal" states that based on over-the-counter quo¬
Culperper's estate
tations for the company's stock, the shares held by Mr.
have a current market value of roughtly $8,000,000.]
Mr. Murray said that with the company's sales and earnings showing
steady increases from year to year—a situation true also of its Buffalo,
New Jersey, and Connecticut subsidiaries—stockholders might reasonably
expect regular dividends henceforth.
The larger these dividends, he stated,
the more money there would be available for the objects and purposes
Dividend—
with 13 cents paid on Jan. 15 last, seven cents paid on Oct. 14 and
July 15 last, eight cents paid on March 29 and Jan. 14, 1939, and an initial
dividend of 1% cents per shrae was paid on Oct. 15,1938.—V. 150, p. 430.
Chesapeake & Potomac Telephone Co.—Common Issue
in both
The Maryland Public Service Commission on March 19 approved an
application of this company authorizing issuance of $5,000,000 of common
The company, which plans to issue the stock on April 1, said part
of the proceeds would be used to pay obligations to the American Telephone
& Telegraph Co.
The new stock authorization covers the remainder of the.
stock.
act "calculated to cause any
referred to as 'Coca-Cola,'
Net
1937
$12,154,071 $11,217,696 $13,492,358
profit after all charges & taxes__
823,587
Earnings per share on common stock.
$0.33
—V. 149, P.
769,554
$0.16
1,476,884
$2.20
3255.
Chicago Railway Equipment Co. (& Subs.)—Earnings
Calendar
1939
Years—
Net profit after all
and taxes
1938
1937
1936
chgs.
$243,680
loss$61,758
$681,342
$405,855
150, p. 1131.
—V.
Chicago Rock Island & Pacific Ry.—Certificates Called
certificates of indebtedness,
have been called for redemption on April 17 at par and
Payment will be made at the First National Bank of
All of the outstanding 10-year secured 3
due July 1, 1947
accrued interest.
Chicago or at the Bank of New York, N. Y. City.—V. 150, p. 1756.
Chicago
Stockyards
Co.
-Penalty
Upheld
on
Appeals decided in an ll-to-4 decision made public, March 20.
The minority, whose opinion was written by John M. Sternhagen, held
that the decision should have been "more than a substitution of the Board's
judgment for that of the managers of the business."
The undistributed profits section of the revenue law under which the
determinations were made know superseced by Section 102 of the Revenue
Act of 1938, subjected any corporation to a tax equal to 50% of its net
income in addition to regular income taxes if "it is formed or availed of for
preventing the imposition of the surtax upon its shareholders
through the medium of permitting its gains or profits to accumulate instead
of being divided or distributed."
The majority of the Board laid emphasis on the fact that the company
had accumulated an earned surplus of $19,615,905 up to Dec. 31, 1929,
which it was held was adequate for its corporate purposes, including a long-
the purpose of
paid plan for using an accumulation of capital to liquidate the Chicago
Junction Rys. and Union Stockyards Co. (called the Jersey company in the
opinion) in 1940.
The Board held that "the petitioner had no need for the accumulation of
gains and profits beyond the amount accumulated to Dec. 31,1929, and that
a further accumulation of profits in subsequent years was beyond the reason¬
able needs of the business, and that during 1930,1932 and 1933 the petitioner
was 'availed of' (the language of the statute) for the purpose of preventing
the imposition or the surtax upon its shareholders through the medium of
permitting its gains and profits to accumulate."
Writing for the dissenting members, J. Edgar Murdock, J. Russell Leech
and John W. Kern, Mr. Sternhagen said that "the accumulation of earnings
and profits was not for the purpose of reducing or preventing taxes, but for
the purpose of meeting the forthcoming demands occasioned by the termi¬
nation of the Jersey company's charter in 1940.—V. 106, p. 193.
Chicago Union Station Co.—Bonds Sold—
Loeb & Co. announced March 15 on behalf of themselves and
offered the $16,000,000 1st mtge. 3V%% bonds, series F,
1002£%, that a.i of the bonds have been sold.
Other principal under¬
writers were Lee Higginson Corp.; Harriman Ripiey & Co., Inc.; Smith,
Barney & Co.; Glore, Forgan & Co., and The First Boston Corp.—V. 150,
p. 1758.
Kubn,
associates who
at
Cincinnati Street
per sh. on
Ry.—Earnings—
1940— Month—1939
$6,245
$3,137
Period End. Feb. 29—
Net income___
s
1940—2 Mos.—1939
$11,120
$6,780
$0.02
cap.stk
After int., deprec.,
Federal income taxes, &c.—Y. 150, p.
$0.01
1274.
Cincinnati & Suburban Bell Telephone Co,—Gain in
Phones—
in
City Ice & Fuel Corp.—Earnings—
Calendar Years—
Sales
Net
1939
1938
1937
1936
$25,356,161 $25,407,462 $28,970,670 $29,043,108
profits after all
3,041,052
2,816,642
3,301,855
3,836,967
$1.60
charges and taxes
$1.32
$1.73
$2.20
Earnings per share on
common
—V.
stock
150, p. 125.
products not plaintiff's to be known, sold, or
'Koke,' 'Cola,' or 'Koal,' or by any
any of those terms or any colorable
'coke,'
contains
'
■
special master to report at the next
"what damages have been sustained by plaintiff, and
what profits have been realized by defendants" by reason of the infringe¬
ment.—V. 150, p. 1596.
Directors, have declared
a
Inc.—Common Dividend—
dividend of 60 cents per share on the common
stock, payable April 5 to holders of record March 30.
This will be the first
dividend paid since Dec. 29, 1938 when $1 per share was distributed.
—V. 147, p. 4051.
Offered—
(no par)
was offered March 19 by an underwriting group headed by
Dillon, Read & Co.; Shields & Co.; Lehman Brothers, and
Merrill Lynch & Co., Inc., at $101 per share, representing
an aggregate
offering price of $12,625,000.
The company
made arrangements with the underwriters to afford holders
of the 6% pref. stock a prior opportunity, until 3 p. m.
March 20, to purchase shares of the new pref. stock at the
initial public offering price on a share-for-share basis.
Colgate-Palmolive-Peet Co.—Preferred Stock
issue of 125,000 shares of $4.25 pref. stock
An
Counsel for the underwriters gave their opinion that Pennsylvania resi¬
purchasing the new stock will not be subject to the 4-mill tax imposed
or the 4-mill tax imposed for county purposes, under
so long as the company continues to pay a franchise tax in
Pennsylvania.
Company—Company was incorp. in Delaware on July 25, 1923 (under
the name Eastern Operating Co.) and acquired at various times thereafter
the businesses of Palmolive Co., Peet Brothers Co., Colgate & Co. and
(through a subsidiary) Kirkman & Son Corp., wrhich businesses were founded
respectively, in 1864, 1872, 1806 and 1837.
Company is engaged directly and through subsidiaries in the manufac¬
ture and sale, in the United States and abroad, of soaps for toilet, laundry
and household purposes, dentifrices, shaving soaps and other toilet prepa¬
rations, and glycerine.
Branded products include Palmolive toilet soap,
Cashmere Bouquet soap and toilet preparations, Octagon, Crystal White
and -Kirkman laundry soaps, Concentrated Super Suds, Colgate's Ribbon
Dental Cream and Colgate and Palmolive shaving preparations.
Com¬
pany has a plant at Jersey City, N. J., for the manufacture of soaps, toilet
preparations and glycerine.
There are four other domestic plants, includ¬
ing one owned by a subsidiary, for the manufacture of soaps and glycerine.
An important part of the business is done in foreign countries, largely
by subsidiaries.
Company has subsidiaries or branches in 22 foreign coun¬
tries. in seven of which subsidiaries have manufacturing plants.
Subsidiaries operate extensively in countries which are at war or directly
affected by war, and in countries wherein exchange restrictions of greater
or less severity prevail.
>
Capitalization—Outstanding as of Dec, 31, 1939:
Preferred stock (par $100) 6% cumulative dividend
al50,248shs.
Common stock (no par)
1,962,807
shs
a
Exclusive of 30,000 shares called for redemption on Feb. 1, 1940.
In
January, 1940, the company called for redemption an additional 25,200
shares and purchased 48%, shares for its treasury.
Subsequently the com¬
pany retired such 30,000 shares and such 25,200 shares, and all shares of
preferred stock held in its treasury, leaving 125,000 shares of 6% preferred
stock outstanding.
Company has guaranteed payment of $487,500 .4% serial notes of an
inactive subsidiary.
Such guaranteed notes, together with $1,725,000
notes maturing Jan. 1. 1947 (not so guaranteed) are secured by a mortgage
on the Palmolive Building, an office building in Chicago now owned by the
State purposes
existing law,
company.
The interest on all such
has been paid by the company.
1939
Calendar Years—
Net income after
1938
,
1937
1936
$5,020,933
$3,145,295
all
charges and taxes
$3,378,394
$755,759
—V. 150, p. 1596.
Corp.—Common Dividend—
dividend of 10 cents per share on the common
stock, payable April 10 to holders of record March 30.
This compares with
Directors have declared a
notes (including those not
guaranteed)
Purpose—Net proceeds from the sale of the $4.25 preferred stock will
amount to a minimum of $12,108,875 and a maximum of $12,248,250, in
each case exclusive of accrued dividends and after deducting underwriting
commissions and estimated expenses.
Company intends to use the net
proceeds, together with certain treasury funds, in connection with the re¬
demption at $102.50 per share plus accrued dividends, of the 125,000
shares of outstanding 6% preferred stock, the total redemption amount
being $12,920,000.
Consolidated Income Account for Calendar Years
1939
1938
1937
$101,935,439 $99,452,741 $99,991,355
58,559,645
60,521,738
66,169,163
Net sales
Cost of sales.
33,214,722
Operating expenses, &c_
Balance
-
Miscellaneous deductions (net)
33,505,706
$7,154,756
672,609
~
suit, &c__
Balance
Provision for income taxes
Net profit
31,776,247
$10,161,072
537,362
$9,623,710
Net profit
Settlement of patent
a
Cleveland-Cliffs Iron Co.—Earnings—
Cliffs
which
Aiasworth Parker is appointed
W.
a
operation by this company, as of Feb. 29, 1940, totaled
191,258, a gain of 939 over the preceding month and 8,275 over the 182,983
stations operated in February, 1939.—V. 150, p. 1132.
Stations
term
term of Court upon
for
March 21, stated:
Company will have to pay deficiencies amounting to about $4,200,000
plus interest for deficiencies arising from retention of profits "beyond the
reasonable needs of the business" in 1930, 1932 and 1933, the Board of Tax
a
Injunction—
dents
The New York "Times"
Earn
or
imitation thereof."
Retained
Profit—
a
name
Cohn & Rosenberger,
1938
two
paid/
December, 1936, and December, 1939.—Y. 150, p. 1596.
was issued by the U. S. District Court for the District
March 19, supplementing an oral judgment rendered by
Judge William C. Coleman at the conclusion of a two weeks trial on Feb. 21.
The decree confirms the validity of the trademark "Coca-Cola" and
restrains the infringing producers from using any title for their merchandise
"which includes either the word Cola or Coca" or from committing any
1595.
1939
Net sales
for other stockholders.
of Maryland,
Chicago Pneumatic Tool Co. (& Subs.)-*-Earnings—
Calendar Years—
as
Coca-Cola Co.—Granted Permanent
other
Approved—
p.
well
mark "Coca Cola"
This com¬
pares
original $10,000,000 request.—V. 150,
as
Owing to Mr. Culpeper's conservative management policy, only
dividends have been paid on the company's stock—50 cents a share
A permanent injunction finding the beverage titles "Marbert Cola,
Dixie Cola, Apola Cola, Lolo Cola, and Kola" infringement on the trade¬
dividend of eight cents per share on the com¬
a
stock, payable March 27 to holders of record March 21.
mon
Hoed Shares
of the Foundation
Chapman Valve Mfg. Co.- -EarningsCalendar Years—
N. Y.—Foundation Formed to
of Organizer for Charitable Purposes—
Coca-Cola Bottling Co. of
$890,412
910,099
$86,178
expenses.
$457,603
409,743
$107,373
21,175
oper. revenues.
oper.
1940—2 Mos—1939
„
$316,486
bl,027,579
$6,482,147 loss$711,093
2,500,000
$9,623,710
2,991,055
$6,482,147
1,560,226
$1,788,907
1,006,657
$6,632,655
$4,921,921
$782,250
Includes reductions of inventories and
purchase commitments at yearin 1938 and $144,588 in 1939.
ends to market, $3,916,296 in 1937. $846,793
b Includes flood loss of $480,000.
a
,
Results of operations of subsidiaries in Germany, Italy and Poland are
excluded from the consolidated profit and loss account for 1939, except for
dividends of $89,236 from subsidiaries in Germany and Italy.
Such results
are included for 1937 and 1938. except that net profits of subsidiaries in
Germany and Italy not received in U. S. dollars were deferred.
The net
profits included in the above consolidated net profit for all foreign subsidi¬
aries and branches (converted in terms of U. S. dollars) , after allocating
The Commercial & Financial Chronicle
1930
Commonwealth Edison Co.—Weekly Output—
output of the Commonwealth Edison Co. group (inter¬
company sales deducted) for the week ended March 16, 1940 was 151,563,000 kwh., compared with 138,411,000 kwh. in the corresponding period
other series and for such consideration as the directors shall determine.
The electricity
The $4,25 preferred stock is to be entitled, in priority to the common
stock, to cumulative dividends at the rate of $4.25 per share per annum,
last year, an increase of 9.5%.
The following are the output and percentage comparisons
weeks and the corresponding periods last year:
Kilowatthour
Principal Undertcriters—The names of the principal underwriters and
number of shares of $4,25 preferred stock severally to be purchased by
follows:
are as
March
Lehman Brothers..
Win. Cavalier A Co.
Co., Inc
1,000
1,000
1,000
19,000 Childress & Co...
18,000 Morris F. Fox & Co
4,000 Jackson & Curtis
3,500 McDonald--Coolidge A Co..
2,500 W. H. Newbold's Son A Co.
2,000 H. O. Peet & Co
2,000 Piper, Jaffray A Hopwood
......
Merrill, Lynch A Co., Inc
Union Securities Corp
Cassatt &
24,000
Shields & Co
...
W. C. Langley & Co
G.M.-P. Murphy & Co........
Hemphill, Noyes St Co...
F. S, Moseley & Co
1,000
1,000
2,000
2,000
Tucker, Anthony A Co
1,000
1,000
1,000
1,000
1,000
1,000
Mellon Securities Corp
Dean Witter A Co...
Bosworth, Chanute, Loughridge
A Co..
10,000
Singer, Deane & Scrlbner.
1,000
Riter St Co
—V. 150, p.
Colorado Fuel & Iron
Corp.—Interest—
will be paid on surrender of the coupon due April 1,
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.
Similar amounts were paid on Dec. 15 and July 1 last.
Extra of 40 cents
to the
was
paid on Dec. 15, 1938.
Directors also declared a dividend of 25 cents per share on the common
shares, payable April 1 to holders of record March 15.
Dividends of 50
cents were paid on Dec. 15 and July 1 last; dividend of 40 cents was paid on
Dec. 15, 1938, and one of 25 cents per share was distributed on July 1, 1938.
—V. 149, p. 3405.
Columbian Carbon Co.—Annual ReportProduction for'Calendar Years
Carbon Black
x
Special Blacks
(Pounds)
(Pounds)
28,810,756
23,420,405
...yl20,244,793
.117,835,192
.129,833,724
.106,236,020
86,636,331
74,970,394
69,390,296
72,899,643
1931--—— 76,804,622
1936
1935
1934..
1933
1932
.
-
Natural Gas
Gasoline
(Gallons)
23,711,233
(Cubic Feet)
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
23,741,849
20,853,454
13,194,593
20,824,979
26,448,060
27,779,874
32,005,751
37,815,789
25,478,082
21,977,194
18,417,467
18,997,774
18,088,630
15,896,520
22,009,345
1937-..-..
Inks and other products,
x
black
were
y In addition, 8,313,575 pounds of carbon
Columbian-Phillips Co., in which corporation
produced by
Columbian Carbon Co. and Phillips Petroleum Co. each own 50%.
Natural Gas Sales for Calendar Years
Gross Rev. ' Year
Cubic Feet
Year
Cubic Feet
1939
61,278,044,000
54,529,200,000
54,367,050,000
49,470,618,000
39,921,810,000
1938
1937
1936
1935
$.5,439,365
4,866,090
4,749,202
4,147,448
3,052,034
1934
1933
1932
1931
32,794,075,000
28,560,363,000
25,538,724,000
27,955,406,000
Consolidated Income Statement of Calendar Years
1939
1938
1937
Sales
,
^
„
Per Cent Increase
9.5
8.3
10.4
7.0
1759.
Commonwealth
Investment
Co.—Increases
Common
Stock Holdings—
Since the first of the year, company has increased its holdings of common
stocks and has also added to its net cash and U. S. Government security
A slight decrease is shown in the holdings of bonds and pre¬
ferred stock.
Analysis of Commonwealth's investment portfolio as of Feb. 29 shows
common stocks comprised 64.5% of the total against 63.8% on Dec. 31,
last.
Preferred stocks are 16.1% against 16.7%; bonds, 8.4% against
9.3%; cash and Governments, 11.0% as compared with 10,2%.—V. 150,
p. 1174.
Community Power & Light Co.—SEC Enters Reorgan¬
ization—
At the request of the company, the Securities and Exchange Commission
March 18 filed an application in the U. 8. District Court for the Southern
District of New York, requesting the Court to enforce and carry out the
cojmpany's plan of corporate simplification under Section 11
(e) of the
of
was
corporate simplification designed to bring about compliance with the
provisions of Sections 11 (b) (2) of the Holding Company Act.
Following
a
public hearing, the Commission in November, 1939, found the plan
to be fair and equitable and necessary to carry out the provisions of Section
11 (b) (2) of the Holding Company Act.
Thereafter, according to the terms of the plan, the stockholders were
given an apportunity to approve such plan, and at a special stockholders'
meeting held in Wilmington, Del., on Jan. 17, the plan was approved by
more than
two-thirds of the first preferred stockholders and by more
than a majority of the common stockholders.
The application which the Commission filed March 18 requests the
Court to find the plan to be fair and equitable and appropriate to carry
out the
provisions of Section (II) of the Public Utility Holding Company
Act of 1935.
The Court has also been requested to set a date for a hearing
plan.
The plan provides for the exchange of the presently outstanding 68,962
shares of $6 1st pref. stock, with accumulative unpaid dividends, amounting
to $46.50 per share as of Aug. 1, 1939, for shares of new common stock
of $10 par value, at the rate of five shares of new common for each share
of old preferred.
The plan further contemplates that the presently out¬
standing 10,000 shares of common stock, with a stated value of $250
a share, will be exchanged for the new common stock at the rate of 1 4-5
shares of new common for each share of the old.
Upon the completion
of this exchange, there will be outstanding 362,810 shares of the new
common stock, of which, in excess of 95%, will be held by the present
the
on
Ereferred stockholders, and less than the amendment of the terms of the
5% by the present common stockold
The plan also provides for
era.
assignments and agreements which are now outstanding in the face amount
of $370,524, and which bear interest at the rate of 6.24% per annum,
so as to permit their redemption by the
company at the rate of $100 for
each $95 of face amount.—V. 150, p. 1429.
Consolidated Edison Co. of N. Y.,
Gross Rev.
$2,481,350
2,166,259
2,060,648
2,340,355
Inc.—Full Discretion
Financing Given Board—Only 5.6% of Shares Replying to
Questionnaire Favor Competitive Bidding—
in
The stockholders
are
overwhelmingly in favor of allowing the board of
determining the method to be employed
by the company, results
trustees to use its own discretion in
in future financing by sale of bonds or debentures
of a recent questionnaire indicated March 18.
At the annual meeting of stockholders, Floyd L. Carisle, Chairman, said
that of the replies to tne questionnaire sent out with the annual report,
representing 94.4% of the total number of common and
.
1936
$15,158,760 $12,709,617 $15,736,247 $13,872,389
Cost of sales....-6,580,527
5,536,219
6,502,954
5,849,685
Deprec. & depletion
2,231,320
1,559,405
1,497,741
1,486,267
Sell., adm.& gen. exps—
2,757,465
2,526,242
2,801,149
2,364,271
(net)
Operating profit
Rentals, int., divs., disc,
comm., royalties, &c-
—
P.
Output
1939
138,411,000
139,046,000
139,179,000
142.276,000
,
Utility Holding Company Act of 1935.
This application to the
made in accordance with the provisions of Section 11 (e) of the
Act and is the first application of its kind.
In August, 1939, company filed with the Commission a voluntary plan
1940, from the Income mortgage bonds, due 1970.
Interest is payable at
the office of Chase National Bank, New York.—-V. 150, p. 1133.
1939
1938
150,
Court
Interest of 2H%
-
-
Feb. 24..'—
—V.
151,563,000
150,544,000
153,588,000
152,212,000
-
„
for the last four
Public
1759.
Year—
2
holdings.
Shares
Shares
24,000
Dillon, Read & Co
1940
Week Ended—
March 16
March
9...------
Act of 1934.
each
office.—-V. 150, p. 1759.
made at company's
ing 125,000 shares being issuable as shares of such series or of one or more
the
Called
Company has called for redemption on March 28 all of the outstanding
($8,000,000) 3% debentures due Nov. 1, 1946 at 102M.
Payment will be
250,000 authorized shares of preferred stock without par value, the remain¬
Listing—Company has agreed to use its best efforts to procure in due
course the listing or the shares of $4.25 preferred stock on the New York
Stock Exchange and the registration thereof under the Securities Exchange
1940
23,
Commercial Investment Trust Corp.—Debentures
thereto certain applicable charges and credits appearing in the company's
accounts, amounted to $1,726,929 for 1937, $1,95o,636 for 1938 and $1,968,651 for 1939.
$4.25 Preferred Stock—These shares will be an initial series of a total of
payable Q-M, and on involuntary liquidation to $100 per share, and on
voluntary liquidation to the then applicable maximum redemption price,
plus in each case accrued dividends.
Preferential dividends will accrue
as to these shares from March 15, 1940, the initial dividend being payable
on June 30, 1940.
Redeemable as a whole or in part, at any time or from
time to time, on 30 days' notice, as follows: An aggregate of 25,000 shares
by lot at any time or from time to time at $101 per share: and the balance of
the shares at $103.50 per share on or before March 31, 1943; at $102.50 per
share thereafter, and on or before March 31, 1944, and at $101 per share
thereafter; plus in each case accrued dividends.
March
stockholders
preferred shares responding, answered yes to the question.
Stockholders representing about 5.6% of the total number of shares
replying favored competitive bidding in selling each future issue.
About 32,000 stockholders, representing over 4.000,000 shares, or about
30% of the total outstanding, answered the questionnaire.
Mr. Carisle, however, told stodkholders that the Consolidared Edison
System has no need for selling additional securities and that therefore no
new financing is contemplated for 1940.
Any unforeseen emergency, on
the other hand, might alter this view, he said.
•The management has devoted considerable study to the question of
refinancing the present 5% preferred stock, Mr. Carlisle said in response to
a question from a stockholder.
However, the management has not been
able to develop any plan which would not prove costly to the
company.
$3,589,447
$3,087,750
$4,934,402
895,881
743,870
1,246,285
948,610
$4,485,328
$3,831,620
$6,180,687
$5,120,777
664,094
538,880
684,760
210,278
285,016
506,342
112,073
312,101
47,944
x654,947
x520,69?
172,773
111,026
326,787
165,857
Consolidated Edison Co. of New York announced production of the elec¬
tric plants of its system for the week ended March 17,
amounting to 147,-
$2,857,103
$2,757,540
$4,466,250
$4,021,137
400,000 kilowatt hours, compared with 141,600,000 kilowatt hours for the
corresponding week of 1939, an increase of 4.1%.—V. 150, p. 1760.
6,333,760
5,986,383
5,045,143
4,148,277
1,399
-
Cash
discts.,
dis-
Int.,
mantl. exps., rents ,&c.
Loss
on
$4,172,167
'
abandonment of
fixed assets
Fed. income tax (est.)
Proportion of profit
—
202,811
plic. to minority int—
Net profit
Previous earned and
capital surplus
Prior years' adjust, (net)
-
Excess of book val.
cost of
_
minority int
Surplus adjust, (net)...
770
$9,190,863
z681,888
$8,743,923
11,106
Dividends
$9,512,163
$8,170,813
25,999
10,366
3,489*415
3,084*198
earned and
capital surplus—--y$6,090,648 y$6,333,760 y$5,986,383
per share.
$5.31
$5.13
$8.31
1939
1938
$
$7.48
$
1939
Liabilities—
z Property acc't..
18,130,294 19,266,951
Invest., less res've 4,184,600 4,409,143
Cash
3,120,441
2,193,606
Notes St accts. rec. 1,708,730
1,235,881
Inventories
1,973,148
1,761,652
k Marketable sees.
cost
Other assets
x
1938
$
1936
$9,496,488
628,297
616,697
605,755
919,516
Calendar Years—
Net profit after all chgs.
Ltd.—Earnings-
1939
1938
$181,043
1937
$102,481
1936
$435,593
Capital stock.„21,849,354 21,849,354
797,315
647,428
Accts. pay., Ac...
Federal Income tax
(current)
Minority interest-
134,696
1,028,278
129,889
prior years
Capital surplus
Earned surplus.—
1
a833,095
1,068,832
399,591
949,909
60,000
16,241
6,074,407
300,000
16,241
6,317,518
1
425,747
454,639
Container Corp.—Bank Loan—
The company has arranged a $5,000,000 five-year bank loan, the
proceeds
of which will be used to retire all of the
outstanding 1st mtge. bonds and
debentures of the company, according to Walter P. Paepcke, President.
Earnings for Two Months Ended February
i^r
m..
.
1939
$346,102 *loss$35,385
Continental Gas & Electric Corp.—Declaration
30,699,245 30,480,0431
Total
30,699,245 30,480,043
Represented by 537,406 no par shares, excluding 1,014 shares in treas¬
ury.
y Market value $996,840 ($1,088,633 in 1938).
z After deprecia¬
tion reserves of $22,150,326 in 1939 and $20,490,814 in 1938.
a Includes $250,000 Federal income
taxes, prior years.—V. 149, p. 3257.
Effective
The Securities and Exchange Commission has issued an order
permitting
the declaration (File 70-8) of corporation
regarding a $330,000 contribution
the paid-in surplus of Panhandle Power &
Light Co., a wholly owned
subsidiary, to become effective under Rule U-12B-1 of the Act on April 4,
1940,
piless, prior to that date,
ordered
or
a
hearing
unless the Commission shall
on
the declaration shall be
grant the request of the company
to permit the declaration to become effective as to
$200,000 of the amount
to be contributed prior to that date but in no
event earlier
1940.
Requests
on
i
~-*V« 150, p. 431.
behalf of interested parties for
a
than March 26,
on the declara-
hearing
with the Commission not later than March 24,
1940.
Continental Roll & Steel Foundry
Co.—Earnings—
x
1940
#..1,
Net profit after charges
v
Total
$425,650
$
Res. for Fed. taxes,
1,021,587
Goodwill, trade¬
marks, Ac..--Deferred charges.-
1937
$9,635,961
Consolidated Steel Corp.,
$5,045,143
Includes
$33,539 ($8,136 In 1936) surtax on undistributed income,
y Of which $16,242 capital surplus,
z Adjustment of gas properties of
certain subsidiaries to book value at date of acquisition or
subsidiary stock
by parent company.
Consolidated Balance Sheet Dec. 31
at
Inc.—Earnings—
1938
$8,799,875
—V. 149, p. 3713.
Earnings
x
1939
$7,409,452
.Net profit after all chgs.
and taxes——
—V. 150, p. 1760.
41*.472
250,000
2,149,056
2,418,327
Consolidated Film Industries.
Calendar Years—
Sales..
over
Abandoned leaseholds.Add! prov. for est. Fed¬
eral income tax
Total
Weekly Output-—
ap-
Calendar Years—
N
—
V
p™St afteJ^1] charges and taxes.
149,
V.
p.
<J714.
1939
1938
$301,269 Ioss$213,505
/
Volume
Continental
Securities
Approved—
Corp.—Settlement
Federal Judge Robert P. Patterson, March 18, approved offers
ment
of settle¬
totaling $1,269,800 made by certain defendants named in a recovery
action
instituted by Arthur A. Ballantine, as trustee of the company.
The offers approved were:
J. Henry Schroder Banking Corp., for itself
and certain former directors of Continental, $690,000: Paine, Webber & Co.
$560,000, and the Barkley-Grow Aircraft Corp., $19,800.
The trustee, in the recovery action, named a total of 97 defendants from
whom he is seeking to recover the value of assets allegedly dissipated after
a
transfer of Continental's control in 1937.
The action is pending in
New York County Supreme Court.—V. 150, p. 991.
'
1939
charges and taxes.__
common share
per
1938
$934,348
Net income after all
F.arnings
$619,853
x$1.43
JB2.05
After giving effect to two-for-one spiit-up of common
x
shares.
stock, par $5, has been removed from listing and
by the New York Curb Exchange.—V. 150, p. 1760.
common
Corroon &
registration
Reynolds Corp.—Accumulated Dividend—
Directors voted a dividend of $1.50 per share on the $6 preferred series A
stock, payable April 1 to holders of record March 25, leaving arrears on the
issue of $28.50.—V. 149, p. 4026.
Cosden Petroleum Co.—
Month
Earnings—
1939
loss$3,618
1940
$12,789
of February—
Net profit after fixed charges
—V. 150, p. 1760.
Crosley Corp. (& Subs.j—Earnings1939
1938 '
1937
1936
.$16,051,076 $12,991,320 $18,735,450 $21,583,213
chgs.,
deprec.,
royalties
&
taxes
84,949
84,901
loss376.915
1,237,056
—V. 150, p. 276.
Calendar Years—
Net sales
Net profit after all
(Including Wholly Owned Domestic Subsidiaries)
1939
1938
1937
1936
$28,233,361 $24,379,811 $24,785,548 $15,623,457
Calendar Years—
sales.
Cost
of sales,
deprec. &
exps., less other inc. 1
22,060,853
Int.
on
Int.
on
Amort,
profits..$3,156,448
funded debt..
641,913
notes payable
21,992,810
12,480,724
$2,318,958'
25,076,913
Operating
$2,792,738
214,167
131,013
$3,142,733
417,469
167.256
219,001
and
of discount
funded debt..
78,691
45,900
12,691
13,048
Allow, for Fed. inc. tax.
479,796
475,108
z810,269
x578,635
Net profit
dividends....
$1,956,048
$1,213,227
506,267
$1,624,598
506,320
1,033,520
$2,332,048
258,799
$448,161
517,606
'
$1.37
$84,758
y516.891
$2.16
$79,082
y385,966
$4.88
exp. on
»
Preferred
506,268
Common dividends, cash
Balance, surplus
8hs.com.stk.out. (no par)
Earnings per share
$1,449,780
517,609
$2.80
447,461
1,805,505
x
Including surtaxes of $135,153.
y Average amount of common stock
outstanding during the year,
z Including $237,952 surtax on undistributed
profits.
Consolidated Balance Sheet Dec. 31
[Inc. Wholly-Owned Domestic Subsidiary Companies]
1939
Assets—
a
1939
1938
S
stock
Notes & accts.rec.
3,753,131
Com. stock scrip.
Inventories
9,255,561
Cash
surr.
e
10-yr.
195,766
323,218
470,810
of
4,996,000
Due to sub. cos
in
73,934'
67,091
equipment.
Investm't
sub¬
723,444
397,381
654,225
515,479
37,919
49,447
f1,459,707
b Due from sub.cos
113,980
32,650
Pats.
440,468
269,644
325,774
469,835
1
422,405
—
Res've for liability
94,023
insurance
i
1,459,707
sidiary cos..
5,125,000
1,131,171
sinking
Federal taxes
mach.
94,023
103,010
Unadjusted credit.
Deferred income..
50,489
46,237
7,830,943
7,830,793
6,877,665
5,856,176
552,181
&
tradem'ks
Prepayments
Unamortized
dis¬
count & exps...
Capital surplus
...
Earned surplus
Treasury
stock
—
Z>r266,728 Dr266,728
Leasehold improv's
to be amort
......
33,901
..43,510,542
42,695,035
43,510,542 42,695,035
Total
depreciation,
b Due currently,
c Represented by 531,226 no
par shares in 1939 and 531,223 no par shares in 1938.
d Represented by
225,000 no par shares,
e Includes accounts,
f Investment in Crown Cork
International Corp.—V. 150, p. 1431.
Crystal Tissue Co.—Earnings—
Calendar
Years—
....
1939
J.. $1,841,127
118,433
Net sales
Net income after all charges and taxes
—V. 149, p.
1938
$1,393,426
16,146
4026.
Each
common
stock of Curtiss-Wright will continue to hold his
holder of
65-100th of
a
share
one
& Light Co.— To Purchase
Securities—
Company has filed with the Securities and Exchange Commission an
application (File 70-11) regarding the proposed purchase of outstanding
5% bonds maturing Nov. 1, 1945, 3
bonds maturing July 1, 1951, and
capital stock of Portland RR.
The company states that it is estimated
that for the year 1940 and each year thereafter there will be funds in
excess of $300,000 a year available for the purchase of railroad securities.
It is proposed to purchase the securities in the open market from time to
time at prices advantageous to the company, it is stated.
The company also proposes to purchase from its wholly owned sub¬
sidiary, Cumberland Securities Corp., 1,763 shares capital stock of Portland
RR. at a price equal to the cost of the shares to the subsidiary company.
—V. 149, p. 4026.
of
will also receive his
common
Cuneo Press, Inc.
Net
(& Subs.)—Earnings
1939
Years-
1938
share of Curtiss-Wright common
Each holder of one share of 6 % preferred stock of Atlas Corp. (par $50),
will get one share of $50 par value cumulative 5% preferred stock of CurtissWright plus M of a share of common stock of Curtiss-Wright.
Generally
this new preferred will have the same characteristics as the present
6%
preferred of Atlas, except for the reduced dividend rate and the fact that
during the first two years it will be redeemable at a price ranging from $50
per share and accrued to $55 per share and accrued, instead of $55 per share
and accrued as in the case of the present 6% preferred stocK.
Each holder of one snare of A stock of Curtiss-Wright will be given the
option of receiving either hi of a share of new 5% preferred stock plus 1.8
shares of common stock or, in the alternative,
of a share of the new
5% preferred stoqk plus 4-5 of a share of common stock. In either event such
holder also gets his pro rata of the stock of the airport company.
The perpetual option warrants of Atlas Corp. will be assumed by CurtissWright but, at the holder's option, will receive five-year rights to buy a
similar amount of stock of Curtiss-Wright, at prices ranging from ap¬
proximately $12.50 to $14.50 per share.
The stockholder will also be asked to authorize and to permit the directors
operating personnel
up to
600,000 additional
its capital by ap¬
As part of the plan, the new "Special Situations"
proximately $36,500,000.
company will for one year from date of merger, if requested by CurtissWright, supervise the investments of so much as Curtiss- Wright indicates
of this $36,500,000 of new liquid capital on a basis whereby the new "Special
Situations" company will in turn guarantee such principal and 5% thereon.
It is believed that the approximately $36,500,000 of cash or equivalent
thus placed in the treasury of Curtiss-Wright will enable that company
immensely to strengtnen its position in the aviation industry, whether
considered from the standpoint of continued war-time operations or peace¬
time readjustments and scope of operations, and consequent immediate or
eventual profits.
Also, substantial corporate economies and savings are
thought possible as a result of the merger.
Wright Arronautical Corp.,
now
a
97% subsidiary of Curtiss-Wright, will probably also be included
in the merger.
There will be
change in management of Curtiss-Wright
no
com.
stock
result
the past.
The following additional statement was issued March 19
by Floyd B. Odium, President of Atlas Corp.:
The
negotiations for merger of Curtiss-Wright Corp.
and Atlas Corp.
initiated about three weeks ago by me and have since been continually
active.
While a merger of an industrial company with an in vestment company is
unique in the history of finance, it is entirely logical and, in this instance,
mutually advantageous. For Curtiss-Wright it is a new method of finance
coupled with an effective way of improving the capital structure, and there
seem to be other corporate advantages.
For Atlas Corp. common stockholders it opens the way for the same
management to carry on for the same stockholders in the field which said
management considers most profitable and constructive, viz., special
and with as much capital as such management considers ad¬
situations,
vantageous for this purpose.
When working in special situations such as have interested Atlas Corp.
during the last decade, the "bottleneck" has not been lack of capital or
lack of opportunity, but has been difficulty in the matter of skilled cohesive
organization.
Too much cannot be done at one time by one organization
without loss of efficiency. Consequently a large part of our capital, by force
of circumstances, has been invested in a standard list of well known market¬
special field it has been demonstrated, I believe, that
performance not much better than market average can be expected.
The Securities and Exchange Commission has just proposed a law for
regulation of investment companies. So far as I can determine, after careful
reading, this law does not restrict, change or modify in any way the policies,
operations or management practices of Atlas Corp.
Indeed, it distinctly
recognizes as an "investment finance conmany'
and as a constructive
economic force, the type of company Atlas Corp. has held itself out to be.
But this proposed law also indicates that such a company would have a
better capital structure if without preferred stock and long-term option
warrants. It does not interfere with existing corporations in these particulars
prevents future corporations with multiple capital structures.
This
proposed law also recognizes, as Atlas has found in practice, that the
"finance company" should have a lower maximum capital than the so-called
but
"diversified trust."
merger with Curtiss-Wright,
the multiple capital
is eliminated.
The capital is reduced to most efficient
proposed
this
structure of
Atlas
size and the portion of
is put to work for the
the present capital not employed in special situations
Atlas stockholder on what is considered a full, fair
bftsis
Thus, after a little over 10 years of operations, a new Atlas Corp. will
continue the special situations business for the same stockholders and with
about the same asset value per share of stock as the predecessor Atlas Corp.
had
on
its formation in September,
1929, but the stockholder who has been
all this period will also have received 0.65 of a share of CurtissWright common and, in addition, cash dividends of over $3 per share.
such during
—
V.
150, p.
1761.
Dennison
Mfg. Co. (& Subs.)—Earnings—
/1939
1938
$12,48.5,448 $11,334,604
Calendar Years—
Gross sales
350,400
after all taxes and charges
150, p. 1276.
70,718
1936
Deposited Insurance Shares—Stock Dividend—
The
$1,330,470
$1,025,201
$906,709
$908,963
out¬
standing (no par)
Earning per share
—V. 150, p. 431.
178,623
$5.05
178,623
170,706
$4.36
have declared a semi-annual stock dividend of 2lA%
$4.54
V. 149. p.
1758.
Detroit Steel
Curtiss-Wright Corp.-—Merger with Atlas Corp.—Curtiss-
Wright Corp. to Be Continuing Corporation—The following
a joint statement by George N. Armsby, Chairman, and
Guy W. Vaughan, President, of Curtiss-Wright Corp., and
Floyd B. Odium, President and Chairman of Atlas Corp.:
Net profit after all
Corp.—Earnings—
of Curtiss-Wright Corp. and Atlas Corp. have
agreed in principle to a merger of the two companies. It is hoped to submit
the proposal to merge to the stockholders of both companies for approval
1939
■
charges and taxes.
206,250 shs. com. stock
Earnings per share on
—V.
is
The boards of directors
on
1 to holders of record March
Dividend is payable in cash or trust shares at the holder's option.—
15.
357,246
$3.41
directors
the serfes A and series B stocks, payable May
Calendar Years—
a
Atlas management will likewise carry on with
"Special Situations" company.
In addition to obtaining new funds, the merger completely eliminates
from the capital structure of Curtiss-Wright the A stock, which elimination
the directors of Curtiss-Wright consider desirable.
Even on the basis of 1939 earnings plus income from the new cash,
dividends on the new preferred stock will be earned more than three times.
With all of the working capital on hand that has been provided by the
proposed merger, need for capital will at least not be a limitation on divi¬
dends that could otherwise be properly declared as it has been at times in
profit after deprec.,
Shares
as
of the merger.
The present
the management of the new
int., amort. & State &
Federal taxes
warrants
instead of cash profit sharing in whole or part.
As a result of the merger Curtiss-Wright increases
—V.
1937
rata of the
Corp. wili receive
stock, plus his pro rata por¬
Net profit
Calendar
pro
stock of Atlas
tion of thestock of the "Special Situations'1 Company, which company conc.urrently with the merger probably whl assume the name of the Atlas Corp.
By
Cumberland County Power
.
Each holder of
1,006,940
After
a
name.
a
932,479
costs and exps..
by the A stock and the common stock of Curtiss-Wright Corp.
will be Curtiss-Wright Corp., without change
The continuing company
able securities in which
Exper. devel., &c.,
Total
basis
of
2,159
10,000,000
Accrued wages, in-
(not current)
and
4%
643,297
Notes receivable
Wright, consisting for the most part of land acquired for airport purposes
having a present estimated value in the opinion of Curtiss-Wright
and
were
Accounts payable.
Adv. pay. for pur¬
chase
1,994
.
f.
fund bonds..
179,792
304,204
s.
debentures
15-yr.
policy
investm'ts
4H%
9,575,000
309,212
3,748.165
7,742.376
75,867
value of
insurance
Sundry
2,656,130
Common stock._
c
50,576
9,562,500
2,656,115
pref.
Cash
Accrd. int. receiv.
$
9,562,500
d $2.25 cum.
machinery, &c..23,633,347 23,166,902
2,093,940
2,907,924
1938
$
Liabilities—
$
Land, buildings,
which
certain formalities and legal details have been completed,
to make available to
Crown Cork & Seal Co., Inc.—Earnings—
Net
as
probably take about three weeks' time.
a part of the plan and program, the special holdings of Atlas Corp.,
aggregating, in the opinion of Atlas management, about $25,000,000 in
value, will be vested in a separate corporation, and all of the shares of this
separate corporation will be owned by the present common stockholders of
Atlas Corp.
At the conclusion of the contemplated transactions, the Atlas
common stockholder will own in part Curtiss-Wright common shares ob¬
tained in the merger and in part common shares of this new separate corpo¬
ration.
At the same time the non-manufacturing real estate of CurtissAs
present shares but, as stated above,
stock of the airports company.
Listing and Registration—
The
soon
will
management upwards of $5,000,000, will be vested in a separate corpo¬
ration, and all the shares of this corporation will be owned on a pro-rata
Copperweld Steel Co.—Earnings—
Calenaar Years—
as
1931
Chronicle
The Commercial & Financial
150
$525,625
$2.55
1938
$188,756
$0.91
149, p. 3113.
Doehler Die Casting
Co.—Earnings—
1939
1938
1937
1936
profit
$682,043
$53,607
$969,285
$894,139
y Earnings per share
$2.43
$0.19
$3.45
$3.19
x After interest,
depreciation, Federal income taxes, &c.
y On 280,426
no-par share of capital stock.—V. 149, p. 2685.
Calendar Years—
x
Net
The Commercial & Financial
1932
March
Chronicle
(& Subs.)—Earnings—
1040
$3,234,112
El Paso Electric Co.
12 Months Ended Jan. 31—
Operating revenues
Eastern Minnesota Power Corp.
1st
*
Balance for
*
p.
TRADING DEPARTMENT
After depreciation and
Eastman, Dillon 8 Co.
$1,540,805
Non-oper. income (net).
Dr20,656
$1,563,575
Dr35,745
$17,942,884
$16,907,815
Dr42P,034
Gross corporate income
on funded and unfunded debt
Interest charged to construction..
Amortization of debt discount and expense..
—815,871,211 $14,651,867
5.784,884
5,848,485
C'r70,167
CtT78,475
355,155
271,667
Balance
Interest & amortization.
Balance
Dividends
Cumulative
(& Subs.)—Earnings—
1939
Calendar Years—
a
$856,200
202,666
$734,999
202,666
$2.02
$1.42
$875,527
"202,916
$2.11
$950,522
209,916
$2.48
,
$4,364,988
582,216
$4,364,988
63,332
178,713
65,226
102,838
124,135
103.020
;
Preferred dividends declared
Interest
Earnings from other sources
operation probably sets a new record in the extraction of metals
low grade "ores," since the amount of magnesium in sea water is
$5,314,251
27,529
Balance applic. to stocks of
Engineers P. S. Co.
P. S. Co
$4,532,416
2,323.555
$2,995,136
Earnings of a subsidiary company.
$4,532,416
$5,286,722
2,291,586
Balance...
c
$2,208,860
$1.16
Earnings per share of common stock.
involving an expenditure of about $5,000,000.
The plant, to be completed
last next summer, will double Dow's present capacity, he states.
Company, now has a current production from its brine wells at Midland,
Mich., of over 12,000,000 pounds annually, so that the new plant will give
a total annual output of around 25,000,000
pounds.
Magnesium is sold
by Dow as an alloy under the trade name of Dowmetal. —Y. 150, p. 432.
a
on
pref. stock of Engineers
Driver-Harris Co.—Earnings—
1939
$403,946
loss$45,972
requirements for the period, less
150, p. 1763.
Erie RR.—Seeks Control
of Two Roads—
Acquisition of control of the West Clarion
Erie & Western Coal & RR., is sought in a
Corp.—Earnings—
.
Erie seeks to purchase the entire $20,000 of
which is owned by the Northwestern
Clarion
4938
$420,423
653
195,689
$107,890
$104,491
82,500
173
Maintenance
$403,747
205,514
earnings
Operation
$400,034
3,713
$421,076
Electric operating revenues
Other income, incl. merchandise sales (net)
82,500
161
Provision for retirement reserve
Taxes
Net earnings
on funded debt
17,697
32,306
53,562
17,050
35,000
55,620
>
Interest
unfunded debt
Amortization of debt discount and expense
on
10,060
10,060
$15,156
Net income
$11,769
Preliminary Consolidated Income Accounts 12 Mos. Ended Dec. 31
1939
1938
$1,028,030
(including other income)
$992,945
421,607
revenues
385,133
Operation
Provision for retirement
48,169
107,306
137,810
43,925
110,000
143,705
Maintenance
reserve
General taxes
7,150
3,861
$301,642
$310,664
103,850
322
103,850
246
11,832
71,718
11,304
71,718
$113,920
$123,546
82,500
82,500
Income taxes, State and Federal taxes
Gross income
Subsidiary Deductions—
on
funded debt...
unfunded debt
on
Amortization of debt disct.
Preferred
dividend
and expense,
&c
requirements....
Balance
Parent
Company Deductions—
Interest
on
funded debt
Interest
on
unfunded debt
whose stock is in turn owned
against Susquehanna, and Erie filed an answer to the claim, contending
that the endorsement by Susquehanna was illegal and void.
The petition,
which seeks withdrawal of Erie's answer, states that as a part of a general
settlement, it is proposed that holders of Wilkes-Barre bonds be allowed a
general claim of $2,250,000 as of June 1, 1937 and interest, and that WilkesBarre claim for $2,665,000 against Susquehanna be disallowed.
A third petition seeks authority to renew for a period of 20 years, a track¬
age agreement between the Erie and the New York Ontario & Western,
covering trackage rights between Middletown and Crawford
York, a distance of about 3H miles.
The trustees of Erie and the Nypano RR., in another
permission to make five leases and two agreements
$21,186
$30,824
x
Note—Because of accumulated and unpaid dividends on preferred shares
the subsidiary, Wisconsin Hydro-Electric Co., earnings arising from
y
its operations, and included in the foregoing consolidated statements, are
not available to the Eastern Minnesota Power Corp.—V. 149, p. 2685.
y
Evans Products Co.
<>..
Operating Subsidiaries of—
1940
1939
106,640,000
52,242,000
82,506,000
American Power & Light Co.. 120,163,000
Electric Power & Light Corp.. 59,717,000
National Power &
Light Co.. 80,849,000
increase-
Amount
13,523,000
7,475,000
dl,657,000
14.3
d2.0
The above figures do
not
not include the system inputs of any
appearing in both periods.—V. 150,
Edmonton City Dairy,
p.
on
to holders of record
thirteen
$1.62M
a dividend
of $1.25 per share on account
the 6 H % cum. pref. stock, par $100, payable March 30
A similar payment was made in each of the
preceding quarters and prior thereto regular quarterly dividends of
share were distributed.—V. 149, p. 4173-
Per
Electric Auto-Lite Co. (& Subs.)—Earnings—
Caienuar Years—
1939
1937
1938
on
Electric
$1,836,150
$1.53
$4,206,614
$3.43
$4,510,491
$3.51
p.
&
107,789
98,189
364,260
notes
$247,185
def$51,117
$97,741
$31,340
389,026
products
165,135
10,344
expenses,
Plant &
165,135
14,816
at cost
538,685
Goodwill
400,000
After
565,741
400,000
$1,656,887 $1,880,091
reserve
i
954
286,160
7,100
tax
8% cum. 1st pref.
1,000,000
1,000,000
8% cum. pref. stk.
(par $100)
2,000,000
2,000,000
(par $100)
Common stk.
a
$53,633
due June 1, 1937
stock
equip.—
Total
1938
$60,015
Prov. for Fed. inc.
1st pref. stock sink¬
Prepaid
.
gold notes
6% ser. gold notes
$25)
144,
Dr348
1939
crued expenses
Accrd.int.on serial
re-
ceiv., less res've
Mdse., materials &
Ferries, Inc.—Bonds Called—
104.
15,548
28,000
$101,636
46,511
18,185
5,600
Deficit
All of the outstanding first mortgage
7% gold bonds, due April 1, 1941
have been called for redemption on April 1 at 102 and accrued interest.
Payment will be made at the Guaranty Trust Co. of New York.—V.
$200,650
59,361
Accts. pay. and ac-
$70,674
hand
Accts.
a
$5,653,840
$4.72
$1,434
40,511
12,040
Liabilities—
1938
Cash In banks and
ing fund
1936
Net income after all
charges and taxes
Earnings per share
—V. 150, p. 1433.
1939
Assets—
March 15.
$101,984
141
Consolidated Balance Sheet Dec. 31
1763.
The directors have declared
of accumulations
$50,427
profit
companies
Ltd.—Accumulated Dividend—
7,511
7,100
Federal income taxes
Net
$201,762
Drl,112
$1,293
$105,768
40,730
Total income
Interest
1936
1937
1938
1939
$102,973
2,795
Depreciation
d Indicates decrease.
$737,071
$3.02
taxes, &c.
(& Subs.)—Earnings'—
Calendar Years—
Operating profit
Other income (net)
~ *
P.C.
12.7
1936
1937
1938
profit
$242,419 loss$524,580
$422,769
Earnings per share
$0.99
Nil
*
$1.73
x After
depreciation, depletion, interest, Federal income
On capital stock.—V. 149, p. 3260.
Net
Fairbanks Co.
Inc.—Weekly Input—-
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1939, was as follows:
operate a
(& Subs.)—Earnings—
1939
Calendar Years—
Ebasco Services,
petition, seek
involving property not
be made
ferry at the foot of Chambers St. and at 23rd St. and £forth River.
A fifth petition seeks a six-month extension of time, from March 31,
1940, in which to file a reorganization plan for the New Jersey & New
York RR., a subordinate debtor.—Y. 150, p. 1764.
161
For the week ended March 14, 1940 the kilowatt-hour system input of
the operating companies which are subsidiaries of American Power & Light
Junction, New
needed for railroad purposes.
Two of the proposed leases would
with the City of New York, covering a ferry house and the right to
10,060
of
$27,543
by the West Clarion to the mining company. The West Clarion con¬
interchange track.
In addition, Erie seeks to purchase $419,400 of New York Lake Erie &
Western Coal & RR. Co. capital stock owned by the mining company, for
the sum of $293,580, the book value of the stock.
Erie now owns the re¬
maining $80,600 of stock. The Coal & RR. company consists of about 42
miles of track. The petition further seeks authority to arrange for purchase
by the Coal & RR. company, of the Brockport & Shawmut RR. Co., an
Erie subsidiary, comprising about two miles of track.
In another petition, the trustee seek permission to withdraw an answer
previously filed, to claims on behalf of bondholders of the Wilkes-Barre &
Eastern RR. against the New York Susquehanna & Western RR.
Erie
owns nearly all the stock of Susquehanna which in turn owns all the stock
of the Wilkes-Barre, according to the petition. Following default of WilkesBarre bonds which were endorsed by Susquehanna bondholders filed claim
sists of 0.93 miles of
173
Net income
capital stock of the West
Mining & Exchange Co.,
by Erie, at par plus an indebtedness of
owed
10,060
Amortization of debt discount and expense
RR. and the New York Lake
petition filed by the trustees in
Federal Court at Cleveland.
•
Earnings of Company Only for 12 Months Ended Dec. 31
1939
in
credited to reserve for depreciation in investments
minority interest,
—V. 150, p. 1762.
Eastern Minnesota Power
.1939, before allowing for
subsidiary company),
bonds owned by parent com¬
Applicable to Engineers x'ublic Service Co.
pany, included in charges above.
c In
excess of its preferred dividend
1938
Net income after all charges
$1.57
unearned cumulative preferred dividends of a
b On preferred stock and amortization on
subsidiaries.—V.
Years Ended Dec. 31—
Interest
$4,791,011
258.594
258,538
Divs.
Interest
135,535
$5,572,790
....
Expenses, taxes and interest.
extremely minute, only about 1-10 of 1%.
WiJlard H. Dow, President, announced that contracts have been let for
construction under the supervision of the Austin Co. of Cleveland, Ohio,
Gross
17,097
major step in
from very
Interest
1,620,921
1
,
Build Magnesium Plant—
using the ocean as a source of chemical raw
materials has been taken by this company, pioneer in this field, with its
projected new plant at Freeport, Texas, to extract magnesium from sea
Gross
2,284,212
pref. divs. of a sub. co., not earned
Total
Dow Chemical Co.—To
This
$4,382,086
Earnings from sub. cos., incl. in charges above:
all chgs.
stk. outstdg
Earnings per share
—V. 149, p. 3714.
Another
$6,008,007
17,^92
Balance
$7,240,700
2,014,750
$5,208,719
applicable to minority interests
Amount
Balance of earnings as above
b Undeclared dividends
1936
1937
1938
,
pref, divs. earned but not declared—
$8,287,220
$5,208,719
—
$9,699,106
2,458,406
$5,225,949
17,230
$847,821
$874,962
preferred stocks declared
Balance
Cum.
150, p. 1597.
Dixie-Vortex Co.
on
Dr241,lll
$1,527,829 $17,701,773 $16,478,780
8,191,560
S,002.666
680,008
$1,520,148
645,186
Balance
$8,710,190
$9,801,338
Net income
-
Net operating»revenues
__$15,783,910 $14,677,883
87,800
/>r26,015
operations
Interest
com.
3,600,233
5,744,832
6,377,272
40,967,135
44,665,156
Balance, income from utility
Other miscellaneous income
,
Shares
3,518,927
6,115,646
7,073,421
526,297
Taxes
1940
1939
$60,449,067 $55,645,018
utility operations
Utility expenses.
Net profit after
and taxes
652,439
299,582
494,723
600,704
316,437
(& Subs.)—Earnings—
Detroit Edison Co.
,
Maintenance
Bell System Teletype N. Y. 1-752
12 Months Ended Feb. 29—
—V.
Operation
Subs.)—Earnings—
1940—Month—1939
1940—12 Mos.—1939
$4,560,958 $54,500,253 $52,777,247
$4,816,284
20,147.093
1,602.373
19,819,370
1,780,305
Depreciation
New York
Tel. Bowling Green 9-3100
Gross earnings from
Operating revenues
NEW YORK STOCK EXCHANGE
15 Broad Street
862,566
425,184
(net).—V. 150,
432.
Engineers Public Service Co. (&
Period End. Jan. 31—
MEMBERS
including non-operating income
1940
$3,201,289
&90.779
458,959
interest
Balance for dividends and surplus
51/28. due 1951
23,
for depreciation
in 1938.—V. 149, p.
2511..
Total
(par
1,500,000
1,500,000
2,910,227
2,960,655
$1,656,887 $1,880,091
of $1,699,372 in 1939 and $1,660,797
Volume
The Commercial &
150
Federal Mining
Falconbridge Nickel Mines, Ltd.—Earnings—
:
$8,235,015
Selling and delivery expense and foreign exchange
adjustment
328,289
Metal sales (gross)
1
$6,135,733
30,097
488,008
_
"$7,936,824 $6,623,742
t
4,389,410
3,770
89,368
3,827.745
2,955
86,245
$3,454,274
26,068
$2,706,795
34,318
$3,480,343
381,145
Operating costs, mining, smelting, refining, &c
Outside exploration
general expense
___
$2,741,113
195,236
292,830
831,947
Total
!j
revenue
__
Provision for taxes
Deferred development written off
__
Depreciation
Profit
Profit
on
sales of securities.
Interest
vance
_
_
$1,974,419
34,983
$1,611,202
142,423
depletion.—V. 150,
First National Bank
p.
1936
$737,871
1937
$1,598,447
1135.
Building, Charlotte, N. C.—Sale
has been filed in the U. S. District Court for the Western Dis¬
the above property, a 20-story
office building, at not less than $825,000, subject to two mortgages aggre¬
gating approximately $700,000 which are to be assumed by the purchaser
and considered part of the purchase price, the balance to be paid in cash
upon completion of sale.
Property offered with understanding taxes, in¬
surance premiums, mortgage interest, rents, &c., to be adjusted as of date
A petition
of sale.
.
the petition to be held at April 8
Charlotte, N. C. at which increased
offers and objections to sale, if any, will be heard.
Successful bidder will
be required to make satisfactory deposit of $50,000 at hearing.
The Court has directed a hearing on
in the Court Room, Federal Building,
Corp.—Purchase Price Distribution—
Fisk Rubber
holders of common stock of this company
A first distribution to
of the
purchase price paid by United States Rubber Co. for the Fisk company
was announced on
March 18 after a meeting of Fisk directors.This
distribution will be $6 in cash and H share of U. S. Rubber common for
each share of Fisk.
Raffineringsverket Aktieselskap ad¬
on
Before
trict of North Carolina for authority to sell
248,752
685,922
Administrative and
Operating profit
Non-operating revenue.
x
1938
$335,650
1939
$842,851
Net income..
x
245,574
$7,906,726
Gross profit
Increase in metal inventories
Total
$6,381,308
& Smelting Co.—Earnings—
Calendar Years—
1938
1939
Calendar Years—
1933
Financial Chronicle
21,231
transferred to profit and loss account
stock
The payment will be made on or after April 2 on surrender of Fisk
certificates to the Central Hanover Bank & Trust Co.
Fractions of
U. S.
$2,009,403 $1,777,858
1,001.275
1,001.276
Earnings per share on common
$0.60
$0.53
Note—The profit shows for 1938 includes $128,133 representing adjust¬
ments of metal inventories and broken ore in stopes applicable to prior
years.
The provision for depreciation for the year 1S38 has been reduced
Rubber stock will
by $83,202 overprovided in prior years.
stock, payable March 30 to holders of record March 25.
This compares
with $1.50 paid on Dec. 28 last; dividends of 50 cents paid in each of the
Net profit
Dividends paid
-
_
Consolidated Balance Sheet Dec. 31
1939
$
1,630,170
203,711
19,629
z3 ,356,165
424,964
26,436
Sundry
Capital stock
Accounts payable.
Wages payable
Unclaimed divs
Reserve for taxes.
Notes rec.—Metal
1938
S
S
Liabilities—
y
hand & in
on
banks
Accts. rec.—trade.
Earned surplus
Hydrides Inc. an
7,038,396
163,726
76,133
2,151
7,038,396
191,655
430,000
5,054,802
4,046,674
75 cents paid on Dec. 29, 1938; dividends of 50
paid in each of the three preceding quarters; a dividend of $1.75 was
Dec. 24, 1937, and previously regular quarterly dividends of 50
cents per share were distributed.—Y. 149. p. 4029.
Fonda Johnstown & Gloversville RR.
Freight
1940—Month—1939
$16,909
$15,486
26,333
23,818
2,657
2,775
29—
Period End. Feb
revenue..
Passen ger
revenue
$86,480
66,387
6,783
$12,906
503
251
income.
$3,515
$10,202
$10,937
606
623
836
889
$10,825
$11,774
2,660
1,375
23,335
$13,796
Miscell. deduc. from inc.
$4,121
1,352
Net rents
Net ry. oper.
70,001
....12,765,207 11,552,314
Other income
12,765,207 11,552,314
Total
x After depreciation written off in the amount of $4,564,771 in 1939 and
$3,732,823 in 1938. y Represented by 3,337,507 no par shares, x Includes
$565,864 U. S. funds at par of exchange,
a Deposit with municipality of
Kristiansand re power
supply.—V. 149, p. 3114.
Fansteel Metallurgical Corp.
402
a
492
492
985
985
$2,882
$16,581
$13,714
1434.
150, p.
Insulation
Formica
Co.—Earnings$2,893,220
per
—V. 150, p.
share
1765.
capital stock—
on
Fraser Cos.,
—V.
company.
Comparative Consolidated Income Account
1939
$6,439,912
4,284,838
Cost of products
sold
Selling, shipping, adm.
& gen. exps..
Other income.
1,315,147
1,015,652
$412,738
6,131
-
1938
$4,783,021
3,354,631
$839,926
Years Ended Dec. 31—
Net sales
Freight and handling.
5,454
1937
4,716,776
940,598
$505,735
,
4,160
$509,896
33.524
$846,058
$418,192
26,080
33,117
171,652
61,827
74,779
$648,325
$323,247
Cash dividends paid
190,950
101,839
x Earnings per share
$2.54
$1.27
x On
stock outstanding before present financing.
$401,593
203,678
Other deductions
U. S. and Canadian
income—estimated
for
Provision
taxes on
Net profit
$1.57
Consolidated Balance Sheet Dec. 31, 1939
Liabilities—
deposits
accpt. & acct. rec.
Cash & demand
Trade notes,
1,506,962
12,852
Inventories..—*_
Inves'ts & other
$94,983
770,934
assets
equipment 1,048,577
1
charges—
39,719
Property, plant &
Patents &
Deferred
goodwill.
Total
After deducting
-S3,474,029
$100,000
516,554
Accrued liabilities..
9,223
U.S.& Can. taxes (1939—est.)
167,126
Common stock (par $5)
1,272,990
Capital surplus.
93,184
Earned surplus
1,314,952
Notes payable
Accounts payable
Total
$3,474,029
1434.
depreciation reserve of $670,898 —V. 150, p.
1938
$9,041,809
Net sales
Cost of goods
Net
6,295,083
781,933
sold
_
Net income
$9,032,638 $12,640,067
6,555,750
9,005,669
760,900
767,687
$1,715,988
Dr38,358
$2,866,711
Cr30,979
$1,978,322
...
$1 ,-677,630
$2,897,690
150,000
Prospecting
Interest on debentures
stock
Cr601,689
Dividends
b Including
stock, par $10
—
Dr6,570
CV261,052
$2,200,762
1,194,570
$2.76
-
-
$1,506,059
bl,601,986
$2,703,742
bl,268,365
$1.87
$3.30
pref. divs. of $73,806 in
Note—Provision for depreciation
tion and other expenses
270,000
165,000
206,000
taxes
Proportion of net income or loss of
Cuban-American Manganese Corp.
and subsidiary
Net income..
185,000
......
23,250
— —
Federal & State inc. & Fed. cap.
Shares common
1937
Crl3,529
$1,964,793
profit on sales
Other income and deductions, net....
1937 and $9,225 in 1938.
of produc¬
$576,303 in 1939, $580,968 in 1938 and
and depletion charged to cost
amounted to
$559,994 in 1937.
Comparative Consolidated Balance Sheet
1939
Assets—
Dec. 31
$
$
S
Liabilities—
Accounts payable.
542,885
429,993
Acct. royal ties pay.
1,216,343
1,116,558
5,787,436
1,008,239
2,178,456
1,110,534
phur & supplies.
6,278,228
Stock & bonds._
3,324,580
other taxes
5,475,199
3,001,063 20-yr. 3% debs— 3,000,000
Cash
.
Notes & accts. rec.
Inventory
a
1938
1939
1938
$
,
of
Prov. for Fed. and
sul¬
313,979
Adv.
975,000
6,028,908
royalties and
Paid-in surplus..
8,270,979
c
conting..
Common stock..
7,963,800
1,370,313
7,264,787
399,733
708,583
sundry items
23,220,260 19,168,893
Total
460*523
Earned surplus—
450,000
5,663,195
Manganese Corp
b Fixed assets
562,920
541,901
7,963,800
1,370,313
Res. for
Adv. Cuban-Amer.
$6,163,110
Calendar Years
1939
x
Consolidated Income Accoun t for Calendar Years
$18,352
$9,934,078 $10,050,355 $13,954,236
892,269
1,017,717
1,314,169
Gross sales..
Outstanding
300,000 shs,
x279,598 shs.
Including not more than 162 treasury shares.
Business—Company was incorporated in Michigan, May 1, 1924, ac¬
quiring the properties and succeeding to the business of two companies, one
of which had been on operation continuously since 1899.
It is engaged
principally in the manufacture of bearings, bushings, and other products
made from non-ferrous alloys, including marine propellers.
Products are
sold as original equipment to approximately 500 manufacturers of engines
and other devices, as well as to more than 3,000 outlets in the replacement
and service trade.
The industries supplied are the agricultural implement,
automotive, aviation engine, Diesel engine, industrial engine, marine engine,
refrigeration, and others.
The largest single customer in 1939 accounted
for 11.6% of total sales.
The placement and service trade is served by
55 warehouses located in the United States and Canada.
Dividends—Company has paid divdends quarterly in each of the last
four years.
The last payment was 373^ cents a share on Dec. 15, 1939, on
stock outstanding prior to split up of the old stock three for two, and equal
to 25 cents per share on the shares presently outstanding.
Company
expects to maintain a dividend policy of 25 cents per share quarterly.
Pursuant to such policy a dividend of 25 cents per share was declared payable
March 15, 1940, to stock of record March 5.
Proceeds—Funds raised for the company by this financing are to be used
to pay off current loans and increase working capital.
Listing—The outstanding shares are now listed on the Detroit Stock Ex¬
change and the company has agreed to make application for listing its
shares on the New York Stock Exchange, if requested by the underwriters.
1938
1939
$208,638
interest, taxes, &c
149, p. 3556.
Freeport Sulphur Co.—Earnings—
Capitalization Giving Effect to Present Financing
Common stock ($5 par)
$2,183,410
53,520
$0.30
Ltd. (& Subs.)—Earnings—
Adminis., selling & general expenses.
Authorized
271,021
$1.63
......
Calendar Years—
Net loss after deprec., depletion,
Corp.—Stock Offered—Public offering by
(par $5) priced at $14.50 per share, was made March 20
by American Industries Corp. and Jackson & Curtis.
Of
the total, 25,000 shares represent new financing by the
1938
1939
Earnings
prospectus of 38,717 shares of common stock
2,019
1,100
23,406
$10,186
deductions
Net profits
Inc.—To Pay 15-Cent Dividend—
have declared a dividend of
Federal Mogul
of
-V.
$120,044
$0.37
15 cents per share on the
common stock, par $5, payable April
1 to holders of record March 25.
This compares with 20 cents paid on Dec. 20 last; 10 cents paid on Oct. 2
and July 1 last; 15 cents paid on April 1, 1939; 10 cents paid on Jan. 10.
1939; 35 cents paid on Oct. 1,1937. and dividends of 25 cents paid on July 1
and April 1, 1937, this last being the initial payment on the larger amount
of stock now outstanding.—r-V. 149, p. 3715.
>
means
550
11,692
Net sales..
Fedders Mfg. Co.,
directors
deductions
Net deficit
1937
1938
$11,739 •
Nil
$238,660
$1.02
972
800
11,662
Rent for leased roads
Interest
Other
—V. 149, p. 3260.
The
Total income
(& Subs.)—Earnings—
1939
Calendar Years—
Net profit after all charges & taxes...
Earnings per share on common
a
$31,213
50,115
5,151
$87,919
69,754
6,025
1,201
__
546,864
407,823
74,959
Deposit
Total
a
$35,648
46,573
5,696
$45,900
32,197
3,248
$42,080
34,738
3,323
Total ry. oper. revs..
Railway oper. expenses.
Railway tax accruals.
7,092,252
Earnings—
1940—2 Mos—1939
expenditures,
supplies, &c
a
the common
on
All other revenues.
31,300
1,596,213
Def.
Pay bO-Cent Dividend—
cents
paid
Investment In asso¬
ciates cos.' shs..
stockholders will be made at
1764.
Florence Stove Co.— To
270,000
362,174
33,400
Inventory
1 626,311
x Prop, account-6 613,494
Investments
150. p.
later date.—V.
Directors have declared a dividend of 50 cents per share on
127,241
68,105
1,899
10,000
associated co_._
a
three preceding quarters;
1939
1938
$
Assets—
Cash
be represented by scrip.
Remainder of the purchase price to Fisk
23,220,260 19,168,893
Total
stocks and bonds consist principally of Cuban-American
stock.
Such holdings, consisting of 313,621 shares or
stock, 250,000 shares of class B preferred stock and
289,815.5 shares of common stock and aggregating 89.84% of the total
outstanding voting shares of all classes, are carried at cost, plus $109,b84,
representing the applicable proportion of the consolidated earned surplus
of that corporation and its subsidiary at Dec. 31, 1939. The said amount of
$109 684 has been included in earned surplus in the above statement.
At
Dec. 31, 1938 the investment in Cuban-American Manganese Corp. was
carried at cost, less $213,833 representing the applicable proportion of the
consolidated deficit at that date,
b After depreciation and depletion of
$5,961,743 in 1939 and $5,402,653 in 1938. c Par $10.—-V, 150, p. 689.
a
Investments in
Manganese Corp.
ciass A preferred
(Robert) Gair Co., Inc. (& Subs.)- -Earnings—
xl939
Calendar Years—
loss
Net
all
for
year
charges
Earns, per sh. on com._
y$633.862
Nil
$23,388
Includes domestic
Gamble-Skogmo,
See list
1936
*
pf$557,128
$821,726
Nil
Nil
subsidiary companies only,
amounting to $732,418.—V. 150, p. 1435.
x
1937
1938
after
y
Inc.—Registers with SEC—
of this department.—V. 144, p. 1958.
given on first page
$0.47
After special charges
The Commercial & Financial
1934
Chronicle
Interstate Commerce Commission on
March 4 issued
certificate
.
Asset*
Cash and marketable securities
Customers'
1938
1939
1510.615
$0.84
&c.. $1 ,123,558
$1.79
a dividend
of 15 cents per share on account
$1.60 cum. 1st pref. stock payable March 23
holders of record March 7.
Similar payments were made in preceding
to
quarters.—V. 150,
p.
—- --—- -
Inventories (less reserves)
11.395,515
74,644,677
the
433.
Gemmer Manufacturing
Directors have declared a dividend of 40 cents per share on the class B
stock, payable March 28 to holders of record March 23.
Dividend of 25
cents was paid on Feb. 1, last, Dec. 20 and on Sept. 1,1939, this latter being
the first dividend paid since Dec. 24, 1937 when 75 cents per share was
distributed.—V. 149, p. 3872.
Deferred charges to income for
d Investments
Report—
Orders Received—Orders received during 1939 amounted to $360,748,386,
1938, an increase of 43%.
During
there was a fairly consistent rate
of gain over the corresponding period a year earlier, but in the final quarter
the rate of gain was much greater, as shown in the following tabulation:
$252,176,223 during
each of the first three quarters of the year
Orders Received
40,147,969
—
I
-
392,222,958 374,465.199
-
-
1938
Incr'se
$86,882,953
82,188,693
79,510,205
112,166,535
$65,376,400
62,847,423
60,533,135
63,419,265
33%
31%
31%
77%
Year................. ..$360,748,386
$252,176,223
43%
......
......
Third quarter....
Fourth quarter
.....^.....
tn0._
payable subsequent to one year
employee plans...
Charles A. Coffin Foundation
reserves-..
reserve
...
,
—
-
—
Common stock
-
...
Total
an
increase
was
1938.
c
transferred in 1938 from reserves.
recorded in all of the principal divisions, the
Sales Billed—Net sales billed (representing shipments) amounted to
$304,680,270, compared with $259,484,341 in 1938, an increase of 17%,
This increase was smaller than the increase in orders received,principally
because considerable time is required for the mnaufacture of heavy appa¬
ratus, necessitating a corresponding interim between the date of receipt of
the order for, and date of shipment and billing of, such apparatus.
Income from Other Sources—In addition to net income from sales,
company
had income from other sources amounting to $8,810,299, compared with
$8,483,310 for 1938.
The principal item was interest and dividends from
miscellaneous investments, which amounted to
$7,728,562 for 1939, or 3% more than for 1938 and was equivalent to a
return of 4.7% on the book value of General Electric Oo.'s average invest¬
ment in these companies, compared with 4.4% in 1938.
Tares—Provision for total 1939 taxes amounted to $21,013,000, compared
with $15,632,000 for 1938, an increase of 34%.
International General Electric Co., Inc., which conducts the export and
foreign business of company except in Canada, had a profit of $2,964,435
for 1939, compared with $3,283,261 for 1938, and dividend payments
amounted to $1,700,000 in both years.
The 1939 dividends included
$156,929 paid on preferred stock held by G. E. Employees Securities Corp.
Canadian General Electric Co., Ltd., reported a profit of $2,150,028.
compared with $1,883,581 for 1938.
Regular dividends of 5% were paid
on special
employees' preferred stock, and dividends of $6 a share were
paid on common stock for both 1939 and 1938.
The dividends received
for 1939 were booked by company at the amount realized in U. S. currency.
G. E. Employees Securities Corp.—During the year company surrendered
for cancellation all of the preferred stock of G. E. Employees Securities
Corp., amounting to $7,500,000, and transferred to the corporation $5,000,000 of preferred stock of International General Electric Co., Inc., and
$10,000,000 of notes of General Electric Contracts Corp. and of General
Electric Supply Corp.
As a result a total of $22,500,000 was added to the
capital surplus of G. E. Employees Securities Corp., its capital structure
was simplified and its financial condition
improved.
Inasmuch as com¬
pany owned all of the common stock of G. E. Employees Securities Corp.,
these transactions did not change the value of General Electric's total
affiliated companies and
investments.
G. E. Employees Securities Corp. had net income of
$1,390,849, com¬
pared with $741,163 for 1938, as a result of increased income from its in¬
vestments, which included the additional securities referred to above.
Cash dividends of $955,000 were paid in
1939 compared with $525,000
in
1938.
Electrical Securities Corp. had net income of $2,530,189, compared with
$2,075,582 for 1938, largely as a result of increased income from its invest¬
ments and of lower interest requirements on its
obligations.
Cash divi¬
dends of $1,856,000 were paid in both 1939 and 1938.
General Electric common stock in the portfolio of
company was held for
corporate purposes and consisted of 53,263 28-100 shares, valued at cost,
or $1,078,709
(market value $2,150,495), compared with 61,470 28-100
shares held a year ago.
All of the shares disposed of were used for the pay¬
ment of extra compensation to
employees for the year 1938.
The invest¬
ment affiliates also held General Electric common stock in their
portfloios.
hy far the larger portion of which consisted of the 529,000 shares owned by
G. E. Employees Securities
Corp., representing the largest single holding of
the stock of the company.
Plant and Equipment—Capital
expenditures for plant and equipment,
principally for the purpose of improving manufacturing methods, amounted
to $11,024,485, compared with
$11,998,983 for 1938.
General Reserve—The general reserve amounted to
$19,811,234, com¬
pared with $19,780,480 a year ago, the increase representing the aggregate
net profit realized
during 1939 from the disposal of securities by company
and its affiliates.
Stockholders—1There were 209,914 stockholders
pared with 208,580 at the close of 1938.
on
Dec.
31, 1939,
com¬
Income Account for Calendar Years
1939
1938
.
$
Net sales billed--
Costs,
expenses
$
1937
$
1936
$
304,680,270 259,484,341 349 739,514 268,544 587
and
all
charges, except plant
deprec. and interest__258,126,983 228,268.430 289,817,426 227,832,488
depreciation
13,893,184
11.654,663
12,066,672
11,798,531
Plant
t
Net income from sales 32,660,103
from
& chvs.
Int.
19,561,248
47,855,416
14,183,127
871,434
636,375
298,789
603,275
13,350,225
786,177
348,638
793,652
41 -470,402
28,044.558
63,812,041
44,192,260
265,279
245,094
7,728,562
165,295
Int.onbk.bals.&rec'les
Royalties & sundry revs.
280,067
TnSSln^me
charges
Interest
234,758
...
<
315,229
.122,671,387
121,456,521
121,483,621 120,110,614
pSal^Ufplu8.----.---16^'2°7-031 149,185.850
investments.
Cr708,059
185.030,383 164,057,780
Cash divs. on com. stock
615,815
40,305,054
25,898,648
300,066
63,273,796
Cr691,862
43.266,021
«
Earned surplus at end
Earn"' S.o^Ois:-24'310'036 122'671'387 ^lAm.S21 121.483,621
927
shs.com.stk.(no par)
$1.43
$0.96
in^QfTerpi"°^ifi^o^11'0IA'J?00il11939' S15.632.000 in
J
on
$1.52
1938, $23,266,000
in 1936 for total taxes, including $570,000
and $300,000 m 1936 for Federal surtax
$2.21
undistributed profits.
in 1937
-
'
'
■
Trade Commission—
The company must file an answer to the
Trade Commission Act within 20 days.
alleged violation of the Federal
.
..
complaint that newspaper and other advertisiig of
General Electric carries the implication that all or substantially all com¬
petitive products are inferior in quality to bulbs marked "G-E.
More¬
over, the company is said to claim that bulbs other than "G-E ' will cause
a 30% loss of light and an equal wastage of electricity consumed.
The complaint points out that approximately 80% of the incandescent
electric light bulbs sold in the United States for general service are manu¬
factured by the respondent and its licenses.
About 25% of total amount,
however, are products of the licensees not branded "G-E."
The Commission, terming the claims of the company, "misleading and
unfairly disparaging of the products of its competitors," declares that a
person buying bulbs other than "G-E" will, in most instances, neither
obtain lamps of lower qua.ity nor suffer such losses of efficiency as indicated
in the company's ads.—V. 15C, p. 1600.
It is asserted in the
General Baking
At the recent
annual
Co.—New Director—
meeting of stockholders Oswald L. Johnston was
director to fill the vacancy caused by the
Collins.—Y. 150, p. 1435.
elected
a
General Box Co.
resignation of William H.
(& Subs.)—Earnings—
Calendar Years—
1?35:U,„
$259.912
$o3,431
,$0.18
Net income after charges and taxes
$0.04
Earnings per common share
New Vice-President—
directors were reelected.
Preeto'rius was elected a Vice-
At the recent annual meeting of stockholders all
At
subsequent
directors'
meeting
I. W.
President and all other offices were reelected.—V. 149, p.
2971.
General Bronze Corp.—Reorganization—
The corporation, as of March 1, last, had issued 48,500 certificates of
deposit under the exchange agreement plan dated Feb. 1, 1940, for the 6%
convertible debentures, due May
1, this year.
Under the plan, present holders have the option of receiving for each
$1,000 debentire $250 in cash, $500 in new 10-year 6% convertible deben¬
tures and 50 shares of common stock, or $300 in cash and a new $700 conv.
denenture.—V. 150, p. 1435.
,
General Foods Corp.-—Record Sales and Tonnage in 1939
—Earnings Up—Prices to Consumers Down—Reporting that
corporation employment has approximately doubled since
1929 and that 1939 dollar sales and tonnage
reached record
levels, together with an improved earnings trend, C. M.
Chester, Chairman, and Clarence Francis, President, jointly
released their annual
pamphlet letter to stockholders, em¬
ployees and the public March 15.
$145,615,242. This was $10,393,941,
8%, higher than in 1938.
Case sales gained 8.3% over 1938.
Both larger domestic and foreign sales contributed to General Foods
higher 1939 net profits, which were $15,118,063, or $2.75 a common share,
against $13,577,075, or $2.50 a common share in 1938.
Sales to millions of consumers were made largely through America s
500,000 retail food stores.
They were serviced by more than 5,000 whole¬
sale customers in United States, Canada, and other nations.
General
Foods products, however, represent less than 2% of the food sold in the
United States, the report reveals.
"Our export business, while not substantial in comparison with our total
business, is increasing!," explain Mr. Chester and Mr. Francis. "It showed
more than the normal rate of growth in 1939.
In fact, our case sales abroad
in 1939 were more than double those of 1929.
Because of lowered prices,
however, dollar sales were only 60% higher than in 1929."
Outside of Canada, England, and the United States, the company s porducts are sold in 71 countries through 94 distributing organizations.
Nearly 99% of the 65,620 common and 2,160 preferred stock owners Uve
in the United States.
They own more than 99% of such shares.
The
second largest group, 371 investors, Uves in Canada and owns 34,837 shares;
while in 39 countries overseas 341 individuals own 35,929 shares.
Their report shows 1939 net sales of
or
,
.
Consumer Policy
The
Ea^SplSTOn--41'235'644 27'729'829 63.546,762 43.947,166
ningofyear.
Cited by Federal
The company is cited by the Federal Trade Commission in a complaint
issued March 15 charging misrepresentation in the sale of electric light bulbs .
28,913,568
7,479,437
375,152
366,941
261,780
affil.
cos. & miscell. invest.
Inc. from marketable sec.
-.-392,222,958 374,465,199
-
depreciation of $162,342,713 in 1939 and $156,602,922
Represented by 28,845,927 no par shares.^ d After reserve of
$24,267,198 in 1939 and $24,981,501 in 1938.
e Includes $6,586,786
b After reserves for
n
•
Although
greatest improvement was in orders for apparatus, received from central
station and industrial customers.
There was also a notable increase in
orders for household appliances, particularly for refrigerators.
—
-
-
Earned surplus
6,301.933
20,778,500
663,330
«7,597,778
3,941,424
400,000
400,000
12,043,321
15.787,241
19,780,480
-19.811,234
180,287,046
.124,310,036 122,671,387
27,617,434
1,644,898
7,303,208
4,214,283
items
Collections under
General
__0
10.847.o78
---—
Taxes, payrolls and other accrued
Due to affiliated companies.-..
Miscellaneous
1
1
franchises.
Total
Accounts
156,048
126,097
7,000,000
141.527,731
37,023,872
....
c
1939
First quarter
Second quarter
99,835
158,785
231.884
6,000,000
—
Accounts payable
Philip D. Reed, Chairman, and Charles E. Wilson, President, state:
compared with
745,513
140,561,338
pensions.
Liabilities—
General Electric Co.—-1939 Annual
1,437,000
1,167,393
135,803
1,598,000
-. -
—
b Plants and equipment,.—
Patents and
1,525,586
12,016,137
68,517,634
205,733,730 182,767,157
Total current assets
Marketable securities in escrow
Accts. & notes receivable, not current (less reserves)
Loans to employees (less reserves)
...
Advances to employees for traveling expenses
Prepaid expenses
Co.—Class B Dividend—
16,800,735
5,153,092
228,271,162 202,727,755
22.537,432
12,960,598
Lees advance collections on contracts.
have declared
on
...
Installation work in progress (less reserves).-.
$
98,714,571
'
.
22,021,159
8,231,182
1,931,227
Other accounts
(Theodore) Gary Co.—Accumulated Dividend—
Directors
of accumulations
(less reserves):
accounts
Affiliated companies, accounts
Subs.)-—Earnings—
Earnings per common share
—V. 149. p. 3872.
$
>110,047,402
-
Accounts and notes receivable
Ohio BR.
Calendar Years—
Net income after depreciation. Federal taxes,
*
1938
1939
a
permitting abandonment by the company of its entire line of railroad in
Elk County, Pa. and abandonment of operation thereof by the Baltimore &
Gardner-Denver Co. (&
1940
23,
Balance Sheet Dec. 31
Gaffney & James City RR.~rAbandonment—
The
March
report
emphasizes
the
company's
policy
regarding customers,
employees, and investors.
"We grow more by giving more," declare Mr. Chester and Mr. Francis.
.
"Sound values attract
new consumers: more consumers
mean more
volume.
In other words, as we are able to give consumers greater value and better
quality and so1 vice, our enterprise develops more soundly and rapidly.
"Price reductions have been based on the principle that-sound growth
requires sound prices to the consumer—consistent with high quality^ and
service and a reasonable profit," Mr. Chester and Mr. Francis emphasized.
"There are, of course, occasions when costs increase to such an extent that
price increases are necessary.
But 0'ir general price trend has been
downward."
Average price of the company's products in 1939 was 35% lower than in
in 1929—although the price of all foods declined about 25% .
Meanwhile,
the company's sales in dollars rose 23.3%.
Case sales, because prices
averaged lower, showed a much greater gain than dollar sales from 1929 to
1939 as the housewife bought more packages of the company's improved
products for less money.
Employment Doubled
Expanding sales volume nearly doubled the number of G.F. employees
from 1929 to 1939, a decade marked by gains
in technology. There were
11,103 employees on the payroll in 1939.
Annual tonnage of products
sold by the company almost doubled.
Stockholders increased from 17,727
in 1929 to 65,620 in 1939.
Volume
The Commercial & Financial Chronicle
ISO
Since
1929, the corporation invested approximately $34,710,000 in plant
construction and modernization, and provided a reserve of $21,180,000 for
depreciation.
Birds Eye Sales
Up
One of the
new depression-born industries is Birds Eye Frosted Foods,
consuming homes, hotels, and institutions, and in so doing,
aids farmers, suppliers of machinery, equipment, miscellaneous materials,
and many services, such as transportation and storage.
"At the close of 1939," said Mr. Chester and Mr. Francis, "there were
5,798 retail stores selling these quick-frozen foods, compared with 4,059 a
year ago, 2,800 two years ago, and 20 in the Spring of 1930.
Now dis¬
tribution has reached a point where a limited amount of national advertising
is prsctic2ibl0
General Foods on July 20, 1939, bought the 49% minority interest in
Frosted Foods Co., Inc., consisting of 18,701 preference shares, for $250,000.
Thus the latter company became a wholly-owned subsidiary.
On Sept. 21,
1939, it was merged with the parent corporation.
General Seafoods Corp., a subsidiary, on Nov. 28, 1939, concluded an
agreement with the Newfoundland Government looking toward the estab¬
lishment, on the southwest coast of Newfoundland, of a shore station for
the packaging and quick-freezing of fish.
The report voiced hope that
General Foods' new Central Research
Laboratories in Hoboken, employing 100 men and women technicians, will
be productive of greater service, adding that "the corporation has never
pinched pennies for the various types of research in which it engages, for
which
we
serves
believe research is
one
of
our
best investments."
Hands Off Election
The management siad it
hopes each employee will register and vote at
all elections, but added that "we do not want any employee, supervisor,
executive to use his company connection to influence, directly or in-,
or
directly, the vote of
any
Such action would be undemo¬
other employee.
cratic and properly resented.
Any company employee or official naturally
has the right of any citizen to air his personal views.
But the company,
as
such, takes
no
political stand."
Taxes
traceable taxes of all kinds, paid or accrued during 1939.
$5,550,676 or $1,057 a common share.
This compares with
$4,693,294, or 89.4 cents a share in 1938, and $3,055,003, or 57.9 cents a
Directly
amounted
share in
to
1929.
Consolidated Income Statement for Calendar
Years
Net
1937
1938
sales
..145,615,242 135,221,301
Costs and depreciation.. 94,052,135
88,288,687
Exps. & other charges.. 33,039,701
31,086,707
Provision for profit in¬
centive plan fund....
437,798
293,244
Profit from operation.
1936
$
1939
$
133,126,506 122,462,350
77,563,490
93,322,787
28,654,476
29,646,177
1935
Motors
Sloan Jr., Chairman,
state in part:
Corp.—Annual
Report—Alfred
P.
and William S. Knudsen, President,
1939 in Brief—The year's activities were
characterized,
so
far
as
domestic
operations are concerned, by a declining trend during substantially the first
six months, followed by a rapid increase during the second half of the year.
There was superimposed upon what appeared to be a natural upward move¬
ment the
psychological influence of the declaration.of war in Europe. This
Industry sought to build up inventories in the
increased prices would result from a higher rate of business
activity and the anticipation of war orders.
The trend of the corporation's
overseas activities was substantially
different from the domestic trend.
Here the year divided itself into two
periods: the first eight months, in which totaljinit sales of the corporation
were about 1% better than the corresponding "period in 1938; and the last
four months, starting with the outbreak of war in September, during which
period the total unit sales were about 24% less than those of the corre¬
sponding period of the previous year.
Statistics now available are too re¬
stricted in scope, due to prevailing conditions, to present any reliable facts
regarding the trend of the automotive industry as a whole throughout the
markets of the world for the entire year.
As to domestic markets, the in¬
dustry's sales to consumers in the United States as measured by registrations
of new cars and trucks were about 39% greater than in 1938, approximately
23% less than in 1937 and 29% less than the all-time peak of 1929.
Sales—Corporation produced and sold to its distributing organizations
throughout the world merchandise with a net value of: 1939, $1,376,828,337;
1938, $1,066,973,000; increase, 29%.
Passenger cars and trucks produced
and sold by the corporation throughout the markets of the world totaled:
1939, 1,727,086; 1938, 1.307,749; increase, 32%.
Sales of non-automotive products also showed substantial increases in
tended to accelerate the rise.
belief
that
1939.
Competitive Position—During the year the corporation's proportion of new
trucks sold to consumers in the United States as measured
by registrations was 42.3%.
This has only been exceeded in 1938 and in
1933 when 42.9% of the industry was obtained. Its proportion of new pas¬
senger cars was 43.7% as compared with the record of 44.8% in 1938.
A
strike of tool and die makers delayed the introduction of 1940 models for
one month and adversely affected the corporation's competitive position as
applied more particularly to passenger cars.
Earnings—Net earnings available for dividends on the outstanding
preferred and common stocks amounted to $183,290,222. After deducting
dividends accrued on the $5 series preferred stock, this is equivalent to $4.04
per share on the average numoer of common shares outstanding, and com¬
pares with $2.17 per share for the year 1938. Earnings in 1939 were reduced
in the amount of $10,000,000 to provide a special contingency reserve on
account of disturbed conditions aoroad.
In addition, it is the policy to
passenger cars and
those
exclude
which cannot be remitted to the
The net balance so excluded for
profits realized abroad
United States due to exchange restrictions.
1939 amounted to $1,718,005.
18,085,608
775,405
15,552.663
932,856
10,157,542
1,009,192
16,244,384
965,133
18,861,013
3,268,200
Other income
General
16,485,519
2,712,814
11,166,734
165~240
104 J 89
17,209,517
2,631,823
269,236
67,500
Dividends—Approximately 386,000 stockholders participated in dividends
during 1939.
The following summary compares 1939 dis¬
distributed
1938:
tributions with
1938
1939
Total income
Federal income taxes
1,822,925
24,453
113,061
Provision for surtax
Prov. for for. income tax
Amount
91,441
15,118,063
19,118,729
14,240,957
17,096,480
9,206,295
19,766,858
13,577,075
16,798,284
Amt.of res.for unrealized
deprec. in mkt. val. of
245,161
marketable securities.
Preferred
34,236,792
dividend.....
11,815,740
675,000
31,582,598
11,815,740
28,973,154
10,502,880
30,375,359
10,502,880
liabilities, &c._
Excess of amt. paid for
in sub.
of intangibles
quired during year
There
was
retained
in the
$5.00
$5.00
'
3.50
—
business in
1939
1.50
•
its protection
for
and
ex¬
pansion $23,027,468, equivalent to $0.54 per share of common stock.
Stockholders—At the close of 1939, the total number of stockholders was
386,100, compared with 389,509 at the close of 1938.
Net
Capital and Cash—Corporation continues to maintain a
Net working capital at the close of 1939 was
Working
strong financial position.
of the
Cash and
$289,921,683, compared with $242,895,320 at the close
previous year.
Plant
Development—There were no extensive developments during the
involving new plants or substantial increases in existing manufacturing
facilities, except for the construction of a new plant for the production of
aviation engines as developed by the Allison Division. There was expended,
however, during the year a total of $37,049,442, principally for machinery
over
year
nominal stated amount
Cost
Dividends paid per share:
On $5 series preferred stock
On common stock
cash items totaled
x262.5C0,
__
int.
64,386,421
..$159,497,902 $73,564,641
$434,172,831, compared with $387,243,513 at the close of 1938.
y491,250
Excess of preferred stock
min.
150,319,682
—
$9,178,220
309,510
foreign exchange..
Total surplus
Common div. (cash)
$9,178,220
Total dividends paid
Pref. stk. issuance exps.
Net profit
Previous surplus..
paid:
On $5 series preferred stock
On common stock. '
Prov. for unrealized loss
on
of dividends
249,999
ac¬
1,671,990
equipment. The primary purpose of these expendutures was to maintain
of the corporation's production facilities in line with advancing
technological progress.
There were also involved readjustments and ad¬
ditions incident to the introduction of the 1940 line of products.
In ad¬
dition, the corporation expended $38,556,455 for special tooling, principally
to bring into production its 1940 products.
The latter expenditures are
written off as a part of the cost of the products involved.
Cost of Government—Taxes paid or accrued by the corporation and its
subsidiaries in 1939 to tne various taxing authorities in the United States,
including excise taxes paid on products sold and in turn passed on to the
consumer, totaled $101,884,000.
Attention is called to the fact that these
figures contain only such taxes as are definitely ascertainable and do not,
by any means, represent the entire tax bill. For example, no effect has been
given to taxes included in the cost of materials purchased as such infor¬
and
Surplus at Dec. 31...
par)
21,496,053
5,251.440
Earns, per sh. on com...
$2.75
Shs.of
x
com.
out. (no
19,766,858
5,251,440
16,798,284
5,251.440
19,118,729
5,251,440
$2.71
$1.75
$2.50
Excess of preferred stock liability over net consideration received from
shares
issuance
upon
charged
to
surplus,
y
Includes dividend
payable
Feb. 1,1939.
Note—Depreciation provided during 1939 aggregated $2,874,409; in
1938, $2,357,760; in 1937, $1,816,206. and in 1936, $1,726,592, of which
$966,205 in 1939, $705,505 in 1938, $342,350 in 1937 and $397,253 in 1936
included in selling, administrative and general expenses.
Consolidated Balance Sheet Dec. 31
1939
$
35,917,281
1939
$
Inventories
(Company and Sabs
1938
-4. sscts
Accts.
1938
9,918,331
7,890,087
13,938,010
5,083,586
5,478,301
Pref. dlv. payable.
Property accts..30,599,030 28,793,046
mation
$
$
3,206,449
Accr'd liabilities.. 2,737,264
Acceptances and
drafts payable..
344,971
(curr.)
29,865,216
9,400,321
Cash
hand and
on
in banks...
Inv. & advs., &c._
Trade
marks,
ents &
1,433,649
168,750
100,224
80,346
Prov. for inc. tax.
3,795,378
3,241,701
Res. tax conting..
goodwill.
.....
168,7.50
2,386,901
counted, &c____
700,000
700,000
94,937
41,633
1
1
pat¬
1
1
Deferred charges to
operations
pay.
1,597,054
1,545,130
Res've
for
loss
commitments
d Pref.
..
15,000.000
15,000,000
Common stock..43,271,344
43,271,344
stock
Surplus & undivid¬
ed
Total
..90,915,370 89,020,025
profits ......21,496,053
Total
19,118,729
....90,915,370 89,020,025
After depreciation reserve of
$22,783,766 in 1939 and $21,869,313 in
accounts and notes of $308,861 in
1939 and $306,766 in 1938.
c
Represented by 5,359,751 shares no par
value (including 85,778 shares held by a subsidiary company for exchange
for its class A stock in hands of public), including 108,311 shares common
stock reacquired and in treasury,
d Represented by 150,000 no par shares.
a
b
1938.
New
After
reserves
for
doubtful
Profit-Sharing Plan—
The proxy notice for the annual meeting to be held
that stockholders will be asked to vote on an incentive
similar to that approved by them for
Chairman, would not participate.
April 10 sets forth
profit-sharing plan
1939, except that Colby M. Chester,
The notice announces also that the management
to be
will
oppose
resolutions
introduced by a stockholder that the selection of auditors lie referred,
each year, to the shareholders for approval and that no one shall be eligible
for the board of directors unless he owns at least 100 snares of preferred
or
common
stock
A statement of share holdings
of the 16 candidates for reiection indicates
that all but two are beneficial owners of 100 shares or more and that these
representative of large holdings in trust funds.
the incentive plan, to be administered by the Chairman and
non-participating directors, 11 executive officers and such others
as the trustees may see fit to designate,
will share in a fund which shall
not exceed 10% of the balance of consolidated net profits for 1940 after
$2 a share earned for the common stock, annual preferred dividends paid
or accrued. and all taxes and contingencies in amounts approved by counsel
for the corporation.
In 1939 the incentive plan distribution was $437,798, paid to 24 man¬
agerial employees.
Mr.
Chester received $57,000; Clarence Francis,
President, a like sum, and Rustin S. Iglehart, Vice-President, $48,000.
They were the leading participants.
Including thesa amounts, their total
remuneration tor 1939 was $141,000, $127,000, and $103,833, respectively.
—V. 150, p. 1766.
two are
Under
other
not
available.
/
ascertainable for 1939 was equivalent to:
55.6% of net earnings available to stockholders,
$2.37 per share of common stock (earnings: $4.04 per share),
$8.12 for each $100 of sales in the United States,
$523 for each employee in the United States, and
$28 for each $i00 of wages and salaries paid in the United States.
The total ascertainable tax bill of $101,884,000 would have been reduced
by approximately $57,500,000 if the tax rates and taxes applicable to 1929
had existed in 1939.
This is a measure of the increased in taxes during the
10-year period.
,
Labor Economics—The hourly wage employees in the corporation s plants
n the United States worked an average of 34.9 hours per week in 1939, as
,
on
Min.int.in sub.co.
c
is
The tax bill definitely
3,576,971
Foreign drafts dis¬
b Accts.¬es rec.
a
Liabilities—
the efficiency
,
,
compared with 31.2 hours in the previous year.
As the result of the increased number of hours worked, due to
the better
prevailing, the average annual earnings of the regularly
hourly wage employee in the United States increased from $1,342
in 1938 to
business
employed
$1,503, for the year 1939. In terms of purchasing power, these annual earn¬
ings in 1939 were approximately 26% greater than the average annual
earnings in 1929. This favorable comparison was adversely affected by the
tool and die makers strike already meptioned.
The following summary compares the total corporation payrolls and
employees for 1939 with 1938:
1938
^
$300,825,930
Average number of employees.
220,434
189,039
The Employee Benefit Plans announced in Nov., 1938 were in operation
during the year.
As a result of these plans, which were designed to promote
greater continuity of income for the corporation's hourly wage employees,
37,036 employees were advanced a total of $1,612,622.
This is not indica¬
tive of what might have occurred for the reason that, due to the tool and
die makers strike, benefits under the plans were largely suspended for the
period of the strike.
Of the amount advanced, $1,395,679 had been repaid
by the end of the year, and $57,223 was charged to earnings due to losses
incurred in the operation of the plans, leaving net advances of $159,720 out¬
standing at the end of the year.
These plans are being continued in 1940
Total salaries and
wages
paid
*—__
$386,292,203
with minor alterations.
Executive Management
Compensation—The executive management group,
comprised 184 of the corporation's major executives at the end of 1939.
The
total executive management compensation of this group in 1939, consisting
of salaries and bonus participation, was equivalent to $0.15 per share of
common stock after allowance for Federal corporate income taxes, as against
earnings of $4.04 per share.
This compares with $0.10 per share in 1938.
The increase in 1939 is largely accounted for by the increased bonus result¬
ing from improved earnings.
AA
Total executive management compensation was
»
equivalent to $0.44 for
each $100 of retail price of the corporation's products sold in 1939, compared
with $0.39 in 1938.
For ech dollar of total payroll, total executive manage¬
ment
compensation amounted to 2 cents and compares
with 1% cents in
1938.
of the year's operations, 233,937 shares of com¬
set aside under the bonus plan and will be distributed to
Bonus Plan—As a result
mon
stock
were
approximately 9,500 individuals.
While final attotment of these shares ha
The Commercial & Financial Chronicle
1936
March
23,
1940
2% of the
214.353 shares of General Motors Corp. commen stock in February, 1940
The common stock held in the treasury at Dec. 31,1939 showed a decrease
Employees Savings and Investment Plan—There was distributed early in
1940 a total of $6,181,294 to employees participating in the 1934 class of
the employees savings and investment plan, which matured at the end of
1939.
Of the total amount distributed, the employees* original savings
amounted to $2,963,01.5 and the corporation's contribution to $3,218,279.
Since the inception of the plan in 1919, a total of $256,016,087 has been
distributed to employees through this plan of organized saving, of which
amount the corporation's contribution amounted to $109,335,447.
The
employees savings and investment plan was suspended as of Dec. 31, 1935.
Group Insurance Plan—There was added to the group insurance plan,
during the year, a hospitalization and surgical benefits plan effective July 1,
1939.
This additional plan made available to employees daily hospitaliza¬
tion benefits and specified payments for certain hospital services and
surgical operations.
Beneficiaries of 964 of the corporation's employees who died during the
year, as well as 23,531 of the corporation's employees, received benefits
totaling $4,080,591 under the group insurance plan.
Benefits paid to
employees were for temporary disabilities resulting from sickness or nonindustrial accidents and for expenses resulting from hospitalization and
surgical operations. The cost of these benefits was shared by the corporation
and the employees, with the expense of administering the plan being borne
by the corporation.
during the year of 68,639 shares, or $2,535,767.
This decrease is due
principally to the use of 77,889 shares for bonus awards for the year 1938,
determined
not been
as
yet, no individual will receive more than
total bonus fund.
Investments Outside
partly offset by an increase of 10,671 shares due to the operations of the
Employees Savings and Investment Plan. Of the common stock held in the
treasury at Dec. 31, 1939, 233,937 shares available for distribution as bonus
awards out of earnings for the year 1939 are being carried at approximately
$32.31 per share.
There was no change during the year in the 39,722 shares of preferred
stock held in the treasury and carried at $3,267,219 or $82.25 per share.
Goodwill and Patents—-Corporation's goodwill and patent account as of
Dec.
difference
as reported in the balance sheet is not intended to represent
appraisal even in a minor degree of the intangible value of an outstanding
of highly specialized manufacturing organizations and their executive
personnel, supported by vast distributing organizations, operating in
Goodwill
an
group
foreign investments are located.
of the corporation's total capital
In 1939, earnings outside the United
States, excluding profits which could not be remitted, constituted about
of the corporation's total net earnings available for dividends.
Before deducting reserves applicable to foreign operations, the total
investment outside of the United States at the end of the year amounted to
$108,355,288.
Of the latter amount, $54,607,227 was included in the
corporation's "investments in subsidiary companies not consolidated,"
representing an Investment of $34,890,024 in Adam Opel A.G. (Germany)
and $19,717,203 in Vauxhall Motors Ltd.
(England).
The balance of
$53,748,061 represents net assets employed abroad which have been in¬
cluded in the consolidated accounts of the corporation, of which $5,103,378
represents net assets employed in Europe, $24,3.50,135 represents net assets
in Canada and $24,294,548 net assets employed in all other countries of
the world outside of the United States.
The net assets of $53,748,061 employed outside of the United States and
Included in consolidation are the equivalent of total assets of $89,063,221
intangible value of the favorable attitude of the markets of the world toward
a group of products, tne quality and excellence of which are well established
practically every community in every country.
Stockholders—The ownership of General Motors Corp. is widely dis¬
tributed, both geographically as well as individually.
At the last date of
record in the year under review there was a total of 386,100 stockholders.
It is particularly interesting to note that of this large number of owners,
approximately 149,400 individuals have holdings of 10 shares or less. It is
not only to the interest of the corporation, but it is to the interest of the
community that American business should be owned in the broadest possible
way by the American public. Its security and its opportunities for accomp¬
lishment are enhanced thereby.
'
in
$21,400,201 which have been set up to provide against contingent losses
stock and surplus of $1,068,979,176.
*
,
Consolidated Income Account for Calendar Years
a
distributed
as
follows:
countries of
foregoing, General Motors Acceptance Corp., a wholly
has total gross assets outside of the
After deducting funds borrowed from foreign
banks to finance the wholesale and retail sales of the corporation's pro¬
ducts, and other liabilities and reserves, General Motors Acceptance Corp.'s
net equity in the asets was $6,446,594.
Earnings of foreign subsidiaries have been included in the consolidated
earnings of the corporation only to the extent that such earnings can be
38,785,681
246,800,689
143,650,024
248,058,728
289,832,643
2,267,857 eDr9,657,345
7,094,602
7,565,132
133,992,679
255,153,330
297,397,775
undivided
Corp. in certain western States where the business was formerly
carried on by General Exchange Insurance Corp.
General Exchange Insurance Corp.—Corporation's investment in General
Exchange Insurance Corp. amounted to $13,461,129 at Dec. 31, 1939 and
compares with an investment of $12,479,575 at Dec. 31,1938, an increase of
$981,554.
The increased investment represents the excess of the earnings
of General Exchange Insurance Corp. over the dividends paid to General
Motors Corp. during the year.
Yellow Truck & Coach Mfg. Co.—Corporation's-investment of $28,803,252
in Yellow Truck & Coach Mfg. Co. at Dec. 31, 1939 compares with an in¬
vestment of $28,354,918 at Dec. 31, 1938. The increase in the corporation's
investment was due to the inclusion of the excess of the corporation's equity
in the earnings of Yellow Truck & Coach Mfg. Co. over the dividends
received, partially offset by a reduction in the investment as a result of the
sale of 10,000 class B and 1,000 preferred shares to executives of Yellow
Truck & Coach Mfg. Co.
Vauxhall Motors, Ltd.—The investment of the corporation in Vauxhall
Motors Ltd. amounted to $19,717,203 at the close of 1939, a decrease of
$735,552 from the investment of $20,452,755 at Dec. 31, 1938.
This de¬
crease in the investment during 1939 was due
principally to the repayment
by Vauxhall of a portion of advances previously made. In 1939, the corpo¬
ration sold 2,500 shares of Vauxhall 6% preference stock to employees of
Vauxhall Motors Ltd., thereby reducing the corporation's holdings of
preference stock to 213,639 shares, or 71% of the total shares outstanding.
Adam Opel A.G.—In recognition of foreign exchange restrictions, the net
earnings of Adam Opel A.G. have not been included in the consolidated
earnings of the corporation since 1933. The investment in Adam Opel A.G.
at Dec. 31, 1939 is carried at $34,890,024 and reflects no change from the
previous year.
Automobile
Dealerships—Corporation's investment in automobile dealer¬
ships held by the Motors Holding Division amounted to $8,399,131 at
Dec. 31, 1939, a decrease of $843,182 from the investment of $9,242,813
at Dec. 31, 1938.
Bendix Aviation Corp.—The investment of the
corporation in Bendix
Aviation Corp. at Dec. 31, 1939 amounted to $14,605,260, compared with
$15,341,660 at Dec. 31, 1938. The decrease of $736,400 resulted from the
1939 of 24,000 shares of the
corporation's holdings in the common
stock of this company.
m
Bank
of
Detroit—The
investment of the corporation in the
Detroit amounted to $6,522,675 at Dec. 31, 1939, a
decrease of $92,700 from the investment at Dec.
31, 1938. During the year
5,562 shares of stock of the National Bank of Detroit were sold to the
Bank
of
executives of the bank.
The number of shares of National Bank of Detroit
Jhe corporation increased from 396,922.5 shares at Dec. 31,
1938 to 430,496.55 shares at Dec. 31, 1939,
reflecting the net
sale of stock and a 10% stock dividend received
effect of the
during the year.
Closed Banks—Balances in closed banks, after deduction of
1,881,161, totaled $1,255,367 at Dec. 31, 1939, a reduction of
$653,307 during the year 1939 due primarily to recoveries of funds pre¬
viously impounded.
Treasury Stock—At Dec. 31, 1939, General Motors Corp. held in its
treasury stock account 569,080 shares of common stock or its equivalent,
Balances
m
^med at $12,152,413, and 39,722 shares of preferred stock, carried at
oiv L~,(9. The 569,080 shares of common stock held in treasury consisted
°*
^4,727 shares of General Motors Corp. common stock and 214,353 shares
*
Shares, Inc. class B stock.
These 214,353 shares of GM
Shares,
Inc. class B stock were received
by General Motors Corp. in exchange for
its holdings in General Motors
Management Corp. and are equivalent share
General Motors Corp. common stock.
The 214,353 shares of
GM Shares, Inc. class B stock held at Dec.
31,1939were converted into
profits
sub.
&
„
affil.
&
co.'s not consolidated..
Net
profit
from oper.
and investment...__
Special conting.
for
249,068,546
110,000,000
reserve..
possible
losses
under employee benefit
plans
2,635,879
;
Employ, savs. and invest.
fund (net)
Em pi.
340,431
bonus &
Amts.
provided
for
bonus
pay.
ploy.
"fflT*
144,238
161,900
prof592,095
£7,557,491
g3,259,009
8,725,071
15,229,491
to
pays,
Gen. Mots. Mtg. Corp.
/•nrf q jfi
ance
National
of
losses
em¬
by
Vi
flllKg
ntr.
279,061
457,.500
447,559
20,812,957
Ing sep. bonus
Investments and Miscellaneous Assets—The corporation's investments
of GM
44,453,041
in
non-consolidated subsidiary,
National
292,511,769
47,019,404
of real
deprec.
Gen. Mots. Corp.'s equity
remitted to the United States.
sale
190,669,428
43,092,427
Balance after deprec.
In addition to the
in
subsidiary companies not consolidated, together with other investments and
miscellaneous assets, totaled $246,434,121 at Dec. 31,1939. This compared
with $243,477,567 at Dec. 31, 1938.
Prior to 1936 the corporation reflected in earnings its porportion of the
undivided profits or losses of companies not controlled; i.e., 50% or less
owned.
Beginning in 1936, however, and as stated in the annual report
of that year, earnings of such companies have been reflected in the corpora¬
tion's income account only when received as dividends, together with adjust¬
ments for net losses in any year since Dec. 31, 1935, or net recoveries of
losses absorbed to that date.
General Motors Corp.'s proportion of the
undivided profits of companies not controlled which was excluded from the
corporation's income in accordance with the policy just enumciated,
amounted to $1,659,270 for the year 1939 and to $4,249,836 for the entire
period beginning with the year 1936.
General Motors Acceptance Corp.—The investment of the corporation in
General Motors Acceptance Corp. amounted to $85,717,083 at Dec. 31,
1939 as compared with $85,572,120 at Dec. 31, 1938.
The increase in the
investment is accounted for by the excess of the consolidated earnings of
General Motors Acceptance Corp. over the dividends paid to General
Motors Corp.
During the year, Motors Insurance Corp., a wholly owned
subsidiary of General Motors Acceptance Corp., was organized.
Motors
Insurance Corp. insures automobiles financed by General Motors Accept¬
328,618,324
289,893,116
for
Prov.
United States of $34,692,056.
%
1,606,789,841 1,439,289,940
est,, plants&equipm't.
$16,100,215 in
Europe, $28,445,523 in Canada and $44,517,483 in all other
owned
Profit from oper. & inc.
from investment
Prov.
employed by consolidated subsidiaries
the world.
%
$
$
1936
1937
1938
1939
1,376,828,337 1,066,973,000
Net sales
(after deducting reserves for obsolescence of inventories, bad debt reserves
and reserves for depreciation) less $35,315,160 for current liabilities, other
liabilities and the minority interest in preference stock of a subsidiary com¬
pany.
Total assets of $89,063,221
outside of the United States were
Neither does it include the likewise
practically every country in the world.
of the United Slates—The net assets of General Motors
that may arise in any locality in which
This investment was approximately 8%
standard accounting practice is the
book value of properties
purchase price and the
the
betweeu
acquired.
Corp. and its consolidated subsidiaries employeed outside of the United
States amounted to $86,955,087 at Dec. 31, 1939, after deducting reserves
of
1939 amounted to $50,322,686 and shows no change from the
31,
balance at Dec. 31,1938.
Goodwill under the corporation's
3,682,309
9,344,471
15,084,956
228,255,589
130,310,370
245,808,859
282,312,820
44,852,190
28,000,334
d49,107,135
d43,607,627
279,156
plans...
Total
Net inc.
before
inc.
&
prof, taxes & surtaxes
Prov. for U. 8. & foreign
inc.& excess profs.taxes
Net income
183,403,399
102,310,036
196,701,724
238,705,193
183,290,222
102,190,007
9,943,072
9,178,220
196,436,598
9,178,220
238,482,425
9,178,220
173,347,150
93,011,787
187,258,378
229,304,205
$4.04
$2.17
$4.38
$5.35
G. M. Corp. propor, of
net income
c
$5 series pref. stock dlvs
Amt.
earned
on
com.
stock
Amt. earned per share of
$10 par com.stk.oust.b
Profit from operations and income from
a
investments (Including dividends re¬
affiliated companies not consolidated) after all expenses
but before providing for depreciation of real estate, plants and
ceived from subsidiary and
incident thereto,
b On average number of shares of com. stock outstanding during year
42,942,833 in 1939, 42,921,603 in 1938 42,783,554 in 1937 and 42,872,394 in
c Less
dividends applicable to treasury stock,
d Includes provision of
$5,736,906 in 1937 and $2,395,283 in 1936 for surtax on undistributed profits,
equipment,
viz.:
,
1936.
e
For the year
in earnings
disturbed
1938 dividends received were in excess of the corporation's equity
(net) of subsidiary companies not consolidated,
f Provided in view of
abroad,
g After deducting
$3,714,867 ($34,611 in 1938)
conditions
of award basis
excess
over
cost of treasury stock distributable as bonus.
Surplus Account for Years Ended Dec. 31
$368,081,225
187,258,378
$331,680,319
229,304,205
64,386,421
$555,339,603
160,549,862
$560,984,524
192,903,298
$423,415,108
$394,789,741
$368,081,225
$394,789,742
173,347,150
93,011,787
$596,762,258
$487,801,529
150,319,682
Surp. at end of period. $446,442,576
Surplus for year
Total surplus
Cash divs.
on com.
stock.
1936
1937
1938
1939
$423,415,108
Surplus forward
Consolidated Balance Sheet Dec. 31
1938
1939
Assets—
$154,919,034
$175,609,306
132,002,116
3,000,533
Cash.
65,885,868
1,400,146
United States Govt, securities (short-term)
Other marketable securities (short-term)
Sight drafts and C. O. D. items
8,526,729
878,652
10,625,184
Notes receivable
1,501,494
81,654,875
x
;.
Accounts receivable and trade acceptances
233,764,789
191,291,823
40,163,947
14,978,352
Inventories
Investments—Investments in subs. not consolidatedOther investments
68,155,441
...
Miscellaneous assets
yl5,419,632
769,417,418
7,878,315
50,322,686
Capital stock in treasury
Real estate, plants and equipment
Prepaid expenses and deferred charges
Goodwill, patents, &c
•
199,871,640
191,295,705
40,758,344
10,423,519
17,955,399
758,830,738
8,098,056
50,322,68
...$1,706,940,197 $1,598,012,229
1939
1938
Total
Liabilities—
$79,226,059
46,764,601
46,939,329
8,070,649
2,294,555
Accounts payable
Taxes, payrolls, warranties, and sundry accrued items
U. 8. and foreign income and excess profits taxes.,—
Employees savings funds, payable within one year
Divs.
payable on pref. capital stock
Employees savings funds, payable subsequent to one
$61,355,358
35,647,453
30,089,041
4;462,714
1,529,703
4,407,159
year
Employees bonus (based upon cost of stock distribu¬
table
as
bonus)
7,557,491
18,857,431
383,557,809
2,578,656
-
Taxes, warranties, and miscellaneous
Reserves—Deprec. of real estate, plants and equip—
Employee benefit plans
Deferred income
3,086,396
17,607,282
362,488,520
3,057,985
3,031,131
21,400,201
16,400,746
15,767,643
10,066,404
187,536,600
435,000,000
1,888,613
-
-
Contingencies and miscellaneous:
Applicable to foreign subsidiaries
General (including, in 1939, special reserve of
.
z
$10,000,000)
187,536,600
435,000,000
$5 series preferred stock
Common stock ($10 par)
.
1,888,613
446,442,576
Minority interest in preference stock of subs, co
Earned surplus
-
Total
x
After
1938.
y
-
reserve
for
z
1939 and $2,192,066 in
39,722 shares $5 series no par pref..
doubtful accounts of $1,850,075 in
569,080 shares common, $12,152,413;
$3,267,219.
423,415,108
$1,706,940,197 $1,598,012,229
Represented by 1,875,366 no par shares.
Volume
The Commercial &
150
with the operations of
214,353 shares at Dec. 31, 1939 and 263,620
There are reflected above In treasury stock in connection
the General Motors Corp. bonus plan,
1938 of General Motors Corp. common stock representing the
shares at Dec. 31,
equivalent of
a
like number of shares of GM Shares, Inc. class B stock owned by
General Motors Corp.
Dec.
at
31,
1939
common stock
were
The 214,353 shares of GM Shares, Inc. class B stock held
converted Into 214,353 shares of General Motors Corp.
in Feb., 1940.
patents (as stated on books and resulting from consolidating accounts)
of $5,686,141, total, $10,937,882.
Less reserves of $3,483,078; balance,
$7,454,804.
e Reserve
for foreign income tax contingencies, $614,155; reserve for
contingencies created out of capital surplus, $34,499. g Subject to
monetary restrictions,
h Reserve for contingencies created out of
surplus.—V. 150, p. 1436.
and
Contingent Liabilities—Claims In respect of back taxes, patent Infringements
Gotham Silk Hosiery
together with other con¬
There is no way
other matters incident to the ordinary course of business,
tingencies, involve amounts totaling approximately 511,000,000.
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
determining the amount for which these claims may eventually be
of
to cover all settlements that may
Week hna. Match 7—
—
—V.
150,
p.
Giant Portland Cement Co.—To
X to March 7
1940
1939
$188,555
$19,350
$21,250
$181,771
last.
"During 1939 the company expended over $700,000 in improving and
enlarging its manufacturing facilities thereby considerably increasing its
productive capacity and effecting manufacturing economies.
It has
recently adopted a plan of materially expanding the sale of its merchandise
under its own brands.
As this may require larger investment in inventories
and accounts receivable the board of directors deemed it advisable at this
time to conserve its cash."—V. 150, p. 1600.
Recapitalize—
special meeting of stockholders has been called for April 30 to vote
proposed plan of recapitalization.
The plan calls for issuance and
exchange of a dividend arrears unit and eight shares of new common stock,
$5 par, to be created for each share of 7% cumulative $50 par preferred
stock now outstanding on which dividend arrearages as of Jan. 1
1940,
amounted to $30.50 per share.
There are 32,548 shares of preferred now
outstanding.
It is also proposed that the par value of common stock, now $50, be
reduced to $5, and that each share of $50 par common of which there are
outstanding 22,069 shares be exchanged share for share for the new common.
dividend
arrears
units
be
to
are
bearing certificates
non-interest
evidencing right of the holders to receive from the company the amount of
dividends accumulated and unpaid on their respective shares of the present
preferred stock before any dividend shall be paid upon or set aside for the
new common stock. Holders of the units under the plan are to be entitled to
sinking fund into which shall be paid net earnings available
distribution on the dividend arrears units. The units are to be transfer¬
the benefit of
for
able
on
March 19 took no action on the payment
this time on the 7% cumul pref. stock,
Regular quarterly dividend of $1.75 per share was paid on Feb. 1,
$100.
par
a
the books of the company.
Loan
Ry.-r—RFC
to
Finance $20,000,000
of
of $28,132,000 Which Will Mature on July 1—
March 21 that
the Reconstruction Finance Corporation had agreed to finance $20,000,000
of the $28,132,000 St. Paul Minneapolis & Manitoba Ry. Extension 4%
bonds, which will mature on July 1.
Th,e Great Northern Railway will pay
Jesse H. Jones. Federal Loan Administrator, announced
$8,132,000 in pash.
Jones made
Mr.
public
a
letter to F. J. Gavin, President of the Great
Northern, detailing the RFC's conditions.
will be through a new $20,000,000 4%
Jan. 1, 1952, which the RFC will take at
The financing, Mr. Jones said,
collateral trust bond, maturing on
par
and accrued interest.
Mr. Jones added that the Great Northern
had ample funds to pay the
bonds.
•difference between the RFC loan and the amount of maturing
He said the road has expected to get its money in the market, but had
not received an offer as favorableas
that made by the RFC.—V. 150, p.
1436.
Other phases of the plan provide for the elimination in the company's
of the intangible asset designated 1'goodwill—$1,177,895";
Corp. (& Subs.)—Earnings—
Greif Bros. Cooperage
balance sheet
extinguishment of the current operating deficit which on Dec. 31,
1939, amounted to $106,270, by charging it against capital surplus, to be
created by the reduction in par value of the common.
The plan also calls for the setting up of a reserve not in excess of $50,000
for obsolescence and for expenses of recapitalization also to be charged
against capital surplus. In addition the 5,052 shares of the present preferred
stock and the 131 shares of the present common stock, now held in the
company's treasury, are to be canceled.
.
The effect of the plan will be to reduce capital of the company from
$4,000,000 to $1,500,000.
The plan was formulated by a stockholders' committee, headed by C. T.
Williams Jr., and approved by the board of directors of the company on
Northern
Great
A
upon a
The
Co.—No Preferred Dividend—
Directors at their meeting held
Company issued the following statement:
-van.
1939
1940
(est )
1767.
revenue
serious
capital
of the dividend ordinarily due at
be made.—V. 150, p. 1766.
Georgia & Florida RR.—Earnings—
Operating
1937
Financial Chronicle
Interest
3,908
Sundry deducts. (net)--
1937
$344,236
60,784
138,772
5,681
$422,799
58,284
153,646
Manufacturing profit.
Depreciation
Sell.,'gen. & adm. exps__
x
1938
1939
1940
3 Mos. End. Jan. 31—
and the
$354,087
50,523
136,321
1,943
7,142
$154,315
63,427
135,184
7,552
loss$51,847
y9,511
2,187
5,309
,
$201,653
$138,998
Interest earned
3.765
y9,910
Other income (net).
3,365
781
$208,783
35,000
$149,689
Net
$158,159
y21,763
*
loss$40,149
z5,500
$179,922
z24.000
$169,299
2,299,408
$125,689
1,882,181
loss$45,649
1,841,171
$144,922
1,485,483
$2,468,708
$2,007,871
$1,795,522
$1,630,405
179,200
51,200
51,200
179,200
$1,956,671
deducting materials used, labor, mfg.
$1,744,322
$1,451,205
profit
Feb. 29.
Prov. for est'd Fed.taxes
letter to stockholders dated March 15 stated that the
plan can become effective only upon the approval of the holders of a majority
of each class of stock and that it is the opinion of counsel for the stock¬
holders' committee and for the company that if approved by the holders of a
majority of each class, its provisions will be binding upon all stockholders.
—V. 150, p. 1278.
z35,000
Add'l prov. to reduce net
curr. assets in Canada
The company in its
to
of
rate
in
exch.
4,484
effect
Net profit--
Balance, Oct. 31--
-Earnings-
Giddings & Lewis Machine Tool Co.
1939
1938
$2,376,383
$2,258,246
1,753,165
48,719
Years Ended Dec. 31—
Net sales.
r
1.763,181
53,441
Operating charges, inc. selling and general expenses
epreciation
D
$456,363
4,189
$559,762
17,585
Non-operating income.
Totai surplus
Dividends paid on class
common stock
$2,289,508
Balance, Jan. 31x
y
After
z
Divs. and interest,
period.
No
Income deductions
31,089
Federal income tax
97,333
30,964
$460,552
1,794
75,503
24,813
$417,462
$3.58
Wisconsin State income and surtax.
Cash
$397,746
143,173
Marketable secur.
$425,597
143,173
share
on common
Acc'ts
$317,617
$139,172
Accounts
99,000
Accts.
61,972
curr.
„
assets
41,046
421,133
960
rec.—trade
Other
99,000
429,192
cost
Inventories
misc.
80,505
Fixed assets (net).
Deferred charges..
72,593
554,790
Investments
472J312
22,906
42,320
&
19,930
7,088
2,341
300,000
500,000
100,000
100,000
376,329
346,858
24,555
22,052
2,491,113
2,491,113
1,956,671
Other current llab.
Com. stk. ($2 par)
Capital surplus
surr.
a
b Permanent assets
14,200
-V.
Deferre d charges.
_
a
(& Subs.)—Earnings—
Consolidated Income Account for Calendar Years
1939
1938
1937
Profit from operations..
Profit on sale of securs..
$6,381,876
allowance for
_
earnings.
Income taxes
profit
$5 pref. stock
on
Common dividends
par).—V. 150,
$6,438,215
$6,566,703
8,683
17,532
b98,871
Directors have declared a dividend of 75 cents per
share on account of
accumulations on the 6% cumulative preferred stock, payable April
holders of record March 23.
Dividend of $1.76 was paid on Dec. 28
and dividends of 75 cents were paid on
Oct. 2, July 1 and April 1,
1 to
last
1939.—
44,999
73,234
c8,658
$6,500,747
516,727
f22,968
c6,765
$6,738,809
462,772
45,137
cl3,103
Guggenheim & Co ,—Accumulated Dividend—
Company paid a dividend of $1.75 per share on account of accumulations
on the 7%
preferred stock on March 30 to holders of record March 15.
198,163
a 1,358,378
125,432
el,328,695
d90,809
el,151,099
1939, and on Dec. 20, 1938, this latter being the first payment made since
May 15, 1938, when a regular quarterly dividend of like amount was dis¬
tributed.—V. 149, p.3262.
$2,941,890
1,500,000
1,399,138
$4,500,160
1,500,000
1,998,769
$4,975,889
1,537,500
2,498,461
503,753
f78,214
,
$1.50
$0.72
$0.89
Includes U. S. capital stock taxes.
$1.72
b Includes $36,472 for restoration
depreciation in market value previously charged against income,
c In¬
paid on loan from English bank,
d Provision against earnings in
having serious monetary restrictions, less $351,167 realized
during year,
Includes $11
e
f Loss on
($11,000 in 1936) for undistributed profits
i Profit on foreign exchange.
foreign exchange,
Consolidated Balance Sheet Dec. 31
1939
$
Assets—
Cash
Maiketable secur.
Accts. & notes rec.
Mdse. inventory.
.
2,217,661
1,057,399
710,985
1,423,990
V.
1939
1938
$
Liabilities—
496,381
&c_ 2,096,783
4,510,393
94,449
$
$
1,614,954 Accts. pay., accr'd
Items, &c
1,458,459
1,398,182 Res, for adv. of
thin blades
3,000,223
for'n assets.d7,454,804
mach'y,
1938
403,519
648,815
250,000
Loan from for. bk_
150,
p.
435.
A dividend of $1.75 was paid on
Prepaid expenses.
Pats., trade-mks.,
28,360
Balance for dividends and
(W. F.) Hall Printing
Co.—Options Exercised—
Company reports that options on 13,000 shares of the common stock of
exercised at a price of $7.50 per share 7,500 by Alfred B.
Geiger and the remaining 5,500 by various officers and employees who were
assignees of Mr, Geiger.—V. 150, p. 1279.
Harvill Aircraft Die Casting Corp.—Registers
See list given on
with SEC
first page of this department.
Hecla Mining
Co.—New President—
375,000
1,461,396
Directors on March
President to succeed the
h20~699
200,000
e648,654
shares 2,250,000
2,250,000
14,990,768
6.527,253
Res. for for'n exch.
b $5 div. convert.,
6,727,437
25,222,937 27,431,754
Total
Represented by 1.998.769 shares, stated value $7.50
Represented by 300,000 no par shares, d Current assets,
per share,
$3,789,614,
balance, $2,030,595. ylddfixed assets at
for depreciation) of $3,221,146; goodwill, trade-marks and
less*current liabilities of $1,759,019,
3,446,221
2,133,2o5
the company were
17 elected Lewis E. Hanley of Wallace, Idaho as
late James F. McCarthy also of Wallace.
Mr.
Hanley formerly was Vice-President
of Mines.—V. 150, p. 996.
(A.) Hollander &
Public hearings
/
and General Superintendent in Charge
Son—No Public Hearing—
will not be held in the action of the
Securities and Ex¬
determine whether alleged discrepancies in the re¬
ports of the company would make suspension of registration advisable in
the public interest, according to an announcement.
Instead, both parties
will stipulate the facts by agreement and present briefs.
Michael Hollander, President, at the annual meeting of stockholders
change Commission to
cost (less reserve
surplus
After
375,000
Surplus
25.222,937 27,431,754
_
„
4,085,200
2.663,583
depreciation and including non-operating income (net).
x For
comparative purposes only; includes operations for the entire
period of Baton Rouge Electric Co. (except bus) and Louisiana Steam
Generating Corp. properties acquired Aug. 25, 1938.—V. 150, p. 996.
*
455,513
preferred
Total
1940
*1939
$10,449,351 $10,618,320
Balance for interest
79,868
Dividends payable
Res. for inc. taxes.
Res. for conting..
goodwill, &c---10,232,955 14,858,712
March 15,
Gulf States Utilities Co.—Earnings—
12 Months Ended Jan. 31—
aCommon shares.14,990,768
Real est.,
Nov. 15, Aug. 15, May 15, and
Operating revenues
*
countries
b
Represented
50,788
terest
a
c
stock (no par) and 54,000 shares of
1767.
$5,080,057
sh. on 1,998,-
equipment,
p.
$6,438,460
456,110
iCr4,772
9,566
769 shs.com.stk.outst.
g Net
—$6,535,520 $6,151,813
b After depreciation,
$3,284,797
1,500,000
1,199,261
Depreciation
Exchange variance, &c_
Interest paid
Reserve against foreign
tax.
depletion,
304,153
a2,388,607
Total income
of
Total
$6,535,520 $6,151,813
After
Group Corp.—Accumulated Dividend—
1936
$5,029,586
8,187
48,397 /
Other income..
a
1
87,529
by 64,000 shares class A cum. common
Gillette Safety Razor Co.
Earns, per
2,289,508
527,751
class B stock (no
Net
Common capital
1,305,271
64,752
Goodwill
339,928
150, p. 1136.
Div.
240,057
523,862
1
266"0~0~0
Total.........$1,586,359 $1,269,237
$1,586,359 $1,269,237
c
195,073
541,363
1,284,461
cos
Timber property
Total
Total
Insurance reserve,
21,911
value of
affiliated
200,000
336,028
792,712
Earned surplus
33,393
Invest. & ad vs. in
100,316
inc.
State
taxes
132,213
36,842
21,911
U.S. Treas. bonds
Cash
140,283
pay.
(noncurrent)
Contingency res've
131,010
life insurance.--
136,030
General taxes
Fed.
1938
$72,100
222,793
in¬
to an
sub..
Notes
and
1939
Payroll, comm.,&c
1,071
.
notes
acc'ts receivable
$62,902
payable
—trade
U S. Treas. bonds.
—at
31
Dec.
Liabilities—
1938
1939
Assets—
Cash
Sheet
500,000
11,979
unconsol.
Officers, employ. &
Balance
pay.
$114,548
600,000
terest, &c
686,981
2,551,825
$143,798
Accounts payable.
Notes payable
Accrued taxes,
844,498
2,874,689
acc'ts receivable
Inventory
1939
1940
Liabilities—
1939
1940
Assets—
Customers' notes &
per
and depletion.
Consolidated Balance Sheet Jan. 31
$358,441
$4.17
$577,347
Earnings
expenses
provision is made for surtax on undivided profits
for the
March
15, stated in part:
The Commercial & Financial Chronicle
1938
"Last May an investigation was begun by
Commission into the affairs of this company.
why the stock of the company should not be delisted upon the ground
were deficiencies in the forms that had been filed with the Com¬
Exchange Act of 1934.
.cause
that there
mission under the Securities
"Five general charges are made, three of which are somewhat technical
nature.
The other two are more serious.
In one of these charges the
in
Benjamin Hollander, Albert Holander and I
Hollander & Son, Ltd., a Canadian corporation
owned by us,
without consideration, the trade secrets and employees'
services of this company and have been using the funds of this company to
make advances to A. Hollander & Son, Ltd., without interest.
In the
remaining charge, the Commission alleges that the accountants who pre¬
pared and certified our financial statements were not independent because
they own stock in the company, are friends of the Hollander family and
have performed services for us personally.
"At this point I might say to you that the facts elicited by the Commis¬
sion have been reduced to a form of stipulation.
This will avoid a public
hearing and the attendant publicity, which might be injurious to the inter¬
ests of stockholders."—V. 150, p. 1280, 1768.
1940
23,
Interborough Rapid Transit Co.—Hearing Adjourned—-
the Securities and Exchange
We had always endeavored
comply with the requirements of the Commission.
In attempting to
satisfy its requirements, we always had the advice and assistance of one of
the leading law firms and of one of the leading accounting firms in the City
of Newark.
One of the members of that law firm devoted all his time to
the affairs of the company.
The accounting firm made a monthly, as
well as an annual, audit of our books.
We knew that we had nothing to
be ashamed of, nothing to fear from an investigation.
We made available
to the investigators the books, records and files of the company.
We did
more than that.
We voluntarily submitted to a thorough examination of
the books, records and files of our private and personal transactions.
After six months of investigation the Commission entered an order to show
to
March
A
hearing
scheduled
the
on
confirmation
of the
foreclosure
sales of
properties of Interborough Rapid Transit Co. and Manhattan Railway
Co. was on March 19 adjourned to April 4 by Federal
Judge Robert P.
Patterson.
The contracting committees will apply to the Government for
a
ruling with respect to taxes before the properties are turned over to New
City.
The unification plan provides that the city will assume all
might arise as a result of the transfer.
York
taxes that
/.
Timely in Court
T.-Manhattan Plan Called Fair and
R.
Order—
Judge Robert P. Patterson March 15 signed an order formally
holding the I. R. T.-Manhattan Ry. plan of unification to be fair, equitable
and timely.
He directed the receivers of the two companies to file schedules
and balance sheets with New York City and the Transit Commission and
Federal
settlement fund provided by the
signed an order making the $18,000,000
plan effective.—V. 150, p. 1602, 1769.
Commission
alleges that
have been diverting to A.
Interchemical Corp.—Earnings—
less
Cost of
Holly Development Co.—Earnings—
$66,643
Honolulu
Rapid Transit Co., Ltd.—To Pay \5-Cent Div.
stock, payable March 30 to holders of record March 23.
This compares
with 25 cents paid on Dec. 15, last; 30 cents paid on Sept. 30 last; 5 cents
paid on June 30 and March 31, 1939; a dividend of 40 cents paid Nov. 30.
1938, and one of 30 cents was paid on Oct. 31, 1938, this latter being the
first dividend
tributed.—V.
paid since March 31,
150, p. 14.37.
Hoskins Manufacturing
goods sold, sell.,
21,432.782
18,085,119
19,148,284
15,892,204
Operating profit
$2,000,147
$711,822
$1,058,759
$1,554,004
.
_
118,652
31,
$1,697,353
bll6,694
bl26.988
106,556
115,739
359,000
125,900
242,100
282,500
18,700
29,800
Pro v. for surtax..-
61,144
74,037
$1,581,961
1,140,770
$485,383
1,053.071
$818,559
1,213,765
$1,269,314
916,784
Total surplus.$2,722,731
$1,538,453
$2,032,324
$2,186,098
391,845
116,127
397,683
401,487
577,766
289,003
683,330
$2,214,759
$1,140,770
$1,053,071
$1,213,765
$4.10
$0.30
$1.44
$3.06
Net profit for year
Previous earned surplus.
Preferred dividends
Common dividends
b Interest
1939
...
$483,259
$1.01
i_
paid only.
main¬
repairs of $441,590, provision for depreciation of $546,166 taxes
income taxes) of $471,617, provision for doubtful accounts of
Note—The cost of goods sold and other expenses include charges for
tenance and
(other than
1601.
p.
143,349
$1,185,915
Prov. for Fed. inc. tax..
Earned surplus.
Earnings per share on capital stock
150,
127,156
$812,307
...
Earn. per sh. on common
stk. outst'gend of yr_.
Co.—Earnings—
Net profit after charges and taxes
—V.
100,486
$2,118,798
Other income
1938, when 10 cents per share was dis¬
Year Ended' Dec.
Earnings for
$18,796,940 $20,207,043 $17,446,208
admin. & gen. exp....
Other deductions
Directors have declared a dividend of 15 cents per share on the common
1936
returns
Oper. exp. of unoccupied
premises, int. paid, &c
Earning* for Year Ended Dec. 31, 1939
incl. depreciation, depletion, &c
1937
1938
1939
jeuicI
allowances & disc't8.. $23,432,929
SeIos
Total income
Net profit after charges,
—V. 149, p. 2975.
Years {Incl. Wholly Owned Subs.)
Consolidated Income Account for Calendar
$81,259 and amortization of development expenses of subsidiary engaged
Household Finance
Corp.—Plans $15,000,000 Term Loan
The corporation has served notice on its preferred stockholders that it is
arranging a $15,000,000
term
loan.
The company's certificate of in¬
corporation provides that it shall not incur any indebtedness maturing
more than a year after the date thereof if 2.5% of the preferred stock makes
written objection.
The term loan would not represent new financing for the company but
in the manufacrure of
machinery of $15,021.
Consolidated Balance Sheet Dec. 31
1939
1938
1939
Liabilities—
$
$
A S8ets—
1938
$
$
Common stock..
2 ,903,200
2,896,180
6 ,517,400
6.566,100
Accounts payable.
781,560
622,572
Customers' depos.
65,862
158,625
2,037,012
1,668,531
a
rec.
2,621,071
2,347,712
Preferred
merely a replacement of some of the 4-months' bank loans that have hereto¬
fore been used.
Bank loans currently outstanding bear a nominal interest
Mdse. inventories.
4,956,887
4,614,956
investments
831,189
833,678
rate of 1
Due from officers.
39,789
48,862
Accrued liabil. and
5,946,229
5,955,889
cpm missions
Accrued int. pay..
411,344
28,583
liabil..
263,681
a
year.
IU% per annum, be dated about
April 1, 1941, and mature $500,000 March 31, 1941, $500,000 March 31,
1942, $1,000,000 March 31, 1943, $1,000,000 March 31, 1944, $4,000,000
March 31, 1945, and $8,000,000 March 31, 1946.
It would be evidenced
by promissory notes but not be secured by a pledge or lien on the assets.
The term loan would bear interest at
—V.
150,
Cash
Notes & acc'ts
Misc.
b Fixed assets
goodwill,
Patents,
Unamort.
portion
pur. of
of recent
d
Hudson & Manhattan RR.—Interest—
will be paid on April 1, 1940, on the 5% adjustment
income bonds, due 1957. on surrender of Coupon No. 54. Interest is payable
at the office
%%
of Chase National Bank,
Hummell-Ro8s Fibre
$0.03
,
Huyler's of Delaware, Inc. (& Sub.)—Earnings—
Month of January—
1939
1940
$10,095
.
150,
H. Hewetson has been elected a director of this company, a
Canadian organization controlled by the Standard Oil Co. of New Jersey.
He succeeds John McNeil, recently deceased.
Mr. Hewetson, who has
with
Imperial Oil for several years, will be in charge of
3264.
p.
International Utilities
1940
$2,733,149
846,006
_
622,058
All Federal and local taxes.....
Other
$1,265,085
income.....
Interest
charges
Act for
184,35*
927,627
1,140,770
-.17,261,550 16,134,404
Total.
Exchange
and
Corp.—Reorganization—
Commission
March
18
announced
that
report on a plan of recapitalization.
The plan provides for the issuance of new $5 par value common stock.
It is proposed to reclassify each share of the company's outstanding class A
stock v ith accumulated dividends into five shares of the new common and
a
each share of outstanding class B stock to 1-15 of a
The plan also provides for the payment out of
will
Report of Earnings for 12 Months Endea Feb. 29,
revenues
Operation, maintenance and retirement....
Net
Securities
mulated
Indianapolis Water Co.—Earnings—
Gross
158,333
939,659
2 ,214,759
surplus
corporation filed an application (File 70-10) under the Holding Company
Imperial Oil, Ltd.—New Director—
associated
500,000
Represented by 290,320 (289,618 in 1938) no par shares,
b Land,,
buildings, machinery and equipment, after deducting reserve for deprecia¬
tion of $3,965,968 in 1939 and $3,800,511 in 1938.
c Includes $200,000
amount due within one year,
d Development expenses of subsidiary en¬
gaged in the manufacture of machinery to be amortized against future
operations.—V. 150, p. 436-
$23,671
Henry
marketing.—V. 149,
50,000
90,000
ligations payable
a
ihe
been
1st mtge. 6% cum.
inc. bds. of sub.
17,261,550 16,134,404
Total
841.
p.
260,673
358,410
Reserves
1938
$53,450
$0.39
Net loss after depreciation, amortization, expenses
of 77 B administration and other deductions...
228,200
2,400,000
Capital surplus
$192,144
Earnings per common share..
—V. 150, p. 1438.
437,169
c2 ,450,000
...
.
373,321
Earned
1939
94,000
157,814
Federal,
337,955
expense
&c._
208,157
-
Notes & contr. ob¬
/
Corp.—Earnings—
Calendar Years—
for
&c., taxes
of subsidiary
exp.,
cuir.
45,691
118,095
New^York.—V. 150, p. 1768.
Net profit after all charges
—V.
Develop,
Prepaid
Other
Debentures
formulae, patents
and goodwill...
Interest of
stock
Res.
1
&c
996.
p.
.....
483,945
;
deductions
is
share of new common.
capital surplus of accu¬
the company's $1.75 pref stock which, it is stated,
dividends on
in cash within 60 days after the plan becomes effective.
It
provided that future dividends on the $1.75 pref. stock may-
be paid
further
only be declared or paid out of earned surplus.
All classes of stock, under the proposed plan, will have one vote on all
matters submitted to stockholders for approval.
No other changes are
to be made in the terms
p.
of the company's $3.50 prior pref. stock.-^-V. 150,
1138.
116,897
International Nickel Co. of Canada, Ltd.—Earnings—
Balance available for dividends
—V. 150, p.
$664,242
^
[Including Wholly-Owned Subsidiaries]
1438.
Consolidated Income Account for Calendar Years
Industrial Brownhoist
Corp.—Earnings—
Calendar Years—
Net
earns,
after
1939
1939
chgs. & taxes before bond int..
1938
$68,033
loss$83,780
a
Earns, of all
384,089
—Y. 149, p. 2514.
Corp.—50-Cent Dividend—
1937
538.475
538,979
1936
305,978
_1$60,319,512
Total income
Industrial Rayon
1938
properties$59,935,423 $50,298,299 $70,497,235 $54,383,060
Other income
$50,836,774 $71,036,214 $.54,689,038
1,668,935
1,614,131
1,624,539
1,562,141
A dm. & head office exp.
a dividend of 50 cents per share on the common
value, payable April 1 to holders of record March 25.
Like
amount was paid on Dec. 26 last and compares
with,25 cents paid on Oct. 7
last, this latter being the first dividend paid on the common shares since
Jan. 3, 1938, when 25 cents per share was paid.
See V. 147, p. 1879, for
Provision for income and
detailed record of
Retirement, insurance &
Directors have declared
stock,
no par
previous dividend payments.—V. 150,
p.
1438.
11,322,121
franchise taxes.
Net operating income.$47.328,456
Prov. for deprec. & depl.
7,343,620
other
3,137,370
reserves.
8,090,916
10,350,890
8.446,639
$41,131,727 $59,060,785 $44,680,258
7,017,039
7,003,782
5.337,989
1,715,218
1,757,379
2,476,742
Industrial Securities Corp.—Accumulated Dividend—
Directors have declared
a
dividend of 15 cents per shsae on account of
accumulations
April
on the 6%
cumulative preferred stock, par $25, payable
1 to holders of record March 15.
Dividends of 10 cents were paid
2 last and on Oct. 2, July 1, April 1 and Jan. 3, 1939.—V. 149.
on
4177.
72,259,896
of year
70,950,662
59,896,144 b!4,176,488
Jan.
p.
profit.
$36,847,466 $32,399,470 $50,299,624 $36.865,520
Earned surplus beginning
Net
Total
surplus.......$109,107,362 $103350.133 $110195,767 $81,042,014
Transf. to
Inland Steel
Co.—Refunding Issue, Filed witfi SEC—
Company filed March 21 with the Securities and Exchange Commission
registration statement covering $36,000,000 of new securities, pll of which
will be used to refinance outstanding obligations.
Company proposes the offering of $36,000,000 of first mortgage 3%
bonds, series F, due April 1, 1961, the net proceeds from which will be used,
with treasury funds, to redeem at 105 the $35,000,000 of 3h'% series D
bonds, which will require $36,750,000.
Accrued interest on the series D
bonds from Feb. 1 to the redemption date will be paid out of the company's
treasury funds, it is stated.
Kuhn,Loeb& Co. will head the underwriters.
a
—V.
stock dividend of 2 H % on
the Insurance Group
Shares payable May 1 to holders of record March 30.—V.
150. p. 280.
6,723,908
Preferred
260,352
.
4,510,326
...—
1,933,899
29,156.338
dividends
Common dividends
1,933,899
29,156.338
1.933,899
32,800.880
1,933,899
18.951,620
of yr.C$71293,217 $72,259,896 $70,950,662 $59,896,144
share on
shs.
stock
$2.39
$2.09
$3.31
$2.39
Earned surp.end
Earnings
per
14,584,025
a
a
for expend.
ment system reserve
common
150, p. 841.
Institutional Securities, Ltd.—Dividend—
Directors have declared
res.
in Finland
Adjustment for taxes
Transferred
to
retire¬
no par
After deducting
....
manufacturing, selling expenses
ordinary repairs and
b Including equity in surplus of Whitehead Metal Products
Co. of New York. Inc., $81,995.
c Before deducting $2,481,079 exchange
maintenance,
adjustments in consolidation in suspense.
The Commercial & Financial Chronicle
Volume ISO
To show exactly what happened to all of the money taken in by the
Consolidated Balance Sheet Dec. 31
[Stated for convenience in terms of United States currency]
1939
Assets
X
1938
$
$
*
Property.
880,821
...
■t)-
6,117,901
12,608,028
5,204,948
14,465,655
14,106,323
Prov. for taxes.
30,696,145
32,141,057
Pref.
9,295,281
6,283,541
540,916
537,566
45,196,624
40.422,819
....
receivable
...
Cash
div.
14,108,724
90,160
Exchange res..Dr2,481,079
Ins., conting. &
other reserves
2,922,808
1,981,120
.
prepaid items.
475,377
305,428
Res. for expend.
in Finland.._•
6,723,908
Capital surplus. 60,606,500
Earned surplus. 71,293,217
Total.......261,156,321 253,076,263'
After
483,475
483,474
14,486,968
Retire, sys. res.
Insur. and other
x
9,946,845
pay.,
Nov. 1, 1939.
*
Govt, securities.
$
60,766,771
payrolls.....
reserve
Inventories
'
27,627,825
cum..
y
system
Accts. and notes
S
27,627,825
Common stock 60,766,771
Accts. pay. and
928,691
See. held against
retire,
1938
1939
Liabilities— "
159,605,502 158,350,836 Pref. 7%
Investments
60,606,500
72,259,896
.261,156,321 253,076,263
Total.
$63,496,855 ($56,754,887 in 1938) for depreciation and
Represented by 14,584,025 no par shares.—V. 150, p. 1602.
reserve
depletion,
y
International
Button-Hole
Machine
Sewing
Co.-
20-Cent Dividend—
Directors have declared a dividend of 20 cents
per share on the common
stock, payable April 1 to holders of record March 20.
Previously regular
quarterly dividends of 30 cents per share were distributed.—V. 145, p.
3820.
International
Railway Co.
(Buffalo)—Trustees to
Bonds—
Sett
•
Trustees of IRC Co-operative Wage Fund, Buffalo, are asking for offers
to purchase all or
any part of $270,000 International Railways Co. refunding
and improvement mortgage bonds due Nov. 1, 1962 at the face value of
$1,000 each and subsequent coupons attached. Offers will "be received up to
10 a. m. March 28—V. 150, p. 1136.
company during the year, Mr. Brown asks that employees think of the
total amount as "just 100 cents"—one dollar—and each cent as one percent,
Then the cartoon figure of "The J-M Dollar" shows where each cent in the
dollar went.
"Raw materials and other expenses of
Bakeries
Corp.—62%-Cent Pref. Dividend—
Directors have declared a dividend of 62 Hi cents per share on the $5
pref. stock, payable March 30 to holders of record March 21
Like amount
was paid on Dec. 27,
Sept. 30 and July 1 last; dividends of 50 cents were
paid on April 1, 1939 and Dec. 22, Oct. 1, July 1 and April 1, 1938, and
an initial dividend of $1.25
per share was paid on Dec. 27, 1937.—V. 150,
•
Out of this 39 cents available, the employees received four-fifths, or 32
Five cents was paid to stockholders in dividends, and 2 cents was
"set aside for the financial safety of our jobholders and our stockholders
so that if the wolf comes to the door in the form of low sales volume in the
cents.
future, there will be something left with which to face the emergency."
In reply to the question, "Do our Common stockholders get too much
profit?", Mr. Brown said in part that: "During the last 12 years our
common stockholders have averaged $2.02 per share each year in dividends.
Mind you, this is an average year.
In one year they got as high as $4.75,
but in 1932, 1933 and 1934 they got nothing, and in one other year only
50 cents.
The average dividend of $2.02 per share for the past 12 years
would have amounted to about 3%."
Answering the question "If officers of the corporation weren't paid such
big salaries wouldn't the employees be able to get a lot more? ', Mr. Brown
says that:
"The 18 officers and directors of Johns-Manville Corp. in 1939
were paid a total of $304,298.
This is 1.6% of the total amount paid out
during the year in wages and salaries and if the salaries of the officers were
cut in half and the balance divided up it would amount to 6 cents per work
day to each jobholder."
The question "Are taxes as important to jobholders as employers say
they are?" drew this reply: "Our tax bill has increased steadily, just as it
has for every jobholder, even though part of his taxes may be invisible
taxes not paid directly to the Government.
In 1929, when our sales were
8 million dollars higher and there were 9,800 employees, our taxes amounted
to only $119 per employee.
During the past year our tax bill amounted to
$2,118,000, or $8,500 every working day.
This is equal to $193 for each
employee per year or 77 cents per work day."
Stock Offered—Blyth & Co., Inc., it was announced March
20, is distributing 6,000 shares of stock (no par) at 71, the
closing price of that date/—V. 150, p. 1770.
Joslyn Mfg. & Supply Co. (& Subs.)—Earnings-
Kansas
a
dividend of 43 V\ cents per share on account
class A pref.
cum.
stock,
par
$100, and
a
4032.
P.
1940—Month—1939
Total oper. revenues
dividend of 40H cents per share on the 6 H % cum. class B pref. stock,
par $100.
Both dividends will be paid on March 30 to holders of record
March 15.
Similar payments were pade in preceding quarters.—V. 149,
Iowa Southern Utilities Co. (Del.)—Accum. Div.—
$495,184
422,120
Net oper. revenue
General taxes
$111,421
$73,063
$1,145,231
$1,171,001
19,420
22,089
226,620
255,651
Social security taxes
10,164
9,725
123,764
123,676
$81,836
719
$41,249
656
$794,846
2,245
$791,673
3,390
Gross income
$82,555
$41,906
$797,091
$795,063
Int.
$16,878
5,061
62.266
$40,146
6,709
69,897
$415,010
329,841
815,180
$483,717
83,258
850,315
$1,650
$74,847
$762,940
$622,227
Operating income,...
Non-oper. income,
The board of directors has declared a payment on account of dividend
of the former cum. pref. stock of the company outstanding on
Similar payments were pade on Dec. 15 and July 1 last.—V. 150, p. 130.
—V.
149,
p.
1939
1938
$511,747
$ 1.35
$574,065
$1.51
Period End. Jan. 31—
■
$1,262,924
$3.33
funded debt..
Other fixed charges
Depreciation
—V.
1936
loss.
150, p.
;......
1771.
Kansas City Southern
$1,100,035
$3.01
3265.
Period End. Feb. 29—
Railway
Railway
Jamaica Public Service Ltd.
Operating
1937
on
Net
(Byron) Jackson Co. (& Subs.)—Earnings—
Calendar Years—
Net after charges & taxes
Earns. per sh. on cap. stk
oper. revenues.
oper. expenses.
Ry.—Earnings—
$1,010,039
637,663
$2,339,684
1,468,004
$2,081,950
1,299,017
Net
1940—12 Mos.—1939
rev.
from ry. opers
$428,234
98,000
$372,375
99,000
$871,680
$782,933
196,000
198,000
$273,375
31,282
10,728
$675,680
$584,933
16,070
17.705
$231,364
$566,694
$498,640
$86,875
$86,583
$999,025
$959,560
Railway tax accruals...
...
$38,166
Maintenance........
9.095
9,780
$432,415
92,541
78,255
$426,669
84,663
66,082
Railway oper. income
Equip, rents, net debit.
Joint fac.rents.net debit
$330,234
45,601
Taxes
$36,399
7,532
5,695
$395,812
Dr2,889
$382,144
Net ry. oper. income.
—V. 150, p. 1281.
$276,955
Dr291
$36,956
Drl,677
$29,541
7,500
8,929
$35,278
7,500
8,353
$392,922
90,000
105,558
$385,592
90,000
100,604
$19,425
$197,364
396,439
$194,987
365,837
$593,803
15,898
29,972
$560,825
32,164
31,479
21,992
Operation....
Net oper. revenues...
$29,833
Non-oper. income—net.
Balance
...
Retirement accruals..
Int. & amort,, &c
a
-
Cr3,447
Kansas
Power
7,677
&
.'
Light
Co.-
i
....
Net direct charges
Dividends—J. P. S. Co., Ltd., preference
Preference B
...
__
,
Preference C
J. P. S.,
4.726
Ltd.—Capital.
90,000
150,
p.
78,750
$431,214
Earned surplus—end of period.
—V.
21,991
$396,439
1603.
Jefferson Lake Sulphur Co.,
Inc.—Earnings—
(Formerly Jefferson Lake Oil Co., Inc.)
Calendar Years—
Net inc. before U. S. & State income taxes
Provision for U. 8. & State income taxes
_
Net income after U. S. & State income taxes
Dividends, preferred stock
Dividends, common stock
$821.393
116,994
...
None
....
Earned surplus, year's end..
Net liquid position, at year's end.....
—V.
1938
$976,693
155,300
...
511,214
1,083,532
1939
$1,528,685
203,450
$1,325,235
262,992
465,291
651,269
1,981,182
®?,915
Finance
•To
company
Existing
filed
an
(File 70-12)
application
March 19 announced that the
under the Holding Company
Act regarding the refinancing or its 6% and 7% cum. pref. stock through
the issuance of 139,169 shares of new 4H% series pref. stock.
The company will offer to the holders of its outstanding pref. stock,
Light & Power Co., the parent, the privilege
exchanging their stock, for a limited time, for shares of the new pref.
on a share-for-share basis plus cash equal to the difference between
the public offering price of the new pref. stock and the redemption price
of $105 a share for the old pref.
The company proposes to call for re¬
demption on July 1, 1940, all of the shares of the old pref. stock not
exchanged.
North American Light & Power Co., it Ls stated, owns beneficially 40,533
shares of 6% cum. pref. stock and 2,256 shares of 7% cum. pref. stock.
It also owns all of the common stock of the company.
Upon surrender
for cancellation of the old pref. stock held by the parent company, the
Kansas Power & Light Co. will pay to the parent $4,265,705 plus accrued
other than North American
of
stock
..
,
dividends.
.
■,
„
^
Directors have declared an initial dividend of 1H% and a
participating
dividend of six cents per share on the 6% participating preferred stock and
initail dividend of 1H% plus an extra dividend of six cents per share
on the $1 par common stock, all payable April 1 to holders of record March
an
15.
Johns-Manville Corp.—Jobholders Annual
The cash proceeds from the sale of the stock,
will be used to redeem the old pref. stock
together with treasury funds,
and for the payment to the
parent company.—V. 150, p. 879.
Key West Electric Co .—Earnings—
12 Months Ended Jan. 31—
Lewis H,
Brown, President, who
pioneer in the simplification of
financial reports to company employees, went a step further with his
"everyday arithmetic" in the .'1939 report to J-M Jobholders," issued
March 15, by introducing a "quiz" department on company-finances.
In the new "quiz" department, Mr. Brown answers such controversial
questions as "Do the stockholders get too much profits?"; "If the officers
of the corporations weren't paid such big salaries wouldn't the employees
be able to get a lot more?"; and, "Are taxes as important to jobholders as
employers say they are?"
Having replied to these questions, Mr. Brown asks J-M employees to
send him any other questions they have in mind and says he "will try to
find the time and the place to answer them,"
In the financial section of the report, cartoons portray, a gnome-like
figure called "The J-M dollar" whose adventures explain such mysterious
sounding terms as "surplus," "returns and allowances" and "depreciation
and
was
a
depletion."
amounted to 7 cents on each dollar
$4,164,719, as compared to $1,455,302
as $53,847,177, as compared to
Net profits of the company for 1939
taken in.
in 1938.
Total profits are listed
as
Net sales for the year are shown
$46,890,147 in
1938.
"Because of this increase in business," report states "the average number
jobholders employed by J-M during the year rose to 11,000.
This was
an increase of 1,162 over 1938.
Wage rates last year were on the average
19% higher than they were in our peak business year of 1929."
of
Balance for Interest *
®iq§
Ia'oq?
fS'nnA
noo
o
—,r_--
Balance for dividends and surplus——
*
p.
After depreciation
*—>
37,009
net.—V. 150,
38,665
-.
and including non-operating income,
1282.
Kinsel Drug
Co.—5-Cent Dividend—
Directors have declared a dividend of five cents per
Report—
,
The company proposes to sell 42,789 shares of the new pref. stock and
shares as are not taken under the exchange offer to underwriters.
Operating revenues.
Publications, Inc —Initial Dividends—
...
such
149, P. 2976.
Joe Bonomo
68,587
.
Preferred Stocks—
The Securities and Exchange Commission
Net income
$13,111
Earned surplus—beginning of period.
Total surplus
1940—2 Mos.—1939
1940—Month—1939
$1,136,456
708,221
(& Subs.)—Earnings—
1940— Month—1939
revenues.....
1940—12 Mos.—1939
$6,301,223
$6,428,585
5,155,991
5,257,584
$529,534
418,113
Operating expenses
arrears
Aug. 3, 1938, at the rate of $1.75 per share for the 7% series, $1.62M per
share for the 6H % series, and $1.50 per share for the 6%
series, payable on
March 16 to holders of record Nov. 30, of dividend arrears certificates.
$7.06
City Public Service Co.—Earnings-—
Period Ended Feb. 29—
The directors have declared
of accumulations on the 7%
$917,899
$5.62
$654,822
$3.78
$1,148,782
Earnings per share on common stock.
—V. 149, p. 3559.
1937
1938
1939
Net profit after depreciation, interest,
Federal income taxes, min. int., &c_
1439.
Iowa Electric Co.—Accumulated Dividends—
producing and selling J-M goods
left 39 Cents out
and surplus."
used up 61 cents of the dollar," Mr. Brown states.
"This
of each dollar for wages, salaries, stockholders' dividends
Years Ended Dec. 31
Interstate
P-
1939
share on the common
stock, par $1, payable March 28 to holders of record March 18.
of like amounts were paid on Dec. 27, 1939 and on Dec. 24,
145, p. 3975.
Dividends
1937.—V.
(I. B.) Kleine't Rubber Co.—20'-*Cent Dividend—
Directors have declared a dividend of 20 cents per
share
on
the common
stock, payable March 30 to holders of record March 23.
This compares
with 50 cents paid on Dec. 21 last; 30 cents paid on Sept. 30 last; dividends
of 10 cents paid on June 30 and March 31, 1939; a dividend of 25 cents paid
on Dec. 24, 1938, and previously regular quarterly dividends of 10 cents
per share were distributed.
In addition, a special dividend of 5 cents per
share was paid on Sept. 30, 1938.—V. 149, p. 3720.
Kresge Foundation—Plans Financing—
Public offering of
ment of
$8,500,000 10-year 3% bonds and the private place¬
expected to
$3,000,000 of 5-year serial bonds of the foundation, are
be formally announced within a week or so.
Proceeds from both transac¬
tions will be used principally for refunding purposes.
Lehman Brothers and associates will be the underwriters, it is stated.
.
,
—V. 149, p. 2977.
Laclede Steel Co.—Common Dividend—
Directors have declared a dividend of 15 cents per share on
the common
stock, par $20, payable March 30.to holders of record March 20.
compares with 55 cents paid on Dec. 27 last; 15 cents paid in each
This
of the
four preceding
quarters; 65 cents paid on
15 cents paid in each of the
Lake St. John Power & Paper
4032.
ment Authorized—
At
meeting of the directors held
a
Net profit after
March 14, it was decided to authorize
McGraw Electric Co.—Earnings—
Co.—JEarnings—
Lane Wells
1938
1939
8428,769
$1.19
—
$473,489
$1.31
Seeks Proxies
Support Management—
Majority members of the board of managers, iD a letter mailed to reach
stockholders March 16, express entire satisfaction with the present manage¬
ment of the company and ask for proxies to be used at the annual meeting
of stockholders, March 26, in opposition to a minority of three of the
board members who are also seeking proxies.
The board consists of 12
members.
The letter is signed by the eight majority members.
Disaffection of the minority group came about, the letter says, when a
proposed by the group to fill a vacancy on the board was turned
the majority.
The effort to get their candidate elected was
part of a long campaign by the minority group to get control of the board
of managers, the letter charges.
In soliciting proxies from stockholders, P. M. Chandler and his minority
associates have attempted to cast reflections upon the ability of the present
management of the company, the letter states.
"The truth is that in the
bare year and a half since Mr. White became President of the company,"
the letter continues, "practically all of its activities except coal mining
candidate
by
have shown improvement.
which has improved the immediate position of
"Another development
of the Central KR. of
before July 1, 1940.
the company has been the agreement of the trustees
New Jersey to pay company approximately $900,000
in coal mining there have been encouraging develop¬
ments.
Last year the production of anthracite by the coal company and
its lessees increased by 30% over the 1938 production, while the increase
for the industry as a whole was only 12%.
Moreover, there was a reduction
of approximately 223^ cents per ton in the cost of coal production.
"New hope in the anthracite situation has come from the allocation
.
.
even
.
*
plan as described in the annual report.
Your company is one of the
participants in this plan, which is giving promise of constructive results,
though we are well aware of the uncertainties and difficulties involved in
the operation of large anthracite properties under existing conditions.
"Tne disagreement was first evident in connection with the election of
a
successor
to William P. Gest, deceased, as a member of company's
announced March 21 that he had filed with
Commission and the New York Stock Ex¬
required by the Exchange Act to pave the way to
the resumption of trading in McKesson securities.
"Assuming that the Exchange takes the necessary action to permit trad¬
ing to be resumed in McKesson stock and debentures," Mr. Wardall said,
"this does not mean that the reorganization of the company has been
completed or that interest payments are being resumed on the debentures
or that dividends will be declared on the presently outstanding preference
associates in the New York group strongly urged
the election of Hugh G. M. Kelleher, a New York broker.
Mr. White
refused to recommend Mr. Kelleher's election.
"Shortly after the refusal of Mr. White and the majority of the board
to support Mr. Kelleher's candidacy, a disposition to discredit the manage¬
ment of the company became apparent.
"Such opposition to the management has come In spite of assurances
given in March, 1938, that demands of the New York group would be
satisfied by the election to the board of managers of two additional repre¬
sentatives of New York stockholders.
"This demand was met, and it gave the New York interests four out of
12 members of the board.
That was believed to be a liberal representation
in view of the fact that the holdings of the New York group were estimated
at between 300,000 and 400,000 shares out of the total of 1,929,127 shares
outstanding."
The letter is signed by Edward Walter Clark, Samuel D. Warriner,
E. B. Leisenring, Parker S. Williams, William Fulton Kurtz, Marshall S.
Morgan, Kalph II. Knode, and Robert V. White.—V. 150, p. 1172.
"Mr. Chandler and his
■Earnings—
Lehigh Valley Coal Corp. (& Subs.)
Consolidated net loss.
y
x
1938
1939
Calendar Years
Before deductions
_
$70,378
1,447,878
$175,651
1,382,157
Consolidated net loss,.
Depletion & depreciation
change the documents
and common stocks.
"These securities still
for
1937
1936
pf$508,100pf $2,252,632
1,449,125
1,417,411
$941,025prof$835,221
and depreciation,
y Before minority
depletion
interest.—V. 149, p. 2693, 580.
Lehn & Fink Products
To
of the
lost to them through the
automatic suspension by the Exchange of trading
privileges when the company's
"This restoration of trading
difficulties arose in December, 1938.
privileges has been dependent not only upon
providing the SEC with acceptable data as to current operations of the
company, but also upon correcting annual reports and registrations filed
during the period of the Coster-Musica manipulations of the company's
financial affairs.
This has taken time."
The securities affected by the trustee's action are 605,964 outstanding
shares of preference stock of no par value, 1,282,983 shares of common
stock with a par value of $5 per share and $15,725,000 par value in 20-year
534% convertible debentures.—V. 150, p. 1773.
Stores Co.—Earnings—
McLellan
1940
After
x
$0.93
_
1936
$685,086
$1.71
1937
$532,622
$1.33
1937
1938
733,185
$1.08
Shares common stock—
Earnings per share
$860,788
733,185
profit
1939
$973,306
Years End. Jan. 31—
Net
x
$1,131,318
$1,226,376
733,188
733,195
$1.43
$1.30
&c.
depreciation, amortization, Federal income taxes,
-V.
150,
1604.
p.
MacMillan Petroleum
Corp.—15-Cent Dividend—
Directors have declared a dividend of
15 cents per share on the common
payable April 10 to holders of record March 29.
cents was paid on Dec. 22, last, and one of 50 cents was
1938.—V. 149, P. 3267.
stock,
Dividend of 60
paid on Dec. 27,
Magor Car Corp.—Extra Dividend—
Directors have declared an extra dividend of
25 cents per share in addition
regular quarterly dividend of 25 cents per share on the common stock,
March 30 to holders of record March 21.
Extra of 50 cents
was paid on Dec. 27 last and extras of 25 cents were paid on June 30 last
and on Dec. 23, 1938.—V. 149, p. 4034.
to the
both payable
Marchant
Calculating Machine Co. (& Sub.)—Earns.
1938
1939
Calendar Years—
$674,958
$2.94
profit after all charges and taxes
Earnings per share on common
—V. 149, p. 3562.
Net
Mead Corp.—
$423,399
$1.79
Underwriters Named—
corporation has filed an amendment with the Securities and Exchange
naming 19 underwriters for its proposed $6,000,000 15-year
first mortgage bonds.
The underwriters and the amount of their participa¬
Commission
tion follow:
Lehman Bros.,
$1,000,000; Goldman, Sachs & Co., A. G. Becker &
Inc., Graham, Parsons & Co., and
Hemphill, Noyes & Co., Laurence M. Marks & Co., Mit-
Mengel Co. (& Subs.)—Earnings—
1939
Net sales
Corporation is changing its fiscal year to the 12 months period beginning
July 1.
Heretofore it has reported on a calendar year basis.
The change is
being made, the company says, pursuant to the suggestion of the New York
Stock Exchange that companies adopt fiscal years conforming to their
natural business year.—V. 150, p. 1283.
Walker & Co., and
$100,000.—V. 150,
1605.
p.
Calendar Years—
Change Fiscal Year—•
Co.,
Kidder, Peabody & Co., $500,000 each;
Granbery, Marache & Lord, Otis & Co., Stern, Wampler & Co., $300,000
each.
Bear, Stearns & Co., Blair & Co., First of Michigan Corp., Hall¬
garten & Co.,
1938
$420,414
$1.05
undoubt¬
financial and corporate structure as the
reorganization proceedings now pending.
All that is being
done at this time is to restore to McKesson security holders the broad na¬
tional market which the New York Stock Exchange affords and which was
result
chum, Tully & Co., G. M.-P. Murphy & Co., G. II.
Wertheim & Co., $200,000 each; Dick & Merle-Smith,
Corp.—Earnings—
1939
$624,661
$1.56
Calendar Years—
Net profit after charges.
Earns, per sh. on com..
.
remain subject to the changes which will
edly be made in the company's
The
$1,518,256
$1,557,808
Securities and Exchange
the
board of managers.
x
Inc.—Securities to Be Readmitted
York Stock Exchange—
to New
William J. Wardall, trustee,
Lehigh Coal & Navigation Co.—Majority
down
$891,858
$1.88
$2.99
& Robbins,
McKesson
1938
1939
$1,413,182
and taxes
Earnings per share
—V. 149, p. 3877.
Calendar Years—
Net profit after taxes and charges
Earnings per common share
—V. 149, p. 3411.
$329,420
$2.33
$2.58
Calendar Years—
Net after charges
1646.
1938
1939
$393,583
depreciation, Federal taxes, &c.
Earnings per common share
—V. 149. p. 3267.
payment of interest on the conrpany's 5% debentures in full for the year
1938 amounting to 8176,375.
Payment is due April 1, next.-—V. 148, p.
to
*
Calendar Years—
Cp., Ltd.—Interest Pay¬
1940
23,
Lynch Corp. (& Subs.)—Earnings-
Dec. 12, 1938, and dividends of
three preceding quarters.—V. 149, p.
March
Chronicle
The Commercial & Financial
1940
charges & taxes._
learnings per common share
—V. 150, p. 1774.
Net income after all
$8,935,785
33,631
Nil
1938
$6,997,135
loss340,986
Nil
1937
$9,782,542
360,374
$0.56
Messenger Corp.—Interim Dividend—
of 25 cents per share on the
payable May 15 to holders of record May 1.
Dividends
paid on Dec. 15 and on May 15, 1939.—V. 147, p.
Directors have declared an interim dividend
Link-Belt Co.
(& Subs.)-—Earnings—
Calendar Years—
Earnings per sh. on com.
149, p. 3560.
$1,734,505
$2.23
$1,106,040
$1.32
1936
1937
1938
1939
Net income after charges
common
$3,232,373
$4.47
$2,221,376
$2.97
—V.
(Thomas J.) Lipton, Inc.—Offer Extended—
through April 6, 1940 of the offer by interests associated
Thomas J. Lipton, Inc.
announced March 17 by Hallgarten & Co. as agents.
No further extension of the offer, which was announced on Feb. 21, is
contemplated by the purchasing interests, according to the announcement.
—V. 148, p. 884; V. 150, p. 1284, 1441.
per
share
was
Lockheed Aircraft
Corp.—Earnings-—
$3,132,918
$442,111
775,000
660,879
$4.04
Earnings per share
—V. 150, p. 1772.
$0.67
Corp.—Registrar—
of New York has been appointed
registrar for the capital stock of this corporation.
The Chase National Bank of the City
Loose-Wiles Biscuit Co.
Calendar Years—
Earnings per com. share.
—V.
149,
p.
(& Subs.)—Earnings—
1938
1939
Net income after charges
and taxes
$1,084,065
$1.69
$988,073
$1.51
1937
$733,593
$1.01
1936
$1,337,080
$2.16
Michigan Consolidated Gas Co.—Private
000 Bonds
The company announces a new
unusual
Securities and
Exchange
Listing of Additional First Mortgage Bonds—
Co., Milwaukee—Announces New "Lo-Amp"
Motor—
designed for use
on
"Lo-Amp" electric motor that is especially
refrigerating and air-condition and similar installations.
motor has low locked rotor current—and can be
new
supplied with either high starting torque or normal starting torque.
The new Louis Allis "Lo-Amp" motor has all of the rugged simplicity
of a standard squirrel cage motor.
It does not have any centrifugal
switches, relays, brushes, or slip rings.
It does not require any expensive
special control to operate—such as multi-step starters.
The New York Stock Exchange has
additional 1st mtge.
and sale, making a
p.
& Arkansas
f
Ry.—Equipment Trust Ctfs.—
The Interstate Commerce Commission on March 18 authorized the com¬
to assume obligation and liability, as guarantor, in respect of not
exceeding $1,500,000 equipment-trust certificates of 1940, to be issued by
the Guaranty Trust Co. of New York, as trustee, and sold at par and
accrued dividends to the Reconstruction Finance Corporation, in connection
with the procurement of certain equipment.
The Commission also approved
the purchase of the certificates by the RFC.—B. 150, p. 1441.
pany
authorized the listing of $2,000,000
bonds, 4% series due 1963, on official notice of issuance
total of $36,000,000 authorized to be listed.—V. 150,
1443.
Michigan Steel Castings Co.
Net loss after depreciation, expenses,
—V.
-
Earning s1938
1939
Calendar Years—
&c.
$8,515
$137,128
149, p. 3268.
Mid-States
Co. (Wis.)—Stock Offered—Loewi &
offering 43,323 shares of common stock,
Shoe
.
Louisiana
Sale of $2,000,-
Approved by SEC—
Commission on March 19 approved the
application of the company for the exemption of the issue and private sale
of $2,000,000
1st mtge. bonds, 4% series, due 1963.
The bonds are
proposed to be sold directly to two Insurance companies, The Travelers
Insurance Co. and The Prudential Insurance Co. of America, at a price of
101 34 % plus accrued interest to the date of delivery.
Company proposes
to pay a fee of not to exceed $10,000 (34 of 1%) to Dillon, Read & Co. for
its services as agent in placing the proposed bonds.
Applicant proposes to use the proceeds of the proposed $2,000,000 bonds
to replenish its treasury for cash expenditures made since Oct. 1,
1938,
for extensions and improvements and in part for expenditures to be made
for similar purposes during the present calendar year.
The
3267.
Louis Allis
This
Commission March 14 announced that it
granted the application of company to withdraw its no par value
capital stock from listing and registration on the New York Curb Exchange.
The application stated, among other things, that withdrawal of the stock
from listing and registration was desired because of the restricted operations
of the company; the comparatively small volume of trading and low quota¬
tions for the stock on the EAchange; the inadequate public distribution of
the stock, and the expense incident to the continued listing and registration
thereof.
The order granting the application becomes effective at the close
of the trading session on March 23.—V. 149, p. 4179.
1938
1939
Years Ended Die. 31—
Net income after deprec., Fed. income taxes, &o.»
Shares common stock
Loft Candy
Granted—
Mexico-Ohio Oil Co.—Delisting
The Securities and Exchange
The extension
$17
2870.
had
with Lipton Limited to purchase class A shares of
at
stock,
of like amounts were
Co., Milwaukee
are
(par $1) at $12.50 per share.
Under
a
contract dated Jan. 2,
1940 the company gave
Loewi & Co., an
of an aggregate of 13,334 shares for a
period of one year after the effective date of the registration of such stock
with the Securities and Exchange Commission, at a price of $11 per share.
On Jan. 2, 1940, certain stockholders of the Mid-States Shoe Co. gave
Loewi & Co. an option to purchase all or any part of an aggregate of 20,000
option to purchase all or any pax*t
The Commercial & Financial Chronicle
Volume ISO
shares for a period of one year after the effective date of the
of the shares with the SEO at $11 per share.
registration
rights. However, certain individuals agreed under their option to ratably
make available to Loewi & Co. additional stock as
may be requested by
Loewi & Co. to make up the deficiency, caused
by stockholders exercising
preemptive rights, between the amount supplied by the company and
12,000 shares.
Inasmuch as stockholders have waived their preemptive
rights to subscribe to 10,311 shares of stock, the underwriter would be
entitled to demand a maximum of 1,689 additional shares.
Prior to the public offering of these shares the company offered to stock¬
holders who had not waived their
preemptive rights, 3,023 shares of common
stock at the rate of eight shares of such stock for each 100 shares owned.
This Offer of the right to subscribe, at $11 per
share, was made to stock¬
holders of record Feb. 23, for a period of seven days.
The proceeds from the sale of 13,334 shares
presently being offered, which
are being sold by the company, estimated to be
$140,632, will be used to
provide additional working capital and to reduce current borrowings.
Company was incorp. Sept. 24, 1937, In Wisconsin, for the purpose of
engaging in the manufacture and sale of shoes, and acquiring and con¬
tinuing to operate the businesses of Ideal Shoe Mfg. Co., and Walter Booth
Shoe Co. As of Sep . 30,1937, company acquired all of the assets and going
businesses of the aforesaid constituent corporations, subject to their lia¬
bilities, in exchange for 166,666 shares of its common stock, the entire
amount outstanding.
Ideal Shoe Mfg. Co. was incorp. in April, 1921, In Wisconsin. Since the
transfer of jits assets and business to Mid-States Shoe Co. as of
Sept. 30,
1937, it has been operated as a division of that company. This division is
engaged in the manufacture of shoes for babies .infants, children, misses and
growing girls. The shoes are sold under certain trade names.
A limited
quantity of unbranded shoes is also manufactured and sold.
With the
exception of one jobbing account, which has exclusive sale privileges in the
States of Washington, Oregon and most of Idaho, the division's product is
sold to shoe merchants and department stores throughout the United
States. The division operates two factories, one located at Milwaukee, and
the other located at Waupun, Wis.
Walter Booth Shoe Co. was incorp. April 12, 1897, in Wisconsin, as
Beals A Torrey Shoe Co., as an outgrowth of a business originally started
In the year 1867. In December, 1922, the name was changed to Beals-Pratt
Shoe Mfg. Co., and in June, 1925, the name was changed to Walter Booth
Shoe Co.
Shoe Co.
Since the transfer of its assets and business to the Mid-States
as of Sept. 30, 1937, it has been operated as a division of that
company. The business of this division consists of the manufacture of men's
dress shoes. The product is distributed nationally, sales being made directly
to shoe merchants and
department stores throughout the United States.
The shoes are sold under certain trade names.
Manufacturing operations
are carried on at two factories, one located at
Watertown, Wis., and the
other at Waterloo, Wis.
Capitalization—
Authorized aOutstanding
Common stock (par value $1)
300,000 shs. 180,000 shs.
As of Oct. 31, 1939 adjusted for issuance of additional
13,334 shares
o*
common.
Earnings—The production, sales, and net income or loss for the past five
is shown in the following tabulation, production being stated at
approximate amounts:
years
Constituent Companies—
Year ended Oct. 31,1935Year ended Oct. 31,1936
11 months ended Sept. 30, 1937
Mid-States Shoe Co.—
13 months ended Oct. 31, 1933
Year ended Oct. 31,1939-a
(.Pairs)
2,004,729
1.934,210
1,956,779
a
Net
Sales
$4,051,269
the corresponding period of 1938"
improvement, however, during the last halfof 1939, result
slight increase in revenue from this commodity for the year as a
At the close of 1939 more cotton was on hand in compresses and
warehouses in M-K-T territory than was moved into the ports via the Katy
in either year 1939 or 1938, which cotton should
eventually move.
Pro¬
gressive increase in Illinois oil field production, together with changes in
marketing practices in the distribution of gasoline, had the effect of reducrevenues from this source by approximately $277,000
compared with
4,074,654
4,105,075
Passenger revenues for 1939 were 3.37%, or $73,228, less than in 1938,
according to the report. Mail and express revenues were 0.27%, or $4,900,
more
than in 1938.
The property has been maintained in condition to meet service
require¬
Train operations, both freight and passenger, were
satisfactorily
ments.
maintained during the year.
A total of 197 new industries were located on rails served
by the company,
and 48 existing concerns made expansions.
The year's net record of in¬
dustrial development compares favorably with those of preceding years.
—V. 150, p. 4180.
Montgomery Ward & Co,, Inc.—Earnings—
Consolidated Income Account Years Ended Jan. 31
1940
$
Net sales
Cost
....
1,868,941
2,119,218
4,012,992
4,667,788
1939, earnings per share for each of the periods ended Oct. 31 were as follows:
1935, $1.16; 1936, $1.02; 1937, $1.17; 1938, def.$0.13; and 1939, $1.30.
—V. 150, p. 844.
1939
taxes
than
other
taxes
$
inc.
437,297,196 386,539.137 385,737,300 332,914,247
...
of
fixed
properties...
3,137,406
3,269,914
3,307,837
356,992
315,059
258,518
273,248
34,090,438
220,207
mtges.&c.
23,837,131
24,786,889
Amort, of leasehold
3,199,092
im¬
provements
207.826
323,140
24,910,472
288,442
Net profit before Fed.
& State inc. taxes
34,310,645
Prov. for Fed. & State
24,044,956
25,110,029
25,198,914
7,300,000
4,400,000
4,250,000
4,600,000
A\OV
v/poiavni^
Int. earned
on
JJI
Prov. for Fed. surtax
undistributed
on
profits.
0
Net profit
Class A dividends
Common dividends.....
■
m
•>.«,
•
*
1,650,000
m
400,000
27,010,645
1,410,878
10,434,294
19,644,956
1,410,878
7,825,720
19,210,029
1,410,878
10,421,785
20,198,914
1,058,159
18,260,016
15,165,473
45,798,398
10,408,358
35,390.040
7,377,366
28,012,674
8C0,739
27,131,935
Total surplus..
60,963,871
Shs. com. stk. (no par).
5,217,147
Earnings per share
$1.91
45,798,398
5,217,147
35,390,040
5,217,147
28,012,674
5,173,611
$3.50
$3.41
x$4.12
Surplus...
—
Previous surplus
x
...
Before issuance of additional shares in January,
1937.
Consolidated Balance Sheet Jan. 31
'
1940
Assets—
1939
I
1940
Liabilities—
$
Current assets:
Current
$
24,392,658
Accts. payable 18,797,095
Due customers
2,999,959
reserves
-
78,880,212
96,323,612
—
Inventories
62,593,191
81,494,245
Accrued exps.
4,964,211
land contracts
270,705
Investments
Prepaid
spring
7,153,715
Fixed assets— 49,848,028
catalog, &c—
251,836,896 227,830,990
Total
14,664,641
2,710,184
and taxes.. 18,907,895
14,526,374
Reserve.....—
1,095,730
1,132,412
5,712,460 y Capital stock. 149,288,340 149,288,340
299.999 Earned surplus. 60,963,871
45,798,398
z Treasury stock
2>r252,677
Dr252,676
6,655,356
46,683,090
1st mtge.notes &
$931,624
1939
$
liabils.:
14.396,412
Receiv'les less
1938
$990,281
1937
of goods
Depreciation
x
Co.—Earnings—
Calendar Years—
Net income after charges and taxes.
—V. 149, p. 3722.
1938
$
sold, sell¬
ing & gen. exps., incl.
def22,193
217,305
Gross sales, less returns and allowances and cash discounts on sales.
on the 166,666 shares of common stock outstanding at Oct. 31,
1939
$
474,882,032 413,961,241 414,090.544 361,297,059
.
Cash
Based
Midwest Oil
a
whole.
Net
Income
$193,808
169,946
194,564
1941
movements compared with
was some
ing in
.
Production
50% in
There
The 13,334 shares of unissued stock under
option to Loewi 8c Co. is subject
to 12,000 shares if the company cannot deliver the balance
under option because of exercise by the stockholders of their
preemptive
to reduction
a
of
i
Total.
251,836,896 227,830,990
x After
depreciation of $27,630,147 in 1940 and $25,347,045 in 1939.
Represented by 205,000 no par shares ef $7 class A and 6,000,000 no par
shares of common stock,
z Represented by 3,446 shares of class A stock.
y
Minnesota Mining & Mfg. Co.—60-Cent Dividend—
The directors
have declared
a
dividend of 60
cents per share on
the
stock, no par value, payable March 30 to holders of record March
This compares with 75 cents paid on Dec. 22 last; 65 cents paid on
Sept. 30 last; 50 cents paid on July 1 and March 31,, 1939; 60 cents paid on
Dec. 22, 1938; dividends of 40 cents paid in each of the three preceding
quarters, and 75 cents paid on Dec. 22,1937.
See also Y. 149, p. 1921.—
common
26.
V. 150, p. 1443.
Plans
Financing—May Issue Common Stock—
Company contemplates the issuance of a substantial amount of common
stock to finance their
closed March 15.
rapidly expanding sales, officials of the company dis¬
The total however
was
not disclosed.
The intentions of the company were made known in a remark,made by
Sewell L. Avery, chairman of the board, in the annual report to stock¬
holders.
Mississippi Power & Light Co.—Accumulated Dividend—
Directors have declared a dividend of $2 per share on account of ac¬
cumulations on the $6 first preferred stock, no par value, payable May 1
to holders of record April 15.
Like amount was paid on Feb. 1 last and on
Nov. 1,1939; dividend of 60 cents 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 preced¬
ing quarters.—Y. 150, p. 1605.
Missouri-Kansas-Texas RR.—No Need of
Financial Plan
for Road—
Matthew S.
Sloan, Chairman and President, issued March 19 the fol¬
lowing statement:
Business conditions in our territory, directly and indirectly affecting
railroad traffic, have been subnormal for the past 18 months.
During all
this time there has been a large amount of accumulated freight which has
not moved normally,- for reasons which are generally known.
We hope we have experienced the worst of the subnormal conditions
and that traffic soon will begin to move in a more nearly normal way and
improve aiso in other respects.
However, I cannot see at the moment the necessity of a financial plan,
voluntary or otherwise, for the Katy.
Our present expectation is to pay our fixed bond interest on July 1 and
I am hopeful that our business for the last six months of this year will
be substantially better than for the same period last year.
It is the duty, of course, of the management of any corporation to keep
abreast of the times and to analyze any and all new financial plans that
might be of interest In connection with the needs of the property and that
might enable the company to meet new conditions.
We have studied the Boston & Maine RE. plan and are keeping in
touch with its progress.
If it becomes necessary for the
Katy to develop a plan to meet new
conditions, our study of the Boston 8c Maine plan should help us considerably
The Katy directors at their meeting next March 26 will not consider a
financial plan of any kind.
Annual Report for
1939—
Out of each $100 of revenue received during 1939, the company paid out
"The opportunity for profitable growth suggests that the obtain¬
ing of additional working capital will soon be advisable," Mr .• Avery, states.
150, p. 1606.
—V.
Montour RR.*
1940
From Jan. 1—
Gross from rail way
Products
Gummed
&
1937
1936
$619,718 x$2,147,130
Nil
$5.49
Coated
Paper Co.
$1,372,160
$3.51
(& Subs.)
Earnings—
Calendar Years—
$346,886
$6.74
Earnings per share on common
—V. 150, p. 1141.
National
Distributions
1938
1939
v
charges and taxes)...
Net profit (after
$194,804
$3.63
Bondholders Corp.—Distributions—
on
account
of principal
have
following series at the rates indicated:
B
Guaranty Title......
been
authorized
on
Amount
Amount
Series
Alabama
Authorized
3r
Previously
Distributed
A
B
c
compares
Instalment mortgage. Investors mortgage...
in 1938.
Meline
332,961
113,806
107.392
54,834
76,015
1938
1939
$465,361
Nil
chg
Earnings per share
■
x Profit.—V. 149, P. 3269,
Nashua
237,324
54,376
52,542
Corp.—Earnings-
Calendar Years—
Net loss for yrs. after
$169,069
248,087
65,944
89,303
311,284
110,569
139,522
Net from railway
1937
1938
$105,092
18,233
30,040
i
.
Net ry. operating income
—V. 150, P. 1444.
Motor
1939
$122,031
30,870
43,576
$144,196
46,584
75,169
Net from railway
Net ry. operating income
$8.50 in taxes, according to the condensed annual report made public
March 21 by Matthew 8. Sloan, Board Chairman and President.
This
with $8.60 tax figure last year.
Operating revenues increased 1.12% for the year, $312,966 more than
There was a decrease in operating expenses of 0.37 %, $83,150 less
than in 1938.
The company received for the transportation of freight, passenger, mail,
express ana the performance of other transportation services $28,170,696,
while operating expenses were $22,320,831.
Fixed charges and adjustment
bond interest amounted to $5,069,822, net charges for taxes, rents, Ac.,
amounted to $4,279,607.
"There was a slight increase in freight revenues of 1.76%, $402,206
more than in 1938," Mr. Sloan said.
"Business in most lines of manufacture
showed an improvement, which was reflected in the increased movement of
manufactured commodities.
However, movement of wheat during 1939
decreased almost 5,000 cars compared with 1938, resulting in a revenue
loss estimated at approximately $800,000; of this decreased movement
78% was in export business.
Notwithstanding Government efforts at
direct sale, and through indirect subsidy, large world surpluses prevented
the same degree of wheat exportation via Gulr ports from the United States
as in previous years.
Government loans on cotton depressed the movement
nto ports of the Katy Lines for the first half of 1939, resulting in a decrease
Earnings—
February—
Gross from railway.....
B
D
B
F
Mortgage bond
Mortgage guarantee .
AD
AE
AF
AH
Al
A
Mortgage security. -
B
BB
D
Mich 2
National Reserve
<A bio J Id I
IVtOUi
~
m2
y /O
.fUt
,
.
ZtA#
i
payable on or before April 15 to participation certificate
of the close of business March 30,1940.
Transfer books
will be closed for a period not exceeding 14 days beginning April 1, 1940.
—V. 149, p 3415.
Distributions are
holders of record as
-
National Bank & Trust Co. of Chicago, successor
Indenture of the company dated Jan. 1, 1918, funds
Illinois
trustee under the trust
together with int. accrued
with which to pay the principal of such bonds,
thereon to April 16, 1940, in accordance with an
order of the District Court
Dist. of Delaware dated Feb. 5, 1940, in the
matter of Mountain States Power Co., debtor, No. 1286—In Proceedings for
the Reorganization of a Corporation under Section 77-B of the Bankruptcy
Act. Payment of the prin. of said bonds and all int. accrued thereon to April
16, 1940, will be made upon the presentation and surrender of said bonds at
the office of the Continental Illinois National Bank Sc Trust Co. of Chicago,
successor trustee, at 231 South La Salle St., Chicago, 111., at any time after
March 18. 1940.—V. 150, p. 1775.
of the United States for the
■-
•
for the dates referred to shall be trans¬
banks to J. P. Morgan & Co.. New York
City, paying agent, accompanied by any necessary income tax ownership
certificates, and by a duly executed form letter.
Holders of income bonds and registered first mortgage bonds should
request from paying agent form to be used in transmitting their bonds.
through local
mitted direct
or
—V.
1777.
150, p.
New Jersey
Bell Telephone Co.—Earnings—
1939
1938
$32,918,641 $31,653,723
16,240,181
15,666,251
1,431,960
1.422,838
Calendar Years—■
Local service revenues
—
Toll service revenues
Miscellaneous revenues.
-
-
..$50,590,784 $48,742,813
Total
National Broadcasting Co.—Television Service—
of America, below.—V. 150, p. 1606.
1940
provided by order of court pursuant to which
mortgage bond coupons
First
23,
being paid.
interest is
gold bonds series A and first mortgage 6%
notified that company has deposited with the
gold bonds series B are being
Continental
of all interest upon interest as
Co.—Bonds Called—
Mountain States Power
Holders of first mortgage 5%
March
Chronicle
The Commercial & Financial
1942
219,710
133,818
Uncollectible operating revenues
See Radio Corp.
Co.—Earnings—
National Cash Register
...$50,456,965 $48,523,102
9,003,570
8,711,926
7,413,703
7,312,867
8,403,624
8,093,083
4,277,492
4,167,126
416,13o
429,391
4,438,947
4,376,674
Total operating revenues
Current maintenance
Consolidated Income Account Years Ended Dec.
1939
1938
1937
31
Depreciation and amortization expenses
1936
(Incl. foreign subs.
and branches)
.$40,444,685 $45,557,268 $51,439,862 $42,977,337
Profit and income from
all sources
4,509,718
5,813,079
7,182,699
6,025,350
Prov. for depreciation
1,298,034
1,517,873
1,363,635
1,226,652
Sales
Traffic expenses
Commercial expenses
Operating rents
General and miscellaneous expenses....
Net
__
operating revenues
$16,503,491 $15,432,032
1,755,205
1.6^9,675
786,630
774,o76
4,614,129
4,197,085
.
Federal income taxes
$3,211,684
income—
152,653
$4,295,206
145,397
$5,819,064
111,227
$4,798,698
60,333
$3,364,337
$4,440,603
353,430
443,090
928,114
$5,930,291
$4,859,032
Profits from oper
Miscellaneous
Total
Int.
on
377,307
loans & debens..
457,411
662,152
Income deductions
Provision for taxes
:
Net
Net
-
737,496
y820,729
239,476
yl,512,601
23,852
75,269
69,788
248,359
187,759
140,814
$3,920,667
$2,865,341
off
Income balance transferred to
234,591
--
——
Dividends on common stock
a
$1,805,086
$2,392,341
1,628,000
1,628,000
2,035.000
$764,341
$1,885,667
$1,033,782
1,628,000
1,628,000
1,628,000
Earnings per share
$1.11
$1.47
$2.40
$1.76
x Including results of foreign operation of $663,784 in 1939, $1,180,833
in 1938, $1,961,829 in 1937 and $817,108 in 1936, after foreign exchange
conversion
adjustments,
y
Including estimated undistributed profits
tax of $241,999 in 1937 and $4,373 in 1936.
z Profit of Japanese company
stock outst'g--
,
Consolidated Balance Sheet Dec. 31
1939
$
$
Assets—
a
Liabilities—
b
buildings
Land,
miscellaneous
1,223,526
388,938
..
Deferred charges..
47,655,116 47,943,580
Total
a
After
Accts. receivable
Mat'l & supplies
Working
4,225,000
4,739,472
362,702
179,470
7,407,702
fund—
2,344,934
Other def. chgs.
to
trust of pens'n
4,475,128
342,401
sold
Notes
323,879
Adv.
billing
Accts.
&
1,343,406
1,291,650
1,531,718
2,367,912
3,125,392
custs.'
2,201,377
depos.
payable &
oth.curr.liab.
liabs.
Acer,
not
due
19,329
19,569
65,343,612
61,719,676
7,570,114
5,558,579
Deferred credits
Deprec.A amort.
reserves
6,000,000
1,146,130
407,000
4,725,000
A T. Co
8,120,297
2,285,415
6,000,000
Surplus
1,178,219
407,000
223,158,574 225,291,467
Total...
223,158,574 225,291,467
Total
1,056,662
1,529,646
—Y. 150, p. 1001.
1,043,376
Newmont Mining
119,197
Corp.— Earnings—
1839
1938
1937
$2,537,802
92,487
83,531
$2,313,915
37,232
89,056
$3,188,708
23,615
91,420
180,750
777,928
27,099
1,200,715
$2,894,569
$3,245,231
$4,504,457
512,107
619,993
1,529,919
139,000
203,133
106,696
$2,243,462
36,336,847
$2,422,105
35,509,680
$2,867,841
35,792,794
Calendar Years—
Income—Cash
dividends
(including
foreign taxes withheld at source).
of $6,258,393 in 1939 and $6,869,531 in 1938.
1,628,000 no par common shares.—V. 149, p. 3878.
National City Lines,
funds.
<2
..
Adv. from A. T.
9,049
6,527,414
5,662,066
47,655,116 47,943,680
Total
Interest
Fees for services
Profits realized
Inc. (& Subs.;—Earnings—
on
sales of capital
assets
1938
1939
Years Ended Dec. 31—
y
55,898
796,386
56,365
depreciation
b Represented by
x
598,019
Cash.
1938
140,000,000
-
Capital stock.
208,802,726
$
%
6,209,610
5,662,066
Accts. pay., Ac
1,140,454
1,036,942 Agents' bals., Ac.. 1,436,366
1,072,009
230,406 Accrued taxes
161,480
113,854 Customers' depos.
Agents' balances A
1939
T iohilillPfi
S
$
«
140,000,000
1938
1939
Assets—
Telephone plant214,779,923
19,958
Misc.phys.prop.
158,015
Other investm'ts
Capital stock...24,420,000 24,420,000
equipment-11,160,236 11,229,462 Earned surplus...
Pats. & goodwill..
1
1 Capital surplus...
Investments
9,169,851
9,774,338 15-yr. 3\i% s. f.
debentures.
Cash
3,114,534
2.574,671
Accts. receivable..13,694,731 12,928,534 Reserves
Inventories
8,903,299 10,055,374 Dividends payable
and
Prepayments
1938
1939
1938
$1,650,634
Comparative Balance Sheet Dec. 31
Prepayments
credited to reserve.
$8,650,634
7,000,000
550,264
construction in 1939 and $116,786 in 1938.
Excluding $121,726 charged
1,831,559
$177,086
1,628,000
Balance
surplus
$9,200,899
$2,016,809
Income available for fixed charges
$8,770,695
430,203
$9,661,006
294,196
—
Net income.
Net profit for year..
Divs.decl.on com. Astk.
com.
$9,347,526
313,480
$9,366,809
7,350,000
operating income
non-operating income.
60,059
z38,529
x
Shs.
(principally State & local) taxes
Other
Interest deductions
Minority int. in profit of
foreign subsidiaries
Profit of German subs.
credited to gen. res'ves
Invest, in Spanish subs.,
written
Social security taxes
a
$591,284
$352,272
Earnings per share
*_
$2.00
$1.01
x After depreciation, interest, amortization, Federal income taxes, &c.
Other income
Net profit
y
National Container Corp. (&
1
$125,903
$0.38
Subs.)—Earnings—
1940—12 Mos.—1939
1940—Month—1939
$126,358
$107,998
$1,471,965
$1,293,900
18,328
10,494
Operating revenues
inc.
$357,945
$1.08
14,899
6,939
271,218
175,545
219,997
119,246
retire¬
after
ment accruals
Net income.
Net income for year
Previous earned surplus.
National Rubber Machinery Co.
(& Subs.)—Earnings
1938
1939
Years Ended Dec. 31—
idle plant
expenses,
depreciation,
$102,331
$0.66
interest. Federal income taxes, &c
Earnings per share on capital stock
—V. 149, p. 3723.
14
$47,062
$0.30
x
Cash
1938
Notes
$1,283,945
$1.31
Listed
Machine
Co.—Earnings—
to)
ended
Gas
&
Electric
Association—System
15,
New England Gas & Electric System
This is an increase of 487,045
6.14% above production of 7,933,083 kwh. for the corresponding
a year ago.
Gas output is reported at
117,577 MCF, an increase of 15,319 MCF, or
14.98% above production of 102,258 MCF in the corresponding week a
year ago.—V. 150, p. 1777.
Power Association—Dividends—
Directors have declared a dividend of $1.50 per share on the 6% preferred
shares and of 50 cents per share on the $2 pref. shares, both payable April 1
to holders of record March 23.
Like amounts were paid on Jan. 2 last and
Oct. 2 and July 1, 1939, and dividends of $1 and 33 1-3 cents per share,
respectively, were paid in each of the five preceding quarters.
Dividends
are in arrears on both sisues.—V. 149, p. 4036.
on
New Orleans Texas & Mexico
Ry.—Interest Payments—
Guy A. Thompson, trustee, has been authorized by court order to pay
interest for six months ended Oct. 1, 1935 on series A and B first mortgage
bonds, interest for six months ended Feb. 1, 1936 on series C and D first
mortgage bonds, and interest at the rate of 5% per annum
ended Oct. 1, 1938 on non-cumulative income bonds.
for six months
New Orleans
Ry.' mortgage trustee, on pledged bonds of Beaumont
(for period May 1, 1935 to May 1, 1937), Sugar
Land Railway (for period May 1, 1936 to May 1, 1938), and St. Louis
Brownsville & Mexico Ry. (for period June 1, 1935 to June 1, 1936),
without interest upon any of said interest.
Acceptance of interest now
authorized to be paid constitutes ratification of the foregoing and waiver
These funds are derived in part from interest remitted to
Mexico
8our Lake & Western Ry.
1938
$
66,372
for
Fed.
70,973
139,000
201,868
in
...
5.316,460
5,316,460
4.321,756
4,321,75/
surplus...36,719,567 36,336,847
...
Capital surplus
Earned
Unrealized apprec.
on
—Y. 150, p.
52,629,642 62,263,924
secur.
Total
owned
6,066,486 16,016,019
52,629,641 62,263,924
1142.
Co.—Commission Approves
Transfer of Control to RFC and Banks—
Transfer of control of New
York & Richmond Gas Co. from a jointly
holding company and its subordinate concerns to direct ownership
by the banks which control the holding company, Washington & Suburban
Cos., has been authorized by the New York Public Service Commission on
recommendation of its Chairman, Milo R. Maltbie.
The order issued by the Public Service Commission will facilitate the
carrying out of provisions of an order by the Securities and Exchange
Commission providing for liquidation of Washington & Suburban Cos.,
which already has divested itself of all assets, other than certain cash
reserves except for this interest in New York & Richmond Gas Co.
Specifically, the Commission has authorized Chase National Bank to
acquire and hold 66,133 shares of common and 237 shares of preferred stock
of the company, for Harris Trust & Savings Bank to acquire and hold
26,453 shares of common and 95 shares of preferred stock, and for Con¬
tinental Illinois National Bank & Trust Co. to acquire and hold 34,389
shares of common and 123 shares of the preferred.
In addition, Public
National Bank & Trust Co. will acquire 15,872 shares of the common and
57 shares of 6% $100 par preferred, while the Reconstruction Finance
Corp. will acquire 6,613 shares of common and 23 shares of the preferred.
The course of developments which resulted in acquisition of control of
owned
week
&
Prov.
New York & Richmond Gas
March
reports electric output of 8,420,128 kwh.
Texas
9,384,962
28,545
$287,391
Total
New England
Output—
10,693,084
90,363
$
accrued taxes
Common stock
corp.,
1938
$341,520
Net profit after all charges
—V. 150, p. 1446.
Liabilities—
Accts. payable and
come tax
Miscell. stks. of (A
Other assets
1939
$
724,879
receivable..
50.C00
60,000
securities-.39,201,642 52,065,538
loans
Years Ended Dec. 31—
stock valued at
1939
1938
$
2,594,552
Ac
New England
$5.39
Balance Sheet Dec. 31
$1,432,887
$1.47
after charges and taxes
Earnings per common share
or
$4.55
1937, $1,594,938; 52,704 shares
tions, or equivalent to 460.6 shares of Phelps Dodge Corp.
highest market price ($25,625) on Nov. 30, 1937, $11,803.
1939
Net profit
kwh.,
$4.22
dividend of $3 per share paid in
Dodge Corp. stock distributed at the rate of one-tenth of a share
Dodge Corp. stock for each share of Newmont Mining Corp.
held, $1,544.214; and cash distributed in lieu of Phelps Dodge Corp. frac¬
tional shares to stockholders in an amount equal to the value of such frac¬
Cash
—V. 149, p. 3723.
For the week
$36,719,567 $36,336,847 $35,509,680
531,646
531,646
531,646
Balance, Dec. 31...
capital stock
Earnings per share
Shares
1939
Subs.)—Earnings—
Calendar Years—
Britain
$38,580,324 $37,931,785 $38,660,635
1,860,758
1,594,938
x3,150,955
Dividend distributions
A ssets—
Natomas Co. (&
New
...
Dividend refund
of Phelps
of Phelps
—V. 150, p. 1446.
Net profit after
(est. 1937 less
Total.
National Gas & Electric Corp. (&
Gross
1938
1939
Fed. taxes, &c
Earnings per common share
—V. 150, p. 1001.
Period End. Jan. 31—
for Fed. inc. tax
prior years adjustments)
Subs.)—Earnings—
Calendar Years—
Net profit after deprec., int.
Total income
Expenses and losses
Prov
On common stock.—V. 150, p. 1776.
Washington & Suburban, and therefore of New York A Richmond, by the
banks and the RFC commenced in Sept., 1931, when Chase Bank, Con¬
tinental Illinois, Harris Trust, Public National, and the RFC's predecessor
in interest, Central RepublicTrust Co. of Chicago, loaned a total of $6,150,000 to Central Public Service Corp., parent of Washington & Suburban.
Chase's participation in this loan was $2,500,000: that of Continental
Illinois was
$1,300,000; Harris Trust's $1,000,000; Public National';
Volume
The Commercial & Financial Chronicle
ISO
$1,100,000; and Central Republic Trust's $250,000.
This $0,150,000 loan
was
subsequently reduced to $5,650,000, up to the time the banks fore¬
closed and acquired possession of the collateral
pledged, consisting of all
Washington & Suburban's 70,000 shares of $6
preferred and 3,700 out of
the 6,000 shares of common stock.\ Chase
and Continental on July 21,
1932, in addition, acquired 1,300 and 1,000
& Suburban's
field
Trust,
The four
common, which had been
and
common
pledged
as
shares of Washington
collateral by the "West-
Illinois Trust.
banks
and the RFC In 1937 loaned
Washington & Suburban
$6,650,000 at 4H% to redeem on Feb. 1 of that
year the publiciy held
5H% collateral trust bonds.
By this loan the banks and the RFC became
sole parties at interest in
Washington & Suburban. In July, 1938, Washing¬
ton & Suburban paid
$150,000 on these loans, and on Aug. 8,. 1939 the
balance of $6,500,000 of these loans was
repaid banks and the RFC out of
proceeds from sale of 362,588 shares of Washington Gas Light Co. common
stock
(85.31% of the issue outstanding) to an underwriting syndicate
headed by First Boston Corp.
Underwriters sold this stock to the public!
at $29.50.
After discharge of this indebtedness, banks held all of the out¬
standing securities of Washington & Suburban, which consisted of 70,000
shares of $6 preferred and 6,000 shares of common stock.
t
Chase
now holds 30,973
and 2,937 of the common.
shares of Washington &
Suburban's preferred
Continental Illinois owns 16,106 preferred and
1,851 common; Harris Trust has 12,389 preferred and 655 common; Public
National holds 7,434 preferred, and 393
common; and the RFC's interest
is 3,097 preferred and 164 common.
Since its report on investigation of New York & Richmond Gas in
1938,
the Commission has been
working with the banks
Assets—
Investments in and advances
a
Other investments
New York Telephone Co.—New Director—
meeting held
150, p.
1780.
6% pref. stock
stock of issue of 1921 or Wisconsin Electric Power
Co., a subsidiary for new
4H% series pref. stock and common stock of the subsidiary company.
The stock is to be exchanged on the basis of one share of new
stock
and
K
share of
1778.
186,279,929
common
Long-term notes
Notes payable to banks
2,750,000
58,746
335,523
13,611
606,006
76,527
Accounts payable
Taxes accrued...
Interest accrued
^
Dividends on preferred stock.
Miscellaneous reserves
Paid-in surplus, less charges
Fixed capital
Investments
Funds held for future construction
Sinking funds and special deposits
1938
$
$
543,733,449 537,530,825
26,227,569
26,409,929
7,203,538
9,768,671
2,363,892
1,666,812
15,983,210
13,069,910
6,992,204
6,640,835
98,883
100,269
85,000
85,000
4,624,843
4,321,765
2,024,280
2,171,852
3,382,060
7,282,425
6,628,590
514,966
1,745,196
1,079,620
-
Cash
Notes and accounts receivable
Interest and dividends receivable
Prepayments.
Unamortized debt discount and expense
a Amount
equal
Retirement work in progress.
Other deferred charges
Total
621,607,681 610,127,913
Liabilities—
37,887,500
37,887,500
9,028,100
9,028,100
1,564,900
1,564,900
95,810,085
95,810,342
126,664,055 126,664,055
227,507,400 228,289,900
4,750,746
5,031,542
8,750,000
8,500,000
2,750,000
3,000,000
3,947,173
3,242,862
1,473,251
1,489,885
3,561,765
3,681,223
2,383.861
2,632,368
1,306,094
1,306,094
334,615
332,069
2,877,514
54,935,848
49,518,260
1,970,685
1,886,169
26,499,590
26,502,256
7,604,499
3,760,387
5% series A
Total operating revenues of the Niagara Hudson
System
Common stock ($10 par)
Preferred stocks of subsidiary companies..
Funded debt of subsidiary companies
b Long-term liability
Long-term notes
Notes payable to banks
3.7%.
Accounts payable
companies last
$85,413,678, compared with $82,370,607 in 1938, an increase of
This was accounted for by a 4.2% increase in electric revenues which
constituted 86.2% of consolidated revenues, and
by a 0.4% increase in gas
revenues, which were 13.3% of consolidated revenues.
The increase over 1938 in revenue from sales,
however, was offset by the
severe drought conditions, which reduced the amount of water
power avail¬
able.
The result was a much greater outlay for fuel in the
system's steamelectric plants and for power purchased from outside sources. Steam
gener¬
ation of electric energy increased 115% over 1938. Total
operation expenses
were $29,650,827, an increase of
$2,195,000, according to the report, which
is signed by Floyd L. Carlisle, Chairman of the
Board, and Alfred H.
Schoellkopf, President.
Taxes for 1939 were $15,571,459, the largest amount in
any year since
the system was formed and equivalent to $1.63 on each share of the
corpo¬
ration's common stock.
Out of every dollar received from electric and
gas
customers 18.2 cents was set aside for payment of 1939 taxes.
The report
states that over the past five years taxes on the
Niagara Hudson
companies
Consumers'deposits
Taxes accrued
Interest accrued
Dividends
preferred stocks
on
Other accrued liabilities
Deferred credits
Reserve for depreciation
Miscellaneous
reserves.
Paid-in surplus, less charges
Earned surplus..
Total.......
a
621,607,681
by
subsidiary company,
property.—V. 150, p. 1142.
North American Cement
North American Finance
totaled 6.809,030,600 cubic feet, an increase
5.3%; sales of mixed gas amounted to 20,198,402 therms, an increase of
6.5%.
The Niagara Hudson companies spent about $15,000,000
during 1939
for the construction, extension, and improvement of necessary
facilities,
and expect to spend about $25,000,000 for similar purposes in 1940.
The
largest single project in the construction program is the new Oswego steamelectric generating plant, the first 80,000-kilowatt unit of which will be in
service this year and the second of similar capacity in 1941.
of
of Income for the Year Ended Dec. 31 (Parent
Company^
$4,539,719
821,047
$5,360,766
517,549
464,716
375,847
Taxes
Interest
$7,225,132
480.735
541,116
264,567
$4,002,654
Total income
Expenses.
$6,371,605
853,527
$5,938,714
1939
/1938
$876,735
$376,626
Corp.—Earnings—
Earnings for Year Ended Dec. 31, 1939
Operating income
Net after income taxes
Dividends:
Prior pref.,
$485,092
94,644
$3,075;
7%
pref.,
$4,444; cl.
A
$72,307
com.,
99.526
—V. 149, p. 2699.
hour cost of electricity to the residence customer was 3.60 cents, or
28.3%
less than in 1929.
During that same period the average residence use of
than it receives from them.
Sales of manufactured gas
Corp.—Earnings—
Calendar Years—
Net loss after taxes, int.. deprec., deplet., &c
—V. 149, p. 3271.
,
electricity increased 61.3%.
The rise in Niagara Hudson sales to customers and the
prevailing drought
conditions brought about a reversal of the usual direction of power flow
during the last half of 1939 over the transmission line connecting the Con¬
solidated Edison System with the Niagara Hudson System.
Normally,
Niagara Hudson sells considerably more power to Consolidated Edison
b Relating to reservoirs and other
a
-
total kilowatt hours sales.
The report shows that total use of electricity by residence customers of
the system companies was 5.7% above 1938.
The 1939 average kilowatt
610,127,913
To the unamortized debt discount and
expense and premiums on bonds
refunded
companies provided $11,205,185 during 1939 for depre¬
ciation, compared with $11,156,444 during 1938.
An increase in sales occurred in practically all
important consumers
groups, both electric and gas.
Sales or the companies' services to industrial
customers resumed their upward trend.
Other classifications of customers
including farm, residence, and commercial groups continued to increase
their use of the companies' services.
Total sales of electric energy amounted to 6,643,606,107 kilowatt hours
and were 4.7% greater than in 1938, principally because industrial custo¬
mers' use increased 11.9%. Sales in this classification made
up 69.4 % of the
Statement
184,711,599
1939
year were
Income from subsidiary companies
Other dividends and interest
27,198
26,502,256
1,332,403
186,279,929
Total
5% series B.
The annual report for 1939, shows consolidated net income of
$7,323,763
for the year.
This is equal, after full preferred dividend requirements, to
51 cents a share on outstanding common stock and
compares with net
income of $7,195,520, or 50 cents a common share, in 1938.
system
22,568
377,771
52,556
606,006
26,499,590
2,899,340
Earned surplus
First preferred stock 5% series ($100
par)
Second preferred stock ($100 par),
/
Niagara Hudson Power Corp.—Annual Report—
The
37,887,500
9,028,100
1,564,900
95,810,342
8,500,000
3,000,000
5% series A
5% series B_
Common stock ($10 par)
4^% pref.
stock for each share of 6% pref. stock.
jj^Y0 increased 41.5%»
184,711,599
37,887,500
9,028,100
1,564,900
95,810,085
8,750,000
Total..
Liabilities—
Materials and supplies
Exchange Sub. Co. Stock—
The Securities and Exchange Commission March 15 announced that the
company has filed an application (File 70-9) under the Holding Company
Act regarding the proposed exchange of
78,710 shares of
—V. 160, p.
859
423,751
85,000
First preferred stock ($100 par)....
Second preferred stock ($100 par),
Marketable securities
North American Co.—To
422
414,555
85,000
_•
Marketable securities
Corp.—Transfer Agent
Robert Ten Broeck Stevens, President of J. P. SteveDS & Co., Inc., was
elected a director of this company at the annual stockholders
19.—V.
$
160,393,115
17,401,171
6,407,703
Consolidated Balance Sheet Dec. 31
The Continental Bank & Trust Co. of New York has been
appointed
transfer agent for 60.00C shares of the
$100, par 5f$%, cumulative preferred
stock of this corporation.—V. 150,
p. 1777.
March
1938
$
companies... 160,908,116
17,339,146
7,532,691
Accounts receivable
Interest and dividends receivable
sound financial basis.—B. 150, p. 1607.
New York State Electric & Gas
to sub.
Cash
controlling the utility to
put its accounts upon
1943
Balance Sheet Dec. 31 (Parent
Company)
1939
North American Refractories Co. (&
Subs.)—Earnings
Earnings for Year Ended Dec. 31. 1939
Net income after all charges
—Y. 149, p. 3271..
$84,183
Northern Illinois Finance Corp.
(& Sub.)—Earnings
Earnings for the Year Ended Dec. 31, 1939
Net income after all charges
Earnings per share on 121,998 shares
—V. 149, p. 4037.
Northern
Financial
The
Indiana
...
common
Power
stock
Co.—SEC
$212,797
$1.51
Approves Series of
Changes—
Securities
and
Exchange Commission on March 8 approved an
application, and amendments thereto, pursuant to Section 6 (b) of the
Public Utility Holding Company Act of 1935, for exemption from the
provisions of Section 6 (a) of said Act of the issue and sale by Northern of;
(a) $10,038,000 first mortgage bonds, series A, 4M%, due Jan. 1, 1965;
(b) $600,000 of 3% serial notes: (c) an unsecured promissory note, due
March 1, 1965, with interest payable at the rate of 5% per'annum from and
after demand for payment of interest, in an estimated amount of approx¬
imately $1,870,546.
Northern Indiana Power Co. is a direct subsidiary of Central Indiana
Power Co., which in turn is a direct subsidiary of Hugh M. Morris, sole
surviving trustee of the estate of Midland United Co., a registered holding
company.
Net income.
Statement of Consolidated Income for Calendar Years
1939
1938
Operating revenues
Operating expense
Maintenance
Depreciation
Retirement provision
—
Taxes
Operating income!
Non-operating income (net)
on
funded debt
Interest on unfunded debt
Interest
charged to construction
Amort, of debt discount & expense
Amort, of prem. on debt
Miscellaneous deductions
1
Balance
Dividends
on
—
$24,007,610 $23,989,978 $27,827,010
774,953
824,082
894,818
Gross income..
Interest
1937
..$85,413,678 $82,370,607 $87,561,816
29,650,827
27,455,827
30,091,339
5,474,145
4,955,771
5,057,453
10,951,200
10,977,044
10,227,127
15,329,896
14,991,986
14,358,887
pref. stocks of sub.
Net income
cos.
Midland Utilities Co.
The application further states that the Northern bonds now owned by
Central are pledged to secure $8,887,500 of Central's outstanding first
mortgage bonds.
With part of the proceeds of the present Northern bonds,
Central will retire the said $8,887,500 principal amount of its bonds.
$7,124,000 principal amount of these bonds are owned by the public, $939,100 by United, and $824,000 by Central itself, $538,000 of which are pledged
by Central with the U. S. of America to secure a loan obtained from the
Rural Electrificatiou Administration.
Northern also makes application
$24,782,563 $24,814,060 $28,721,828
9,448,524
9,652,941
9,782,161
682,908
593,883
492,365
Cr4l5,387
Cr433,505
Cr28,156
291,537
319,035
347,836
Cr22,399
116,819
129,387
72,841
acquisition from United of the $200,000 of the Attica Electric Co. bonds
assumed by Northern, and from Utilities of the $61,000 principal amount of
Rochester Gas & Fuel Co. bonds assumed by Northern and $33,600 principal
amount of Greencastle Gas & Electric Light Co. bonds assumed by Northern.
$14,680,562 $14,552,319 $18.0.54,781
7,356,799
6,356,799
7,552,510
of the bonds which Northern proposes to issue as aforesaid.
Central also
makes application, pursuant to
Rule U-12F-1, promulgated under the
$7,323,763
Earnings per share on com. stock
The application states that the purpose of the Issue and sale of the pro¬
posed securities is to refinance $13,082,000 of first mortgage bonds issued or
assumed by Northern. Of the outstanding bonds $11,575,900 are owned by
Central, $1,211,500 by the public, $200,000 by United, and $94,600 by
Clarence A. Southerland and Jay Samuel Hartt, trustees of the estate of
$0.51
$7,195,520 $10,502,271
$0.50
$0.84
pursuant to Rule
U-12C-1, promulgated under the Act, for approval of the
Central Indiana Power Co., a direct subsidiary of Midland United Co.,
Med an application, pursuant to Section 10 (a) (1) of the Act, for
approval of the acquisition by it from its subsidiary, Northern, of $538,000
has
Act, for approval of the sale to Northern at cost to Central of the $11,575,900
of bonds issued or assumed by Northern and presently owned by Central.
Central makes further
application, pursuant to Rule U-12C-1 promulgated
stock and $529,650 on the second preferred stock.
under the Act, for approval of the acquisition from United of the $939,100
principal amount or Central bonds presently owned by United; and for
(2) The statement of consolidated income for the year ended Dec. 31,
1937, shown above has been restated for comparative purposes as far as
approval of the acquisition from the U. S. of America, as pledgee, of $538,000
principal amount of Central bonds presently pledged to secure a loan ob¬
practicable.
tained from the RE A.
Notes (1)—Dividends in
1939 amounted to $1,894,375 on first preferred
The Commercial & Financial Chronicle
1944
Pursuant
Section 7 of the Act,
to
Central has filed
equivalent principal amount or Central bonds which are to be
from
withdrawn
pledge.
Midland United Co.
has filed applications
gated undo* the Act, for approval of the sale to Central of $939,100 of
Central's bonds and of the sale to Northern of $200,000 principal amount of
bonds assumed by Northern.
A public hearing on the applications as amended was held after appro¬
priate notice.
The Commission considered the record In this matter and makes the
following findings:
Northern is a public utility operating company rendering electric service
in the central portion of the State of Indiana. Northern also furnishes other
services such as gas, ice, heat and water.
Central is primarily a holding company, but Is also engaged in the public
utility business in the State of Indiana. Besides the $11,575,900 principal
amount of Northern's bonds presently outstanding, Central owns all of the
outstanding capital stock of Northern. Central also owns 161,451 shares,
approximately 36.5%, of the outstanding common stock of Public Service
Co. of Indiana, an affiliated public utility company.
Besides the $939,100 principal amount of Central's outstanding first
mortgage bonds,
Of the
New Directors—
ing of the board of directors held March
elected directors of the company to succeed G. O. House and
Henry Grenacber, both resigned.—Y. 150, p. 1781.
Perrott were
Ohio
Finance
Co.—Earnings—
Earnings per share on 160,531 shares common
—V. 149, p. 2700.
Ohio Oil Co.
Operating
expense
.
.
Taxes
General
expense—
Depletion
Profit
on
held by Central.
The
3% serial notes will consist of six notes, bearing like dates, in the
The firBt of these notes will be payable one
from date and the remaining notes in successive annual maturities.
$500,000 principal amount of the serial notes, having the five earliest
maturities, will evidence a loan to be obtained from the National City Bank,
New York.
The sixth serial note will be issued and sold to United In part
year
$5,540,490
822,908
sales
Other income credits...
$6,363,398
Interest
622,681
Canceled unoper. leases.
2,043,443
582,629
Nonproductive wells..
885,610
Taxes.
16.3,629
Inventory loss
Retirement losses
369,389
Loss on sale of secur
125,000
Prov. for equity in cur¬
Total income
Miscellaneous
$7,555,301 $13,441,528
706,116
1,555,014
prior maturities.
The unsecured promissory note, due March 1, 1965, with Interest at
5% payable from and after demand for interest, will be issued to Central
in part payment for the bonds of Northern presently owned by Central.
It is estimated that this promissory note will be issued in the face amount of
Net income
$1,499,876
Minority interest in earn¬
ings of subsidiaries—
approximately $1,870,545.
proceeds to be received by Northern from the proposed
$10,167,292. After deducting
estimated expenses of $99,907 and after using approximately $119,838 of
general funds, the total amount of cash available for the proposed refunding
operations will amount to $10,187,223. These funds will be used for the
following purposes.
The total cash
(1) To pay Central, in part payment for the bonds of Northern
presently owned by Central, a sum sufficient to permit Cen¬
tral to redeem $8,063,500 of its 1st mtge. coll. & ref. 6% gold
bonds, series A, due July 1, 1947 at 105. plus accrued int. to.
March 1, 1940, involving an expenditure of
$8,583,836
(2) To purchase $200,000 Attica Electric Co. 1st mtge. 6% gold
bonds due Jan. 1, 1949, assumed by Northern, owned by
United, at par plus accrued int. to March 1, 1940, involving
an expenditure of
202,000
(3> To redeem $960,000 Indiana Ry. & Light Co. 1st & ref.
mtge. sinking fund 5% gold bonds due Jan. 1,1943, assumed
by Northern, at 105, plus accrued Int. to March 1, 1940,
involving an expenditure of
1,032,000
(4) To redeem $251,500 Noblesville Heat, Light & Power Co.
1st mtge. 6H% gold bonds, due July 1, 1947, assumed by
Northern, at 103, plus accrued int. to March 1, 1940, in the
amount of
Preferred
adj. $1,492,086
dividends
2,127,222
Common
dividends
com
75,919
277,477
127,849
4,545
$4,588,197 $11,868,940
$7,886,671
6,833
5,101
$4,582,964 $11,862,107
2,937,852
3.288,462
1,312,675
6,563,333
$7,881,571
3,288,462
3,937,916
$2,010312
6,563,377
$1.31
6,563,377
$0.70
5,234
$332,437
6,563,377
$0.25
$
7,886.145
Accts.
payable.
3,028.426
2,622,020
5 .245,667
4,623,238
Accrued taxes..
755.018
1,230.279
Acer. int. on dt.
208,750
1.050
1,441
14 ,666,077
1 ,342.462
19,189,010
1,385,770
970,205
1,214.557
1 ,410,144
2,614,632
Minority int. in
subsidiaries
4 .546,133
4,546.133
Funded debt
Marketable see's
fined products
Mat'l & supplies
Bonds
Other assets
Stocks
(non-sub.)
Prov.
for
Fed.
Income taxes.
1,157,723
888,181
credits
232,029
1,710.084
Deferred
80,496
80,542
18.000,000
29,000,0 >0
35,453,700
y Common stock 59,236,791
Earned surplus..
6,975,609
35,453,700
59,235,791
7,610,745
8.620.851
..
companies
Fixed assets -.90
583,528
96,328,461
619,734
882,162
133.748.393
Preferred stock,
138,670,110
Deferred charges
133,748.393 138,670,110
Total
y After depreciation and depletion of $173,740,619 in 1939 and
170,668,076 in 1938.
y Represented by 6,563,377 no par shares.—V. 150, p.
1608.
Oklahoma Natural Gas Co.—Earnings—
Feb. 29, *40 Feb. 28, '39
12 Months Ended—
36,288
Capitalization and Surplus (JDeficit) After Financing
Central
Northern
Elimin-
$8,998,616
Indiana
Indiana
ations
9,500,000
38.8
430,000
600,000
538,000
2.4
10,977,655
44.8
fiscal year ended Nov.
1.8
30, 1938. charged to surplus.
Electric
Ottawa
877,655 10,638,000
538,000
Due Parent Co.—
526,561
4,526,561 4,526,561
581,205
581,205
Notes
Account
a
dividend of 30 cents per share on the common
stock, payable March 30 to holders of record March 20.
Last previous
distribution was the 40 cent dividend paid on July 2, 1938.—V. 148, p.
1653.
Otter Tail Power Co.
Total
5,107,766 5,107,766
......
Capital Stock—
7% pref. ($100par)... 5,619,517
6% pref. ($100 par)—
18,300
846,000
846,000
Directors have declared
5,619,517
18,300
22.9
0.1
12,033,000
5,571,100 5,571,100 12,033,000
49.1
17,670,817
4,151,441
6,417,100 6,417,100 17,670,817
2,689,539 2,689,539
4,151,441
Deficit
Total.
.'
19.473,327 9,373,327 24,497,031
100.0
Preferred dividends in
arrears
at Nov. 30,
1939,
on
16.9
Park Utah Consolidated Mines Co.1939
$375,469
44,348
Calcndar Years—
need for recapitalization of the
applicants is urgent. A representative of the applicants testified that this
need is recognized.
It is planned that a merger of Central and Northern
shall be effected, as soon as possible after the proposed financing is con¬
summated.
It has been testified, however, that the recapitalization of
Central, which will be the emerging corporation, cannot be accomplished
until the value of Central's investment in the common stock of Public
Service Co. of Indiana has been determined. In this connection it might be
Ore sales
gDintedService Co. of Indiana have goneUnited Co. to the effect that every
ublic
out that the trustee of Midland on record and the management of
Dividends.
of
April. 1940.—V. 150,
p.
RR.
of
N.
J.—Common
Stockholders'
Northern States Power Co.
(Del.)—Accumulated Dir.—
Directors have declared dividends of $1.75 per share on
on
the 6% cum.
the 7% cum.
preferred stock, both
payable on account of accumulations on April 20 to
March 30.
Dividends of $1.31 M and $1.12^ per share,
paid in preceding quarters.
1937
1938
$136,224
60,649
$1,274,245
44,383
$196,873
320,164
27,569
$1,318,628
978,616
70,953
$150,860
Nil
Nil
share.
$44,666
$0.13
Consolidated Balance Sheet Dec. 31
Ltd.—33-Cent Dividend—
The Interstate Commerce Commsssion on March 18 authorized Winthrop
Waite, Harry Weinstein, and Cameron Blaikie Jr. to serve as a protective
committee for holders of common stock of the Northern RR. of New Jersey,
as creditors of the Erie RR., debtor,
pursuant to Section 77 (p) of the
Uniform Bankruptcy Act, and to solicit authorizations to represent such
stockholders, without the deposit of the stock.—V. 149, p. 3417.
share
-Earnings—
$ 150,860prof $269,059
313,725
37,034
28,328
Deferred charges..
y
holders of record
respectively, were
x
After depreciation of
value
$1.—Y.
1938
$2,091,"00 $2 ,091,615
Capital stock
1,772
Minority stock
Accounts payable.
42,773
1,858
13,006
Accrued Federal &
State taxes
Unclaimed divs
surplus
Deficit
$5,789,244 $6,408,886
Total
1939
Liabilities—
1938
1939
Assets—
Prop, and equip_$4 ,410,282 $5,086,253
Cash
192,618
147,476
Notes & accts. rec.
39,926
80,187
Invests, in bonds.
712,278
691,909
Invest. In other cos
385,919
385,919
x
Paid-in
per
1938
$159,420
$11,597
per
Committee—
preferred stock and $1.50
1939
$673,787
$11,597
Deficit
Earnings
a
Co.
392,801
38,613
Net loss.
and
dividend of 33 cents per share on the common
stock, payable April 25 to holders of record March 30.
Quarterly dividend
of 60 cents was paid on Jan. 25, last.—V/148, p. 2130.
Northern
$419,817
Total income
Expenses, taxes, &c
Depreciation
1608.
Northern Ontario Power Co.,
Directors have declared
Other income
the end
effort will be made to formulate and submit to this Commission a fair
feasible plan of recapitalization of Public Service Co. of Indiana by
of
March 15.
Paper Co. (& Subs.)—Earnings—
Years Ended Dec. 31—
Net income after all charges inci. Fed. inc. tax..
—V
150, p. 848.
securities of Central
held by the public amounted to $2,859,774.
It is apparent from the foregoing that the
(Minn.)—To Pay $2.50 Dividend—
dividend of $2.50 per share on both classes
Previously regular quarterly dividends of $2.25 per share were distributed.—
V. 150, p. 1782.
Oxford
Total
a
company's common stock, payable March 22 to holders of record
72.1
14,397,031
Common
for
Provision for this tax,
Railway—To Pay Common Dividend—
Directors have declared
Total
1,418,737
$1.84
for surtax of $85,000 on undistributed profits
subsequent to Nov. 30, 1938 is not necessary under the present Federal
Revenue Act.
b Shares outstanding:
1940, 550,000: 1939, 549,986 (with¬
out deduction for surtax on undistributed profits).—V. 150, p. 1449.
1.8
447,655
Prom, note—traction.
%
$
600,000
Without deduction
a
447,655
10,038,000
2,893,663
2,207,876
$3.14
Net income to surplus
b Earnings per common share
dated
430,000
$7,940,294
3,411,380
Gross income after retirement accruals
Consoli-
Serial notes
8.620.851
Capital surplus.
a
Coll. notes—RE A
217.917
1,000,000
Ser. note (curr.)
Crude oil and re¬
Total
$10,187,223
Bonds
$
13 ,314,399
Cash
x
1938
$
Liabilities—
Operating revenues
$
$655 193
1939
1938
S
Accts. receivable
Co. 1st mtge.
Long-Term Debt—
136,259
Consolidated Balance Sheet Dec. 31
1939
Assets—
To redeem on
Total
493,683
367,603
172,908
24,000
3,883
.stk .out. (no par)
Earnings per share
Northern,
65,880
4 154
1,533,354
1,068,477
41,570
def$635,136
6,563,377
loss$0.10
Surplus
Shs.
949,778
6,055
835,443
836,348
245,739
1,494,886
663,068
767,194
148,731
223,387
88,644
7,789
267,219
_
__
July 1, 1940, $61,000 Rochester Gas & Fuel
6% gold bonds, due Jan. 1, 1944, assumed by
presently owned by Utilities, at 105, plus accrued
Int. to July 1,1940, involving an expenditure of
(6) To redeem $33,600 principal amount Greencastle Gas &
Electric Light Co. 1st mtge. 6% gold bonds, due Jan, 1,
1944, assumed by Northern, presently owned by Utilities,
at 105% plus accrued int. to July 1, 1940, Involving an
expenditure of
(5)
subsidiary
Net income after
sale of its bonds and serial notes will amount to
$9,777,249
$8,261,417 $14,996,542 $10,727,027
30,000
41,139
bonds assumed by Northern. Payment
of the rive serial notes having
1936
$52,991,777
17,294,335
9,781,224
2,065,859
5,434,320
1,657,290
6,981,500
loss of controlled
rent
of this note will be subordinated to the payment
payment for $200,000 face amount of
$2.8o
1939
1938
1937
$54,807,381 $54,334,074 $64,165,395
19,567,989
17,629,924
19,787,188
10,432,600
10,745,739
10,924,925
2,556,017
2,658,209
2,563,577
5,886,677
6,300,881
6,146,198
1,458.885
1,283,406
2,088,317
9,364,724
8,160,615
9,213,663
Net sales
Raw material cost.
$610,031
stock
(& Subs.)—Earnings—
Calendar Years—
interest from the date of the
face amount of $100,000 each.
1939
Earnings for ihe Year Ended Dec. 31,
Net income after ail charges including Federal taxes
$10,038,000 principal amount of first mortgage bonds, series A,
\\i%x due Jan. 1, 1965, to be issued by Northern, it is proposed that
$9,500,000 principal amount be sold for cash at face value (plus accrued
bonds to March 1. 1940, or to the date of the
delivery of the bonds, whichever is earlier) directly to nine institutional
investors.
The balance of $538,000 principal amount of such bonds will be
delivered to Central in part payment for the bonds of Northern presently
announced that at the meet¬
18. Leo T. Crowley and Ward
Robert F. Pack, President of the company
Depreciation
United owns all of the common stock of Central.
the week
of 9.4%
Northern States Power Co. system for
totaled 28,116,970 kwh., an Increase
compared with the corresponding week last year.
Electric output of the
March 16, 1940,
ended
10 (a)
pursuant to Section
(1) of the Act for approval of the proposed acquisition from Northern of a
serial note in the face amount of $100,000, which note will mature six years
after the date thereof-, and, under Rule U-12D-1 or Rule U-12F-1, promul¬
1940
Weekly Output—
declaration with
a
respect to the proposed pledge with the U. S. of America of the $538,000 of
new Northern bonds which it proposes to acquire, in substitution for the
March 23,
Total
4,441,115
4,980
17,416
.081,115
811,956
801,104
6,598
17,242
.$5,789,244 $6,408,886
$513,475 in 1939 and $524,617 in 1938.
y
Par
149, p. 3417.
Pan American Petroleum & Transport
Co.—Notes—
series of notes bearing interest at the rate of 3 % per annum
14. last, borrowed a total of $4,500,000, according to
report to the Securities and Exchange Commission.
The Guaranty Trust Co. of New York lent $2,000,000, Standard Oil Co.
of Ind.
$2,000,000, American Trading & Production Corp. $350,000,
Jacob Blaustein $75,000, and Henrietta Blaustein, Jacob Blaustein, Fanny
Company In
and
all
dated
a
Feb.
Volume
The Commercial & Financial Chronicle
150
B. Thalheimer and Ruth B.
Blaustein,
Rosenberg,
as executors under the will of Louis
$75,000.
Proceeds were used in part for the
redemption of a portion of the com¬
pany's 7-year 3M% dividend notes, series B, due Dec. 21, 1944, of which
$3,697,609 of notes were redeemed from the Standard Oil Co. of
Ind.;
$631,920 from American Trading Corp., $139,229 from Jacob Blaustein;
$92,350 from the estate of Louis Blaustein; $37,500 from the Louis and
Henrietta Blaustein Foundation, Inc., and
$900 from the American Trading
& Production Corp.—V.
149, p. 3567.
Payne Furnace & Supply Co.—Accumulated Dividend—
Directors have declared
dividend of 15 cents
per share on account of
accumulations on the convertible preferred class A and B shares
payable
March 28 to holders of record March 20.
Like amounts were paid on Jan.
15, last.—V. 150,
p.
1939
Assefs—
x
1939
1938
$555,878
1937
$435,643
$734,423
7,218,589
7,252,077
products
Mat'ls & suppl's
17,611,116
17,558,391
3,697,983
1939
'
1938
Notes and accts.
rec. andcontr.
21,822,586
20,989^026
21,401,060
19,822,402
Operating income
$1,255,496
74,604.
$1,035,268
* 62,659
$1,287,444
65,484
$1,588,026
56,521
$1,330,100
80,207
229,821
$1,097,928
50,384
188,937
$1,352,928
45,613
194,642
53,071
$1,644,547
$1,020,071
38,537
429,579
$858,606
55,038
368,136
$1,059,602
59,426
613,685
$1,328,675
$551,964
$435,432
$386,491
$4.07
$438,589
$5.04
Total income
Miscellaneous charges..
Net profit
dividends
Common dividends
Preferred
Surplus
Earns, per share on com.
$3.99
$3.27
a Includes
depreciation and amortization.
Consolidated
A 8 sets—
a
1939
Balance Sheet
1938
3,956,171
cos
3,513,800
3,238,018
x
Capital assets.174,933,218 160,683,926
Prepaid and de¬
ferred charges
Cum.
machinery, &c..$3,038,754 $3,075,765
&
Cash
1,560,111
134,619
3,092,874
Invent, of supplies
29,229
Cash in banks
and
2,454,740
1,087,783
1,016,036
a
Res.
2,301,472
for
retire't
annuities
305,123
45,229
Common stockl32,,686,674 132,686,674
Total
$856,103
803,517
$908,467
811,634
$863,566
787,118
Net operating profit..
Other income
$88,384
16,773
$52,586
8,641
$96,833
21,059
$76,448
21,609
$105,157
9,168
14,059
$61,227
1,453
10,557
$117,892
17,884
28,918
$98,057
27,468
9,558
$81,931
42,280
$49,217
$71,091
47,565
$61,031
1939
Gross income
Other deductions
Federal income tax
Net income
Dividends paid
Earnings
share
per
1938
1936
60,420
$0.59
$0.67
Balance Sheet Dec. 31, 1939
Assets—Cash on hand and on deposit, $23,352; accounts receivable
(less
doubtful accounts of $14,306), $217,879;
inventories, $259,892;
other current assets (less reserve for salesmen's accounts of
$1,376), $5,679;
reserve for
(less reserve for depreciation of $485,781), $237,308;
prepaid and deferred charges, $20,385; patents, trademarks,
&c., $1; total,
$764,496.
Liabilities—Notes payable (banks), $32,000; accounts
payable, $25,671;
liabilities, $54,120; common stock (par $5), $528,500; capital
surplus, $7,925; earned surplus, $125,280; total, $764,496.—V. 149, p. 3725.
Pittsburgh Steel Co. (& Subs.)—Earnings—
2,009
Income taxes pay.
Miscell. reserve
229,821
122,988
3,884,548
10.27Q.-Earned surplus
150,438
37,906
164,172
1939
_
.
,
Net
sales
(excl.
company sales)
Years Ended June 30—
1938
1937
$28,570,638 $20,827,882 $23,677,318 $35,359,261
Costofsales&operations 21,888,985
15,597,326
17,276,693
26,102,483
Maintenance & repairs..
2,337,205
2,071,912
2,756,068
3,829,924
Sell., gen. & admin, exps
2,074,859
2,157,682
2,203,525
2,138,803
Deprec., deplet. & amort
1,362,036
1,398,713
1,414,808
1,313,308
Interest and discount on
bonds and notes, &c_.
Total
1938
inter¬
380,501
bl,950
b22,833
424,721
b28,602
467,534
1,894
$525,102
193,268
c$828,182
147,650
c$427,100
185,005
$1,505,315
227,149
$718,370
c$680,531
c$242,094
$1,732,464
102,500
238,300
c$242,094
$1,391,665
$1.85
charges..
407,597
$8,104,763 $8,407,221
Profit
b Represented by 245,474 no-par shares.
Other income
Prof, before other chgs
Pennsylvania income tax
Fed. normal income tax.
one
basis;
to 75,000
all provisions applicable to such 25,000 shares
redeemed; providing that the board may, at any
time, classify or reclassify any unissued stock; also to amend the by-laws
to provide for the office of Chairman of the Board and
Comptroller; and
to change the provisions as to the fixing of salaries of officers.—V. 150,
p. 1783.
to
1937
26,425
$0.46
$0.77
Stockholders at their annual meeting on March 26 will consider changing
the par value of the common stock from no par value to $5
par value and
and
v
$945,298
856,914
exchanging each present share of common stock on a two for
reducing the authorized preferred stock from 106,000 shares
heretofore
37,453,791
•
Change Par Value—
shares
38,,389,001
223,280,319 226,742,375
—Years Ended Dec. 31
96,394
188,937
119,144
3,409,831
111,707
77,108
After depreciation,
To
295,659
Years Ended Dec. 31—
Net sales
Cost of sales & expenses.
225,391
Estimated bonuses
$8,104,763 $8,407,2211
1,000,000
831,699
Pictorial Paper Package Corp.—
Earnings—
Miscellaneous
Total.
1,,000,000
Res. for conting.
Earned surplus.
132,949
151,974
10,180
in treasury
942,518
Res. for insur..
223,280,319 226,742,375
accr.
28,026
2,094
25,000,000
1,,517,502
y
Total
15,000,000
3% debs. 25,,000,000
Deferred credits
accrued
_$2,.454,740
salaries
86,461
.
Invest., loans, &c_
Capital stock held
Deferred charges..
1938
$825,000
Unpaid
3,007,196
un¬
der reorganlz'n.
Contract deposits
1939
pref.
Accounts payable.
Accrued taxes
1,869,550
135,218
.
Inventories.
92,983
797,103
31
b Common stock.
1
1
43,101
245,696
27,075
stock
trade-
marks
Accts. receivable.
6H/$>
2,323,832
1,448,286
plant and property
Dec.
Liabilities—
Land, buildings,
Goodwill
3,251,863
4,866,785
1,417,920
Serial notes (curr.) 1 ,188,000
Serial notes
7,,416,000
1936
Cost and expenses
Federal income taxes—
Surtax undistrib. profit-
due currently.
1784.
1937
$22,775,927 $21,734,863 $22,383,144 $21,121,116
302,155
289,432
305,360
289,312
Other income
1, 007,201
4,,759,549
1,,182,518
oblig.
Def. purch. oblig
Conv.
advances....
In v. In other
$
6,585,511
* After
depreciation and depletion of $177,843,685 in 1939 and $167210,580 in 1938.
y Represented by 4,449,052 no par shares.—V. 150, p.
Total store income...$23.078,082 $22,024,295
$22,688,504 $21,410,428
a
3,217,064
1938
$
7,997,050
Accruals
$504,800
Peoples Drug Stores, Inc.—Earnings—
Other store income
Purchase
1936
150, p. 1783.
Calendar Years—
Net sales
Liabilities—
Acc'ts payable..
rec. (less res.)
Crude & refined
After depreciation, depletion, interest, Federal income
taxes, &c.—V.
x
1939
$
28,054,337
Notes and accts.
Pennsylvania Glass Sand Corp. (& Subs.)—Earnings—
Calendar Years—
Net profit
1938
$
11,210,837
Cash
a
285.
1945
Comparative Consolidated Balance Sheet Dec. 31
33,500
120,000
Special charge
a97,978
,
eliminate
issued
and
Profit for year
Earns, per sh. on com
Resulting from
expense written off.
a
$564,870
Nil
in
change
c$778,509
Nil
fiscal
Nil
year—unamortized
mill
b Provision to reduce securities to market,
vacation
c Loss.
Consolidated Balance Sheet Dec. 31
Pet Milk Co.
(& Subs.)—Earnings'-—
Calenaar Years—
Net income after all charges & taxes..
Earnings
1939
1939
1938
$1,129,888
per common share
$901,001
$2.04
$2.56
$699,155
$1.58
—V. 149, p. 3418.
1939
Liabilities—
1,468,628
2,371,132
Marketable
Co.—Earnings—
$
Property acc't..24,822,346 25,189,845
Invest. & advances 4,516,089
4,543,893
x
Cash
Pfeiffer Brewing
1938
$
A. so etc
1937
secur.
Acc'ts & notes
59,035
3,490,117
'1938
1939
$616,454
$143
Earn, per sh. on com...
—V. 150, p. 1783.
1937
$340,465
$0.79
$565,089
$1.32
1936
80,072
$392,828
$1.00
9,948,567
rec. not current.
304,285
210,012
yPat'ts«fe licenses.
Calendar Years—
Net profit for year
2,611,849
9,845,122
88,491
194,288
95,494
226,341
rec.
Inventories
Long-term
acc'ts
Deferred charges__
Philadelphia Dairy Products Co., Inc.—Earnings—
Calendar Years—-
1939
Net sales.
1938
1937
$17,042,755 $18,353,054 $19,338,135
535,329
404,887
287,528
Net income after charges
V. 149, p. 3725.
Philadelphia Suburban Water Co.—
Total
Report of Earnings, 12 Months Ended Feb. 29, 1940
Gross
revenues
_
Operation (including maintenance)
Taxes (not including Federal income tax)
Net earnings
Interest
$1,627,554
charges
676,000
Amortization and other deductions.
;
11,844
94,615
243,563
Federal income tax
Retirement expenses (or depreciation)
Balance available for dividends.
-V.
150, p.
$601,532
1452.
Philippine Ry.— -Earnings—
Period End. Dec. 31—
1939—Monlh- -1938
Gross oper. revenues
Net oper. revenues
$61,112
29,720
$61,235
27,282
1939—12 Mos—1938
$512,885
119,327
$521,570
120,404
—V. 149, p. 2703.
Porto Rican American Tobacco
Co.—Hearing Postponed
A scheduled hearing in the reorganization proceedings was March 18
adjourned until April 3 by Federal Judge Henry W. Goddard.—V. 150,
p.
1784.
Phillips Petroleum Co. (& Subs.^—Earnings—
Consolidated Income Account for
1939
1938
z
Common stock..
4,815,940
4,733,000
1,500,000
Accounts payable. 1,818,583
Accrued payrolls..
400,852
Accrued taxes
a576,605
Accrued Interest..
138,566
Funded
debt
4,767,440
5,225,000
Bank notes pay...
1,500,000
1,001,062
228,654
268,674
144,208
Other curr. liabll..
770,929
692,871
Reserves
810,140
796,786
Pay .due on stk.pur
29,688
29,688
Cap. surp. paid in.13,002,687 12,987,812
Earned surplus... 1,726,360
1,154,061
Total
45,794,350 44,271,256
After
sented
Postal
Telegraph & Cable Corp.—Securities
Being Exchanged Under Reorganization Plan—
Now
Representing the final step in the consummation of the reorganization of
announcement is made that the 25-year collateral trust
5% gold bonds and 5% debenture stock may now be exchanged at Bankers
Trust Co., 16 Wall St., New York, for securities of the new companies
organized under the plan of reorganization.
Postal bondholders, under the plan, are entitled to receive, for each $1,000
principal amount of bonds with attached coupons maturing July 1, 1935
and subsequently, $35 in cash and the following securities:
the corporation,
Non-cumulative preferred stock of Postal Tel., Inc__5 shares
Common stock of Postal Telegraph, Inc
20 shares
debentures of Commercial Mackay Corp.
(with warrants attached entitling the holders to
purchase common stock of American Cable & Radio
Corp. at the rate of 115 shares for each $1,000 prin¬
cipal amount of Commercial Mackay Corp. income
debentures)
$160 principal amount
Income debentures, series B, of all America Corp
20 principal amount
Common stock of American Cable & Radio Corp
20 shares
Income
Under the plan, the stocks of the 35 land line companies comprising the
Calendar Years
1937
45,794,350 44,271,256 »
$
5,000,000
6,943,400
3,531,600
depreciation and depletion,
y After amortization,
z Repre¬
by 504,292 (499,442 in 1938) no-par shares,
a Includes $208,659
Federal and State income taxes.—V. 149, p. 3881.
x
$2,446,739
689,929
129,255
...
1938
$
5J^% prior pref.. 4,996,000
5% class A pref... 6,943,400
7% class B pref... 3,531,600
1936
domestic telegraph system of Postal are now owned by Postal Telegraph,
Inc.
Commercial Mackay Corp. owns all the stock of the Commercial
Gross income
Cable Co. and of the Mackay
Oper. & gen. exp. & taxes 83,882,570
Intangible develop, cost.
3,536,719
substantially all
$112,928,532 $111899,260 $118722,782 $105075,172
80,770,712
78,194,548
71,855,661
3,513,937
2,840,738
2,473,808
Depletion & depreciation 15,023,534
16,596,753
14,492,446
13,435,988
Operating income
$10,485,709 $11,017,858 $23,195,050 $17,309,715
617,581
480,471
1,514,866
1,146,388
Other income
of the stock
$11,103,290 $11,498,329 $24,709,916 $18,456,103
Interest
1,269,976
1,180,502
596,042
580,613
Inventory adjustment..
1,268,704
Net
income
Dividends
paid
....
.—
Surplus
Shares capital stock out¬
standing (no par)
Earned per share
$9,833,314
8,898,104
$935,210
$9,049,122 $24,113,874 $17,875,489
8,898,096
12,234,882
10,676.356
$151,026 $11,878,992
$7,199,133
Corp. and of All America Corp. is in turn Owned by American Cable &
Radio
The
Corp.
domestic
and
radio
4,449,052
$2.32
4,449,052
4,449,052
$5.42
$4.22
telegraph
business
business
and
the
of Postal is thus separated from its
latter is combined through American
Cab'e & Radio Corp. with All America Cables & Radio, Inc. and Sociedad
Anonima Radio Argentina, formerly subsidiaries of International Telephone
& Telegraph Corp.
International Telephone & Telegraph Corp.
of two-thirds of the stock of American Cable & Radio Corp.
is the owner
Postal land-
lines and the cable and radio companies will continue to exchange traffic
under long-time contracts as heretofore.
Preferred 6hares of the Associated Companies (formerly the Mackay
Companies) are also now exchangeable at Bankers Trust Co., New York,
M share of Postal Telegraph, Inc. non-cumulative preferred
stock and two shares of Postal Telegraph, Inc. common stock for each share
of the Associated Companies preferred stock.
at the rate of
4,449,052
$2.21
Radio and Telegraph Companies and 25%
All America Corp. owns
Pacific Cable Co.
the stock of Ail America Cables & Radio, Inc. and of
Sociedad Anonima Radio Argentina.
All the stock of Commercial Mackay
cable
Total income
of Commercial
It is
in trust with the trustee
shortly be made to Hst some of the
Stock Exchange, or the New York Curb
under the Securities Exchange Act of 1934.
expected that application will
Exchange and to register them
1003.
—V. 1*0. p.
Feb.
on
Net telegraph
90,360
Other deductions
Deficit
—V.
„
$154,179
249,119
$460,372
Loss
$403,298
.
its
$5,995,898
loss$10,081 loss$92,809
$287,500
$184,452
profit
1936
65,172
$268,537
322,343
Nil
315,663
$0.58
(par $5).
Earnings per share
Balance Sheet Dec.
Assets—Cash
on
sur$79,548
278,940
$1.00
$5,650,927
$4,282,678
$29,692,655 $33,102,137 $72,261,847
$45,251,511
$2,504,267
and
operating expenses—
depreciationSelling & admin, exps—
25,175,984
2,204,901
1,893,422
28,534,461
2,292,881
2,034,861
58,890,850
2,401,095
1,910,787
38,672,860
2,503,177
1.328,035
Net manufac'g profit.
$418,349
$239,933
$9,059,115
$2,747,438
$1,100,351
$872,757
$1,231,023
Cost of goods sold
Prov. for
31, 1939
demand deposit and on
1938
1937
1936
$58,924,968 $64,287,199 $58,334,826
46,271,146 a48,854,615 42,213,145
10,149,556
9,781,657 11,839,003
Net operating income. $2,630,298
From Manufacturing Business—
Net sales & oper revs
7,863
200,089
$10,081
315,663
Nil
$26,624
Balance, deficit
Operating revenues
$60,664,266
Operating expenses
47,782,613
Prov. for depreciation- 10,251,355
5,643,224
—175,728
157,828
Common dividends
1939
From Carrier Business—
Preferred dividends....
Shs. cap.outst.
Calendar Years
Consolidated Income Account for
Powdrell & Alexander, Inc.—Earnings—
Calendar Years—
1939
1938
1937
Net sales
$5,670,890
$4,588,606 $5,181,812
Expenses...
5,439,943
4,590,453
5,265,848
Taxes
46,495
8,234
8,772
Net
subsidiaries.
1452.
150, P.
provision for Federal income taxes, from opera*
lines of business activity conducted by the cor"
poration and its subsidiaries are summarized as follows:
Earnings of $2,630,298 in the sleeping car business compared with 1938
income of $2,504,266 after withholding out of each year's air-conditioning
revenue the respective amounts of $2,152,559 and $2,218,053 as deferred
credits applying to future operations.
,
Earnings of $418,348 on $29,692,655 of sales in the manufacturing busi¬
ness compared with profit of $239,933 on sales of $33,102,137 in 1938 and
with $9,059,115 of earnings on $72,261,847 of sales in the last year (1937)
of good volume in the car-building trade.
The 1939 results reflect fair
production earning in the last half of the year with insufficient volume in
the first half to carry the expense of maintaining plant and organization.
The bulk of orders received in the car-buying movement last fall were
carried over for 1940 delivery.
,
Earnings of $1,684,098 from security investments after provision for
administrative expense of the parent company were the largest for any year
since 1934, due largely to non-recurring profit of $791,310 realized from
sale of part of the U. S. Government securities held by the corporation and
$156,656
2,477
$212,597
247,775
Operating loss
Non-operating income
The 1939 results, prior to
77,628
$214,370
1,773
assignable to operations—
maturing
maturity.
tions in the three major
$74,028
5,000
$119,010
5,000
& cable operating loss
Uncollectible operating revenues
Taxes
sufficient fo
of the $200,000 of debentures
payment of interest thereon to
Inc.—Annual Report—
Pullman
Telegraph Land Line System—Earnings—
Month of January—
1940
1939
Telegraph & cable operating revenues..
$1,717,449 $1,655,319
Repairs
110,725
99,863
Depreciation and amortization
159,984
159,691
All other maintenance
125,671
108,470
Conducting operations
1,350,321
1,279,665
Relief departments and pensions
50,882
46,359
All other general and miscellaneous expenses
38,876
3o,299
Postal
r
1940
23,
of the debentures a sum of money
payment of the principal
1, 1941, and for the
—V. 150, p. 1785.
the
securities on the New York
new
March
Chronicle
The Commercial & Financial
1946
From Security Investments—
hand, $192,420; accounts re¬
(less reserve for discounts and doubtful
inventories, $1,278,573; other current assets, $2,004;
ceivable
prof,
sold & other
Inc. from securities,
accounts), $936,742;
on securs.
investments, $24,949;
miscellaneous income.
for depreciation of $1,021,074), $978,110; prepaid
expenses and deferred charges, $31,095; total, $3,443,892.
Liabilities—Notes payable, $300,000; accounts payable, $107,572; ac¬
crued liabilities, $67,290; other current liabilities, $42,733; capital stock
($5 par), $1,673,640; capital surplus, $1,260,201; earned surplus, $64,508;
cost of 19,065 shares of treasury stock, I>r$72,053; total, $3,443,892.—V.
150, p. 1003.
Bal. in closed banks writ.
fixed assets (less reserve
Providence Terminal
Admin,
man,
1, 1940, on the first mortgage 4% 50-year gold
1956, will be paid on that date.
Interest is payable at the
Bank, New Haven, Conn.—Y. 149, p. 1628.
Prov. for
a
After
;
5,839,475
2,161,690
depreciation and including non-operating income,
facturing properties.
Earned surplus of
French subsidiary
e
5,392.229
1,551,754
x
x
of
After charges and taxes,
common
stock.—V.
y
Equal to $0.54 a
the Pullman Co.
$2,044,855
1,098
$1,726,475
669,391
701,758
112,526
&
9,562,718
$561,871
$306,555
accounts
car
Public Service
x
Corp. of N. J. (& Subs.)—Earnings—
1940—Month—1939
1940—12 Mos.—1939
...$11,557,908 $10,881,432 $135316,947 $127871,170
Oper. exp., maint., de¬
preciation and taxes.
8,274,621
7,656,546
95,853,016
92,113,461
5,287,909
1,950,469
1,381,414
5,607,538
381,071
353,058
642,324
642,324
4,807,697
benefit
Em pi.
,981,907
.
plans
6,128,427
10,654,829
Pensions
Unins.
fire
cas'ty
&
iiab.
Experimental
securs.
cars
6,163,026
(cost)
6 ,692,102
Eqpt. & prop .128 ,466,858 167,610,797
and In¬
stallations
_
404,147
Other reserves..
742,779
Other assets
4,807,697
578,535
Contingencies
274,928
def'd charges.
Period End. Feb. 29
4,652,082
for Fed.
prov.
income tax
Prepaid exps. &
Gross earnings
4,861,212
Acer, taxes, incl.
and
cos.
other
10,416,628
payrolls
Inv. in & adv. to
4039.
$
S
&
Reserves for;
Inventories (cost) 20 ,213,202
affll.
Balance..
6.380,440
Equip, trust and
other del-pay.
629,752
Accts. payable
notes
receivable
$936,307
669,797
Liabilities—
32,061,601
17,231,377
1,863,768
Other mkt. sees.
120,776
$1,231,668
___
$
,634,672
,919,527
,396,494
U. S. Govt, sees,
6,265,719
deferred.
4,370,614
Other def. cred.
1,678,190
2,218,054
2,404,050
Capital stock. 152,807,760
191,009,450
rev.
y
—V. 150, p.
$3,283,287
2,093,514
Capital stock,
$3,224,886 $39,463,931 $35,757,709
2,153,767
25,736,439
23,451,549
filed
39,593,490
Surplus
•
Exchange Commission on March 12 approved the
by the company pursuant to Section 7 of the Public
Utility Holding Company Act of 1935 regarding" the issue and sale to
three banks of $1,000,000 l%%-2%% unsecured serial notes due semi¬
annually Aug. 1, 1941 to Feb. 1, 1946.
The proceeds of such sale are
to be applied, together with other funds of the company to the extent
required, to the redemption of $1,000,000 4% serial debentures presently
outstanding and due serially Feb. 1, 1942 to Feb. 1, 1946.
The serial notes will mature $100,000 on Aug. 1,1941, and in like amounts
every six months thereafter to and including Feb. 1,
1946.
The notes
maturing on Aug. 1, 1941 and Feb. 1, 1942 will bear interest at the rate
of \%% and the remaining notes at the rate of 2%%.
Upon 30 days'
notice company may prepay the notes in full, or partially in multiples of
$50,000, upon payment of a premium of H of 1% of the amount of any
such prepayment.
At least half of any partial prepayments must be
applied to the payment of the last maturing notes then outstanding.
Three banks will purchase the notes at par in the following amounts;
National Bank of Tulsa, $350,000;
First National Bank & Trust Co.
Tulsa, $350,000; Harris Trust & Savings Bank, Chicago, $300,000.
The debentures to be retired were originally issued in 1936 in an aggregate
amount of $2,000,000, of which there is a total of $1,200,000 presently
outstanding.
As required by the agreements with the banks, concurrently
with the issuance of the proposed notes declarant will deposit irrevocable
Securities and
6,327
Pullman Co—
1453.
Public Service Co. of Okla.—Bank Loans Authorized—
The
declaration
889,221
Air-conditioning
_
Net income from oper.
Bal. avail, for divs.&sur
1938
1939
1938
$
__
Accts.
Gross income
Dec. 31
Consolidated Balance Sheet
1939
Assets—
$1,700,472
26,003
$2,045,954
Net operating income
Non-operating income—net
—V. 149, p.
b On account of reduction of pension reserve,
Includes reserve for depreciation—linen prior to Jan. 1,
,
Cash
Net income
c
1908,
_
Preferred dividend requirements
243,856
5,730,596
$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 Of
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 retired.
y$161,690
$16,956
share on 251,836 shares
of
Net interest paid or accrued..
Other deductions
1,507,436
10,505,828
$35,295,477 $41,907,828 $39,958,356
3,820,189
3,820,189
3,820,156
$0.59
$3.17
$1.64
of $799,774 accruing from remission of 1936 taxes under
Includes credit
a
150, p. 851.
Service Co.
411,716
3,552,440
5,252,941
Railroad Retirement Act.
.
New Hampshire—Earnings—
12 Months' Period Ended Jan. 31—
1940
1939
Total revenues
$6,497,647 $6,064,756
Maintenance
412,958
409,361
Provision for depreciation
646,817
633,334
Provision for 1938 storm damage
275,000
Steam production operation and purchased power.
555,679
270,483
Taxes
1,270,247
1,243,169
Other operating expenses
1,567,088
1,532,935
Public
3,820,238
Bal., surp., Dec. 31--$39,593,490
Shares capital stock
3,820,189
Earnings per share
$1.03
net.—V. 150.
2 Months
$7,356
530,344
Adjustment
Dividends
Feb. 28, '39 Feb. 29, '40 Feb. 28, '39
$84,575
Net profit
1,880,494
296,886
33,143,225
f Write-off
g
458,979
122,779
_
Approp. for pens. trusts _
Add'n to res. for con ting.
Puget Sound Pulp & Timber Co.—Earnings—
Month
29,207
$45,932,809
Less-
1004.
Feb. 29, '40
25,260
c767,896
Abandonment of manu¬
1939
1940
69,272
$6,347,107
39,556,495
.$77,506,963 $44,971,553 $55,801,587
Total
$16,389,024 $15,819,741
Period—
336,595
$2,295,829 $12,275,950
41,907,828
39,958,356
b3,542,020
Other credits
(& Subs.)—Earnings
Balance for interest-
*
.$800,581
$7,830,697
1,414,319
51
38,201,960
adjustment
d Add'ns to surplus
Corp.—Three-Cent Dividend—
Operating revenues
p.
$557,687
$4,009,476
Jan. 1. 35,295,477
Credit
dividend of 3 cents per share on the common
Balance for dividends and surplus
$862,923
$3,607,123 $15,267,729
1,311,294
2,655,184
$1,684,099
Balance of earnings—
12 Months Ended Jan. 31—
*
146,125
284,317
profits.
Balance of surp.
stock,payable April 1 to holders of record March 20.
Dividend of 7 cents
was paid on Dec. 28, last, and one of 4 cents was paid on Oct. 1, 1939.—
V. 147, p. 1787.
Puget Sound Power & Light Co.
85,732
229,339
$4,732,746
Fed. inc. tax—
723,270
undistributed
Corp.—Trustee—
Prudential Investing
23,829
213,598
Prov. for Fed. surtax on
Sterling National Bank & Trust Co. has been appointed trustee of
$1,293,600 of mortgage certificates upon the premises 430 East 86th St.
Manhattan, in connection with the reorganization of an issue of PrudenceBond Corp. certificates known as "422-434 East 86th St., issue."—V.
149, p. 2524.
Directors have declared
Inc
Total earns., all sources.
office of the Second National
Prudence Bond
35,394
212,219
of Pull¬
expense
Net invest, income
Co.—Interest—
The interest due March
bonds, due
$1,931,711
off, int. paid & miscell,
income deductions—
221,885,188 254,764,132
Total
x
After
in 1938.
V.
6,728
35,295,477
221,885,188 254,764,132
Total
depreciation reserve of $200,061,561 in 1939 and $202,347,080
y Represented by 3,820,194 no par shares (3,820,189 in 1938).—
149, p. 3419.
Pullman
Co.—Earnings—
[Revenues and Expenses
of Car and Auxiliary
Sleeping car
operations—Total revenues
Total expenses
Net
revenue
Auxiliary operationsTotal expenses
Net
Total
revenue.
net
revenue
Taxes accrued.
Operating income
150, p. 1785.
-V.
Operations]
1940
Month of January—
—
1939
$5,602,253
4,544,113
$5,578,439
$1,058,139
$1,058,139
$1,226,867
$222,243
$201,512
4.3ol,572
160,541
150,462
$61,702
$51,050
$1,119,842
$1,119,842
462,093
$1,277,917
515.373
$657,749
$762,544
Volume
Radio
Financial Chronicle
£
The Commercial
150
Corp. of America- -Expansion of Television Service
Planned—
Applications for licenses to construct and operate television transmitting
stations in Philadelphia, Washington, and Chicago were filed on March 13
with the Federal Communications Commission by the National Broadcasting
Co., it was announced by David Sarnoff, Chairman of the N. B. C. board,
and President of Radio Corp. of America.
These applications are one feature of a coordinated plan to advance the
public services of television on ail fronts, Mr. Sarnoff explained.
The initial phase of this plan was launched on March 12 when 400
R. C. A. television merchants met in New York City.
New television
receiving sets ..prices, and program plans were announced at this meeting.
"R. C. A. Communications, Inc., will shortly file
applications to cover
television relay service between New York and Philadelphia, supplementing
the radiotelegraph and facsimile service which this company now renders,"
Mr. Sarnoff stated.
As soon as the New York-Philadelphia television relay
service is in operation, additional applications will be filed with the FCC
to extend this service to Washington, D. C.
"Our successful experience in the production of satisfactory television
programs, and the dependable performance of television receiving sets
within a radius of 70 miies from the N. B. C. television transmitter on the
Empire State Building, together with the recent favorable action of the
FCC with respect to television programs, enable us now to proceed to
establish television on a broad public service basis," said Mr. Sarnoff.
—V. 150, p. 1612.
Radiomarine Corp. of
America—Earnings—
Month of January—
1939
$75,813
16,620
8,942
18,253
9,225
the New York Curb Exchange.
In an opinion condemning statements filed by the registrant as deficient,
SEC charged "manipulation" and said some of the deficiencies "in¬
the
dicated a flagrant disregard of the requirements of truth imposed "by the
Securities Act."
"If doubt otherwise existed as to the intent of the underwriters to manipu¬
late the price of the securities," the opinion stated, "that doubt would be
dispelled by the written communication from Ware to Campbell, wherein
Campbell not to "fail me in getting in all the buying
humanly possible within the next few days, as we want to move this up.
—V. 148, p. 134.
Ware beseeched
Remington Rand, Inc.—To Redeem Scrip Certificates—
Funds have been made available at the office of the Marine Midland
Trust Co. of New York, 120 Broadway, New York, N. Y., for redemption
of
Remington Rand, Inc., scrip certificates, for fractional share of preferred
stock, which expired on Dec. 30, 1939,
l-400th of a share.—Y. 150, p. 1453.
Reo
at
the rate of $0.12850415 per
Motors, Inc.—Receives RFC Funds—
Company has received $500,000 from the Reconstruction Finance Corp.
advance on a $2,000,000 loan, and it is said orders will be placed im¬
mediately for materials preparatory to resumption of production.
Fred Glover, President, said $211,000 would be used to pay in full all
creditors save those having commitment claims, and the rest or the money
would be used to purchase materials for a three months production schedule.
—V. 150, p. 443.
Raybestos-Manhattan Inc. (& Subs.)—Earnings—
1939
1938
1937
'
1936
-—$22,335,462 $16,253,144 $24,757,095 $21,613,803
Disc't and allowances.
654,693
471,960
669,095
689,300
Cost of sales
15,203,620
11,811,701
17,281,835
14,699,489
SeU., adm. & gen. exp_.
4,037,492
3,440,655
4,111,350
3,760,788
Calendar Years—
Net sales
Co.—Stop Order—
The Securities and Exchange Commission has issued a stop order sus¬
pending the effectiveness of a registration statement of the company. The
statement covered 549,850 shares of common stock.
The action was taken
under the securities act of 1933.
The company's common stock is listed on
an
1940
$77,930
Total operating revenues
Net operating revenues
Net income transferred to earned surplus..;
—V. 150, P. 1453.
Reiter-Foster Oil
1947
—
_
Republic Aviation Corp.—Preferred Stock Called—
Corporation has called for redemption all the outstanding shares of conv.
1st pref. stock, series A, at $24 per share plus accrued dividends.
Share¬
holders were notified that redemption will occur April 5 at tne offices of the
corporation's redemption agent for the issue, Bankers Trust Co. of New
York.
Conversion
Profit from oper
Other income
$2,439,657
197,946
_
$2,464,226
212,752
$729,135
329,801
$2,946,286
1262,517
180,366
y578,523
$2,676,978
308,775
139,104
y537.602
$321,713
585,325
$1,924,880
1,111,628
$1,691,496
1,111,746
$658,042 def$263,612
631,200
632,000
$2.54
$0.51
1
Distrib. to employees
J
Fed. & State inc. taxes._
$2,694,814
251,471
$2,637,604
606,115
Total income
Other deductions.
$528,828
200,307
$813,251
$579,750
635,500
$2.66
_
426,193
Net inc. avaU. for divs.
$1,605,296
947,254
Dividends
Surplus
Sbs. cap.stk.out. (no pat)
Earnings
share.
per
77,621
634,000
$3.03
Includes $150,000 ($132,000 in 1936) for surtax
y
undistributed profits.
on
Note—Depreciation amounting $711,680 in 1939; $754,130
$725,346 in 1937, and 687,695 in 1936 included in above figures.
in
1938'
Consolidated Balance Sheet Dec. 31
1939
Assets—
1938
1939
Liabilities—
%
Marketable
securs
$
2,190,896
526,020
2,061,711
605,209
2,059,768
Accrued taxes
Other
current
(The) Republic Co.—Registration Statement Suspended—
The Securities and Exchange Commission on March 14 issued a stop
order suspending the effectiveness of the registration statement filed by the
company.
The Commission stated:
"We believe that the public interest
requires that we issue a stop order.
The deficiencies in the registration statement are numerous and serious.
Many persons purchased securities from the registrant while its defective
registration statement was in effect.
Those persons had a right to rely upon
the representations made in the registration statement. .They also have a
right to know that some of those representations were materially false.
The most effective method available to the Commission of bringing the
deficiencies in the registration statement to the attention of those persons
is the stop order.
It is likewise the most expeditious manner of apprising
potential investors of the deficiencies.
Under those circumstances, we do
not believe that we would be warranted in dismissing the stop order pro¬
ceeding."
Provision
ac¬
counts rec'ble..
76,489
44,974
4,818,622
4,032,214
Investments, Ac..
Sundry notes and
341,063
327,720
receivable
347,847
351,500
Land, buildings,
mach'y & equip. 7,479,724
Deferred charges.
92,249
tor
$
916,829
!.
471,542
189,096
207,172
wages—......
Mdse. inventories.
acc'ts
$
Accounts payable.
Notes, acc'ts & tr.
accept's rec
1938
The
Accrued salaries &
2,681,479
Cash
privileges under which the stock may be converted into
$3.07 a share will continue until the redemption date,
corporation offered and sold 28,000 shares of the issue in July,
1939.
On Dec. 31, 1939, there were 3,478 shares outstanding after con¬
version of the major portion of the issue.—V. 150, p. 1785.
common stock at
121,361
127,511
inc.
498,775
165,589
300,000
y Capital stock
9,721,800
Surplus
7,641,810
z Treasury stock..Dr921,092
250,000
,9,721,800
for
Consolidated Income Statement for Calendar
con¬
tingencies
Total...
1
595,157
18,554,391
Total
After
depreciation of $10,111,578 in
y Represented by 676,012 no par shares,
(44,012 in 1938).—V. 150, p. 443.
x
$30,167,478
Total income
$8,165,347 $29,798,070 $29,778,115
plant & exhaustion of
min. & mining equip.. 11,445,857
Int. on indebtedness
4,169,238
17,530,0471
18,554,391
$6,473,895 $27,638,201 $28,518,248
1,691,451
2,159,869
1,259,866
Prov. for deprec. of mfg.
trade¬
names,
marks A g'dwill.
$28,771,326
1,396,152
Operating profit
Other income
Z>r906,680
93,801
_
Tr.
7,578,923
17,530,047
1939 and $10,360,007 in 1938.
z Represented by 44,812 shares
Prov. for loss
Month of January—
Reliable Stores Corp.
130,522
47,041
$89,978
$1.18
of company's share
Nil
of earnings of
Prov. for
1936
$14,501,451
1,930,345
deprec.A obsol.
of plants & equipment
731,197
731,961
713,205
732,164
Net income from oper.
Miscellaneous income...
$1,838,613
$1,892,309
y61,125
$1,198,182
10,652
$919,111
6,500
$1,849,265
*
440,000
$925,611
7,925
232,000
$1,953,434
z1,630
442,000
$1,499,037
148,131
200,000
$685,686
221,088
374,657
7,493,140
$0.06
$1,509,804
221,088
1,348,765
7,493.140
$0.17
$1,100,905
36,848
974,108
7,493,140
$0.14
Total income.
Interest
on
bank loans._
Prov. for Fed. inc. taxes
...
50,000
Net profit for the year $1,392,646
Preferred dividends
221,088
Common dividends
Shares
common
Earnings
y
per
749,314
7,493,140
$0.15
stock
share
Includes
$34,287
300,855
16,619
Other income charges
Prov. for contingency..
for
extraordinary income
due
consumption
to
of
materials written off and reported as "adjustments of inventory values" in
1933.
z Interest on bank and other loans.
1939
Cash
a
$
3.172,940
Accounts & notes
receivable
1,389,579
Miscell. acc'ts rec.,
69,904
6,398,488
advances, Ac
Inventories
Inv. in A ad vs.
to
foreign subsid..
Invest, and
Brazilian
1939
1938
i
%
Liabilities—
1,923,080 Acc'ts payable and
accruals—
1,583,580
832,347 Contract obligat'ns
Res, for pensions,
95,139
contingencies, Ac 1,956,102
6,663,535 6% cum. pref. stk. 3,684,800
c Common stock..
7,493,140
99,741
118,432
303,144
34,367
1,928,384
3,684,800
7,493,140
Miscell. invests...
b Plant and
prop.
Fats., tr'm'ks, Ac.
Def'd debit items.
c
.57,415
38,824
subs
Portion
of
loss
net
c
Total
...21,701,745 20,621,400
Represented by shares of $1 par.—V. 149, p. 3727.
I
of
sub, applicable to min.
int
02,623
030,505
Drl3.668
profit
Div. on 6% cum.
prior pref. stock
Div. on 6% cum.
preferred stock
$9,044,148
$10,671,3431oss$7997,825
conv.
$9,586,922
„„„
„
1,693,821
423,455
2,964,187
conv.
A
^
2,152,746
896,978
«2,874,112
Art_
^OA
fl,435,164
After deducting cash discount allowed cutomers amounting to $1,673,270 in 1939. $1,053,704 in 1938, $1,995,882 in 1937 and $1,582,987 in 1936.
b Includes repairs and maintenance charges aggregating $19,182,316 in
a
1939, $11,320,005 in 1938, $21,623,425 in 1937 and
$18,087,751 in 1936,
and including premium of $3,200 in 1936 on stock purchased for retirement,
c
After discount of $10,856 in 1935.
d The approximate amount of $1,-
200,000 ($950,000 in 1936) has been provided for estimated surtax on
undistributed profits, this amount being included in the provision for
Federal income tax.
e $10.50 per share after adjustment due to termina¬
f $12 per share,
g Consists of $31,678 amount
provided to reduce net current assets of foreign subsidiary to prevailing
exchange and $485,969 sundry other deductions.
tion of offer under plan,
rate of
Consolidated Balance Sheet Dec. 31
Cash
on
$
r
deposit.
Co.'s
66,177,576
com.
2,210,879
2,534,386
Treas. bills
Misc.rec.,
8,257,232
stk.
held by subs..
Cash A U. S.
Liabilities—
S
15,642,864
Notes, accounts,
Ac., rec. (net) 28,434,934
Inventories
1939
1938
1939
A sscts
1938
$
$
28,230,350
16,147,933 6% prior pf. stk. 28,230,350
6% conv. pref.
stock
11,959,700
11,959,700
15,348,260
58,070,051 x Common stk_.132,520,021 132,516,450
Funded debt..- 87,527,872
89,081,830
166,056
176,888
8,542,353 Minority lnt...
7,469,369
Accts. payable. 13,359,835
3,967,935
7,094,586
3,262,140 Acer. tax. A int.
Reserves
16,612,553
17*793,375
61,590,193
2,450,201 Capital surplus. 62,368,800
Earned surplus.
work.
4,018,546def2,878,911
2,051,532
funds, Ac
1,874,798
y Props., plants
A equip., Ac_236,805,290 238,873,528
Deferred assets.
3,112,011
3,979,528
365,049,972 348,715,525
Total
..365,049,972 348,715,525
Preferred Dividend—
94,069
Less reserve of $309,719 in 1939 and $280,787 in 1938.
1938.
$9,641,715
Represented by 6,833,065 (5,832,855 in 1938) (excluding 1,216 sharein treasury) no-par shares,
y After deducting reserves for depreciation,
Ac., of $152,656,517 in 1939 and $145,632,569 in 1938.
b Less reserve
for depreciation and obsolescence of $11,168,370 in 1939 and $10,403,513
in
d3,000,000
$9,082,971
2.450,000
_
Pref. div. paid on guar,
stock of the Trumbull-
Directors on March
a
d3,300,000
lease canc'l'd
139,339
482,500
x
10,038,392 10,404,635
114,235
131,442
80,955
1,066,987
500,000
g517,647
Net profit from oper.$10,685,0121oss$8,028,329
Total
21,701,745 20,621,400
TotaL
226,158
525,500
734,996
6,984,123
303,144
55,577
Surplus
6,561,879
928,197
25,000
ad vs.,
co
on ore
Prov. for Fed. inc. tax_
ad vs.,
oth. assets, Ac
1938
$
Loss
Invests.,
Balance Sheet Dec. 31
Assets—
501,506
256,906
371,000
197,759
72,611
4,815,583
Amort, of bond discount
Net
Remington Arms Co., Inc.—Earnings—
Calendar Years—
1939
1938
1937
Net sales
....$17,147,099 $13,877,355 $16,961,671
Income from operations.
2,569,810
1,651,072
2,605,514
*39,981
Min. int. in net prof, of
1938
1939
$518,586
per common share
Note—Above figures are exclusive
Frank Corp.—V. 149. p. 3570.
70,623
Cliffs Furnace Co
(& Subs.)—Earnings—
Calendar Years—
Net profit after charges & taxes
Earnings
1939
$469,434
85,172
10,130,485
201,584
lectible receivables
Prov. for gen. conting.
Other deducts, fr. earns.
1940
$629,967
166,977
Total operating revenues
Net operating revenues
Net income transferred to earned surplus
—V. 150, P. 1145.
10,756,486
4,731,978
uncol¬
and expenses
Communications, Inc.—Earnings—-
10,897,020
4,327,757
198.139
on
.
R. C. A.
-
Net sales
—
7,357,993
x
Years
1939
1938
1937
1936
$230,340 ,805 $140,879,763 $250447,744 $218,317,399
b Cost of sales
..186,653,800 121,251,323 207,576,923 176,620,235
Sell., gen. & adm. exps.. 14,915,679
13,154,544
15,232,619
13,178,917
a
taxes
Reserve
Republic Steel Corp .—Earnings—
19 declared
a
dividend of $6 per share on account of
accumulations on the 6% cumulative convertible
preferred stock, payable
May 1 to holders of record April 12.
Dividend of $ 1.50 per share previously
declared will be paid on April 1.
Dividend of $7.50 per share was paid on
Dec. 21, last.—V.
150, 0. 852.
.
Under the plan, the furniture, furnishings
to be transferred to the landlord and all
Inc.—Dividend—
Republic Investors Fund,
Directors have declared a dividend
This will be the
Republic Petroleum Co. (& Subs.)—Earnings—
$119,643
Net income after all charges
Earnings per share on common
—V. 149. p. 2986.
$0.26
Subs.)—Earnings—
Copper & Brass Inc. (&
Revere
1936
1939
dl938
bl937
$4,170,594 eloss$75,152 c$2,642,323
142,978
131,774
224,237
Calendar Years—
Operating profit-.
Other income.--
$4,596,641
$4,737,439
1,285,756
527.520
140,798
$4,313,572
1,384.568
Total
Depreciation
int.
stock
1,156,622
$2,866,560
1,308,592
493,173
348,685
321.800
358,452
373,618
385,882
390,376
58,077
60,508
68,398
468
discount
Int. on bonded indebt-.
of bond, prem.,
disct. and expenses—
Loss on own bonds pur¬
chased and retired
Prov. for Fed. inc. taxes
Hurricane loss
Amort,
414',665
x593,000
94,564
are to
7% cum. pref. dlvs
5H% cum. pref. divs
a
126,861
.
Mr. Morphy set forth that the railroad's cash on hand amounted to only
$438,902 as of March 6, and that operations required that a cash fund of
$150,000 be maintained.
_
The Circuit Court recently upset an order of the Vermont District Court
authorized the pay cuts.—V. 150, p. 1786.
Ryan Aeronautical Co.—Earnings—
Calendar
1939
Years—
Earnings per share on capital stock
—
discontinued the
Operating profit
and net income for 1937 are stated on the same basis as used prior to 1936.
In comparing 1936 with 1937, $251,519 (the amount charged against opera¬
tions and added to the metal stock reserve in 1936) should be added to
operating profit and net income as reported for 1936.
c Fabricating profit,
$4,036,005, adjustment to reduce inventories to market at Dec. 31, 1937,
$2,634,372 less net profits realized on metal contents of sales during year,
$1,240,690; operating profit (as above) $2,642,323.
d The company adopted as at Jan. 1, 1938, the last-in first-out method
for determining cost of
The net income as
goods sold and operating profit.
reported for 1937 on the first-in first>-out method would have been approxi¬
mately the same if the last-in first-out method had been followed in that
©Fabricating profit, before depreciation, $1,128,501; less net loss
operating loss, as above, $75,152.
year.
on
metal contents of sales, $1,203,653;
Consolidated Balance Sheet Dec. 31
1,132,303
Cust'rs
notes
3,964,290
27,145
2,500,498
10,468,957
8,782,601
reserves
Miscell. accts. rec.
Inventories
Properties, plant &
equipment (net) 16,619,820
lnv.
Miscell.
114,551
17,229,341
and
advances, &c.__
204,594
223,395
1,446
572
1,430,859
2,500,000
mtge.
4)4%
220,284
248,927
848,896
1
unexpired
906,973
disct. & expense
Goodwill
St. Louis-San Francisco Ry.—Payment on
CI. A stk.(par $10)
$5)
Surplus—capital--
1
33,477,737 31,249,134
2,237,050
2,819,665
Z>rl90,285
1,255,798
170,915
2,200,044
7% pref. stock—
5)4% cum. pf. stk.
Com. stk. (par
190,285
584,975
2,458,700
9,411,800
against
stock in treas.
Earned
33,477,737 31,249,134
Total
the
that
announce
_
^
Safeway Stores, Inc.—Registers with SEC—
Company, March 20, filed with the Securities and Exchange Commission,
a registration statement (No. 2-4354, Form A-2) under the Securities Act
of 1933 covering 147,688 shares of 5% cumulative preferred stock ($100 par).
The proceeds from the sale of the stock will be applied to the redemption
7% preferred stock and 6% preferred stock on
July 1, 1940, at $110 a share and accrued dividends. The amount required
redemption, excluding shares held in the company's treasury, will be
$13,922,627, it is stated.
The balance of the proceeds will be used for
general corporate purposes.
Merill Lynch, E. A. Pierce & Cassatt, of New York City, which, it is
stated, will be the name, after March 30, 1940, of the firm now known as
E, A. Pierce & Co., will be the principal underwriters.
The prospectus
states that to facilitate the offering it is intended to stabilize the price of
of all issued and outstanding
for such
5% preferred stock on the New York Stock Exchange and in the open
This is not an assurance, it states, that the price will be stabilized
be discontinued at any time.
The company states that the underwriters have agreed to afford holders
of its outstanding 7% preferred stock and 6% preferred stock a prior oppor¬
tunity, from April 1 to the date of delivery, to purchase the 5% preferred
stock on a share for share basis at the public offering price plus accrued
market.
that the stabilizing, if commenced, may not
or
dividends.
The 5% preferred stock is redeemable in whole or in part on any dividend
date after 60 days' notice at $100 a share and accrued dividends plus a
premium of $10 a share.
The price at which the stock will be offered, and the underwriting dis¬
counts or commissions are to be furnished by amendment.—V. 150, p. 1454.
149, p. 4184.
Savannah Electric & Power Co.—Earnings—
Richmond Radiator Co.— -Earnings—
1939
Years End. Dec. 31—
Net profit
1940
1939
$2,348,762
$2,236,667
727,727
352,542
754,553
376,880
12 Months Ended Jan. 31—
1936
1937
1938
$87,953 lossV 112,955 loss$64,486
y Earnings per share
$0.13
Nil
Nil
x After
depreciation, interest, Federal and State income taxes, &c.
yOn common stock.—V. 149, p. 3728.
x
Certificates—
instalment of principal of equipment
trust certificates, series DD, maturing April 1, 1940, together with interest
coupon (No. 20), maturing that date, from all outstanding series DD certi¬
ficates, will be purchased on and after April 1, 1940, upon tender at the
office of C. W. Michel, Eastern Representative, Room 1949,120 Broadway,
New York City, at their face value.
Ownership certificates (form 1000),
covering interest, will be required of all holders, except corporations. The
interest is not tax-free.—V. 150, p. 1454.
The trustees
the
248,287
280,862
2,458,700
9,411,800
2,177,500
2,879,215
Dr 170,916
1,294,538
insurance
Applied
Unamortized bond
8,302,006
8,103,000
bonds
Res. for workmen's
Treasury stock
Insur., taxes, &c.,
Total
First
comp.
Cash in bd. stk. fd
-V.
taxes
pay.,
accrued. 3,422,077
Bank loans
1,250,000
less
accts.
Accts.
& exps.
arid
rec.,
1,242,274
$
$
Liabilities—
$
$
Assets—
Cash
1938
1939
1938
1939
has apprved the company's applica¬
of com. stock (par $l).—V. 150, p. 1613.
The San Francisco Stock Exchange
tion to list 125,000 additional shares
($272,000 in 1936) provision for Federal surtax on un¬
Includes $16,000
.
$23,602
$0.08
$90,728
$0.24
Net profit after all charges
206,255
distributed profits,
b as at Jan. 1, 1937, the company
"normal stock method" for determining operating profit.
granted the
disposition of the case by the Supreme Court.
until
$2,023,807
173,544
492,682
of Appeals, on March 18,
plea of Luis G. Morphy, receiver of the railroad, for a delay in ordering
the payment of wages it found to be due to employees of the road, because
of illegal payments, Mr. Morphy, through his counsel, pleaded that pay¬
ment of the wages, amounting to $455,721 as of Feb. 29, would make it
impossible to continue operation of the line.
The court agreed to stay its mandate until April 14, or, if necessary,
Listing—
$414,759
$l,615,069df$2,125,408
Net income
Stay—
Rutland Railroad—Wins Wage
The United States Circuit Court
58,150
11,674
al62,000
on sales,
paid, &c. (net) —
$56,622
and equipment of the hotel
rental arrearages to May 1,
be canceled.
It will result in there being no obligations ahead
of the preferred and common stock, the announcement says, except for
cost of carrying out the plan and the amount withheld from the landlord
for working capital.—V. 147, p. 279.
1940,
1938
$110,841
$0.29
1239
Calendar Years—
1940
are
of 10 cents per share on the common
stock, payable April 1 to holders of record March 16.
24th consecutive quarterly payment.—V. 150, p. 1613.
Cash
March 23,
The Commercial & Financial Chronicle
1948
$127,473
$0.18
Operating revenues
*
—
Balance for interest
Balance for dividends and surplus
*
including non-operating income
After depreciation and
Riverside & Dan River Cotton Mills, Inc.—Earnings—
Schenley Distillers Corp.—Earnings—
Earnings Year Ended Dec. 31, 1939
1939
1938
1937
1936
$4,129,080
$4,050,173
$7,320,903
$8,227 796
$2.52
$2.44
$5.04
$7.05
Calendar Years—
$22,914,188
Income from sales, rents, &c
Cost of sales
389,506
20,973,575
Depreciation
1,013,129
Discounts and allowances
Net profit after charges
and taxes
17,250
„
Earns,
per sh. on com.
—V. 149, p. 3571.
Scullin Steel Co.—-Purchase Warrant
$537,977
Profit from goods sold
Other income
(net).—V. 150,
1005.
p.
Agent—
City Bank Farmers Trust Co. has been appointed agent for exercise of
stock purchase warrants in those instances where the subscription
price is to be paid in full or in part by surrender for cancellation of mort¬
gage bonds of the company.—V. 149, p. 888.
common
$555,227
Profit for year
108,500
Reserve for Federal and State income taxes._
Net
profit for
$446,727
224,700
$0.01
year
Dividends declared and paid
Earnings per common share
Security Investment Trust, Inc.
Coal Co .—Annual Report—
Consolidated Income Account for Calendar Years
1939
Gross
1936
1937
1938
earnings from all
$11,975,210 $10,754,862 $12,786,704 $10,158,483
11,284,317
10,399,758
11,853,605
9,444,531
624,860
643,352
631,677
609,457
94,511
120,454
151,570
133,589
Interest
110,400
107,300
1 07,673
123,008
Federal income taxes.._
21,492
1,719
27,570
2,731
Minority interest
Dr25,816
Crl4,742
Dr5,223
sources
Operating expenses
Depreciation
Depletion
Net loss..
Helvetia
Coal
$186,187
$502,978
ferred stock
$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. 149,
p.
Severn
interest by Maryland Casulaty Co.
The issues for which the bid is made
are the option one bonds of the following corporations:
American Bond,
Calvert
the
Standard Bond.
meantime.
Shaler
Co.—Earnings—
Earnings for Year Ended Dec. 31, 1939
Net income after ad charges including
—V. 149, p. 3420.
$99,847
Federal income taxes..
Shasta Water Co.—Extra
of $109,523.
of five cents per share in addi¬
quarterly dividend of 20 cents per share on the common
April 1 to holders of record May 20.—V.
stock, no par value, both payable
149, p. 4041.
Sierra Pacific Power
1, 1940,
Co.—Earnings—
1940—Month—1939
$173,267
$155,288
Period End. Feb. 29—
Operating revenues
1940—12 Mos.—1939,
$2,133,605 $1,986,861
Gross income after retirement
Net
.
68,655
57,375
accruals
income
912,168
777,732
70,762
59,419
-
„
842,039
707,820
—Y. 150, p. 1614.
Silex Co.—Earnings—
1939
x
Earnings per snare
x
After all charges,
Calendar Years—
19^7
$328,841
$273,357
$1.74
Net profit.
y
1938
$374,259
Calendar Years—
$l.o3
$1.27
On common stock.—V.
y
Siscoe Gold Mines,
Inc.—Readjustment Plan—
Company has called a meeting of preferred and common stockholders
at the Roosevelt Hotel, New York City, on April 18 to vote on a plan of
readjustment by which a new lease will be entered into on May
with the New York State Realty & Terminal Co., landlord.
Dividend—
Directors have declared an extra dividend
Consolidated Balance Sheet Dec. 31, 1939
Bond, Continental Investment Bond, Franklin Bond, National
Bond, Carolina Bond, Continental Bond, Potomac Bond
The offer will expire March 31 unless canceled in
Consolidated
and
tion to the regular
Assets—Land, plant and equipment (less reserves for depletion and de¬
preciation of $13,092,739) $14,562,408; cash, $1,023,707; notes receivable,
$8,087; accounts receivable (less reserve), $2,422,264; accrued interest and
dividends, $10,552; inventories, $1,592,863; advances, $18,175; investments,
$686,836; sinking funds, $14,107; deferred charges, $280,404; organization
expense, $6,917; adjustment (arising from elimination of inter-company
held securities), $17,239; total, $20,643,559.
Liabilities—5%
cumulative preferred stock
($100 par), $1,933,280;
common
stock (193,796 shares,
no par),
$11,627,775; paid-in surplus,
$2,613,027; earned surplus (deficit), $221,191; minority interest (sub.
company),
$20,497; bonded and long-term indebtedness,
$2,089,382;
estimated workmen's compensation liability, $360,000; accounts payable,
$1,239,664; notes payable, $800,000; accrued interest and taxes, $130,396;
deposits, $4,763; deferred credits, $19,473: reserves, $26,491; total, $20,643,559.—V. 148, p. 2913.
Roosevelt Hotel,
& Co.; Stein Bros. & Boyce, and Colonial
the corporation (a subsidiary of Maryland
Casualty Co.), and certain bond corporations have established a bid of 90
and accrued interest for specified bonds guaranteed as to principal and
43,328
Includes non-recurring profit from sale of assets
Corp.—Purchase Offer—
J. G. White & Co.; Baker, Watts
Bond & Share Corp., as agents for
*
Mining
1928.
a$154,833
prof $9,386
Co. pref. div
a
a dividend of $1.50 per share on the $6 first pre¬
payable April 1 to holders of record March 20. Dividends of
Directors have declared
Balance Sheet Dec. 31, 1939
Assets—Cash, $213,523; accounts and notes receivable (less reserves),
$3,805,204; inventories, $6,960,199; investments (at cost less reserve),
$98,107; fixed assets, less reserve for depreciation of $22,232,204, $15,186.139; prepaid and deferred charges. $273,514; total, $26,536,687.
Liabilities—Notes payable, $4,700,000; accounts payable and reserves
for Federal, State and capital stock taxes. $298,329; 6% cumulative pre¬
ferred stock (par $100), $7,500,000; common stock (par $25), $7,500,000;
earned surplus, $6,538,357; total, $26,536,687.—V. 150, p. 1786.
Rochester & Pittsburgh
(Denver)—$1.50 Pre¬
ferred Dividend—
150, p. 1455.
Ltd.—Earnings—
1939
„
$680,889
$0.15
Net
profit after charges
Earnings per share on common
—V. 149, p. 3728.
1
1938
$886,853
$0.19
Volume
|
150
The Commercial & Financial
Chronicle
Simonds Saw & Steel
Co.—Earnings—
Consolidated Income Account for Calendar
Years
1939
1938
1937
Gross sales less
The receipt
$6,225,921 $10,098,148
4.263,114
5,942,086
Gross profit
$1,962,807
1,072,025
394,911
$3,183,453
1,311,153
expenses
General & admin.
exp.„
Bad debts written off
467,003
(less recoveries)
$8,725,146
$3,694,854
1,223,960
527,891
$4,156,061
1,389,597
565,312
5,030,291
5,630
11,048
8,873
5,244
$1,399,667
$2,192,279
25,985
$484,822
18,912
$1,937,759
48,987
33,360
$1,425,652
121,447
$503,735
61,921
$2,241,266
151,157
$1,971,120
48,692
117,242
84,810
292,580
284,379
3,000
12,000
Profit from operations
Other income
of new orders aggregating $540,878 in the
past three weeks
by Edmund T. Price, President of the
announced
company, bringing
backlog of unfilled orders to approximately
$1,250,000.
mostly for exhaust manifolds, but also include cowl
wells.
flrewalls, exhaust heaters and central systems, he said.
'Every indication points to further increases in our
backlog, since the
company has submitted bids for more than
$3,000,000 of additional equip¬
ment at the request of
customers," Mr. Price stated.
"Our profit margin
on present
volume is satisfactory in spite of
unusually heavy non-recurring
costs incurred in the
early months of the current fiscal year to end
April 30,
1940, for added plant equipment and
personnel, establishing of new pro¬
duction lines and other
expansion items."
Net sales for the four weeks ended
Feb. 4, 1940 were $106,210, an increase
the
5,750,481
Selling
was
1936
discounts,
► returns and allowances
$8,933,934
Cost of goods sold
1949
Solar Aircraft Co.—New Orders—
company's
I he orders are
of
$362% over the same period last year when sales
were $22,300,
according
Price.
For the 12 weeks ended Feb.
4, 1940, sales were $260,156,
against $74,320 in the same period a
year ago.—V.
to Mr.
Miscellaneous charges..
Prov. for Fed. & Candian income taxes
Prov. for Federal excessprofits tax
Prov. for Federal
on
undist.
surtax
56,000
111,006
$357,003
497,000
$1,738,528
988,905
$1,515,041
677,810
$471,247 def$139,997
net
$749,623
$837,231
19", 916
income
$1,167,047
695,800
Balance
x
Includes $3,161 amortization of
t
note
discount and expense.
1938
S
$
1939
mand
on
Accounts payable.
dep.) and
1,020,105
990,313
45,718
50,018
TJ. S. Treas. bills.
1,000,000
Marketable securi-
2,200,045
receivable
951,522
671,947
2,905,504
Inventories
3,409.326
life insur. policies
78,587
Prepaid & def. items
Notes and account
receiv.—not
74,548
72,910
181,196
4,405,748
Total
^
.
Reserve
for
......
36,346
of
New
York Workmen's
7,638,376
7,074,212
....11.134,445 12,127,213
p.1146.
Sisters of Notre Dame of
Covington, Ky.—Bonds Offered
St. Louis, Mo., are offering*
$200,000 1st & ref. sinking fund bonds.
Bonds bear interest
at the rate of 3% per annum from
April 1, 1940, to April 1,
1944, 33^% from April 1, 1944, to April 1,
1945, and 4%
thereafter to maturity.
Dated April 1, 1940; due April 1, 1952.
A. & O. at office of Mutual Bank & Trust
Principal and interest payable
Co., St. Louis, Mo., paying agent.
Mutual Bank & Trust Co.,
corporate trustee, and J. F. Tegeler, St.
Louis,
Mo., individual trustee.
Coupon bonds in $500 and $1,000 denom.
Bonds
may be prepaid on any interest date on 30
days' notice at par and interest.
These bonds are the direct
obligation of the Sisters of Notre Dame of
Covington, Ky., a corporation duly incorporated in
Kentucky.
Corpora¬
tion is the property
holding corporation of the Covington Province.
The
bonds are further secured by a
mortgage deed of trust on property located
in Kenton County,
Ky., and adjoining Covington and valued at $546,000.
The Sisters of this Order came to America in
1874 and made their head¬
quarters in Covington,
Ky. By 1877 there were nearly 200 Sisters in the
American Province and their Motherhouse was
established in Cleveland,
Ohio.
In 1924 the American Province was
divided into three
provinces,
Cleveland, Ohio, Toledo, Ohio, and the other in
Covington, Ky.
The
Covington Province Motherhouse is located at St.
Joseph Heights, Dixie
The Covington Province now comprises
235
Sisters, 16 Novices and 9 Postulants and is represented in the
Archdioceses
Baltimore, Chicago and Cincinnati and in the Diocese of
Covington,
Ky. They operate one academy, 17 grammar schools and two
Highway, Covington, Ky.
of
orphanages.
The purpose of this issue is to refund the
outstanding indebtedness at
reduced rate of interest.
a
The mortgage provides for the semi-annual
corporate trustee, and that said semi-annual
deposit of $5,000 with the
deposit be used to pay in
numerical order bonds numbered M-l to
M-60, both inclusive.
After the
mentioned bonds have been paid, the
remaining bonds are to be retired
through the semi-annual sinking fund by lot; bonds to be selected bv
the
individual trustee.
The sinking fund
may be waived, in whole or in part,
but only on the approval of the individual
trustee.
Slcss-Sheffield Steel & Iron
Calendar Years—
x
x
After
depreciation,
Co.—Earnings—
1939
1938
$943,178
Net income
$589,645
depletion,
p.1456.
Federal
1937
1936
$1,474,827
income
taxes,
$868,463
&c.—V.
150,
(The) Society of the Sisters of Christian Charity of
Jersey, Mendham, N. J.—Notes Offered—Alphonse
Schneiderhakn, St. Louis, Mo., is offering $400,000 1st
mtge. 3% and 33^% serial real estate notes.
New
All notes maturing Oct. 1, 1940, to and
including Oct. 1, 19'i7, bear
interest at the rate of 3 %. All notes
maturing April 1,1948, to and including
Oct. 1, 1951, bear interest at the rate of
334% from April 1, 1940. Price:
101 and int. for notes maturing through April 1,
1943, 100)6 and int. for
notes maturing Oct. 1, 1943-Oct. 1, 1945; 100 and int.
for notes maturing
April 1, 1946 and thereafter.
Purpose—To refund, at a reduced interest rate, outstanding indebtedness
of equal amount.
Dated April 1, 1940; due semi-annually Oct. 1, 1940-Oct.
1, 1951. Prin.
and int. (A-O), payable at Mercantile-Commerce Bank & Trust
Co., St.
Louis, Mo. Notes in coupon form, in denoms. of $500 and $1,000. After
April 1, 1944, any or all unmatured notes may be prepaid at the
option of
the maker on any interest date prior to
maturity, on 15 days notice. AH
notes bearing 3% are callable at 101 and accrued
interest, and all 3
notes are callable at 100 and interest.
Mercantile-Commerce Bang & Trust
Co., St. Louis, Mo., corporate trustee, and Alphonse
Schneiderhahn, St.
Louis, Mo., individual trustee.
These notes
are the obligation of the Society of the Sisters
of Christian
corporation of Mendham, N. J., and are secured by a deed of
trust in the nature of a mortgage on land and
buildings valued at over
$908,000.
The Society was founded in Germany, Aug. 21, 1849. The first Sisters
of
the Order arrived in this country in April, 1873, at New Orleans,
La., and
the first Motherhouse was established at Wilkes-Barre, Pa., in 1874.
The
Order at present is divided into an Eastern Province, with the
Motherhouse
now located
at Mendham, N. J., and the Western Province with
the
Motherhouse at Wilmette, 111. There are 509 professed Sisters, 27
Novices,
Charity,
a
18 Postulants and 11 Juniors in the Eastern Province and 520
professed
Sisters, 24 Novices and 18 Postulants in the Western Province.
A large
number of professed Sisters are also active in foreign countries.
This is a teaching community and is represented in the Archdioceses
of
Baltimore, Chicago, Cincinnati, New Orleans, New York,
Philadelphia,
Newark, St. Louis, Detroit and St. Paul, and in the Dioceses of
Belleville,
Lansing, Grand Rapids, Sioux City, Paterson, Scranton,
Hartford and Brooklyn.
1940—5 Mos —1939
$1,104,785
$995,043
504,551
436,745
$112,039
$104,739
$600,234
$558,298
111,835
108,639
565,819
554,420
$204
def$3,900
$34,415
$3,878
Subs.)-—Earnings
1939
—V. 150, p.1146.
Southern Pacific Co.—Annual
1938
$8,267,289
1,765.412
charges and taxes
$6,899,348
1,033.665
Report—
A.
reserves for depreciation of $4,859,880 in 1939 and $2,552,120
y Represented by 497,000 no par shares.—V.
150,
—Dempsey-Tegeler & Co.,
-Earnings—
&
Southern'Natural Gas Co. (&
unin¬
Compens't'n Law
38,000
38,000
Capital stock
2,982,000 y2,982,000
Total
1938
$242,902
789,178
$0.30
84,345
Calendar Years—
Total operating revenue
Net income after
1,350,000
sured losses under
11,134,445 12,127.213
A^ter
15,255
150,000
Consol. surplus...
In 1938.
8,925
1,
notes, pay$150,000
ann.,
July 1,1940-1948
State
33,743
181,551
318,525
23,432
IH%
July
1939
110,057
Surplus
Serial
107,727
4,844,803
cur.
Investments
note
1940—Month—1939
$222,096
$189,084
—V. 150, p. 1146.
40,491
1005.
$252,559
788,878
$0.31
175,789
356,345
payable
1939
value of
Plant
170,307
Accrued payrolls..
Other accr. liabll.
Serial
► ties, at cost
Accounts & notes
x
$
Canadian & local
taxes
account
surr.
Southern Canada Power
Co., Ltd.Gross earnings...
Operating expenses.
Accrued Fed., State
hand
Deposit in savings
Cash
Earnings per share
—V. 150, P. 1787.
Net earnings
Int., deprec., amort.
dividends.
1938
§
Liabilities—
Cash in banks (de¬
stock
Period Ended Feb.—
Consolidated Balance Sheet Dec. 31.
1939
Assets—
common
p.
Corp.—Eaminos—-
Years Ended Dec. 31—
Net income after provision for doubtful
accounts,
int., amortiz., deprec., Fed. income taxes, &c_.
Share
profits
Unred. for'n exch. loss
Consol.
150,
Sonotone
Harrisburg,
D. McDonald, President, states in part:
Results for 1939—Net income of Southern Pacific
Transportation System
was $6,134,574, which
compares with the net deficit of $6,829,008 for 1938.
For Southern Pacific
Transportation System and all
separately operated
solely controlled affiliated companies there was a net income of
$2,308,030,
which compares with the net deficit of
$13,265,902 for 1938.
Net railway operating income of Southern Pacific
Transportation System
amounted to $28,428,410, an increase of
$14,131,406, or 98.84%, compared
with 1938.
Operating revenues increased $17,502,075, or 8.75%.
An increase
volume of freight traffic was carried during the last nine months
of the year,
as a result of a general increase in business
activity.
An increased volume
of passenger traffic was carried
during summer and fall months
to travel to and from the Golden Gate
International
largely due
Exposition
on Treasure
18 to Oct. 29, in
May 25 to Sept. 29.
An Increase of $3,-
Island in San Francisco Bay, which was
open from Feb.
1939.
The Exposition will be reopened in 1940 from
Freight revenues increased $15,480,962, or 9.85%.
083,389 in freight revenues for the first quarter of the year was
largely due
general increase in freight rates effected subsequent to April 1,
1938,
under authority of the Interstate Commerce Commission.
Revenue gains
to the
in
Nov. and Dec., 1939, were partly due to traffic moved
by rail as the
of interruption of steamship services to and from the
port of San
Francisco caused by labor dispute.
The increase of $724,048, or 2.87%,
in passenger revenues, does not fully reflect the
gain in the volume of
result
traffic because passenger revenues for the first 11 months of
$1,406,642 of revenues from ferry and electric interurban
service in the San Francisco Bay district, operation of which
was taken over by the Interurban Electric
Ry. on Dec. 1, 1938.
Passenger
revenues from operations which were conducted
by company in both years
1938 and 1939 increased $2,130,690, or 8.94%.
The gains in freight and
passenger
1938
include
passenger
mail and express revenues, and an increase of
{jassenger revenues were accompanied by an increase of $369,809, or 5%,
$927,255, or 9.09%, in
n
all other operating revenues.
Operating
expenses increased $2,194,954, or 1.40%, compared with an
$17,502,075, or 8.75% in operating revenues.
Increases in
principally attributable to the increase in volume of traffic were
largely offset by a decrease in expenditures for rail renewals, due to relay¬
ing 437.06 track miles of new and secondhand rail in 1939 compared with
641.59 track miles of such renewals in 1938; a saving in cost of fuel oil for
locomotives and steamships, due to lower prices
prevailing during the year;
increase
of
expenses
and a decrease in expenses due to transfer of the interurban
service, pre¬
viously mentioned, to Interurban Electric Railway Co.
Successive de¬
liveries during the last four months of the year of new,
heavy-duty loco¬
motives,
40 of which
movement of traffic
were ordered early in 1939, aided in the efficient
during that period.
•
Railway tax accruals amounted to $18,092,561,'an increase of $162,496
compared with 1938, payable as follows:
Federal and State unemployment insurance taxes
$3,188,734
Federal retirement (pension) taxes
2,904,722
Other State, county and city taxes.
11,894,685
Other Federal and miscellaneous taxes
104,418
Total
In
-■
1929, for each dollar of net
-
revenue from
$18,092,561
railway operations, taxes
took 24.4 cents, compared with 31.1 cents per dollar in 1939.
Railway tax
accruals for 1939 are equivalent to $4.80 per share of the
outstanding capital
stock of company; whereas stockholders have not
participated in the earn¬
ings of the company through dividends since Jan. 2, 1932.
Equipment and joint facility rents paid increased $1,013,218, or 9.56%,
because of the movement of a larger number of freight cars of other rail¬
roads, private line refrigerator cars, and tank cars, incident to the increased
volume of freight traffic.
Total other income amounted to $9,260,666, a decrease of $2,015,446, or
17.87%, compared with 1938. This is the result of a decrease of $2,573,179
in income from funded securities, partly offset by net increases in other
items of income.
The decrease in income from funded securities is prin¬
cipally due to interest on bonds of Pacific Electric Railway and North¬
western Pacific RR., owned by company, not being taken into income for
the year 1939.
The amount of such interest, $2,534,065, included in the
net deficit of separately operated solely controlled affiliated companies
operating in the United States, is shown as a consolidated adjustment in
the income account.
Bank Loans—Outstanding bank loans were reduced 10% during the year
on
by payment oi Nov. 1, 1939, of $2,006,000.
Funded debt of Southern Pacific Transportation System
Funded Debt
held by the public increased $6,027,197.
An equipment trust, known as
"Southern Pacific Co. equipment trust, series P," was created to provide
for construction and acquisition of certain new rolling stock, and $7,575,000,
2H% equipment trust certificates, was issued under authority of the ICC.
The certificates mature serially in lots of $505,000 on Aug. 1 of each year,
1940 to 1954, both inclusive, and are guaranteed by the company.
Notes of the company, payable April 28, 1942, were issued to the Recon¬
struction Finance Corporation, with the approval of the ICC,
covering
loans aggregating $8,000,000, which were applied to the payment of matur¬
ing equipment trust obligations and to interest on funded debt.
On Oct. 23,
1939, an advance payment was made to the RFC of $2,200,000 on out¬
standing loans aggregating $22,000,000. The advance payment was applied
to a $5,000,000 note due May 1, 1941.
Other funded debt, in the principal
amount of $7,347,802, was retired during the year,
consisting principally
of equipment trust certificates matured and paid off, and bonds purchased
from payments to sinking funds or for use in satisfaction of
sinking fund
provisions of mortgages.
Expenditures—Expenditures for additions and betterments to properties
of the Southern Pacific Transportation System amounted to
$16,428,647,
an increase of $6,751,835, compared with 1938.
These expenditures include
approximately $9,175,692 of the cost of the 1939 program for new rolling
equipment, consisting of 40 heavy-duty steam locomotives for service on
from
The
1950
lines and 28 streamlined
"Daylight" schedules between San
by equipment trust, series P; and 10
for which payment will be made out
eight years.
various main
fast
passenger-train cars for service on
Francisco and Los Angeles, covered
diesel-electric switching locomotives,
of current funds over a period of
Setup—The Southern Pacific
various companies, as
funds
number of such
In accordance with regula¬
investments are
Because of losses
at meeting
in the accounts of
the Southern Pacific Co. to the decline in value of some of these invest¬
ments, and, therefore, appropriated out of accumulated surplus the sum of
$150,000,000 to be set up as a reserve to provide for the general decline in
the value of such investment securities and advances.
Accordingly, as of
Dec. 31, 1939, $150,000,000 was charged to "profit and loss" and credited
to "reserve for decline in investment securities and advances."
If and
when these investments are disposed of at a loss the amount of the loss will
be charged to the reserve account.
This procedure was adopted, rather
than a direct write-down of individual investments, because it is impossible
to estimate at this time the ultimate loss that might be suffered with respect
to any particular investment.
The "reserve for decline in investment
securities and advances" is set forth on the asset side of the balance sheet
deduction from total investments.
Likewise, reserves for accrued
depreciation and for amortization of improvements to leased property and
investment in property subject to reversion, are set forth for the first time
the asset side of the balance sheet as deductions from total investments.
Sale of Traction Stocks—On April 1, 1939, by sale of the capital stock and
other securities it owned of the Fresno Traction Co., Stockton Electric RE.,
San Jose Railroads, and San Jose & Santa Clara County RR., company
disposed of its interest in local street-car and bus operations in the cities and
suburbs of Fresno, Stockton, and San Jose, Calif., which had no material
relation or value to freight and passenger traffic of Southern Pacific
for Possible I^oss from Investment
Co. from time to time has acquired securities of
shown by its annual reports, and has advanced
to a
companies for operating and other purposes.
tions of the Interstate Commerce Commission these
recorded at cost on the books of the Southern Pacific Co.
sustained and the outlook for the future, the board of directors,
on Jan. 11,1940, decided that recognition should be given
Reserve
a
as
on
Calendar Years
Traffic Statistics for
1939
No. of rail pass,
through
by
Riverside, and San
It is
and
in
controlled by co. through stock owner¬
and freight service in the counties of Marin,
Mendocino, and Humboldt, Calif., and also operates electric
Northwestern
Pacific RR., soley
13,187
13,198
10,164,179
1,670,686
9,985,273
1,478,198
1.636 cts.
x
frt.
Net tons p. train, all frt.
x Three (000)
omitted.
rev.
^
,
7
Calendar Years
Pacific Co. and Transportation System
Operated Solely Controlled
revs..217,572,889
22 151 817
37,294,441
Traffic. ..I....
6,391,502
Transportation
80,989,716
All other oper. exps
12,614,147
Total ry. oper.
Maint. ofway and struc.
of equipment...
159,441,623 157,246,669
58,131,266
Net revs, fromry. oper
18,092,562
accruals—
51,104,236
16,998,747
11,489,208
56,104,701
12,092,093
9,925,928
34,086,680
11,610,295
14,297,003
22,616,281
223,612
256,095
586,864
Rev. from miscell. oper.
28,428,410
181,278
Drl82,653
Dr226,751
.Dr260,288
Dr582,516
28,427,035
14,293,864
22,612,088
34,091,028
1,735,835
4,056,286
1,720,590
3.678,201
2,909,750
2,743,959
1,725,245
3,514,871
2,932,459
1,911,645
1,730,340
4,751,594
2,884,168
2,868,870
37,506,422 *25,346,364
32,696,310
46,326,000
703,976
29,429,423
704,079
712,938
30,021,046
29,606,847
Exp. & taxes on
miscell.
Non-Operating IncomeIncome from lease of rd.,
miscell. rent income..
a
Dividend income
336,570
2,950,696
Inc. from fund, secure..
Other non-op.
inc. accts.
Gross income
Rents
for
roads
leased
689,918
29,211,572
and miscell. rents
Int. on funded debt
Int. on fund, debt—non-
Sonoma,
negotiable debt
on unfunded debt..
Amortization of discount
service between Sausalito and other points in Marin
County, and passenger ferry service between Sausalito and San Francisco.
For the year 1939, the Northwestern Pacific had a net deficit of $1,790,650,
compared with a net deficit of $2,395,454 for 1938.
The deficits for both
years include $1,245,465 of interest accrued on bonds of the Northwestern
Pacific owned by company.
On Dec. 22, 1938, the Northwestern Pacific
applied to the California Railroad Commission for authority to discontinue
its electric interurban passenger service and passenger ferry service.
While
operation of these services has been unprofitable for a long time, the losses
have increased greatly since the opening of the Golden Gate Bridge on
May 28, 1937.
By order of the Commission dated Dec. 12, 1939, the
Northwestern Pacific, on Jan. 1, 1940, increased the monthly commutation
fares and reduced the frequency of interurban service; the application to
discontinue and
abandon interurban and ferry passenger service being
held open by the Commission for future consideration when, after a 90day period, the results under the experience of an increased fare and reduced
schedule plan shall have become known.
Interurban Electric Ry.—On Dec. 1, 1938, Interurban Electric Ry., the
capital stock of which is owned by company, took over operation of the
interurban passenger service previously provided by company between
San Francisco and points on its electric lines in Alameda County, Calif.,
and between points local to such electric lines.
On Jan. 15, 1939, the
Interurban Electric discontinued use of company's passenger ferries for
transporting passengers across San Francisco Bay and, under an agreement
with the California Toll Bridge Authority, extended its electric train opera¬
tions across the San Francisco-Oakland Bay Bridge to the passenger terminal
of the bridge railway in San Francisco.
For the year 1939, the Interurban
Electric Railway had a net deficit amounting to $961,158.
The volume of
traffic transported by transbay interurban carriers has declined sharply
since opening of the San Francisco-Oakland Bay Bridge for automobile
travel in Nov., 1936.
Use of automobiles for transbay travel has been given
impetus by successive reductions of bridge tolls from 65 cents to 35 cents.
Further reduction to a 25 cent toll, now being considered, would cause addi¬
tional loss of rail traffic.
All practicable economies in operations of the
Interurban Electric have been sought and exercised.
The revenue problem
be solved by either increase or reduction in fares.
The losses sus¬
by the Interurban Electric have exhausted its financial resources
by company have been necessary to enable the
cannot
tained
and large advances of cash
electric line to continue its
and
increased
losses,
operations.
Because of the prospect of further
is unwilling to continue making such
company
Unable to find any solution of its financial difficulties, the
Interurban Electric, on Feb. 26, 1940, made application to the ICC and
the California Railroad Commission for authority to discontinue its entire
advances.
At the same time, Southern Pacific Co. made application to
the ICC for authority to abandon and remove its electric lines in Alameda
County, used by the Interurban Electric under trackage rights, except
those sections of track which are required by company for freight service
operations.
The Key System, a company in which company has no owner¬
ship interest, operates electric railway lines and motor coach routes in
Alameda County and between cities in that county and the City of San
Francisco.
The management of the Key System has announced that it
can and will find ways and means, with Key System facilities, to take care
of the public service now performed by Interurban Electric Railway, in a
manner that will adequately meet public convenience and necessity.
Southern
Pacific RR. Co. of Mexico—Through
changed conditions, results,
operation of Southern Pacific Railroad Co. of Mexico, the capital stock
of which is owned by company, have been unsatisfactory for many years
and the light traffic volume yields insufficient revenue to adequately
maintain and operate the property.
From time to time, Southern Pacific
Co has made substantial advances to meet the requirements of the Southern
Pacific RR. of Mexico, and these advances remain unpaid. After thoroughly
considering the situation, conclusion was reached that, effective Jan. 1,
1940, no further cash advances be made for the relief of the Southern Pacific
RR. of Mexico, and that, from that date, it be required to conduct its
operations entirely within its own resources.
The outcome of this policy
is uncertain, depending upon such increases as may be obtainable in trans¬
portation rates and volume of traffic handled, and such economies as may
be brought about through improvement in efficiency of labor and other
costs.
It is too early to predict what the final result will be, but under
existing conditions further financial support cannot be justified.
year 1939, Southern Pacific RR. of Mexico had a net deficit of
compared with a net deficit of $1,416,518 restated for 1938.
St.
Louis Southwestern
Ry.—In the matter of
Southwestern Railway, which the ICC has under advisement, hearings were
began °n May 5, 1939, at Washington, D. C., with respect to matters
alleged in petitions filed by an intervener concerning the effect upon fin¬
ances, earnings and assets of the St. Louis Southwestern Railway of control
thereof by the Southern Pacific Co. and others.
Final submission of these
matters to the Commission is expected to be made within the next few
months.
District
On Aug. 25, 1939, a special master appointed by the
Court having jurisdiction of the St. Louis Southwestern
U. S.
bank¬
ruptcy proceeding, upheld Southern Pacific Co. in the, matter of a protest
filed by two foreign corporate holders of St.
Louis Southwestern first
terminal and unifying bonds against the allowance of company's claim
Louis Southwestern Railway originally issued to
principal amount of $17,882,250 and later purchased and now
owned by company.
On Jan. 26, 1940, the court approved and confirmed
the report of the special master and entered an order allowing the claim of
Southern Pacific Co. in the full principal amount with interest thereon.
based
on
694
618
542
661,730
63,881
471,546
b
598,782
593,053
466,713
705,705
780,768
556,837
564,083
31,371,849
on
32,175,373
31,939,516
31,822,670
6,134,574 def6,829,008
756,793
14,503,330
funded debt
from
deductions
Other
gross
income
Net income of Southern
Pacific Lines
Separately operated
sole^& controlled af¬
filiated cos.:
5,418,609
4,823,635
942,000
Oper. in U. S., net def.
Oper. in Mexico, net
deficit c d
1,613,259
Not
Consolid. adjustment:
y
2,534,065
Consol. net income. d2,308,030
x
Of
Interest
x
on
Comparable
bonds
separately operated solely
13,265,903
controlled affiliated companies
included in the income of
Southern Pacific Co. not
owned by
Southern Pacific Trans¬
Transportation
companies.
portation System shown above,
y Of Southern Pacific
System and all separately operated solely controlled affiliated
a Excludes
dividends received from Transportation System Cos., also
excludes dividends received from separately operated solely controlled af¬
filiated companies for the reason that offsetting charges by such
were made against profit and loss and, therefore, were not offset by the
inclusion of the net deficit of such companies.
There were no dividends
received from separately operated solely controlled affiliated companies dur¬
ing 1939.
b Under option allowed by the ICC, unextinguished
on
funded debt was charged off to profit and loss as of Jan. 1, 1939, resulting
in the discontinuance of amortization charges to income,
c Net deficit of
separately operated solely controlled affiliated companies operating in
Republic of Mexico includes:
(1) Mexican currency transactions
companies
discount
the
converted
by Mexican
occurred, rang¬
ing from 4.90 pesos to 4.95 pesos per dollar for 1939, and 3.55 pesos to
4.90 pesos per dollar for 1938 (3.55 pesos per dollar for other years), and
(2) Mexican currency charges for depreciation, amortization, and property
retirements converted at exchange rates equalling, or closely approximating,
those in effect at the time the property was acquired,
d For comparative
purposes, 1938 figures have been restated to include net deficit of separately
operated solely controlled affiliated companies operating in the Republic of
United States currency at official exchange rates, established
Government for tax purposes, in effect at time transactions
to
Mexico on basis described
in Note c.
Consolidated Balance Sheet
1939
Dec. 31 (Southern
1938
$
Assets—
Transportation property. 1,470,896,543
Misc. physical property..
26,095,239
498,750
Affiliated companies
269,666,618
Other investments
14,286,753
a Appropriated surplus _.Crl 50,000,000
Sinking funds
b Res. for accr.
c
Pacific Lines)
1937
1936
$
1,476,929,610 1,481,938,644 1,467,153,996
12,401,293
21,657,577
465,214
270,006,662
13,162,786
20,165,759
2,783,254
263,393,855
9,666,275
8,514,139
243,027,396
16,139,057
deprec._Crl51,983,755
Reserve for amortiz. of
Crl.419,790
improvements
Cash
27,213,574
Materials and supplies
13,986,012
17,438,893
1,501,373
Other current assets
Deferred assets
Discounts on funded debt
Other unadjusted
8,425,639
debits.
20,990,278
14,353,863
15,574,935
1,332,436
12,443,434
8,232,757
1,546,605,848 1,855,149,550
Total
7,556,973
18,917,717
15,909,090
910,371
13,055,697
18,175,996
26,420.004
16,452,448
19*159,743
1,091,493
13,371,397
32,388,646
1,852,473,635 1,856,119,613
Liabilities—
3,681,565
705,094,840
377,277,605
6,304,845
3,397,028
699,067,643
377,277,705
6,304,845
3,045,705
698,409,937
377,277,705
6,304,845
1,499,565
703,316,934
553,000
516,000
2.172,000
8,120,000
296,000
296,000
6,794,995
20,000,000
15,521,459
347,100
4,380,682
5,714,703
1,045,452
376,563
146,000
6,760,390
5,000,000
15,817,408
337,520
4,423,597
5,793,909
911,961
227,000
6,217,276
154,072,056
151,360,571
146,753,160
16,546,225
67,793,146
9,513,640
466,184,404
23,380,732
68,055,704
22,111,868
460,578,061
21,215,413
73,420,227
32,797,961
448,179,524
Cap. stk. held by public.
Premium on capital stock
377,277,706
6,304,845
Grants in aid of construe' n
Funded dt. held by
public
Fund.dt.held in slnk.fds.:
By.transp'n system cos.
By solely controlled af¬
For the
$830,338,
reorganization of St. Louis
767
763,887
Int.
operations.
of
173,912,676 148,233,849
42,824,145
17,930,065
10,597,076
rents—net
Eq. & jt. fac.
ship, operates steam passenger
interurban passenger
178.64l.805 162,821,285
27,444.019 24,578,437
7,625,376
7,609,675
11,303,711
9,321,152
200,070,813 225,"016,912 204,338,550
24.034,838 23,763,209 19,862,360
34,227,853 38,560,223 33,772,853
5,802,966
5,898,066
5,460,562
80,758,416 91,702,115 75,821,961
12,422,595 13,989,062 13,316,111
7,394,174
10,198,029
operrevsl 111 ll! 125^85
Total ry. oper. exps
1M6
^
^
7,763 983
Railway tax
657.06
...
172,715,307 157,234.345
Income—
I I. 25 968,313 25 244,265
Passenger
Maint
1.064 cts.
Separately
Freight"""
Ail other
1.049 cts.
661.53
Account for
Income
Cos.,
Consolidated) and
Affiliated Companies.]
m
S
43,782,840
14,756,848
^
Lines (Southern
[Southern Pacific
1.561 cts.
48,730,309
16,363,946
1.103 cts.
662.35
45,233,295
15,393,288
1.079 cts.
699.00
freight..
all frt.
Tons carr. 1 m.,
Av. p. ton p. m.
1.560 cts.
42,059,616
13,710,892
Freight Traffic—
1938. The deficits
California Rail¬
13,120
9,181,636
1,471,887
1.577 cts.
Av. rec. p. pass. p.
Tons carr. rev.
(Southern Pacific Rail Lines)
1936
1937
1938
9,662,197
1,622,877
carried,
1 mile.
mile.
Rail pass. carr.
x
1940
23,
13,069
miles of road—
Passenger Traffic—
Average
Transportation System.
Pacific Electric Railway, which is solely controlled
company
stock ownership, operates electric railways and motor bus routes in Los
Angeles and vicinity and in the counties of Orange,
Bernardino, Calif.
For 1939, Pacific Electric had a net deficit of $2,918,734, compared with a net deficit of $3,248,384 for
for both years include $1,288,600 of interest accrued on bonds of the
Pacific Electric owned by company.
As a result of extensive study of its
affairs, and following an engineering survey made by the
road Commission, plans have been approved and are in progress of being
carried out for abandonment of certain unprobitable rail lines, the sub¬
stitution of motor coach service for electric car service on a number of
routes, and the modernization and replacement of older equipment.
expected the economies thus made possible and the improved service
equipment provided its patrons will effect a substantial improvement
net
results and more than justify the capital expenditures.
March
Chronicle
Commercial & Financial
filiated cos
10,837,179
18,000,000
Non-negot.dt.to affil.cos.
Loans and bills payable. .
Accts. and wages payable
Interest matured unpaid.
15,941,658
329,482
4,338,306
5,798,929
1,677,809
1,024,373
Interest payable Jan. 1__
Unmatured int. accrued.
Other current liabilities..
Deferred liabilities
x
Accrued depreciation
17,462,599
67,826,364
9,767,596
300,393,595
Other Unadjusted credits.
y
ConSol. adjustment
Appropriated surplus
Profit and loss—balance.
585,718
....
18,271,645
429,648
4,495,145
5,841,778
1,195,656
556,127
the note Of St.
RFC in the
Total
x
of
1,546,605,848 1,855,149,550
Now set forth on asset
side as deduction
intercompany liabilities over assets
1,852,473,635 1,856,119,613
b). y Excess
from total investment (see
eliminated.
Yohunt
The Commercial & Financial Chronicle
ISO
Reserve for decline In investment securities and advances,
b On road equip¬
ment and miscellaneous physical property,
c On leased property and investment
1951
a
n
Studebaker
property subject to revision.
Corp.—Annual Report—
During 1939, corporation sold 114,196 passenger and commercial cars,
net sales, including parts, accessories and sundries, amounted to
and
Earnings of the Transportation System
Period End. Feb. 29—
1940—Month—1939
1940—2 Mos.—1939
Railway operating revs.$16,303,629 $14,197,745 $33,807,048 $29,964,258
Railway operating exp__ 12,892,171
11,705,887
26,505.575
24,309,395
Net
rev.
$3,411,459
1,508,462
$2,491,858
1,452,245
$7,301,473
873,025
91,569
694,675
84,046
1,731,038
140,324
$5,654,863
2,955,964
1,401,485
100,672
$938,403
$260,892
$2,383,729
$1,196,742
„
Net ry. oper. income.
-V. 150, p. 1788.
Southern Ry.—Not Liable
Court Rules—
3,046,382
for M. & 0. Debt to R. C. C
The company is in no way liable for the Mobile & Ohio RR.'s debt to the
Railroad Credit Corp., according to a recent ruling of the Fifth Circuit
Court of Appeals.
The Circuit Court's ruling reversed a previous decision
by the Alabama District Court that the RCC loan to M. & O. totaling
$712,683 plus interest, should be satisfied
the
Southern from
Southern
sale
of
M.
&
O.
in full from proceeds received
general mortgage bonds which
now owns.
The sale of the Southern's holdings of $7,839,500 of M.
&
O. general
mortgage bonds to the Gulf Mobile & Northern for $7,295,000 is an integral
part of the plan for consolidating the G. M. & N. and M. & O. This plan
has been approved by the Interstate Commerce Commission.
The RCC loap to M. & O. only partially secured by miscellaneous
securities, RCC contended, was made on the strength of promises by the
Southern to extend all aid possible to the M. & O. By reason of the South¬
ern's control of M. & O. and other special facts and circumstances, RCC
claimed it was entitled to have the loan repaid in full.
This contention
was upheld by the District Court.
Reversing the District Court, the Circuit Court asserted that the RCC
claim was "wholly wanting in equity" and that the decree "was wrong."
—2d Week
of March—
1940
(est.)... $2,584,993
1788.
150, p.
—Jan. 1 to March 14—
-1939
Gross earnings
—V.
1940
$2,452,030 $27,499,121
1939
$25,190,643
1939
Net profit
1938
$1,038,491
139
1937
$403,799
$1,062,773
$982,022
passenger
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended March 16, 1940, totaled
122,196,055 kilowatt-hours, an increase of 12.9% compared with the cor¬
responding week last year.—V. 150,
p.
1788, 1615, 1457, 1296, 1147.
Standard Steel Spring Co.—50-Cent Dividend—
Directors have declared
an extra dividend of 30 cents per share on the
stock, par $20, payable May 25 to holders of record May 18, and
dividend of 20 cents payable June 15 to holders of record June 5.
Divi¬
dend of 30 cents
was
paid
on
March 15, last, and
a
stock dividend of H %
and quarterly cash dividend of 20 cents was paid on
Dec. 15,
after the exercise of such
option, or, in the event of the voluntary
tion by him of his employment
termina¬
prior to said date, within 30 days after such
termination.
On Dec. 27, 1939, Messrs. Hoffman and Vance each exercised
his option and purchased 25,000 shares of common stock on such terms and
conditions; it being agreed that pending payment and issue of certificates
for such shares, the purchaser shall not oe entitled to vote or to receive
dividends thereon.
The approximate market quotation for the shares at
the time of exercise of the
options was $9 per share.
Corporation has not
treated the options or such exercise of the
options as additional compensa¬
tion to Messrs. Hoffman and Vance.
Studebaker sales of passenger cars and trucks in recent years were
follows:
114,196 1935
52,605 1933
91,475 1933.
31,999 1932
1938
1937
1936
Deprec. on prop., plant
and equipment
Int. at
stock, payable March 30 to holders of record March 15.
This compares
with a year-end dividends of $1.50 paid on Dec. 15, last; 40 cents paid on
Sept. 30 and on June 30 last; dividends of 25 cents paid in each of the three
preceding quarters, and regular quarterly dividends of 40 cents per share
previously distributed.
In addition an extra dividend of $1 was paid on
Dec. 15, 1937.—V. 149, p. 3572.
923,741
389,442
112,537
or
disc,
on
406,355
117,427
y86,989
575,000
$2,923,251 b$l,762,465
2,224,792
2,212,792
$1.31
Nil
$811,874
2,199,371
$0.37
$2,187,783
22,171,643
$1.01
profit taxes
620,500
Net profit for periodShs.
com.
Earnings
stk. (par
$1)__
share
per
After deducting manufacturing cost, including amortization of
x
1939
1938
$
%
a
6,097,794
546,462
Accts. and notes
Other curr. assets.
Nor-curr.
&
437,574
6,534,266
268,472
226,301
657,407
767,734
sinking fund.
46
46
Trade name, good
will & patent rts.
1
1
as
Balance,
Miscellaneous income
$3,506,656
3,751,072
$7,200,884
4,056,035
Total
$6,891,865
3,489,832
$3,144,849
$3,402,033
37,779
—
Total
profit
$743,893 loss$244,416
Surtax
on
Interest
124,715
$3,144,849
793,965
398,811
86,068
17,198
undist. prolits
$3,439,812
750,820
Exp. of no n-o per. prop..
Adj. of prior year's taxes
Loss on sale of capital
assets
(net)..
17,548
141,730
36,447,091 30,220,505
Sullivan
Net profit for year
$553,224 loss$294,323
x21,832
$1,844,176
$2,113,234
1,241,847
1.241,847
310.462
Surplus
stock (par $5).
Earnings per share.
$242,762 def$294,323
1,243,063
1,241,847
$0.45
loss$0.24
Shs. cap.
$602,329
1,241,847
$1.48
$871,387
1,241,847
$1.70
x After deducting reserve of $67,000.
y The total provision for depre¬
amounted to $1,007,871 for 1939 (for 1938 $974,513), of which
$519,697 (1938, $536,661) represents depreciation of buildings, machinery
and equipment (including non-operating propeity); the balance, $488,174
(1938, $437,853) represents amortization of jigs, dies and tools on a short-
ciation
life basis.
1939
S
Liabilities—
Accounts payable.
on
a
&
1,222,279
3,675,187
5,325,062
572,077
receivable
Inventories
Non-current
p.
77,353
516,370
834,419
chln'y & equip._ 6,725,356
6,792,318
ma-
1
168,332
160,167
$1,637,567
706,958
$557,020 loss$672,588
268,814
146,358
$930,609
$825,834 loss$526,230
7,659
4,325
35,320
11,819
138,793
$1,317,675
$644,062 loss$542,374
$0.80
Nil
$1,033,737
$1.29
Eng., sell. &
goodwill, &c
Other income
Total income
Interest.
Miscellaneous expenses & charges
Federal income taxes
Net profit
Earns, per share on capital stock
387,066
7,308
101,805
174,825
$164,716 in 1939 and $199,008 in 1938.—V. 149, p. 3422.
(G.)
Tamblyn,
reserves
1,183,574
el80,000
6,502,910
Capital stock
Capital surplus.__ 5,451,951
Surplus (earned).. 3.097,512
1,085,032
e240,000
Ltd.—Earnings—
1939
$122,753
$0.97
share
3278.
1938
$127,097
$1.00
the
6,502,910
per
amounts
Other
c
5,447,834
2,854,750
149, P.
Telautograph Corp.—5-Cent Dividend—
Directors have declared
an
interim dividend of five cents per share on
capital stock, payable May 1 to holders of record April 15.
Similar
were paid on Feb.
1, last, and on Dec. 15, and Aug. 1, 1939;
dividends of 10 cents were paid on May 1 and Feb. 1, 1939, and on Dec.
15 and Aug. 1, 1938, and previously regular quarterly dividend of 15
cents per share were distributed.—V. 150, p. 1617.
Tampa
After
$6,857,129
5,059,395
After $167,848 charged to reserve for reduction of plant values in 1940,
—V.
of $367,730
Total
18,464,655 17,812,335
in 1939.
b After
depreciation of $8,031,610 in 1938 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,
e In¬
cludes $60,000 current.—V. 149, p. 4186.
a
562,985
gen. expense.
Profit.
2,443,510
1
17,812.335
1938
loss$97,206
575,382
85,000
Treasury stock.. dDr287,595 Dr293,675
18,464,655
1939
$1,120,005
110,000
Pur. money oblig.
Pats., trade-marks,
Total
1940
Depreciation
796,436
loss on royalty &
not
Corp.—Earnings—
$2,514,636
958,261
Res've for possible
577,991
430,297
ceivables, &c...
1938
3278.
Earnings
pat. claims, &c.
used in operation
b L'd, bldgs.,
149,
1939
$69,807 loss$659,047
$0.37
Nil
$5,254,517
3,960,932
173,580
1,094,048
wages,
5,470,842
re¬
Land & bldgs.
"
Symington-Gould
$
1,268,042
36,447,091 30,220,505
Total
share..
alties accrued
2,837,132
50,000
17,156,655 16,843,355
2,184,821 def738,430
surplus
Years Ended Dec. 31—
Net profit after all charges
Comm'ns,
accts.
Deferred charges..
per common
taxes, int. & roy¬
1,220,305
hand
Notes
1938
%
1938
$
Cash in banks and
548,226
2,212,792
un¬
Machinery Co. (& Subs.)- -Eamingsr
Years End. Jan. 31—
Net shipments
x
Consolidated Balance Sheet Dec. 31
1939
Assets—
—V.
x
Dividends
548,226
2,224,792
Subscribed but
Calendar Years—
Production cost
11,046
pay.
provi¬
sions of indent..
Profit
38,335
CV28.185
48,406
6%
Net profit after charges and taxes.
434,028
il"513
charges
int.,
by
360,146
6,490,646
llabils.
conv.
debs
Accrd.
389,728
6,490,646
curr.
10-yr.
9,873
After reserve.—V. 150, p. 1457.
Earnings
Prov. for depr. & obsol..
Fed. & Can. inc.tax,&c_
184,393
.
Com. stk. (par $1)
1936
$732,499 def$244,416
11,394
profit
202,073
on
issued..
a
Sell., adm. & gen. exp__
Other
Earned
_
$4,547,505
3,815,006
deps.
Capital surplus
Sales, less returns, &c.._$25,825,829 $22,561,450 $30,960,718 $27,074,509
21,278,324
19,054,794
23,759.834
20,182,644
Gross profit—
147,850
on
leased props, not
used in opers—
defd.
trustee
Report—
Consolidated Income Account for Calendar Years
1939
1938
1937
Cost of sales
with
Res. for net loss
sales contracts.
565,513
183,641
plant &
equipment
14,479,238 15,426,686
Dep.
768,350
expenses.
Res. for Federal in¬
Dealer's
less
Deferred charges..
Accrued
*
2,996,261
1,165,394
come taxes
Invests.
receiv.,
$
4,434,948
1,996,853
Aocts. pay., trade.
receivable, trade
862,485
Inventories, at cost 7,065,319
1938
1939
Liabilities—
hand and
on
on deposit
11,341,221
Sight drafts outstg. 1,207,388
Jan.
Stewart-Warner Corp.—Annual
special
tools, dies, &c., and selling and general expenses,
y Provision for Federal
income taxes only,
a Includes $10,726 interest income, less other interest
expense,
b Loss.
Consolidated Balance Sheet Dec. 31.
Property,
2 and April 2, in 1943, with the final maturity $275,000 on July 2,
1943.—V. 150, p. 1789.
763,611
409,391
118,303
808,464
395,880
114,398
debs.
res.for losses...
Sterling Products (Inc.)—Notes Issued—
The company has issued $2,150,000 of 2% notes in part payment for
Cummer Products Co. recently acquired.
The notes mature serially in
lots of $187,500 each on Jan. 2, April 2, July 2 and Oct. 2 in 1941 and 1942,
1936
$68,928,724
4,054,088
846.900
6% p. a. of debts.
Assets—
dividend of 40 cents per share on the common
1929
Prov. for Fed. inc., exc.
profits and undistrib.
Cash
a
48,287
47,733
as
53,885
60,559
97,529
Years End. Dec. 31—
1939
1938
1937
Net sales, domes. & for.$81,719,106
$43,768,621 $70,683,261
x Net profit from
sales.. a4,969,472 loss405.287
2,231,110
1939.—V.
Stanley Works—40-Cent Dividend—
54,64911931
.51,682 1930
Consolidated Income Account
149, p. 4186.
Directors have declared
which, with
Eurchased, provided that upon the such shares either of such options the
older agreed to make payment for exercise of not later than three
years
Standard Wholesale Phosphate & Acid Works—Divs.
common
cars
accounting during the year, which were not required to be used.
By the terms of the indenture covering the issue of the corporation's 6%
debentures, due Jan. 1, 1945, 20% of the net profits for the year of 1939 are
required to be paid to the trustee as a sinking fund for the purchase or
redemption of the debentures, and accordingly on April 1, 1940, $584,650
will be deposited with the trustee for this
purpose.
As previously reported,
corporation granted to Messrs. Hoffman and
Vance, pursuant to option agreements dated March 1, 1938, options to
purchase, on or before Dec. 31, 1939, 25,000 shares each of the common
stock at $5.73 per share, which was the
approximate market quotation
for shares of stock at the time the
options were authorized.
On Dec. 19,
1939, directors modified such option agreements to permit the purchase of
shares thereunder without contemporaneous
payment for the shares so
Ajnort.
Directors have declared a dividend of 50 cents per share on the common
stock, payable April 5 to holders of record April 1. Like amount was paid
on Dec. 27, Oct. 5 and on June 1, last, and compares with 40 cents paid on
Dec. 30, 1938; 75 cents paid on Dec. 27, 1937, and an initial dividend of
50 cents per share paid on Nov. 26, 1937.—V. 149, p. 4042.
and commercial
parts, accessorites, &c., accounted for about 34% of the year's total sales.
Another important factor was that the regular annual inventory, taken at
Dec. 31, resulted in a substantial recovery from reserves set up in cost
After all charges including Federal income taxes.—V. 150, p. 1456.
x
a
$1,762,465.'
was
A large proportion of the net profits for the year was accrued in the last
quarter.
This was due primarily to the fact that during the last quarter
the corporation sold 36,942
1939
Square D Co.—Earnings—
Calendar Years—
x
net profit for the year of 1939 was
solidated net loss
from ryoper.
Railway tax accruals
Equipment rents (net)..
Jioint facility rents (net)
by
$81,719,106.
In the preceding year, 52,605 passenger and commercial
were sold, and net sales amounted to
$43,768,620.
The consolidated
$2,923,251, equivalent to $1.31 per share
on the shares
outstanding at the end of the year.
For the year 1938, con¬
cars
reserves
in
1938 and $388,813
Electric Co.—Earnings-
Period End. Feb. 29—
Operating revenues
Gross income after retire¬
ment
Net
accruals
income
—V. 150, p. 1617.
1940—Month—1939
1940—12 Mos.—1939
$432,054
$400,113
$4,758,123
$4,483,159
146,592
145,962
152.934
1,499,578
1,492.576
1,498,756
1,491.002
152,340
The Commercial
1952
Corp.—Annual Report for 1939—The income ac¬
sheet for 1939 are published in the adver¬
tising pages of this issue. T. Rieber, Chairman, and W. S. S.
Rodgers, President, state:
Financing—In April, 1939, corporation sold an Issue of 540,000,000 3%
debentures, due April 1, 1959. at a price to the public of 101,
The net
proceeds from the sale of this issue were added to treasury cash.
Producing—Production for the year 1939 was the greatest in the history
of the corporation.
Gross crude oil production aggregated 74,953,771
barrels as compared with 58,519,827 barrels in 1938; net production for
these years being 63,428,472 barrels and 48,159.992 barrels, respectively.
The increase in production was to a great extent due to Illinois.
As
there is no conservation law in that State the corporation has adopted a
higher rate of amortization of intangible costs on producing wells in that
State than that in effect on wells in other States.
The corporation, together
with many other units in the industry, has actively advocated a sound
Texas
count and balance
oil producing States.
successful during the year in the search for crude oil
reserves, and despite the record production in 1939, reserves were greater on
December 31, 1939, than at the close of any previous year.
Producing and prospective acreage held December 31, 1939, was:
Fee and
conservation law in
Subsidiaries were
Leased
(Acres)
week'
motorist
used
for
neighbor¬
automotive
taxes.
807,519
516,000
6,520,555
686,598
7,328,074
1,202,598
1,323,519
7,207,153
8,530,672
held by
Soconyand
countries
Total
-
foregoing figures do not include production and acreage
companies operating in South America and jointly controlled with
Vacuum Oil Co.. Inc., or by companies operating in the Far East
The
Jointly controlled with
Standard Oil Co. of California.
Lines—During the year 1939, pipe line subsidiaries deliveries 128,779,107 barrels of crude oil as compared with 104,308,641 barrels in 1938.
At the close of 1939, the total pipe line mileage, including trunk and gather¬
ing lines for the transportation of crude oil, aggregated 7,562 miles com¬
pared with 7,379 miles at the close of 1938.
f
,
The foregoing excludes data on affiliated pipe line companies in which
the corporation has an ownership of 50% or less.
To provide for the increased production in Illinois, it became necessary
during the year for a pipe line subsidiary to increase its daily capacity in
that State from 40,000 barrels to 82,000 barrels.
In addition. The TexasEmpire Pipe Line Co., 50% owned by the corporation, built a line from
Salem, 111., to Heyworth, ill., a distance of 124 miles, which further in¬
creased the daily pipe line capacity from the Salem field to the Chicago area.
In 1939, the system of Texas-New Mexico Pipe Line Co., 55% con¬
trolled by the corporation, was extended into new areas in New Mexico by
the construction of approximately 168 miles of new trunk and gathering
Pipe
pipe line.
Manufacturing—Crude oil run to stills in the United States during 1939
100.007,427 barrels as compared with 94,714,578 barrels in
The 1939 crude oil throughput and gasoline production were the
largest in the Corporation's history.
Manufacturing facilities and equipment were maintained at a high
standard of operating efficiency.
Bahrein Petroleum Co., Ltd.—Company 50% owned, estimates that the
consolidated net profit of it and its subsidiaries for the year 1939, after
taxes and all other charges, will total approximately 86,600,000.
The
equity of the corporation in these estimated earnings, amounting to $3,300,000, has not been reflected in the financial statements.
McColl-Frontenac Oil Co., Ltd.—During 1939, The Texas Co. of Canada,
Ltd., a marketing subsidiary operating principally in the Provinces of
Alberta and Saskatchewan, Canada, entered into a contract under which
it became obligated on Feb. 1, 1940, to sell its assets (except cash) to
McColl-Frontenac Oil Co., Ltd., and receive stock in that company in
part payment therefor.
South American Gulf Oil Co.—Columbian Petroleum Co.—The 263 mile
pipe line of the South American Gulf Oil Co. (50% owned by the corpora¬
tion) from the Petrolea field in the Barco concession in Colombia, South
America, to the port of Covenas on the Caribbean Sea was completed in
Oct., 1939 and actual shipments to world markets were begun in Nov.,
1939.
At the close of the year production from the Petrolea field was
approximately 18,000 barrels per day.
Colombian Petroleum Co. (Barco Concession)—In Nov., 1937, the corpora¬
tion and Socony-Vacuum Oil Cd., Inc., each of which owns 49.885% of
the stock of Colombian Petroleum Co., jointly and severally endorsed and
guaranteed certain notes issued by Colombian Petroleum Co. aggregating
815,000,000 and bearing interest at the rate of 3% per annum, payable
in varying amounts from 1943 to 1947.
In 1939, agreements were entered
into with the holders of these notes whereby the interest rate thereon was
reduced from 3 % to 1H % per annum and provision has been made for the
maturity of all of the said notes in 1944.
California Arabian Standard Oil Co.
During the latter part of 1938,
California Arabian Standard Oil Co., which is 50% controlled by the
corporation, began to produce approximately 5,000 barrels or crude oil
per day from its Arabian concession.
Substantial progress has since been
made in the further development of this concession and in Dec., 1939 the
daily production therefrom was approximately 14,000 barrels.
In 1939, a pipe line, 43 miles in length, was completed between the
Damman field and Ras Tanura on the Persian Gulf, at which port a terminal
was constructed to provide loading facilities for sea-going vessels.
Part of the crude oil produced by California Arabian Standard Oil Co.
was sold to The Bahrein Petroleum Co., Ltd., and the balance was sold
aggregated
Calendar Years
1938
1937
$
$
Consolidated Income Account for
1939
$
Miscellaneous income
Gross oper.
1936
$
*
342,4*72,467 370.6*72,259 332,840,354
359,065,600
6,246,419
Net sales
4,627,543
5,566,048
6,449,581
376,238,307 337,467,897
income-.365,312,019 348,922,047
Costs, oper., selling and
(excl. of de¬
preciation & depiet.).277,899,106
;
13,561,183
gen. exps.
279,300,619 276,202,522 259,144.982
of drilling
Amort,
9,382,967
11,819,214
13,484,654
Taxes
x
costs
producing wells and
exp.
incurred on dry
on
1 10,106,236
6,514,899
5,313,218
4,310,968
*63,745,494
49,621,875
82,903,353
64,628,981
8.293,040
9,620,428
10,293,185
8,927,227
72,038,534
59,242,303
93,196,538
73,556,207
3,089,496
517,287
2,208,815
475,206
2,208,767
Deprec. & other amortiz.
Depiet. & leases forfeited
26,307,665
5,132,915
24,946,308
4,839,384
Prov. for Fed. inc. tax._
2,685,000
2,710,000
23,687,319
4,217,860
6,275,000
3,066,533
y867,534
23,588,391
4,129,385
3,100,000
825,000
380,000
34,306,172
1,419,365
24,062,590
55,395,447
923,559
821,128
38,424,364
164,023
32,886,807
21,752,278
10,876,139
23,139,030
21,750,322
10,876,882
54,574,319
26,419,972
10,875,006
$5.02
holes..
(Acres)
United States
In foreign
thr
Total
(Acres)
1940
23,
Studies by the Federal Government indicate that more than one-half
automobile owners in the United States have incomes of less than $30 per
week.
Since the average gasoline tax burden amounts to about $36 pe
vehicle annually, the typical motorist each year must work one whole
or more, just to pay the gasoline tax.
More than one-half of these
taxpayers have never owned a new car, they depend upon
cars
their transportation, and the average value of such cars is in the
hood of $150; these motorists drive the equivalent of six weeks a year,
and work a week and a half to pay their gasoline and other
Illinois as in other
Mineral Fee
In the
March
& Financial Chronicle
Balance
(net)-
Non-oper. income
Bal. before int. .deprec.
depletion
and
and
Fed'l income taxes.
Int. & amort, of disct. &
exp. on
funded & long-
term debt
Other interest charges..
ProvisionTor Federal un¬
distributed profits tax
—1--
Net profit for year..
Profit applic. to
min. int.
Net profit carried to
earned surplus acctDividends
paid
stk. (par $25)Earnings per share.-..Shs. cap.
$2.13
$3.02
Federal
gasoline and
State
addition,
In
x
587,145
excise
taxes
38,260,341
14,005,111
9,336.739
$4.10
were
paid
(or
accrued) to taxing authorities in the amount of $93,533,242 in 1939, $88,162,358 in 1938, $85,990,195 in 1937 and $77,595,419 in 1936.
y Including
$465,625 on serial notes payable to banks.
Consolidated Balance Sheet Dec. 31
1938.
1939
Tot. fix
Cash
3,482,672
2,317,756
Investments
e
(par
271,903,475 271,922,050
liabilities 18,316,915
16,150,857
Prov. for Fed'l
6,353,943
6,047,242
5,427,783
33,715,270 Divs. payable..
93,039,240 Funded & longterm debt
102,521,409
90,350,220
25,991,466
7,021,122 Reserves
1,664,652 Cap. and surplus
5,422,280
income taxes.
38,184,555
106,577,814
Merchandise...
78,208,987
Mat'ls & suppl's
6,790,206
1,504,164
d Pats, at cost..
7,161,274
operations.
7,460,347
62,869,727
27,740,907
•<
6,956,489
6,091,834
6,007,828
payable.. 16,129,258
5,262,700
13,976,467
of minor int..
Deferred charges
to
Cap. stk.
$25)
d Notes & accts.
receivable—
$
Liabilities—
c
Accr'd
Long-term
rec.
misc.inv., &c.
1938
$
1938
1939
$
$
asaets.354,847,255 339,074,007
65,475,023
29,553,114
A.ssct$mm~
a
Notes payable..
Accts.
surplus
Earned
(unapprop'd). 130,133,899
credits
1,422,408
118,999,370
963,699
Deferred
Capital
surplus
661,067,033 605,360,644
Total
After depreciation,
a
69,913,512
69,902,160
(paid-in)
661.067.033 605,360,644
Total
depletion and amortization reserves of $315,642,960
1938.
c After deducting 510,114 (509.371 in
in 1939 and $296,773,865 in
1938) shares held in treasury at
reserves,
e
$12,752,850 ($12,734,295 in 1938).
d After
taxes.—V. 150, p. 137.
Includes undistributed profits
(& Subs.)—Earnings—
1937
1936
$3,957,975 $3,320,897
2,306,799
2,412,756
2,198,036
Texas Pacific Coal & Oil Co.
1938
1939
Calendar Years—
$3,799,580
Gross earnings
2,228,019
Operating expenses
$4,049,381
$1,122,861
$1,571,561
_
$1,742,582
$1,545,219
29,486
Operating profits
32,995
34,050
27,607
$1,579,269
105,566
$1,150,469
Other income
-
$1,601,047
$1,775,577 ■
114,008
675
103,072
2,750
605,987
90,850
3,990
413,298
625,295
1,408
488,992
354,904
$1,035,599
354,877
$983,303
354,838
$642,329
221,722
$534,334
888,236
$1.00
Depreciation, &c.
$680,722
888,236
$1.16
$628,465
888,236
$1.11
$420,608
$889,238
.
Dividends paid.
,
to others.
The consolidated net
profit, after taxes and all other charges
Arabian Standard Oil Co. for the year
of California
1939 is estimated to be 8680,000.
the corporation in these estimated earnings, amounting to
$340,C00, has not been reflected in the financial statements.
Arabian and Dutch East Indies Concessions—European Marketing Sub¬
sidiaries—In 1936, in connection with the acquisition by the corporation of
control of 50% of the capital stock of two companies (California Arabian
Standard Oil Co. and N. V. Nederlandsche Pacific Petroleum Maatschappij)
the corporation became obligated to pay Far Eastern Petroleum Co., Ltd.
(in addition to other amounts which have been fully paid) a sum not ex¬
ceeding $18,000,000 in quarterly instalments, the amount of each instalment
to be based on the amount of oil and other products if, when, and as pro¬
duced from certain Arabian and Dutch New Guinea concessions.
The
production of crude oil was begun on the Arabian concession in 1938 and
the corporation has accordingly made payments (on the basis of 25c. a
barrel for crude oil produced from that concession (aggregating $1,090,054 on this obligation, leaving a balance as of Dec. 31,1939, of $16,909,945.
As a part of the transaction in 1936 the corporation gave Far Eastern
Petroleum Co., Ltd. an option until July 1, 1939, to acquire one-half of
the interest of the corporation and its subsidiaries, as stockholder, creditor,
or
otherwise, in subsidiaries of the corporation operating in European
countries and in certain foreign consignment agencies, which option, if
exercised, would have cancelled the corporation's said obligation to pay
This option was not exercised and expired on July 1, 1939.
$18,000,000.
Taxation—Total taxes paid and accrued by the corporation in 1939
aggregated $109,779,425, compared with $104,357,012 in 1938.
$93,533,241 of this first mentioned amount represented the State and Federal sales
tax on gasoline and lubricants.
The 1939 taxes were 4J^ times the taxes
of $22,806,211 for 1926 (the year used by the Government as the normal
pre-depression year).
On February 25, 1940, the American gasoline tax was 21 years old.
Since this tax was inaugurated, the petroleum industry and the consumers
of petroleum products have made payments thereunder aggregating $9,000,000,000.
During 1939, $1,335,000,000 in taxes were levied upon the
petroleum industry and its products, which was approximately $100,000,000
in excess of the total value of all crude oil produced in the United States
during the year.
For the first year in history, gasoline taxes alone ac¬
counted for more than $1,000,000,000, being at the rate of approximately
5.44c. per gallon of gasoline.
Collections by the State governments are
estimated at $815,000,000, and the duplicating Federal gasoline tax (adopted
as a temporary emergency tax in 1932 and still continued) added another
$215,000,000; both record figures.
In virtually every State today, the annual receipts from this single source
(the gasoline tax) exceed the total of all State taxes collected prior to the
World War.
The average State depends upon the gasoline tax for nearly
30% of its total tax revenue.
Petroleum again accounted for more than
10% of all taxes collected by the Federal, State and local goyernments.
The eouity of
Balance, surplus
Shs.com.outst.(par $10)
Earns.persh.oncap.stk.
888,236
$0.72
Consolidated Balance Sheet Dec. 31
Total
5,274
406,711
Investments
Cash
554,609
316,388
a
p.
339,941
280,861
171,796
Accounts payable.
187,739
149,678
Accrued taxes
158,131
20,071
110,698
_
Deferred
4,119
15,505
4,459
2,374,989
2,005,655
credits.
199,390
347,945
(less reserve)
Inventories
11,627,410 11,168,3571
Total
8,882,361
Accrd. sal. & wages
Notes & accts. rec.
Deferred charges.
8,882,361
9,788,089 Capital stock
5,465
$
$
Liabilities—
$
$
properties. 10,379,294
1938
1939
1938
1939
Assets—
a
After reserves for depletion,
Surplus
11,627,410 11,168,357
Total
depreciation and amortization.—V. 149,
2707.
Timken Roller-Bearing
Co.—Earnings—
Consolidated Income Account
1939
Mfg. prof. inc. deprec
$12,523,621
Selling, admin. & gen¬
eral, &c., exps., incl.
depreciation
3,854,757
$8,668,863
Operating profit
383,329
Other income
Other deductions
cap.
$1,427,903 $10,837,366
2,411,380
12,056,900
assets sold
60,840
scrapped
Net
3,304,309
$1,766,863 $12,913,133 $10,969,777
268,125
1,917,500
1,625,000
70,836
97,427
72,962
14,689
Idle plant expenses
on
3,734,934
$7,287,911
Federal taxes
or
3,192,575
$1,229,411 $12,428,805 $10,484,443
537,453
484,329
485,334
$9,052,193
1,504,339
259,943
Total income
Loss
for Calendar Years
1938
1937
1936
$4,421,985 $16,163,738 $13,788,752
profit
6,032,950
Dividends
Surplus
capital stock outstanding (no par)
$9,257,127
9,042,675
$1,254,961 def$983,477df$l,219,534
$214,452
2,411,380
$4.49
2,411,380
$3.84
Shs.
'
Earnings per share
Note—Provision
$1,791,357.
for
2,413,380
$3.02
depreciation
2,411,380
$0.59
for
the
year
1939
amounted
to
Volume
The Commercial & Financial Chronicle
150
Consolidated Balance Sheet Dec. 31
1939
1938
$
$
Assets—
Cash
6,860,567
Securities owned
y
2,964,851
8,170,635
2,366,496
11,413,030
Other assets
1,056,194
1,185,950
Deferred charges._
293,889
282,794
Prov.
3,575,103
Inventories
for
$
$
Vapital stock
,073,500
6,000,000
,467,670
1,527,233
,485,000
194,089
Accounts payable.
6,351,191
__
Receivables
1938
1939
Liabilities—
xlProperty accountl5,991,887 17,038,821
276,510
Federal,
income
taxes
.
.
Accrd. taxes, Ac_.
Reserve
for
180,840
con¬
tingencies..
1,712,119
1,712.119
Surplus
Total
x
34,980,836 33,725,875
Total
46,913,214 43,422.577
46,913,214 43,422,577
After depreciation
amounting to $23,464,336 in 1939 and $22,100,439
in 1938.
y Represented by 2,413,380 02,411,380 in 1938) no par shares.
—V. 150, p. 1007.
(John R.) Thompson Co. (& Subs.)—Earnings—
Calendar Years—
x
1939
Net loss
x
1938
$238,904
After all charges.—V.
opposing the arranagement proceedings, Mr. Brady said that the plan
was sponsored
by the "management for the benefit of the management"
and that corporate assets were
being used at the rate of $26,000 monthly
for operating expenses.
The court directed Joseph Hartfiled, of counsel for the
debtor, to submit
an order for the
appointment of a special master.
Cndn. and State
12,784,404
1937
$243,076
1936
$190,038prof$186,723
149, p. 2383.
Tide Wa^er Associated Oil Co.
(& Subs.)—Earnings—
1939
1938
$
$
Years Ended Dec. 31—
Sales of petroleum products, together with revenue
from other operations (exclusive of inter-com¬
pany transactions) (net)
Cost of products sold and selling expenses
i._131,960,505 137,383,719
98,136,725 101,652,143
963,214
881,698
15,891,469
15,748,468
3,302,797
3,200,783
4,529,564
4,765,896
....
Insurance
Provisions for depreciation, depletion, &c
General and administrative expenses
Taxes, other than Federal income taxes
Operating income
Non-operating income
1953
In
9,136,736
1,569,596
11,134,731
1,507,844
10,706,332
270,000
12,642,575
1,622,902
592,400
8,958,971
1,016,916
10,427,273
370,422
Delisting Hearing—
The Committee
a
Stock List of the New York Stock Exchange will hold
on
hearing April 4,
to consider the
plication be submitted
the
stock
common
Exchange.—V. 150,
advisability of recommending that ap¬
Exchange Commission to strike
from listing and registration on the
to the Securities and
of the
company
1299.
p.
<
Union Carbide & Carbon Corp.—Annual
Report—The
income account and balance sheet as of Dec. 31,
1939, will
be found in the
advertising pages of today's issue.
Corporation reports for 1939, after provision for taxes, depreciation,
depletion and fixed charges, a net income of $35,847,399, equal to $3.86
per share on 9,277,788 shares of capital stock
outstanding.
This compares
with net income of
$25,173,412, equal to $2.77 per share on stock out¬
standing at the close of i938.
The stock outstanding includes 187,500 shares issued on Nov.
21, 1939,
acquire the assets of Bakelite Corp., although earnings of Bakelite Corp.
prior to Nov. 21, 1939, are not included in net income.
Excluding these
shares, net income was more than $3.93 per share.
to
Inventories, including approximately $2,500,000 acquired from Bakelite
Corp., were $55,493,374 as compared with $58,283,099 at the end of 1938.
Inventories of finished goods were reduced
substantially due to the increased
activity in general business during the latter part of the year.
Approximately $8,500,000 was expended during the year for construction
and other capital
purposes, exclusive of the acquisition of the assets of Bake¬
lite
Corp.
It is anticipated that it will probably be necessary to spend a
larger amount in 1940 to provide additional facilities to take care of the
increased demand for oxygen,
alloys, organic chemicals, carbons and other
products.
Uses for the corporation's synthetic
organic chemicals continued to expand
in recent years many new
compounds have been made available to
and
Total income
Interest and amortization of debenture expenses..
1,477,361
Provision for est. Fed. income taxes for coining year
Net income from operations for the year
Other credits (net)
Net profit added to surplus
Surplus at beginning of the year
9,975,887
10,797,695
30,462,068
28,285,935
40.437,955
2,250,000
5,093,308
39,083,631)
_
Total
surplus
Dividends on preferred stock
2,250,000
6,371,562
Surplus at end of the year
33,094,647
30,462,068
Earnings per share on common stock
$1.05
$1.28
Note—Above statement does not include the amounts of $28,312,965
and $28,085,323 collected during 1939 and 1938,
respectively, for Federal,
State and municipal governments in the form of taxes on sales of
gasoline,
lubricating oils and other products.
Operations for Year Ended, Dec. 31—The major operations of the
company
involve the production and purchase of crude oil; the transportation of such
crude oil to marine terminals and refineries; the manufacture of
gasoline,
lubricating oils, fuel oils and other products; and the marketing of such
products through bulk plants, service stations and resellers.
These opera¬
tions for the years 1939 and 1938 are reflected in the following statistics:
Dividends
on common
stock
Barrels of 42 Gallons Each—
1939
1938
products transported
20,560,288
34,784,503
92,181,070
Refinery data—Crude oil processed
40,821,557
20,768,096
40,382,412
87,765,481
42,656,656
17,399,542
1,294,554
23,962,560
61,544,321
Crude oil production (net)
Crude oil purchases
Crude oil and
Production of gasoline
Production of lubricating
17,048,218
1,460,777
22,312,562
60,970,334
oils
Production of fuel oil and other products
Sales volume of crude oil and products
December 31—
Producing and undeveloped lands (acres)..
Bulk plants owned and leased
1,079,812
323
Payroll for the
1,118,406
308
1,374
10,679
1,383
10,589
__
Service stations owned and leased
Number of employees
$22,134,087 $21,699,798
year
Consolidated Balance Sheet Dec. 31
1939
Assets—
Cash
12,481,295
1938
|
$
$
I
aU. S. Govt. &
other
able securities
225,435
575,980
10,350,027
lecelv.
9,908,464
497,170
7,490
28,676,391
Mat'ls & suppl's
Cash depos. with
3,338,033
sk. fd. trustee
768,750
Invest. A ad vs.
391,949
11,376
30,948,507
Divs. payable..
f Provis. for est.
562,500
,
norm. Fed. tax
270,000
2,190,925
2,087,838
! Due to
697,000'Def'd
18,864,588
18,143,939
Prop. A equip.126,832,660 126,130,786
Def'd charges..
2,426,005
2,612,939
_
6,486,470
1,609,317
650,188
4,366,507
1,536,178
673,983
4,586,408
562,500
Accrued
3,207,6591
d
364,124
7,288,940
accts. payable
Accrued interest
accept, receiv.
Due from em pi's
Inventories
809,669
Wages A miscell.
Notes and trade
taxes..
affil.
liabilities.
598,615
706,549
36,250,000
3,146,664
37,680,000
3,139,392
128,077
'
j$4.50
credits
56,905
50,000,000
63,799,395
Surplus
33,094,647
k Com. treas.stk.
a
204,467,844 202,748,559
After
reserve
Total
Dr226,428
50,000,000
63,762,625
30,462,068
Dr20,055
204,467,844 202,748,559
for reduction to market quotations of $226,201 in
1939
and $227,066 in 1938.
b After reserve for doubtful accounts of $434,476
in 1939 and $489,382 in 1938.
d After reserves for depletion,
depreciation
and amortization of $186,282,773 in 1939 and $180,629,950 in 1938.
f On
income of current period,
g For repairs on marine equipment, Federal
taxes
in process of adjustment,
value,
&c.
j Represented by 500,000
150, p. 1458.
shares at cost.—V.
prior
1937
year,
1929.
or
and other
although the total steel production was less than in either
The increase is due to the expanding use of stainless steel
alloy steels in
many branches of
i Represented by shares of $10 par
shares,
k 11,272 (1,009 in 1938)
no par
by SEC—
The Securities and Exchange Commission recently criticized both the
Cleveland Stock Exchange and the Troxel company in connection with the
latter's application for withdrawal of its $1 par value common stock from
on
the Exchange.
The Commission delayed action on the application,
however, "until the
applicant submits a corrected notice containing a full statement of the
facts and until security holders have had full opportunity, based on knowl¬
edge of all the facts, to present their views as to the imposition of terms and
conditions
a
on
the
use tungsten ore which is available in this
country.
This tends
to decrease the dependence on
supplies of this important material from
abroad.
More oxygen and acetylene were used, particularly by the steel industry.
The development of the Linde "Driox" oxygen system of
producing and
distributing oxygon in liquid form has made it possible to transport liquid
oxygen in tank cars and tank trucks, which makes available large quantities
of oxygen for use in newly developed steel-conditioning machines.
The use
of the "Unionmelt" automatic electric welding process has increased in the
shipbuilding and other industries.
To supplement the guaranteed one-shot "Prestone" anti-freeze the corr
poration will offer to the public this fall a new volatile anti-freeze sold under
the name "Trek," designed to reach the
lower-priced, limited protection
anti-freeze market.
A new, small, longer-life
battery under the name
"Mini-Max" was introduced during the year for portable,
battery-powered
radios and has played an important part in the development of smaller and
lighter portable radios.
Consolidated Income Account for Calendar Years
1939
1938
1937
large majority of the stockholders, but the Commission held that the socalled rule had been adopted only by the Exchange's committee on stock
list and never ratified by the governors, and was therefore not a rule or even
"a settled practice."
The Commission held also that the Exchange's citation of the "rule" was
no bar to the application of the issuer, but it rejected the application for the
time being on the ground that the company had not disclosed fully its
reasons for the application.—V. 149, p. 3279.
Co.—Proceedings Re.feired to Special Master—
Federal Judge Henry W. Goddard, March 19 denied an application for the
appointment of a receiver for the company, and decided to refer to a special
master the arrangement proceedings offered by the company.
Under the
arrangement it is proposed to convert the funded debt, consisting og $3,897,000 in debentures, into prior preference stock.
The court also will refer to
the special master a motion for the dismissal of the arrangement proceedings.
Both the dismissal and receivership motions were made by Leo Brady,
counsel
for
the debenture holders protective
committee, representing
$276,000 in debentures, J. S. Farley & Co., holding $464,000 in debentures
and Frank J. Gould, representing $410,000 in debentures, joined in the two
motions.
1936
Earnings after provision
for income tax_
-$48,764,902 $36,582,424 y$52996,286 $45,888,544
Deprec. and depletion._ 11,677,530
10,396,490
9,435,490
8,187,577
Interest
1,239,972
1,012,522
778,668
848,759
Net income
Previous surplus
Increase in market value
quired
$35,847,400 $25,173,412 $42,782,128 $36,852,208
70,012,001
72,619,626
71,873,052
58,704,818
7,941
securs..
Adjust, to cost of
stock
354,453 Drl,229,160
1,003,260
reac¬
written-
down in prior years
1,840,454
Inc. in dollar value of net
of foreign
subs, to exch. rates _bDrl
curr.
assets
,483,462
Dr454,254
Dr237,436
Dr453,842
Total..
$104,383,880 $99,533,691 $113188,584 $96,106,444
Ad j. of fixed asset values
8,392,879
10,604,153
Obsolete prop.abandon'd
308,732
1,079,301
612,931
Pay'ts on accts. of past
service retirem't plan.
4,706,774
1,662,570
768,373
Prem. paid on securs. of
subs, redeemed
2348,860
M iscellaneous ad j ustm'ts
Divs.
on
742,313
Cr372,911
472,303
18,066,336
28,490,042
23,148,159
Union Carbide
& Carbon
Corp. stock 18,274,326
Profit & loss surplus..$81,402,780 $70,012,001
$72,619,626 $71,873,052
Shares capital stock out¬
a9,141,139
c$3,86
standing (no par)
a9,073,288
x9,000,743
$2.77
$4.75
*9,000,743
$4.09
Not including 226,167 shares owned and held from December, 1917, by
Union Carbide Co., a subsidiary,
y After surtax on undistributed profits,
z Unamortized
discount and premium paid on retirement of bonds of a
x
subsidiary company,
a Not incl. 136,649 (153,649 in 1938) shares 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, 1939.
c On the number of shares outstanding, including 187,500
shares issued on Nov. 21, 1939, to acquire the assets of Bakelite Corp.
Consolidated Balance Sheet Dec. 31
withdrawal."
The Exchange contended that the company had failed to comply with
"rule" prohibiting withdrawals unless the withdrawal was approved by a
Ulen &
Increased production
possible to
Earned per share
Troxel Mfg. Co.—Exchange Criticized
listing
industry.
facilities have been provided at vanadium and tungsten mines owned
by the
corporation in Colorado and California.
Important processing improve¬
ments have been developed by the corporation's
engineers which make it
cum.conv.
pref. stock
1 Common stock
Total
592,400
Funded debt...
Deferred
industry exceeded that of
any
of marketable
cos.
g Reserves
materials, named after the inventor, Dr. L. H. Baekeland, have become weil
known to the industry and the public.
The consumption of ferro-alloys by the steel
$
curr.
Accts. payable..
Bakelite corpbration has been active for over a quarter of a
century in the
manufacture and distribution of plastics.
Products of "Bakelite
plastic
1938
$
money
obliga'ns,
market¬
b Accts.
1939
Liabilities—
10,119,961, Purchase
industry.
Important contributions were made in the development of the
vinyl plastic used in the new high-test safety glass which has been adopted
by leading motor car manufacturers.
During the year arrangements were
completed for the commercial production of "Vinyon" synthetic resin yarn.
"Vinyon" resin yarn is characterized by unusually high-strength, elasticity
and chemical resistance and is
already being used in the manufacture of
industrial fabrics.
It is believed to offer attractive possibilities for
many
uses in the textile industries.
This is a development from the continuing
research on the "Vinylite" resins.
The addition of the complementary lines of "Bakelite"
products is a
natural step in the diversification of the
corporation's synthetic organic
chemicals activity and brings supplemental facilities to both
organizations.
1939
Assets—
Market,
1938
$
Cash
1939
Liabilities—
$
48,735,809
securs.
Receivables
Inventories
Fixed asset8(net)
Investments
...
Deferred charges
31,055,735
3,400,169
2,546,879
25,757,696
15,650,187
65,493,375
58,283,100
181,510,364 181,522,901
19,954,795
18,492,479
1,992,328
1,682,192
1
Accts.
payable.
Dividend
pay'le
Taxes accrued._
Interest
accrued
Other accr. liab.
$
7,083,174
4,638,894
9,216,832
400,000
1,223,014
1938
$
4,512,644
3,629,315
7,932,856
400,000
1,113,931
40,000,000
181,632,726
1
3%
x
s. f. debens.
Capital stock. 192,879,842
Earned surplus.
Pats., tr. marks
and goodwill-
40,000,000
81,402,780
70,012,001
Total
x
336,844,537 309,233,474
Total
336,844,537 309,233,474
Represented by 9,277,788 (9,073,288 in 1938) shares (no par) capital
(153,649 in 1938) shares held by the corporation.
stock including 136,649
—V. 150, p. 1458.
Union Oil Co. of CaliforniaCalendar Years—
1939
Net profit after all chgs..
taxes & deprec. & depl
Earns, per sh. com.
—V. 149, p. 3573.
$5,846,241
stock
$1.25
-
Earning s1938
1937
$5,862,758 $12,061,332
$1.47
$2.58
1936
$6,133,398
$1.40
The
1954
End.
Period.
1940—2 Mos.—1939
1940—Month—1939
$19,279,632 $18,055,491
$9,209,534 $8,410,208
2,274,479
2.184,282
930,940
966,838
808,402
862,710
29—
Feb.
Freight revenues
Passenger revenues
Mail revenues
113,397
299,868
157,847
Incidental revenues
Ry. oper. revenues
Maint of way & struct
Maintenance
362,715
103,657
297,161
113,302
416,624
..
Express revenues
All other transp. revs—
236,631
636,109
345,348
$23,634,909 $22,158,079
1,658,767
1,842,074
4,621,273
4,581,825
734,799
781,288
8,443,202
8,924,671
823,741
2,267,820
351,131
4,076,774
236,031
438,779
1,017,795
2,381,669
368,990
4,218,673
228,520
436,795
of equip—
Traffic expenses
Transportation expenses
Miscellaneous oper. exp.
General expenses
848,590
887,485
$2,511,666
$2,043,802
1,334,039
1,261,989
2,674,840
$5,311,007
2,537,158
income."$1,177,627
Net
$781,613
516,980
$2,773,849
1,130,135
62,520
58,585
$3,458,136
1,135,739
$585,204
$206,248
$2,209,374
$1,550,271
from ry oper.
rev.
accruals
Railway tax
Ry. operating
Equipment rents (net)
Joint facility rents (net).
529,903
Income.
-V. 150, p.1619.
Net ry. oper.
113,023
1936
1938
1937
$5,426,275
$2.05
$3,856,272
$1.52
Recommended
America—Registers with SEC—
Company filed on March 20 with the Securities and Exchange Commis¬
sion in Washington a registration statement covering a proposed issue of
$7,000,000 of debentures, the proceeds of which will be applied to retire¬
ment of the present outstanding funded indebtedness and to other cor¬
porate purposes.
Arrangements for the underwriting of the issue are being
Federal
and State taxes, &c., charges
Earns,
per
149,
$1,093,965
$2.21
United Chemicals Inc. (&
1939
Calendar Years—
$221,766
$8.77
Net
x
pref. stock
1937
1938
$518,432
$1,063,249
$1,312,314
Earnings per share
$0.76
$0.37
x After interest, depreciation, Federal taxes, &c.
y
capital stock (par $5).—V. 149, p. 3279.
$0.94
y
$88,467
53,459
77,740
52,201
$186,980
49,936
82,189
56,327
$161,243
43,979
72,037
66,470
$38,769
4,132
$94,931
5,347
$14,678
5,362
$21,243
4,359
$34,638
$89,584
$9,316
$16,883
68,388
2,225
2,423
69",450
1,459
69,450
69",783
5,341
8,979
402
104
10,547
x5,180
$107,673
$173,353
$91,175
$91,950
,
Loss
Loss
(liquidated)
ley Assoc.
Net loss
$2,065,475
$1.47
On 1,400,560 shares of
undistributed profits.
Consolidated Balance Sheet Dec. 31
Park, are the ne^fr directors.
(trade)
143,305
176,000
119,477
195,700
Accr'd liabilities..
66,952
78,506
155,448
Work. comp.
9,310
2,829
11,129
2,686
2,700
2,700
87,580
Invest, (sec.
221,851
156,102
y
10,264
10,264
-
Real est., plant &
equipment
15 715,084 14,154,677
67,586
70,687
Deferred charges.
11,287
11,197
940
643
54,017
20
(at idle plants). .
Other assets
2,503
Acct. rec. not curr.
Corp.—Number of Stockholders—
a
1938
1939
Years Ended Dec. 31-
Fed. & State
Net profit after deprec.,
income taxes, &c
$864,219
Earnings per share on 500,000
capital stock
—V. 150, P. 1790.
$99,325
$1.73
16,414,846
After
14,685,618
Co.
Vulcan Detinning
Years Ended June 30
1939
1938
1937
1938
1937
1936
$3,207,278
2,644,737
$3,652,775
3,217,874
$3,390,042
3,045,369
$562,541
$434,902
$344,674
27,029
41,304
82,520
$911,069
452,228
7,146
$589,570
202,159
$476,205
144,559
$427,193
105,769
$451,695
448.344
$286,824
238,667
$331,647
290,029
$321,425
235,593
$3,351
$48,157
$41,618
$85,832
$11.10
$5.99
$7.21
$6.66
Net oper. income
i
Res've for price equaliza.
Net
income
dividends..
Pref. &
2,364,369
$1,176,166
78,929
$2,398,473
81.552
Earns, per sh. on 32,258
8hs.com .stk. (par $100)
$948,208
599,486
1,255,095
706,369
$2,480,025
740,434
Provision for deprec'n..
66,965
63,696
140,056
31,521
139,373
247.801
133,881
sale of securities
28
9
$2,575,121
1,530,296
$2,822,291
1,922,921
from sales $1,044,825
33,425
$899,371
48,837
$1,078,250
332,734
Gross income
Gen., adm. & sell. exps.
Add'l comp. to directors,
officers & employees.
_
Loss
on
$3,540,535
Surplus
x30,927
x45~863
y209',35§
40,182
22.130
27.886
Condensed Balance Sheet
security taxes
28,919
38.509
35,107
Idle dept. expense
Research expense
"5,336
41,212
11,391
1,865
5,631
18,213
4,929
14,499
42,549
est.
Marketable secure.
_
161,398
1,219,432
222,665
investments
222,665
31,807
27,908
mental charges.
Plant & equipm't
756,993
1,004,514
4,611
Dividends paid
$434,995
150,270
$90,889
50,084
$213,128
392,848
Surplus
Shs. capital stk. (no par)
Earnings per share
$384,725
200,377
$2.17
profit
own
$968,693
938,801
y
& in¬
assets,
paid
2,544,677
2,544,677
3,849
7,162
expenses-_
x Includes capital stock taxes
profits and capital stock taxes.
y
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $611,857; accounts receivable (less reserve of $12,940),
$466,214; notes receivable, $3,662; accrued interest receivable, $5,845;
marketable
securities,
$1,721,721; inventories,
$1,695,105; mortgages
receivable, $16,600; due from employees, $14,966; investments, $134,024;
fixed assets (less reserve for depreciation of $1,890,238), $1,878,042; United
States
Government bonds deposited under self-insurance agreement.
170,353
120,588
1,522,300
3,225,800
3.225,800
107,925
836,612
1939
Loss.—V. 149, p.
The $1 cumulative
107,925
833,260
$6,620,594 $6,340,631
obsolescence—July 1, 1929, to
1939 and $2,109,788 in 1938.
Total
1938
1937
all chgs.
$205,900 x$l,297,878
4046.
Warren Brothers
$1,354,301
1936
$519,218
Co.—To Be Stricken from List—
will be stricken from the
first preferred stock (no par)
list as of March 23.
New York Stock Exchange
i
143,971
(& Subs.)—Earnings—
Walworth Co.
Calendar Years—
x
199,935
170,353
127,733
1,522,300
par)
Capital surplus
Earned surplus
1,865 shares,
y After depreciation and
1939, amounting to $2,472,405 in
—V. 149, p. 3732.
Dec. 31,
Net profit after
andtaxes..
govern¬
Com stk (par $100)
$6,620,594 $6,340,631
Total
other
general
Price equaliz'n res.
Pref. stock
($100
licenses,
processes
tangible
&
in
x
$40,805 De/$179,720
$29,892
200,232
200,367
201,825
$0.45
$1.06
$4.80
Includes excess profits, undistributed
93,506
20,000
Res. for inc. taxes
pref.
Def'd chgs. & pre¬
_2"752
1938
$122,928
Res. for conting. &
Co.'s
stock—at cost..
incl. goodwill
2,173
Net
1939
$171,268
238,667
& accr.
payable
Res. for tin price
declihe
Dividends
424,238
Patents,
24,006
5,296
Interest
1,219,021
662,853
Dec. 31
Liabilities—
Accts. pay.
702.394
Other
social
investments
$490,022
Inventories
x
Loss from sale of prop.
Write-down in value of
1938
1939
$714,951
Cash
85.006
stock taxes
100,588
Accts. receivable..
Prov. for est. Pa. income
and capital
Provision for
com.
Assets—
xl03,225
Federal income taxes
-Earnings-
$746,852
164,217
.
$5,822,345
3,423.872
Gross profit
Other income
of $1,349,598
$3,928,923
3,182,071
Total income
'39
16,414,846 14,685,618
in 1939 and
Total
1939
Exps., deprec., &c
Other income
Steel Co. (& Subs.)—Earnings—
Dec. 31
Period—
Sales, less returns, &c_»
Cost of sales
82,400
16,182
$1.82
shs. of
6 Mos. End.
178,354
9,061
for
reserve
Res. for tax, &c., charges
Vanadium Alloys
646,212
43,200
doubtful accounts and notes of $636
$1,457 in 1938. y After reserve for depreciation and depletion
n 1939 and $1,295,782 in 1938.—V. 150, p. 857.
x
$910,938
$0.20
stock
Gen.surp. (def.)
Sales
1937
2,000,000
2,000,000
Drl5,200
Dr 15,200
10,000,000 10,000,000
Cap. stk., com.
Calendar Years—
Universal-Cyclops Steel Corp.—Earnings-
21,454
13,492
Other liabilities
subsidiaries:
Total
Co.—New Official—
Fisk Vice-President to a high post within the United
States Rubber Co. organization was made public on Mar. 15, when it was
announced in New York that Edward H. Marsh Jr., of Springfield, Mass.,
has been elected Vice-President, General Manager and a director of United
States Rubber Export Co., Ltd.—V. 150, p. 1620,
of
30,000
Equity in min. int.
stockholders of record Feb. 29, 1940,
numbered 163,994, a decrease of 1,751 since Nov. 30, 1939.
United States Steel Corp, preferred stockholders of record Feb. 2, 1940,
totaled 68,178, an increase of 255 since Nov. 30, 1939.—V. 150, p. 1790.
United States Rubber
1,390,000
serial
notes
United States Steel Corp. common
Promotion
5% gold
1949) 1,364,000
estate
Capital surplus... 2,674,470
88,655
General surplus—
and C. J.
United States Steel
1st mtge.
Real
Common
1,000
1942
and
7,824
Treasury stock
sales due in 1941
Avrack, the Medical Director,
Unearned rental fr.
Preferred stock
(land
rec.
259
193
Unclaimed wages.
bonds (due
Inactive invent'ies
Notes
payable
Divs.
land for prospec.
paid..
royalties
Com. scrip, outst'g
_
min'l
Recoverable
(due
during year)
of un¬
_
Notes pay., secur.
Accts. pay.
receivable..
S
%
Liabilities—
Notes and accts.
affiliated COB.)
""United States Life Insurance Co.—New Directors—
Company elected two new directors at its recent stockholders' meeting,
it was announced by C. V. Starr, President.
G. M. Selser, Executive
retiring directors are Dr. J. Albert
Smith.—V. 150, p. 1458.
%
173,615
Inventories
1938
1939
1938
$
Cash & cash items
x
77,392
Includes $5 for Federal income tax on
x
Assets—
1936
74,330
stock of Doe Val¬
on
Bond interest
$1.47
United Gas Improvement Co.—Weekly Output—
the U G I system companies for the week just
closed and the figures for the same week last year are as follows: Week
ending March 16, 1940, 107,098,239 kwh.; same week last year, 96,830,897
kwh., an increase of 10,267,342 kwh. or 10.6%.—V. 150, p. 1789.
Ihe
$166,129
66,382
inc.
Tot. op. & non-op.
1938
The electric output for
Vice-President, and A. B.
$13,209
148,033
1939
1939
profit
$53,091
133,889
Selling * expense
General & admin is. exps.
Other deductions
$42,290
Inc. (& Subs.)—Earnings—
Calendar Years—
loss$17,155
105,623
Total oper. income—
Prov. for income taxes..
Subs.)—Earnings—
Net
United Drug,
$1,402,962
1,389,753
Other interest paid
p.
profit after charges and taxes
Earns, per sh. on $3 cumul. partic.
—V. 150, p. 856.
$1,555,143
1,502,052
Non-oper. income
1939
$1,030,246
$2.07
shares
sh. on 459,054 common
2990.
1937
$1,237,385
1,254,540
$51,771
114,358
Operating expenses
1938
$1,109,585
1,057,813
Gross earnings
Other income
Years
1940
—V.
Consolidated Income Account
Operating loss.
first page of this department.
depreciation, interest,
5,590,319
3,84b,772
non-operating income—net.—V. 150,
Coal & Coke Co .—Earnings—
Years Ended Dec. 31 (Incl. Subs.)
1936
Virginia Iron
Goldman, Sachs & Co.
after
dividends and surplus
depreciation and including
5,384,064
3,531,037
1939
United Biscuit Co. of
profit
$18,250,569
$19.490.031
I
Consolidated Earnings for Calendar
IQ^Q
..l.9.40
Jan. 31—
1009.
$0.77
$3.53
1619.
See also list given on
Power Co.—Earnings-
Virginia Electric &
p.
1936
$125,735
$135,255
loss$16,806
loss$128,213
12 Months Ended
$1,926,442
United Air Lines Transport Corp.—Merger
See Western Air Express Corp.—V. 150, p. 1789.
Net
...
Operating revenues
After
I
2709.
—V. 149, p.
♦
1939
er com. share..
Earns. T)(
made with
all chgs.
Net profit after
and taxes
minority
1937
1938
1939
$1.16
$1.01
$1.05
696,000 shares of capital stock.
Co.—Earnings—
Equipment
Victor
Calendar Years—
$811,248
exchange adjustment,
interest.
93,443
$9,375,436
taxes
p.
Earnings per share
$1.59
x
After depreciation, interest, foreign
Federal income taxes, &c.
y On
—V. 150, p. 1790.
y
1936
1937
$703 087
$730 092
$1,104,404
^
Subs.)—Earnings—
1938
1939
Calendar Years—
Subs.)—Earnings-
profit after charges
—V. 150
$6,132,976
$6,580,944.—V. 150, p. 1458.
Chemical Works (&
Net^r2fit.f..t7....-
x
$536,683; 9,623 treasury shares
$4,051,561; earned surplus,
Dr$565,059; total,
at cost,
♦Balance for interest...
Calendar Years—
and
paid-in surplus,
Balance for
United Aircraft Corp. (&
Net
payable, trade, $190,168; accrued liabilities,
$285,077; employees' investment certificates, $52,600; provision for personal
injury settlements and expenses, $4,380; capital stock (210,000 no par
shares), $2,000,000; surplus arising from revaluation of fixed assets, $25,534;
Cr22S
C7r95
Transp. for investment
499,674
883,565
$12,283
^LiaWi^s—Accounts
Victor
$11,164,108 $10,237,983
_ -
224,460
635,134
244,310
1940
23,
$1; deferred charges,
banks, $193; patent*,
$20,429; cash in closed
RR.—Earnings—
Union Pacific
March
Chronicle
Commercial & Financial
The Commercial & Financial Chronicle
150
Volume
Application of the Exchange to strike the above issue from listing and
registration has been granted by the Securities and Exchange Commission.
—V. 149, p. 4046.
Inc.—Earnings—
System,
1939
$390,516
Calendar Years—
x
y
Net income
-
x
Earns, per share
$0.91
$0.62
x After
all charges including Federal taxes,
stock.—V. 150, p. 1458.
of
common
3 Months Ended Feb. 28—
Profit, after all charges, except
100,000
100,000
1939
1 672,618
1,323,669
Accounts payable-
843,752
512,716
4,548,603
Acer. taxes, int. &c
172,446
155,695
1,354,300
288,795
Long-term debt...
RFC loan
1 354,300
240,337
500,000
600,000
Res. for conting8__
300,000
300,000
Investm'ts & other
assets
Prop., plant and
equipment
Deferred charges.
$137,295
24,000
$82,939
13,500
$129,441
x20,000
$113,285
for the period
Does not include estimated
in
due
4 851,965
market..
_
Cap. stk. (par $10)
10 874,428 10,387,612
208,244
197,326
Capital surplus
1939—Feb. 28—1938
Feb. 29, *40
Estimated Federal income tax
x
instalm't
receivable
or
$
RFC,
pay.,
4,593,164
4 593,164
11 420,152 11,420,152
460,222
693,581
Deficit..
Fed¬
eral income tax
Net profit
cciSt
y
Wayne Pump Co. (& Subs.)—Earnings—
Note
1,829,800
Invs., at lower of
$1.62
426,419 shares
On
y
accts.
$691,875
$502,703
$1.17
1938
$
Liabilities—
$
$
742,642
Notes, accept. &
1936
1937
1938
$265,080
1939
1938
1939
Assets—
Cash
Waldorf
1955
Consolidated Balance Sheet Dec. 31
$69,439
$109,441
18,590,234 18.575,8041
Total..
18,590,234 18,575,804
Total
x After reserves of $145,082
($115,297 in 1938) for doubtful discounts,
y After reserve for depreciation and general plant reserves of $14,227,379 in 4939 and $14,164,186 in 1938 —V. 149, p. 2711.
&c.
undistributed profits tax.—V. 150, p. 858.
Wisconsin Electric Power Co.—Int. Rate Reduced—
Inc.—New President—
Webster Eisenlohr,
Everett Meyer was on March 14 elected President of this
has been with the company as Executive Vice-President
He
in Charge of
company
1935. Joseph F. Cullman Jr., who retired from the
elected Chairman of the Board.—V. 150, p. 1621.
Sales since November,
Presidency, was
Western
Corp.—CAA Examiner Advocates
Air Express
Merging United and Western Air—
and merge with Western Air Express be granted.
The application was contested by officials of Transcontinental
file objections.
The CAA will make the final ruling.
United Airlines contended that the merger will enable
& Western
who con¬
which to
through transcontinental service by obviating the necessity of transfers at
Salt Lake City, Utah, thus tending to promote, rather than injure the public
It also claimed that increased efficiency, economy and improved
1939
1940
12 Months Ended Jan. 31—
$2,127,053
$2,211,506
468,638
145,056
548,206
199,417
_
depreciation and including non-operating income—net.—V. 150,
After
1148.
Wheeling Steel Corp. (& Subs.)—Earnings—
1936
1937
1938
1939
Gross sales, less disc., re¬
allowances_$85,716,689 $62,420,280 $90,455,381 $80,598,525
66,987,883
51,034,699
73.247,504
64,312,550
Depreciation & depletion
4,796,800
3,834,516
5,503,495
4,950,523
Sell., gen. & admin, exps
6,635,224
5,930,212
6,245,200
5,767,428
Prov. for doubtful acc'ts
59,190
121,316
66,621
89,726
turns and
x
$7,237,592
$1,499,537
680,975
$5,392,560
850,552
58,074,212
$2,180,512
$6,243,113
$6,324,401
1,480,893
Total income
Loss
on
1,513,022
85,769
bl,381,807
846,102
30,471
75,000
84,247
3,861
reserve
7,150
Income taxes, State and Federal taxes
$194,381
Net earnings.
Interest on funded debt
on
103,850
950
11,832
i
Amortization of debt discount and expense,
&c
Net income
-V. 149, p.
$208,302
103,850
2,375
11,304
$77,748
unfunded debt
$90,772
2712.
Woodward Iron Co.—Bonds Called—
A total of $1,292,600 second mortgage
cumulative 5% income bonds due
Jan. 1, 1962 have been called for redemption on June 17 at par and
interest.
Payment will be made at the Chase National Bank of the
New York.—V. 150, p.
accrued
City of
1796.
140,319
-
50,812
interest
$635,769
233,887
26,874
75,000
88,084
General taxes
1,477,293
43,608
property retired.
Int. & disc't on bonds
Other
Dr4,224
$649,173
257,683
Provision for retirement
$5,478,299
836,620
Gross profit
Other income...
84,808
£>r706
Gross earnings
Operation
Cost of sales, &c_
$555,185
86,684
Maintenance
Interest
1938
1939
$563,195
Other income, incl. merchandise sales (net)
(& Subs.)—Earnings—
Balance for dividends and surplus
Hydro Electric Co.—Income Account—
Gas
Balance for interest
p.
Wisconsin
12 Months Ended Dec. 31-r
Operating revenues—Electric
result.—V. 150, p. 1791.
Public Service Co.
Operating revenues
*
the unpaid
it to provide a
interest.
*
banks associated with Chase.
by reducing the interest rate
balance of the notes ($13,250,000) from 3.4% to 2.625%
per annum and
(b) by lowering the redemption provisions so that the
premium payable shall be on the basis of a 2.475% instead of a 3.25%
yield basis to the maturity dates of the principal
A premium is payable
only in the event the notes are prepaid prior to Oct. 28, 1948, out of funds
derived from financing (other than equity financing).—V. 150, p. 1796.
Chase National Bank, New York, and other
It is proposed to amend this agreement (a)
on
Air, Inc., and a committee of minority shareholders of Western Air
tended the consolidation will create a monopoly.
Mr. Pound ruled otherwise and gave the protestants 10 days in
Western
agreement dated Oct. 4, 1938, $14,500,000 of 3.4% unsecured promis¬
notes, maturing serially from Oct. 28, 1939, to Oct. 28, 1948, to
an
sory
Pound, special examiner for the Civil Aeronautics Authority,
recommended March 14 that the application of United Airlines to acquire
Roscoe
operating methods would
Securities and Exchange Commission on March 19 approved a
by the company under Section 7 of the Public Utility
Holding Company Act of 1935 with regard to a reduction in the interest
rate and
the lowering of the redemption premium on its outstanding
promissory notes.
Wisconsin Electric issued and sold on or about Oct. 28, 1938, under
The
declaration filed
71,098
.
Strike expense
—
-
223,537
(Wm.) Wrigley Jr. Co. (& Subs.)—Earnings—
1939
1938
1937
.$22,358,602 $21,053,103 x$21098,003
11,545,286
11,848,530
10,287,700
Calendar Years—
Gross profit
Expenses.
$6,542,507
$581,721
$4,790,208
$4,439,645
981,754
88,583
c551,720
z324,257
Am't carried to surp__
$5,560,753
6% preferred dividends.
5% cum. pref. divs
24,432
2,336,481
$493,138
91,612
1,226,120
$4,238,488
1,047,510
875,603
$4,115,388
a2,289,108
.'
Profit from operations
Other income, net
$10,813,316
539,922
$9,204,573 $10,810,303
649,658
Total income
$11,353,238
$9,854,231 $10,810,303
611,889
604,638
1,588,562
1,462,074
Profit
Provision for Federal in¬
come
(est.)
taxes
$1,826,280
388,091
$4.70
x Includes maintenance and repairs
(approximately $4,920,000 in 1939),
taxes, labor, idle plant expense, and other operating charges,
z Does not
com.
stk. (no par)..
include
surtax
b After
563,212
$8,650,976
8,327.722
in
adv.
71,870,777
73,303,487
3,543,672
3,376,258
other cos
ployees
x
Includes other income.—V.
31,500,000
2,860,167
458,276
340,277
Divs.
17,915
11,936
33,341,943
banks
Inventories
30,762,274
payable..
Sink.
fd.
3,114,000
35,040,700
28,875,225
32,200,000
2,095,204
ment
of long-
556,000
518,500
1,641,834
Res. for relining
78,890
and rebuilding
Accts. and notes
299,625
Caeh..
Deferred charges
Res. for conting.
729,875
1,673,355
2,175,598
Capital surplus.
677,429
10,001,793
cDr719,356
1,782,228
furnaces,
&c_
Surplus (earned)
dZ>r588,712
Treas. stock
845,154
Worthington Pump & Machinery Corp.
x
After all
124,021,444
Total
a
118,136,7831
charges.—V. 150,
Towne
Consolidated Income Account for Calendar Years
1939
1938
1937
Inc.—Earnings—
1939
1938
Net
Wickwire Spencer
$3,351
$0.02
$147,725
$1.15
1938
al937
disct. taken,
profit
$80,501
$2,333,092
228,435
287,794
268,844
Total net earnings.
Prov. for Fed., State &
$2,019,968
$865,435
$2,620,886
$2,147,285
foreign income taxes...
Res. for foreign exchange
427,628
226,573
x685,942
x418,338
contingency
Depreciation
75,000
493.189
100,000
469,903
175,000
433,864
100,000
417,828
$68,v.58
291,994
$1,326,080
486,656
$1,211,119
$659,158 def$223,036
$839,424
6.252,280
$724,463
5,285,238
129,137
132,354
$549,185
134,784
528,555
$184,683
126,245
524,770
$1,397,434
154,589
517,493
$1,188,472
189,628
454,757
discount
Fed. & State
income (est.).
Amort, of bond
for
17,985
115~208
Interest
taxes on
stock outstanding (par $25).._
127" 652
3,997
3,997
117", 889
94,718
x
a
Includes statement
April 30.
4,784,688
486.656
$2.10
486.656
$0.14
_
($94,975 in 1936) for surtax on
„„„
486.656
-486,656
$2.72
$2.49
undistributed profits.
149, p. 3575.
Yosemite Portland Cement
Co.—Preferred Dividend—
Directors have declared a dividend of 5 cents per
share on the 4% non-
1 to holders of record
of 10 cents per share
were
3,997
$597,980prof$592,466prof$431,385
share
486,656
cumulative preferred stock, par $10, payable April
March 21.
Previously regular quarterly dividends
distributed.—V. 145, p. 1757.
Youngstown Sheet & Tube Co. (&
Calendar Years—
11,000
$233,358
per
Includes $167,125
—V.
Net
x
of operations of trustees for four months ended
p.
After
1148.
1939
1938
Subs.)—Earnings—
1937in ^1936
$5,004,484 loss$658,934 $12,190,648 $10,564,501
$2.50
Nil
$6.79
$7.03
interest, depreciation, depletion, Feder i taxes, &c.—V. 150,
profit.
Earns, per sh. on com..
x
Net loss for year
4,782,054
Shares capital
$1,056,119
104,181
Legal and other profes¬
sional services for recs.
Prov.
$1,268,298
142,980
Other deductions
364,992
Surplus
on
Provision for deprec
$1,878,441
$637,000
266,824
Earnings
sundry ore sales, &c__
$15,302,661
13,424,220
$1,753,144
Profit and loss surplus..
$406,205
16,615,195
L
1936
Profit from oper., after
deduct'n
for
selling,
admin. & gen. exps
Other inc.—int. earned,
13,299,448
miscellaneous income.
Dividends (cash).
Steel Co. (& Subs.)—Earnings1939
Calendar Years—
1936
15,287,324
$17,040,468 $13,936,448 $18,948,287
Net sales.
_
Products,
1459.
$1,024,150
b Represented by 583,827 (577,504 in 1938) no par shares,
c Includes 1,571 shares of preferred and 14,210 shares of common, at cost,
d Represented by 14,210 shares of common stock,at cost.—V. 150,p. 1623.
profit after deprec., Fed. & State income
taxes, &c
Earns, per share on 128,162 shs. of cap. stock
—V. 149, P. 3281.
„
Manufacturing
124,021,444 118,136,783
Total
1936
$248,497
The remarks of W. Gibson Carey Jr.,
1938.
Willson
p.
$1,621,979
Co.—Annual Report—
President, and John
H. Towne, Chairman of the Board, together with compara¬
tive income statement and surplus accounts and a com¬
parative balance sheet for the year 1939, will be found in
the advertising pages of today's issue.
&
Yale
After reserves for depreciation of $51,465,056 in 1939 and $52,285,296
Years Ended Dec. 31—
$29,711
$816,706
Net profit
(& Subs.)—
1937
1938
1939
Calendar Years—
Costof sales, &c_.
in
$14,774,966
678,921
—V. 150, p. 1623.
751,218
14,767,681
7,226,419
9,361,461
299,625
2,226,077
1,681,490
receivable
Inv. in mkt.sec.
1939
Net sales and operating revenue
1,000,000
2,597,308
175,203
instal¬
term obligat'n
and
accts. receiv'le
1,000,000
3,720,824
Accrued liabll..
449.
p.
Net income after all charges and taxes
x
banks
under
plan
pur.
notes
$
1,628,400
pref. stk 36,305,100
stock.. 29,191,325
payable-
Accts,
150,
8,327,722
(Alan) Wood Steel Co.—Earnings—
Notes payable to
Depos. in closed
Misc.
1938
$
Funded debt...
Bal. due fr. em¬
stk.
$5 cum.
b Com.
to
associated and
$415,869
$4.37
Earnings for Year Ended Dec. 31,
1939
Liabilities—
6% pref.stock..
mach'y., &c_.
Inv.
$
bldgs
Land,
$305,790
$3.82
Surplus
profits.
1938
$
Assets—
a
$8,743,591
Earned per share
Consolidated Balance Sheet Dec. 31
1939
$7,653,780
7,347,990
$323,254
$4.41
Dividends
$4.11
,
undistributed profits,
a At the rate of $6 per share,
$153,918 for interest charged to construction,
c In¬
on
deducting
cludes $67,977 for surtax on undistributed
2,049,332
Net income
$2,315,375
$3,199,840 def$824,594
569,616
563,294
$6.40
Nil
Surplus
Shs.
Earnings per share
652,930
Depreciation
Federal income taxes
The Commercial & Financial Chronicle
1956
March
23,
1940
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
GOODS—WOOL—ETC.
PROVISIONS—RUBBER—HIDES—DRY
COMMERCIAL EPITOME
Friday Night, March 22, 1940.
Coffee—On the 16th inst. futures closed 7 to 10 points
net higher for the Santos contracts, with saies totaling 14
lots.
The market's reactionary trend lately has been due
largely to Mar. liquidation and sales against cheap purchases
of old crop coffee.
In sympathy with the rise in the Santos
market, new Rio contracts were nominally 10 points higher.
It was reported by cable to the Exchange that the National
Coffee Department during the last half of Feb. destroyed
52,000 bags of coffee.
Since Jan. 1 destruction amounts to
315,(XX) bags, and since June, 1931, to 68,566,000 bags.
On
the 18th inst. futures closed 4 to 5 points net higher for the
Santos
contract.
coffee futures
Transactions
totaled
61
lots.
Santos
firmer this morning, with
May 2 points
higher at 6.00c., while Mar., 1941, was 3 points better.
Trading totaled 4,500 bags. Brazilian buying at the recent
lows has stimulated prices, which in the absence of further
hedge selling remain steady,
in the actual market Brazilian
grades are unchanged with Santos 4s at 6.20c. to 6.60c.
c. & f., while Manizales is available at 8.80 to 8^c.
De¬
struction of coffee by the National Coffee Department of
Brazil during the first half of Feb. is estimated at 52,000
bags, making 315,000 bags since Jan. 1, last, and 68,566,000
bags since June, 1931.
On the 19th inst. futures closed 6
to 2 points net lower.
Transactions totaled 61 lots.
Switch¬
ing from May to Mar. and a moderate amount of new hedge
selling in the latter position, accounted for the declines.
Values in the actual market were unchanged, with Santos
43 at 6.20c. to 6.60c., depending upon description.
Old
crop coffees were still available in.a limited way.
Milds
were about
unchanged.
Rio 7s in Brazil declined 200 reis
per
10 kilos.
Other grades of Brazils were unchanged.
Reports from Brazil say coffee growers hope to increase sales
to the United States to compensate them for European losses
caused by war conditions.
On the 20th inst. futures closed
6 to 7 points net lower.
Transactions totaled 19 lots, all
in the Santos contract.
Santps coffee futures were off 6
points this morning, with May at 5.90c., which was only 3
points above its seasonal lov established last week.
Trading
to a late hour totaled 2,000 bags.
In the actual market,
milds
at
were
93^c.
were
steadier with Manizales at 8.95c, and Medellins
Santos 4s
were
unchanged at upward of 6.20c.
& f.
c.
On the 21st inst. futures closed 4 to 5
points
up
for the
Santos contract, with sales totaling 2,500 bags.
In the Rio
contract Mar. sold at 4.33c., up 18 points from the nominal
quotation of last night.
In this contract two additional
transferable notices were issued calling for the delivery of
Ecuador coffees.
Santos futures were higher this morning,
and showed substantial net gains at the close.
Last notice
day brought the issuance of two additional notices, making
the total for Mar. twenty two. A holiday in Brazil restricted
offerings of cost and freights which were about unchanged.
Milds were steady, with Manizales at 8.95c.
Rio coffee prices closed as follows:
March
3.701
Santos coffee prices closed
March
^
May
July..
on
follows:
September
December
6.09
6.19
6.03
Cocoa—On the 16th inst. futures closed 1
point net lower
all active months.
Transactions totaled 72 lots.
At
time during the session prices showed net declines of 3
one
to
as
__6.26
5.93
6
points.
Trading was light, coming largely from the
and dealers, manufacturers showing little interest.
May and Sept. deliveries were the most active.
Afloats
trade
to
the United States from West Africa and Brazil totaled
only 146,400 bags
Mar. 15, compared with 303,600 bags
year.
Licensed warehouse stocks,
however, are about on a parity with those held a year ago,
indicating that manufacturers are probably well supplied
for their nearby requirements.
Local closing: Mar., 5.22;
May, 5.30; July, 5.37; Sept., 5.45; Dec., 5.57; Jan., 5.61;
Mar., 5.69.
On the 18th inst. futures closed unchanged to
1
point higher.
Transactions totaled 104 lots.
Cocoa
at
the-
same
time
on
last
futures were erratic.
The market weakened
early on peace
but recovered later, standing 1 point higher on
and unchanged on later deliveries this afternoon.
rumors,
Mar.
Mar. then stood at 5.22c.
lots,
_
Warehouse stocks
Sales to that time totaled 65
were unchanged over the week-end,
totaling 1,082,438 bags, against 1,106,595 bags a year ago.
Local closing: Mar., 5.22; May, 5.30;
July, 5.37; Sept.,
5.46.
higher.
On the
19th inst. futures closed 8 to 3
Transactions
transferable notices of
totaled
119
lots.
delivery caused
a
points net
Issuance
of
six
scramble of remain¬
ing Mar. longs to make their exit to avoid acceptance of
delivery. As a result Mar. broke 9 points to 5.13c.
The
open interest in Mar. this morning was still 42 lots, with
Mar. 21 last notice day.
The remainder of the market was
undisturbed by the goings on in Mar.
Prices this afternoon
unchanged and the market's tone was strong.
Trades
time aggregated 100 lots.
Warehouse stocks in¬
They now total 1,087,941 bags com¬
pared with 1,106,595 bags a year ago.
Local closing: Mar.,
5.30; May, 5.34; July, 5.41; Sept., 5.49; Dec., 5.61.
On
the 20th inst. futures closed 4 to 2 points net higher.
Trans¬
actions totaled 138 lots.
The cocoa market improved on
European news.
Prices during early afternoon were 3 to 5
points net higher.
The Mar. position is said to be almost
completely evened up.
Only four contracts were still open
this morning.
Tomorrow will be the last notice day.
Sales
of futures to early afternoon totaled 75 lots.
Importers
said that a scarcity of offerings from primary countries
were
to
that
creased 5,500 bags.
market.
Warehouse
total of 1,087,235 bags
compared with 1,108,451 bags a year ago.
Local closing:
May, 5.38; July, 5.44; Sept., 5.52; Dec., 5.63.
On the 21st inst. futures closed 1 point down to 1 point
up.
Transactions totaled 49 lots. Cocoa futures were un¬
changed in the dullest session of the year, as many traders
remained absent because of the double holiday.
May this
afternoon stood at 5.38c. a pound.
No offerings from
primary countries were reported, while manufacture demand
was small.
Only 12 lots changed hands to early afternoon.
Warehouse stocks decreased 900 bags.
They total 1,086,374
bags, compared with 1,119,972 bags a year ago.
Local
closing: May, 5.37; July, 5.44; Sept., 5.52; Dec., 5.62;
accounts
stocks
for
were
the
smallness
of
the
700 bags lower, with a
Feb., 5.76.
Sugar—On the 16th inst. futures closed unchanged to 1
point olf for the domestic contract, with sales of 142 lots.
The world sugar contract closed 1 to 2^ points net lower.
Like most other commodity markets, sugar futures ruled
Rumors
details
were reported, the exchange spot price was reduced a point,
indicating to many that the business had been done. A good
demand exists for sugar around 2.80c., it is said.
Trading in
the domestic market was largely in the form of hedge lifting
and hedge selling.
There were 44 lots of May exchanged for
July at a difference of 5 points. In the world contract the
selling was entered through a trade firm believed to be acting
heavy
were
as a
result of the
peace rumors
current of actual business at
for Cuban interests.
On
the
from abroad.
2.80c., and while
no
18th inst. futures closed
un¬
changed to point off for the domestic contract, with sales
totaling 59 lots. The world sugar contract closed unchanged
to 2 points down, with sales totaling 116 lots.
The sugar
markets were irregular today.
Rallying from an early de¬
cline, the domestic market stood unchanged to 1 point net
higher during early afternoon. In the absence of any reported
sales of raws, that market was quoted at 2.81 cents to 2.85
cent, duty paid basis.
It was reported that several cargoes
of Puerto Ricos were available for first and second half April
shipment at 2.85 cents.
The market for refined sugar was
dull and unchanged at 4.50 cents a pound.
In the world
sugar market prices were firm on nearby positions but were
easy on later deliveries.
The tone of the market was nervous.
A rumor was current in the sugar trade that Russia had
purchased a substantial quantity of sugar from Peru.
The
story was not confirmed.
On the 19th inst. futures closed
unchanged to 1 point net higher for the domestic contract,
with sales totaling 176 lots.
The world sugar contract closed
1 Yz to 2Yz points net higher, with sales totaling 67 lots.
Sugar markets rallied on the political news from Europe. In
the domestic markets a feature was the transfer of nearby
hedges into 1941 positions such as took place in large volume
last week.
Forty three lots of May were switched into
Mar., 1941, at a difference of 12 points. May sold at 1.90c.
up 2 points, as also were all other 1940 positions.
The 1941
deliveries advanced 1 point.
In the raw sugar market Penn¬
sylvania bought 2,000 tons of Philippines due April, at 2.80c.
a pound following sales at that price yesterday.
Offerings
of first half and second half April shipments Puerto Ricos at
2.85c. were reported.
In the refined sugar market Sucrcst
announced a cut of 10 points in its price to 4.30c. a pound for
prompt shipment.
On the 20th inst. futures closed 1 to 3
points net higher for the domestic contract, with sales total¬
ing 192 lots.
The world sugar contract closed 2 points to
Yz point net higher with sales totaling 175 lots.
European
news stimulated demand for sugar futures, with the result
that both markets advanced.
In the domestic market prices
gained 1 to 2 points on old crop months and 3 to 4 points
on
1941 deliveries, with May selling at 1.91c., up 1 point.
Jan., 1941, advanced 4 points to 2.01c. Trading volume to
mid-afternoon totaled 7,000
tons.
The strength of the
market was due to short covering against sales of raws it was
said.
In tbe raw market an operator paid 2.85c. a pound
for 2,000 tons of Philippines due Apr. 14.
The Pennsylvania
Sugar Co. paid the same price for 1,000 tons, Mar .-Apr.
shipment.
On the 21st inst. futures closed 1 to 3 points net higher for
the domestic contract, with sales totaling 410 lots.
The
Volume
The Commercial & Financial Chronicle
ISO
world sugar contract closed 3^
point off to
sales totaling 68 lots. The domestic market
the
turnover
which
to
early
unchanged, with
fairly active,
totaling 18,000 tons, of
afternoon
considerable amount represented switches.
About
May were switched into later deliveries, mostly
September at a difference of 11 points, it was said. Prices
with the exception of March were
a
higher.
May at 1.91c.
1 point; while September at 2.03 and March, 1941,,
were up 3 points respectively.
Trade houses and
operators were interested on the long side, while producers
supplied the contracts. Raw sugar was steady, with offers
was
at
Sugar Division Issues Data
in Fourth
was
70 lots of
up
2.05,
The
issued
on
Sugar Division of the Department of Agriculture
March 13 its summary of data on "invisible"
STOCKS OF SUGAR HELD BY 1,391 MANUFACTURERS, WHOLESALERS
AND RETAILERS ON SPECIFIED DATES, TOGETHER WITH
RE¬
CEIPTS
AND
DELIVERIES
March
SUGAR,
FOURTH
Receipts
September
January
Stocks
Oct. 1
Forms
Sept. 30,
to
Oct. 1 to
Sent
1.91
Received
1939
Dec. 31,
1939
Dec. 31,
1939
277,696
220,421
2.03
Months
with
from
Manufacturers
of
1940
Off-Shore
Totaled
Areas
501,201
First
in
Tons
Two
Compared
597,281 Tons Year Ago
626
625
236,617
78,733
503
140
33,104
300,090
181,895
153,994
Sugar Division of the Department of Agriculture,
on
supplying the United States market.
The sum of these
quotas represents the quantity of sugar estimated, under
the Sugar Act of 1937, to be required to meet consumers'
during the current
The report shows that the
year.
Use,
Total
...
quantity of sugar charged against the quotas for all off-shore
areas, including the full-duty countries, during January and
February, amounted to 501,201 short tons, raw value. For
the corresponding period last year,
charges against the off¬
168,376
Stocks
Dec. 31,
1939
The
fourth
259,011
40,207
18,722
4,491
1,391
348,454
635,979
666,483
317,940
4,491
1,387
241,231
730,873
674,716
297,388
Comparable data for 4th
quarter of 1938
March 9, issued its second monthly
report on the status of
the 1940 sugar quotas for the various
sugar-producing areas
needs
1,426
2,562
Retailers
*
The
or
2.02
Wholesalers
Entries
1939 *
Deliveries
No. of
Forms
.1.97
Sugar
QUARTER
N,o-. of
2.05
May
July
OF
(Short Tons)
follows:
as
"Invisible" Sugar Stocks
on
4.30 basis.
a
Prices closed
on
Quarter of 1939
supplies of sugar in the United States for the fourth quarter
of 1939, together with a record of
receipts and deliveries.
The data for the fourth quarter report were obtained from
schedules received from 1,391 manufacturers, wholesalers and
retailers.
The following table summarizes the data:
ranging from 2.83 to 2.90 cents, depending on the position
of the sugar.
Refined sugar was unchanged at ;4.50e. a
pound for cane refiners with the exception of Stierest, which
continued
1957
quarter receipts.by
the firms reporting for this
period
on
Form
SS-33
were approximately
50.4% of the total deliveries of sugar by refiners,
cessors, and importers for the period Oct. 1 to Dec. 31, 1939.
The 1939 receipts of sugar by the reporting firms were
short tons, or
pro¬
approximately 3,061,000
47.4% of the total 1939 deliveries of
sugar.
Lard—On the 16th inst. futures closed 25 to 30
points net
lower.
The opening range was 5 to 7
points down from
previous finals.
Soon after the opening heavy liquidation
developed and prices slumped 45 to 50 points on the active
deliveries.
The market appeared for a time to be
deprived
of any support, and declines went close to the
permissible
limit for one day.
Later there was some
covering which caused
a
professional short
rally, but the market finished in a
certified
weakened condition.
Peace rumors and the generally bear¬
ish trend of other commodity markets and of
entry before March 1, 1940.
The figures are subject to change after
final outturn weight and polarization data for all importations are available.
influences contributing to the lard market's downward
plunge
in today's session.
There were no lard
shore
totaled 597,281 tons.
areas
The report includes sugar from all areas recorded
entered
as
or
for
There
were
37,275 short tons of
quota for the mainland
the quota for
sugar
cane area and
the continental
sugar
Data for February for these two
value, charged against the
raw
53,209 short tons,
beet
area
are not
areas
value, against
raw
during January this year.
yet available.
The quantities charged against the quotas for the off-shore
areas
during
the first two months of the year and the balances
remaining are as follows:
(Tons of 2,000 Pounds—96 Degrees)
1940 Sugar Quotas
Established, under
Amounts
Charged
Balance
the Latest
Against
Remaining
Regulations
Quotas
1,863,217
239,202
1,003,783
797,982
938,037
131,988
Area
-
Cuba
Philippines
._
Puerto Rico
Hawaii
Virgin Islands
1,624,015
871,795
729,570
68,412
55,842
882,195
8,916
8,916
Foreign countries other than Cuba.
~7~, 757
19,988
501,201
4,136,479
25,745
Total
/
4,637,680
Direct-Consumption Sugars
Direct-consumption
is
sugar
included
in
the
above
against the various quotas, since the quota for such
total
sugar
1940
direct
quota for each area.
consumption
degrees and above and
sugar
charged
is included in the
The following tabulation indicates the
quotas
sugar
dining January and February,
amounts
sugar
and
charges against such
showing separately
sugar
quotas
polarizing 99.8
polarizing less than 99.8 degrees.
The last
column shows the balance available for entry during the remainder of the
The separation of
year.
of the outturn
sugar
into polarization groups is based
sugars
weight and polarization for each
on
reports
of direct-consumption
cargo
entered against the quotas.
(In Short Tons—96 Degrees Equivalent)
Quantity Charged Against Quotas
1940
Sugar
Sugar
Polarizing
Polarizing
Total
99.8 Degs.
and Above
Areas
Less than
Charges
99.8 Degs.
21,845
4,381
Quotas
Cuba...
375,000
Puerto Rico
21,006a
Hawaii
26,226
21,006
348,774
21,006
b
4,936a
-
b
~~3~678
80,214
Total
"212
46,529
Philippines......
a
Balance
Remaining
4,593
Quota for first two months of 1940.
"3~, 890
76,324
51,122
b No restrictions
on
direct-consumption
sugar from Puerto Rico and Hawaii after Feb. 29, 1940.
QUOTAS FOR FULL-DUTY COUNTRIES
(In Pounds)
.
grains
Charged Against
Quotas
Mexico
Quotas
exports from the
today.
Hog prices at Chicago held sur¬
prisingly steady today in the Chicago market.
Western
hog receipts totaled 20,700 head, against 9,500 head for the
same
day last year.
On the 18th inst. futures closed 2 to 5
points net lower.
The opening range was 7 to 10 points off
compared with previous finals.
Some substantial selling
took place in the later session and sent
prices off 15 to 17
points.
From these levels there was a recovery of about
7 to 8 points.
There were no clearances of lard from the
Port of New York today.
Hog prices at Chicago were
mostly 10c. lower on the close.
Chicago hog marketings
totaled 24,000 head, and receipts for the Western run totaled
87,600 head, against 70,300 head for the same day last year.
Sales ranged from $4.65 to $5.35.
On the 19th inst. futures
closed 10 to 12 points net higher.
The opening range was
2 to 5 points higher.
Market was fairly active, with the
undertone firm during most of the session.
Export ship¬
ments of lard from the Port of New York today were 595,260
pounds.
This was an unusually heavy total.
Destination
given was "Europe."
Total receipts for the Western run
were 73,400
head, against 64,100 head for the same day a
year ago.
Hog prices at Chicago closed 15c. higher.
Sales
ranged from $4.80 to $5.50.
On the 20th inst. futures closed
20 to 25 points net higher.
The opening range was 5 to 7
points higher.
Strength in grains and unfavorable news
from Europe were the bullish influences in the lard market
today.
Export clearances of lard from the Port of New
York today were 48,000 pounds, with destination "Europe."
Receipts of hogs at Chicago were slightly above trade ex¬
pectations, totaling 18,000 head.
Western hog marketings
totaled 78,800 head, against 52,600 head for the same day
last year.
Hog sales ranged from $4.75 to $5.40.
On the 21st inst. futures closed 2 points lower to 5 points
higher. Trading interest was light, with transactions show¬
ing do particular feature of interest. The opening range was
unchanged to 5 points higher, due largely to scattered
covering. No export shipments of lard were reported from
the Port of New York today.
Chicago hog prices have
advanced a little within the past few days, while receipts
have been declining.
Prices there advanced 10c. today and
sales ranged from $4.75 to $5.55.
Western hog receipts
totaled 82,300 head, against 52,000 head for the same day
last year.
Remaining
6,218,988
55,966
Peru
11,458,864
11,458,864
Quotas not used to date.b
33,312,148
500,000
Unallotted reserve
Total
a
33,312,148
500,000
51,490,000
Tons
6,163,022
11,514,830
5,757
25,745
39,975,170
19,988
In accordance with Sec. 212 of the Sugar Act of 1937, the first ten short tons
of sugar, raw value, imported
from
any
foreign country other than Cuba have not
been charged against the quota for that country.
Argentina, 15,029: Australia, 210; Belgium, 303,438; Brazil, 1,234; British
Malaya, 27; Canada, 581,707; China and Hongkong, 297,051; Colombia, 275; Costa
Rica, 21,236; Czechoslovakia, 271,470; Dominican Republic, 6,875,339; Dutch
East Indies, 217,941; Dutch West Indies, 6; France, 180; Germany, 121; Guatemala,
b
345,291; Haiti, 950,203; Honduras, 3,539,048; Italy, 1,805; Japan, 4,133; Nether¬
lands. 224,623; Nicaragua,
10,538,064; Salvador, 8,463,174; United Kingdom,
361,545;
Venezuela,
298,998.
19,799
pounds
have
been
Imported
from
and Hongkong, 214 pounds from Chile and 54 pounds from Venezuela,
the
por
China
but under
provisions of Sec. 212 of the Sugar Act, referred to in footnote 1, these imations have not been charged against the quota.
'
■
'
'
'
'
'
'
./■
OF
LARD
FUTURES
IN
CHICAGO
Sat.
Mon.
Tues.
5.32
5.47
5.45
5.70
Thurs.
5.70
Fri,
5.37
Balance
a
the
Port of New York
"DAILY CLOSING PRICES
1940
Area
were
5.57
5.80
5.77
H
5.50
Wed.
5.75
5.70
5.80
6.00
6.00
O
5.92
5.78
6.00
6.22
6.20
L
6.02
July.
6.00
6.10
6.30
6.27
Pork:—(Export), mess, $18.75 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $16.25 (200 pound barrel).
Beef: (export), steady.
Family (export), unquoted.
Cut
meats: Quiet.
Pickled hams: Picnic, Lose, c.a.f.—4 to 6
lbs., 934c.; 6 to 8 lbs., 9^c.; 8 to 10 lbs., 9^c. Skinned,
loose, c.a.f.—14 to 16 lbs., 1434c.; 18 to 20 lbs., 14c. Bellies:
Clear, f.o.b., New York—6 to 8 lbs., 1114c.; 8 to 10 lbs.,
1034c.; 10 to 12 lbs., 914c.
Bellies: Clear, Dry salted,
Boxed, N. Y.—16 to 18 lbs., 6%c.; 18 to 20 lbs., 6%c.;
20 to 25 lbs., 6%c.; 25 to 30 lbs., 6%c.
Butter: Creamery,
Firsts to Higher than Extra and Premium Marks: 2614 to
28Cheese: State, Held '38, 21c. to 22c.
Held '39,
The .Commercial &
1958
20c. to 20 %c.
Eggs: Mixed colors:
Checks to Special packs:
1534c. to 19c.
higher
quoted
10.0 to 10.2.
Quotations: Chinawood: Tanks—26c. bid;
Drums—2634 to 27.
Coconut: Crude, Tanks—.0334 bid;
Pacific Coast—.02% bid.
Corn: Crude: West, tanks,
nearby—.0634 bid nominal. Olive: Denatured: Drums, spot,
afloat—95 to 96. Soy beans: Tanks, West—.0534 bid; New
York, l.c.l., raw—.075 bid.
Edible: Coconut: 76 degrees—
.09% bid.
Lard: Prime ex. winter—8% offer; strained—
834 offer.
Cod: Crude: Norwegian light—70c. offer; dark
filtered—64 offer.
Turpentine: 3834 to 4034» all bids.
W Oils:—Linseed oil prices were firm, due to the
action of seed markets. Linseed oil in tank cars was
Rosins: $6.25 to
$7.60.
Cottonseed Oil sales, yesterday,
contracts.
Crude, S. E., val. 5%.
6.700}
April
May
n
including switches, 104
Prices closed as follows:
August
6.73(o} 6.75 September
October.
6.78© n
November
6.78©
June
July
Rubber—On the 16th inst. futures
„
,
6.80© n
6.82© n
6.80© 6.82
6.83©
n
closed ,3 points lower
point higher.
Transactions totaled 820 tons. The
market was quiet during the entire session, though the under¬
tone was steady.
According to the Rubber Manufacturers
Association, consumption of crude rubber in the United States
during Feb. amounted to 49,832 tons.
The total was in line
with general trade expectations and had little or no effect
on the market.
Stocks in the United States showed a small
decrease to 148,776 tons as against 156,830 tons a month
earlier.
The actual market was quiet today (Saturday).
to
1
Very few offerings from the Far East reported. Spot stand¬
ard No. 1 ribbed smoked sheets in the trade remained un¬
changed at 18%c. per pound. Local closing: Mar., 18.20;
May, 18.08; July, 17.93; Sept., 17.90; Dec., 17.75; Jan.,
17.75.
On the 18th inst. futures closed 4 to 6 points net
Transactions totaled 93 lots. Rubber gave a better
account of itself than other markets.
The opening range was
unchanged to 3 points lower, but prices firmed up under
support by trade interests, standing 5 to 9 points higher
during early afternoon on a turnover of 62 lots, of which five
represented exchanges for physical rubber.
At that time
Mar. stood at 18.15c., up 7 points, and July at 18.07, up 9
points. Certificated stocks of rubber were reported as 1,480
tons.
Forty tons were tendered on Mar. contracts, making a
total of 1,750 tons.
London closed unchanged to %d. lower.
Singapore was about the same. Local closing: Mar., 18.25;
May, 18.14; July, 18.02; Sept., 17.95; Dec., 17.81.
On the
19th inst. futures closed 19 to 5 points net higher.
Transac¬
tions totaled 110 lots.
Mixed dealer operations took place
in a quiet market, transactions to early afternoon totaling
only 49 lots. Prices were firm, the market standing 3 to 10
points net higher, with May at 18.24c., up 10 points. Ten
tons were tendered on Mar. contracts, making a total so far
this month of 1,760 tons. The London market closed steady,
1-16 to 3-16d. higher, but Singapore closed unchanged to
l-32d. lower.
Local closing: Mar., 18.35; May, 18.33; July,
18.12; Sept., 18.00; Dec., 17.89.
On the 20th inst. futures
closed 3 to 6 points net higher. Transactions totaled 44 lots.
A paucity of offerings forced buyers to bid rubber futures
up, with the result that prices advanced moderately on a
small volume of trading.
Early gains of as much as 11
points were registered, but later they were reduced by profittaking.
Transactions to early afternoon totaled only 19
lots, Ten tons were tendered for delivery on the Mar. con¬
tract, bringing total deliveries so far this month to 1,770
tons.
Certificated stocks are now down to 1,440 tons. The
London and Singapore markets closed steady and quiet
respectively with prices unchanged to 3-32d. higher. Local
closing: Mar., 18.38; May, 18.38; July, 18.17; Sept., 18.06;
higher.
Dec., 17.93.
7 points off.
Transactions totaled 58 lots.
Trading in rubber futures was
of a mixed character in a small turnover which to early after¬
noon totaled 36 lots.
Prices were a little higher in sympathy
with firm primary markets, May standing at 18.47c., up
9 points.
Certificated stocks decreased 100 tons over night.
They now total only 1,340 tons. The open interest in March
this morning was 38 lots.
Shipment offerings were reported
plentiful but too high. London and Singapore closed l-32d.
to 34d. higher.
Both will remain closed until Tuesday,
March 26th.
Local closing: May, 18.41; July, 18.15; Sept.,
18.00; Dec., 17.86.
Hides—On the 16th inst. futures closed 21 to 24
The opening range was 7 to 21
points
points down from
previous final quotations.
Transactions totaled 11,360,000
pounds.
The markot's weakness was attributed to the
downtrend of the securities market and European peace
rumors.
There was little of interest in the domestic spot
hide
market.
Local
closing:
Mar.,
13.22,
June,
13.60,
Sept., 13.85, Doc., 14.08, Mar., 14.51.
On the 18th inst.
futures closed unchanged to 2 points off.
Transactions
totaled 274 lots.
Raw hide futures opened 10 to 15 points
In the early trading liquidation was general, as
resting orders to sell were caught.
Prices firmed during the
morning on sales of 8,720,000 pounds.
June sold at 13.62,
lower.
2 points and Sept. at 13.85, unchanged.
Certificated
of hides in warehouses licensed by the Exchange
increased by 631 hides to a total of 907,461 hides in store.
Local closing: June, 13.59; Sept., 13.85; Dec., 14.06; Mar.,
up
stocks
14.29.
On the 19th inst.
futures closed 7 to 2
23.
1940
points net
higher.
Transactions totaled 187 lots.
Raw hide futures
opened 1 to 12 points higher.
Prices were firm during the
morning in quiet trading.
Transactions totaled 81 lots.
June sold at 13.65, up 6 points, and Sept
at 13.85, up 2
characterized by demand from com¬
sales today totaled 50,000 hides.
Mar.. 13.26; June, 13.61; Sept., 13.85; Mar.,
On the 20th inst. futures closed 22 to 20 points
Transactions totaled 218 lots. Raw hide
points.
Trading was
mission
houses.
Local closing:
1941, 14.33.
Spot
higher.
displaved furtner strength in later trades after open¬
ing 6 points lower to 20 points higher.
Sales during the
morning totaled 132 lots.
June sold at 13.84, up 23; Sept.
at 14.60, up 21; and Dec. at 14.31, up 21.
In the domestic
spot market sales totaled about 90,000 hides including
Feb .-Mar. light native cows at 12%e. (river points reported
sold at 12%c.), and heavy native steers at 12%c.
In the
Argentine market 2,000 Mar. frogorifieo extremes sold at
16 .5-16c.
The advance was due to heayv short covering
and new speculative buving.
Local closing: June, 13.83;
Sept., 14.07; Dec., 14.30; Mar., 1941, 14.53.
On the 21st inst. futures closed 6 to 2 points net lower.
Transactions totaled 60 lots.
Raw hide futures opened
net
futures
1 point lower to 5 points higher.
Prices were fairly steady
during the morning in quiet trading.
Transactions totaled
19 lots up to early afternoon.
Commission houses bought,
In the domes¬
hides, including Feb.heavy native steers at
closing: Mar., 13f39; June, 13.77; Sept., 14.03;
profit taking checked the rally.
but scattered
tic spot markets sales totaled 25,000
Mareh light native cows at 12%c. and
12%c.
Local
Dec., 14.28.
Freights—Volume of new business
Ocean
in the ocean
freight market was fairly heavy. Charters included: Grain
booked: Ten loads New York to Sweden, Apr., 40c. per 100
Grain: Sydney, Australia to United States, north
Apr.-May, $17.50 per ton.
New York to
Antwerp (berth), 90c. asked per 100 pounds, Mar. Buenos
Aires to Antwerp, $28.50 offered Mar.
Buenos Aires to
north of Hatteras (linseed), $9.25 per ton.
Time: About
three months, West Indies trade, end Mar., $5 per ton.
Short period, West Indies trade, end Mar., $4.35 per ton.
Round trip East Coast South American trade, Apr., $5 per
ton.
Two to three months, West Indies trading, Mar.,
$4.90 per ton.
A steamer (reported), three months Pacific
trading, Apr., $6.50 per ton. Another vessel, West Indies
trade, $4.50 per ton. Four to six months' delivery, Atlantic
range, Mar .-Apr.
Another vessel, delivery North of Hat¬
teras, Far East, Apr., $6.50 per ton.
Another, delivery
Pacific redelivery Atlantic range, via Chile, Apr., $4.50
pounds.
of
Hatteras,
per
ton.
Coal—Anthracite producers were
notified this week by the
Emergency Committee that production for the
week ended Mar. 23 has been fixed at 720,000 tons, which is
Anthracite
three working days, the same as the preceding
gradually reduced since the
allocation program had been first placed in effect for the
week ended Feb. 3. According to preliminary report of the
Bureau of Foreign and Domestic Commerce, the imports of
bituminous coal, all from Canada (including small amounts
of slack, culm and lignite), for Jan., 1940, were 48,864 long
tons, as compared with 21,008 tons in Jan., 1939.
The
total estimated production of Pennsylvania anthracite for
the week ended Mar. 9 amounted to 1,034,000 net tons,
according to a report from the Department of the Interior.
This was an increase of 168,000 tons, or 19 per cent over the
equal to
week.
Coal stocks have been
ended Mar. 2, and 35 per cent above the
week in 1939.
Bee hive coke
production continued to decline.
output in the week
total for
Wool
the corresponding
Tops—On the 16th inst. futures closed 6 to 10 points
For the week the market showed net declines
net lower.
.
On the 21st inst. futures closed 3 points up to
net lower.
March
Financial Chronicle
The features of the trading today were
Spot tops which were $1.04%
Friday, down l%c. from a week earlier, lost an additional
%c. today and were quoted at $1.04.
Local closing: Mar.,
97.6; May, 96.7; July, 95.4; Oct., 94.7; Dec., 95.6.
On
the 18th inst. futures closed 15 to 11 points net lower.
Wool
of 25 to 31
points.
hedge selling and liquidation.
ground today under fairly active commission
Spot and trade houses took contracts
on a scale down basis.
Total sales in the trade to midday
were estimated at approximately 375,000 pounds
of tops.
Local closing: Mar., 95.3; May, 94.5; July, 93.3; Oct., 92.8;
Dec., 92.6.
On the 19th inst. futures closed 4 to 7 points
net lower.
Wool top futures were weaker today on Mar.
liquidation and general selling in the more distant positions.
Spot houses and trade interests provided support on a scale
down basis.
Total transactions to noon were estimated in
the trade at approximately 800,000 pounds.
Local closing:
Mar., 94.8; May, 93.9; July, 92.6; Oct., 92.3; Dec., 92.2.
On the 20th inst. futures closed 19 to 31 points net higher.
The wool top futures market opened strong today.
While
the Mar. delivery showed an advance of only 4 points over
last night's close, other active contracts were up 20 to 29
points in early trading.
The strong tone during the early
dealings was attributed to the developments in the European
situation.
The market weakened somewhat in subsequent
trading on realizing and hedge sales, but again turned firm
around midday.
Total sales to noon were estimated at
approximately 500,000 pounds of tops.
Local closing:
Mar., 96.7; May, 96.7; July, 95.7; Oct., 95.2; Dec., 94.8.
top futures lost
house
liquidation.
Volume
The Commercial & Financial Chronicle
ISO
1959
/■
On the 21st lnst. futures closed 4 to 8
points net higher.
unchanged at $1.01 a pound. The market
will be closed until Monday
morning. Reliable reports state
that few mills or top makers were
showing any interest in the
purchase of domestic wools.
The occasional buyers that
made
inquiries were seeking information on supplies and
asking prices for future reference. They were very cautious
Spot tops
were
about making any immediate commitments in raw wools.
Asking prices on domestic wools were tending lower. Local
closing tor wool top futures follows: May, 97.5; July, 96.2;
Oct., 95.6; Dec., 95.4.
Silk—On
lower.
the
18th inst.
43^c. to 8e. net
Extreme weakness in
the
Drimary markets of Japan caused a sharp break in raw
on the
Commodity Exchange early today, losses
ranging from 5c. to 15c. a pound. Later the market firmed
up, standing 4 to 4J^c. lower during early afternoon, with
Mar. at $2.81 and July at S2.68MSales to that time
totaled 860 bales, all on the No. 1 contract.
The price of
crack double extra silk in the New York spot market uptown
was b>£c. lower at $2.90a pound.
The Yokohama Bourse
closed 43 to 54 yen lower.
Spot Grade D silk declined 25
yen to 1,615 yen a bale.
Local closing: No. 1 contract:
Mar., 2.80H, May, 2.71J& July, 2.68, Aug., 2.61, Sept.,
2.58, Oct., 2.563^.
On the 19th inst. futures closed 4 to 9
points net higher. Transactions totaled 42 lots. Scattered
buying and covering of shorts imparted a firm tone to the
raw silk futures
market.
Trading was exceedingly quiet,
only 9 lots changing hands to early afternoon. At that time
July No. 1 stood at .$2.74, up 6c. The price of crack double
extra silk in the uptown market was advanced 4c. to $2.94^
a pound.
One hundred bales were tendered on the Mar. No.
1 contract, making a total of 810 bales.
Local closing: No. 1
contracts: Mar., 2.84^, May, 2.80, July, 2.75, Aug., 2.b7,
Sept., 2.67. On the 20th inst. futures closed 1 to 2 points
silk futures
lower for the No. 1 contracts.
net
comparison may be made with other years,
give below the totals at leading ports for six seasons:
Savannah
Sales totaled 17 lots.
The
respond to the general rise in
During early afternoon July stood at
$2.74, off lc. Trading was quiet, only 6 lots changing hands
to early afternoon, all on the No. 1 contract.
The price of
crack double extra silk in the uptown spot market was un¬
changed at $2.943d? a pound. Yokohama Bourse closed 18
yen higher to i yen lower.
Spot grade D silic advanced 10
yen to 1,610 yen a bale.
Local closing: No. 1 contracts:
June, 2.7G, July, 2.74.
On the 21st inst. futures closed 1 to 2%$. net lower, with
sales totaling 18 lots.
Prices of raw silk futures were steady
in quiet trading during the early session, only six lots chang¬
ing hands to early afternoon.
At that time July stood at
$2.72, off 2c. The price of crack double extra silk in the up¬
town spot market stood unchanged at $2.94H a pound.
Thirty bales were tendered for delivery on the March con¬
tract, making 840 bales so far this month.
There were no
cables from Japan where the markets were closed due to a
holiday.
Local closing: No. 1 Contracts:
Mar., 2.84;
June, 2.75; July, 2.72)4', Aug., 2.643^; Sept., 2.623^; Oct.,
2.61^.
other commodities.
COTTON
Thursday Night, March 21, 1940.
Crop, as indicated by our tele¬
grams from the South tonight, is given be.ow.
For the week
ending this evening the total receipts have reached 74,870
bales, against 115,052 bales last week and 107,381 bales the
previous week, making the total receipts since Aug. 1, 1939,
6,424,835 bales, against 3,164,026 bales for the same period
of 1938-39, showing an increase since Aug. 1, 1939, of
3,260,809 bales.
The
Movement of
1934-35
775
9,879
8,986
21,665
2,638
796
264
6,353
1,864
14,337
10,745
16,352
1,287
2,124
"""661
"l",3ll
"1*569
"""581
38
460
654
616
4,634
6,964
6,167
18
Brunswick
Charleston
1935-36
1936-37
1937-38
1938-39
22,467
12,296
33,309
5,789
Mobile
9,655
9,898
26,988
3,216
7,036
11,040
453
438
......
1
Wilmington..
12
3
52
763
743
558
978
'£567
Norfolk
~l"433
"3",662
"1*945
"""457
21,973
47,032
61,190
48,797
24,491
All others..__
Total this wk.
901
/
74,870
Since Aug. 1__ 6,424,835 3,164,026 6,683,790 5,775,107 6,177,234 3,749,947
The
exports for the week ending this evening reach a
total of 63,679 bales, of which 5,215 were to Great Britain,
18,271 to France, 10,046 to Italy, 12,026 to Japan, 12,151
China, and 5,970 to other destinations.
In the corre¬
sponding week last year total exports were 86,112 bales.
For the season to date aggregate exports have been 5,029,547
bales, against 2,749,256 bales in the same period of the
previous season. Below are the exports for the week:
to
Week Ended
Exported to—
Mar. 21, 1940
Exports from—
Great
Ger¬
Britain France
Italy
many
Galveston
Japan
China
8~,02O
...
New Orleans
9,651
9~,489
4~670
2,416
2,599
2,537
2,970
4,092
....
Total
Other
2,978
Houston
7,475
800
4,215
"155
Receipts at—
Galveston
1,000
Total...
5,215
18,271
Total 1939
13,928
19,968
3,098
Total 1938
10,046
12,026
12,151
5,970
63,679
5,216
5,041
....
.
34,073
13,975
6,490
3,195
9,605
15,926
86,112
71,951
13,702
9,218
4,628
From
Exported to—
Aug. 1,1939 to
Mar. 21,
Great
1940
Exportsfrom—
Britain
Galveston
329,384 138.496
286 117,391
Houston.....
422,282 145,806
71,308 27,424
8,496
6,801
8,257 169,384
10,242 18,329
4,334
Corpus Christi
Brownsville..
Ger¬
France
400
Beaumont
New Orleans.
—
—
-
Mobile
China
Japan
'
-
163*883
75*.682
491
8,169
Total
Other
174,646 47,431 386,787 1194,421
207,973 178,953 335,922 1468,577
36,681 10,390 25,452 199,826
4,309
3,922
27,922
__
—
609,864 380,360
16,290
1,135
52,848
4,339
Bake Charles.
Italy
many
4,179
19,494
2,031
-
-
185
-
585
59,800 205,183 1502,941
31,419
9,324
601
10*.610
90,423
■
Jacksonville..
"MI
550
Pensacola, &c.
6,182
42,314
Savannah
Charleston
26,235
6,773
9,162
11,507
14,974
Wilmington..
Norfolk
...
Gulf port
New York
San
1,704
811
2*,153
196
8,837
100
10,145
70,109
•
^
^
-
1,825
-
-
..
~
m
-
-
+.
m.
mm
'«t
-
m
-
-
~
m.
m
~
m.
4*
•
-
m*
—
M
199
-
—
284
6,871
"200
214
fc.
M.
-
160,516
20,772
1,867
24,723
5,704
290,240
41,515
10
8,500
1,050
m.
9,878
_
5,554
„
26,773
2,998
59,005
....
Total...... 1681,158 720,305
Total 1938-39
Houston
_
_
_
_
.
New Orleans
Mobile
—
33,456 474,226
401,807 366,270
382,818 255,082
Total 1937-38 1447,961 699,517
739,522 421,219
724,011 347,845 1048486 5029,547
726,391
420,021
64,022 552,866 2749,256
63,503 858,599 4650,342
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
the
On Shipboard Not
Cleared for—
Mar. 21 at—
Ger¬
Great
Britain
Galveston
France
13,200
6.886
8,000
Houston.—
New Orleans..
Savannah
Other
Foreign
wise
Leaving
Coast¬
many
5,000
16,100
18,080
9,296
1,950
194
Stock
Total
34,300
25,100
19,246
Charleston
Norfolk
Total
Fri.
Thurs.
Wed.
Tues.
Mon.
3,904
4,341
4,443
13,306
2,190
12,666
174
590
8
Savannah
Charleston
1,187
1,795
2,593
3,490
1,902
3,117
10,565
1,002
22,467
12,296
2,168
853
3,042
533
6
1
Wilmington
4
33,309
Holi¬
5,789
Totals this week.
"318
13,180
*
1
.___
12
""75
260
29,022
Total
"112
213
9,295
16,661
978
74,870
6,712
the week's total receipts, the
the stocks tonight, compared
with last year:
1938-39
1939-40
Mar. 21
This
Week
Galveston
Brownsville
Houston
Corpus Christ!—
Beaumont
New Orleans
Mobile
Pensacola & G'p't
Jacksonville
Savannah
Charleston
Lake
Charles
Wilmington
Norfolk
New York
Since Aug
1 1939
22,467 1,636,623
41,153
12,296 1,910,288
178,592
66,915
33,309 2,203,622
147,849
5,789
51,618
1,812
18
62,245
1
38,462
45,919
12
8,043
978
15,607
This
1 1939
week
past
irregular,
and
f
Totals—_
x
570,867
6?964
728,369
676",274
42,034
92,405
47,442
52
981,169
287,881
16,678
749,719
54,849
10,709
1,872
33,561
15,830
38,720
11,346
13,290
572
18,001
775
25
"796
15
14
3
16,087
74,870 6,424,835
Receipts included in Corpus
1939
755,770
Boston*
Baltimore
1940
930.401
6", 167
744,175
95,835
75,394
1,606
122,803
32,711
4,294
10,258
26,407
1,000
1,380
1,225
31,801
555,815
61,773
z4,021
1,620
150,234
34,583
6,041
16,319
28,367
100
1,623
1,175
21,973te,164,026 2,735,666 2,188,055
Christi.
z
3", 751
4,740
5,194
78,706 2,656,960
7,345
7,275
43,476
32,465
62,131
cotton
legislative
in
of
future
for
continued moderately
this
general uncertainty
run
4,634
1,956
4,633
91,240 .2840,913
50,897 2,137,158
crop
news
reflecting
over
action
at
in
delivery
active,
no
during
small
measure
the European political
Washington.
the
with price trend
There
the
situation
was
very
and weather developments or in the general
to encourage real
activity on either side of the
market.
Since A vg
Week
iStock
1,950
2,260
721,470
703,209
724,929
122,803
32,711
95,835
26,407
229,596
Estimated.
little
Receipts to
28,086
5,076
12,461
—.
Speculation in
very
The following table shows
total since Aug. 1, 1939, and
1940..
Total 1939
Total 1938
18
day
1
Norfolk
27,810
0,773
17,802
11,791
-
-
5,544
10
42,661
Francisco
«.
-
-
1,271
*100
Seattle..
-
-
50
Boston
Los Angeles..
50
l",539
-
-
"486
5,498
1,575
11,170
»
"*75
Other ports
...
155
i~,66o
New York
Mobile
Sat.
5,394
28,360
24,555
4*215
Mobile....
Norfolk
silk futures market did not
raw
1939-40
Receipts at—
Galveston
Houston
New Orleans.
Newport News
futures closed
Transactions totaled 97 lots.
In order that
we
Gulf port not not included.
On the 16th inst.
Week-end
prices plosed 8 to 13 points net lower.
liquidation and foreign selling caused cotton prices
to ease to new low
levels for the current movement today,
and at the close of the market
at
was
barely steady.
Easiness
Bombay and declines in outside domestic markets de¬
pressed sentiment, especially in view of absence of fresh
inspiration from cotton conditions. New low prices at
Bombay for the calendar year were registered, as that
market declined 8% to 9% rupees, the equivalent of about
30
American
points.
sellers here, with
points.
as
Bombay and Liverpool were early
initial local prices showing losses of 7 to 9
Southern offerings appeared in moderate amounts
complaints were heard of poor spot cotton
demand.
The pressure centered in the old crop deliveries, with May
liquidation attributed to a belief that the technical position
of near months had been weakened by the final evening-up
of Mar. contracts on Friday.
Spot cotton sales at the 10
designated Southern spot markets declined to 42,072 bales
last week, compared with 54,576 bales a week earlier and
27,974 a year ago.
On the 18th inst. prices closed 2 to 6
points net lower.
Political developments in Europe, which
gave rise to rumors of possible early peace, combined with
pronounced weakness in the foreign markets, sent cotton
prices down 9 to 13 points in the local market during the
early part of the session.
Subsequently, however, there
was a steadier tone and closing quotations were at about
the best levels of the day, 2 to 6 points below Saturday's
finals.
Weakness in. Liverpool, where prices declined the
full 25-point limit, was taken as a strong indication that
traders abroad were inclined to attach serious consideration
to developments.
The Bombay market also was lower,
and early in the session houses with Bombay connections
were aggressive sellers here.
This selling furnished most of
the contracts which were taken largely by trade houses in
the form of price fixing.
Southern spot markets were
unchanged to 6 points lower, with middling quotations rang¬
ing from 9.92 up to 10.67c. and averaging 10.26 at the 10
points lower to 5 points higher.
Trading was light and
without any unusual feature.
The more peaceful trend of
foreign political news, which caused a moderate decline in
the cotton market on Monday, appeared to have disappeared
today.
Prices; however, responded only moderately, and
after showing early gains of 5 to 10 points, reacted and
closed 5 points lower to 5 points net higher.
The Liverpool
market was decidedly weak early in the day, and private
cables were to the effect that traders were having difficulty
in interpreting the political news, and consequently not in a
position to trade aggressively either way. Bombay houses
were again sellers in the local market, taking advantage of
the early advance, which sent the differences to an at¬
tractive level for closing out of spreads between New York
and Bombay.
Spot houses were credited with transferring
hedges from Bombay to New York, and operations of late
have been inspired a good deal by the rapid changes in differ¬
ences between the leading markets.
Business was not large
and spot markets were also comparatively quiet.' On the
20th inst. prices closed 9 to 19 points net higher.
The cotton
market rallied as much as $1 a bale in sympathy with the
strength of wheat and strong rebound in the stock market.
Strong markets abroad paved the way for a substantial
further recovery on the opening.
Initial prices were about
8 points higher on old crop positions ana up to 14 points
higher on new crop months, with May old contracts selling
at 10.56c., up 8 points.
Buying was general, while foreign
selling persisted during the eaily trading, despite the rally
in the Liverpool and Bombay markets.
A cable from Liver¬
pool attributed the improvement there to general buying
based on the dimming of peace prospects.
The advance
extended the limits of 5 points premissible for a single day's
trading.
However, the Liverpool market was nervous and
erratic, with sentiment "hopelessly confused by uncertainty
over the probable trend of political events," a cable
added.
Spot cotton business in the South continues quiet.
On the 21st inst.
trade
buying and some foreign demand during the early
dealings.
Both Liverpool and Bombay were reported to
have sent buying orders, foreign demand converging on the
October
delivery.
The selling was by the South, by spot
firms hedging purchases of cotton, and by local traders.
After the initial trading, Southern liquidation of nearby
contracts
ing
caused
down
declines of
10.59c.
to
and
several
July
to
points, with May sell¬
10.37c. before midday.
Scattered foreign buying of October continued to come into
the
market.
mand
for
buying
Spot cotton markets report that foreign de¬
in Texas continues slow, the absence of
being ascribed to the possibility of cheaper
cotton
now
prices for new crop cotton on export subsidy prospects.
The official quotation for middling upland cotton in the
New York market each day for the rast week has been
Sat.
March 16 to March 22—
Middling upland % (nominal), .10.77
Middling upland 15-16 (nom'lK 10.97
15-16
31-32
1 In.
Inch
Inch
Inch
Inch
and Up
15-16
Inch
Fair
.54 on
.65 on
.73 on
.36
on
.45 on
.54 on
.59 on
.65
St. Good Mid...
.49 on
.59 on
.68 on
.31 on
.39 on
.49 on
,54 on
.60 on
.43
on
.53 on
.62 on
.25
on
.33
on
.43
on
.49 on
.54 on
on
.30
on
and
Up
White—
Mid.
Mid
Good
.30 on
.41 on
.50
on
.13 on
,21
,36 on
.41
Basis
.11 on
.20
on
.18 off
.10 off
Basis
.06 on
.12 on
.48 off
.38 off
.30 off
.65 off
.58 off
.50 off
.45 off
.39 off
1.03 off
.93 off
.97 off
Mid
St.
Mid
St
on
Low Mid
on
Low
Mid
.87 off 1.20 off
.14 off 1.05 off
.01 off
♦St.
Good Ord.. 1.55 off
.48 off 1.44 off 1.72 off
.68 off 1.60 off
.58 off 1.55 off
2.14 off
.04 off 2.01 off 2.26 Off
.23 off 2.15 off
.13 off 2.11 off
Ord
♦Good
Extra
White—
.25
on
.33
on
.13
on
.21
on
.43
on
on
.36
.54 on
.49 on
.30
.62
on
St. Mid
.30 on
.41
on
.50
on
Mid
Even
.11
on
.20
on
-.18 off
.10 off
Even
.06 on
.12 on
St. Low Mid....
.48 off
.38 off
.30 off
.65 off
.58 off
.50 off
.45 off
.39 oft
1.03 off
.93 off
.87 off 1.20 off 1.14 off 1.05 off 1.01 off
.97 off
.43
Good Mid
Low Mid
.53
on
on
.41
on
on
1.60 off 1.58 off 1.55 off
•St. Good Ord.. 1.55 off 1.48 off 1.44 off 1.72 off 1.68 off
2.11 off
2.14 off 2.04 off 2.01 Off 2.26 off 2.23 off 2.15 off 2.13 off
♦Good Ord
Spotted—
Good Mid
.08 on
.18
on
.27
on
.11 off
.02 off
.06
St. Mid
.07 off
.03
on
.12
on
.25 off
.16 off
.60 off
.49 off
on
.17
on
.01 off
.04
on
.12
.07 off
Mid
on
.42 off a.77 off a.69 off a.60 off a.55 off a.50 off
1.24 off 1.19 off
•St Low Mid... 1.22 off 1.14 off 1.08 off 1.39 off 1.35 off 1.26 off
1.87 off 1.82 off 1.80 off 2.05 off 2.03 off 1.97 off 1.95 off 1.93 off
♦Low Mid
Tinted—
.41 off
.49 off
Good Mid
.35 off ♦.67 off
♦
62 off *.54 off *.51 off *.46 off
.56 off ♦.87 off ♦.83 off *.75 off *.72 off *.67 off
.62 off
1.34 off
1.26 off 1.22 off 1.20 off 1.42 off 1.41 off 1.37 off 1.36 off
♦Mid
1,96 off
♦St
Low Mid... 1.83 off 1.81 off 1.81 off 1.99 off 1.98 off 1.96 off 1.96 off
2.32 off 2.31 off 2.31 off 2.49 off 2.49 off 2.49 off 2.49 off 2.49 off
♦Low Mid
.69 off
St. Mid
Yellow Stained.87 off *1.18off ♦1.15off *1.06off *1.04off *.98 off
1.53 off 1.52 off 1.51 Off 1.50 off
1.36 off 1.35 off 1.34
Mid
♦St.
.94 off
1.01 off
Good Mid
offjl.54 off
1.86 off 1.85 off 1.85 off
♦Mid
Gray.52 off
.60 off
Good Mid
j2.03 off
2.03 off 2.03 off 2.03 off 2.03 off
.43 oft>*.77 off *.73 off *.65 off *.61 off *.54 off
.68 off
.79
.88 off
.58 off! .92 off
off, .75 off
off? 1.29 off
.66 off
.74 off
1.25 off 1.18 off 1.14 off 1.43 off 1.39 off 1.32
St. Mid
♦Mid
1.27 off
Middling spotted shall be tenlerable
only when and If the Secretary of Agriculture establishes a typefor such grade.
•Not deliverable on future
contract,
New York
a
Quotations for 32 Years
quotations for middling upland at New York on
Mar. 21 for each of the past 32 years have been as follows:
The
1920
42.00c.
1912
1919
27.65c.
-34.40c.
19.30c.
1911
1932
1931
6.60c.
10.80c.
1924
8.67c.
1930
15.70c.
1922
14.63c.
1929
21.05c.
1928
1934
11.51c.
12.40c.
12.20c.
1926
19.8.5c.
14.30c.
19.05c.
1933
6.50c.
1925
25.50c.
1939
1938
1937
1936
1935
1927
12.03c.
9.30c.
13.50c.
1916
1921
27.35c.
29.55c.
17.85c.
12.35c.
10.84c.
8.92c.
1940
1923
1918
1917
1915
1914
1910
12.60c.
10.65c.
-14.60c.
15.1,5c.
1909
9.70c.
1913
Futures—The highest, lowest and closing
York for the past week have been as follows:
Saturday
Monday
Tuesday
Mar. 16
Mar. 18
—
prices at New
Mar. 20
Thursday
Friday
Mar. 21
Wednesday
Mar. 19
-.
Mar. 22
Apr. (1940)
{old)
Range.,
10.62n
10.57n
10.58n
10.72 n
10.69/t
Closing- I0.77n
10.71n
10.7 On
10.85n
10.83n
Closing
-
Apr. {new)
Range
_
.
{old)
May
Range.. 10.51-10.56 10.40-10.48 10.41-10.52 10.56-10.65 10.58-10.65
10.62-10.63 10.59
10.47-10.48 10.48
Closing- 10.52
{mw)
May
10.76-10.77
10.58-10.58 10.59-10.59
Range..
10.67/z
10.61n
10.60/1
10.75 n
10.73n
Closing. 10.40n
10.37n
10.37n
10.51/t
10.48/1
Closing
June
Range
June
-
{old)
..
{new)
Range
..
10.62n
10.64n
10.51/1
10.49n
10.54n
Closing
July
{old)
10.28-10.34 10.20-10.27 10.21-10.33 10.34-10.43 10.37-10.43
Range
HOLI¬
.
10.29
Closing
July {new)
_
10.27
—
10.40
•—
10.37
—
DAY.
—
10.44-10.44 10.33-10.38 10.33-10.41 10.48-10.52 10.57-10.57
Range
Closing
.
10.27
—
10.43n
10.41/1
10.39 n
10.53/1
10.51n
10.33/1
-
10.31/1
10.29n
10.43n
10.41n
10.14n
Aug.—
Range.
Closing
Sept.—
Range.
9.98n
9.99 n
Range--
9.70- 9.76
9.60- 9.66
9.59- 9.75
9.80-
Closing.
9.70
9.65
9.69
9.86
Closing
-
10.02 n
10.15/1
Oct.—
—
—
—
9.87
9.87- 9.92
9.90
—
—
Nov.—
Range
.
Closing
9.58 n
9.61n
9.45- 9.59
9.65-
9.53
9.72
9.83/1
9.79/1
9.46- 9.53
9.51
9.63/1
.
Dec.—
Range.
Closing
9.56
9.59
9.56-
—
—
—
9.74
9.73- 9.77
9.77
—
—
Jan. (1941)
Range
9.54- 9.54
Closing
9.42- 9.42
9.65- 9.65
9.70-
9.46n
9.48/1
9.67 n
9.40n
9.44n
9.33- 9.37
9.34-
9.35 n
9.40 n
9.72
9.72/1
9.45/z
_
9.38- 9.38
9.51n
.
Feb.—
Range
.
Closing
-
.
9.61n
9.65/1
9.50- 9.52
9.56- 9.62
9.56/1
9.59
Afar, {new)
Range..
9.39n
Closing
9.42
—
:
Mon.
Tues.
10.72
10.92
10.73
10.87
10.84
Hoi
10.93
11.07
11.04
Hoi.
Wed. Thurs.
New Contract
29-32
1 In.
K
prices closed 3 points off to 6 points up.
Buying of/ new crop deliveries was the feature of the cot¬
ton futures market in pre-holiday trading.
Distant months
gained to 2 to 3 points, while old crop positions were a few
points lower.
Foreign selling pressure relaxed today, with
the result that the opening was 2 to 5 points higher.
There
1940
23,
Inch
On the 19th inst. prices closed
designated spot markets.
March
Old Contract
5
was
Chronicle
The Commercial & Financial
1960
Fri.
n
Nominal.
Range for future prices at New York for the week ending
March 22, 1940,
and since trading began
on
each option:
Premiums and Discounts for Grade and
Staple—The
table below gives the premiums and discounts for grade and
Premiums and discounts
staple in relation to the base grade.
for grades and staples are the average quotations of 10
markets designated by the Secretary of Agriculture.
Old Contract—Basis
liveries
on
contract
on
and staple premiums
,
represent 60% of the average premiums
at the 10 markets on March 20.
over
J^-inch
cotton
April old
New
May
June
May 17 1939 10.95 Feb. 26 1940
10.40
Mar. 18 10.65 Mar. 20
7.54
10.58
Mar. 18 10.77
Mar. 21
8.05 Sept.
1 1939 11.07 Jan.
3 1940
10.20
Mar. 18 10.43
Mar. 20
7.63 Sept.
Mar. 18 10.57
Mar. 21
1 1939 10.60 Jan.
1 1939 10.82 Jan.
3 1940
10.33
old
old
New
July old
August
7.90
Sept.
8.08
New
September
New
Range Since Beginning of Option
1940—
New
Middling J^-inch, established for de¬
Range for Week
Option for—
Aug. 31 1939
3 1940
9.54
Dec.
7 1939
1 1939 10.14
Jan.
3 1940
29 1940 10.07
Jan.
3 1940
23 1940
9.81
Feb.
26 1940
Mar. 18 1940
9.62
Mar. 21 1940
_
9.92
Mar. 21
8.25 Nov.
for
and staple premiums
and discounts represent full discount for J£-inch and 29-32inch staple and 75% of the average premiums over 15-16-inch
1941—
9.45
Mar. 19
9.77
Mar. 21
January
February
9.38
Mar. 18
9.72
Mar. 21
9.07 Jan.
cotton at the
March
9.33
Mar.
i8
9.6"2~
Mar. 21
9.33"
m
Contract—Basis Middling 15-16 inch, established
deliveries
on
contract
on
10 markets
,
on
March
20.
November
9.59
Mar. 19
October
.
9.28
December..
Jan.
Volume
The Commercial & Financial Chronicle
150
Market and Sales at New York
marset ana dates at new iorK
Volume ui oaies for ruiure Delivery—The Commodity
wiuinc
of Sales ror Future L/envery—ine ^ommouuy
'^?XCAia^ei ^^^stration of the United States Department
or
ror
Agriculture makes public each day the volume of sales
future delivery and open contracts on the New York
OottOIL JiiXCu3/Il£?0
from
which
figures
aild tb© N©W Orleans Cotton Excliansr©,
compiled the following table,
given in bales of 500 lb. gross weight.
are
The total sales of cotton on the spot each day during the
week at New York
indicated in the following statement,
the reader we also show how the
are
For the convenience of
PnfiTrAci AlneAfl
mflrVnf. frn* c-nnf. onrl
Nero
Mar. 21
194#—
March—Old
5,400
K-New
400
May—Old
22,100
New
23,100
29,900
«•'
3,700
-
22,300
18,800
40,500
200
July—Old
22.100
28,000
500
'
1,200
100
1,700
Saturday
Monday
Tuesday
"Wednesday
Thursday
Friday
200
New
5
l'ooo
"loo
l",605
200
2,600
3,000
200
200
2,300
2,500
16,200
"400
16,400
"400
1,005
22,000
85,642
59,800
500
"loo
HOLI DAY.
22,500
2,900
Old
300
Total week
36,500
Total
New
.Old
Ooen.
Contracts
Mar. 15 Mar. 16 Mar. 18 Mar. 19 Mar. 20 Mar. 21
dft.VG*
fijimft
Contract
Spot
Old
New York
t.liA
nn
The
have
we
1961
700
23,005
700
2,100 145,442
2,100
*
>
-New
*
October—Old
M
New
*.
-
Not
avail¬
11,503
16,709
21,300
13,000
5,400
9,100
12,200
able
8,700
-
~
Aug. 1
avail¬
-
4,000
New
Not
able
Mr*.
15,190
December—Old
ik
Since
Futures. Market Closed
Spot Market Closed
Old
New
1941—
200
400
100
March
100
100
700
January
3,700
1,200
_.
KInactive months—
1940
fc. August,
59,100
61,100
Contracts
Mar. 18
2,050
3,700
19",800
6",750
6,150
1,550
'
May—Old
New.
«•
-
-
—
-
—
«.
105",200
6,100
72,950
4,850
59,850
1,600
4,300
14,450
1,500
-
3,800
~
—
-
5,850
3,900
3,150
2,400
1,150
500
2,400
1941—
50
January
•
400
1,550
■
100
1,000
49,750
f Total all futures
25,550
21,500
14,850
19,150
262,800
20,350
of Cotton—Due to war conditions,
cotton statistics are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the stock at
Bombay and Alexandria and the spot prices at Liverpool.
The Visible Supply
1940
March 21—
India
Stock in Bombay,
a
Stock in Alexandria, Egypt
390,000
1939
1938
1,061,000 1,009,000
426,000
385,000
1937
1,116,000
315,000
7.55d.
11.56d
4.97d.
7.95d.
3.92d.
5.31d.
4.10d.
6.12d.
6.25d.
9.50d.
6.87d,
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
5.16d.
6.90d.
8.15d.
Middling upland, Liverpool
give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
Aug. 1 in the last two
4.17d.
4.22d.
1939-40
22,196 1,248,296
the movement,
that is,
Movement to March 21
5,721
Mar.
Week
21
Receipts
Leaving total net overland *
The
foregoing shows the week's net overland movement
against 7,731 bales for
the season to date the
aggregate net overland exhibits an increase over a year ago
of 440,313 bales.
this year has been 16,475 bales,
the week last year, and that for
In Sight
Week
Week
Season
21,973
7,731
135,000
3,164,026
575,979
4,108,000
236,345 12,251,127
236,707
*38,522
164,704
*25,690
7,848,005
1,033,647
*
3,059
23,571
473
69,332
1,477
16,081
37
8,799
94
1,663
78,967
28,086
168,899
32,013
1,518
12,706
85,678
43,902
75
57,764
8,858
74,428
72
1,317
127
75,793
3,595
725
162,020
50,951
1,715
131,354
38,951
60,041
229
66.969
436
55,309
10
3,763
774
'
Bluff.
881
40,742
9,244
102,798
38,566
132,872
Walnut Rge
5
62,669
Hope
Jones boro..
45
Rook
1,290
Little
95
Newport
Pine
1,798
2,320
82,571
160
37,636
71
58,884
151,020
41,564
45,275
35,936
29,624
135,412
31,265
1,577
323
1,224
102
6
4
48,452
36
38,870
100
2
19,314
103,687
45
35,154
183
598
133,424
400
40,085
133,265
1,862
102
—
748
14,907
43,303
98
13,083
409
16,734
200
12
485
38,695
10,164
131,168
4,929
125,257
1,481
31,417
109,730
3,758
2,207
138,680
3,738
130,942
974
Columbus..
400
12,000
300
30,600
Macon
249
36,706
294
Augusta
—
1,606
300
110,661
9,300
600
251
27,020
849
32,651
50
32,781
100
107,686
500
60
85,796
884
79,399
Miss., Clarksd
Columbusf.
1,010
157,075
3,125
56,036
530
2,765
57,041
100
18,835
100
36,196
12
880
39,537
Greenwoodt
2,000
232,422
5,000
79,852
653
2,845
100
32,858
500
18,262
111
374
93,748
38,319
7,257
26,932
132
14,607
""87
489
16,447
100
15
16,724
214
4,275
188
2,190
156
128,444
27,059
195,307
32,220
7,831
28,085
45,176
141,817
4,882
181
8,440
226,084
95
338,197
1,801
275,224
2,630
75,542
1,447
78.927
2,489
70,660
50,590
743,185
21,806 1806.558
26,472
762,204
10,052
1,851
21,979
220
12,804
Natchez
47,858
Vlcksburg..
Yazoo City.
7,550
Mo., St. Louis
N.G., Gr'boro
2,421
18,232
37,710
279,010
7,523
5,800
3,915
5
16,202
21,705
396
47,655
3,728
3,683
Tenn., Mem's
Texas, Abilene
Austin..
Brenham
_
18
_
544
Dallas
20
-
-
85
14,630
816
34,307
108
44,701
609
1,596
25,917
7
28
5
63,165
6,477
47
578
72
13,306
83
2,459
27,252
54,334
16
"24
149
35,435
23,271
161
36,726
1,162
26,326
56,008
186
13,745
79,679 5789,993 118,201 2666,756
33,614 4325,144
59,304 2986,570
VAi*/
W
.
totals show that the interior stocks have
during the week 38,522 bales and are tonight
319,814 bales less than at the same period last year.
The
receipts of all the towns have been 46,065 bales more than
in the same week last year.
The
Saturday
1935
Tuesday
Monday
I
Mar. 22
Wednesday| Thursday
Friday
"
Galveston..
New Orleans
15-16:
In.
K
In.
15-16
Vi
15-16
%
15-16
In.
hi
In.
In.
In.
In.
In.
K
15-16
J In.
In.
V%
15-16
In.
In.
10.32 10.52 10.22 10.47 10.27 10.4710.40 10.6010
10.33 10.53 10.27 10.47 10.29 10.4910.43 10.6310
10.37 10.4710.32 10.42 10.33 10.4310.47 10.57 10
10.37 10.5210.33 10.48 10.33 10.4810.48 10.6310
Mobile
Savannah
Norfolk
Montgomery
Augusta
Memphis
above
decreased
...
10.65 10.8010.60 10.7510.60 10.7510.70 10.85 10
10.20 10.3010.15 10.2510.15 10.2510.30 10.4010
10.72 10.8710.67 10.82 10.68 10.8310.82 10.97 10
10.10 10.3010.05 10.2510.10 10.3010.20 10.40 10
10.30 10.5010.30 10.5010.30 10.5010.42 10.62 10
Little Rock.. 10.05 10.2510.00 10.2010.09 10.2510.15 10.35 10
9.97 10.17 9.92 10.121 9.92 10.12 10.05 10.25 9
Dallas
Houston
Good Friday
Holiday.
New Orleans Contract
Market—The closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
for
,
Saturday
Monday
Tuesday
Mar. 16
Mar. 18
Mar. 19
Wednesday
Mar. 20
Thursday
Friday
Mar. 21
Mar. 22
194»—
May old.. 10.63
New
...
..
10.756
10.57-10.58 10.59
10.696
10.39-10.40 10.35
New
__
—
10.73
10.69-10.70
10.856
10.716
—
10.50
10.716
10.39
10.516
October
XLiUiUU.CO
1936
Closing Quotations for Middling Cotton on—
Week Ended
July old
•»-
Bales
13,395.367
12,564,541
11,836,603
1937
760
26
4,088
.
Tot.. 56 towns
26--
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
41,588
42,924
1,483
75,174
6,518
Waco
4,622
3,065
192
109
Texarkana
15,354
1,949
694
Robetown..
Marcos
....
68
~~99
Paris
San
1936—Mar.
x
Oklahoma—
S. C.. Gr'vllle
979,779
3,197
2,964
2,320
42,312
324,433
101,529
297,892
26,919
7,392
15,640
48,968
Jackson t
15 towns *.
22,246
Since Aug. 1—
Bales
129,342
147,943
...152,122
25
33,900
La., Shrevep't
65
1,224,893
sight in previous years:
Movement into
Week—
1938—Mar.
1937—Mar.
110,770
145,477
32,314
37,937
65,548
Rome
9,2*47",984
13,350",368
16,098
40,154
14,498
Athens
139,014
Decrease.
41,231
47,762
39,471
102
__
Atlanta
spinn's'takings to Mar. 21
122,044
48,527
'
366,332
862,534
consumption to Mar.l
'
Ga., Albany..
takings
24
328
City
mill
Mar.
47,825
Helena
excess
Southern
Week
37
Forest
of
Aug. 1
6,424,835
1,016,292
4,810,000
Southern consumption to Mar. 21. 145,000
Interior stocks in
Since
Week
Aug. 1
74,870
16,475
Net overland to Mar. 21
Excess
1938-39-
Since
and Spinners'
North,
399
Ark.,Blythev.
575,979
193
Including movement by rail to Canada.
Stocks
1,461
Selma
342,750
7,731
1939
17
Montgom'y
10,747
Ship¬
768
Eufaula
232,004
1,016,292
Total to be deducted
ments
Stocks
ments
Ala., Birm'am
18,312
7,104
317,334
Came into sight during week— 197,823
Total in sight Mar. 21
Movement to March 24
1940
Ship¬
Season
9,982
176
5,545
Inland, &c.t from South
over
detail below:
Week
918,729
572
16,475
Total gross overland
Deduct Shipments—
Overland to N. Y., Boston, &c__
Between interior towns
"80
1939-40
Towns,
keceipts
18,478
16,109
6,607
209,288
3,193
8,000
Receipts at ports to Mar. 21
Towns
3,896
8,149
215,560
8,733
7,259
128,840
612,359
320
Via Virginia points
Via other routes, &c__.
3,728
2,625
Aug. 1
141,398
142,846
2,464
6,483
126,302
499,236
Via Louisville
Takings
Interior
the
Week
Aug. 1
275,545
7,523
3,160
Via Mounds, &c
Via Rock Island
♦
1938-39Since
Since
Via St. Louis
6.40d.
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
At
the week and since
follows:
Week
Shipped—
Not available.
a
years are as
March 21—
3,500
450
100
March
We
—
3,100
1,050
December
4,850
7,800
8",850
100
«.
_
7,650
__
.
4",600
200
—-
100
New
October—Old
New
-
8,950
—
HOLI DAY.
reports Thursday night. The results for
10,450
5,150
Maich—Old
►
Nominal
Overland Movement for the Week and Since Aug. 1—
Open
►
Nominal
Nominal
Barely steady
Steady
Steady
Steady
Steady
_
67,800
99,200 108,400
Mar. 13 Mar. 14 Mar. 15 Mar. 16 Mar. 17 Mar. 18
New Orleans
Barely steady.
Steady
Steady
Steady
Steady-
Nominal
_
—
Total all futures
July—Old
Nominal
Saturday.
Monday
Tuesday
"Wednesday.
Thursday.
Friday
10.476
9.75
9.68
9.72
December. 9.606-9.62a 9.536-9.55a
10.48
10.606
10.626
10.516
—
9.57 n
9.90-
9.91
9.77
9.93
9.796-9.81a
1941—
January
March
...
9.536-9.65a 9.466-9.48a 9.496-9.51a 9.676-9.69a 9.696-9.71a
9.456-9.47a 9.386-9.39a 9.426-9.43a 9.596-9.61a 9.616-9.63a
Tone—
Quiet.
Quiet.
Quiet.
Quiet.
Steady.
Old futures
Steady.
Steady.
Steady.
Steady.
Steady.
New fut'es
Steady.
Steady.
Steady.
Steady.
Steady.
Spot
HOLI¬
DAY
Bureau
Census
Bureau
Report
Ginning— The
Commerce at
Cotton
on
of the Census of the Daprtment of
Washington issued on March 20 its final report on cotton
ginning (excluding linters). This report shows that for the
present season there were 11,812,281 500-1 b. bales of lint
cotton ginned, including 8,854 bales which ginners estimated
would be turned out after the March canvass.
The 1038
yielded 11,944,340 and the 1937 crop 18,945,028 which
raised. Taking linters into considera¬
tion, this year's crop will probably amount to 12,800,000
bales.
This computation is based on the report of the
Bureau of the Census, which shows that 885,440 running
bales of linters were produced from Aug. 1, 1939 to Feb. 29,
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:
crop
the largest crop
was
REPORT OF COTTON
GINNED—CROPS OF 1939, 1938 AND 1937
Cotton Ginned
(Exclusive of Linters)
Running Bales
Equivalent, 500 Pound Bales
(Counting Round as Half Bales)
769,637
Alabama
buyers not only of spot cotton but of cotton
Dr. J. W. T. Duvel, Chief of the CEA, stated.
1,081,936
1,636,363
to
from 32,400 bales net short to 35,100 net short.
that both large and small American traders had
202,486
196,164
312,908
months after the
1,358,182
424,532
1,915.206
738,700
creased their net
9,017
34,605
1,473,984
3,089
15,409
1,050,629
2,561,778
390,219
920,053
4,360
12,631
744,887
20,867
855,721
Georgia
909,696
4,130
21,950
850,691
Illinois..*.
2,332
11,604
13,036
Kentucky
717,911
651,537
1,535,811
1,655,956
424,442
Louisiana
Mississippi
Mexico..
93,775
329,401
92,275
North Carolina
461,722
398,467
Missouri...
511,791
851,939
545,196
432,172
473,761
2,736,331
2,964,238
11,083
Oklahoma
Carolina
Tennessee
Texas
153,812
780,594
756,419
996,175
633,335
4,952,378
40,215
10,345
Virginia
641,679
1,584,688
428,393
95,263
460,174
517,315
873,141
445,272
2,858,806
10,285
1,505,946
3,272
15,471
2,360
10,906
673,520
1,706,906
331,434
93,502
390,416
556,545
649,132
1,103,622
2,692,427
Returns
Telegraph—Telegraphic advices to us this
Texas—Galveston
763,403
Amarillo_
1,023,319
Rainfall
Inches
High
2
_
0.05
70
80
0.31
1.85
82
87
83
Low
49
28
37
44
51
0 36
84
47
66
80
83
76
82
76
76
84
76
73
74
79
45
48
33
39
45
50
42
36
43
37
47
53
66
55
61
61
63
63
56
58
82
42
dry
-
1
Austin
660,394
5,163,895
40,379
Abilene
dry
--
Brownsville
1
__
3
Christi
Corpus
dry
dry
dry
Dallas
Del
United States 11,477,133 11,623,221 18,252,075 11,812,281 11,944,340 18,945,028
El
*
of 1939 ginned prior to Aug. 1 which was
of 1938-39, compared with 157,865 and 142,983
Includes 137,254 bales ol the crop
counted In the supply for the season
bales of the crops of
Paso
Included
for 1939 are subject to revision.
in
1939 are 8,854 bales which ginners estimated would be turned
March canvass; round bales 175,140 for 1939, 157,979 for
1938; and 326,742 for 1937; American-Egyptian bales 26,824 for 1939;
20,503 for 1938; and 10,991 for 1937.
Sea-Island 2,170 for 1939; 4,300 for
1938, and 4,030 for 1937.
The average gross weight of the bale for the crop, counting round as
half bales and excluding linters in 514.6 pounds for 1939; 513.8 for 1938;
and 519.0 for 1937.
The number of ginneries operated for the crop of 1939
is 11,884 compared with 12,279 for 1938; and 12,838 for 1937.
after the
STATES CONSUMPTION, STOCKS, IMPORTS,
AND
San
Little Rock____
Orleans
Louisiana—New
dry
Mississippi.
Vicksburg.
101.3 for November, 97.9 for October, 92.5 for September,
and 87.8 for
February, 1939.
per spindle in
The total number of cotton
spindle hours
The
average
number of active
36
75
78
34
39
55
59
Florida—Jacksonville
1
3
2
0.48
0.30
0.06
86
79
72
42
51
47
64
65
60
dry
82
49
0.01
80
37
0.54
75
0.01
79
0.23
77
77
73
76
Feb. 29
for February
24,985,580
United States
Active Dur¬
ing February
22,803,796
Average per
Total
8,266,178,276
331
17,170,198
6,534,909.440
5,021,768
611,830
1,551,787,913
179,480,923
238
1,719,290
486,394
649,017,931
140,244,285
356
Connecticut
1,821,026
527,100
Georgia
3,219.920
2,967,272
1,145,432,262
684,572
620,616
3,346,132
150,704
359,628
333,524
5,850,168
2,724,786
150,704
215,150,086
827,191,426
247
46.013,932
305
99,157,464
276
Maine
Massachusetts
Mississippi
New Hampshire
New York
North Carolina
Rhode Island
975,720
285,246
58
63
51
54
0.15
77
77
75
35
1.08
76
32
31
41
•
54
59
55
' '
54
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Mar. 21, 1940
Feet
Mar. 24. 1939
Feet
Above zero of gauge.
6.8
16.5
Memphis
Above zero of gauge.
21.7
37.8
Nashville
Above
of gauge.
23.9
11.9
Shreveport
Vicksburg
Above zero of gauge.
Above zero of gauge.
3.3
22.4
8.2
41.6
New
Orleans
zero
Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬
do not include overland receipts nor
simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
tions.
The
figures
Southern consumption; they are
Week
Stocks at Interior Towns
Receipts at Ports
Receipts from Plantations
End.
1939
1938
1937
1938
1939
1937
1939
1938
1937
Dec
22. 240,688
29. 189,049
1940
54,236 139,333 3389,066 3448,226 2663,852 179,786
44,595 141,563 3346,020 3434,970 2658.348 232,095
1939
1938
1939
1940
1938
1940
oO, 873 162,762
31,339 147,067
ll(39
1938
Jan.
42,596 125,656 3265,094 3400,27f 2619,799 89,025
38,827 121,714 3189,004 3369,048 2613,016 105,463
37,387 116,840 3127,764 3329,120 2629,639 135,437
43,199 120,588 3072,688 3291,719 2628,795 94,692
7,896
35.546 104,958 3016,687 3246,532 2598,040 81,531
29,078 112,608 2956,982 3212,973 2575,215 108,960
25,681 101,785 2897,286 3174,825 2570,224 117,323
Nil
16. 177.019
21,337
86,337 2845,482 3138,203 2543,310
70,930
Nil
59,413
25,736
27,264
32,436
21,973
82,658
92,663
57,994
47,032
88,704
Nil
39,957
49,955
Nil
82,552
36,348
Nil
71,853
49.069
Nil
17,929
169,951
12. 181,553
19. 196,677
26. 149,768
2. 137,532
249
264,962
83,030,079
5,489,326
824,086
2,006,208,706
343
251,510,732
258
2,151,942,376
220,933,914
400
386
Tennessee.
552,748
5,340,702
550,168
Texas
236.002
222,782
83,613,010
639,224
708,336
578,794
191,839,488
154,892,585
219
74,203
135,433
Nil
96,794
1. 138,982
8.
107,381
15. 115,052
21.
74,870
M
2795,204
2737,778
2705,278
2666,756
3096,651
3051,323
3012,260
2986,570
The above statement shows:
2500,609
2479,799
2460,874
2431,771
(1) That the total receipts
from the
plantations since Aug. 1, 1939, are 6,721,051 bales;
4,392,943 bales and in 1937-38 were
8,353,076 bales.
(2) That, although the receipts at the
outports the past week were 74,870 bales, the actual move¬
ment from plantations was 36,348 bales, stock at interior
towns having increased 38,522 bales during the week.
in
1938-39 they were
354
Virginia
Nil
Mar.
266
314
86,716
7,605 128,497
Nil
133,463
5,798 119,744
Feb.
356
All other States
Alabama
60
The
259
States.
0.01
0.03
1
Nashville
56
48
28
32
0.44
0.15
1
1
1
Raleigh
Wilmington
58
37
40
39
1
1
Tennessee—Chattanooga
9. 168,665
18,239,548
5,991,664
754,368
New England
dry
Caroling—Charleston..
Charlotte
Spindle in Place
358
Cotton growing States
_
23. 122.734
Active Spindle Hours
State
In Place
66
0.80
Atlanta.1
Augusta
1
Macon
1
5.
Spinning Spindles
"
1
2
Tampa
Georgia—Savannah
place for the month was 331.
spinning spindles in place, the
number active, the number of active spindle hours, and the
average hours per spindle in place by States, are shown in
the following statement:
*
60
75
0.16
0.29
The world's production of
spindles in the United States were operated during February,
1940 at 99.6% capacity.
This percentage compares, on the
same basis, with
102.6 for January, 100.7 for December,
55
62
1
1
in 1938, as compiled from
American in running bales
Cotton Spinning Industry for Feb¬
1940—The Bureau of the Census announced on
March 19 that, according to preliminary figures 24,985,580
cotton spinning spindles were in place in the United States
on Feb. 29, 1940 of which 22,803,796 were operated at some
time during the month, compared with 22,872,414 for
January, 22,777,936 for December, 22,774,170 for Novem¬
ber, 22,658,994 for October, 22,231,976 for September, and
22,532,814 for February, 1939.
The aggregate number of
active spindle hours reported for the month was 8,266,178,276.
Based on an activity of 80 hours per week, the cotton
62
27
46
Birmingham
Montgomery
Alabama—Mobile
South
Activity in the
56
63
83
dry
...
Mean
60
54
60
66
67
78
0.17
2
_
North Carolina—Asheville
ruary,
0.32
0.09
0.01
Shreveport
Pensacola..
commercial cotton, exclusive of linters, grown
various sources was 28,221,000 bales, counting
and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States) for
the year 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.
dry
1
1
1
Smith
Miami
STATISTICS
0.35
2
Antonio.
Oklahoma—Oklahoma City—
For February, 1940, cotton
WORLD
dry
dry
....
:
Arkansas—Fort
EXPORTS
consumed amounted to 662,659 bales; imports
"for consumption" 36,613 bales, exports of domestic cotton, excluding
linters, 746,680 bales, cotton spindles active 22,803,796; and stocks end of
month in consuming establishments 1,701,510 bales and in public storage
and at compresses 12,157,074 bales.
0.05
2
Houston
Port Arthur
The statistics in this report
UNITED
Rio
Palestine....
1938 and 1937.
the total for
out
Thermometer
Rain
Days
156,409
781,483
487,494
10,812
by
evening indicate that there has been some rain in south
Texas and dry elsewhere over the cotton belt.
Tempera¬
tures have averaged from normal to below.
397,226
3,093,911
1,043,500 bales and their
1,078,600 bales, thus increasing
It is perhaps significant
a net short position six
war started whereas foreign traders had substantially in¬
long position in the American market.
short commitments from 918,600 bales to
1,421,688
442,283
9,662
that time Ameri¬
of 21,400 bales.
During the next six months the large foreign traders increased their net
long position from 11,000 bales to 275,900 bales while large American
traders actually reversed their position from net long 21,400 bales to net
short 240,800 bales.
^
Small accounts (less than 5,000 bales) increased their long commitments
310,199
435,042
CEA
commitmeiits of 113.200 bales and short commitments
CEA, had long
of 102,200 bales, a net long position of 11,000 bales.
At
can traders having large positions had a net long position
1,808,840
723,035
35,363
California
by the
Following the harvesting of the new crop and the outbreak of war in
Europe, total open contracts on the New York Cotton Exchange increased
from 1,489,700 bales to 1,871,200 bales.
That was an increase of 381,500
bales, or 26%.
When the war started foreign traders having large posi¬
tions (of 5,000 bales or more) who are required
to report daily trading
191,888
Florida
announced
were
"In this
follows:
as
1,301,275
415,466
Details
futures."
cotton
futures,"
p
commitments in
period foreigners have increased their long
199,814
Arkansas
South
Sept. 1, 1939 through Feb. 29, 1940, ever the volume of
trading recorded during the same time last year was reported
by the Commodity Exchange Administration on March 14.
"Since the outbreak of war, foreigners have been heavy
1,359,877
Arizona
New
781,539
1,566,602
1,064,422
1937
1938
1939
*1937
*1938
1940
23,
Foreigners Buy American Cotton Futures, CEA Re-*
ports—An increase of 33% in the volume of trading on the
New York Cotton Exchange for the six months period,
during these six months from 886,200 bales to
Stale
*1939
*
March
Chronicle
The Commercial & Financial
1962
South Carolina
All other States
5,580,776
578,668
300
India
Cotton,
from All Ports—We are
usual table of the receipts and ship-
Movement
unable to present our
Volume
The Commercial <fc Financial Chronicle
ISO
of India cotton
ments
the
as
figures
BREADSTUFFS
not available at
were
1963
the time of going to press.
Alexandria
Receipts
Friday Night, March 22, 1940.
Shipments—We have only
and
now
received the Alexandria movement for the week ended
Feb.
21, which we present below.
As these reports have
coming in regularly, we can only publish them as
Flour—Flour sales during the past week were anything
but
to expectations of the local trade.
up
not been
bookings
received.
accounts.
Large mills
1939-40
1937-38
1938-39
ments
Feb. 21
contracts
This week
1S7.000
180,000
7.568,467
150,000
6.882.911
1
5,836,904
showed
that
Within the past few days ship¬
higher.
850
614,622 20,100
727,662
ground in almost two weeks.
12",955
15.272
Total exports
679,263 129,750
12,650
Since
1
Aug
This statement shows that the receipts for the week ended Feb. 21 were
187,000 cantars and the foreign shipments 12,650 bales.
week
same
a
year
Wheat—On the
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady on account of the holidays.
We give
prices today below and leave those for previous weeks of
this and last year for comparison:
1938
1939
8X Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d.
s.
d.
s.
."•
••
Cotton
32s Cop
8% Lbs. Shirt¬
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d.
d.
d.
8.
8 10%@
9
s.
d.
d.
^
•
Dec
9
@12
6
8%@ 9%
8%@ 9%
8.78
Nominal
Nominal
8.70
5.24
1%
5.25
,
12
6
@13
3%
9.29
12..
Nominaj
12
3
@12
4
8.98
19._
Nominal
12
3
@12
6
8.75
gains of
8 10% @
9
1%
5.30
8 10% @
9
1%
6.19
as
who
sellers
much
4%
8.30
8
9
@
9
6.10
4%
8.29
8%@ 9%
8
9
@
9
6.13
reports
12
4%
8.29
8%@
9%
8
9
@
9
5.07
that
17—
Unquoted
12
1 %@12
4%
8.12
9
@
9
5.15
Unquoted
12
1 % @12
4%
8.04
8%@ 9%
8%@ 9%
8
23..
8
9
@
9
5.15
@
9
5.18
Mar.
1—
14.54
12
1%@12
4%
7.99
9
@
12
8.01
8
9
@
9
12
1% @12
@12
4%
14.18
3
7.68
9
9
@
9
21
14 20
12
@12
3
7.55
8%
5.29
9
14.54
8%@ 9%
8%@ 9%
8
8..
15__
9%
8
5.40
TP France
9,651
To
100
To Sweden
To Japan
To China
4,092
2,537
1,026
350
460
I
To Holland
To South America
HOUSTON—
7,475
800
To Australia
MOBILE—
4,215
To Great Britain
To Italy
To Japan
To China
155
4,676
628
643
To South America.
To Denmark
NEW
To Sweden
YORK—
1,000
To Great Britain
34
1,294
To Norway
63,679
Total
Freights—Current rate3 for cotton from New
longer quoted, as all quotations are open rates.
Cotton
Ybrk
Italy.
8.620
2,976 NORFOLK—
9,489
To Holland
To France
are no
Foreign Cotton Statistics—Regulations
due to the war
from abroad.
in Europe prohibit cotton statistics being sent
We are therefore obliged to omit the following
Liverpool Imports, Stocks, &c.
Liverpool—The tone of the Liverpool market for spots
and the daily closing
and futures each day of the past week
prices of spot cotton have been as follows:
Monday
Tuesday
Wednesday
Thursday
DuU
Saturday
Spot
Dull
DuU
Friday
Dull
Market,
12:15
P.
M.
.
Mid. UDl'ds
Futures
opened
Market,
I.
f
23 tO 25 pts 3
\
Market
Firm;
Quiet;
Easy;
6
to
7.55d.
7.44d.
7.21d.
7.41d.
CLOSED
CLOSED
Steady;
pts. 18 to 23 pts 3 to 7 pts.
(
decline
advance
advance
advance
f
Sellers at
Q't but st'y
Steady;
Barely st'y;
25 7 to 11 pts. 21 to 23 pts 14 to 20 pts
decline:
M.I
Prices of futures at
Sat.
March 16
advance
decline
pts. decl.
advance
Liverpool for each day are given below:
Wed.
Tues.
Mon.
Fri.
Thurs.
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
March 22
d.
New Contract
March
d.
d.
d.
d.
d.n
d.
d.
d.
d.
7.31
7.11
7.20
7.34
7.20
7.45
7.38
*
♦
7.36
7.36
7.17
7.25
7.40
7.25
7.51
7.45
*
*
7.42
7.42
7.24
7.32
7.47
7.32
7.57
7.51
*
7.23
7.14
7.38
7.32
*
7.26
*
*
7.24
*
7.17
7.15
7.15
*
7.10
*
7.06
—
May
July
♦Closed,
2c.
a
bushel.
-
*
—
-
nNominal.
7.02
7.07
_
-
«.
—
7.00
7.31
7.14
7.09
7.07
mm,
mm.
mm
6.99
-
6.95
-
-
7.24
7.09
7.07
7.30
7.19
7.03
7,03
mm
-
_
6.99
6.95
....
toda^, extending net gains to around
Prime Minister Chamberlain's statement to
the House of Commons
defining British
war
policy brought
buying into the market, much of it short covering.
May contracts advanced to 1.03%, up 1% from the pre¬
The Agricultural Department reported farm¬
planting intentions indicated 1940 wheat acreage would
total 64,639,000 acres, slightly in excess of the Agricultural
Adjustment Administration goal of 62,000,000 acres.
Fall
and winter crop damage, however, the report said, may result
in a harvest area of only 46,000,000 compared with 53,696,000 last year.
Cash wheat prices were %c. to lc. higher
and the basis unchanged.
Receipts were four cars.
On
the 20th inst. prices closed 2%c. to 3%c. net higher.
The
wheat market was strong and active today, prices reaching
the highest levels in almost a month as the grain market
reflected European developments, including a British raid
on the German air base at Sylt and efforts to form a more
vious close.
ers'
aggressive war Government in France.
Pessimistic domestic
conditions also had an influence in the price advance,
particularly in the rye pit.
Some of the selling was based
on reports of light snows in sections of the hard winter wheat
belt and fairly heavy precipitation through much of the soft
wheat zone, with more moisture predicted.
A crop report
sent by Mrs. E. H. Miller, Chicago expert now touring the
Southwest, also expressed more optimism than contained in
previous messages.
On the 21st inst. prices closed
% to %c. net lower.
Nervous price fluctuations characterized
wheat trading
today as the market absorbed profit-taking sales and hedges
placed against loan wheat coming into commercial chan¬
nels.
This resulted in a fractionally lower close, although
prices at one stage were almost lc. higher than yesterday,
due partly to continued buying based on European devel¬
opments.
Some purchasing was inspired by further exten¬
sion of the wheat re-sealing program, which may involve
a
small additional portion of the 1930 crop, which has
been
held back from the market under the ever-normal
granary plan.
Early gains of as much as %c. were quickly
wiped out, and prices sagged at times as much as %c.
below
yesterdays close.
Trading was in large part an
evening up of contracts prior to the Good Friday holiday.
Reports from leading terminals indicated yesterday's price
advance had stimulated increased liquidation of loan wheat.
*
*
Jan. (1941)
reported. On the 19th inst. prices closed.iy to l^c.
higher.
Wheat futures advanced to new highs for the
session in late trade
♦
7.23
•
December
net
♦
«
October
7.31
*
July
March
d.n
*
*
(1940).._
May
blowing in the Southwestern winter wheat
crop
tables:
and Takings of Cotton.
World's Supply
out, with pessimistic crop
Weather reports indicated
some
ORLEANS-
480
—
was
attention.
good condition, winter killing not over 5%.
West
Wichita, however, conditions gradually grow worse,
from
Bales
2,978
To Norway.„
up
higher than
came from previous "short"
accounts for the week-end
fair to
5.16
Bales
To Denmark
evening
attracting
dust
5.27
she
To Italy
wiped out and
early lows and y2 to
Buying that
were
were
belt, and Mrs. E. H. Miller, a Chicago crop expert, reported
finding wheat poor in Kansas, west of Wichita.
Traveling
west from Kansas City, she said the crop apparently was in
1%
10%@ 9
News—As shown on a previous page, the
exports of cotton from the United States the past week
have reached
63,679 bales.
The shipments in detail, as
made up from mail and telegraphic reports, are as follows:
NEW
Losses
%c. substituted, with closing figures
early loss was entirely wiped
3
Shipping
GALVESTON—
as
rally, due to the various unconfirmed rumors circulated on
international cables following the conference.
At times the
1 %@12
@
an
l^c. at times today, but the market recovered most of this
Some early sellers took the buying side on the
1%@12
1% @12
9
@10
%c. net
week in the hard winter wheat belt and predicting
changeable temperatures which some traders thought might
lead to freezing and thawing, which is injurious to young
wheat plants.
Unofficial and unconfirmed reports of possible
cabinet changes in Paris and London served to high-light the
uncertainty enveloping the European situation.
On the
18th inst. prices closed Y to
net lower.
Selling based
on peace talk and trade uncertainty following the meeting
of Hitler and Mussolini, lowered wheat prices as much as
12
9__
Y to
next
12
8
Feb.
3
yards,
contributed to the rally.
Purchases also were stimulated by
a weather forecast suggesting little
possibility of moisture
Nominal
20..
yesterday
ago.
16th inst. prices closed
almost 2c. above the
Unquoted
Unquoted
i6%@i:%
reported
metropolitan
early decline of about a cent had carried prices to the lowest
8%@ 9%
8%@ 9%
8%@ 9%
8%@ 9%
5..
the
loss later.
19 39
19 40
Jan.|
8 10 % @
1%
in
The wheat market rallied sharply today after
yesterday's finals.
12
During
compared to 385 cars the preceding week and 338 cars for
net
Egyptian bales weigh about 750 lbs.
Note—A cantar is 99 lbs.
16% @16%
heavy.
was
hand
on
127,479
113,907
468.208
18,068
98,077
99,416
401,857
To America
cars
6,300
138,979 13,750
111,697
394,644 14", 500
33.943
1,500
6.750
It
decrease.
355
were
Since
5,900
J
moderate
Aug. 1
This
Week
1
a
there
the
29..
moderately
This
Since
Aug. 1
Exports (bales)—
To Liverpool
To Manchester, &c
To Continent & India
d.
were
Week
This
Week
22
jobber
and
past week cars of flour on hand in the local railroad yards
Receipts (cantars)—
Since Aug.
on
Only scattered
baker
local
will close down tonight after com¬
pleting a four-day week.
Alexandria, Egypt,
the
for
reported
ivei^
*
♦
7.15
*
7.11
♦
PRICES OF WHEAT IN NEW YORK
Sat.
DAILY
CLOSING
*
*
DAILY CLOSING
No. 2 red
Mav
jifJ:::::::::::—
September
122
Mon.
Tves.
Wed.
Thurs.
Fri.
121% 122% 125% 125% HOL.
PRICES OF WHEAT FUTURES IN CHICAGO
Sat.
Mon.
Tries.
101% 101% 103
99^
99
Wed.
Thurs.
Fri.
105% 105%
H
99% 100% 100
i04
98% 10
103%
102^
o
The Commercial & Financial Chronicle
1964
Season's High and When Made
Season's Low and
19, 19391 May
19, 19391 July
20, 19401 September
May
109%
July
107 %
September ...105%
Dec.
Dec.
Feb.
DAILY CLOSING
PRICES
OF
Sat.
Tues.
Mon.
87%
88%
90%
88%
89%
October
90%
63%
77%
92%
FUTURES
WHEAT
May
July
...
When Made
Wed.
88%
89%
90%
24, 1939
9.1939
1,1940
July
Oct.
Feb.
IN
March
PRICES
OF
RYE
Sat.
FUTURES
Tues.
Mon.
64%
65%
66%
Season's
Fri.
89%
90%
92%
CLOSING
May..
July
September
WINNIPEG
Thurs.
90
91
92%
DAILY
64
65%
65%
23,
Thurs.
Fri.
67%
68%
69%
Wed.
H
O
L
67%
68%
69%
65
65%
66%
1940
CHICAGO
IN
High and When Made
I
Season's Low and When Made
77%
Dec. 26. 1939(May
43%
Aug. 12, 1939
76
Dec. 18, 19391 July
52%
Oct.
9.1939
75%
Dec. 26, 19391 September— 64%
Feb.
2,1940
May
July
September...
H
O
L
DAILY
CLOSING
PRICES
prices closed Ac. lower to Ac.
higher.
Corn price movements were confined within a
narrow range.
Weakness of cash corn prices, which were off
A to lc., did not help the futures market much. Shipping
business was very quiet, while handlers
booked 48,000
bushels to arrive.
On the 19th inst. prices closed unchanged
to Ha. lower.
Corn dipped lA to Ac. with wheat, but
rallied, due partly to fairiy moderate receipts.for Monday
and light bookings to arrive.
Government figures showed
that in five days ended Mar. 13 almost 9,000,000 bushels
of corn were put under seal on loans, indicating storing is
heavy as the Mar. 31 deadline approaches.
On the 19th
inst. prices closed unchanged to Ac. lower.
The Government
report that planting intentions indicated corn acreage this
year would be the smallest in more than 40 years, had little
effect on the corn market.
Corn planting of 87,770,OCX) acres
was indicated, or slightly less than the AAA goal of 88,000,000
acres.
There was little interest in the market, but prices
advanced fractionally.
On the 20th inst. prices closed Ac.
to Ac. net higher.
The action of the corn market was a
distinct disappointment today, in view of the pronounced
strength of wheat values and the other grains. Attention of
the trade appeared to be focused on the wheat and rye
markets.
Arrivals of corn at the Chicago terminal totaled
only 67 cars, and the 12 principal terminals received only
366.000 bushels compared with 374,000 yesterday, 478,000
a week ago and 497,000 bushels a year ago.
Shippers sold
42,000 bushels to go out of Chicago, while handlers booked
only 19,000 bushels to arrive.
On the 21st inst. prices closed unchanged
to %c. up.
FUTURES
RYE
OF
Corn— On the 16th ins I.
69%
69%
70%
70%
DAILY
CLOSING PRICES
OF
Closing quotations
Fri.
72%
H
70%
72%
72%
72%
O
L
51
49%
47%
WINNIPEG
IN
Thurs.
Fri.
53%
51%
53%
51%
H
O
....
Tues.
Mon.
-51%
49%
47%
October............
Thurs.
72%
BARLEY FUTURES
Sat.
May
July.
Wed.
Tues.
Mon.
70%
October
WINNIPEG
IN
70
Sat.
May
July
....
L
Wed.
51%
49%
47%
follows:
were as
.
The
corn
restricted
market
steadiness
displayed
to "continued
due
CLOSING
OF CORN IN
PRICES
Sat.
DAILY
CLOSING PRICES
OF
_
Season's High and When Made
63%
61%
61%
Oats—On
the
!
Toes.
55%
56%
57
Tues.
Wed.
56%
56%
57%
56%
57%
58%
inst.
56%
57%
58%
of the last three years:
OF
OATS
Sat.
40%
35%
32%
40%
35%
32%
Tues.
lower.
Sat.
38%
37%
34%
May....
July
October
Mon.
38%
37
34%
Tues.
38%
37
34%
IN
Thurs.
39%
38%
35%
Thurs.
10,000
4,000
15,000
37,000
63,000
305,000
104,000
149,000
104,000
28,000
62,000
31,000
63,000
26,000
223,000
24,000
32.000
lTdoo
46,000
218,000
66,000
1,398.000
1,275,000
19,000
167,000
424,000
4,800,000
3,071,000
480,000
381,000
3,045,000
2,541,000
2,933,000
2,552,000
2,666
6,000
14,000
395,000
298,000
157,000
1,100,000
1,389,000
1,486,000
1,402,000
72,490,000 21,296,000 87,639,000
76,995,000 20,443,000 74,386,000
84,494,000 22,655,000 77.981.000
Saturday, March 16, 1940 follow:
Wheat
New York
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
Flour
102,000
692,000
195,000
33,000
17,000
164,000
_
Philadelphia
37,000
Baltimore..
13,000
New Orl'ns*
24,000
Galveston..
St. John
Boston
Halifax
Total wk *40
2,000
5,000
8,000
136,000
14,000
109,000
Barley
14,000
47,000
~i~66o
4,000
12", 000
2,000
2~8~7~666
697,000
161,000
1,224,000
19,000
Rye
bush 56 lbs bush 48 lbs
28,000
5,000
116,000
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
Since Jan. 1
Week 1939.
273,000
654,000
407,000
66,000
29,000
34,000
3,278,000
15,123,000
6,337,000
674,000
236.000
387,000
Since Jan. 1
1939
*
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
on
The exports
ended
from the several seaboard ports for the week
Saturday, March 16, 1940, are shown in the annexed
statement:
Fri.
39%
37%
35%
II
O
Wheat
New York
net higher.
up.
some
buying
Oats
Rye
Barley
Barrels
Bushels
Bushels
Bushels
Baltimore
968,000
New Orleans
St. John.
274",000
11,000
Total week 1940..
Same week 1939
172,000
70"666
697,000
1,224,000
West
Halifax
x
59,700
561,000
863,000
"
4,000
1,000
287,000
116,006
4,579,000
390,000
1,123,000 1,182,000
28,000
......
*63,700
100,591
358,000
172,000
28,000
20,000
34,000
Complete flour exports not available from Canadian ports.
The destination of these exports for the week and since
July 1, 1939 is
as
below:
Flour
•
Wheal
Corn
Exports for Week
and Since
Week
Since
July 1 to—
Mar. 16
July 1
1940
1939
The
The
Flour
Bushels
255,000
Philadelphia..
Barrels
*
Total 1940
63,700
Total 1939-.
*
prices* closed %c. off to %c.
Corn
Bushels
Exports from—
L
high levels of the day.
164,000
j,
WINNIPEG
Wed.
steadiness of rye values was due to
attributed to Winnipeg interests.
305,000
11,000
627,000
bbls 196
H
O
L
reports sent rye prices soaring today.
Ihe market ruled
strong during most of the session and closed at about the
relative
4,000
120,000
83,000
18,000
strong wheat market together with bullish weather and crop
the 21st inst.
15,000
78,000
275,000
37,000
..
Boston
On
2,000
89,000
242,000
730,000
22,000
274,000
5,000
49,000
Receipts at—
Fri.
41%
36%
33%
unchanged toKc.
higher. During the early trading prices dropped over a cent,
but this was followed by a rally in which most of the losses
were recovered.
On the 18th inst. prices closed Ac. to Ac.
net lower.
Rye futures at one time showed a drop of lc. a
bushel during the early session, but towards the close the
market became steadier and recovered some of the early loss.
The bearish trend of wheat had its influence on rye values.
On the 19th inst. prices closed %c. to lc. net higher.
More
war-like talk from Europe and pessimistic domestic crop
reports had a stimulating effect on the rye futures market,
and although rye values did not parallel the advance in wheat
values, the undertone was strong during most of the session.
2^c. to 2Ac.
100,000
Total receipts of flour and grain at the seaboard ports for
Rye—On the 16th inst. prices closed
On the 20th inst. prices closed
15,000
226,000
55,000
146~000
the week ended
CHICAGO
IN
42
36%
33%
OATS FUTURES
OF
419,000
Since Aug. 1
1939
14,450,000 252,421,000 165,293,000
1938
14,906,000 245,167,000 190,676,000
1937—. 12,640,000 228,193,000 197,149,000
I
Season's Low and When Made
Mar. 11, 19401 May
27%
July 24, 1939
Feb. 11, 19401 July
30%
Oct.
9,1939
Feb. 23, 19401 September
31%
Feb.
1, 1940
DAILY CLOSING PRICES
263,000
77,000
26, 1939
net
Barley
141,000
Same wk '39
23.1939
1,1940
Feb.
Rye
bush 56 lbs bush 48 lbs
1,167,000
15,000
Same wk '38
Oct.
Wed.
40%
35%
32%
93,000
2,077,000
1,271,000
217,000
...
98,000
Season's High and When Made
May
43
July
37%
September— 34%
Oats
bush 32 lbs
1940....
FUTURES
Mon.
Corn
bush 56 lbs
Total wk '40
light, with the undertone heavy, influenced by
CLOSING PRICES
Wheat
bush 60 lbs
118,000
the heaviness of the wheat market.
DAILY
Flour
btis 196 lbs
Receipts at—
Sioux City.
Buffalo
H
O
L
65
53-64N
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Wichita...
On the 20th inst. prices closed I Ac. to l^e. net
higher. Some new buying and covering of shorts gave oat
prices quite a boost.
The pronounced strength displayed in
the wheat market also had a strong bullish influence.
On the 21st inst. prices closed %c. net lower.
Trading
May...
July
September..
72%
St. Joseph.
Fri.
54%
85%
Rye, United States c.i.f
Barley, NewYork—
40 lbs. feeding
Chicago, cash
Kansas City
Omaha
years.
was
No. 2 yellow, all rail,
St. Louis
Trading was light and without feature.
On the 18th inst.
prices closed Ac. to Ac. net lower.
This market was in¬
fluenced more or less by the heaviness of wheat, and prices
sagged, though showing no market declines. On the 19th inst.
prices closed Ac. to %c. net higher.
Oats were steady to
firm in light trade.
Intended acreage was reported as slightly
above the low 1939 total, but still the second smallest in 31
in oats
No. 2 white
125%
103%
Corn, New York-
Indianapolis
Fri.
July
Ac.
closed
Oats, New York—
No. 2 red, c.i.f., domestic...
Manitoba No. I.f.o.b. N. Y
Toledo
Season's Low and When Made
prices
Wheat, New York—
Milwaukee.
72%HOL.
4.50@6.90
GRAIN
Peoria
Thurs.
Prices Withdrawn
Coarse
1.2-0.3-0.2
Duluth
CHICAGO
IN
Sept. 7. 1939 May mmL
42
Dec. 19, 19391 July-..
52%
Jan.
4, 19401 September— 55%
16th
Thurs.
72%
Nominal
Fancy pearl (new) Nos,
Chicago
YORK
Wed.
72
FUTURES
Mon.
55%
56%
57
May
July.........
September
September
71%
CORN
Sat.
May
July
Mon.
71%
No. 2 yellow
NEW
Hard winter clears
Minneapolis
There lias been
noticeable tightening up of country marketing of corn
this week, which, traders said, probably is due to the large
volume being reserved for storage under Government loans.
receipts and country bookings.
a
DAILY
FLOUR
Spring pat. high protein..6.10@6.25 Rysflour patents
5.10@5.30
Spring patents
...5.90@6.05 Seminola, bbl., Nos. 1.3--6.65@6.90
Clears, first spring
..^5.20<8>5.30 Oats good..
3.05
2.10
Hard winter straights
6.15@6.30 Corn flour
Hard winter patents
_5.90@6.05 Barley goods—
—
-
100,591
Barrels
3,160,811
3,890,719
Week
Since
Week
Since
July 1
1939
Mar. 16
1940
1940
July 1
1939
Bushels
Bushels
Bushels
Bushels
Mar.
16
4,579,000
98,605,000
390,000 24,179,000
1,123,000 105,692,000 1,182,000 62,410,000
Detailed figures not available.
The
visible
supply of grain, comprising the stocks in
principal points of accumulation at lake and
seaboard ports, Saturday, March 16, were as follows:
granary
at
Volume
The Commercial & Financial Chronicle
150
GRAIN STOCKS
Wheat
United States—
ings of other
Corn
Oats
Rye
Barley
Bushels
Bushels
Boston
Busehls
Bushels
Bushels
New York
224,000
271,000
134,000
20,666
177,000
Philadelphia
123,000
365,000
621,000
751,000
71,000
620,000
842,000
203,000
4,000
16,000
2,000
Baltimore
New Orleans
17,000
1965
affecting smaller
but of importance to the
growers concerned, include increases of 11% in beans, 2%
in rice and
potatoes, and 1% in oats.
Decreases planned include 5% reductions in
peanuts and cowpeas, a 2% decrease in sweetpotatoes and a more than 21
%
crops,
decrease in tobacco.
2,000
1,000
These indications of acreage shifts have been adjusted to allow
for the
usual differences in each State between March
plans and final
2,490,000
average weather conditions except that
Fort
Worth.
Wichita
6,835,000
sometimes
Hutchinson
5,670,000
St. Joseph
2,350,000
212,000
2,000
5~98~666
115,000
15,000
482,000
402,000
126,000
38,000
7,000
817,000
113,000
3,000
131,000
1,293,000
276,000
15,707,000
250,000
770,000
5,308,000
4,796,000
Peoria
Chicago
4,466,000
afloat
Milwaukee
169,000
131,000
1,533", 000
914,000
66"66O
1
-
—
-■
—
-
_
238:666
1,131,000
1,952"666
2,921,000
6,824,000
1,197,000
2,804,000
1,338,000
2,000
6,000
2,000
310,000
1.534406
512:660
919:660
834,666
1,830,000
452,000
121,000
708,000
•
18,804,000
120,000
Detroit-...
afloat
64,000
BuHalo
afloat
Judging from the plans of farmers
97,451,000 39,121,000
98,179,000 39,327,000
7,017,000
7,309,000
10,014,000
9,894,000
Total Mar. 18, 1939-
79,824,000 43,605,000
12,883,000
7,768,000
12,753,000
13,002,000
8,440,000
Note—Bonded grain not included above:
Oats—Erie, 46,000 bushels; Buffalo,
496,000; Buffalo afloat, 174,000; total, 716,000 bushels, against none in 1939.
Barley—New York, 264,000 bushels; Buffalo, 915,000; Baltimore, 156,000; Chicago
afloat, 58,000; total, 1,393,000 bushels, against none in 1939.
Wheat—New York,
755,000 bushels; Boston, 1,350,000; Philadelphia, 1,955,000; Baltimore, 5,771,000;
Portland, 891,000; Buffalo, 2,394,000; Buffalo afloat, 1,176,000; Duluth, 2,731,000;
Erie, 422,000; Erie afloat, 637,000 Albany, 7,598,000; total, 25,680,000 bushels,
against 3,101,000 bushels in 1939.
Wheat
Corn
Bushels
Canadian—
Bushels
Oats
Barley
Bushels
Bushels
1,800,000
2,398,000
7,687,000
2,926,000
8,407,000
8,085,000
9,233,000
1939-139,646,000
3,032,000
11,960,000
Total Mar. 16, 1940 -289,600,000
Total Mar.
9, 1940-291,179,000
339,000
1,146,000
1,547,000
11,885,000
Ft. William & Pt. Arthur 78,658,000
Other Can. & other elev.170,884,000
Total Mar. 18,
Rye
Bushels
Lake, bay, river &seab'd 40,058,000
2,143,000
6,678,000
796,000
1,306,000
6,305,000
Summary—
American
97,451,000 39,121,000
289,600,000
.
Canadian
Total Mar. 16,
Total Mar.
7,017,000
11,885,000
10,014,000 12,753,000
3,032,000
8,407,000
1940-387,051,000 39,121,000 18,902,000 13,046,000 21,160,000
19,269,000 12,820,000 21,087,000
43,605,000 22,116,000
9,911,000 15,118.000
9, 1940-389,358,000 39,327,000
Total Mar. 18, 1939-219,470,000
The world's
shipments of wheat and
corn, as
furnished by
Broomhall to the New York Produce Exchange for the week
ended March 15 and since July 1, 1939, and
July 1, 1938,
shown in the
are
following:
Wheat
Corn
Week
Since
Since
Week
Since
Since
Mar. 15,
1940
July 1,
July 1,
1938
Mar. 15,
1940
July 1,
1939
July 1,
1938
Bushels
Exports—
Bushels
Bushels
Bushels
No. Amer.
Black Sea.
ArgentinaAustralia
.
5,245,000 142,481,000 178,672,000
824,000 31,964,000 75,879,000
1,532,000 119,456,000 52,241,000
11,293,000 71,057,000
India
399,000
1939
Bushels
Bushels
309,000
24,208,000
3,181,000
1,039,000
80,696,000
66,857,000
12,721,000
99,848,000
377,000
34,305,000
34,133,000
7,344,000
Other
countries
Total...
224,000
18,352,000
26,848,000
7,825,000 323,546,000 412,041,000
2,124,000 142,390,000 213,559,000
Planting Intentions as of March 1, 1940—The United
Department of Agriculture issued on March 18 its
report on farmers' intentions to plant wheat, corn, oats,
tobacco, potatoes, &c., in 1940.
The report follows:
States
The Crop
Reporting Board of the Agricultural Marketing Service makes
following report on the indicated acreages of certain crops in 1940,
on reports from farmers in all
parts of the country to the Department
on or about March 1
regarding their acreage plans for the 1940 season.
The acreages shown herein for 1940 are interpretations of
reports from
growers are are based on past relationships between such reports and
acreages actually planted.
The purpose of this report is to assise growers
generally in making such
further changes in their acreage plans as
may appear desirable.
The
acreages actually planted in 1940 may turn out to be larger or smaller
than the indicated acreages here shown,
by reason of weather conditions,
price changes, labor supply, financial conditions, the agricultural con¬
servation program, and the effect of this report itself
upon farmers' actions.
the
based
UNITED
STATES
Planted Acreages
1929-38
Indicated
1939
some
areas,
as
reported this month, the aggregate
At this time there seems no reason to
expect the total to be materially above
or below that harvested last
year, for
crop losses last year while heavier than
most predrought years were about what must be
expected with the
subsoil moisture supply still deficient in a
large area where it is important.
In portions of the Great Plains Area a substantial
reduction in the acreage
of crops is probable unless the moisture situation
in
improves materially
In the main corn belt the reduction in the corn quotas
by hay, and some reduction in the crop total is to
other hand, most dry-farming areas west of the
had good winter rains and farmers there
report that they
will have larger acreages than
they grew last year.
The land planted to feed grains is expected to include
a little lass than
before
planting time.
hardly be taken
be
expected.
Rockies have
On
up
the
88 million acres of corn which would be
4% less than the acreage planted
last year and the smallest acreage in corn in more than 40
years.
Acreages
seeded to oats and barley are expected to be about the same
last year, March reports
with moisture conditions
as they were
indicating prospective increases of less than 1%
favorable in the Dakotas.
The area in
grain sorghums is expected to be increased to more than 10 million
acreas,
an increase of
10% over plantings last year and above plantings in other
years
except 1935.
If wheat abandonment approaches the 15
million
none too
indicated last fall and adequate rain falls before
planting time, a
larger acreage would be probable.
Putting these acreages together
allowing for losses of around 7 million acreas would indicate a total
acreage of feed grains for harvest about equal to the
acreage harvested last
acres
still
and
year.
This
would indicate that the acreage of feed
grains per unit of grainconsuing animals and poultry may also be about ehe same as in the fall of
1939, for, unless relative prices are changed by crop
prospects or other
developments, the grain requirements of the increasing numbers of beef
and dairy cattle seem likely to be about offset
during 1940 by downward
adjustments in other livestock and poultry.
Whiie the acreage of crops cut for hay can be
adjusted to give the total
tonnage of hay required, recent reports indicate that an increase of
<-1 8%
in the acreage of tame hay is to be expected.
This would result in a record
total of more than 59 million acres of tame
hay.
With normal spring
rainfall in the Northwest the acreage of wild
hay cut would probably also
be increased over the low acreage cut last year and
reports from the South¬
west indicate that the acreage of sweet
sorghum cane grown for hay and
forage will be increased about 10% if growers are able to
carry out their
plans to the usual extent.
As the number of cattle increased
3% during
1939 and may increase even more during 1940, the increases
in hay now
planned in the various part of the country do not appear out of balance
with changes in feeding requirements.
The increases planned in spring wheat are
mostly within quota limitations
and are a natural response to the heavy loss of winter
wheat acreage ex¬
pected in Kansas and adjoining States and to the increase in
price
If
these losses of winter wheat are as heavy as was indicated in
December, if
the area of spring wheat planned on March 1, is
planted, and if the per¬
centage of the acreage abandoned is about the same as the
average during
the last 10 years, with the extreme drought years 1934 and
1936 omitted,
the total acreage of wheat harvested would be
only about 46 million acres
This would be
more acres
than
were
harvested in 1934 but less than in other
since the World War.
Reports on potatoes and sweetpotatoes show small
changes planned.
Potato intentions show a 2% increase and those for
sweetpotatoes a 2%
decrease.
For each crop the indications are for a planted
acreage just under
the average during the past four seasons and
substantially below the
acreages planted during the depression years.
Bean growers in California expect to increase their
acreages only slightly
but in other important producing States substantial increases
are in prospect.
The total plantings now indicated are
11% over the planting last year but
only about equal to the average during the previous 10 years.
Another large increase in the acreage of soybeans is in
prospect.
The
area grown alone for all
purposes, which did not reach 5 million acres until
1934 seems likely to be between 10 and 11 million
acres, nearly 18% above
the 9 million acres grown last year.
Substantial increases in the acreage
to be grown alone are reported from nearly all the
important producing
States except those in the Cotton Belt where the
acreage of soybeans inter
planted with corn has been increasing rapidly.
Reports on the acreages of cowpeas and peanuts to be grown alone show
large total acreages but decreases of about 5% as compared with last
years
In the
case
year.
increases of 5% are indicated for Virginia and North
decrease is expected in Texas; Georgia and
Alabama,
of peanuts
Carolina and a 12%
where there is
usually a large interplanted acreage also, show decreases in
Plans regarding interplanted acreages of these
have not yet been reported.
Reports from tobacco growers indicate that the total acreage is
likely to
be reduced to 1,524,000 as compared with the
unusually large total of
1,942,000 acres last year.
Nearly all of the decrese will be in flue-cured
tobacco in the coastal States from Virginia south.
the acreage grown alone.
crops
Corn—The prospective acreage of corn to be planted in 1940 of
87,770,000
is about 4% less than the 1939 plantings of
91,501,000 acres and about
14% below the 10-year (1929-38) average of 101,758,000 acres.
The
prospective reduction marks the fourth consecutive year of decline and
acres
Crop
Average
in
March 1.
Harvested acreages can be less definitely predicted because
they depend
only on plantings, but on weather conditions during the growing period.
can
Total Mar. 16, 1940..
Total Mar.
9, 1940..
However, spring plantings
the acreage of winter wheat lost and,
not
3,912,000
Duluth
on
acreage of all crops (except cotton) planted or grown this year is
likely to
be not greatly different from the aggregate acreage last
year.
The small
increase in spring planted crops and hay now indicated
may be offset by
larger losses of winter wheat and rye than farmers allowed for on
503,000
199,000
1,899,000
261,000
15,174,000
Minneapolis
may be expected to plant with
publication of tho intended acreages
them to modify their plans.
later plantings are dependent on moisture conditions.
This year these
factors may cause plantings in the Great Plains Area to differ
materially
from those now planned.
22,000
252,000
791,000
Indianapolis
72,000
2,420,000
426,000
3,941,000
__
1,639,000
22,000
14,000
760,000
St. Louis
causes
depend in part
6,144,000
Sioux City
"
19,000
9,000
20,104,000
Kansas City
Omaha
"
198,000
plantings.
Ordinarily they indicate about what farmers
Galveston
2,403,000
acreages
1940
1940
cent
as
Per-
of 1939
indicates the smallest acreage to be planted to corn in over 40
years.
In the Corn Belt where the present
supply of corn is abundant in most
sections and where the acreage allotmets of the AAA in the
commercial
about 12% lower than last year, the prospective
about 7% below the 1939 planted acreage and
area are
Corn, all..
101 758,000
22 344,000
All spring wheat
91,501,000
671,000
17,532,000
3,220,000
Oats
18 674,000
39 501,000
14,312,000
35,512,000
Barley
12
655,000
14,546,000
2 500,000
2,470,000
1,039,000
Durum
3
Other spring
Flaxseed—---4—
Rice——
925,000
Grain sorghums, all
8 380,000
Potatoes
3 363,000
Sweetpotatoe8 and yams.
860,000
1 ,674,000
1 949,000
4 756,000
Tobacco
Beans, dry edible
Soybeans
.a..
Cow peas, a
2 476,000
Peanuts. a._
a
....
Grown/alone for all
purposes,
95.9
19,425,000
110.8
3,539,000
15,886,000
35,818,000
14,606,000
2,836,000
109.9
114.8
1,057,000
10M7
10,309,000
3,130,000
845,000
1,524,000
110.1
1,935,000
111.0
9,023,000
10,610,000
117.6
2,923,000
2,767,000
2,296,000
59,385,000
101.8
9,366,000
3,069,000
862,000
1,942,000
1,744,000
1 872,000
Tamehay.b
87,770,000
2,410,000
55 ,808,000
58,347,000
Partly duplicated In hay acreage,
111.0
100.9
100.4
102.0
98.0
78.5
94.7
95.3
b Acreage
harvested.
Comments
Concerning Crop Report—The Agricultural
Department at Washington, in giving out its report on cereal
stocks on March 18, also made the following comments:
March reports from farmers listing the acreages of the principal crops
(except cotton) that they intend to grow this year indicate that they are
planning some extensive changes in planting.
The most important changes
indicated are a shift from corn to soybeans, hay and pasture in the central
and eastern Corn Belt to comply with the AAA program; increased, and
probably near-record plantings of sorghums in the Southern Plains Area
where the drought last fall prevented normal plantings and growth of
winter wheat; and increased but not unusually heavy plantings of spring
wheat and flaxseed in the northwest, with a particularly large percentage
of increase in spring wheat in Washington and Oregon where drought
mi ted seedings of winter wheat last fall.
Contemplated changes in plant¬
v
/
plantings for 1940
21% below the 10-year
average.
Decreases from last year range from 4% in Minnesota to
10%
in Kanas, Nebraska, Iowa, and Illinois.
Each show reductions of 8%.
Indiana plans a 7% decrease and Ohio and 6% decrease.
In South Dakota,
Nebraska, and Kansas the reduction has been given added impetus by
heavy abandonment and low yields in the recent drought years.
In this
area a considerable corn
acreage has been displaced by the more drought
resistant sorghums.
In the Northeastern States 1940 plantings are
expected to be about
the same as last year and
5% above the 10-year average. In the South
Atlantic States the prospective acreage is the same as in 1939 and
4%
above average.
In the South Central States the intended acreage is slightly
less than in 1939 and about 2% below average.
In the Western States
the 1940 acreage is expected to be about 3% below
average.
Colorado,
which is the most important corn State in this group, shows a
prospective
1940 planted acreage about 38% below the 10-year (1929-38)
average due
to displacement of corn acreage by sorghums.
Since 1929 the percentage of corn acreage abandoned has varied
from
0.1% in that year to 7.5% in each of the years 1934 and 1936.
The 10-year
(1929-38) average abandonment is 2.7%.
The abandonment of the 1939
corn
acreage was 2.9%.
1
Assuming an abandonment of corn acreage in 1940 of 1.6%, which is
about average for the 10-year period 1929-38, excluding the
heavy losses
in the two severe drought years of 1934 and 1936, the
probable acreage for
harvest in 1940 would be about 86,400,000 acres.
Such an acreage would
be about 3% less than that harvested in 1939 and the smallest for
harvest
are
since
1894.
Wheat—The acreage to be seeded to all spring wheat in
1940, as in¬
by the reports received from farmers, is 19,425,000 acres.
Such
an acreage would be about
11% larger than the 17,532,000 acres seeded
last spring, but last spring's seedings were the lowest in 15
years.
These
prospective seedings are still about 13%
below the 10-year (1929-38)
average.
Increased seedings are indicated for all the important spring
wheat States.
The principal hard red spring wheat States show an increase
dicated
of about 9%,
million acres,
which represents an absolute acreage increase of about 1 1-3
the largest acreage increase of any area.
In the Pacific
The Commercial &
1966
North
west
where
dry
weather prevented intended seedings of
winter
spring wheat seedings one-third larger
In the less important
spring wheat States east of the Mississippi River the net change is a de¬
or
an
increase of 400,000 acres.
of about 2%.
In the total spring wheat acreage indicated
acres of Durum wheat, and 15,886,000 acres
crease
prospective acreage of Durum wheat
average,
for 1940, there are 3.539,000
of other spring wheat. The
is 96.4% of the 10-year (1929-38)
while the United States total acreage of other
spring wheat is
85.1% of average.
In the area which grows Durum wheat as well as other
spring wheat, the rate of increase indicated is about the same for both, the
1940 acreage for Durum wheat being 109.9% and for other spring wheat
108.8% of 1939.
If the abandonment of spring wheat in 1940 is approximately the same
t
,
_
abnormal years of
the average of the 10 years (1929-38), excluding the
1934 and 1936, the acreages for harvest in 1940 would be:
as
Durum wheat,
3,132,000 acres: other spring wheat, 13,471,000 acres, and all spring wheat,
16,603,000 acres.
If the abandonment of winter wheat is about as indicated in the Board's
seriously adverse conditions were
noted northward to Wyoming and Idaho.
but elsewhere no
was
wheat, present indications point to
than last spring,
March
Financial Chronicle
23,
1940
reported and greening
Small Grains—Winter wheat is beginning to green
northward to some
portions of the Ohio Valley and to Nebraska, while the crop is reported
growing nicely in parts of the Pacific Northwest.
In the Ohio Valley
condition continues mostly fair, although reported poor in localities of
Illinois.
While little progress was made in Missouri, the crop generally
and is greening in Arkansas.
Fair progress was made in
but condition is poor to only fairly good and affording only
grazing.
In Texas fair to good progress was made and condition
was fairly good and only locally poor.
.
The crop is still dormant in western Kanass, but shows in drill rows and
growing in the northeastern quarter.
Rapid greening was noted in Ne¬
braska, but the crop is still showing the effects of the previous dry fall.
Winter grains are making a good start in the far Northwest.
Some plow¬
ing and oat seeding has begun in the Ohio Valley, while a little of this
work has been done in Missouri and Kansas.
Farther south fair to good
stands were reported, although rain is needed in Oklahoma.
looks
good
Oklahoma,
limited
December, 1939 report, there would be a total of about 46,000,000 acres
wheat harvested in 1940.
This acreage compares with 53,696,000
harvested in 1939; 69,869,000 acres in 1938; 64,422,000 in 1937, and
of all
the
10-year (1929-38) average of
56,869,000 acres.
1940 acreage of oats indicated by the intentionsurvey at 35,818,000 acres, is about 9%
below the 10-year (1929-38),
average of 39,501,000 acres, and is the second smallest in 31 years.
This
year's acreage is only 0.9% larger than the very low 1939 acreage of 35,512,000 acres.
If plantings are as much as indicated the steady downward
trend in oats seedings will be checked for the first time in five years.
Prospective acreage increases are the greatest in South Central and South
Atlantic States, where there has been a general increase in feed crops and
where an acreage of spring oats larger than usual will be sown due in part
to frost damage to fall and winter sown grain crops.
The increases for
these areas are 7.1% and 4.1%, respectively, and are shared by 11 of the
16 States.
Of the leading States in these two areas, material increases are
indicated for Texas, Mississippi, Arkansas, Alabama, and
Tennessee,
while moderate increases are shown for North Carolina, South Carolina,
Virginia, Louisiana, and Georgia.
The-same acreage as a year ago is
New York,
Oat#—The prospective
indicated for Oklahoma.
In the 12 North Central
States which have over three-fourths of the
prospective acreage is practically the same
The trend in seeding, however, is not in the same direction
in all States.
Decreases ranging from 4 to 7% are indicated for Ohio,
Indiana and Illinois, where oatr'acreage is being displaced by soybeans
and barley.
North Dakota growers indicate a decrease of 1% in seedings.
A small expansion in oats acreage is shown in Mjchigan, Wisconsin and
Minnesota where unfavorable weather at seeding time a year ago curtailed
seedings.
In Nebraska, increases are due mainly to improved surface soil
moisture conditions and to a need for early feed.
Iowa, the leading oats
State, Kansas and Missouri indicate the same acreages as a year ago.
The
11 Western States, as a group comprising about 5% of the United States
oats acreage, show an increase of 3.4%, while the North Atlantic States,
also with about 5% of the United States total, indicate a decrease of 1.6%.
Barley—The prospective seedings of barley for 1940 are estimated at
14,606,000 acres. This is a slight increase over the 14,546,000 acres seeded
in 1939.
Of the principal barley States increases are expected in North
Dakota, Nebraska. Kansas and Colorado where the crop has gained popu¬
larity as a substitute cash crop and as an early feed croo. particularly in
United States oats acreage, the
as a
year ago.
years of moisture shortage.
Minnesota, Iowa and Wisconsin report
less acreage this year than in 1939 and South Dakota reports indicate no
change.
In California a decrease of 8% is in prospect.Although barley is a
relatively unimportant crop in other part of the country, substantial in¬
creases are reported in Washington and Oregon and the Ohio Valley States.
The acreage loss through abandonment has varied widely in the past 10
years and this wide variation makes it difficult to forecast probable har¬
vested acreage.
However, if the abandonment in 1940 approximates the
average for the 10 years, 1929-1938, excluding the heavy losses of 1933,
1934 and 1936, the Indicated area for harvest would be about 13,350,000
acres compared with
12,600,000 acres harvested in 1939.
The abandon¬
ment of barley in 1939 amounted to 13.4% of the seeded acreage and the
lCLyear average (including 1933, 1934 and 1936) is 15.2%.
Weather Report for the Week Ended March 20—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended March 20, follows:
The
weather during the first
half of the week was dominated
by low-
pressure systems that advanced slowly eastward from the Texas Panhandle
bringing widespread precipitation to central and eastern portions of the
country.
Toward the close of the period a minor disturbance advanced
rapidly from the northern Great Plains eastward, but precipitation was
very light.
Temperatures varied widely during the passage of these lowpressure systems, with daily changes of 20 deg. or more being rather fre¬
quent.
The western portion of the country was largely dominated by
high pressure and resultant fair weather.
The week was moderately cool in most areas from the middle Rocky
Mountains eastward to the Atlantic Coast, with the temperatures ranging
from 2 deg. to as many as 8 deg. below normal.
Rather warm weather
for the season was reported from the northern Rocky Mountain area
and the Pacific Coast, where plus departures ranged from 5 deg. to 9 deg.
Freezing weather extended nearly to the Gulf Coast in Alabama, but
most other Gulf areas were generally from 4 to 10 deg. or more above
freezing.
Subzero weather was confined to a limited area of the North¬
east and locally in the upper Mississippi Valley and northern Great Plains.
The lowest temperature for the week, as reported from first-order stations,
was —11 deg. at Canton, N. Y., on the 13th,
f*-Precipitation was moderate to heavy in the east Gulf section, the Middle
Atlantic States, and portions of New England.
Throughout this area
the weekly totals ranged from one to nearly four inches.
Light to mod¬
erate amounts were noted in most of the Mississippi and Ohio valleys as
well as in north Pacific areas, but a considerable portion of the South¬
west, including most of the Great Basin, reported no appreciable amounts,
while some sections, notably southern Florida and parts of the lower
Missouri and Arkansas River valleys, also had no appreciable rainfall.
The cool weather and rather widespread precipitation in major agri¬
cultural sections of the country further delayed outside operations and
retarded early growth of winter crops.
In some eastern sections of the
country outside work is now one to two weeks late, while similar con¬
ditions prevail in many central valley sections.
Unfavorably cool, moist
weather was moderated by warmth and sunshine the latter part of the
week in southern sections when plowing and spring planting advanced
favorably.
Gardens are being put
in northward to Maryland, but in most
central
parts of the country this work has not advanced beyond the Gulf States.
Some tobacco beds have been seeded in Tennessee, but this work was con¬
siderably delayed in Kentucky by cold, rainy weather.
Peach trees are
nearing full bloom in central Georgia, while in other Gulf sections there
were extensive reports of blooming.
Some frost injury to plums, apricots,
and peaches was reported in southern New Mexico, but father east and
northeast the cool weather was generally favorable in retarding too rapid
development.
In the north Pacific fruit districts early blooming has been
noted, with buds advancing rapidly.
The weather favored spraying in
most sections.
Corn
this
planting has advanced southward to the uplands of Arkansas and
most of Texas, but with little yet up and much
work continues in
planting awaiting rain.
Preparations for planting have been quite gen¬
erally delayed, but the improved conditions at the close of the week favored
rapid advance.
Early planted cotton is up to only poor stands along the
lower coast of Texas and but little is up in other southern districts.
Very
little further planting has been done, although soil preparation has ad¬
vanced favorably.
In eastern portions of the cotton belt planting has
been done only locally in Louisiana, but soil preparation is well under way.
The soil moisture situation at the present time is quite favorable, with
adequate topsoil supplies in practically all areas, except the southern
Great Plains.
In the latter region the soil is becoming quite dry, with
winter crops needing abundant rains quite urgently and the soil too dry
for planting in portions of Texas.
Oklahoma reported a duststorm during
the night of the 17-18th and a lack of rain is being felt over the entire
State.
In the more northern Plains region topsoil moisture is reported
ranging from adequate to abundant, with some areas reporting
fields too
wet to work.
of the country the weather has been quite favorable
for livestock, with good condition reported rather generally.
The range
needs moisture in the southern Great Plains and parts of New Mexico,
In the western part
TRADE
THE DRY GOODS
cares
Friday Night, March 22, 1940
prevailing in the different
served to impart a spotty character
to retail trade during the past week, with some sections
recording substantial gains while other districts showed
little or no increase in the sale volume, notwithstanding the
peak in pre-Easter buying.
As usual in the pre-Easter
season, main interest centered in women's and children's
apparel and accessory lines, but certain types of homefurnishings also came in for attention.
Department store
sales, the country over, for the week ended March 9, ac¬
cording to the Federal Reserve Board, increased 11%
over last year.
In New York and Brooklyn the gain was
limited to 0.9%, while in Newark establishments it reached
weather
Variable
conditions
parts of the cou ntry
s.3%.
■
:
...
Trading in the wholesale dry goods markets reflected the
spotty character of the pre-Easter business in the retail
field.
While orders from the Middle West, the South
Atlantic
and the Pacific Coast region were
other sections showed more hesitancy in
States,
numerous,
muslin sheets
on
previously
The
operations.
buying
ductions
were
fairly
their
price re¬
fair amount
were inclined to
reported
productive of
a
in general, wholesalers
purchases to nearby requirements.
Scattered
price cuts on percales came to light during the week, but
on the other hand, moderate price advances on cotton and
part-wool blankets were announced
by some producers.
Business in silk goods expanded moderately,
with some
attention given to fabrics for the fall
season.
Trading
in rayon yarns remained fairly active, notable in the finer
deniers, which were steadily bought for use in sheer and
semi-sheer weaves.
Yarn shipments were reported holding
up very closely to the previous month's figures, and few,
if any, additions to yarn surplus stocks in the hands of
producers are anticipated.
but
orders,
or
restrict their
Cotton
Domestic
Goods—Trading in the gray cloths
previous desultory fashion as the
the European war situation and
the resulting general sluggishness in the security and com¬
modity markets caused extreme hesitancy on the part of
prospective buyers.
Disappointing reports about the move¬
ment of finished goods in distributive channels added to the
feeling of caution among users.
Late in the week, under
the influence of a moderate recovery in raw cotton values
markets continued in its
uncertainties surrounding
somewhat better reports from the security markets,
bidding expanded slightly, but actual sales were small and,
moreover, revealed a further weakening of the price struc¬
and
ture.
Business
in
fine
goods remained
spotty and sales
mostly confined to occasional fill-in lots.
Towards
the end of the period under review, interest in plain and
slub broadcloths expanded somewhat, but price bids were
considerably below mill
quotations.
Closing prices in
print cloths were as follows:
39-inch 80s, 63^ to 6^sC.;
were
39-inch
72-76s,
6^gc.; 39-inch 68-72s,
64-60s, 4% to 4^gC.; 383^-inch 60-48s,
Woolen
Goods—Trading in men's
5%c.;. 383^-inch
4^c.
wear
fabrics received
impetus through the formal opening of the new fall lines
of men's wear fabrics showing the anticipated price ad¬
an
vances
While
ranging from 273^
actual
business
to 30c.
remained
a
yard oVer last year.
moderate,
sampling
con¬
foreshadowing the placing of
important orders a little later in the season.
Mill opera¬
tions held quite steady, reflecting the fact that a substantial
backlog of unfilled orders is again on the books of producers.
Reports from retail clothing centers, although reflecting the
peak of pre-Easter buying, nevertheless gave a spotty
account, largely as a result of variable ^weather conditions.
Business in women's wear materials was inactive as the
spring season has come to a close, and the start of the new
season is
still a few weeks off.
Some interests continued
in lightweight and sports materials, but the total volume
of business was insignificant, although mill operations con¬
tinued to be sustained by a fairly substantial accumulation
tinued at
a
more
of older contracts.
active pace,
•
Foreign Dry Goods—Trading in linens remained in¬
active, chiefly under the influence of the unsettled situation
the foreign primary markets.
Business in burlap ex¬
panded moderately and prices, after further early weak¬
ness, ruled a trifle steadier, in line with the trend at Cal¬
cutta, where reports of a large British Government order
on
hessians
for
camouflage cloth improved sentiment.
in
Domestically lightweights were quoted at
at
7.25c.
5.35c., heavies
Volume
The Commercial & Financial Chronicle
150
1% tax
the
on
gross
1967
incomes of utilities for unemployment
relief.
Specialists in
Tax Deduction—Following a ruling on
that State and city
cigarette tstxes are not deductible from State income tax
returns, two bills were introduced on March 20 in the Legis¬
lature to permit them to be deducted.
The measures were
introduced by Senators Joseph D. Nunan jr., Queens Demo¬
crat, and Frederic R. Coudert jr., Manhattan Republican.
Illinois & Missouri Bonds
Stifel, Nicolaus & Co,Inc.
Founded 1890
105 W. Adams St.
The
WIRE
ST.
State
Tax
Commission ruling said the taxes
were
not
deductible
because they were not taxes imposed directly on the consumer, but rather
314 N. Broadway
DIRECT
CHICAGO
Ask Cigarette
Bills
March 18 by the State Tax Commission
were
LOUIS
imposed
the manufacturer and the wholesaler.
on
bill the taxes would be deemed to be taxes on the
Under the Coudert
and thus deductible.
The Nunan bill says in more direct lan¬
simply that the taxes shall be deductible.
The bills were to be
introduced first in the Assembly, but with adjournment nearing, the
lower house has a rule against introduction without unanimous consent,
so they were taken to the Senate.
consumer,
guage
News Items
Connecticut—Changes in List of Legal Investments—The
following bulletin (No. 2), showing the latest changes in the
list of savings bank investments, was issued by the State
Bank Commissioner
on
March 15:
Assembly Approves Auto Inspection Measure—Motorists in
York State would be required to have their motor
vehicles inspected twice a year under the provisions of a bill
which passed the Assembly and was sent to the Senate on
March 20 by a vote of 113 to 29, after a prolonged debate.
New
Sponsored
Additions
Elgin, Joilet & Eastern Railway, first mortgage, 3Hs, 1970.
Pacific Light & Power Co., first mortgage, 5s, 1942.
West Penn Power Co., first mortgage 3s, 1970.
Wheeling & Lake Erie Railway, equip, notes 2}£s, serially, 1940 to 1949.
Deduction
Baltimore, Md.
Kentucky—Legislature Defeats Public Utility Ownership
Bills—Municipal ownership of public utilities got a sound
drubbing at the hands of Kentucky's Legislature which, be¬
fore it adjourned this week, authorized a soil conservation
measure
for the Federal flood control program,
increased old
pensions by $1,000,000 yearly , passed tax bills estimated
yield $1,000,000 annually and in the very last minutes of
the session pushed through a bill to regulate the States'
system for marketing its yearly big crop of tobacco, according
to a special dispatch from Louisville to the "Wall Street
age
Bill to Reduce Stock
A bill to repeal the State income tax was not reported out of
and another to authorize Louisville to turn over the $5,000,000
committee
transfer tax, which securities dealers contend is so high that
it drives business out of the State, was
to strike out all
the present
when
learned the bridge Commission had refinanced its $4,500,000
its sponsors
bonds with a non-caliable issue.
control of his
legislature scheduled to meet again in two years, thus far has vetoed only
one bill.
It was to legalize export of Kentucky liquor to border city dealers
iu other States. He has 10 days in which either to sign, veto, or to let other
Widest attention
probably attached to defeat of the municipal ownership
legislation strongly urged by the city administration of Louisville under
leadership of Mayor Joseph D. Scholtz and strongly opposed by the Louis¬
ville "Times" and "Courier-Journal," staunch New Deal newspapers usually
found on the side of municipal ownership programs.
Although at the time there was a wave of resentment in Louisville over a
boost in rates of its municipally-owned water company, the Scholtz forces
did not hesitate to battle for an enabling Act to acquire the Louisville
Gas & Electric Co. (operating subsidiary of Standard Power & Light Co.)
on the premise that they would "reduce rates."
Governor Johnson would
not make the Louisville bill an
"administration measure" and as only
administration-approved legislation got through, it died in committee.
Two measures earlier, designed in one way or another to pave the way for
municipal ownership of power and light property in Louisville, met defeat.
One was to return assessment authority of utility franchises to Louisville
from the State Utility Commission.
Another would have authorized cities
to contract for Tennessee Valley Authority power.
Helping to defeat the utility measures, especially the enabling Act for
Louisville, was a provision in the preferred stock of the Louisville Gas &
Electric Co. that in event of "sale" or "dissolution" of the company, the
shares would be callable at $100, whereas their current market value is
some $3,500,000 in excess of par.
As some 12,000 stockholders reside in the
city where the company marketed the issue directiy, agitation for municipal
ownership found a new obstacle in this.
Among the bills already signed by the Governor are:
Increasing consumption taxes on whiskey to $1.20 a gallon from $1.04.
Effective March 4.
Abolishing property liens required of those receiving
old age pensions.
Prohibiting manufacture or saie of milk substitutes com¬
pounded of fats or oils other than milk fats.
to $30
vation program of
double taxation
I
$2,500,000 to $3,000,000 annually.
Forum to
Hold
Luncheon Meeting—
Pleydell, Commissioner of the Department of Purchase
of New York City, will be the principal speaker at a luncheon
of the Municipal Forum to be held March 27 at the Railroad
Club.
His subject will be "Operations and Problems of the
Department of Purchase."
Harold H. Hahn of Thomson,
Wood & Hoffman will act as Chairman of the meeting.
Municipal
on
odd-lot sales.
regarded as certain of passage. Before it was amended
general downward scaling of the rates of taxation on securities
<•
each securities sale. Because
batches of stock numbering less than
100 shares—are made through an odd-lot house acting as middleman be¬
tween the seller and buyer, a double tax has been imposed, one on each step
of the transactions.
For
instance,
odd-lot house.
if a person wants 50 shares of a stock he applies to an
The house buys 100 shares of the stock from a regular firm
and the firm pays a tax on
stock.
the sale to the odd-lot dealer.
The dealer then
tax on the 50 shares which he sells to the person who applied for the
The amended Coudert-Mitchell bill does away with the first of these
£W0 tax6s
bill, the rates of taxation will remain as they are
The present rate is four cents a share on stock selling at $20
and three cents a share on stock selling at less than $20 a
Under the amended
at present.
share
or more,
shcirc
Objections have been raised to the present rates because, it is said, they
do
not
correspond to the value of transactions.
For example, if 10,000
the tax is $300; if 1,000 shares are sold at $10
shares are sold at $1 a share,
a
shares are sold at $100 a share,
In each case the value of the transaction is the same, $10,000,
spread of $290 in the amounts of taxes imposed.
share, the tax is $30, and if 100
$4.
is
a
United
States Housing
the tax is
but there
Authority—National Program
Expanded to Include Rural Areas—President Roosevelt on
March 12 expanded the national slum-clearance and low-rent
areas when he
rehousing plan of the United States Housing
Authority designed to provide modern, sanitary homes at
housing program to include strictly rural
approved
a
low income, including owner-
low rentals for farm families of
sharecroppers and rural wage workers.
The first rural housing projects to be initiated in six widely
scattered localities, for which the USIJA will make loans to
finance 90% of the total development cost} are as follows:
operators, tenants,
"
Number of
Separate
Total
Dwelling Units
Developm't
Built by Local
Cost of
Raising old age pension max¬
monthly from present $15, effective July 1.
Creation of Soil Conservation Commission and establishment of soil
conservation districts with authority to make land use regulations by
referenda. This measure is expected to bring to the State a Federal conser¬
imum
March 20,
The stock transfer tax is paid by the seller on
a
legislation become law.
on
of the fact that odd-lot sales—sales of
pays a
Democratic Governor Keen Johnson, who was in complete
amended
its provisions excepting the one abolishing
The amended bill is
it provided a
sales.
municipal
bridge at Louisville to the State Highway Department was Withdrawn
Transfer Tax Amended—The Coudert-
Mitchell bill to revise downward the New York State stock
to
Journal" of March 19.
by Assemblyman Herbert A. Rapp, Genessee Republican,
Committee on Motor Vehicles, the bill would
Chairman of the Assembly
require every resident owner to have his motor vehicle inspected in April
and October each year at stations to be licensed as such by the Motor
Vehicle Commissioner.
The inspection fee would be 50 cents.
The bill
would provide that there be an official inspection station for every 500
motor vehicles subject to inspection in each town and city of the State.
The fee for inspection stations would be $10 a year.
Project (x)
Net Construc'n Cost
Albert
*
Of which USHA lends
average.
In
390,000
634,000
404,000
1,300
Home
$2,093
y$l,682
352,000
...........
Lee County , Miss
Darling County, 8.
Complete
$1,650
1,535
1,620
2,048
$2,805,000
Ga
Alexander County, 111
Thomas County,
Vigo County, Ind
300
200
150
150
300
200
$628,000
397,000
Lonoke County, Ark
Est. Overall
Cost of
County Housper Family
ing Authority Dwelling Unit
2,600
2,113
2,020
1,697
1,625
90% for term of 60 years at 2% % Interest,
■
1,985?"
2,347
y$2,158
y
Weighted
•
discussing the background, progress
and development
just launched by the USHA,
Administrator Nathan Straus said:
of the rural rehousing program
USHA was established more than two years ago, we have
toward the development of a rural housing program to balance
housing program for families of very low income.
The obstacles
"Ever since the
New
York
State—Extension
of
Mortgage
Moratorium
Approved by Assembly—'The Assembly passed and sent to the
Senate on March 19 a bill extending the State's seven-yearold moratorium on mortgage foreclosures for another year.
The
moratorium,
1933 as an emergency measure to avert
continued from year to year. The Assembly
adopted in
wholesale foreclosures, has been
approved bill extends it from July 1, 1940, to Jul y 1, 1941. The Assembly,
however, delayed action on another measure to authorize courts to review
terms on mortgages and require refinancing of mortgages to provide for
amortization.
Both bills were sponsored by Assemblyman Lee Mailler,
Orange Republican.
Governor
Signs Bill Extending Municipal
Aid—Governor
March 16 a bill which continues until
April 1, 1941, provisions enabling municipalities to obtain
the benefits of national industrial recovery Act and Federal
work relief projects.
The bill was sponsored by Assembly¬
man Abbot Low Moffat, Manhattan Republican.
Lehman approved on
signed on March 19
Bewley-Whitney bill continuing for another year the
emergency period during which municipalities may levy a
Utility Tax Bill Signed—The Governor
the
been striving
the urban
because neither Federal legislation, local legislation nor
organized local public effort was as well prepared for the program in farm
areas as it was for the program in city areas.
"Despite these obstacles, the USHA has moved ahead toward the devel¬
opment of a rural housing program.
Last year I stopped reading about the
deplorable conditions of rural housing and took a trip to see the facts at
first hand.
I saw conditions so bad, so out of line with our conception
of the American standard of living, that I was determined that nothing
ought to be allowed to stand in the way of bettering these conditions.
"From that time the rural housing program commenced in earnest.
It is
now manifested by six projects for farm families in six States submitted to
the President for approval of loan contracts.
"These six projects prove beyond doubt three main points, namely: That
decent, safe and sanitary housing can be developed under the USHA pro¬
gram for families in the lowest income group in rural areas; that this housing
can be developed so economically, without sacrificing essential standards,
that it will quicken the progress of the USHA program in the direction of
lower building costs and lower annual contributions to reduce rents; and
that the slum clearance and low-rent housing program is not only needed,
but is also wanted and appreciated and understood in rural areas.
"In the above respects the rural program has features of similarity to
the urban program.
In two other respects it is quite different.
"The urban program is devoted to the development of rental housing,
because most people in concentrated centers of population are accustomed ^
have been numerous
,
The Commercial <5 Financial Chronicle
1968
March
1940
23,
to rent the homes in
which they live.
The rural housing program should
be directed toward the gradual creation of home owners, able to own decent
homes without excessive strain upon their slender financial resources.
Shropshire & Co., all of Mobile; Watkins, Morrow & Co., Marx & Co.,
both of Birmingham, and the Trust Co. of Georgia, of Atlanta, as 3s, paying
a price of 99.12, a basis of about 3.06%:
Under the present law only rental occupancy is possible.
But under a
suggested amendment to the law now pending, the gradual acquisition of
the homes by the families who live in them will be made feasible.
"A second difference between the urgan program and the rural program
is that the rural program requires and is receiving the cooperation of the
Department of Agriculture, because the improvement of living conditions
on the farm is inseparably connected with the improvement of working
conditions and income conditions on the farm.
With perfecting legislation,
the Department of Agriculture and the USHA would be able to work
together even more closely and even more successfully toward expanding
the rural housing program from its present experimental beginnings.
,"I am profoundly convinced that better housing is something which
appeals irresistibly to people in all walks of live in all parts of the country,
because its economic foundations are so firm and its social aspirations are
so just.
No such program can or should be limited to isolated sections of
the country, either urban or rural.
All people live in houses and all Ameri¬
can families should live in decent houses."
$246,000 refunding road bonds.
Dated April 1, 1940.
Due $30,000 in
1961, and $24,000 in 1962 to 1970 incl.
55,000 refunding court house and jail bonds. Dated May 1, 1940. Due
$5,000 on May 1 in 1960 to 1979 incl.
51,000 refunding bonds. Dated April 1, 1940. Due on April 1 as follows:
$5,000, 1943 to 1951, and $6,000 in 1952.
Due
on
ALABAMA
for sale on
offered
lng£$2,130,000,
March
Names of Other
150,
p.
1637—were
a syndicate composed of Blair <fc Co., Inc.; Halsey Stuart & Co.,
Inc.; Ward, Sterne & Co. of Birmingham; Bacon, Stevenson & Co.; Graham,
Parsons & Co., both of New York; R. S. Dickson & Co. of Charlotte; First
National Bank of St. Paul; Mullaney, Ross & Co. of Chicago; Dougherty,
Corkran & Co. of Philadelphia; Lewis & Hall of Greensboro; Weil, Roth &
awarded to
Irving Co., and the Provident Savings Bank & Trust Co., both of Cin¬
paying a premium of $408, equal to 100.019, a net interest cost of
about 2.94%;
cinnati,
$1,820,000 capital
improvement
refunding bonds.
Due
on
$55,000 in 1944 to 1948; $110,000,
$175,000 in 1954 to 1958, and $120,000 in 1959.
April
1949
follows:
to
1
as
1953;
100,000 public improvement bonds.
Due $10,000 on April 1 in 1943
to 1952, inclusive.
210,000 public improvement (new) bonds.
Due $21,000 on April 1 in
1941
to
1950.
Dated April 1, 1940.
Denom. $1,000.
OFFERED
BONDS
INVESTMENT—'The
FOR
successful
bidders
re-
the above bonds for public subscription on the following terms:
bonds, due 1944-1959 inclusive, are being offered at prices to yield
1.75 to 3%, and the 2^ % bonds, due 1941-1952 are priced at 0.75 to 2.70%,
according to maturity.
offered
3%
The following is an
warrants
-
,
Price Bid
.$99.11
98.95
98.77
98.79
98.70
Warrants—
on
99.02
& Co
98.91
98.75
99.01
98.38
Ala .—BOND
CITY,
nection with the call for tenders of
TENDERS
ACCEPTED—In
con¬
public improvement bonds dated April 1,
it is stated by City Clerk McCuen that tenders accepted were as
follows: $ 2,000 at 78.99; $2,000 at 79.99; $2,000 at 80.49; $2,000 at 80.99;
$3,000 at 81.49, all with accrued interest to April 1, 1940.
1937,
ARKANSAS
ARKANSAS, State of—BOND OFFERING—It is reported that the
State Board of Education will receive sealed bids until April 19, for $200,000
revolving loan bonds.
The issue will be secured by a pledge of bonds of
local school districts to the Commercial National Bank, Little Rock,
trustee.
State of—BOND
ARKANSAS,
which
TENDERS ACCEPTED—On tenders
received up to March 15, the State Refunding Board reports the
were
purchase of $892,437.68 highway bonds, notes and certificates, at $893,275.07.
Purchases divided by classification are as follows:
Highway re¬
funding bonds, series B, $289,372.88 at $294,155.01, toll bridge refunding
bonds, series A, $5,000 at par, toll bridge refunding bonds, series B, $45,422.32 at $46,154.71, DeValls Bluff Bridge refunding bonds, $120,280 at
$120,955.63, road district refunding bonds, series A, $414,200 at $408,928.45, road district refunding bonds, series B, $285.41 at $211.64, munici¬
pal aid refunding certificates, $1,697.21 at $1,707.39, and funding notes
$16,179.84 at $16,162.34.
official tabulation of the bids received:
Terms Bid-
—
$1,820,000.00 $100,000.00 $210,000.00
Bidders—
Ward, Stern & Co.: Blair & Co.;
3%
2^%
2M%
Halsey, Stuart & Co.
-___$1,820,364.00 $100,020.00 $210,042.00
Marx & Co.; Phelps, Fenn & Co.;
Eastman, Dillon & Co.; L. F.
Rothchild & Co.: Paine, Webber
& Co.;
road
Bidders on Bonds—
King, Mohr & Co., Birmingham
Fox, Einhorn & Co,, Cincinnati
Ward, Sterne & Co., Birmingham
Stubbs, Smith & Lombardo, Birmingham
Steiner Bros., Birmingham
...
TARRANT
15—V.
refunding
price of 99.03, a basis of about 2.84%.
Stubbs, Smith & Lombardo
Ward, Sterne & Co., Birmingham
Trust Co. of Georgia, Atlanta
Ala.—BOND SALE—The following bonds, aggregat
BIRMINGHAM.
a
information was also furnished:
The following
Marx & Co., & Watkins Morrow
Steiner Bros.. Birmingham
Proposals and Negotiations
of
issue
time, were awarded at auction to King, Mohr
same
2%s, paying
May 1, 1953.
& Co. of Mobile, as
Other Bids
Bond
$109,000
SALE— The
WARRANT
offered for sale at the
California. Municipals
Bankamerica Company
Merchant's National Bank;
Wells-Dickey Co.; The Illinois
Co. of Chicago; Farwell, Chap¬
man & Co.; Seasongood & Mayer;
485 California Street, San
Cbace,
Whiteside & Symonds,
3%
Inc.; Thomas & Co
1,820,873.60
Equitable Securities Corp.; Gold¬
man,
Sachs & Co.; B. J. Van
Ingen & Co.; Eldredge & Co.;
The
Robinson-Humphrey
Co.;
Fox, Einhorn &
Co.; Merrill,
Turban & Co.; F. L. Dabney &
Co.; Blair, Bonner & Co.: Stubbs,
Smith
&
Lombardo, Inc.; Ed3%
wards, Lowber, Stokes & Co
$1,821,055.60
King, Mohr & Co.; Blyth & Co.,
Inc.; Stranahan, Harris & Co.,
Inc.; F. S. Moseley & Co.; Field,
Richards & Shepard,
Inc.; The
Milwaukee Co.; Stern, Wampler
& Co.,
Inc.; First of Michigan
Corp.;
McDougal
&
Condon,
Inc.;
First National
Bank of
Mobile;
Lamar,
Kingston
&
3%
Labouisse
$1,824,076.80
Steiner Brothers & Associates; Leh¬
man Brothers;
Hemphill, Noyes
&
Co.;
Stone &
Webster and
3%
Blodget, Inc.; A. C. Allyn & Co..-$1,822,548.00
Milhous,
Gaines & Mayes, Inc.;
Union Securities Corp.;
R. W.
„
—
Pressprich
&
-
Francisco
Bell System Teletype SF 469
2V2%
2H%
$100,048.00 $210,100.80
OFFICES
IN
PRINCIPAL
OTHER
CALIFORNIA
CITIE8
CALIFORNIA
3%
25^%
$100,058.00 $210,121.80
CALIFORNIA, State of—WARRANTS SOLD—The following warrants
aggregating $4,456,535, were offered for sale on March 20 and were awarded
to R. H. Moulton & Co. of Los Angeles; $2,500,000 unemployment relief,
and $1,956,535 general fund warrants, the larger issue at 2^%. plus a
premium of $3,179, the latter issue at 2%, plus a premium of $2,239. Both
issues
are to
The
3%
3%
$100,224.00 $210,470.40
be dated and delivered March 23.
fund issue is expected to be called for retirement about
about May 28, 1941.
Two issues will bring
outstanding State warrants to total of $89,307,467.
Relief warrants are part of $12,000,000 appropriation passed by recent
special legislative session. This issue will be the last issue to be offered this
month.
Appropriation limited April offerings to $3,500,000 and May
offerings to $3,000,000.
Feb.
general
26 and the relief issue
SONOMA
COUNTY
OFFERED—Sealed bids
$100,]
SH%
.00 $210,294.00
until
11
a.
m.
on
(P.
O.
were
Santa
Rosa),
Calif.—SCHOOL BONDS
received by Walter H. Nagle, County Clerk,
March 22, for the purchase of a $62,000 issue of not to
exceed
3%
semi-annual Santa Rosa School District bonds.
Denom.
$1,000.
Dated Nov. 22, 1939.
Due on Nov. 22 as follows: $3,000 in 1940
1949, and $4,000 in 1950 to 1956.
to
Co.; Estabrook &
Co.; E. II. Rollins & Sons, Inc.;
Braun, Bosworth & Co.; Kalman
&
Co.,
Inc.;
Johnson,
Lane,
COLORADO
GLEN WOOD
SPRINGS,
Colo.—MATURITY— It
is
stated
by
the
City
Space & Co., Inc.; Bancohio Se¬
Co.; Walter, Woody &
Heimerdinger; William R. Comp3%
4%
4%
ton & Co., Inc
$1,823,057.60 $100,168.00 $210,352.80
.
Clerk that the $10,000 3% semi-annual water extension bonds sold
to Amos C. Sudler & Co. of Denver at par, as noted here—V. 150, p. 1637—
are
curities
Ala.—BOND SALE DETAILS—In connection with the
4% semi-annual water revenue bonds to a syndicate
the Equitable Securities Corp. of Nashville, as noted here
—V. 150, P. 1471—it is now reported that the bonds were sold at par, and
mature Dec. 1, as follows:
$12,000 in 1941 to 1943, $13,000 in 1944 and
1945, $14,000 in 1946, $15,000 in 1947 and 1948, $16,000 in 1949 and 1950,
$17,000 in 1951, $18,000 in 1952 and 1953, $19,000 in 1954, $20,000 in
1955, $21,000 in 1956, $22,000 in 1957, $23,000 in 1958, $24,000 in 1959,
$25,000in 1960, $26,000 in 1961, $27,000 in 1962, $28,000 in 1963, $29,000
in 1964, $30,000 in 1965, $31,000 in 1966, $33,000 in 1967, $34,000 in 1968,
$35,000 in 1969, $37,000 in 1970, $38,000 in 1971, $40,000 in 1972. $41,000
in 1973, $43,000 in 1974, $45,000 in 1975, $46,000 in 1976, $48,000 in 1977,
and $44,000 in 1978.
due $1,000 on
CONNECTICUT
GADSDEN,
sale of the $1,000,000
headed
$5,000 refunding bonds.
Due $1,000 on April 1 in 1944 to 1948, incl.
3,000 refunding auditorium bonds.
Due $1,000 on April 1 in 1943 to
1945, inclusive.
2,000 refunding a special assessment bonds. Due $1,000 on April 1 in 1944
and 1945.
63,500 refunding school bonds.
Due on April 1 as follows:
to 1946; $3,000, 1947 to 1965, and $500 in 1966.
60,000 refunding water bonds.
Due on April 1 as follows:
to 1963, inclusive.
40,000 refunding public improvement bonds.
1944 to 1953, inclusive.
$2,000 in 1944
Due $4,000
The approving
JEFFERSON
COUNTY (P. O. Birmingham) Ala.—BOND SALE—
following issues of bonds aggregating $352,000, offered for sale on
March 18—v. 150, p. 1810—were awarded at public auction to a syndicate
of the
First
National
Bank,
the
Merchants
Graf, City Clerk, that the tenders received will be held in abeyance until
March 27.
MIAMI,
11
a. m. on
Fla.—BOND OFFERING— Sealed bids will
March 27 by A. E.
be received unti
Fuller, Director of Finance, for the purchase
of the following not to exceed 4% (except the callable bonds, which shall
bear interest at 3%%) coupon or registered semi-annual refunding bonds,
396,000 series OM bonds.
$388,000 in 1942.
opinion of Storey, Thorndike, Palmer & Dodge of Boston, will be furnished.
a certified check for $1,000.
composed
CITY, Fla.—BOND PURCHASES HELD UP—In connection
$392,000 Series EH bonds.
April
Enciose
The
FLORIDA
HAINES
with the call for tenders of certificates of indebtedness, it is stated by M. D.
1 in
on
Dated April 1, 1940.
Bidders are invited
single rate of interest in a multiple of
of 1%.
Prin and int.
payable at the Central Hanover Bank & Trust Co., New York. The bonds
whl be delivered on or about April 1, and will be sold to the highest bidder,
but no bid for less than par and accrued interest will be considered.
The
bonds are general obligations, and are issued pursuant to the Municipal
Bond Code as amended for the purpose of refunding a like principal amount
of valid outstanding bonds which the city is legally obligated to pay.
In
addition thereto the holders of the bonds are subrogated to all the rights
of the holders of the bonds refunded thereby.
notes.
Dated April 1, 1940.
Denom. as re¬
quested by purchaser.
Payable June 20, 1940.
Notes will be sold on
straight discount basis and will be payable at the National City Bank
of New York.
Legal opinion of Storey, Thorndike. Palmer & Dodge of
Boston will be furnished the successful bidder.
Signatures will be certified
by the New Britain National Bank.
$250,000 tax anticipation
a
aggregating $28,160,000:
a
powers
BRITAIN, Conn .—NOTE OFFERING—W. H. Judd, President
of the Board of Finance and Taxation, will receive sealed bids at the New
Britain National Bank until 11:30 a. m. on March 26 for the purchase of
$3,000 in 1944,
Denom. $1,000, one for $500.
to name
and
NEW
by
GADSDEN, Ala.—BOND OFFERING—It is stated by P. M. McCall,
City Clerk, that he will receive sealed bids until 11 a. m. on March 26, for
the purchase of the following coupon bonds, aggregating $173,500:
Feb. 1 in 1941 to 1950, inclusive.
National
Bank,
Due
on
July 1,
1941^
Due on July 1 as follows: $8,000 in 1941 and
27,372,000 Series GM bonds.
Due July 1 as follows: $12,000 in 1942.
$400,000 in 1943 and 1944, $500,000 in 1945 to 1947, $1,000,000
in 1948, $1,100,000 in 1949 to 1951, $1,200,000 in 1952 and 1953,
$1,300,000 in 1954 and 1955, $1,400,000 in 1956 and 1957,
$1,500,000 in 1958 and 1959, $1,600,000 in 1960 and 1961,
$1,700,000 in 1962, $1,800,000 in 1963 and 1964, and $1,460,000
in 1965.
The bonds which mature after 1960 will be subject
to redemption on July 1, 1945, or on any interest payment date
thereafter prior to their respective maturities, either in whole or
in part, in the inverse order of their maturities, at par and ac¬
crued interest and a premium of 3 % if redeemed on or prior to
July 1, 1950, 2% if redeemed thereafter and on or prior to
July 1, 1955, 1% if redeemed thereafter and on or prior to
July 1, 1960, and without premium if redeemed thereafter.
Dated April
bear interest at
1,
a
1940.
rate
or
Denom. $1,000.
The bonds of each issue will
rates in a multiple of
of 1 %, to be specified
but not more than two rates of interest may
in the bids for the bonds,
o
Volume
The Commercial & Financial Chronicle
15$
be specified for the bonds of any issue.
Principal and interest payable
*n New York City.
No bid of less than 98 H % of par, and accrued interest,
will be entertained.
The bonds will obligate the city to establish and
maintain
to
as
long
bonds
any
as
are
city
to
a cash reserve equivalent
The bonds will also obligate
outstanding
1% of the par value of the bonds issued.
the
tax to provide for possible deficiencies in collection,
based on the collection experience for the three fiscal years preceding, as
required by Section 13 of Chapter 15,686, Laws of Florida, 1931.
The
series EH bonds are payable from an unlimited tax to be levied upon all
taxable property (excluding homesteads)
within the present territorial
limits of the city; these bonds are all included in tbe first maturity.
The
levy
a
series OM bonds
are
payable from
an
unlimited tax to be levied upon
all
taxable property (including homesteads) within the
city
as
they existed prior to the annexation in
included
in
from
unlimited
an
the
first two
tax
to
maturities.
be levied
territorial limits of the
1925'/these bonds are all
The series
upon
GM
bonds are payable
(including
all taxable property
homesteads except in territory annexed in
1937) within the present terri¬
torial limits of the city.
In the event that, prior to delivery, there should
be any legal change, legislative or judicial, in the present status of municipal
bonds with respect to exemption from Federal taxes, the purchaser will be
relieved of the obligation to buy.
Delivery of the bonds will be made on
or about April
10, 1940, in New York City.
The approving opinion of
Masslich & Mitchell of New York will be furnished.
The award of the
bonds will be made by the Commission to the bidder whose bid reflects the
lowest net interest cost to the city ajter deducting premium or adding dis¬
count.
Enclose a certified check for $560,000, payable to the city. (These
are
the bonds that were offered for sale on Feb. 5, for
were
rejected,
which all bids received
PALM
BEACH, Fla.—BOND OFFERING—Sealed bids will be received
until 2.50 p.m. on April 9, by Edith Walker, Town Clerk-Treasurer, for
the purchase of a $495,000 issue of general obligation general improvement
bonds, issue of 1940.
Bids will be publicly opened in the Council Chamber
at 3 p.m. on Said date.
Due $100,000 in 1947 to 1950, and $95,000 in 1951.,
Interest
Bids will be considered on either non-redeemable
payable J-D.
bonds and
on
bonds which will be redeemable in whole or in part after
five years from date of issue.
Bidders will be required to name one
not
interest rate on all of the bonds,
exceeding 3 % and at such definite rate of interest expressed in multiples
of interest than shall be required
of H or 1-10 of 1%, but at no higher rate
to secure the sale of said bonds at par.
Both principal and interest of the issue are payable in lawful money of the
United States of America at Central Hanover Bank & Trust Co. of New
York City and /or First National Bank in Palm Beach.
Comparison of bids will be made by taking the cost of interest to the city
respective bids.
No bid will be accepted for less
thereon, and any bid
complying with the terms will be rejected, and all bids must be un¬
at the rate named in the
than the par value of the bonds and accrued interest
not
conditional.
A certified
or
City in New York City.
Legal opinion of Chapman & Cutler of
Chicago will be furnished by the city.
A certified check for 2% of the
certificates, payable to order of the City Comptroller, must accompany each
proposal.
Deliyery of certificates will be made about April 1. The certifi¬
cates
will be awarded to the
acceptable bidder offering the lowest rate of
No bid will be considered that does not offer
purchase all of the certificates of either issue and otherwise conform to the
specifications set out in the notice of sale.
The basis of determination of
the best bid shall be the bid specifying the lowest rate of interest, and if
two or more bids are submitted specifying the same lowest rate of interest,
the bid naming such lowest rate of interest and offering the largest amount
of premium shall be accepted.
The certificates are issued in coupon form
and are registered as to principal in the City Comptroller's office.
The
certificates are authorized by Act of the General. Assembly of the State
entitled "An Act Authorizing Cities Having a Population of 500,000 or
more and Owning or Operating a Water Works System, to issue Certificates
of Indebetedness Payable Solely from Revenue Derived from the Operation
Thereof, for the Purposes of Improving and Extending Such Water Works
System," approved June 25, 1929, in force July 1. 1929, as amended.
interest at not less than par.
to
CHICAGO,
111.:—OFFER
PAR FOR JUDGMENT HELD AGAINST
COUNTY—A. S. Huyck & Co. and Morris Mather & Co., both of Chicago,
have offered to purchase a $3,136,914.23 judgment the city holds against
Cook County and to pay a price
of
par
for the debt.
Mayor Edward J.
Kelly transmitted the proposal to the Council's Finance Committee, which
requested City Comptroller Robert H. Upham and Corporation Counsel
Barnet Hodes to study the matter from the city's viewpoint.
Although the
judgment bears the statutory interest rate of 5% the city, it was pointed
out, never has collected interest on a judgment obtained against any other
noted here—V. 150, p. 1025.)
as
1969
of the
cashier's check in the amount of $20,000, drawn upon an
or trust company of Florida, and payable to the order of
the Town of Palm Beach, must accompany each bid.
The bonds will be
delivered to the successful bidder at the office of the Treasurer of the Town
incorporated bank
possible thereafter, upon
accrued interest.
Caldwell & Raymond, of
New York City, and their favorable opinion will be furnished to the pur¬
chaser upon delivery of the bonds, and said bonds shall be validated by
decree in the Circuit Court of the Fifteenth Judicial Circuit of Florida.
of Palm Beach, on or before June 1, or as soon as
the payment of the principal balance due, plus
The legality of the issue will be examined by
PINELLAS COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
NO. 1 (P. O. Clearwater) FJa.—BOND SALE—The $36,000 3% semi-ann.
1940 bonds offered for sale on March 19—
V. 150, p. 1472—were awarded to Kuhn, Morgan & Co. of Tampa, paying
a premium of $363.60,
equal to 101.01, a basis of about 2.41%.
Dated
April 1, 1940. Due $12,000 on April 1 in 1941 to 1943.
road and bridge refunding, issue of
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 11
(P. O. De Land) Fla.—BOND SALE—The $20,000 4% semi-ann. school
for sale on March 20—V. 150, p. 1638—were awarded to
the State Bank of Apopka, paying a price of 99.00, a basis of about 4.12%.
Dated July 1, 1938. Due $1,000 on July 1 in 1941 to 1960 incl.
bonds offered
GEORGIA
ELBERTON, Ga.—BOND SALE DETAILS—In connection with the
sale of the $30,000 2^% semi-annual auditorium-armory construction
bonds, noted here on March 16—150, p. 1811—it is now reported
that the bonds were purchased at par by the Trust Co. of Georgia of
Atlanta.
Due $3,000 in 1950 to 1959, inclusive.
fovernmental agency. The judgment represents the amount ruled by the
llinois Supreme Court as the county's proportion of costs of the Chicago
municipal court in the last several years.
It has been offered for sale
without success to the Reconstruction Finance Corporation and Chicago
banks, according to report.
AUTHORIZATION OF ADDITIONAL? WATER DEBT
URGED—The
City Council finance committee has recommended authorization of $9,200,000 waterworks certificates of indebtedness remaining of the total
amount sanctioned by the State Legislature.
Unless the step is taken, it
was pointed out, authority for sale of the securities will lapse.
It would not
be necessary to sell the obligations this year if they were authorized.
RULING MAY COST
$2,500,000—John S.
21 that the decision of the Illinois
Supreme Court exempting individual holdings of stock of corporations out¬
side the State from taxation as personal property if the corporation has any
taxed tangible assets within the State may cost county taxing units $2,500,000 annually in revenues.
The State Attorney General's office has
filed a petition for a rehearing on the decision, handed down Feb. 21 last,
and the 1940 personal property assessment may be hindered by delay in the
case, according to Mr. Clark.
He said schedules will be sent out on April 1 as originally planned, and
that if the recipients do not list their stock in the estimated 80 to 84% of all
corporations doing business here which are foreign or located outside
Illinois, the amount will be estimated.
Such an estimate, he admitted, will be practical only if the county obtains
a rehearing and eventual final victory.
If the decision is not changed, even
new legislation will not enable the county to collect $7,000,000 of taxes for
1938 to 1940, already spent by.means'.of tax warrants before being collected.
Mr. Clark estimated the ruling, which he characterized as "very poor
public policy," would exempt 90% of the stocks involved from any form of
property taxation, since capital stock tax effective in Illinois is replaced
in 36 States by taxation of income of corporations within the State.
The Supreme Court's ruling was given in a suit brought by trustees of
the Harry Hart stock trust to enjoin the collection of 1938 taxes assessed
on 30,500 shares of stock of Hart, Schaffner and Marx, a New York corpora¬
tion, with tangible property in Illinois.
Justice Norman L. Jones wrote
the opinion, reversing the circuit court end remanding the case with direc¬
tions that an injunction be granted.
The decision centered about the uro of the word "or" instead of
and
in the following clause of Section 3 of the revenue Act of 1872:
"Provided that in all cases where the tangible property or capital stock
of any corporation is assessed under this Act, the shares of capital stock of
such company shall not be assessed or taxed in this State."
The county's brief contends this section applies only to Illinois corpora¬
tions, which were discussed in the section immediately preceding,a nd that
"or" was used so as to include in the exemption Illinois corporations which
paid no capital stock tax because they had not "intangible surplus,
although they paid tax on tangibles.
If "and" were used, foreign corpora¬
tions would not come under the clause, the brief points out.
Justice Jones's opinion holds, however, that "the intention to make the
proviso applicable to the capital stock or tangible personal property of any
corporation, domestic or non-resident, which is assessed under this Act is so
manifest as to need no further discussion."
COOK COUNTY (P. O. Chicago), 111.—STOCK
UNITS YEARLY REVENUE LOSS OF
TAXING
Clark, County Assessor, stated on March
„
i,
,
HAWAII
HONOLULU
(City
and
County),
Hawaii—BOND SALE—The
$750,000 3% semi-annual sewer, series C coupon bonds offered for sale on
March 15—V. 150, p. 1160—were awarded to a group composed of the
First Boston Corp., the Bankamerica Co., and Whiting, Weeks & Stubbs,
Inc. of Boston, paying a premium of $68,625, equal to 109.15, a basis of
about 2.34%.
Dated March 1, 1940.
Due $30,000 on March 1 in 1945 to
1969, inclusive.
BONDS
OFFERED
FOR
INVESTMENT—The
bidders
successful
offered the bonds for public subscription at prices to yield from
2.40%, according to maturity.
The following is an official list of the bids received:
re-
List of Bids
$818,625.00
812.917.50
806,692.50
815,024.25
805,799.25
793,425.00
maturing 1945 to
BOND ISSUE—A
teachers' orders in 1940 has been
III.—PROPOSED
.
ELLYN
GRIDLEY
a
COMMUNITY
VOTED—At an
issue of $58,000
HIGH SCHOOL DISTRICT
of $20,000 building bonds was
NO. 410,
authorized
recent election.
DISTRICT, III —BOND ELECTION—On
consider an issue of $75,000 school building re¬
SCHOOL
SALLE
April 2 the voters will
modeling bonds.
91,220.00
1947, inclusive
DISTRICT,
III.—BONDS VOTED—An issue
at
LA
..$790.842.00
Ridge), III.—BONDS
authorized an issue of
SCHOOL DISTRICT, III.—BONDS
election held late in February the voters authorized an
gymnasium bonds.
GLEN
Received in Honolulu
Bank of Hawaii and Syndicate
American Security Bank for $90,000 bonds
election
SCHOOL
ELGIN
Price Bid
Smith, Barney & Co., Syndicate
Phelps, Fenn & Co., Syndicate
Chemica
Bank & Trust Co., Syndicate.
an
municipality
$10,000 road improvement bonds.
proposal to issue $120,000 bonds to cover
Bankamerica Co., and Whiting, Weeks
Goldman, Sachs & Co., Syndicate
TOWNSHIP (P. O. Taylor
on March 8 the voters
EDGINGTON
VOTED—At
BOND ISSUE—The
_
for hospital construction.
discussed.
Bidder—
B. J. Van Ingen & Co., Inc., Syndicate
issue of $75,000 bonds
1.25 to
List of Bids Received in New York City
The First Boston Corp.,
& Stubbs, Inc
EAST ST. LOUIS, 111.—PROPOSED
is considering an
J(,
MADISON COUNTY
SCHOOL DISTRICT NO. 77
(P. O. Edwards-
March
IDAHO
CULDESAC, Idaho—BOND OFFERING—Sealed bids will be received
April 1, by J. C. Bulen, Village Clerk, for the purchase of
$5,000 not to exceed 6% semi-annual water system bonds.
Dated April 1,
1940.
Denominations $500 and $100.
Due April 1, as follows: $400 in
1942 to 1945; $500 in 1945 and 1946, and $600 in 1948 to 1951.
All of the
until 8 p. m. on
foregoing bonds maturing according to their dates of absolute maturity at
time after five years after date of the bonds, shall be redeemable at the
option of the village, in the numerical order, lowest numbers first, on any
interest payment date, after the expiration of five years.
Principal and
interest payable at the Village Treasurer's office.
Bidders shall submit
bids specifying: (a) the lowest rate of interest and premium, if any, above
par at which the bidder will purchase the bonds: or (b) the lowest rate of
interest at which the bidder will purchase such bonds at par.
Enclose a
certified check for 5% of the amount of bid, payable to the village.
any
CARROLLTON
TOWNSHIP (P. O. Carrollton), III.—PRE-ELEC¬
of $50,000 road bonds was sold to the Whitevoters' approval of loan at an election
issue
CHICAGO, 111.— WATER CERTIFICATES OFFERED—R. B. Upham,
City Comptroller, will receive sealed bids until 11 a. m. on March 27, for
purchase of $3,100,000 not to exceed 3 % interest certificates of indebted¬
ness, as follows;
the
o«j? on
} '^.UU
Co
i
noa ««
]-^6.66
Lansford & Co
Edwardsville
Paine, Webber & Co
Municipal Bond Corp. of Alton—
H. C. Speer & Sons Co
White-Phillips Corp
John Nuveen & Co
1
Bank of
-
—
*$7.00
ghh.00
go*-™
lbl.bO
DISTRICT NO. 205 (P. O.
Rockford), III.
OFFERING—Marie L. Sheehe, Secretary of the Board of Educa¬
tion, will receive sealed bids until 8 p. m. on April 1, for the Purchase of
$159,000 not to exceed 3% interest coupon funding bonds.
Dated March 1,
1940
Denom. $1,000.
Due Dec. 1 as follows: $10,000 from 1941 to 1946,
incl. and $11,000 from 1947 to 1955, incl.
Bidder to name a single rate of
interest, expressed in a multiple of H or l-10th of 1%.
Interest payable
Dec.
1, 1941 and
at the
semi-annually thereafter.
Principal and interest payable
check
Illinois National Bank & Trust Co. of Rockford.
A certified
issue, payable to order of the City Treasurer, must accompany
for 2% of the
each
proposal.
Successful bidder will be required to
district will furnish the legal opinion of
supply the printed
Chapman & Cutler
bonds and the
of
and due
in 1954.
RUSHVILLE, III.—BOND ELECTION—A proposal providing for an
$100,000 sewage system revenue bonds will be submitted for con¬
sideration of the voters at an election on April 23.
of H of 1%. Prin¬
Treasurer's office or at the fiscal agent
Rate of interest to be in multiples
no
oer'nn
i
and due
Interest A-O.
Denom. $1,000.
cipal and interest payable at the City
Channer Securities
i
-
in 1955.
Interest F-A.
1,300,000 waterworks system certificates.
Dated April 1, 1940
April 1 as foUows;
$800,000 in 1953 and $500,000
rw™,-,,™
«i
<fe Co
Bartlett, Knight & Co
Uhl, Matheny Co
—BOND
Phillips Corp. of Davenport, subject to
to be held April 3.
$1,800,000 waterworks system certificates.
Dated Aug. 1. 1938
Aug. 1 as follows:
$800,000 in 1954 and $1,000,000
Other bids:
Bidder—
Baum, Bernheimer
ROCKFORD SCHOOL
ILLINOIS
TION SALE—An
ville), 111.—BOND SALE—The $20,000 3% school bonds offered
15—V. i5o, p. 1472—were awarded to the Mississippi Valley Trust Co.
of St. Louis, at a price of 109.04, a basis of about 121%.
Due $5,000 on
Jan. 15 from 1944 to 1947, incl,
Stix & Co. of St. Louis, second high
bidder, named a price of 108.178.
Chicago.
issue of
ST.!
DAVID, 111.—BONDS VOTED—An issue of $36,000
bonds was approved by the voters on March 9.
revenue
water system
/
The Commercial & Financial Chronicle
1970
SALEM, 111.—BOAX) ELECTION—An election will be held April 17
the question of issuing $275,000 gas distribution plant revenue bonds.
on
SENECA,
III.—BONDS
voters authorized
an
VOTED—At
election held March
issue of $15,000 street improvement bonds.
an
2
the
SERENA SCHOOL DISTRICT,
III.—PRE-ELECTION SALE— The
Municipal Bond Corp. of Chicago purchased $75,000 high school construc¬
tion bonds subject to approval of loan at an election held March 18.
SULLIVAN, III.—BOND SALE DETAII^S—The $22,000 street improve¬
March
23,
O. Fort Dodge), Iowa—BOND OFFERING
by V. E. Hale, County Treasurer, that he will receive bids
at 10:30 a. m. for the purchase of a $227,000 issue of
funding bonds.
Dated Jan. 1, 1940.
Due Jan. 1, as follows: $20,000 in
1941 to 1945. $25,000 in 1946 to 1949, and $27,000 in 1950.
Principal and
interest (J-J) payable at the County Treasurer's office.
These bonds are
being sold for the purpose of funding outstanding poor fund warrants as of
Dec. 31, 1939.
Bonds and attorney's opinion are to be furnished by the
purchaser.
WEBSTER COUNTY (P.
—It is stated
until March 25,
KENTUCKY
ment bonds purchased by the City Treasurer as a sinking fund investment
—V. 150, p. 1811—bear 3% interest, were issued at par and mature May
1 as follows: $8,000 in 1941 and $7,000 in 1942 and 1943.
Ky.—BONDS
EVARTS,
SOLD
TO
RFC—The
$34,000
semi-ann. water works revenue bonds offered for sale on March
INDIANA
Ind.—BOND
OFFERING—Marvin
Worley,
City
Clerk-Treasurer, will receive sealed bids until 2 p. m. (CST) on April 1
for the purchase of $14,119.67 not to exceed 5% interest judgment funding
bonds of 1940.
Dated April 1, 1940.
One bond for $119.67, others $500
each.
Due as follows: $500, Jan. 1 and July 1 from 1942 to 1955, incl. and
$119.67, Jan. 1, 1956.
Bidder to name a single rate of interest, expressed
in a multiple of K of 1%.
Interest J-J.
Bonds are unlimited tax obliga¬
tions of the city and the approving legal opinion of Matson, Ross, McCord
& Ice of Indianapolis will be furnished the successful bidder.
A certified
check for $500, payable to order of the city, must accompany each proposal.
ANGOLA, Ind.—BOND OFFERING—Henry S. Wolfe, City ClerkTreasurer, will receive sealed bids until 4 p. m. (CST) on April 1 for the
purchase of $5,0C0 3H% fire apparatus bonds.
Dated March 15, 1940.
Denom. $500.
Due $500 on July 1 from 1942 to 1951, incl.
The bonds
are general obligations of the city and proposals must be accompanied by
a certified check for 3% of the par value, payable to order of the city.
DISTRICT, Ind.—BOND SALE—The $408,-
000 ser. E sanitary bonds of 1940 offered Mar. 15—V. 150, p. 1313—were
awarded to a syndicate composed of A. C. Allyn & Co., Inc., Chicago,
Stranahan, Harris & Co., Inc., Toledo, First Cleveland Corp., Cleveland,
and Ryan. Sutherland & Co. of Toledo, as 2Kb. at a price of 100.147, a
basis of about 2.49%.
Dated April 1, 1940 and due $13,600 on Jan. 1
from 1942 to 1971, incl.
Second high bid of 100.049 for 2Kb was made
by the Calumet National Bank of Hammond.
Bidder—
Harris Trust
Premium
Int. Rate
Savings Bank, Chicago, Bartlettt,
Knight & Co., Chicago—
Mercantile Bank, Hammond
Fletcher Trust Co., Indianapolis; Phelps, Fenn & Co.,
and Union Trust Co., Indianapolis.
Blyth & Co., Inc. and Paul H. Davis & Co____
Northern Trust Co. and Braun, Bosworth & Co
$9,747.00
8,608.39
2%%
2%%
2%%
7,833.60
6,381.52
" 5,464.00
Charles K. Morris & Co
HUNTINGTON, Ind.—BOND OFFERING—Wallace Reed, City Cierk
Treasurer, will receive sealed bids until 1:30 p.
purchase of $27,000 sewer construction bonds.
m. on March 28, for the
Dated March 1, 1940.
$2,000 from 1941 to 1953, incl.
and $1,500 in 19o4. Bidder to name the rate of interest. Principal and inter¬
est (March 1) payable at the First National Bank, Huntington. A certified
check for $640, payable to order ol the above-mentioned official, must
accompany each proposal.
The purchaser of these bonds shall, by sub¬
mitting bid, agree to pay for the bond blanks, the printing of said bonds and
follows:
the
securing or proper facsim ile signatures of the Mayor and Cierk- Treasurer
of the city, for use on the coupons of said bonds, said printing to be done
by the city but to be paid for by the bond buyer.
INDIANAPOLIS
FLOOD
CONTROL
DISTRICT,
Ind.—NOTE
SALE—The issue of $25,000 notes offered March 15—V. 150, p. 1473—
was
of the principal amount for each year or
stated date of maturity.
Ky.—BONDS PUBLICLY OFFERED—We were ad
vised on March 18 by Stein Bros. & Boyce of Louisville that they, in
conjunction with their associates, offered on that date for public sub¬
scription a $63,000 issue of 3% school building revenue refunding bonds.
Denom. $1,000.
Dated April 1, 1940.
Due April 1 as follows:
$3,000
in 1941, $4,000 in 1942, $3,000 in 1943, $4,000 in 1944, $3,000 in 1945.
$4,000 in 1946 and 1947, $3,000 in 1948, $4,000 in 1949, $3,000 in 1950,
$4,000 in 1951, $3,000 in 1952, $4,000 in 1953, $3,000 in 1954 and 1955,
$4,000 in 1956, $3,000 in 1957, and $4,000 in 1958.
Prin. and int. payable
at the City Treasurer's office.
The bonds are subject to redemption at
OWNESBORO,
has conveyed to
the city the property on which the improvements covered
by the original $75,000 issue in 1936 were made, subject to reconveyance
this issue has been retired.
A closed statutory mortgage has been
when
8,282.40
BONDS PUBLICLY OFFERED—The successful
banking group reoffered the bonds to yield from 0.75% for the 1942 maturity to a price of
99 for the bonds due in 1966 and thereafter.
as
redemption equal to M of 1%
fraction thereof from the redemption date to
on the land and building in favor of the bondholders.
The bonds
payable solely from and secured by an exclusive pledge of the gross
revenues to be derived from the city from the leasing or the
property to the Board of Education on a yearly basis.
Under the terms
of the lease the Board will pay the specified rental, which will be sufficient
to meet the principal and interest requirements on the bonds.
created
are
Halsey, Stuart & Co., Inc.; First of Michigan Corp.
Kidder, Peabody & Co.; R. W, Pressprich & Co. and
Stifel, Nicolaus & Co., Inc
1
NEWPORT, Ky.—BONDS SOLD—It is stated by A. C. Joseph. City
Clerk, that $181,000 semi-annual school building revenue refunding bonds
sold recently to Hill & Co. of Cincinnati, as 3s, paying a price of 102.10,
a basis of about 2.80%.
Dated April 1, 1940.
Due on April 1 as follows:
$7,000 in 1941 to 1959, and $8,000 in 1960 to 1965.
All of the bonds at
any time outstanding shall be redeemable in whole or in part, prior to ma¬
turity on any interest payment date, and in the event of such redemption
additional interest will be paid as to any such bonds at the time of such
were
4,439.04
3%
■
2K%
2%%
2%%
___
Due March
coupon
16—V. 150,
Other bids:
&
Denom. $500.
4%
1812—were purchased by the Reconstruction Finance Corporation,
paying par. No other bid was received, according to the City Clerk. Dated
Oct. 1,1939. Due on Oct. 1 in 1942 to 1969.
p.
ALEXANDRIA,
HAMMOND SANITARY
1940
awarded to the Fletcher Trust Co. of Indianapolis, as Is, at par plus a
Dated March 15,1940 and payable with interest on May 15,
income and
MAINE
KITTERY,
Me.—BOND
OFFERING—Carroll
H.
Sterling,
Chairman
will receive sealed bids until 7:30 p. m. on
of $16,000 coupon refunding bonds.
Dated
April 1, 1940. Denom. $1,000. Due $2,000 on April 1 from 1941 to 1948
incl.
Bidder to name rate of interest in multiples of K of 1%.
Principal
and interest (A-O) payable at the National Bank of Commerce, of Portland.
These bonds are exempt from taxation in Maine and from all Federal income
tax under present statutes and will be issued under the supervision of and
certified as to genuineness by National Bank of Commerce of Portland,
and their legality approved by Carroll S. Chaplin, Portland, whose opinion
will be furnished the purchaser. All legal papers incident to this issue will be
filed with said bank where they may be inspected.
of the
Board of
March
29
Selectmen,
for the purchase
MAINE (State of)—KENNEBEC BRIDGE BONDS CALLED—Belmont
Smith, State Treasurer, announces that $100,000 Kennebec Bridge bonds
of the Nov. 1, 1926 issue, comprisinglnumbers 801 to 900 incl., have been
called for payment on May 1, 1940.
WATERVILLE,
offered March 19
premium of $1.
all in
Me.—NOTE SALE—The
was
issue
of
$400,000
notes
awarded to F, W. Horne & Co. of Hartford, at 0.213%
discount.
1940.
PULASKI COUNTY (P. O. Winamac), Ind.—BOND OFFERING—
W. M. Day, County Treasurer, will receive sealed bids until 10 a. m. on
April 1 for the purchase of $4,416.84 5% coupon ditch bonds.
Dated
April 15, 1940.
One bond for $416.84, others $500 each.
Due as follows:
$416.84 July 15, 1940; $500 Jan. 15 and July 15 from 1941 to 1944, inc.
RICHMOND SCHOOL CITY, Ind.—BOND SALE NOT CONSUM¬
MATED—The award on Jan. 24 last of $60,000 3% school bonds to the
First National Bank of Chicago, at a price of 108.60, a basis of about
1.30%—V. 150, p. 719—was not consummated, because construction bids
exceeded estimates
on
which amount of the issue
was
based.
IOWA
DALLAS CENTER, Iowa—BOND OFFERING—It is stated by L. A.
Fox, Town Clerk, that he will receive sealed bids until April 8, for the
purchase of $17,039.57 sewer bonds, which had been originally offered for
sale without success on March 19.
FLOYD COUNTY (P. O. Charles City), Iowa—BOND SALE—The
$45,000 coupon semi-annual funding bonds offered for sale on March 18—
V. 150, p. 1473—were awarded to Halsey, Stuart & Co., Inc., of Chicago,
at public auction as 1Kb. paying a
premium of $400, equal to 100.911, a
basis of about 1.37 %.
Dated April 1, 1940.
Due on April 1 in 1946 to
1949.
The next beet bid was an offer of $395 premium on 1Kb, submitted
by the Iowa-Des Moines National Bank & Trust Co., Des Moines.
Paine,
Webber & Co.
was
informed by C. Coykendall, Engineer of Estimates and Contracts,
Iowa State Highway Commission, that bids will be received by the County
Treasurer until March 26, at 1 p. m., for the purchase of a $220,000 issue
are
of primary road bonds.
Dated April 1, 1940.
Denom. $1,000.
Due May
1, as follows: $20,000 in 1948, and $100,000 in 1949 and 1950.
All bonds
optional for retirement in numerical order on May 1, 1945, or any interest
paying date thereafter.
Bidder to name rate ot interest.
Prin. and int.
(annual) payable at the County Treasurer's office.
No bid at less than par
and accrued interest will be considered.
bonds free of expense, ready for
The purchaser shall furnish blank
signature.
The county shall furnish the
unqualified approving opinion of Chapman & Cutler of Chicago, together
with the trasnscript of
proceedings upon which such opinion is based.
Enclose a certified check for $6,600.
HANCOCK,
Iowa—BOND SALE—The $8,000
construction bonds offered for sale
on
March
water system
150, p. 1638—were
coupon
18—V.
Purchased by Jackley & Co. ofDatedMoines as 4s at Due in 1960, optional
•own Clerk.
Des May 1, 1940. par, according to the
Denom. $500.
1951.
in
IOWA
Interest payable M-N.
CITY,
Iowa—BOND SALE—The $29,463
semi-ann.
street improvement bonds offered for sale on March 18—V.
150, p. 1812—
were awarded to the First National Bank of
Mason City, and the Carleton
D. Beh Co. of Des Moines,
jointly, paying par for 5s, according to the
City Clerk. Dated Feb. 1, 1940. Due on May 1 in 1941 to 1949; optional
coupon
at any time.
NEW
LONDON,
Clerk that
MARYLAND
BALTIMORE
Iowa—BONDS SOLD—It is stated by the Town
$75,000 electric light plant revenue bonds were offered for sale
March 18 and were awarded to Leo L.
Mak, Inc. of Waterloo, and
Kalman & Co. of St. Paul, jointly, as
2Ks, paying a premium of $350,
equal to 100.466, a basis of about 2.14%. Dated March 1, 1940.
Due on
March 1 as follows:
$4,000 in 1941; $5,000, 1942 to 1944, and $7,000 in
1945 to 1952; subject to redemption on and after March
on
1,
1945, at the
option of the town.
**
ORANGE CITY, Iowa—BOND OFFERING—Bids will be received until
8 p. m. on March 27, according to report, by Albert J. Heemstra, Town
Clerk, for the purchase of $7,000 sewer bonds.
COUNTY
(P.
O. Towson),
Md.—BOND SALE—The
1,000 coupon Metropolitan District, 10th issue, bonds offered March 19
150, p. 1313—were awarded to a group composed of Alex. Brown &
Sons, Baltimore; Mercantile-Commerce Bank & Trust Co., St. Louis, and
W. W. Lanahan & Co., Baltimore, at a price of 100.18 for a combination of
$520,000 2Kb, due $20,000 March 1 from 1941 to 1966, incl., and $280,000
2s, due $20,000 March 1 from 1967 to 1980, incl.
Net interest cost about
2.199%.
All of the bonds are dated March 1, 1940 and in the re-offering
the 2Kb were priced to yield from 0.25% to 2.20%, according to maturity,
while the 2s were offered from a yield of 2.25% to a price of 92.
The
successful banking group also made a bid of 100.51 for the issue as 2 Ks, or a
net cost of 2.219%.
The Mercantile Trust Co. of Baltimore; Baker, Watts
& Co.; Kidder, Peabody & Co. and Stein Bros. & Boyce, offered 100.392
for $240,000 1 Ms and $560,000 2.30s, a 2.2198% basis; Pnelps, Fenn & Co.;
F. S. Moseley & Co.; Paine, Webber & Co. and Marburg, Price & Co.,
100.001 for $80,000 3Ks and $720,000 2 Ms, a 2.26% basis; Bankers Trust
Co.; Harriman Ripley & Co., Inc.; R. W. Pressprich & Co., and Robert
Garrett & Sons, 100.24 for all 2.40s, a 2.385% basis; Harris Trust & Savings
Bank, Dougherty, Corkran & Co., and Eldredge & Co., 100.039for $240,000
2Kb and $560,000 2Kb, a basis of about 2.462%.
-V.
MASSACHUSETTS
BEVERLY, Mass.-—NOTEOFFERING—John C. Lovett, City Treasurer,
a. m. on March 27 for the purchase at discount of
$200,000 notes issued in anticipation of revenue for the current year. Date d
March 28, 1940 and payable Dec. 5, 1940 at the First National Bank of
Boston or the Central Hanover Bank & Trust Co., New York City. Denoms.
$25,000, $10,000 and $5,000. Legality approved by Ropes, Gray, Boyden
will receive bids until 11
& Perkins of Boston.
BRIDGEWATER,
Mass.—NOTE SALE— The Bridgewater Trust Co.
Due $50,000
Other bids: Merchants National Bank of
Boston, 0.15%; Jackson & Curtis, 0.17%.
was
each
awarded
on
an
issue of $100,000 notes at 0.138% discount.
Nov. 1 and Nov. 29, 1940.
BROCKTON, Mass.—NOTE SALE—The issue of $400,000 notes of¬
was awarded to the Second National Bank of Boston, at
0.139% discount.
Dated March 21, 194C and due $200,000 Dec. 12 and
$200,000 Dec. 19, 1940.
The National Shawmut Bank of Boston, second
high bidder, named a rate of 0.163%.
fered March 21
CAMBRIDGE, Mass.—NOTE SALE—The Second National Bank of
was awarded an issue of $500,000 revenue notes at 0.097% dis¬
Dated March 21, 1940 and payable Nov. 14, 1940.
Other bids
National Shawmut Bank and the Merchants National Bank, jointly, 0.16%.
Boston
Iowa—BOND SALE—The $2,973.33 5% semi-annua1
paving bonds offered on March 19—V. 150, p. 1812—were purchased by
Scott, Mclntyre & Co. of Cedar Rapids, paying a price of 100.302, accord¬
ing to the City Treasurer.
CITY,
MASON
Bank of Boston, 0.49%; Frederick M. Swan & Co., 0.53%.
third highest, offering $280 premium on the 1K % rate.
rGREENE COUNTY (P. O. Jefferson), Iowa—BOND OFFERING—
We
Due $200,000 Oct. 16, $100,000 Nov. 29 and $100,000 Dec. 31,
1940.
Other bids:
Jackson & Cutis, 0.299%; National Shawmut
/
V**"-
count.
EVERETT,
Mass.—NOTE OFFERING—Emil
W. Lundgren, City
Treasurer, will receive bids until 11 a. m. on March 27 for the purchase
$400,000revenue anticipation notes of 1940. Dated March 27.
1940, and payable $200,000 Nov. 20 and $200,000 Dec. 5 in 1940 at the
National Shawmut Bank of Boston.
Notes will be authenticated as to
at discount of
validity by the aforementioned bank, under advice of
Storey, Throndike, Palmer & Dodge of Boston.
genuineness and
FRAMINGHAM, Mass.—NOTE SALE—An issue of $200,000 notes, due
$100,000 to the Boston Safe Deposit &
Co., at 0.065% discount, plus a premium of $7; $100,000 to the
Merchants Natioani Bank of Boston, at 0.07%, p«us $14.
Other nids:
Second Natioani Bank of Boston, 0.065%; Bates, Converse & Co., 0.08%;
West Newton Savings Bank, 0.15%.
Nov. 22, 1940, was sold as follows:
Trust
HAVERHILL, Mass.—BOAT) OFFERING— Gertrude A. Barrows, City
Treasurer, will receive sealed bids until 11 a. m. on March 26 for the
purchase of $230,000 coupon municipal relief bonds.
Dated April 1, 1940,
and due $23,000 on April 1 from 1941 to 1950, incl.
Bidder to name
rate of interest in multiples of K of 1%.
Principal and interest (A-O)
payable at the National Shawmut Bank of Boston.
Legal opinion of
Volume
The Commercial & Financial
ISO
furnished the suc¬
Storey, Thorndike, Palmer & Dodge of Boston will be
An issue of $500,000
notes was
awarded March 16 to the National Shawmut Bank of Boston, at 0.11 %
discount.
Due Nov. 8, 1940.
Other bidders were: Maiden Trust Co.,
0.14%; First National Bank of Boston, 0.144%; Middlesex County National
Bank, 0.15%: Second National Bank, 0.153%; First National Bank of
Maiden, 0.16%; Frederick M. Swan & Co., 0.16%; Lee Higginson & Co.,
0.169%; First Boston Corp., 0.175%; Bond, Judge & Co., 0.18%, and
—
NOTE SALE
—
National City Bank of New
$200,000
of
issue
19 to the Boston Safe Deposit
NEW
Bosworth
& Co. and
Stranahan, Harris & Co., both of Toledo;
both of Detroit, at a price
Crouse & Co. and McDonald, Moore & Hayes,
was
of 100.345, at interest rates ranging from 3X% to 4X %, or a net
cost of about 3.67%.
Dated Oct. 1, 1939 and due May 1, 1959.
1940. Other bids:
National Bank of
0.083%.
BEDFORD, Mass.—NOTE SALE—The issue of $600,000 revenue
anticipation notes offered March 20—V. 150, p. 1812—was awarded to the
Merchants National Bank of Boston, at 0i31% discount.
Dated March 20,
1940 and due Nov. 13, 1940.
Jackson & Curtis of Boston, second high
bidder, named
a rate
Mich.—BONDS VOTED—The voters on March
works system construction bonds;
PETERSBURG,
Mich.—CERTIFICATES
ROSEVILLE,
of 0.33%.
..
Amount
100.52
1%%
x
Alternate bid of 100.02 for 1 % notes to mature
400-119
ADA, Minn.—BONDS TO BE SOLD—The City Clerk states that the
$30,000 3% semi-annual hospital bonds appro\ed by the voters at the
election held on March 12, will be sold to the State of Minnesota.
Due
$2,000 in 1946 to| 1960, inclusive.
in five years was rejected.
MICHIGAN
DULUTH,
ALLEN PARK (P. O. Detroit),
Mich .—CERTIFICATES PURCHASED
BAY CITY SCHOOL
DISTRICT, Mich.—BOND ISSUE APPROVED
Commission has approved the district's application
Mich.—NOTE OFFERING—E. B.
Education, will receive sealed bids until
BAY CITY SCHOOL DISTRICT,
March 25 for the purchase of $83,000 coupon Farragut School
notes.
Dated Jan. 1, 1940.
Denom. $1,000.
Due Jan. 1 as follows:
$8,000 from 1941 to 1949, incl. and $11,000 in 1950.
Rate or rates of in¬
terest to be expressed in multiples of X of 1%.
Principal and interest
(J-J) payable at the Peoples Commercial & Savings Bank, of Bay City, or
at the Bay City Bank.
The district is authorized and required by law to
levy upon all of its taxable property such ad valorem taxes as may be
necessary to pay notes and interest thereon, within the limitation pro¬
scribed by Section 21 of Article X of the Michigan constitution.
Bids shall
be conditioned upon the legal opinion of Gilbert W. Hand, attorney for the
district, cost of which shall be paid for by the district, together with expense
of printing the notes.
A certified check for 2% of the issue, payable to
order of the District Treasurer, is required.
will receive sealed
bids until 7:30 p. m. on March 27
and
of
the
bonds
Wellspremium
of
$1,200,000 public relief
will
be
dated April
1,
1940.
Prin. and int.
Mich.—NOTE SALE—A group of local bankers was suc¬
for the $5,000,000 notes offered March 22, naming an
0.50%.
The notes will be dated variously from April 15,
1, 1940, and mature on or before Aug. 10, 1940.
DETROIT,
bidder
interest rate of
FARMINGTON
SCHOOL DISTRICT NO. 6 (P. O,
CALL—Fred Wilkinson, District Secretary,
TOWNSHIP
Farmington), Mich.—BOND
reports that no offers were submitted in response to the
bonds, dated April 15, 1936, and the obligations will
call for tenders of
be called for
now
GRANDVILLE, Mich.—NOTES APPROVED—The State Public Debt
of $7,000 not to exceed 4% interest
paving notes.
Dated April 1, 1940.
Due April 1 as follows: $2,500 in
1941 and 1942 and $2,000 in 1943.
Commission has approved the issuance
HANCOCK, Mich.—NOTE OFFERING—Fred J. Richards,
bids until 7:30 p. m. on March 25 for the
will receive sealed
$15,000 not to exceed 6% interest tax
1940.
Due Sept. 1, 1940.
anticipation notes.
40
Plant
Administration.
plant, with the assistance
The city will pay for the printing
pay for the approving
for $2,000, payable to
MISSISSIPPI
1941
61
1,000
IX
1941
1941
61
IX
1942
IX
IX
1941
the sale of the
1941
tional Bank of
IX
1941
Asst. Dist.
1941
3,000
1942
62
1,000
IX
1941
63
3,000
1,000
5,000
IX
1942
63
2,000
IX
1942
43
IX
1941
65
2,000
IX
1941
1941
66
1,000
3,000
1,000
IX
IX
1941
IX
1941
IX
1942
IX
1941
48
1,000
IX
IX
1941
67
49
2,000
IX
1941
68
1941
69
2,000
1,000
1941
50
4,000
IX
51
4,000
4,000
IX
1941
70
IX
1941
70
1,000
1,000
6,000
2,000
2,000
1,000
IX
1941
71
3,000
IX
1941
IX
1941
IX
1942
IX
1941
3,000
1,000
IX
1941
IX
1941
IX
1942
72A
72B
All tenders shall be submitted in writing,
and shall fully describe the bonds,
IX
1942
CLARKE
CLARKSDALE, Miss.—BoMd SALE DETAILS—In connection with
$55,000 2X% semi-ann. refunding bonds to the First Na¬
Memphis, and Scharff & Jones, of New Orleans, jointly, as
noted here—V. 150, p. 1813— it is stated by the Cityf Clerk that the boncte
were sold at a price of 100.272. and mature $o,000 in 1945 to 195o, giving a
basis of about 2.47 %.
is now reported that the
park and sewer improvement bonds purchased
New Orleans, and the First National Bank of
Memphis, as noted here on Jan. 20, were sold for a premium of $25, equal to
100.071, a basis of about 2.49%.
Due on Jan. 1 in 1941 to 19o0
GREENVILLE,
Miss .—PRICE PAID—It
$35,000 2k% semi-annual
jointly by Dane & Weil of
Miss.—BOND SALE—The following issues of refunding
aggregating $163,600, offered for sale on March 19--V. 150,, P.
awarded to a group composed of George T. Carter, Inc..
R. Nunnery & Co., both of Meridian, and J. G. Hickman, Inc., of Vicksbtirg as 2^s, paying a premium of $455. equal to 100.278, a basis
MERIDIAN,
bonds
John
1813—were
$76,000
sealed and marked "Tenders
also numbers tendered, stipu¬
lating the lowest price at which the owner of such
to the sinking fund.
No tenders at prices above
will be received
the purchase of a
COUNTY (P. O. Quitman) Miss.—BONDS SOLD—A
$50,000 issue of
% semi-ann. funding bonds is said to have been pur¬
chased jointly by the First National Bank of Memphis, and John R. Nvi¬
nery & Co. of Meridian.
Dated Sept. 1, 1939.
May 1
60
considered.
municipal water, light and heat
lithographing of such bonds, but each bidder must
opinion, if any is desired.
Enclose a certified check
Henry W. S. Tillman. City Treasurer.
IX
IX
59
1942
of bonds,"
Dated April 1, 1940.
Minn.—BOND OFFER ING—Seal ed bids
April 9, by J. G. Milroy Jr.. City Clerk, for
and
Interest
1941
43
/
VIRGINIA,
4,000
May 1
IX
IX
42
58
about 1.80%.
$35,000 issue of not to exceed 4% semi-ann. water, light and heat
bonds. Dated April 1, 1940. Due Jan. 1, as follows: $3,000 in 1943 to 1947,
and $4,000 in 1948 to 1952.
Prin. and int. payable at the City Treasurer s
office in legal tender. No bid will be considered at less than par and accrued
interest. The bonds are issued for the purpose of paying for the making of
$1,000
Interest
$3,000
42
57
*
Par Value
Par Value
1,000
1,000
1,000
56
'
FOR INVESTMENT-—Successful! bidder reoffered
the above bonds for public subscription at prices yieldinglfrom 0.25%ito
2.15%, according to maturity.
MalurinO
Maturing
IX
IX
55
1960,
BONDS OFFERED
Rate of
Rate of
1,000
52
$1,800, equal to 101.02, a basis of
Due on April 1 in 1941 to 1960, incl.
Amount
Road
Amount
2,000
1,000
53
Dated April 1, 1940.
extensions to the
40
47
.
ADDITIONAL SALE—The $176,444.37 coupon special street improve¬
ment semi-annual bonds offered for sale on the same date—V. 150, p. 1639—
were also awarded
to the above syndicate, as 2s, paying a premium of
of the Works Progress
41
45
Due $14,000 on
Due $50,000 on
150, p. 1314.)
Denom. $1,000.
City Clerk,
Mich.—TENDERS WANTED—
F. E. Gillespie, Clerk of Board of County Road Commissioners, will receive
sealed tenders until 11 a. m. on March 26 of the following described highway
improvement refunding bonds, dated March 1, 1939:
Asst. Dist.
—V.
s
purchase of
Dated March 15,
MONROE COUNTY (P. O. Monroe),
Road
Due $22,000 on
1941
until 8 p. m. on
payment.
1950,
l..
700,000 water works bonds.
Due $35,000 on April 1 in
to
incl,
(This issue replaces the $100,000 issue of similar bonds
which had been scheduled for sale on March 13, as noted here
$1,000, except one for $800.
1940 to June
Due $120,000 on April 1 in 1941 to
permanent improvement (wdrc relief) bonds.
April 1 in 1941 to 1950, inclusive.
140,000 permanent improvement (storm drain) bonds.
April 1 in 1941 to 1950, inclusive.
500,000 permanent improvement
(paving) bonds.
April 1 in 1941 to 1950.
(A-O)
Rate or rates of interest to be
expressed in multiples of X of 1 %.
The $31,800 bonds are issued in
anticipation of the collection of special assessments and pledge the full
faith and credit of the city.
The $5,000 general obligations are payable
from a general levy upon all of the city's taxable property.
cessful
bonds.
inclusive.
220 000
payable at the City Treasurer's office.
The bonds carry full faith and
credit of the city and are not subject to any constitutional tax limitation.
A certified check for 2% must accompany each proposal.
City will fur¬
nish legal opinion of Miller, Canfield, Paddock & Stone of Detroit.
The
bonds have been approved by the State Public Debt Commission.
Denoms.
Minn.—BOND SALE— The following bonds aggre¬
$2,760,000, offered for sale on March 19—V. 150, 1639—were
composed of Phelps, Fenn & Co., Stone & Webster
Blodget, Inc., F.S. Moseley & Co., Paine, Webber & Co., the First of
Michigan Corp., Campbell, Phelps & Co., all of New York, and the
Dickey & Co. of Minneapolis, at public auction, as 1.90s, paying a
$5,550 equal to 100.201, a basis of about 1.87%:
w
follows:
each. Due
and $7,800
Due $1,000 on
$1,000.
issued pursuant to subdivision
MINNEAPOLIS,
in 1945.
5,000 city's portion paving bonds.
Denom.
April 1 from 1941 to 1945, incl.
All
Each bond may be registered as to principal in
the registry books of the City Treasurer.
The
awarded to a syndicate
for the purchase of
interest coupon bonds, divided as
$31,800 paving bonds.
One bond for $800, others $1,000
April 1 as follows: $6,000 from 1941 to 1944, incl.,
$36,800 not to exceed 4%
on
gating
City Clerk,
Post,
OFFERING—Harry
Denom.
the name of the
bonds are auth¬
12 of Section 55 of
Chapter VTII of the City Charter, for the benefit of the Municipal AllSports Stadium Fund, the proceeds thereof to be used for the sole and
specific purpose, and none other, of paying the cost of constructing, main¬
taining, improving, equipping and completing a stadium.
For the prompt
payment of the bonds, both principal and interest as they become due, and
for the levying of taxes sufficient therefor, the full faith and credit and
resources of the city are irrevocably pledged.
The approving opinion of
Chapman & Cutler of Chicago, will be furnished.
Enclose a certified check
for 2% of the par value of the bonds, payable to the city.
JACKSON COUNTY (P. O. Jackson), Minn.—BOND SALE—The
$48,000 drainage funding bonds offered for sale on March 20—V. 150, p.
1639—were awarded to the First National Bank & Trust Co. of Minneapolis,
as IKs, paying a premium of $210, equal to 100.437, a basis of about 1.13%.
Dated March 1, 1940.
Due $12,000 on March 1 in 1944 to 1947, incl.
owner,
orized and directed to be
4 p. m. on
Mich.—BOND
municipal
considered.
permission to issue $83,000 not to exceed 3% interest school bonds.
Dated Jan. 1, 1940.
Denom. $1,000.
Due Jan. 1 as follows: $8,000 from
1941 to 1949 inci. and $11,000 in 1950. Legality to be approved by Gilbert
W. Hand of Bay City.
BUCHANAN,
by C. D.
10 a. ra. on
$1,000.
Dateel May 1, 1940. Due May 1, as follows:
$5,000 in 1943, and
$10,000 in 1944 to 1950.
Prin. and int. payable in legal tender at the City
Treasurer's office.
No bid at less than par and accrued interest will be
for
Bennett, Secretary of the Board of
Minn.—BOND OFFERING—We are informed
that he will receive sealed bids until
Geronimous, City Clerk,
Match 27, for the purchase of a $75,000 issue of coupon all-sports
stadium bonds.
Interest rate is not to exceed 6%, payable M-N.
—Village has accepted tenders of series B certificates of indebtedness due
Nov. 1, 1947, as follows:
$1,000 at price of 87; $15,100 at 81 and $472 at
$80.50.
—The State Public Debt
°
MINNESOTA
100.84
1X%
—
-
O.
Oct. 1, 1938, until 8 p. m. on April 6.
fund for retirement of the certificates is $1,-
Offerings should be firm for five days.
100.43
1M%
Lyons & Co
x
1 H%
w
(P.
attached.
Rate Bid
Int. Rate
—
9
DISTRICT NO. 7 (P. O. Durand),
Mich.—TENDERS WANTED—Robert Kerr Jr., District Secretary, will
receive sealed tenders until 5:30 p. m. on March 29 of series C refunding
bonds of 1937, dated Nov. 1, 1937.
Offerings should be firm for five days,
give a detailed description of the bonds and state the price at which they
will be sold to the district, with May 1. 1940. and subsequent coupons
WARE, Mass.—NOTE SALE—The issue of $16,500 public works notes
1639—was awarded to Tyler & Co. of Boston,
as lMs, at a price of 100.599.
Dated April 1, 1940 and due from 1941 to
1950, incl.
Other bids:
"
—<a.
Bidder—
NO.
DISTRICT
VERNON TOWNSHIP SCHOOL
offered March 19—V. 150, p.
R. L. Day & Co.
F. W. Home & Co_
hand in sinking
on
157.99.
Whiteside &
Symonds
SCHOOL
certificates of indebtedness, dated
100.012
101.299
100.783
1 X%
1X%
l%%
TOWNSHIP
21030 Indian Ave., Route 3, Detroit), Mich.—TENDERS WANTED—
Mrs. Ollie Kallmah, District Secretary, will receive sealed tenders of 1938
Rate Bid
Int. Rate
Bidder—
Bond, Judge & Co.^
Tyler & Co
Halsey, Stuart & Co., Inc
Graham, Parsons & Co., and Chace,
$8,091.61
,
SOUTHFIELD
April 1 from 1941
Dated April 1, 1940, and due $5,000 on
Other bids:
1955, inci.
at a cost of
call for
PURCHASED—The
certificates of indebtedness resulted in purchase of
$3,616.01.
.
tenders of 1937
of about 1.49%.
11
approved an Issue of $41,500 water
SOMERVILLE,
Mass.—BOND SALE—The $75,000 coupon water
mains bonds offered March 18—V. 150, p? 1812—were awarded to the
National Shawmut Bank of Boston, as lj^s, at a price of 100.023, a basis
to
interest
Second
high bid of 101.184 for rates from 3H% to 4M%, or a net cost of 3.75%,
was made by an account composed of Paine, Webber & Co.,
Seasongood
& Mayer, H. V. Sattley & Co., Ryan, Sutherland & Co., Watling, Lerchen
& Hayes and Cray, McFawn & Better.
0.075%; National Shawmut
Boston, 0.06%; First National Bank of Boston,
Clemens), Mich.—BOND'SALE—
MACOMB COUNTY (P. O. Mount
The $555,500 coupon refunding bonds offered March 15—V. 150, p. 1473—
awarded to a syndicate composed of First of Michigan Corp., Detroit,
& Trust Co. of Boston, at
0.06% discount, plus a premium of $1.50.
Due Nov. 8,
Merchants National Bank of Boston, j0.06%; Second
Bank of Boston,
notes
York.
were
Braun,
Mass.—NOTE SALE—An
MILTON,
Treasurer's office or at the
presented for payment at the County
should be
Leavitt & Co.. 0.219%..
awarded March
Mich.—BOND CALL—
Karl Gibson, Clerk of the Board of Supervisors, announces the call for
redemption on June 1, 1940, at par plus premium of varying amounts
based on unexpired life of the securities, of courthouse and jail bonds, num¬
bers 392 to 467 incl., in denoms. of $1,000 and aggregating $76,000. Bonds
cessful bidder.
MALDEN, Mass.
1971
Chronicle
KALAMAZOO COUNTY (P. O. Kalamazoo),
bonds will sell the same
par and interest will be
of about
2.72%:
_
$*2oT000 Meridian Separate School District
138,600
city*refunding bonds.*
bonds.
Due on April 1 in
.,
,
.
Due on April 1 in
1941[to 1960, inclusive.
The Commercial & Financial Chronicle
1972
March
23,
1940
Other
advantages to be expected were given as:
"A larger scope and
broader support for the social, religious, civic and economic
groups and
agencies now operating as separate units within each community; an
absence of costly rivalries and duplicated capital investments which
normally
follow competitive growth; assurances of future developments in accord
with a unified city plan adapted to the expanding needs of the PassaicClifton area; and other economic advantages that would normally accrue
to the sixth largest city in the State—namely, increased industries,
greater
transportation facilities, a higher credit rating and extended residential
opportunities."
No form of government is suggested.
Passaic has a board of commis¬
sioners and Clifton a council-manager government.
Dr. John F. Sly,
Secretary of the Princeton survey group, said a fact-finding study had been
made because residents of both communities had discussed a merger for
years.
Alvin A. Burger, head of the Chamber of Commerce research staff,
said the chamber was particularly interested in exploring the possibilities
of obtaining improved public services at less than present costs
through
proper consolidation.
missouri
ST.
JAMES, Mo.—BOND SALE—The
two issues of bonds
aggregating
$24,000, offered for sale on March 15—V. 150, p. 1840—were
awarded to
Mississippi Valley Trust Co. of St. Louis, according to the City Clerk.
The issues are divided as follows: $19,500 public sewer
system improvement,
and $4,500 water works system
improvement bonds.
Dated Feb. 15, 1940.
Due on Feb. 15, $2,000 in 1944 to 1955, incl.
SOMERDALE, N. 3.—BOND OFFERING—Wilmer J. Tanier Jr.,
Borough Clerk, will receive sealed bids until 8 p. m. on March 29, for the
purchase of $60,000 not to exceed 6% interest coupon or registered sewer
bonds
Dated April 1, 1940.
Denom. $1,000.
Due April 1 as follows:
$2,000 from 1941 to 1955, incl. and $3,000 from 1956 to 1965, incl. Bidder
to name a single rate of interest, expressed in a multiple of M of 1 %.
Prin¬
cipal and interest (A-O) payable at the National Bank of Clementon.
The
sum required to be obtained at sale of the bonds is $60,000.
The bonds are
unlimited tax obligations of the borough and the approving legal opinion
of Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
A certified check for 2% of the bonds offered, payable
to order of the borough, must accompany each proposal.
the
SPRINGFIELD, Mo.—BONDS DEFEATED—It is
Clerk that at the election held
to issue
$6,000,000 in
on
stated by the City
March 12 the voters rejected the
proposal
(The Charleton D. Beh Co. of Des
water bonds.
Moines had contracted to purchase these bonds if
they had been approved
.
montana
UNION
Mont*
2p.raon April 3 by W. L.
Hodgskiss, District Clerk, for the purchase of $3,000
not to exceed
4H% semi-annual school bonds.
Dated Dec. 15, 1939.
BELT, Mont.—BOND OFFERING—Sealed
(
bids
old bonds Tor the
1914.
921,000 3M% refunding bonds.
Due Dec. 1 as follows:
$24,000, 1949;
$29,000, 1950; $35,000,1951; $39,000.1952 to 1955 incl.; $319,000
•in 1956 and 1957 and $39,000 in 1958.
WEEHAWKEN
DISTRICT dP.
$452,026.07, equal toft98.265,
1940 and due Marclrl5
HEBRON,
at a
O.
Weehawken),
N.
J.—BOND
Elkhorn),
basis of about 2.96%.
a
Bidder—
Other bids:
& Co
-
Int. Rate
-
Dougherty, Corkran & Co., C. A. Preim &
Co. and C. P. Dunning & Co..
Campbell, Phelps & Co., Inc., Alfred O'Gara
& Co., P.E. Kline, Inc., and Fox, Einhorn
Neb.—BOND
Dated March 15,
follows:
$50,000 from 1943 to$949 incl. and
Redeemable Sept. 15, 1940 or on any subsequent
interest date at par and accrued interest.
$5,000 in 1941
2.80%
Rate Bid
98.17
3%
*
Net Cost
3.058%
98.899
3.17%
98.813
3.39%
98.666
3.438%
B. J. Van Ingen & Co., Inc., H. L. Allen &
Co.,
Monell
&
Minsch,
Co.,
Colyer,
Robinson & Co., J. S. Rippel & Co. and
Neb.—BONDS SOLD—It
is reported that
$13,500 2M%
bonds have been purchased
by Green way & Co. of Omaha''
sewer
(P.
registered general funding bonds offered
or
as
$55,000 in 1950 and 1951.
SALE DEI AILS—It is now stated that
the $8,000 2% semi-annual refund¬
ing bonds sold to the Walter V.
Raynor Co. of Omaha, as noted in these
columns—V. 150, p. 1640—were purchased for a
price of 100.475 and ma¬
ture $1,000 on
May 1 In 1941 to 1948, becoming optional on
May 1, 1945,
giving a basis of about 1.87%.
semi-ann.
coupon
March 20—V. 150, p. 1814—were awarded to H. B. Boiand & Co. of New
York and Julius A. Rippel, Inc. of Newark, jointly, as 2.70s, at a
price of
par and mature
o.
TOWNSHIP
SALE—The $460,000
nebraska
SCHOOL
securities, this being the sole function of the firm in
$451,000 2M% refunding bonds. Due Dec. 1 as follows: $35,000 in 1940;
$96,000, 1941; $113,000, 1942; $96,000 in 1943 and $111,000 in
COZAD, Neb.—BOND SALE DETAILS—It is now reported that the
$31,000 refunding bonds sold to the National Co. of
Omaha, as noted here—
3Ms at
new
the proceedings:
will
be received until
8p. rn. on April 4, by Edith E. Johnson, City Clerk, for the
purchase of
$o,20Q refunding bonds. Interest rate is not to exceed 4%," payable A-O.
Amortization bonds will be the first choice and serial bonds
will be the second
choice of the school board.
If amortization bonds are sold and
issued, the
entire issue may be put into one
single bond or divided into several bonds,
as the Board of Trustees
may determine upon at the time of sale, both
prin
and int. to be payable in semi-ann.
instalments during a period of 20
years
from the date of issue. -
V• 150. P. 1813—were
purchased as
to 1945, and $6,000 in
1946.
CITY, N. J.—BOND REFUNDING—Refunding of $1,378,000
of outstanding by issuance of the following described bonds was
completed
by the city toward the close of December of last year. Julius A. Rippel,
Inc. of Newark acted as fiscal agent for the city in the exchange of the
"BELGRADE HIGH SCHOOL DISTRICT (P. O.
Belgrade),
—BOND OFFERING—It is
reported that bids will be received until
Van Deveuter Bros
A.
price of 100.74.
PETERSBURG, Neb.—BOM SALE DETAILS—It is reported by the
Village Clerk that the $26,000 refunding bonds sold to
the State Depart¬
Educational Lands and Funds, as noted here—V.
150, p 1814—were
purchased as 3Ms, at par, are dated Dec.
1, 1939, and mature on
3.20%
—
C. Allyn & Co., Inc., E. ,H. Rollins &
Sons,
Inc.,
Bacon,
Stevenson
&
Co.,
Schlater, Noyes & Gardner, Inc., and
MacBride, Miller & Co
'
3M%
ment of
Dec.
S1'80° ln 1951
t0 19S3:
NEW
1
*2'000' 1954 10
MEXICO, State of—DEBENTURES SOLD—It is reported that
$1,500,000 3% semi-annual State highway debentures have been purchased
UNION, Neb.—BOND SALE DETAILS—It is stated
by the Village
Clerk that the $9,500
2%% semi ann. refunding bonds sold to the WachobBender Corp. of Omaha, as noted
here—V. loO, p. 1814—were sold at
at
par
by the State Treasurer.
Dated Feb. 1, 1940.
Due $125,000
1, 1951, Feb. and Aug. 1, 1952, and Feb. 1, 1953; $375,000 Aug. 1,
1953; $2(50,000 Feb. and Aug. 1, 1954, and $125,000 Feb. 1, 1955.
Feb.
par
incl
re on April 1 as follows: $500 in 1941, and $1,000 in
m
new
These bonds .were the unsold portion of a total issue of $6,000,000, au¬
thorized by the State Legislature in 1939.
1942 to 1950,
hampshire
CHE£HIRE COUNTY (P.
O. Keene), N. H.—NOTE
SALE—The
Municipal Bonds
$125,000 revenue anticipation notes offered
March 21 offered March 21—
V.
150, p. 1814—were awarded to the Keene
Savings Bank at 0.15%
Payable Dec. 2, 1940.
Leavitt & Co. of New York, second
high bidder, named
a
rate of
year revenue
anticipation
Tilney
new
Dated March 27, 1940
Notes will be authenticated
National
Bank of
G'
Inc., of Newark,
from
as
Boston,
jersey
p. 1640—was awarded to Parker &
par
plus
a
new
(P. O. Altmar), N. Y.—BONDS RE-OFFERED—Norman B.
Spear, Town Clerk, will receive sealed bids until 2 p. m. on April 3, for the
purchase of $7,000 not to exceed 6% interest funding bonds, originally
Weissenborn,
offered March 16.
Sale had to be postponed due to procedure of law that
bids cannot be opened on Satuday.
aDd dU° $2'°°° °° May 1
GARFIELD, N. 1.—PROPOSED REFUNDING
PLAN—Campbell &
uY ,York
rePorted to have submitted a plan to the Cty Council
oonmni
pr?
for stabilization of the tax rate through refunding of
$2,»8U,U00
BINGHAMTON, N. Y.—BONDS PUBLICLY OFFERED—OTHER
BIDS—H. L. Allen & Co. and Minsch, Monell & Co., Inc., both of New
York, following award to them on March 15 of $100,000 general bonds as
Is, at 100.18, a basis of about 0.97%—V. 150, p. 1814—made public offer¬
ing of the obligations at prices to yield from 0.15% to 1%, according to
maturity. Bankers announced speedy distribution of the issue. Other bids
«o
iee
or
l
%
The company would undertake
refunding of debt for
HILLS TOWNSHIP
n/?* M.
Tabor), N. J.—OTHER
to M.
SCHOOL DISTRICT
BIDS—The $60,000 school bonds awarded
Freeman & Co. of Philadelphia, as
3s, at a price of 100.244,
2.98%—V. 150, p. 1814—were also bid for as follows:
basis of about
i,
«
Ini- R(lte
3 M %
-o.
Minsch, Monell & Co., Inc
T*
8
a
*
<pPAR?ItPANy_TTROY
i
C°
'
Mmiifen&
i
h. b. boiand &
3^ %
Co.:::::;::::
Camp1^11 & Co
■
following:
Bidder—For 1.10% Bonds—
B. J. Van Ingen & Co
Rate Bid
100.335
Harriman Ripley & Co., Inc
Kidder, Peabody & Co
City National Bank, Binghamton
Rate
100.66
100-65
...
100.103
Alexander Brown & Sons
Harris Trust & Savings Bank, Chicago
100.068
100 059
—
3M%
3%%
C. F. Childs & Co..
Dick & Merle-Smith, and Geo. B. Gibbons & Co., Inc.,
jointly
Halsey, Stuart & Co
Salomon Bros. & Hutzler
Bankers Trust Co., New York
E. H. Rollins & Sons._-_
100.60
100.28
100.339
100.316
Roosevelt &
100.30
100.20
—
PASSAIC-CLIFTON,
N. J,—MERGER OF UNITS URGED—Consoli¬
dation of the above communities
into a new city which would be the sixth
largest in the State was recommended in a
survey made public March 11,
which cited numerous
advantages likely to result from such a merger,
those of an economic nature
including "increased industries, greater trans¬
portation facilities, a higher
credit
rating
and
extended
residential
a reduction in fire insurance rates, the
report said.
100.10
100.189
100.146
COHOES, N. Y.—BOND OFFERING—Lambert Roulier, City Comp¬
troller, will offer for sale at public auction at 1 p. m. on March 26 a total of
$134,554.86 not to exceed 6% interest coupon or registered bonds, divided
as
coming between
Passaic has a population of 63,000 and Clifton
57,000, with three times the land area of Passaic.
While at the outset
developed community.
Consolidation of police and «fire
protection, public health and other
services, although probably not producing any substantial cuts in
operating
costs, easily could bring more adequate and efficient
service, which in turn
100.153
First National Bank, Chicago
Marine Trust Co., Buffalo, and R. D. White & Co., jointly
9^??^ en anc* Elizabeth.
Clifton property owners
probably would have to pay increased taxes, they
would gain in the long
run, as Clifton, a fast-growing community, will need
capital improvements, the cost of which would be
shared by the taxpayers
of Passaic, which is a more
Weigold
100.308
100.30
100.221
100.219
Hemphill, Noyes & Co., and A. M. Kidder & Co., jointly
Kean, Taylor & Co
•
opportunities."
i
The report was based on a
seven-month study by the Princeton Local
Government Survey and the governmental
research department of the New
Jersey State Chamber of Commerce, which was
undertaken to test the
under a consolidation Act passed
by the Legislature last year.
The new city would be the
sixth largest in the State,
^might effect
100.229
100.10
For 1.20% Bonds—
3K %
U; E. Mien
& Co
Julius A. Rippel, Inc
at the sale included the
a
§H»
_—
york
ALBION
premium of $77-77, equal to 100.388,
m2?X511;9nchiBiveated May U 194°'
bonds.
YORK, N. Y.
Dod^ of Boston.
COMBINED SCHOOL DISTRICT
-BOND SALE—The issue of $20,000 school bonds
150,
2s, at
NEW
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
epCALPVSrfLV.W5,S1i CALDWELL
a?
Company
&
76 BEAVER STREET
notes.
17, 1941.
genuineness and validity by the First
under advice of
Storey, Thorndike. Palmer &
to
i
Government Bonds
0.163%.
and due $100,000 Feb. 3 and
Feb.
offered March 19—V.
-
Housing Authority Bonds
.f^SIIUA, N. H.—LOAN OFFERING—Alfred O. Poulin, City Treasurer,
Sln mn™
until 11 a. m. on March 26 for the purchase at discount of
$200,000 current
as
MEXICO
NEW
follows:
$49,554.86 home relief bonds.
Due April 1 as follows: $4,554.86 in 1941
and $5,000 from 1942 to 1950, inclusive.
85,000.00 refunding bonds.
Due April 1 as follows: $10,000 from 1942
to 1949, inclusive, and $5,000 in 1950.
•
All of the bonds will be dated April 1, 1940.
One bond for $554.86,
All of the bonds must bear the same rate of interest,
expressed in a multiple of l-10th of 1%.
Principal and interest (A-O)
payable at the Manufacturer's Bank, Cohoes.
The city, at purchaser's
others $1,000 each.
request, will purchase the $554.86 home relief bond at
that
on
which the award is made.
a price not to exceed
City is authorized and required by law
Volume
to
levy
The Commercial & Financial Chronicle
150
all its taxable property such ad valorem taxes as may be necessary
without limitation as to rate or amount; the purchaser will be furnished with
the opinion of Sullivan, Donovan & Heenehan of New York, to that effect,
and also, if desired, will be furnished, after the sale and prior to delivery,
with a certified transcript of proceedings and other proofs necessary to
evidence the validity of the bonds.
No bid conditioned in any respect will
be accepted.
Enclose a certified check for $2,692, payable to the city.
on
DUANESBURG (P. O. Duanesburg), N. Y.—PRICE PAID—The
$4,000 2.40% relief bonds purchased by Ira Haupt & Co. of New York—
V. 150, p. 1641—were sold at a price of 100.05, a basis of about 2.38%.
"through the cooperation of the Chase National Bank, the National City
Bank, the Bankers Trust Co., Barr Brothers & Co., Phelps, Fenn & Co. and
the Manufacturers & Traders Trust Co. of Buffalo.
SYRACUSE,
N.
Y.—BOND SALE—The
Various lists of securities
submitted to each of these institutions and they did a very thorough
were
and disinterested job.
"All securities held
by the State
know, carried on the books
However, our purchase records indicate
premium are virtually offset by those
that the present evaluation fairly represents
are, as you
at par, regardless of purchase price.
that the securities
purchased at
our
EAST
1973
of $256,827,315, had appreciated $36,444,549 above par.
"The appraisal
was made at no cost to the State," the Controller informed the Governor,
a
purchased at
discount,
so
a
'book profit.'
$15,000 coupon or
registered street improvement bonds offered March 21—V. 150, p. 1641—
were awarded to Ira Haupt & Co. of New
York, as 2.10s, at par plus a pre¬
mium of $15, equal to 100.10, a basis of about 2.08%. Dated April 1, 1940
and due April 1 as follows: $2,000 from 1941 to 1946 incl. and $1,000 from
1947 to 1949 incl.
Second high bid of 100.116 for 2Ms was made by the
"You may be interested in knowing that during my administration the
State has not lost a cent on any of its investments, and the average yield
on the whole portfolio at present is between
3%% and 4%.
Marine Trust Co. of Buffalo.
could
GREENVILLE FIRE DISTRICT (P. O. Scarsdale), Town of Green-
,
burgh,
house
N.
V.—BOND
Donds
offered
SALE—The
March
$55,000
18—V.
150,
coupon
or
registered
Bidder—
Int. Rate
Rate Bid
23-3%
2 %%
2.70%
2.90%
3.20%
100.289
100.087
100.27
100.159
100.22
County Trust Co. of White Plains
George B. Gibbons & Co., Inc
R. D. White & Co.
Roosevelt
&
Weigold,
Inc
undoubtedly be sold in the present market at a two or three point
premium.
"To
fire
1641—were awarded to the
Scarsdale National Bank, as 2s, at par plus a premium of $56.05, equal to
100.101, a Oasis of about 1.98%.
Dated March 15, 1940 and due $5,000
on March 15 from 1941 to 1951, incl.
Other bids:
p.
A. C. Allyn & Co., Inc
"You will also note that we did not submit for appraisal $15,767,700 in
Federal Housing Administration government-insured mortgages held for
investment in the New York State Employees Retirement System. These
get
a
true
picture
of the
retirement
investments, these
system
fovernment-insured mortgages should be added to that fund of $122,106,106,338,660
value, making total investments in the bond portfolio of
par
360.
As will be seen from the attached sechedule, the appraisal shows a
market appreciation of $17,070,800 in the bond portfiolio of that fund alone,
without considering any appreciation in the insured mortgages.
"We do not know of a single institution of comparable size and length
of investment experience in the whole country, public or private, that can
come
anywhere near matching that of the State of New York for safety,
yield or for profit."
for
NEW YORK STATE BRIDGE AUTHORITY
(P. O. Albany), N. Y.
ACQUIRE BEAR MOUNTAIN BRIDGE—A bill now before
Legislature empowers the authority to acquire at a price of not
to exceed $2,360,000 the Bear Mountain Hudson River Bridge and to
finance the purpose through the sale of negotiable bonds secured solely by
a pledge of tolls and
bridge revenues.
—WOULD
JAMESTOWN, N. Y.—GAS PLANT ABANDONED—Oscar W. Nords¬
trom, City Treasurer, states that the proposal to construct a municipal gas
plant from proceeds of a $1,023,000 bond issue which was authorized at the
general election in November, 1938, was abandoned.
KINGSTON, N. Y.—BOND SALE—The $150,000
coupon or
the
registered
bonds offered March 19—V. 150, p. 1814—were awarded to Barr Bros. &
Co. of New York, as Is, at a price of 100.307, a basis of about 0.92%. Sale
State
PORT
OF NEW YORK
AUTHORITY, N. Y.—$33,000,000 BONDS
consisted of:
ALL SOLD—Halsey, Stuart & Co., Inc., Avho, with Ladenburg, Thalmann
& Co., Blair & Co., Inc. and Swiss American Corp., headed the group
$40,000 series A work relief projects bonds. Due April 1 as follows: $6,000
from 1941 to 1944 inch; $3,000 from 1945 to 1949 incl. and $1,000
offering the $33,000,000 general and refunding, fourth series, 3% bonds—
V. 150, p. 1315—announced that the entire issue had been sold and the
syndicate closed before 11 o'clock on March 16. The bankers reported that
in 1950.
as
60,000 series B home relief bonds.
Due $6,000 on April 1 from 1941 to
1950 incl.
demand
20,000 equipment bonds. Due $5,000 on April 1 from 1941 to 1944 incl.
30,000 street improvement bonds. Due April 1 as follows: $7,000 in 1941
and 1942 and $8,000 in 1943 and 1944.
All of the bonds will be dated April 1, 1940.
Other bids:
Bidder—
C. F. Childs & Co. and Ira Haupt & Co
H. L. Allen & Co. and Sherwood & Co
B. J. Van Ingen & Co., Inc
A. C. Allyn & Co., Inc
Alex. Brown & Sons
Hemphill, Noyes & Co. and A. M. Kidder & Co
Kidder, Peabody & Co. and Estabrook & Co
Harris Trust & Savings Bank
George B. Gibbons & Co. and F. W. Reichard & Co.
Halsey, Stuart & Co., Inc
Union Securities Corp. and Roosevelt & Weigold, Inc.
Manufacturers & Traders Trust Co. and Kean, Taylor
_
&Co__
Marine Trust Co. of Buffalo and R. D. White & Co_
LEWISBORO,
BEDFORD
AND
Rate Bid
100.149
100.138
100.099
100.079
100-033
100.027
100 297
100.214
100.097
100.077
100.036
100.029
1%
1%
1%
1%
1%
1%
1.10%
1.10%
1.10%
1.10%
1.10%
1.10%
100.269
100.20
1.20%
1.20%
POUNDRIDGE
UNION
FREE
SCHOOL DISTRICT NO. 1 (P. O. South Salem), N. Y.—BOND OFFERrING—Ada Johnston, District Clerk, will receive sealed bids until 2 p. m.
or
March 28 for the purchase of $150,000 not to exceed 5% interest coupon
registered school bonds.
Dated Nov. 15, 1939.
Denom. $1,000.
Due
$10,000
start
SARATOGA
or
Int. Rate
Adams, McEntee & Co., Inc
on
rfov. 15 from 1940 to 1954, incl.
Bidder to name a single rate
of interest, expressed in a multiple of M or 1-10th of 1%.
Principal and
interest (M-N 15) payable at the Mount Kisco National Bank & Trust Co.,
Mount Kisco, with New York exchange.
The bonds are general obligations
of the school district, payable from unlimited taxes.
A certified check for
$3,000, payable to order of the district, must accompany each proposal.
Legal opinion of Dillon, Vandewater & Moore of New York City will be
YORK
NEW
CITY
HOUSING
jointly,
N.
Y.—NOTE OF¬
purchase
of
$41,000,000
six-months
notes.
They
are
to
be
issued
a
price of 100.219,
a
both of New York,
Sale con¬
basis of about 1.36%.
All of the bonds will be dated April 1,
Bidder—
Other bids:
1940.
Int. Rate
1.40%
,
Goldman, Sachs & Co. and Blair & Co., Inc
Harris Trust & Savings Bank
H. L. Allen & Co. and F. W. Reichard & Co
George B. Gibbons & Co., Inc. and Roosevelt
Weigold, Inc
Halsey, 8tuart& Co.. Inc
Peabody & Co.
398.05
1.40%
335.29
&
1.40%
1.40%
and Kean, Taylor & Co
Union Securities Corp. and Estabrook & Co
138.27
75.00
1.50%
1.50%
592.89
458.81
1.50%
1.70%
Manufacturers & Traders Trust Co
Kidder,
Premium
$416.91
1.40%
Marine Trust Co. of Buffalo and R. D. White & Co..
398.05
291.21
SCHOHARIE, N. Y .—BOND SALE—The issue of $11,000 4% registered
reservoir bonds offered March 15 was awarded to the Schoharie County
Bank, at a price of 107, a basis of about 3.23%.
Dated April 1, 1940
Denom. $500.
Due $500 on April 1 from 1941 to 1962 incl. Principal and
interest (A-O) payable at the Schoharie County Bank.
The bonds are
payable from unlimited taxes. Other bids:
Bidder—
Rate Bid
C. E. Weinig Co
102.375
Manufacturers & Traders Trust Co
101.389
.
Project No. 1 includes Red Hook Houses, Queensbridge Houses, Kingsborough Houses and Vladeck (Federal) Houses aggregating 8,581 apart¬
ments.
Project No. 2—East River Houses and South Jamaica Houses
aggregating 1,618 apartments.
The notes will not be redeemable before the maturity date, Sept. 30,1940.
They will be paid for from the proceeds of permanent bonds authorized by
the NYCHA and secured by an agreement entered into between the NYCHA
and the.United States Housing Authority, whereby the USHA agrees un¬
conditionally to purchase NYCHA permanent bonds in the amount neces¬
sary to pay off the maturing notes plus interest.
The USHA will pay for
the permanent bonds four days before the Sept. 30 maturity date.
This is the first issuance to the public by the NYCHA of temporary
financing notes.
Recently the Authority sold to Phelps, Fenn & Co.
40-year permanent bonds in connection with Vladeck (City) Houses, a
non-Federal project (V. 150, p. 1815).
It is expected that the Authority will save approximately $100,000 a
for
six
months
as
a
result of the sale
of these loan notes.
Until
the NYCHA has borrowed for construction from the USHA and has
as
required by the United States Housing Act, from 3% to 3M% int.
NEW YORK CITY HOUSING
AUTHORITY, N. Y.—BOND ISSUE
consisting of Phelps, Fenn & Co., R. W. Pressprich & Co. and associates who were awarded the new $1,350,000, bond
RE-SOLD—The syndicate
issue of the above
p.
1.40s, at
-
$9,500 general improvement bonds.
Due April 1 as follows: $1,500 in
1941 and $2,000 from 1942 to 1945 inclusive.
190,000 public works bonds.
Due April 1 as follows: $17,000, 1941; $20,000, 1942; $24,000 in 1943 and 1944; $18,000 from 1945 to 1949
incl. and $3,000 from 1950 to 1954 incl.
10,000 home relief bonds.
Due $1,000 on April 1 from 1941 to 1950 incl.
in
connection with the financing of two consolidated, Federally-aided projects.
now
as
sisted of:
-
AUTHORITY,
FERING—The above agency will receive sealed bids on March 26 for the
month
SPRINGS, N. Y.—BOND SALE—'The $209,500 coupon
registered bonds offered March 20—V. 150, p. 1815—were awarded to
E. H. Rollins & Sons, Inc. and A. C. Allyn & Co., Inc.,
on
furnished the successful bidder.
paid,
as the previous morning about $9,000,000 of the bonds remained
With the strengthening of the market for his grade bonds, the
quickened, the unsold balance being reduced to $5,000,000 by the
of business last Saturday.
recently
unsold.
Authority, at a net interest cost of about 3.14%—V. 150,
1815—announced that the entire issue was resold to the Bowery Savings
Bank, of New York City.
NEW
YORK
(State of)—GOVERNOR URGES USE OF $60,000,000
Herbert H. Leh¬
special message to the Legislature on March 19 recommending
a constitutional amendment to permit the use for highway and parkway
construction of $60,000,000 of the balance still available of the $300,000,000
bond issue voted for grade crossing elimination purposes in 1927.
About
$80,500,000 of the bond issue remains unappropriated and, according to
the Governor, the consummation of grade eliminations provided for in bills
now before the Legislature would largely complete the program, both upState and in New York City.
In a special message to the lawmakers Mr.
Lehman pointed out that the plan would not involve any increase in the
tax burden or the State's bonded debt, adding that "in this case the most
beneficial use of the bond moneys is not railroad grade crossings but rather
SYRACUSE,
Y.—CONTINUES DEBT RETIREMENT PLAN—
N.
Recent revision of the city's debt equalization program will not eliminate
substantial payments on the debt principal in 1940, 1941 and 1942, years
covered by the revised plan, and subsequent years.
"In
making this revision,"
Rolland B. Marvin asserted,
Mayor
"we
did not depart from our policy of a sound fiscal program that has enabled
us
to retire almost $9,000,000 of debt in three years—1938,
1939 and
1940—and will
give Syracuse a very moderate municipal debt before the
end of the present decade."
Under the city administration's
debt retirement program It Is proposed
$6,112,928 by the end of 1949.
the debt reduction program despite $600,000 work
relief bonds, and $1,600,000 refunding bonds, issued Feb. 1, since bond
retirements will total $4,127,936, bringing the city's total debt down to
to cut the bonded debt to
This year continues
$33,097,480.
„
,
State Comptroller Tremaine recently
granted the city s request for
authority to refund $1,000,000 of its bonds next year and $500,000 in 1942.
However, bond retirements scheduled for 1941 total $4,127,936, and for the
following year $4,020,739.
a
j
^
COUNTY
PARKWAY AUTHORITY
(P.
O.
Y.—BILL CALLS FOR CREATION OF T1US UNIT—
WESTCHESTER
White Plains), N.
provisions of (S. Int. No. 1937), by Pliny W. Williamson, of
Westchester County, and referred to the Judiciary Committee, new Sections
300 to 323 are added to the Public Authorities Law to create the Authority ,
authorize it to take over and operate the Cross County Parkway and
sections of Saw Mill River Parkway and Hutchinson River Parkway and to
charge tolls or extend said parkways and Bronx River Parkway and issue
Under
the
tax-free bonds.
BONDS FOR HIGHWAY CONSTRUCTION—Governor
man
sent a
highways and parkways."
The amendment, to be effective, must be
approved by the present Legislature .also the 1941 body, and then ratified
by the voters at the November, 1941, general election.
Highway improvement, the Governor said, was now a more vital factor
in safe driving for a motorist than was the elimination of grade crossings
on little-traveled highways or on railroad lines which may be abandoned
within a few years.
"The safety of the motorist will be more effectively protected," he said,
"by investing the bond issue moneys in the elimination of dangerous inter¬
The number of accidents occurring on railroad grade
crossings has been tremendously reduced, while the accidents on highways
sections of highways.
have not.
"I believe in
.
,
conducting State government at minimum costs.
„
Economy
in government not only demands minimum appropriations, but it also de¬
mands the most useful and beneficial expenditure of the taxpayers' dollar."
FUND HOLDINGS ABOVE PAR VALUES— Complying
request of Governor Lehman for an appraisal of the State's invest¬
portfolio, Comptroller Morris S. Tremaine, in an itemized report on
March 21, emphasized that the State's total holdings, representingia value
SINKING
with
a
ment
O. Willsboro), N. Y.—BOND SALE—The $10,000
registered road bonds offered March 8—V. 150, p. 1316—were
Buffalo, as 2s, at par plus a premium
of $11.90, equal to 100.119, a basis of about 1.95%.
Dated March 1,
1940 and due March 1 as follows: $2,000 in 1941; $3,000 in 1942 and 1943
and $2,000 in 1944.
Other bids:
WILLSBORO (P.
coupon
or
awarded to the Marine Trust Co. of
Bidder
Manufacturers &
•
Traders Trust Co. of Buffalo
County National Bank of Willsboro
Merchants National Bank of Plattsburg-
Fale
2.40%
NORTH
Fate Bid
100.091
?ar
Essex
2.90%
100.111
CAROLINA
CHADBOURN, N. C.—BOND SALE—The following bonds aggregating
$16,000, offered for sale on March 19—V. 150, p. 1815—-were awarded to
Oscar Burnett & Co. of Greensboro, as 3Ms. paying a premium of $3.
equal to 100.018, a
basis of about 3.245%:
Due $1,000 on Dec.l in 1942 to 1946 incl.
$5,000 street improvement bonds.
11,000 public improvement bonds.
Due on Dec. 1 in 1942 to 1949 incl.
N. C.—NOTE SALE—'The $75,000 coupon bond
anticipation notes offered for sale on March 19—V. 150, p. 1815—were
awarded to the First National Bank of Morganton, as 4s, paying a premium
of $3,441.50, equal to 104.588, a basis of about 1.35%.
Dated April 1,
1940.
Due $25,000 on Nov. 1 in 1940, and on Sept. 1 in 1941 and 1942.
GREENSBORO,
NEW BERN, N. C.—NOTES SOLD—The Branch
said to have purchased $50,000 bond
of Wilson is
5K%.
Banking & Trust Co.
anticipation notes at
The Commercial & Financial Chronicle
1974
A $30,000 issue of revenue anticipation notes is reported to have been
sold to the First National Bank of Winston-Salem, at 3% plus a premium
$30,000 24%
March
Due $3,000 on Oct. 1 from
park and playground Donds.
Due $5,000 on Oct. 1 from
Donds.
waterworks extension
75,000 24%
Wilmington), N. C.—BOND SALE
—The county home and school building bonds aggregating $98,000, offered
for sale on March 19—V. 150, p. 1815—were awarded to F. W. Craigie &
Co. of Richmond, paying a premium of $99.06, equal to 100.101, a net
interest cost of about 2.27%, on the bonds divided as follows: $12,000 as
3s, due $4,000 on July 1 in 1942 to 1944; the remaining $86,000 as 2Ms,
due on July 1: $6,000 in 1945 to 1953; $5,000, 1954 to 1957, and $6,000
75,000 refuse collection equipment bonds.
1941 to 1955, incl.
in 1958 and 1959.
N. C.—
PINETOPS SPECIAL SCHOOL DISTRICT (P. O. Pinetops)
$15,000 school refunding bonds offered for sale on
March 19—V. 150, p. 1816—were awarded to the Branch Banking & Trust
Co. of Wilson, as 4s, paying a premium of $16, equal to 100.106, a basis of
about 3.98%. Dated March 15, 1940. Due on March 15 in 1943 to 1950.
BOND
SALISBURY, N. C.—BOND OFFERING—It is stated by W. E. Easter-
purchase of the following not to exceed
bonds aggregating $96,000:
6% coupon semi ann. refunding
_
1J45, incl.
All of the bonds will be dated April 1, 1940.
to
_
.
^
Denom. $1,000.
DEFIANCE, Ohio—BONDS SOLD—An issue of $3,710 special assess¬
improvement bonds was purchased by the City Sinking Fund.
Dated April 1, 1940.
One bond for $210, others $500 each. Due Oct. 1 as
follows:
$710 in 1941; 500, 1942 and 194,3; and $1,000 in 1944 and 1945.
ment street
I-Tincipal and semi-annual interest payable at
County.
the State Bank of Defiance
FRANKLIN,
Ohio—BONDS
Denom. $1,000.
Dated April 1, 1940.
A separate bid for each issue
(not less than par and accured interest) is required.
Bidders are requested
in multiples of
of 1 %; each bid may name
bonds of either issue (having the earliest maturities)
out no bid may name more than two
bidder must specify in his bid the amount
of bonds of each rate.
The oonds will be awarded to the bidder offering
to purchase the bonds at the lowest interest cost to the city, 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 for less than all of the bonds will be entertained.
Prin.
and int. payable in lawful money in New York City.
The oonds are registerable as to principal only.
General obligations: unlimited tax.
Delivery
at place of purchaser's choice.
The approving opinion of Reed, Hoyt,
Washburn <fc Clay of "New Yor*., will be furnished the purchaser.
Enclose
a certified check for $1,920, payable to the State Treasurer.
for part of the
another rate for the balance,
for cither issue, and each
TRYON, N. C.—NOTES-SOLD—A $10,000 issue of revenue anticipa¬
notes is said to have been purchased by R. 8. Dickson & Co. of
3% plus a premium of $1.15.
Council
Village
AUTHORIZED—The
recently authorized an issue of $25,000 waterworks mortgage revenue bonds.
Dated April 1, 1940.
Denom. $500. Due April 1 as follows: $1,000 from
1942 to 1951 incl. and $1,500 from 1952 to 1961 incl.
BONDS
1941 to
to name the interest rate or rates
one rate
FELICITY, Ohio—BOND SALE DETAILS—The $6,000 fire prevention
to Browning, Van Duyn, Tischler & Co. of Cincinnati—
150, p. 1642—bear 24% interest.
bonds awarded
V.
GARFIELD HEIGHTS (P. O. 5551
$9,000 school bonds.
Due $1,000 on April 1 in 1941 to 1949, incl.
87,000 improvement bonds.
Due on April 1 as follows: $4,000 in
194fc; $5,000 in 1950 to 1958, and $6,000 in H59.
and
1941
Due $15,000 on Oct. 1 from
SALE—The
ling, Secretary of the Local Government Commission, that he will receive
sealed bids until 11 a. m. on March 26, at his office in Raleigh, for the
rates
1940
1941 to 1950. incl.
of $22.87.
NEW HANOVER COUNTY (P. O.
23,
PURCHASED—Reporting
on
Tunney Road, Cleveland), Ohio
result of the call for tenders of
refunding bonds dated Jan. 1, 1939, City Auditor Thomas Mulcahy states
that the city has agreed to purchase $103,800 bonds at a price of 90 cents
on
the dollar.
LANCASTER,
Ohio—BOND OFFERING—Rosannah Barnes, City
Auditor, will receive sealed bids until noon on April 5 for the purchase of
$100,000 2% sewage treatment plant, interceptor and storm sewer bonds.
Denom. $1,000.
Due as follows: $1,000, April 1 and $3,000, Oct. 1, 1948;
$3,000 April 1 and Oct. 1 from 1949 to 1964 incl. Interest A-O. The bonds
were authorized at a special election in September, 1938.
A certified check
for 5% of the bonds bid for, payable to order of the City Treasurer, is
required.
Ohio— BOND OFFERING—Ward
LOGAN,
M. Chase, City Auditor,
6 for the purchase of $7,252.35
improvement bonds. Dated Feb. 15, 1940. One bond
for $452.35, others $500 and $200 each.
Due Oct. 15 as follows: $952.35 in
1941 and $700 from 1942 to 1950 incl. Bidder may name a different rate of
interest provided that fractional rates are expressed in a multiple of 4 of
1%. A certified check for $725, payable to order of the city, must accom¬
pany each proposal.
will receive sealed bids until noon on April
334%
coupon street
tion
Charlotte at
MIDDLEFIELD,
Ohio—RATE
OF
option of prior payment.
There will be no auction.
Denom. $1,000;
principal and interest (J-D) payable in lawful money in New York City;
coupon bonds not registeraole; 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
of the bonds (having the earliest maturities) and another rate
for the balance, but no bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of each rate.
The bonds will
be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the town, such cost to be determined by deducting the total
amount of the premium bid rrom the aggregate amount of interest upon all
of the bonds until their respective maturities.
No bid of less than par and
rate for part
accrued interest will be entertained.
Bids
must
or
KINGSVILLE, Ohio—BONDS NOT SOLD—The $6,250 5%
again failed of sale at the
special assessment street improvement bonds
re-offering on March 11—V. 150, p. 1476.
PARMA
Ohio—REFUNDING
HEIGHTS,
OF SPECIAL
MENT DEBT—Holders of $700,000 special assessment
ASSESS¬
improvement bonds
reported to have agreed to exchange them for new refunding bonds to
be dated Nov. 1, 1940 and mature Jan. 1, 1970.
The bonds will bear 1%
interest from Jan. 1, 1940 to 1943; 1 4% to 1945; 134% to 1947; 2% to
1951; 3% to 1955; 4% to 1959 and 5% thereafter to maturity. The village
agrees to levy an annual general ad valorem tax of not less than $5.50 for the
first three years and $6.00 thereafter per $1,000 of assessed valuation on
all taxable property as long as any refunding bonds are outstanding.
Col¬
lections of delinquent and unmatured special assessments will be placed in
are
a
special fund exclusively for the payment of the new bonds.
(P. O. R. D. No. 2, Cuyahoga Falls), Ohio—BOND
18—V. 150, p. 1642
Merrill, Turben & Co. of Cleveland, as 334s, at a par plus
a premium of $1,287,
equal to 101.17, a basis of about 3.38%.
Dated
April 1, 1940 and due $22,000 on March 1 from 1949 to 1953 incl.
Second
high bid of 101.109 for 334 s was made by Nelson, Browning & Co. of
SILVER LAKE
be accompanied
by a certified check upon an incorporated
payable unconditionally to the order of the State
Treasurer for $520.
The right to reject all bids is reserved.
The approving
opinion of Storey. Thorndike, Palmer & Dodge, of Boston, will be furnished
the purchaser.
bank
NORTH
Government Commission, at his office in Raleigh, for the p-
of the Local
chase of $26,000 funding bonds.
Dated Dec. 1, 1939.
Due on Dec. 1 as
follows:
$2,000, 1948 to 1952 and $4,000, 1953 to 1956, incl., without
INTEREST—The $6,000 water¬
the Middlefield
extension and improvement bonds purchased by
Banking Co.—V. 150, p. 1816—were sold as 4s, at par.
works
WAYNESVILLE, N. C.—BOND OFFERING—Sealed bids will be re¬
ceived until 11 a. m. (EST), on March 26, by W. E. Easterling, Secretary
trust company,
SALE—The $110,000 refunding bonds offered March
were
awarded to
Cincinnati.
YOUNGSVILLE,
N.
C.—BONDS NOT SOLD—The $28,000 not to
bonds offered on March 19—V. 150,
exceed 6% semi-ann. water and sower
ated April 1, 1940.
61816—were not soldDueno bids were received, 1960; incl.
as on April 1 in 1942 to we are officially informed.
NORTH
DAKOTA
GRAND FORKS PARK DISTRICT (P. O. Grand Forks),
N. Dak.—
BOND SALE—The $25,000 swimming pool bonds offered for sale at public
on
March 15—-V. 150, p. 1476—were awarded to the AllisonWilliams Co. of Minneapolis, as 254s, paying a premium of $351, equal to
a
basis of about 2.62%.
Due on Oct.
1 in
Second
and Charles A. Hinsch & Co.
TOLEDO, Ohio—BOND OFFERING—Rudy Klein, City Auditor, will
the purchase of $235,000 3%
registered indebtedness liquidation bonds.
Dated April 1, 1940.
Denom. $1,000.
Due $47,000 on April 1 from 1945 to 1949 incl.
Bidder
may name a different rate of interest provided that fractional rates are
expressed in a multiple of 4 of 1 %.
Principal and interest (A-O) payable
at the Chemical Bank & Trust Co., New York City.
All proceedings inci¬
dent to the proper authorization of this issue will be taken under the direction
of a bond attorney whose opinion as to legality of bonds may be procured
by the purchaser at his own expense.
A certified check for 1% of the
bonds bid for, payable to order of the Commissioner of the Treasury, is
receive sealed bids until noon on April 9 for
auction
101,404,
participated in the purchase of the issue.
Otis & Co. of Cleveland
high bid of 101.109 for 3 4» was made by an account composed of Nelson,
Browing & Co., Fox, Einhorn & Co., Inc., Pohl & Co., P. E. Kline, Inc.,
1944 to 1959, incl.
The purchaser agreed to furnish the printed bonds and approving opinion.
The second highest bid was an offer of $350 premium on 2i4s, submitted
by the First National Bank & Trust Co. of Minneapolis.
coupon or
required.
PEMBINA, N. Dak.—BONDS SOLD—It is stated by the City Auditor
that $2,000 water system
WILLIAMS
bonds
were
sold recently.
COUNTY
(P. O. Williston), N. Dak.—CERTIFICATE
OFFERING—It is reported that sealed bids will be received until 10 a. m.
on April 5, by M. Mortenson, County Auditor, for the purchase of $100,000
not to exceed 7 % semi-annual certificates of indebtedness.
Denom. $5,000.
Due on or before March 1, 1942.
A certified check for 2% of the bid is
required.
TRUMBULL COUNTY (P. O. Warren), Ohio—OTHER BIDS—'The
$140,000 refunding bonds awarded to the Provident Savings Bank & Trust
Co. of Cincinnati, as 134s, at par plus a premium of $197, equal to 100.14,
a basis of about 1.47%—V. 150, p. 1642—were also bid for as follows:
Premium
$62.50
1%%
124"%
14%
1,288.00
858.00
812.00
Prudden & Co__
14%
746.00
Fahey, Clark & Co
OHIO
Int. Rate
1 4%
Field, Richards & Shepard
Stranahan, Harris & Co
Ryan, Sutherland & Co.
14%
14 %
14%
14%
606.00
561.00
510.00
378.00
14 %
288.00
Bidder—
BancOhio Securities Co
BERLIN RURAL SCHOOL DISTRICT (P. O. Berlin Center), Ohio—
BOND SALE—The issue of $32,000 construction bonds offered March 16—
Johnson, Kase & Co
First Cleveland Corp
V. 150, p. 1642—was awarded to the State Teachers Retirement System, as
2^s, at par plus a premium of $235. equal to 100.73, a basis of about 2.15%.
Braun, Bosworth & Co.
dated March 1, 1940 and due as follows: $1,000 March 1 and Sept. 1 from
1941 to 1946 incl.; $1,500 March 1 and Sept. 1 from 1947 to 1954 incl.
Other bids:
Halsey, Stuart & Co., Inc.
14 %
Fullerton & Co
14%
Fangboner, Ginther & Co
2%
1,172.00
Otis & Co
2%
798.77
Bidder—
int. Rale
Braun, Bosworth & Co
Ryan, Sutherland & Co..
Browning, VanDuyp, Tishler & Co__
Fahey, Clark & Co
Seasongood & Mayer__
Weil, Roth & Irving Co..
2}4%
2H%
2H%
24%
24%
2%%
Premium
$212.00
263.50
86.60
266.60
219.85
143.00
_
Ellis & Co
WARREN,
117.60
70.00
$125,000 coupon general im¬
to the BancOhio Securities
premium, equal to 101.212,
1642—were also bid for as follows:
Ohio—OTHER BIDS—The
provement refunding bonds awarded March 7
Co. of Columbus, as 14s, at par plus $1,515
a
basis of about 1.56%—V. 150, p.
Int. Rate
Bidder—
Premium
1940 relief requirements.
First Cleveland Corp
CLEVELAND CITY SCHOOL DISTRICT, Ohio—NOTE OFFERING
DETAILS—The $48,304.65 not to exceed 4% interest refunding notes to
Halsey, Stuart & Co., Inc
1%%
1 4%
$1,002.00
528.00
477.00
412.55
337.50
Prudden & Co
14%
303.00
be sold April 5—V.
154%
227.00
Ellis
154%
186.25
87.95
CLEVELAND,
decided to
Ohio—TO ISSUE BONDS—The City Council has
issue $2,138,000 delinquent tax bonds to help defray part of
150, p. 1186—are subject to call after Nov. 30 in any
year by the Board of Education.
Payable at the State Treasurer's office.
A certified check for 1% of the issue is required.
CRAWFORD COUNTY (P. O. Bucyrus), Ohio—BOND ELECTION—
At the primary election on May 14 the voters will consider an issue of
$32,000 grand stand erection and building bonds.
DAYTON, Ohio—BONDS SOLD—The Sinking Fund purchased at
Fahey, Clark & Co
&
Co.
-
Paine, Webber & Co.
Field, Richards & Shepard
Johnson, Kase & Co
;
—
Otis
&
Co...
Braun, Bosworth
-
& Co
27.91
1,377.50
1,375.00
2%
Trust Co
1,257.00
516.00
par
OKLAHOMA
due
Okla.—BOND SALE— The following bonds aggre¬
gating $38,000, offered for sale on March 19—V. 150, p. 1817—were pur¬
chased by Calvert & Canfield of Oklahoma City, at an interest cost of
3.186%, according to the City Clerk: $10,000 water works; $11,500 parks;
$11,000 fire equipment; $2,000 sewage disposal plant, and $3,000 cemetery
H OLDEN VILLE,
due
and
due
bonds.
j
SCHOOL
DISTRICT (P.
O.
Okmulgee),
Okla.—
is stated by the Treasurer of the Board of Education
that the following bonds aggregating $54,000 have been purchased jointly
OKMULGEE
DAYTON, Ohio—BONDS AUTHORIZED—City Commission recently
adopted ordinances authorizing bonds aggregating $180,000, as follows:
14%
14%
2%
2%
2%
Provident Savings Bank &
the following described bonds aggregating $210,000:
$30,000 214% park and playground bonds.
Dated April 1, 1940 and
$3,000 Oct. 1 from 1941 to 1950 incl.
75,000 214% waterworks extension bonds.
Dated April 1, 1940 and
$5,000 Oct. 1 from 1941 to 1955 incl.
75,000 2)4 % refuse collection equipment bonds. Dated April 1, 1940
due $15,000 Oct. 1 from 1941 to 1945 incl.
30,000 214% office improvement bonds.
Dated March 1, 1940 and
$2,000 Oct. 1 from 1941 to 1955 incl.
14%
14%
14%
Fangboner, Ginther & Co
Stranahan, Harris & Co.
Ryan, Sutherland & Co
BONDS SOLD—It
Volume
The Commercial & Financial
ISO
by the Citizens National Bank, and the Central
Okmulgee:
refunding bonds.
$45,000 2ta %
1957 to
National Bank, both of
Due $9,000 in 1954 and 1955, and in
ly5S.
9,000 3% refunding bonds.
in the value of securities.
at
Due in 1956.
WAPANUCKA, Okla.—BONDS EXCHANGED— It is stated by W. J.
authorized by the
of Trustees last August have been exchanged with the holders
of the original bonds.
Dated June 7, 1939.
Due in 1940 to 1959.
The
interest rates range from 1% in 1940 to 4% in 1955 to 1959.
Dunn, Town Treasurer, that $62,592 refunding bonds
Board
1975
Chronicle
The tax yield this year from this source
PHILADEPHIA,
Pa .—FDIC
SELLS
GAS
CERTIFICATES—The
$489,000 3 M % gas revenue certificates for which bids were received March
15 by the Federal Deposit Insurance Corporation—V. 150, p. 1643—were
purchased by Smith, Barney & Co. and Harriman Ripley & Co., Inc.,
both of New York, jointly, at par plus a premium of $21,075.41, equal to
104.3099, a basis of about 2.95%.
Due from May 1, 1940 to 1957, incl.
Blyth & Co. and Stroud
Co., second high bidders, offered a price of
104.298.
PITTSBURGH, Pa.—BOND SALE—The $1,850,000 coupon
OREGON
HOOD RIVER COUNTY SCHOOL DISTRICT
Ore.—BOND OFFERING—Sealed bids will
(P. O. Hood River),
be received until 8 p. m. on
April 11, by W. M. Weber. District Clerk, for the purchase of $6,500 not
to exceed 6% semi-ann. refunding bonds.
Dated April 15, 1940.
Due
April 15, as follows:
$3,500 in 1945, and $3,000 in 1946.
Prin. and int.
payable at the County Treasurer's office, on at the fiscal agent of the State
in New York City.
The approving legal opinion of Teal, Winfree, McCulloch, Shuler & Kelley, of Portland, will be furnished.
Enclose a certified
'
check for $200.
tional Bank, St. Louis; C.
F. Childs & Co., Inc., New York: R.
L. Day &
Co., Boston: Equitable Securities Corp. and Campbell, Phelps & Co.,
Inc., both of New York; Martin, Burns & Corbett, Inc., Chicago; Stern
Bros. & Co. of Kansas City; E. W. & R. C. Miller & Co., Philadelphia, and
Thomas & Co. of Pittsburgh, as 2s, at a price of 100.8299, a basis of about
1.91%.
Dated March 1, 1940 and due March 1 as follows: $93,000 from
$83;000 in 1960.
Reoffered to yield from 0.20%
1941 to 1959, incl., and
Other bids:
2.10%, according to maturity.
Rate Bid
Int. Rate
York, Harriman Ripley
*
& Co., Inc., Kidder, Pea body & Co., Moncure
Biddle & Co., Cassatt & Co., Yarnall & Co.,
W. H. Newbold's Son & Co., Janney & Co., Alex.
Brown & Sons, Reynolds & Co. and B. J. Van
Ingen & Co., Inc__
2%
Chemical Bank A Trust Co., Blyth & Co., Inc., etal
2%
Halsey, Stuart & Co., Inc., Ladenburg, Thalmann
& Co., et al__
___
2%
Lehman Bros., Stone & Webster and Blodget,
Inc., et al
2%
Harris Trust & Savs. Bank, First Boston Corp., etal. 2%
Union Trust Co. of Pittsburgh, Mellon Securities
Co., Bankers Trust Co. and Chase Nat. Bank—
2.10%
Bidder—
premium offered, if any, which the city would be obligated to
the bonds under the terms of his bid. The net operating revenues
of the city are pledged to the payment of the bonds and the interest thereon.
Bids must be unconditional except as to qualifications as to approval of
deduction of
pay upon
validity by attorneys.
Enclose a certified check for $1,000.
DISTRICT NO. 15 (P. O. Pleasant
Valley), Ore.—BOND OFFERING—It is reported that sealed bids will oe
received until 8 p. m. on March 25, by Lola Moyer, District Clerk, for the
purchase of $5,000 not to exceed 6% semi-ann. school bonds.
Denom.
$500.
Dated April 1, 1940.
Due $500 on Juiy 1 in 1942 to 1951, inci.
The approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley of
Portland, will be furnished.
Prin. and int. (J-J) payable at the County
Treasurer's office, or at the fiscal agency of the State in New York City.
A certified check for $100 must accompany the bid.
MULTNOMAH COUNTY SCHOOL
PORTLAND, Ore.—BOND ELECTION—The City Council decided
vote on March 14 to submit a proposal for the issuance
by
of
$1,250,000 in bonds to the voters at anelection to be held on May 17, to
pay the city's share of a proposed avenue development program.
series A
refunding bonds offered March 19—V. 150, p. 1477—were awarded to a
syndicate composed of Phelps, Fenn & Co., R. W. Pressprich & Co., both
of New York: Dougherty, Corkran & Co., Philadelphia: Boatmen's Na¬
to
MADRAS, Ore.—BOND OFFERING—Sealed bids will be received until
8 p. m. on March 25, by Milton G. Pillette, City Recorder, for the purchase
of $10,000 coupon water bonds. Interest rate is not to exceed 6%, payable
J-J.
Dated April 1, 1940.
Denom. $1,000.
Due $2,000 July 1, 1941 to
1945.
Prin. and int. payable at the City Treasurer's office.
Each bidder
shall submit with or include in his bid a statement of total interest, after
is placed
$3,171,532.
National City Bank of New
100.7399
100.59
100.588
100.449
100.388
100.55
O. Flicksville), Pa.—BOND OFFER¬
ING—Willard J. Pysher, Secretary of the Board of Road Supervisors, will
receive sealed bids until 7 p. m. on April 2 for the purchase of $14,000 2M.
2M. 2Ht 3, 3H or 3M% coupon funding bonds.
Dated May 1, 1940.
Denom. $500.
Due $1,000 on May 1 from 1941 to 1954 incl.
Bidder to
WASHINGTON TOWNSHIP (P.
name
a
single rate of interest, payable M-N. A certified check for 2% of
payable to order of the Treasurer of Board of Road
the bonds bid for,
Supervisors, just accompany
each proposal.
unanimous
SILVERTON, Ore.—BOND SALE—The $2,500 refunding bonds offered
for sale on March 18—V. 150, p'i 1817—were awarded to Atkinson, Jones
& Co. of Portland, as 2Ms, paying a price of 100.135, a basis of about
2.73%. Dated March 1, 1940. Due $500 on Sept. 1 in 1944 to 1948.
PORTSMOUTH, R. I.—NOTE SALE—The Fall River National Bank
of Fall River purchased on March 19 an issue of $50,000 tax notes at 0.115%
discount.
Due Nov. 20, 1940.
Second high bidder, Stephen W. Tourtellot
of Providence, named a rate of 0.275%.
PENNSYLVANIA
SOUTH
TOWNSHIP SCHOOL DISTRICT (P. O. 103 West
Brown
St., Castanea),
Pa.—BOND OFFERING-—Glenn B. Nihart,
District Secretary, will receive sealed bids until 7 p. m. on April 3 for the
purchase of $18,000 3% school bonds.
Denom. $1,000. Due $1,000 on
Nov. 1 from 1941 to 1958 incl. Principal and interest (M-N) payable at the
Lock Haven Trust Co., Lock Haven.
The bonds are payable to bearer,
but may be registered as to principal. A certified check for 1 % of the bonds
bid for, payable to order of the District Treasurer, is required.
CASTANEA
CONNELLSVILLE,
Pa .—BOND
OFFERING—S.
T.
Benford,
City
until 7:30 p. m. on April 8 for the purchase of
$40,000 not to exceed 4% interest coupon funding and improvement bonds.
Dated April 15. 1940.
Denom. $1,000. Due $5,000 on April 15 from 1941
to 1948 incl. Bidder to name a single rate of interest, expressed in a multiple
Clerk, will receive sealed bids
of M of 1%. Principal and Interest (A-O)
office.
All of the city's entire property,
payable at the City Treasurer's
faith, credit, taxing power and
irrevocably pledged for the prompt payment of the obligations.
Sale of bonds is subject to approval of proceedings by the Pennsylvania
resources are
Department of Internal Affairs.
A certified check for $1,000,
Treasurer, is required.
City will print the
payable to
bonds and
approving opinion of Burgwin, Scully & Churchill of Pittsburgh.
order of the City
furnish legal
COPLAY, Pa.—BOND ELECTION—An election will
the question of issuing $15,000 town hall bonds.
be held April 23
on
LANSDOWNE SCHOOL DISTRICT (P. O. Langdowne)
Pa.—BOND ELECTION—At the primary election in April the voters will
be asked to authorize an issue of about $75,000 building remodeling bonds.
DISTRICT (P. O. R. D. 1, Pittston),
bonds offered Feb. 8—
V. 150, p. 877—were awarded to Granville J. Clark of Wilkes-Barre, as
3Ms, at a price of 100.052, a basis of about 3.48%.
Dated Feb. 1, 1940
and due Feb. 1 as follows:
$2,000 from 1941 to 1944 incl. and $1,500 in
1945.
Barclay, Moore & Co. of Philadelphia, only other bidder, offered a
EXETER TOWNSHIP SCHOOL
COUNTY (P. O. Scranton), Pa .—NOTE SALE—
The $350,000 tax anticipation notes offered March 19—V. 150, p. 1643—
were awarded to Hemphill, Noyes & Co., New York, at 0.38% interest, at
par plus a premium of $8.00.
Dated March 22, 1940 and due Dec. 31,
LACKAWANNA
1940.
Other
bids:
1940. Due
1957, and
SPARTANBURG COUNTY (P. O. Spartanburg), S. C.— SCHOOL
OFFERINGS—It is stated by J. F. Brooks, County Superintendent
sealed bids will be received until 11.30 a.m. on Mar.
26 for the purchase of the following coupon semi-annual bonds aggregating
$90,000:
BOND
of Education, that
,
„
Bo? ds to
$6,000
Motlow No. 5
Cooley Springs No.
Disputanta No. 27
Reidville No. 43.-
Co
Schmidt, Poole & Co
C. C. Collings & Co
Reynolds
&
—
Co
Fisher, MacEwan & Co
& Co
0.42%
0.43%
0.45%
0.47%
0.485%
Brandon
11
---
O. Beaver Falls, R. F. D.
OFFERING—Clem Hayes, Township Secretary, will
of Swaney & Lucas, Esq., Federal Bldg.,
Beaver Falls, until 7 p.m. on March 25 for the purchase of $10,000 coupon
improvement bonds.
Dated April 1, 1940.
Denom. $1,000. Due $2,000
on Oct.
1 from 1949 to 1953 incl.
Bidder to name rate of interest in 9,
multiple of M of 1%.
Sale of the bonds is subject to approval of pro¬
ceedings by the Pennsylvania Department of Internal Affairs and the
township will furnish the bonds and legal approving opinion of Burgwin,
Scully & Churchill of Pittsburgh.
A certified check for $200, payable to
order of the township, must accompany each proposal.
NORTH
Arkwright No. 74
same
for all the
SEWICKLEY TOWNSHIP (P.
SCHOOL DISTRICT (P. O. Verona, R. D. No. 1),
$120,000 school bonds awarded to Hemp¬
Phillips, Schmertz & Co., jointly, as 2Ms, at par plus
$1,995.80 premium, equal to 101.663, a basis of about 2.12%—Y. 150,
p. 1817—was also bid for as follows:
PENN TOWNSHIP
Pa.—OTHER BIDS—The issue of
hill, Noyes & Co. and
Int. Rate
Bidder—
2M%
Lynch
Peoples-Pittsburgh Trust Co
Moore, Leonard &
2M%
Premium
$189.64
180.00
—-—2M%
2M%
2M%
2,908.80
856.80
586.80
2M %
334.80
PHILADELPHIA,
Pa.—PERSONAL
PROPERTY
ASSESSMENT
SHOWS $100,000,000 REDUCTION—A drop of $100,000,000 in personal
property tax assessments as compared with
of Revision of Taxes completed figures for
last year is shown in the Board
1940. For this year a total of
$792,883,050 is subject to the city's personal property levy of 4 mills against
$892,992,489 in 1939. Board officials attributed the decline to a shrinkage
20,000
Apr;
April
Aprn
April
1,
1,
1,
1,
1947-1952
1947-1950
1945-1948
1941-1951
1 1941.
$1,000 for the year April
2,000 each year, April 1, 1942-1953
500 each year, April 1, 1941-1952
$2,000 in 19o4. $3,000 each year,
April 1, 1955 to 1960
bonds of each issue bid
for.
to name the rate of interest
M of 1%, such rate to be the
Principal and interest (A-O)
with the
the bonds
check
payable in New York City.
The purchaser will oe furnished
opinion of Reed, Hoyt, Washburn & Clay of New York, that
are valid and binding obligations of the district.
Enclose a certified
2% of the amount of bonds bid for.
(Several of the above issues were offered for sale without
rejected, as reported here.)J
success on Oct.
5 at which time all bids were
TENNESSEE
O. Waverly), Tenn
refunding bonds have been
HUMPHREYS COUNTY (P.
reported that $207,000
by the
Cumberland Securities Corp. and
purchased jointly
W. N. Estes & Co., both of Nash¬
ville.
TULLAHOMA,
Tenn.—BOND SALE—'The $60,000 4%
light bonds offered for sale on March 15—V. 150, p.
water and
semi-ann.
1478—were
lerchants National
Surchased jointly by Bank,Traders National Bank, and the Farmers &
the both of Tullahoma, according to the Town
Recorder.
3), Pa.—BOND
Inc
E. H. Rollins & Sons, Inc
M. M. Freeman & Co
Halsey, Stuart & Co., Inc
25,000
6,000
$500 each year,
500 each year,
1,000 each year,
1,000 each year,
2,(W0 each year,
Dated April 1, 1940.
Bidders are invited
which the bonds are to bear in a multiple of
receive sealed bids at the office
Johnson & McLean,
3,000
4,000
4,000
22,000
Cooperative No. 97
Woods Chapel No. 98
Woodruff No. 33
It is
DISTRICT (P. O. R. D. 4, New
Bethlehem), Pa.—BOND SALE—The $10,000 3Yi% coupon school bonds
offered March 16—V. 150, p. 1477—were awarded to Phillips, Schmertz &
Co. of Pittsburgh, at a price of 106.254, a basis of about 2.47%.
Dated
March 1. 1940 and due $1,000 on March 1 from 1941 to 1950, incl.
The
New Bethlehem Bank, second high bidder, named a price of 103.223.2
MAHONING TOWNSHIP SCHOOL
No.
Maturities
April 1. 1941-1952
Be Sold
for
Interest Rale
0.416%
Bidder—
Edward Lowber Stokes &
stated by
have been
SPARTANBURG COUNTY (P. O. Spartanburg)
S. C.—BOND
OFFERING—Sealed bids will be received by R. II. Ashmore, Clerk of the
Countv Board, until 11 a. m. on March 26, for the purchase of an issue of
$222,500 coupon refunding bonds.
Interest rate is not to exceed 4M%,
payable A-O.
Denom. $1,000, one for $500.
Dated April 1,
April 1, as follows: $20,000 in 1949 to 1953, $25,000 in 1954 to
$22,500 in 1958. Rate of interest to be in a multiple of K of 1% , and must
be the same for all of the bonds.
Prin. and int. payable in New York. The
bonds are registerable as to principal only.
General obligations: unlimited
tax.
Purchasers will be furnished with approving opinion of Reed, Hoyt,
Washburn & Clay, of New York.
Enclose a certified check for 2% of the
amount of bonds bid for, payable to the county.
Pa.—BOND SALE—The $9,500 operating revenue
price of 100.209 for 4s.
CAROLINA
S. C.—BONDS SOLQ TO RFC—It is
the Town Treasurer that $12,500 water and sewer revenue bonds
purchased at par by the Reconstruction Finance Corporation.
MOUNT PLEASANT,
School Districts—
EAST
ISLAND
RHODE
Dated March 15, 1940.
Dueinfrom one to 22 years after date.
TEXAS
INDEPENDENT SCHOOL DISTRICT (P. O. Alice), Texas
BONDS SOLD—A $10,000 issue of 3% semi-annual school bonds is
reported to have been purchased by the State Board of Education.
ALICE
BARSTOW INDEPENDENT SCHOOL DISTRICT (P. O. Barstow)
Texas—BONDS SOLI)—A $12,500 issue of 4% semi-ann. refunding bonds
is said to have been sold.
Due on Feb. 15 in 1941 to 1954.
is stated "by
tenders until
1937, dated April 1, 1937.
the purchase of the bonds
is $7,800.
All offerings should be firm for 10 days.
NACOGDOCHES,
Texas—PRE-ELECTION SALE— The following
bonds aggregating $60,000, are reported to have been purchased jointly
by the Dallas Union Trust Co. of Dallas, and R. K. Dunbar & Co. of
Austin as 2Ms and 3s, subject to the outcome of an election to be held on
April 2: $50.000 street improvement, and $10,000 fire equipment bonds.
BRAZOS RIVER CONSERVATION AND RECLAMATION DIS¬
TRICT t,P. O. Temple), Texas—BONDS SOLD—Phelps, Fenn & Co. of
New York on March 19 headed a syndicate which purchased $3,600,000
permanent improvement refunding bonds of the above named district.
$220,000 as 2s and $3,380,000 as 2Mb.
Associated with Phelps, Fenn
6 Co. in this financing are R. W. Pressprich & Co., Eauitable Securitie
BELTON, Texas—BOND TENDERS INVITED—It
M. Ferrell, City Secretary, that he will receive sealed
W.
5 p. m. on April 8 of refunding bonds, series
The amount of funds on hand and available for
The Commercial & Financial Chronicle
1976
Corp., Fenner & Beane, William N. Edwards & Co., Fort Worth, Oailifta
& Jackson. Inc., Dallas; Paul H. Aves & Co., Houston; Rauscher, Pierce
Dallas; Gregory, Eddleman & Abercrombie, Houston; State In¬
vestment Co., Fort Worth; E. H. Rollins & Sons, Inc., Braun, Bosworth
& Co., Toledo; Garrett & Co., Inc., Dallas; Elliot & Eubank, Waco: The
Ranson-Davisdon Co., Inc., San Antonio; Dallas Union Trust Co., Dallas;
Crammer & Co., Inc., of Texas, Dallas; First National Bank of St. Paul,
St. Paul; First National Bank & Trust Co., Minneapolis; Fox, Einhorn
& Co., Inc., Cincinnati, and Pondrom & Co., Dallas.
The bonds, due May 1, 1941 to 1955, were reoffered to yield 0.40%
to a price of 99 H. according to maturity.
These $3,600,000 bonds constitute the total of an authorized issue
limited to $3,600,000. and are secured by a pledge of not exceeding $309,& Co.,
000
contribution
annuai
of
State
ad
valorem taxes
for
general
levied on the 10 counties within the district which
benefited by its flood control and water conservation activities.
purposes
The
received
be
during
revenue
mc«t
are
from any one
county is restricted to the amount which would, have been received from
the then current tax rate based on the 1934 assessed valuation of the county.
The bonds are more fully described as follows:
maximum
amount
to
$220,000 2% semi-annual refunding bonds.
Due
any
year
COUNTY
CONSOLIDATED
SCHOOL
DISTRICT
SCHOOL
INDEPENDENT
FALLS
Falls),
1940
(P.
DISTRICT
COMPLETED—It,
REFUNDING
Texas—BOND
23.
Q.
is
reported that a refunding program has been completed whereby $1,780,000
in outstanding 3M% and 4% bonds were taken up and replaced by 3%
bonds.
The new issue is said to have been sold to the State Board of
Education.
VERMONT
SWANTON,
OFFERING—George
Vt.—BOND
Loiselle,
L.
Town
Treasurer, will receive sealed bids until 8 p. m. on March 29 for the purchase
Dated April 1, 1940. Denom. $1,000.
1955 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.
Legal opinion of Storey, Thorndike,
Palmer & Dodge of Boston will be furnished the successful bidder.
The
bonds are general obligations of the town, payable from unlimited ad
of $75,000 coupon refunding bonds.
Due $5,000 on April 1 from 1941 to
valorem taxes.
VIRGINIA
May 1, 1941.
on
3,380,000 2M% refunding bonds.
Due May 1 as follows:
$225,000 in
1942, $230,000 in 1943, $235,000 in 1944, $240,000 in 1945,
$230,000 in 1946, $240,000 in 1947, $250,000 in 1948 to 1950,
$240,000 in 1951 and 1952, and $250,000 in 1953 to 1955.
CASS
WICHITA
Wichita
March
NO.
17
$75,000 refunding "M" coupon
15—V. 150, p. 1318—were
premium
of $229.99, equal to 100.306, a basis of about 1.97%.
Dated Jan. 1, 1940.
Due $.3,000 on Jan. 1 in 1941 to 1965 incl.
DANVILLE,
semi-ann.
Vs.—BOND SALE—The
bonds
offered
for
sale
on
March
awarded to Scott, Horner & Mason of Lynchburg, as 2s, paying a
(P. O. Linden), Texas—BONDS SOLD—It is reported that $8,000 4%
semi-annual school bonds were purchased on March 1 by the County Perma¬
nent School Fund, at par.
Due on April 15 in 1940 to 1969.
DALHART,
TENDERS
Texas—BOND
ACCEPTED—In
connection
with the call for tenders of refunding bonds, series of 1935, it is stated by
A. G. Stevens, City Secretary, that the city purchased $9,000 bonds at a
price of 95 and accrued interest.
DUBLIN INDEPENDENT SCHOOL DISTRICT (P. O.
Dublin),
Texas—BONDS SOLD—The State Board of Education is said to have
recently purchased $15,000 3M% semi-annual school bonds.
EDINBURG
TRICT
(P.
O.
CONSOLIDATED
Edinburg)
INDEPENDENT
SCHOOL
DIS¬
Texas—BOND TENDERS ACCEPTED— In
connection with the call for tenders of 1938 series refunding bonds, it is re¬
ported that out of a total of $330,000 bonds tendered at prices ranging from
a block of $5,000 bonds was purchased at 25.
25 to 70,
HAMPTON,
Va.—BOND
OFFERING—Sealed
bids
be
will
received
until 3 p. m. on April 4 by J. B. Sinclair Jr., City Manager, for the purchase
of an issue of $106,500 not to exceed 4% semi-annual funding bonds.
Dated
Denom. $1,000, one for $500.
Due March 15 as follows:
$2,500 in 1941, $3,000 in 1942 to 1944, $5,000 in 1945 and 1946, $10,000
1947, and $15,000 in 1948 to 1952.
Rate of interest to be in multiples
of M of 1 %.
The bonds will be awarded to the bidder offering to purchase
the bonds at the lowest interest cost to the city, 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 for less than par and accrued interest will be entertained.
Prin.
and int. payable at the Central Hanover Bank & Trust Co., New York.
The bonds are issued for the purpose of funding temporary loans used in
harbor improvements and city hall site and construction.
The approving
opinion of Thomson, Wood & Hoffman of New York will be furnished to
the purchaser.
Enclose a certified check for $2,000, payable to the City
March 15, 1940.
in
Treasurer.
EL
PASO, Texas—BOND PURCHASE CONTRACT— It is stated by
G. R. Daniels, City Auditor, that Mahan, Dittmar & Co., and Dewar,
Robertson & Pancoast, both of San Antonio, jointly, have entered into a
contract with the city to purchase approximately $2,500,000 of gas revenue
system purchase bonds.
Amounts, maturities and interest rate will not be
determined until the engineer's appraisal is completed.
WASHINGTON
LEAVENWORTH, Wash.—BONDS SOLD—It is stated that $75,000
water revenue bonds were sold on Feb. 27 jointly to Ferris & Hardgrove of
Seattle, and Murphey, Favre & Co. of Spokane, at a price of 98.62. a net
of about 3.06%, on bonds divided as follows: $26,500 maturing
March 15, $2,500 in 1942 to 1944, $3,000 in 1945 to 1948. $3,500 in 1949
int. cost
FLOYDADA,
Texas—BOND TENDERS REJECTED—In connection
with the call for tenders of refunding bonds, series of 1935, it is stated by
S. E. Duncan, City Secretary, that no tenders were accepted.
HAMLIN, Texas—BONDS SOLD—A $38,000 issue of refunding bonds
Waggener of Dallas
4s, paying par.
Due on Feb. 1 in 1941 to 1957.
is said to have been purchased by Walker, Austin &
as
HARRIS
COUNTY
(P.
O.
Houston),
Texas—BONDS TO BE RE¬
TIRED—On the recommendation of County Auditor Harry L. Washburn,
commissioners court ordered the premature retirement of $241,000 in bonds
and the refunding of $62,000 more in an operation that will save the county
$102,000 in interest and make possible an estimated 1-cent reduction in
next year's tax rate.
Contributions from the State under the State Bond Assumption Act were
largely responsible for making the operation possible.
The contributions
total $68,647.71.
Matured bonds totaling $206,300 also were ordered canceled by the court,
reducing the county's bonded indebtedness to $11,089,000, its lowest point
since 1929.
HOUSTON, Texas—BOND SALE—The following bonds, aggregating
$1,350,000, offered for sale on March 19—V. 150, p. 1818—were awarded
a syndicate composed of
Kidder, Peabody & Co. of New York, Alex.
Brown & Sons of Baltimore, Campbell,
Phelps & Co. of New York, F. L.
Dabney & Co. of Boston, Moroney & Co. or Houston and Mullaney, Ross
& Co. of Chicago, paying a price of
100.017, a net interest cost of about
1.86%:
to
$200,000
^ermanent^paving, $8,000 due on Jan. 1 in each of the years
100,000 sanitary sewer, $4,000 due Jan. 1 in each of the years 1941 to
1965, inclusive.
100,000 fire station, $5,000 due Jan. 1 in each of the years 1941 to 1960,
inclusive.
150,000 resurfacing paved streets, $10,000 due Jan. 1 in each of the years
1941 to 1955, inclusive.
250,000 resurfacing gravel and shell streets, $21,000 due Jan. 1, 1941 and
1942: $16,000 due Jan. 1 in each of the years 1943. to 1955, incl.
150,000 parks, $10,000 due Jan. 1 in each of the years 1941 to 1955, incl.
400,000 Incinerator, $20,000 due Jan. 1 in each of the years 1941 to 1960,
„
inclusive.
Denomination $1,000.
and
1950, as 2%s, ^ind $48,500 maturing March 15, $4,000 in 1951 and
1952, $4,500 in 1953 to 1955, $5,000 in 1956 and 1957, $5,500 in 1958 and
1959. and $6,000 in 1960, as 3s.
Dated March 15, 1940, callable after
March 15, 1950.
SEATTLE, Wash .—ADDITIONAL INFORMATION—In connection
the loan of $10,000,000 authorized by the Reconstruction Finance
Corporation for the refinancing and rehabilitation of the municipal street
railway system, of which $4,800,000 have been delivered to date, it is now
reported by the City Comptroller that $550,000 were delivered on Feb.
20, and $410,000 on March 2, which makes a total of $5,760,000 issued
against the total authorization.
with
SNOHOMISH
COUNTY
SCHOOL
DISTRICT
NO.
325
(P. O.
Everett), Wash.—BOND SALE—The $48,000 issue of refunding bonds
on March
18—V. 150, p. 1478—was awarded to Foster
& Marshall of Seattle, as 2s, paying a price of 100.797, a basis of about 1.81 %
Due on April 1 in 1942 to 1951; optional on or after 1945.
offered for sale
WOODLAND, Wash.—BONDS SOLD—It is stated by the Town Clerk
that $5,000 general obligation bonds were purchased on March 18 by Tripp
&
McClearey of Portland,
as
3Ms.
Due in
seven
years,
callable after
five years.
WISCONSIN
Wis.—BOND SALE—The $29,000 2K% semi-annual
FENNIMORE,
bonds offered for sale on March 18—V. 150, p.. 1644—were
Co. of Madison, at public auction, paying
premium of $1,721, equal to 105.934, a basis of about 2.17%.
Dated
refunding
awarded to Harley, Haydon &
a
Feb. 15. 1940.
Due
on
Feb. 15 in 1941 to 1959, inclusive.
GRANVILLE AND WAUWATOSA, JOINT SCHOOL DISTRICT
NO. 14 (P. O. Station F, Route 10, Milwaukee), Wis.—BOND SALE—
The $69,000 bonds, divided as follows, offered for sale on March 15—V.
150, p. 1644—were awarded to John Nuveen & Co. of Chicago, as 2s,
payinga premium of $105.57, equal to 100.153, a basis of about 1.98%:
Denom.1 $1 ,000, one "for"$400. Due*^March-1^
$1,400 in 1941: $1,000 in 1942 to 1944; $2,000 in 1945
1953, and $3,000 in 1954 and 1955.
Issued for the purpose of
building an addition to the present school building.
40,600 refunding bonds.
Denom. $1,000 one for $600.
Due March 1,
as follows: $1,600 in 1941: $2,000 in 1942 to 1948; $3,000 in 1949
to 1951, and $4,000 in 1952 to 1955.
Issued for the purpose of
retiring existing indebtedness.
Dated March 1, 1940.
$281400"building bonds.
Dated Jan. 1,
1940.
as
ADDITIONAL SALE—The $250,000 issue of funding bonds offered for
sale at the same time—V. 150, p. 1818—was awarded to a
syndicate com¬
posed of Lehman Bros., Stone & Webster and Blodget. Inc., R. H. Moulton
& Co., all of New
York; Charles Clark & Co. of New York; Farwell, Chap¬
man & Co. of Chicago, the Dallas Union Trust Co. of
Dallas, and Charles
B. White & Co. of Houston, as 1Mb, paying a
price of 100.019, a basis of
about 1.745%.
Dated Dec. 19, 1939.
Due on Dec. 19 in 1940 to 1954,
inclusive.
BONDS OFFERED FOR INVESTMENT—'The successful bidders
offered the above $1,350,000 bonds for Oublic
subscription at prices
yield from 0.20% to 2.10%, according to report.
connection
with
The Wisconsin
Co.
of Milwaukee offered a premium of $309 on 2Ms,
the second best bid.
re-
to
HUNTINGTON RURAL HIGH SCHOOL DISTRICT (P. O. Hun¬
tington), Texas—BOND SALE—The $15,000 school bonds offered for
sale on March 20—V. 150, p. 1818—were purchased
by Knickerbocker &
McClung of Houston, as 3Ms, according to the Superintendent of Schools.
LUFKIN, Texas—BOND SALE DETAILS—In
follows:
to
the
sale of the
$50,000 2H% semi-annual street improvement bonds jointly
Mahan, Dittmar & Co. of San Antonio, and Moroney & Co. of Houston,
100.078, subject to an election which was scheduled for March 6—V.
150, p. 1478—the following details are now available: Denom. $1,000.
Dated March 15, 1940.
Due $5,000 on March 15 in 1941 to 1950, incl.
to
LUCK,
Wis.—BOND SALE POSTPONED—It is stated
by
Ida
R.
Pedersen, Village Clerk, that the sale of the $20,800 not to exceed 2M%
scheduled for March 19—V. 150, p.1818—was
postponed. Dated March 15, 1940. Due on March 15 in 1941 to 1958 incl.
semi-ann. refunding bonds
MAIDEN ROCK JOINT SCHOOL DISTRICT NO. 3 (P. O. Maiden
Rock). Wis.—PRICE PAID—It is stated by the Clerk of the
chool Board
tne $10,000 building bonds sold to Mairs-Shaugnnessy & Co. of
St. Paul, as noted here—V. 150, p. 1818—were purcha^ d as 2Mb, paying a
price of 100.44, a basis of about 2.45%. Due on Feb. 1 in 1942 to 1956. incl
that
at
SUPERIOR, Wis.—BOND SALE—The $146,000 bonds offered for sale
March 19—V. 150, p. 1478—were awarded to Doyle, O'Connor & Co.
Chicago and associates, paying a premium of $150, equal to 100.102,
a net interest cost of about 3.34%, on bonds divided as follows:
$73,000
as 4s, due on March
1:
$7,000 in 1943 to 1947; $8,000, 1948 to 1951,
and $6,000 in 1952; the remaining $73,000 as 3s due on March 1:
$3,000
in 1952; $9,000, 1953 and 1954; $10,000, 1955 to 1957, and $11,000 in
on
of
MABANK, Texas—BONDS SOLD—It is reported that $67,500 refund¬
ing bonte have been sold as 4s, 4Ms and 4Ms. maturing from Feb. 20 in
1941 to 1968.
ORANGE GROVE INDEPENDENT SCHOOL DISTRICT (P. O.
Orange Grove), Texas—BONDS OFFERED—Sealed bids were received
_
until 2 p.
1958 and 1959.
March 23, by the Superintendent of the Board of Edu¬
cation, for the purchase of $35,000 building bonds, according to report.
m.
on
PARKER COUNTY
RURAL
HIGH
SCHOOL DISTRICT NO. 49
(P. O. MiHsap) Texas—BONDS SOLD—It is reported that $6,000 4%
semi-ann. school bonds were purchased recently by the County Permanent
School Fund at par. Due on June 1 in 1940 to 1962.
PORT
LAVACA,
Texas—BONDS OFFERED—It is reported that
received until March 23, by the City Secretary, for the
issue of $150,000 relief bonds.
sealed bids
an
SPRINGS
COUNTY
HIGH
SCHOOL
DISTRICT
NO.
17
(P. O. Thermopolis) Wyo.—BONDS TO BE REFUNDED—It is reported
the First National' Bank at Thermopolis has contracted to refund
$30,000 bonds at 2M %. which are scheduled to become optional in August.
Due $6,000 in 1941 to 1945 incl.
that
were
purchase of
WYOMING
HOT
SAN ANTONIO, Texas—BOND ISSUANCE CONTEMPLATED—We
were informed by T. N. Tucker, City Auditor, in a letter dated March
18,
that the city expects to offer $125,000 swimming pool revenue bonds, but
does not intend to sell any paving or school bonds.
CANADA
ONTARIO
(Province of)—ANNUAL REPORT OF MUNICIPAL
STATISTICS—The Department of Municipal Affairs recently completed
its annual report of municipal statistics for the year 1938, document replete
with material bearing on the financial status of taxing units in the Province
of Ontario.
SPUR, Texas—BONDS SOLD—It is reported that $16,000 4M% semirefunding bonds have been purchased by Beckett, Gilbert & Co. of
ann.
Dallas.
The current work, the fifth to be prepared by the department,
is priced at $5 and should prove of considerable value to those in quest of
first hand knowledge of the trend of developments in operations of the
province's local governments.
@FedFRASER